CANCELLED STOCK Clause Samples
The CANCELLED STOCK clause defines the treatment and status of shares that have been cancelled by a company. Typically, this clause outlines the process by which shares are removed from circulation, such as after a buyback, redemption, or forfeiture, and clarifies that these shares no longer confer any rights or obligations to the holder. Its core practical function is to ensure clarity regarding the legal status of cancelled shares, preventing any future claims or confusion about their validity or ownership.
CANCELLED STOCK. All shares of Company Common Stock (and the associated Rights) held at the Effective Time by Company as treasury stock or by Parent or Sub shall be cancelled and extinguished and no payment shall be made with respect thereto.
CANCELLED STOCK. All shares of Company Common Stock held at the Effective Time by Company as treasury stock or by Parent or Sub shall be cancelled and extinguished and no payment shall be made with respect thereto.
CANCELLED STOCK. At the Effective Time, any shares of Company Stock that are owned by the Buyer, the Merger Sub or the Company (the “Cancelled Stock”), if any, shall automatically be cancelled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor. For the avoidance of doubt, this Section 2.8(c) shall not apply to Angel Acceleration Fund II LP or its Affiliates.
CANCELLED STOCK. Subject to applicable law and regulation, the Payment Agent shall maintain (i) in a retrievable database electronic records or (ii) in hard copy form physical records of all cancelled or destroyed stock certificates, which have been cancelled or destroyed by the Payment Agent. The Payment Agent shall maintain such electronic records or physical records for the time period required by applicable law and regulation. Upon written request of the Parent and at the expense of the Parent, the Payment Agent shall provide to the Parent or its designee copies of such electronic records or physical records relating to stock certificates cancelled or destroyed by the Payment Agent.