First Step Exchange. At the Exchange Effective Time, by virtue of the First Step Exchange and without any action on the part of the holder of any shares of Parent Common Stock or Newco Common Stock: (i) Cancelation of Treasury Stock. Each share of Parent Common Stock that is owned by Parent shall automatically be canceled and retired and shall cease to exist, and no Newco Common Stock or other consideration shall be delivered or deliverable in exchange therefor.
Appears in 2 contracts
Sources: Agreement and Plan of Exchange and Merger (Peco Energy Co), Agreement and Plan of Exchange and Merger (Peco Energy Co)