Cancellation of Certain Shares of Company Common Stock. Each share of Company Common Stock that is immediately prior to the Effective Time: (i) owned by the Company as treasury stock; (ii) owned by any Subsidiary of the Company; or (iii) owned by Parent or any subsidiary of Parent, shall be cancelled and no Parent Common Stock or other consideration shall be delivered in exchange therefor. As used in this Agreement, a "Subsidiary" means with respect to any Person (a) any corporation or other entity with respect to which such Person, directly or indirectly, has the power to vote or direct the voting of securities sufficient to elect a majority of the directors or other managers thereof or (b) any corporation or other entity with respect to which another Person, directly or indirectly, owns fifty percent (50%) or more of the aggregate equity interests therein.
Appears in 4 contracts
Samples: Merger Agreement (Boonton Electronics Corp), Merger Agreement (Boonton Electronics Corp), Merger Agreement (Wireless Telecom Group Inc)
