Common use of Cancellation of Company-Owned Stock and Parent-Owned Stock Clause in Contracts

Cancellation of Company-Owned Stock and Parent-Owned Stock. Each share of Company Common Stock that is owned by Parent, Merger Sub or the Company (or any of their respective direct or indirect wholly-owned Subsidiaries) issued and outstanding immediately prior to the Effective Time (i) shall automatically be cancelled and retired, and (ii) shall cease to exist, and no consideration shall be delivered in respect thereto.

Cancellation of Company-Owned Stock and Parent-Owned Stock. Each share of Company Common Stock that is held by the Company or any wholly owned by Parent, Merger Sub or Subsidiary of the Company (or any of their respective direct held in the Company’s treasury) or indirect wholly-owned Subsidiaries) issued and outstanding held by Parent, Silk USA or Merger Sub, in each case, immediately prior to the Effective Time (i) shall automatically be cancelled canceled and retired, and (ii) shall cease to exist, and no without payment of any consideration shall be delivered in respect theretotherefor.

Cancellation of Company-Owned Stock and Parent-Owned Stock. Each share of Company Common Stock that is and Company Series B Convertible Preferred Stock held by the Company or any wholly owned by Parent, Merger Sub or Subsidiary of the Company (or any of their respective direct held in the Company’s treasury) or indirect wholly-owned Subsidiaries) issued and outstanding held by Parent, Silk USA or Merger Sub, in each case, immediately prior to the Effective Time (i) shall automatically be cancelled canceled and retired, and (ii) shall cease to exist, and no without payment of any consideration shall be delivered in respect theretotherefor.

Cancellation of Company-Owned Stock and Parent-Owned Stock. Each share of Company Common Stock that is owned by Parent, Merger Sub or and the Company (or any of their respective direct or indirect wholly-owned Subsidiaries) issued and outstanding immediately prior to the Effective Time (including Rollover Shares, if any) (the “Cancelled Shares”) (i) shall be automatically be cancelled and retired, retired and (ii) shall cease to exist, and no consideration Common Stock Merger Consideration shall be delivered in with respect thereto.

Cancellation of Company-Owned Stock and Parent-Owned Stock. Each share ---------------------------------------------------------- of Company Common Stock that is owned held by Parentthe Company, Merger Parent or Sub or the Company (or any of their respective direct or indirect wholly-owned Subsidiaries) issued shall no longer be outstanding and outstanding immediately prior to the Effective Time (i) shall automatically be cancelled canceled and retired, retired and (ii) shall cease to exist, and no consideration shall be delivered or deliverable in respect theretoexchange therefor.