Common use of Cancellation of Treasury Stock and Buyer-Owned Stock Clause in Contracts

Cancellation of Treasury Stock and Buyer-Owned Stock. All shares of Company Common Stock that are owned by the Company as treasury stock and any shares of Company Common Stock owned by the Buyer or the Acquisition Sub immediately prior to the Effective Time (other than Shares held on behalf of third parties) (“Cancelled Shares”) shall be cancelled and shall cease to exist and no consideration shall be delivered in exchange therefor. Each share of Company Common Stock held by any wholly owned Subsidiary of the Company or any wholly owned Subsidiary of the Buyer (other than the Acquisition Sub) immediately prior to the Effective Time shall be converted into such number of fully paid and nonassessable shares (or fractions thereof) of Surviving Corporation Stock that preserves the relative ownership interest represented by such share of Company Common Stock immediately prior to the Merger.