Common use of CONVERSION AND CANCELLATION OF STOCK; WAIVER OF SEVERANCE PAYMENTS Clause in Contracts

CONVERSION AND CANCELLATION OF STOCK; WAIVER OF SEVERANCE PAYMENTS. On or prior to the Closing Date, all of the issued and outstanding Preferred Stock shall have been converted into Common Stock. In addition, Xxxx Xxxxxxxx and Xxxxx Xxxxxx shall have (i) surrendered 2,727,450 and 321,974 shares, respectively, of CDBeat Common Stock to CDBeat for cancellation; and (ii) waived the right to receive any severance payments under their respective employment agreements as a result of the consummation of the Contemplated Transactions.