Common use of Conversion of Newco Shares Clause in Contracts

Conversion of Newco Shares. At the Effective Time, by virtue of the Merger and without any action on the part of PalEx, as the sole holder of capital stock of Newco, each issued and outstanding share of common stock, par value $.01 per share, of Newco shall be converted into one share of stock, no par value, of the Surviving Corporation.

Conversion of Newco Shares. At the Effective Time, by virtue of the Merger and without any action on the part of PalEx Container Systems, Inc., a Delaware corporation and wholly-owned subsidiary of PalEx, as the sole holder of capital stock of Newco, each issued and outstanding share of common stock, par value $.01 per share, of Newco shall be converted into one share of common stock, no par valuevalue per share, of the Surviving Corporation.

Conversion of Newco Shares. At the Effective Time, by virtue of the Merger and without any action on the part of PalEx, as the sole holder of capital stock of Newco, each issued and outstanding share of common stock, par value $.01 per share, of Newco shall be converted into one share of common stock, no par valuevalue $1.00 per share, of the Surviving Corporation.

Conversion of Newco Shares. At the Effective Time, by virtue of the Merger and without any action on the part of PalEx Container Systems, Inc., a Delaware corporation and wholly-owned subsidiary of PalEx, as the sole holder of capital stock of Newco, each issued and outstanding share of common stock, par value $.01 per share, of Newco shall be converted into one share of common stock, no $10.00 par valuevalue per share, of the Surviving Corporation.