Common use of Equity Conversion Clause in Contracts

Equity Conversion. At the Effective Time, by virtue of the Merger and without any further action on the part of Parent, Merger Sub or the Company: (i) each outstanding share of Company Common Stock shall be converted into the right to receive the Pro Rata Merger Consideration; and (ii) the shares of capital stock of Merger Sub outstanding immediately prior to the Effective Time shall be converted into and become the outstanding shares of capital stock of the Surviving Corporation following the Effective Time.