Common use of Exchange and Cancellation of Shares Clause in Contracts

Exchange and Cancellation of Shares. On the amalgamation: (A) each Xxxxx Share (other than Xxxxx Shares held by the Parent) will be exchanged, without any act or formality on the part of the holder thereof, into one Parent Share, and the name of each such holder will be removed from the register of holders of Xxxxx Shares and added to the register of holders of Parent Shares; (B) each Xxxxx Share held by the Parent will be cancelled without any payment of capital in respect thereof; and (C) each Purchaser Share will be exchanged, without any act or formality on the part of the holder thereof, into one (1) fully paid and non-assessable Amalco Share, and the name of each such holder will be removed from the register of holders of Purchaser Shares and added to the register of holders of Amalco Shares.

Exchange and Cancellation of Shares. On the amalgamation: (A) each Xxxxx Share (other than Xxxxx Shares held by the Parent) will be exchanged, without any act or formality on the part of the holder thereof, into one Parent Share, and the name of each such holder will be removed from the register of holders of Xxxxx Shares and added to the register of holders of Parent Shares; (B) each Xxxxx Share held by the Parent will be cancelled without any payment of capital in respect thereof; and (C) each Purchaser Newco Share will be exchanged, without any act or formality on the part of the holder thereof, into one (1) fully paid and non-assessable Amalco Share, and the name of each such holder will be removed from the register of holders of Purchaser Newco Shares and added to the register of holders of Amalco Shares.