Participation Percentage. A party's participation percentage ("Participation Percentage") shall be one hundred percent (100%) if only one party is required to pay or entitled to receive its Participation Percentage pursuant to the terms of this Section 10.3. If two parties are required to pay or entitled to receive their respective Participation Percentages, each party's Participation Percentage shall equal a fraction (expressed as a percentage), the numerator of which shall be, in the case of IES or Interstate, the number of shares of WPL Common Stock which would be issuable (on a fully diluted basis) to such party's shareholders, or, in the case of WPL, the number of shares of WPL Common Stock (on a fully diluted basis) that would have been retained by its shareholders, had the Effective Time occurred at the time this Agreement is terminated and the denominator of which shall be, the aggregate number of shares of WPL Common Stock that would be issuable to or retained by (in either case on a fully diluted basis) the shareholders of the two parties required to pay or entitled to receive their Participation Percentages, had the Effective time occurred at the time this Agreement is terminated.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (Ies Industries Inc), Agreement and Plan of Merger (Interstate Power Co), Agreement and Plan of Merger (WPL Holdings Inc)
