Common use of Purchase and Cancellation of Issued Shares of PubCo Clause in Contracts

Purchase and Cancellation of Issued Shares of PubCo. The sole holder or holders of shares of PubCo issued and outstanding immediately prior to the Merger Effective Time shall, immediately after the Merger Effective Time, sell, transfer and convey all such shares to PubCo for an aggregate of $0.01 and PubCo shall have taken all corporate action necessary to repurchase such shares, which shares shall thereupon be canceled by PubCo.