CANCELLATION OF EXISTING SHARES Clause Samples

The 'Cancellation of Existing Shares' clause serves to formally eliminate previously issued shares of a company, rendering them void and without value. In practice, this clause is often invoked during corporate restructurings, mergers, or acquisitions, where the existing share capital is replaced or consolidated as part of the transaction. By cancelling these shares, the clause ensures that prior ownership interests are extinguished, preventing any claims or confusion regarding rights to the company under the old share structure.
CANCELLATION OF EXISTING SHARES. On the Effective date, each share of the common stock, $.001 par value per share, of On the Move Nevada outstanding immediately prior to the merger shall be cancelled and returned to the authorized and unissued capital stock of On the Move Nevada.
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CANCELLATION OF EXISTING SHARES. On the Effective Date, each share of the common stock, $.001 par value per share, of Zicix outstanding immediately prior to the merger shall be cancelled and returned to the authorized and unissued capital stock of Zicix.
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CANCELLATION OF EXISTING SHARES. Contemporaneously with MRD LLC’s distribution of the Shares to MRD Holdco, the Company has cancelled the Existing Shares. MRD LLC acknowledges such cancellation of the Existing Shares.
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CANCELLATION OF EXISTING SHARES. On the Effective date, each share of the common stock, $.001 par value per share, of ENDV-Nevada outstanding immediately prior to the merger shall be cancelled and returned to the authorized and unissued capital stock of ENDV-Nevada.
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CANCELLATION OF EXISTING SHARES. The Company will cancel all of Employee's unvested shares granted per the terms of the original Employment Agreement in exchange for issuance of the shares referenced in Section 3.1 above.
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Related to CANCELLATION OF EXISTING SHARES

  • Cancellation of Excluded Shares Each Excluded Share shall, as a result of the Merger and without any action on the part of the holder thereof, cease to be outstanding, be cancelled without payment of any consideration therefor and cease to exist.

  • Termination of Existing Agreements Any previous employment agreement between Executive on the one hand and Employer or any of Employer’s Affiliates (as hereinafter defined) on the other hand is hereby terminated.

  • Cancellation of Options In exchange for the consideration described in Section 1.2 below, the Participant hereby agrees that the Award Agreement and the Participant’s interests in the Underwater Options shall be cancelled, terminated, and of no further force or effect, effective as of the Effective Date, and that neither the Company nor the Participant shall have any further rights or obligations with respect to the Award Agreement, the Underwater Options, or with respect to which any shares of Common Stock that could have been acquired upon vesting and exercise of the Underwater Options.

  • Cancellation of Shares If the Corporation shall make available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Purchased Shares to be repurchased in accordance with the provisions of this Agreement, then from and after such time, the person from whom such shares are to be repurchased shall no longer have any rights as a holder of such shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such shares shall be deemed purchased in accordance with the applicable provisions hereof, and the Corporation shall be deemed the owner and holder of such shares, whether or not the certificates therefor have been delivered as required by this Agreement.

  • Cancellation of Converted Securities All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 3.09.