Common use of Conversion of Shares and Options Clause in Contracts

Conversion of Shares and Options. (i) Subject to Sections 3.01(b) and 3.01(d), each issued and outstanding Share shall be converted into the right to receive the Merger Consideration. (ii) Subject to Sections 3.01(b) and 3.01(d), as of the Effective Time, all such Shares shall no longer be outstanding and shall automatically be canceled and retired and shall cease to exist, and each holder of a Certificate representing any such Shares shall cease to have any rights with respect thereto, except the right to receive the Merger Consideration upon surrender of such Certificate in accordance with Section 3.02, without interest. (iii) Company Employee Stock Options shall be treated as set forth in Section 7.04.