Description of Merger Sample Clauses
The 'Description of Merger' clause defines the essential terms and structure of the merger transaction between the involved parties. It typically outlines which entities are merging, the form the merger will take (such as a statutory merger or consolidation), and the resulting entity that will exist post-merger. This clause may also specify the effective date of the merger and reference any key documents or steps required to complete the process. Its core practical function is to provide a clear and authoritative summary of the merger's mechanics, ensuring all parties have a mutual understanding of what the transaction entails and how it will be executed.
Description of Merger. On June 26, 2019, HealthEquity entered into an Agreement and Plan of Merger, referred to herein as the Merger Agreement, to acquire all of the outstanding shares of common stock of WageWorks for cash. Pursuant to the terms of the Merger Agreement, a wholly owned subsidiary of HealthEquity will be merged with and into WageWorks, with WageWorks surviving the merger as a wholly owned subsidiary of HealthEquity, which transaction is referred to herein as the Merger. WageWorks stockholders will receive $51.35 per share in cash for each WageWorks share. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of WageWorks common stock (other than shares (i) owned in treasury by WageWorks, (ii) owned by HealthEquity, Merger Sub or any other direct or indirect wholly owned subsidiary of HealthEquity, and (iii) held by WageWorks stockholders who perfect their appraisal rights with respect to the Merger) will be cancelled and automatically converted into the right to receive $51.35 in cash, without interest (the “Merger Consideration”). Under the Merger Agreement, at the effective time of the Merger, (x) each outstanding WageWorks stock option (whether vested or unvested) will be cancelled and, if the exercise price per share of such stock option is less than $51.35, will be exchanged for an amount of cash, without interest, equal to (1) the Merger Consideration less the applicable exercise price per share with respect to such stock option multiplied by (2) the number of shares covered by such stock option, (y) each outstanding award of WageWorks RSUs subject to only time-based vesting conditions (1) granted prior to June 26, 2019 will fully vest and be entitled to receive the Merger Consideration for each share covered by such award or (2) granted on or after June 26, 2019, will, as of the effective time of the Merger, be assumed by HealthEquity and converted automatically into an award of RSUs covering an adjusted (based on the ratio of the Merger Consideration to the volume weighted average price of a share of common stock of HealthEquity for the 20 trading days ending with the trading day immediately preceding the date of the closing of the Merger) number of shares of common stock of HealthEquity and will be subject to the same terms and conditions applicable to such RSUs immediately prior to the Effective Time, and (z) each outstanding award of WageWorks RSUs granted prior to June 26, 2019 and subject to performance-bas...
Description of Merger. Upon consummation of the Merger, Buyer will be merged with and into Debtor or its assets acquired by Debtor with Debtor being the Surviving Corporation. Upon consummation of the Merger, all of the shares of Buyer will be converted into the right to receive ninety-five percent (95%) of the shares of outstanding securities of the Surviving Corporation. Each of the shares of Debtor issued and outstanding immediately before the Merger will be cancelled and extinguished. Any conveyance, transfer or re-sale of the shares issued pursuant to the Merger will be subject to all applicable securities laws.
Description of Merger