Dissolution Fees Sample Clauses

Dissolution Fees. CDIF shall be entitled to a Termination Fee as described herein resulting from the following: (a) In the event Pitbull should terminate the Agreement "For Cause" on part of CDIF, Pitbull shall return all Preferred and/or Common Shares to CDIF and agree to reimburse CDIF for any shares sold (either Preferred and/or Common). Pitbull shall not be subject to a Termination Fee. (b) In the event Pitbull and CDIF determine it's in the best interest for all parties to spin out and do its own IPO, CDIF will be granted an equity position equal to 10% of all monies earned through the IPO. (i) In the event of delisting or insolvency of CDIF, and after providing CDIF ninety (90) day to cure such event, Pitbull may, by written request, exchange/surrender all of the remaining Preferred Series P Shares and all Common Shares in its possession issued by the Agreement (or the cash equivalent value thereof) to recover its Assets and ownership and cease to be a Wholly-Owned Subsidiary of CDIF. In the event, that Pitbull should exercise this option, it shall release CDIF its Officers, Directors, and Stockholders of any liabilities or legal action against CDIF its Officers and Directors and sign a complete release to CDIF. Should Pitbull exercise the Common Share Rule herein, Pitbull must return all non-converted Preferred Series P Shares and Common Shares, and provide cash in lieu of the Preferred/Common Shares sold while in their possession.