Liquidation, Dissolution and Winding Up. (a) In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to its stockholders shall be distributed among the holders of the outstanding shares of Series B Preferred Stock and Common Stock, pro rata, in proportion to the shares of Common Stock then held by them and the shares of Common Stock which they then have the right to acquire upon conversion of the shares of Series B Preferred Stock then held by them (regardless of whether or not actual conversion at such time would be permissible under Section 4 hereof).
Appears in 4 contracts
Samples: Loan Agreement and Secured Promissory Note (Cellteck Inc.), Loan Agreement and Secured Promissory Note (Cellteck Inc.), Leak Out Agreement (Cellteck Inc.)
