The Company shall be entitled to a 50% profits interest in any net profits realized by PathFree Technologies in connection with its inventions and intellectual property for a five (5) year term (the “Term”); and
At the conclusion of the Term, Members of the Company holding Convertible Common Units shall have the right and option to either:
Receive a 100% return of their Capital Contribution to the Company (a “Redemption”); or
Convert their Units into shares of voting common stock in PathFree Technologies on a 1:1 basis (a “Conversion”, i.e., 1 Unit converts into 1 share).
Notwithstanding the foregoing, at their sole option, the Manager of the Company may effect either a Redemption or a Conversion of all of the Company’s outstanding Convertible Common Units in the event PathFree Technologies enters into any merger agreement or adopts a plan in which it or its successors or assigns either (a) is sold to a third-party purchaser; or (b) is to become listed or quoted on an established securities market or exchange (for example, NASDAQ, NYSE) or becomes readily tradable on a secondary market (or the substantial equivalent thereof) (i.e., a “Public Event”).
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