/Docs/G/GalionProject-TermSheet-CmA/Sec/Liquidation/0.md
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Ti = Liquidation Preference
sec = In the event of a liquidation, dissolution, winding up, merger, sale or other disposition of all or substantially all of the assets of the {_Company} in which the shareholders do not own a majority of the outstanding shares of the surviving entity for a price (or value) per {_Company} share, the higher of {20%_of_the_proceeds} and par value shall first be distributed to all shareholders pro rata on an as-converted basis. Then, out of the remaining proceeds, the holders of the {_Series_A} shall be entitled to receive, in preference to all other shareholders, a per share amount equal to the {_Price} (as adjusted for stock splits, combinations and anti-dilution adjustment) minus the amount received in the first distribution, plus any declared but unpaid dividends. Thereafter, the remaining proceeds (if any) shall be distributed pro rata to the holders of ordinary shares and {_Series_A}.
= [G/Z/ol/Base]