definiens: means : if the Financing consists of common stock, then shares of common stock of Licensee ; and if the Financing consists of preferre d stock, then shares of preferred stock of Licensee having terms substantially equivalent to the Series A-2 Sh ares except for the following : ( i ) the holders of t he Series A-1 Shares shall have the information rights substantia lly equivalent to those set forth on Exhibit B, ( ii ) the holders of the Series A-1 Shares shall have the board obser vation rights substantially equivalent to those set forth on Exhibit B, ( iii ) the liquidation preference of the Series A- 2 Shares shall be senior to the liquidation prefere nce of the Series A-1 Shares, ( iv ) the Series A-1 Shares s hall be non - voting except as to matters required by law and provisions commonly known as protective provisions substantially equivalent to those set forth on Exhibit B, and ( v ) the Series A-1 Shares shall not have redemp tion rights