Claire's Investors Liquidity Event

Claire's Investors Liquidity Event. Any transaction (including, without limitation, a stock sale, redemption or buy back, merger, consolidation or otherwise) immediately following which all of the Shares held by all Claire's Investors have been exchanged for or converted into consideration, all or substantially all of which consists of cash or readily marketable securities that the Claire's Investors can immediately resell for cash at prevailing quoted prices without legal, contractual or market restrictions.