Consideration to Employee. In consideration of the Employee's release of Claims set forth in Section 1, Demeter hereby agrees as follows: A. Promptly after Demeter shall receive an aggregate amount of cash payments from Mycogen Corporation of at least One Million Dollars, Demeter shall make a cash payment to the Employee of $200,000. B. On January 15 of the year following the fiscal year in which Demeter shall have received an aggregate amount of at least Three Million Dollars in the form of license and/or royalty fees, Demeter shall make a cash payment to the Employee of $50,000 (the "Fee Related Payment"). Demeter agrees that the Employee shall have the right to convert all or any portion of the Fee Related Payment to restricted shares of Demeter's common stock at a conversion rate of $1.00 per share.
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Samples: Compensation Release Agreement (Demegen Inc), Compensation Release Agreement (Demegen Inc)
Consideration to Employee. In consideration of the Employee's release of Claims set forth in Section 1, Demeter hereby agrees as follows:
A. Promptly after Demeter shall receive an aggregate amount of cash payments from Mycogen Corporation of at least One Million Dollars, Demeter shall make a cash payment to the Employee of $200,00075,000.
B. On January 15 of the year following the fiscal year in which Demeter shall have received an aggregate amount of at least Three Million Dollars in the form of license and/or royalty fees, Demeter shall make a cash payment to the Employee of $50,000 25,000 (the "Fee Related Payment"). Demeter agrees that the Employee shall have the right to convert all or any portion of the Fee Related Payment to restricted shares of Demeter's common stock at a conversion rate of $1.00 per share.
Appears in 2 contracts
Samples: Compensation Release Agreement (Demegen Inc), Compensation Release Agreement (Demegen Inc)
Consideration to Employee. In consideration of the Employee's release of Claims set forth in Section 1, Demeter hereby agrees as follows:
A. Promptly after Demeter shall receive an aggregate amount of cash payments from Mycogen Corporation of at least One Million Dollars, Demeter shall make a cash payment to the Employee of $200,00025,000.
B. On January 15 of the year following the fiscal year in which Demeter shall have received an aggregate amount of at least Three Million Dollars in the form of license and/or royalty fees, Demeter shall make a cash payment to the Employee of $50,000 10,000 (the "Fee Related Payment"). Demeter agrees that the Employee shall have the right to convert all or any portion of the Fee Related Payment to restricted shares of Demeter's common stock at a conversion rate of $1.00 per share.
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Consideration to Employee. In consideration of the Employee's release of Claims set forth in Section 1, Demeter hereby agrees as follows:
A. Promptly after Demeter shall receive an aggregate amount of cash payments from Mycogen Corporation of at least One Million Dollars, Demeter shall make a cash payment to the Employee of $200,0005,000.
B. On January 15 of the year following the fiscal year in which Demeter shall have received an aggregate amount of at least Three Million Dollars in the form of license and/or royalty fees, Demeter shall make a cash payment to the Employee of $50,000 25,000 (the "Fee Related Payment"). Demeter agrees that the Employee shall have the right to convert all or any portion of the Fee Related Payment to restricted shares of Demeter's common stock at a conversion rate of $1.00 per share.
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