Corporate Milestones. The right to acquire Incentive Shares shall be available in tranches as indicated herein if, as and when the Company has achieved the first two of the following Class X Milestones: > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to its breast cancer treatment system. (Tranche: 150,000 shares) > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to treating chronic prostate enlargement condition, common in older males, known as benign prostatic hyperplasia ("BPH") (Tranche: 150,000 shares). > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to liposome compounds that can carry chemotherapy drugs to a tumor site and release their payload quickly when triggered by targeted heat. (Tranche: 150,000 shares). Only 300,000 shares may be issued with respect to Class X Milestones. The right to acquire Incentive Shares shall be available in tranches as indicated herein if, as and when the Company has achieved any of the following Class Y Milestones: >Obtaining pre-marketing approval from the United States Food and Drug Administration for commercialization of the Company's BPH treatment system. (Tranche: 150,000 shares) > Obtaining pre-marketing approval from the United States Food and Drug Administration for commercialization of the Company's breast cancer treatment system. (Tranche: 150,000 shares). As a Class Z Milestone, the right to acquire Incentive Shares shall be available as to a tranche of 100,000 shares if, as and when the Company has achieved net income of $1,000,000 or more for any fiscal year prior to the Expiration Date.
Corporate Milestones. Dicom has represented to Licensee that there will be total sales of at least $400,000 of the Licensed Software by January 31, 2000, total sales of at least $600,000 by March 31, 1999, total sales of at least $800,000 by May 31, 1999 and total sales of $1,000,000 by June 30, 1999 ("Sales Milestones"). If any of the Sales Milestones are not met, Licensee may immediately terminate this Agreement pursuant to section 5 below.
Corporate Milestones. The Incentive option to acquire Common Stock shall be available in tranches as indicated herein if, as and when the Company has achieved the following Milestones: > Completion of engineering to permit the commercialization of the equipment for Company's BPH treatment system. (Tranche: 50,000 shares) > Completion of engineering to permit the commercialization of the equipment for Company's breast cancer treatment system. (Tranche: 50,000 shares). > Completion of development of prototype medical device for treating deep seated cancer.
Corporate Milestones. The right to acquire Incentive Shares shall vest and thereafter be available for exercise in tranches as indicated herein if, and at any time after, the Company has achieved the first two of the following Class X Milestones: > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to its breast cancer treatment system. (Tranche: 50,000 shares). > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to treating chronic prostate enlargement condition, common in older males, known as benign prostatic hyperplasia ("BPH") (Tranche: 50,000 shares). > Execution and delivery of an agreement with one or more strategic partners to the Company providing for the marketing and distribution of any one of the Company's products related to liposome compounds that can carry chemotherapy drugs to a tumor site and release their payload quickly when triggered by targeted heat. (Tranche: 50,000 shares). Only 150,000 shares in the aggregate may be issued to the Executive with respect to Class X Milestones. The right to acquire Incentive Shares shall be available in tranches as indicated herein if, and at any time after, the Company has achieved any of the following Class Y Milestones: > Obtaining pre-marketing approval from the United States Food and Drug Administration for commercialization of the Company's BPH treatment system. (Tranche: 50,000 shares). > Obtaining pre-marketing approval from the United States Food and Drug Administration for commercialization of the Company's breast cancer treatment system. (Tranche: 50,000 shares). As a Class Z Milestone, the right to acquire Incentive Shares shall be available as to a tranche of 100,000 shares if, and at any time after, the Company has achieved net income of $1,000,000 or more for any fiscal year prior to the Expiration Date. Nothing in this paragraph shall be read to mean that the Executive shall have the right hereunder to acquire, in the aggregate, more than two hundred fifty thousand (250,000) Incentive Shares.
Corporate Milestones. The Performance Option to acquire Common Stock shall vest and thereafter be available for exercise in tranches as indicated herein if, and at any time after, the Company has achieved the following Milestones: - Satisfactory completion of enrollment for the BPH clinical trials no later than October 31, 2001. (Tranche: 80,000 shares). - Obtain pre-marketing approval from the United States Food and Drug Administration for commercialization of the Company's BPH treatment system (Tranche: 80,000 shares). - Place 50 machines within the first year of commercialization (Tranche: 80,000 shares). - Achieve profitability goals for year I (Tranche: 80,000 shares). - Achieve profitability goals for year II (Tranche: 80,000 shares).
Corporate Milestones. As used herein, “EBITDA” means, for the applicable period, the net income (or net loss) of the Company and its consolidated Subsidiaries, determined in accordance with GAAP, consistently applied, plus (i) any provision for (or less any benefit from) income taxes, (ii) any deduction for interest expense, net of interest income, and (ii) depreciation and amortization expense (all determinations of the components of EBITDA shall be derived from the Company’s most recently filed Form 10-QSB or Form 10-KSB, as applicable) and “Corporate Milestone(s)” means each of the First Quarter Milestone, Second Quarter Milestone, Third Quarter Milestone and Fourth Quarter Milestone, each as defined below. The Company hereby agrees to use its best efforts to satisfy each of the following Corporate Milestones:
Corporate Milestones. The right to acquire Incentive Shares shall vest and thereafter be available for exercise in tranches as indicated herein if, and at any time after, the Company has achieved the following Class X Milestones: >Completion of engineering to permit the commercialization of the equipment for Company's BPH treatment system. (Tranche: 50,000 shares) >Completion of engineering to permit the commercialization of the equipment for Company's breast cancer treatment system. (Tranche: 50,000 shares). >Completion of development of prototype medical device for treating deep seated cancer. (Tranche: 50,000 shares).
