Fourth Milestone Clause Samples
The "Fourth Milestone" clause defines a specific project deliverable or achievement that must be completed as the fourth major step in a contractual timeline. Typically, this clause outlines the criteria or tasks that constitute the fourth milestone, such as the delivery of a particular product feature, completion of a testing phase, or submission of a key report. By clearly identifying this stage, the clause helps track project progress and often triggers related obligations, such as payment or review, ensuring both parties have a shared understanding of when this phase is reached and what is required to move forward.
Fourth Milestone. The Company is seeking financing opportunities. The Company needs to secure a minimum financing of $2,000,000 through one or a series of financing. Under this milestone, the financing is to be effected for cash, unless otherwise agreed by the Board of Directors. FIFTH MILESTONE The Company is seeking substantial financing opportunities. In addition to the previous $2,000,000 raised, the Company is to secure an additional financing of $3,000,000 for a total of $5,000,000 through one or a series of financing. Under this milestone, the financing is to be effected for cash, unless otherwise agreed by the Board of Directors. SIXTH MILESTONE The Company is pursuing strategic alliance negotiations. Those strategic alliance negotiations are intended to but not limited to provide near and long term revenues through licensing, milestone and royalty payments, thereby offsetting the risk associated with more medium term opportunities. Also, should be considered the intangible aspect of the agreement(s) in terms of increasing the corporate profile and validating the technology.
Fourth Milestone. Substantial Completion Date. Landlord shall use commercially reasonable best efforts to achieve the Fourth Milestone no later than the Fourth Milestone Date.
Fourth Milestone. The fourth Milestone shall be deemed to have been attained if the Parent (including its subsidiaries) and the Surviving Company shall have attained (either alone or together) the "ACT Snap-in Architecture," which shall mean the designing of a PocketLogin extension (Snapin) that synchronizes and personalizes ACT data and settings, within three hundred sixty (360) days after the Closing Date (the "Fourth Milestone Termination Date" and, with the First Milestone Termination Date, Second Milestone Termination Date, and Third Milestone Termination Date, each, a "Milestone Termination Date").
Fourth Milestone. Within sixty (60) days after the end of the first calendar year in which the total of Net Sales in the CF Market in such calendar year exceeds Eighteen Million U.S. Dollars ($18,000,000), CRTX shall pay to DCIthe amount of Five Million and Five Hundred Thousand U.S. Dollars ($5,500,000) (The “Fourth Milestone”).
Fourth Milestone. On or prior to the date the fourth Prepayment [...***...], meet the following Milestone Conditions:
a. [...***...]
b. [...***...]
c. [...***...]
Fourth Milestone. Upon commencement of commercial hydrocarbon production outside of the Oyo Field under the PSC, CEI may elect to retain the Contract Rights (with no additional milestones or consideration required thereafter following payment in full of the Fourth Milestone Consideration, as defined below) (the “Fourth Milestone Option,” and together with the First Milestone Option, the Second Milestone Option, and the Third Milestone Option, the “Milestone Options”) upon payment to Allied, at Allied’s option of (i) $25 million in Shares, or (ii) $25 million in cash through payment of up to 50% of CEI’s net cash flows received from non-Oyo Field production under the PSC (the “Fourth Milestone Consideration,” and together with the Closing Cash Consideration, First Milestone Consideration, Second Milestone Consideration, and Third Milestone Consideration, the “Consideration”). Notwithstanding anything to the contrary herein, if, at any time that an opportunity for CEI to exercise a Milestone Option occurs, CEI elects not to exercise such Milestone Option, then all the Contract Rights will automatically revert back to CAMAC without any compensation due to CEI and with Allied retaining all Consideration paid by CEI to date. Notwithstanding the above, CEI shall not assign or transfer any of its interest in the PSC without first obtaining the consent of Allied and paying all remaining amounts that would have been due to Allied had CEI exercised all options set forth above. For purposes of the Agreement, the purchase price per Share shall be calculated as the 30 day weighted average closing sale price per share of CEI’s Common Stock, as quoted by NYSE Amex (or other national exchange that CEI may be listed upon at such time), measured back from the first business day prior to the occurrence of the applicable Milestone Option event. In the event that the PSC is terminated by any party after the Effective Date, Allied shall be obligated to fulfill the obligations of NAE under the PSC or secure a third party acceptable to CEI to do the same, and shall obtain such instruments, assignments, certificates, notices, statements, consents, agreements, deeds, papers and documents, as necessary to give CEI the same rights and obligations with respect to the Contract Rights as provided under these Heads of Agreement. The Parties agree that Section 8.8 and Article X of the PSA (as defined below) are incorporated by reference herein as if they were included herein.
Fourth Milestone. Upon commencement of Hydrocarbon production in commercial quantities outside of the Oyo Field under the PSC, CEI shall retain the Contract Rights (with no additional milestones or consideration required thereafter following payment in full of the Fourth Milestone Consideration, as defined below) (the “Fourth Milestone,” and together with the First Milestone, the Second Milestone, and the Third Milestone, the “Milestones”), subject to the payment by CEI to Allied, at Allied’s option, of: (i) an additional USD $25,000,000 in Consideration Shares within fifteen (15) days after such commencement of production, or (ii) an additional USD $25,000,000 in cash through payment of 50% of CEI’s net cash flows received from non-Oyo Field production under the PSC within fifteen (15) days after receipt of such net cash flows from non-Oyo Field production under the PSC until the payments equal $25,000,000 in the aggregate (the “Fourth Milestone Consideration,” and together with the Closing Cash Consideration, First Milestone Consideration, Second Milestone Consideration, and Third Milestone Consideration, the “Consideration”).