Issuance of Shares upon Achievement of Commercialization Milestone Event. Subject to the terms and conditions of this Agreement and the Channel Agreement, upon the first attainment of Commercialization Milestone Event (as defined in the Channel Agreement), the Company has agreed to make certain milestone payments (each a “Milestone Payment” and together “Milestone Payments”), at the Company’s option either in the form of shares of Company Common Stock (based upon the Fair Market Value of the shares). In the event that the Company so elects to pay any one or more of the Milestone Payments in shares of Company Common Stock instead of in cash the terms of this Section 1.3 shall govern.
Appears in 2 contracts
Samples: Stock Purchase and Issuance Agreement (Intrexon Corp), Stock Purchase and Issuance Agreement (Oragenics Inc)
Issuance of Shares upon Achievement of Commercialization Milestone Event. Subject to the terms and conditions of this Agreement and the Channel Agreement, upon the first attainment of Commercialization Milestone Event (as defined in the Channel Agreement), the Company has agreed to make certain milestone payments (each a “Milestone Payment” and together “Milestone Payments”), at the Company’s option either in the form of shares of Company Common Stock (based upon the Fair Market Value of the shares). In the event that the Company so elects to pay any one or more of the Milestone Payments in shares of Company Common Stock instead of in cash the terms of this Section 1.3 1.2 shall govern.
Appears in 2 contracts
Samples: Stock Issuance Agreement (Oragenics Inc), Stock Issuance Agreement (Oragenics Inc)