Drastic Change in Project Direction definition
Drastic Change in Project Direction means a decision by Parent to cancel the project or a decision made or action(s) taken, by Parent which has the same effect as a cancellation of the project, during Parent’s NPP (new project proposal review) or later PR (project review) stages, but shall not include a decision by Parent to cancel the project as a result of its technical infeasibility. First Milestone Date: shall mean December 31, 2002, as such date may be adjusted pursuant to Section 3(b) hereof. Fourth Milestone Date: shall mean March 31, 2004, as such date may be adjusted pursuant to Section 3(b) hereof. Milestone: shall mean, with respect to a Milestone Product, the successful achievement of the Tapeout, or completion of a Milestone Product that fully complies with Specification Levels ES10, PR4 or PR5, as applicable. Milestone Bonus Payees: shall mean the persons listed on Attachment A hereto. -1- Milestone Date: shall mean the First Milestone Date, the Second Milestone Date, the Third Milestone Date or the Fourth Milestone Date, as applicable. Milestone Product: shall mean the first device or product developed by Parent or a Parent Affiliated Party that incorporates any Company Technology. Milestone Share Payment: shall mean that number of shares of Parent Common Stock equal to (x) $1,337,500 divided by (y) the Twenty-Day Price. Parent Affiliated Party: shall mean any entity that controls, is controlled by, or is under common control with Parent, as the case may be. An entity shall be deemed to be in control of another entity only if, and for so long as, it owns or controls more than fifty percent (50%) of the voting stock of such entity. Second Milestone Date: shall mean March 31, 2003, as such date may be adjusted pursuant to Section 3(b) hereof. Specification Level ES10: shall mean, with respect to a Milestone Product, that such Milestone Product satisfies all of the requirements detailed in Parent's Specification ▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇: shall mean, with respect to a Milestone Product, that such Milestone Product satisfies all of the requirements detailed in Parent’s Project Review 4 specification. Specification Level PR5: shall mean, with respect to a Milestone Product, that such Milestone Product satisfies all of the requirements detailed in Parent’s Project Review 5 specification. Tapeout: shall mean, with respect to a Milestone Product, that the Company, Parent or a Parent Affiliated Party has completed and verified the GDS2 files for such Milestone Product and tra...