Financial Milestone definition

Financial Milestone means satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing; and (b) Borrower has raised at least [***] in unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction) net cash proceeds from one or more bona fide equity financings and/or upfront proceeds from business development transactions not prohibited under this Agreement, in each case after the Closing Date and prior to June 30, 2023, subject to verification by Agent (including supporting documentation reasonably requested by Agent).

Financial Milestone means satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing; and (b) Parent has raised at least Fifteen Million Eight Hundred Thousand Dollars ($15,800,000.00) in cumulative unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction other than in the case the Permitted Convertible Debt Financing) net cash proceeds from one or more bona fide equity financings and/or Subordinated Indebtedness (which, for the avoidance of doubt, may include the net proceeds received from any Permitted Convertible Debt Financing (other than any amounts used to purchase equity derivatives in connection with such Permitted Convertible Debt Financing)), after May 24, 2017 and prior to June 30, 2017, subject to verification by Agent (including supporting documentation requested by Agent) in its reasonable discretion.

Financial Milestone means satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing; and (b) Parent has raised at least Seventy Five Million Dollars ($75,000,000.00) in unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction other than in the case the Permitted Convertible Debt Financing) net cash proceeds from a bona fide equity financing, Subordinated Indebtedness (which, for the avoidance of doubt, may include the net proceeds received from any Permitted Convertible Debt Financing (exclusive of any amounts used to purchase equity derivatives)), and/or upfront proceeds from a business development transaction permitted under this Agreement, in each case after January 3, 2017 and prior to June 30, 2017, and in the case of a business development transaction, on terms and with partners reasonably satisfactory to Agent, subject to verification by Agent (including supporting documentation requested by Agent).

Examples of Financial Milestone in a sentence

• In the event the Third Financial Milestone Event is the initial fundraising, the Executive shall be entitled to a payment of each bonus specified under subpart (i) and (ii) above this subpart (iii), and all such bonuses shall be paid to the Executive, less applicable withholdings, within 30 days of the occurrence of the Third Financial Milestone Event.

• In the event a Second Financial Event is the initial fundraising, the Executive shall be entitled to payment of both bonuses specified under subpart (i) above, and both bonuses shall be paid to the Executive, less applicable withholdings, within 30 days of the occurrence of the Second Financial Milestone Event.

• For purposes of clarity, if Executive’s employment terminates before a Minimum Financial Milestone Event has occurred, or if the Minimum Financial Milestone Event does not occur on or before March 15, 2017, Executive understands and agrees that the Executive forfeits the right to the 2016 Base Salary for the time period of January 1, 2016, through December 31, 2016 (or such date as employment terminates, if sooner).

• Each Financial Milestone shall be payable only once for the applicable Indication Category even if such milestone is achieved by more than one Licensed Product.

• Provided that the above-stated conditions have been met, the Company shall pay to the Executive the deferred amount (less all applicable taxes and withholdings) on its first regularly scheduled payroll date after the Minimum Financial Milestone Event has occurred or on March 15, 2017, if earlier.

More Definitions of Financial Milestone

Financial Milestone means the initial satisfaction of each of the following events: (a) occurrence of a Qualified IPO or Ultimate Parent Spinout and (b) Parent first achieving a market capitalization in excess of [***] (as measured by the reported closing price of the common stock of Parent on the stock exchange or reporting system upon which the Parent’s common stock is traded or reported).

Financial Milestone means satisfaction of each of the following events: (a) no Default or Event of Default shall have occurred and be continuing; and (b) Borrower has raised at least an amount equal to [***] in unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction) net cash proceeds from one or more bona fide equity financings or other business development transactions, from the Closing Date and prior to December 15, 2024, subject to verification by Agent (including supporting documentation requested by Agent).

Financial Milestone means the financial milestone agreed to between the Grantee and the Company in writing with respect to the Company’s financial performance which must be generally achieved in order for certain Units to become Vested Units pursuant to Section 3.2.

Financial Milestone means the achievement of $[**] or more in [**] of the [**] in the 2012 calendar year.

Financial Milestone means satisfaction of each of the following events: (a) no Event of Default shall have occurred and be continuing; and (b) Parent has raised at least Fifteen Million Eight Hundred Thousand Dollars ($15,800,000.00) in cumulative unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction other than in the case the Permitted Convertible Debt Financing) net cash

Financial Milestone means the completion on an equity investment contemplated by the Business Plan in the Company and/or any wholly-owned subsidiary of the Company in the aggregate amount of Five Million Dollars ($5,000,000). Each Financial Milestone may be completed in one or more transactions. The first Financial Milestone shall be measured from April 1, 2003, the second Financial Milestone shall be measured from the completion of the first Financial Milestone, and the third Financial Milestone shall be measured from the completion of the second Financial Milestone. No Financial Milestone may be waived, in whole or in part, by the Board of Directors of the Company unless the Chairman of the Board, in his sole discretion, shall have introduced a motion to the Board of Directors for total or partial waiver of any Financial Milestone based on the on-going performance of Optionee as the President and Chief Operating Officer of the Company, the financial capability of the Company and the timely satisfaction on budget of each Critical Milestone.

Financial Milestone means satisfaction of each of the following events: (a) no Default or Event of Default shall have occurred and be continuing; and (b) Company has raised at least [***] in unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or restriction) net cash proceeds from one or more bona fide equity financings, Subordinated Indebtedness and/or upfront proceeds from business development transactions permitted under this Agreement, in each case after the Closing Date and prior to December 31, 2023, subject to verification by Agent (including supporting documentation reasonably requested by Agent).