Milestone 1 Payment definition

Milestone 1 Payment means a contingent payment equal to $0.20.

Milestone 1 Payment means with respect to the achievement of Milestone #1, an amount per CVR equal to $[●] in cash, without interest, in an aggregate amount of $4,000,000.

Milestone 1 Payment means an amount (rounded down to the nearest whole cent) equal to the greater of (a) the quotient obtained by dividing (i) Three Million Dollars ($3,000,000) less twenty-five percent (25%) multiplied by the Advisory Fee Deduction as of such time, and either (A) less the Adjustment Payment as of such time (if the Adjustment Payment is equal to or greater than zero) or (B) plus the absolute value of the Adjustment Payment as of such time (if the Adjustment Payment is less than zero) by (ii) the aggregate number of CVRs issued pursuant to the Merger Agreement and (b) zero, payable in cash, without interest thereon and subject to reduction for any applicable withholding Taxes in respect thereof.

Examples of Milestone 1 Payment in a sentence

• The Milestone 1 Payment, Milestone 2 Payment and Milestone 3 Payment set forth below (collectively, the “Milestone Payments”) shall be payable by Client to Schrödinger upon the achievement of the applicable event for each agreed upon Target (each, a “Milestone Event”) as described below.

• The Milestone 1 CVR represents the contingent rights of Holders to receive the Milestone 1 Payment, and the Milestone 2 CVR represents the contingent rights of Holders to receive the Milestone 2 Payment.

• Milestone 1 Payment shall be payable, on a Target-by-Target basis, only once the first time such Milestone Event is achieved by such Target.

• The Milestone 1 Payment, Milestone 2 Payment, Milestone 3 Payment, and Milestone 4 Payment set forth below (collectively, the “Milestone Payments”) shall be payable by Client to Schrödinger only upon the achievement of the applicable event (each, a “Milestone Event”) as set forth herein.

• In the event that the Milestone 1 Target is not achieved prior to the end of the Milestone Achievement Period, the Holders shall have no right to receive the Milestone 1 Payment with respect to their CVRs.

More Definitions of Milestone 1 Payment

Milestone 1 Payment has the meaning set out in Clause 3.3.1.

Milestone 1 Payment means an amount equal to $0.50 per CVR, payable in cash, without interest thereon and subject to reduction for any applicable withholding taxes in respect thereof.

Milestone 1 Payment means, for the applicable Earnout Year, a payment equal to $3,000,000 upon the achievement of Combined MIS Revenue of at least 90% of the 2014 Combined MIS Revenue Target or the 2015 Combined Revenue Company, as applicable.

Milestone 1 Payment has the meaning set forth in Section 1.11(a).

Milestone 1 Payment means a contingent payment equal to $5,000,000.

Milestone 1 Payment shall be equal to the product of (a) 1.50 multiplied by (b) the difference between (x) Net Sales for the period from January 1, 2018 through December 31, 2018 (“2018 Net Sales”) minus (y) Net Sales for the period from January 1, 2017 through December 31, 2017 (“2017 Net Sales”); provided that in no event shall the Milestone 1 Payment be greater than $300,000,000; provided, further that if 2018 Net Sales are less than or equal to 2017 Net Sales, there shall be no Milestone 1 Payment (i.e., the Milestone 1 Payment shall equal $0). Notwithstanding the foregoing, the Milestone 1 Payment shall be subject to offset and reduction as provided for in Section 8.4(c).

Milestone 1 Payment shall have the meaning given to such term in Section 3(a).