Milestone 6 definition

Milestone 6 means the achievement of worldwide aggregate Net Sales of the Product (inclusive of all Indications) of at least five hundred million U.S. dollars ($500,000,000), calculated on a cumulative basis for all Calendar Years (or portion thereof) and inclusive of all Net Sales applied toward the achievement of Milestone 5, provided that Milestone 3 is achieved by or before December 31, 2030.

Milestone 6. Upon STRATEC’s completion of the activities resulting in the availability of Validation Instruments (Milestone 6) STRATEC shall provide QUOTIENT with a written notice thereof including evidence that Shipping Criteria have been met. Within 10 working days after QUOTIENT’S receipt of such notice QUOTIENT is requested to (i) release the shipment of the Validation Instruments (validation unit(s)) or (ii) to decline STRATEC’s achievement of the agreed upon Shipping Criteria, providing STRATEC with a detailed written justification thereof. If QUOTIENT declines STRATEC’s achievement of the agreed upon Shipping Criteria the procedure as outlined in Section (j) of this paragraph shall apply. If QUOTIENT releases the shipment of the Instrument Validation Instruments or fails to decline STRATEC’s achievement of Shipping Criteria within 10 working days after QUOTIENT’S receipt of STRATEC’s notice STRATEC shall be allowed to both ship the Validation Instruments and invoice QUOTIENT for the amount due. QUOTIENT shall remit Payment to STRATEC within thirty (30) days of receipt of the invoice.

Milestone 6 is amended by deleting it in its entirety and replacing it with the following:

Examples of Milestone 6 in a sentence

• A payment of Cdn $270,000 was received in February, 2016 towards Milestone 6.

• To date, the Company has incurred costs of approximately Cdn $6.6 million towards Milestone 4, Cdn $4.2 million towards Milestone 5 and Cdn $2.4 million towards Milestone 6, of which $142 was recognized for milestone 5 during the quarter ended December 31, 2014 under this grant and $200 was recognized for milestone 6 during the quarter ended March 31, 2016.

• This proposal is a significant development as it also contemplates mandatory usage of IFRS-IASB by United States reporting issuers as early as 2014 (such a mandatory usage decision — Milestone 6 — is anticipated to be made by the United States Securities and Exchange Commission in 2011).

• Pursuant to the Project Milestones the Vendor must complete Installation of the Products for any given PCS System within thirty-two and one half (32-1/2) days of its completion of the Facilities Preparation Services in accordance with Milestone 6 (as set forth on Exhibit A1) for such PCS System pursuant to the requirements and criteria set forth in Exhibit D and Exhibit F.

• In accordance with and subject to the Project Milestones set forth on Exhibit A (and the intervals set forth therein and herein), the Vendor will complete all Product Installation in any given PCS System and/or PCS Sub-System in conformance with the requirements and criteria set forth in Exhibit D within thirty-two and one-half (32-1/2) days of completion of the Facilities Preparation Services pursuant to Milestone 6 (as set forth in Exhibit A1) in such PCS System and/or PCS Sub-System.

More Definitions of Milestone 6

Milestone 6 means achievement of aggregate Annual Revenues by all Selling Parties of at least $25,000,000 during any Calendar Year ending on or before December 31, 2027.

Milestone 6. COMPANY has issued a PURCHASE ORDER for delivery of a quantity of the 2GFuel that is at least the quantity of the Batch Volume specified in Table 3.A. above for Batch 1A and CONTRACTOR delivers, on or before [***], at least the quantity of the Batch Volume specified in the Table 3.A. above for Batch 1A meeting the applicable SPECIFICATIONS.

Milestone 6. Contacts: EXECUTIVE conducts a review of current BRAINTECH sales, revenue and commission plan, and identifies and introduces to BRAINTECH at least five (5) new accounts for each of the eight (8) BRAINTECH salespersons (including such salesperson which are not yet hired). On achievement of Milestone 6, 250,000 of EXECUTIVE’s Bonus Stock Options will vest and become fully exercisable for the remainder of their term. Milestone 7: Support and Services Revenue: EXECUTIVE develops and manages at least $150,000 in 2009 BRAINTECH support and services revenue. On achievement of Milestone 7, 250,000 of EXECUTIVE’s Bonus Stock Options will vest and become fully exercisable for the remainder of their term.

Milestone 6. The state has supported the Commonwealth in Bridging the Gap, as measured by:

Milestone 6. [†]: [†] Dollars ($[†])

Milestone 6. “Milestone 6” means:

Milestone 6 shall have the meaning as defined in SECTION 4.2(vi).