Second Milestone Event definition

Second Milestone Event means the occurrence of the following event: the closing share price of the shares of Parent Common Stock over any twenty (20) consecutive Trading Days during the Second Earnout Period is greater than or equal to $23.00 per share (subject to any adjustment pursuant to Section 3(c)).

Second Milestone Event means confirmation by Bank that Borrower has shipped pre-production units which shall be production quality and have passed a formal release process to include one thousand (1,000) hours of product testing.

Second Milestone Event means that (a) no Event of Default shall have occurred and be continuing, (b) the Term B Loan Advance has been made, and (c) Agent shall have confirmed (which confirmation may require supporting documentation requested by Agent), that Borrower has achieved positive Aggregate 2013-2016 Vintage Clinic Level Contribution on a trailing six (6) month basis for any period ending after the Closing Date but on or prior to June 30, 2018, and (d) that on or prior to March 31, 2018, one (1) of the following shall have occurred: (i) that Borrower has received, after June 30, 2017 but on or prior to March 31, 2018, unrestricted and unencumbered (including, not subject to any redemption, clawback, escrow or similar restriction or encumbrance) upfront net cash proceeds in a minimum amount of at least Twenty-Five Million Dollars ($25,000,000.00) (inclusive of amounts raised in satisfaction of clause (b)(i) of the First Milestone Event definition) in connection with the issuance and sale by Oak Street Health of its equity securities to investors reasonably acceptable to Agent (it being acknowledged and agreed that members of Oak Street Health as of the Closing Date shall be deemed reasonably acceptable to Agent), or (ii) that Borrower has achieved, with respect to any six (6) calendar month period ending after the Closing Date but on or prior to March 31, 2018, aggregate net revenue, determined in accordance with GAAP, of greater than or equal to One Hundred Million Dollars ($100,000,000.00).

Examples of Second Milestone Event in a sentence

• The Second Milestone Closing, if applicable, will take place remotely via the exchange of documents and signatures after the satisfaction or waiver of each of the conditions set forth in Section 4 (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions) and must occur, if at all, within thirty (30) days following achievement of the Second Milestone Event.

• The Second Milestone Event shall result in the Third Closing, as defined in the Stock Purchase Agreement.

• In the event that the Company elects to pay the Second Milestone Payment Amount by issuing Common Stock to GLS pursuant to Section 8.2.2 of the Collaboration and License Agreement, the Company shall provide written notice of such election to GLS within two (2) Business Days following achievement of the Second Milestone Event (a “Second Milestone Stock Payment Election”).

• The Executive’s 2016 Base Salary shall also be increased (a) to $150,000 upon the occurrence of the Minimum Financial Milestone Event, and (b) to $175,000 upon the occurrence of the Second Milestone Financial Event, if such events occur in 2016, which increase(s) shall be reflected in the Company’s first regularly scheduled payroll date after either the Minimum Financial Milestone Event and/or Second Milestone Event has occurred, as applicable.

• The Executive’s 2015 Base Salary shall also be increased (a) to $150,000 upon the occurrence of the Minimum Financial Milestone Event, and (b) to $175,000 upon the occurrence of the Second Milestone Financial Event, if such events occur in 2015, which increase(s) shall be reflected in the Company’s first regularly scheduled payroll date after either the Minimum Financial Milestone Event and/or Second Milestone Event has occurred, as applicable.

More Definitions of Second Milestone Event

Second Milestone Event shall have the meaning set forth in Section 4.2 hereof.

Second Milestone Event means confirmation by Agent in Agent’s sole and absolute discretion, that on or prior to June 30, 2015, one (1) of the following milestones has been achieved: (a) delivery by Borrower to Agent of (i) confirmation from the U.S Food and Drug Administration that Borrower’s “XXXXXX” clinical trial results support the advancement of Borrower’s EG-1962 product into a pivotal phase 3 study, and (ii) Borrower’s financing plan in form and substance reasonably acceptable to Agent to finance such pivotal phase 3 study, or (b) Borrower’s receipt, after July 21, 2014, but on or prior to June 30, 2015, of unrestricted and unencumbered gross cash proceeds in an amount of equal to or greater than Fifty-Five Million Dollars ($55,000,000.00) from the issuance and sale by Borrower of its equity securities, Subordinated Indebtedness, and/or strategic capital (or any combination thereof), in each case with Borrower’s existing investors and investors reasonably acceptable to Agent.

Second Milestone Event means (i) the launch of NextTrip’s groups travel booking platform and (ii) signing of at least five (5) entities to use the groups travel booking platform.

Second Milestone Event has the meaning set forth in Section 2.2(c).

Second Milestone Event means the fifty percent (50%) enrollment of the first Phase 2 Clinical Trial in accordance with the Phase 2 Clinical Trial protocol for the Initial Indication.

Second Milestone Event means the VWAP of the shares of Common Stock over any twenty (20) Trading Days within any thirty (30) Trading Day period during the Earnout Period is greater than or equal to $15.00 per share (subject to any adjustment pursuant to Section 3(e)).

Second Milestone Event shall have the meaning given in Schedule 3.1.2.