Sales Milestone Payment has the meaning set forth in Section 8.3.1.
Development Milestone Payment shall have the meaning set forth in Section 9.2(a).
Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;
Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.
Development Milestone Event shall have the meaning set forth in Section 9.2(a).
Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.
Milestone Event has the meaning set forth in Section 8.4.
Milestone Payment means a payment identified in the Implementation Plan to be made following the issue of a Satisfaction Certificate in respect of Achievement of the relevant Milestone;
Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).
Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.
Milestone Payment Date has the meaning set forth in Section 2.4(a).
Milestone Date means the date set against the relevant Milestone in the Implementation Plan;
Annual Net Sales means, with respect to any Calendar Year, the aggregate amount of the Net Sales for such Calendar Year.
Milestone Payments has the meaning set forth in Section 4.2.
Project Milestone means the project milestone set forth in Schedule-J;
Net Sales Revenue shall have the meaning as set out in Schedule "A"
Milestones means control points in the project that help to chart progress. Milestones may correspond to the completion of a key deliverable, allowing the next phase of the work to begin. They may also be needed at intermediary points so that, if problems have arisen, corrective measures can be taken. A milestone may be a critical decision point in the project where, for example, the consortium must decide which of several technologies to adopt for further development.
Net Sales means [***].
Second Target Distribution means $0.4375 per Unit per Quarter (or, with respect to the period commencing on the Closing Date and ending on September 30, 2005, it means the product of $0.4375 multiplied by a fraction of which the numerator is equal to the number of days in such period and of which the denominator is 92), subject to adjustment in accordance with Section 6.6 and Section 6.9.
Sales Year means the calendar year during which the Company sold Cigarettes in a Beneficiary State requiring the deposit of QEF Principal.
Project Milestones means the project milestones set forth in Schedule-G;
Milestone Dates means the dates for completion of specified Project activities as contained in the Project Schedule.
Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.
Sublicense Revenue means [***].
KPI Target means the acceptable performance level for a KPI as set out in each KPI;
EBITDA Target means the Company's projected earnings before interest, taxes, one-time transition expenses, non-cash compensation expense charges, depreciation and amortization, as contained in the Company's budget for the Applicable Period and which is approved by the Board (without reference to any adjustments or revision, upwards or downwards, to such projected earnings which are subsequently approved by the Board as part of any subsequent revision to such budget), and (ii) the term "Financial Results" shall mean the Company's EBITDA calculated by reference to the Company's financial statements for the Applicable Period as filed with the Securities and Exchange Commission (the "SEC").