Third Earnout definition
Examples of Third Earnout in a sentence
If the Third Year Achieved Revenue is less than the sum of Second Year Achieved Revenue plus the product that results from multiplying Second Year Achieved Revenue by .15, then the Third Earnout Payment shall be equal to zero.
The Company shall not be obligated to deliver any Third Earnout Period Shares to Shareholders in the event that the Company's EBIT during the Third Earnout Period is less than Nine Million Dollars ($9,000,000) or the Company's EBIT during the third twelve month period following the Closing Date equals or is less than Three Million Dollars ($3,000,000).
However, if the Third Year Achieved Revenue is greater than or equal to the sum of Second Year Achieved Revenue plus the product that results from multiplying Second Year Achieved Revenue by .15, but less than the Third Year Target Revenue, then the Third Earnout Payment shall calculated by multiplying the Maximum Earnout Payment for the Third Year Period by the Third Year Factor.
At the Closing, the Company shall establish a discretionary cash bonus plan (the “Discretionary Cash Bonus Plan”) for employees of the Company with respect to each of the First Earnout Period, the Second Earnout Period and the Third Earnout Period that provides for eligible employees who participate an annual cash bonus payment up to Two Million Dollars ($2,000,000) for each Earnout Period.
The date of the Third Earnout Payment, if any, shall not be later than December 15, 2001, or within ten (10) days after any dispute under Section 3.7 is finally resolved, whichever is later.
By way of example, if such price per share is $18.00 and the First Earnout has not previously been earned and issued, the First Earnout shall be deemed earned (and the applicable but Earnout Shares shall be released from the Earnout Escrow Account) but the Second Earnout, the Third Earnout or the Fourth Earnout shall not be earned and such amounts shall not be released from the Earnout Escrow Account to the Stockholder Representative.
Further, in the event that one hundred percent (100%) of the Second Earnout is achieved, then any overages in Earnout Revenue or Earnout Income shall be applied toward the achievement of the Earnout Revenue and Earnout Income milestones, respectively, for the Third Earnout (as defined below).
Subsequent to the closing of the Merger, the cumulative issuance of 34,988,387 net earnout shares occurred resulting from the attainment of the First Earnout in February 2020, the Second Earnout in March 2020 and the Third Earnout in September 2020.
The instructor may request that the allocation extend slightly beyond the end of the course, with suitable justification.Research allocations for XSEDE resources are typically made for a 12-month period; shorter periods may be recommended by the review panel to ask for clarifications from a PI while allowing meritorious research to begin.
Clients can ignore platform differences by possessing an instance of either subclass of WidgetFactory but treating it as being of type WidgetFactory.