Common use of Earn-Out Amount Clause in Contracts

Earn-Out Amount. 1.6.1 If prior to the first anniversary of the Closing, DoveBid enters into the second of at least two "Significant Flow Agreements" (as defined in Subsection 1.6.2) where each such Significant Flow Agreement "Results from the Efforts of the Shareholders" (as defined in Subsection 1.6.3), then DoveBid shall pay $500,000 in two installments each of $200,000 to ▇▇▇▇▇▇▇▇ and $50,000 to ▇▇▇▇▇, respectively, the first of which shall be paid on the execution of the second Significant Flow Agreement and the second of which shall be paid on the one year anniversary of the Closing.