Second Milestone. Within [***] ([***]) days after the earlier of (i) the date of first receipt of [***] for a Product for [***] and (ii) the date that is [***] ([***]) days after the date of [***], such date being the “Second Milestone,” Parent shall pay to the Company Stockholders a non-refundable, non-creditable milestone payment in the aggregate amount of [***] Dollars ($[***]) in cash, less any deduction pursuant to Section 8.6(c) and less [***] of the Assumed Company Payables (the “Second Milestone Payment Amount”), with such payment allocated among the Company Stockholders in accordance with Section 2.8.
Second Milestone. Upon the earlier to occur of (i) the Date of Enrollment of the first patient in the first Phase 3 Clinical Trial, (ii) the acceptance for filing by the FDA of a New Drug Application submitted by or on behalf of Buyer or an Affiliate or licensee or development partner thereof in respect of the Product Candidate, (iii) a Change of Control, so long as Buyer or an Affiliate has not terminated the development of the Product Candidate and terminated the BioVascular License Agreement, or (iv) entry into of a Strategic Collaboration Agreement by Buyer or an Affiliate thereof, Buyer shall issue to the Owners, in the case of a Change of Control, immediately prior to closing of such Change of Control, and otherwise within one (1) business day of the occurrence of such event, an aggregate of two million (2,000,000) shares of Buyer Common Stock, subject to adjustments in accordance with Section 1.3(c) hereof, as applicable (the “Second Milestone”).
Second Milestone. From and after the date SVB achieves the Second Milestone, SVB shall be eligible to receive the lesser of (ii) two-thirds (2/3) of the aggregate amount in each Cateogry of Reimbursement (e.g., $200,000 of the Construction Sales Tax Reimursement), or (ii) the total Reimbursement amount actually earned to date for such Category of Reimbursement, less the actual Reimbursement amount previously paid to SVB for such Cateogry of Reimbursement. The foregoing formula shall apply to each separate Cateogry of Reimursement.
Second Milestone. Upon discovery of hydrocarbons outside of the Oyo Field under the PSC in sufficient quantities to warrant the commercial development thereof, CEI may elect to retain the Contract Rights (the “Second Milestone Option”) upon payment to Allied of $5 million (either in cash, or at Allied’s option, in Shares) (the “Second Milestone Consideration”);
Second Milestone. The second Milestone shall be deemed to have been attained if the Parent (including its subsidiaries) and the Surviving Company shall have attained (either alone or together) each of the following within one hundred eighty (180) days after the Closing Date (the "Second Milestone Termination Date"):
Second Milestone. Upon a “discovery” outside of the Oyo Field under the PSC, CEI shall retain the Contract Rights (the “Second Milestone”), subject to the payment by CEI to Allied of an additional USD $5,000,000 (either in cash, or at Allied’s option, in Consideration Shares) within fifteen (15) days after the discovery of Hydrocarbons (as defined in the PSC) outside of the Oyo Field (the “Second Milestone Consideration”). For purposes of this Section 3.1(b), a “discovery” shall mean the discovery of an accumulation of Hydrocarbons in sufficient quantities to warrant the commercial development thereof whose existence until that moment was unproven by drilling.
Second Milestone. Within 30 days following the achievement of the Second Milestone prior to a Change of Control, La Jolla will issue to GliaMed an additional 3,788 shares of Series E Preferred Stock.
Second Milestone. If the Change of Control is consummated prior to the achievement of the Second Milestone, then La Jolla (or the Acquirer) shall pay GliaMed $9,500,000 in cash within 30 days following the achievement of the Second Milestone.
Second Milestone. If the Company’s stock has traded on a Qualified Exchange with a closing price of $3.75 or more for twenty (20) trading days out of the last thirty (30) trading days with an average daily trading volume of at least 70,000 shares, measured on December 31, 2010, (“Second Milestone”) five hundred thousand (500,000) Escrow Shares shall be released back to the Principal Shareholders pro rata.
Second Milestone a. PERIOD ONE: On or before the end of the 36th month from the Entitlement Date the Company must achieve an aggregate Investment in the Project of at least $165,000,000. If the Company fails to satisfy this level of Investment by the end of the 36th month after the Entitlement Date then the Company will be required to pay a Supplemental Payment. This payment would be in an amount which is a percentage of the Base Amount equal to 3.0 times the percentage by which the Company’s Investment underachieved the targeted amount times the Base Amount due and payable for the next-ensuing PILOT Year (or, if the Company has made a lump sum payment of the Base Amount as provided in the Agreement, then times the Base Amount that would otherwise have been due and payable for the next- ensuing PILOT Year). For example, if the Company underachieved the milestone Investment by 50% ($82,500,000) the Supplemental Payment would equal 150% (3 times 50%) times the Base Amount due for the next-ensuing PILOT Year. Exhibit Schedule 1 sets forth an example of the calculation assuming a Base Amount of $373,696, which would yield a Supplemental Payment of $560,545 (150% (i.e. 50% times 3) times Base Amount of $373,696, equals $560,545)
