Tranche 1. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of Twenty-Five Million Dollars ($25,000,000) on the Closing Date (“Tranche 1”).
Tranche 1. The Tranche 1 Options will vest and become exercisable with respect to 25% of the Tranche 1 Options on each of the first, second, third and fourth anniversaries of the Grant Date.
Tranche 1. Borrower shall request a Term Loan under Tranche 1 in the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000) as of the Closing Date. The Tranche 1 Advance shall be used to repay Borrower’s indebtedness to Oxford Finance LLC. Bank will credit any proceeds remaining after that payment to Borrower’s account with Bank.
Tranche 1. The Tranche 1 Options will vest and become exercisable (A) with respect to 25% of the Shares subject to the Tranche 1 Options on and after the third anniversary of the Grant Date; (B) with respect to an additional 25% of the Shares subject to the Tranche 1 Options on and after the fourth anniversary of the Grant Date; and (C) with respect to the remaining 50%
Tranche 1. The Tranche 1 Shares will vest as follows: 20% on and after December 1, 2007; 20% on and after December 1, 2008; 20% on and after December 1, 2009; 20% on and after December 1, 2010; and 20% on and after December 1, 2011. Notwithstanding the above, 100% of a Grantee’s outstanding and unvested Tranche 1 Shares shall vest immediately upon (i) a Change of Control or (ii) an Initial Public Offering.
Tranche 1. The Tranche 1 Shares will vest (i) with respect to 20% of the Tranche 1 Shares on March 1, 2007 and 20% of the Tranche 1 Shares on each subsequent March 1st until 100% of the Tranche 1 Shares are vested and (ii) if earlier, with respect to 100% of the unvested Tranche 1 Shares upon a Change of Control.
Tranche 1. All of the conditions precedent set forth in Sections 4.1 and 4.2 shall have been met.
Tranche 1. The Tranche 1 Shares will vest as follows: 20% on and after___, 2007; 20% on and after___, 2008; 20% on and after___, 2009; 20% on and after___, 2010; and 20% and after___, 2011. Notwithstanding the above, 100% of a Grantee’s outstanding and unvested Tranche 1 Shares shall vest immediately upon a Change of Control.
Tranche 1. In the event that for thirty consecutive trading days ending on or prior to the fifth anniversary of the Effective Date (the “Expiration Date”), the closing sales price of the Company’s common stock quoted on the NASDAQ Global Select Market (or such other securities exchange on which the shares are listed) (the “30 Day Price”) exceeds $30.00 per share, 125,000 shares of the Additional Restricted Stock Award (“Tranche 1”) shall vest in accordance with the Time-Based Vesting Schedule (as defined below).
Tranche 1. Each Lender shall fund its pro rata share of the Tranche 1 Commitment in the aggregate amount of Twenty Million Dollars ($20,000,000) on the Funding Date.
