Examples of First Earnout Payment in a sentence
No later than July 31, 2016, Buyer will (i) deliver to Shareholder Representative a written schedule setting forth in reasonable detail the calculation of the First Earnout Payment, and (ii) issue the requisite number of shares of SPS Common Stock to the Shareholders.
The Purchase Price shall be $30,400,000.00, plus the First Earnout Payment (if any), plus the Final Earnout Payment (if any), plus or minus, as applicable, the adjustments contemplated in Section 2.1(b).
For the avoidance of doubt, the First Earnout Payment and the Final Earnout Payment, in the aggregate, shall in no event exceed 16,222 shares of SPS Common Stock.
If the First Earnout Payment is earned in accordance with clause (B) above, the First Earnout Payment shall be payable within ten (10) Business Days following such occurrence.
Notwithstanding the foregoing, (i) if, Immunetrics Revenue during the First Performance Period is less than the Floor, the terms of this Section 3.3 will not apply and no Catch-Up Payment will be payable and (ii) the Catch-Up Payment will not exceed an amount equal to (x) Four Million Dollars ($4,000,000) minus (y) the amount of the First Earnout Payment (the “Catch-Up Cap”).