FTE Reduction definition
Examples of FTE Reduction in a sentence
If the Foundation desires to reduce the number of Services FTEs, the Foundation shall, during each 30-day rolling period, have the right to reduce the number of Services FTEs by providing written notice (each, a “Services FTE Reduction Notice”) to Evotec to such effect; provided, however, the Foundation shall only have the right to deliver one Services FTE Reduction Notice during any such 30-day rolling period.
Each Services FTE Reduction Notice shall specify the number and type of Services FTEs (e.g. Permanent Biology Services FTEs, Permanent Medicinal Chemistry Services FTEs or Foundation Designated Services FTE) to be reduced.
In the event the FTE Calculation (as finally determined ) is less than the FTE Condition (as finally determined), the Purchase Price shall be reduced by $100,000 for each FTE less than the FTE Condition (the “FTE Reduction”); provided, however, in no event will the amount of the FTE Reduction exceed $1,500,000.
The FTE Reduction, if any, pursuant to this Section 3.4(b) shall be satisfied by the payment to Buyer of the amount of such reduction from the Purchase Price Escrow Amount.
The difference, if any, between $1,500,000 and the FTE Reduction will be paid to Seller from the Purchase Price Escrow Amount simultaneously.