Initial Milestone Event definition
Initial Milestone Event has the meaning set forth in Section 4.7(a)
Examples of Initial Milestone Event in a sentence
The subsequent milestone events upon which the holder of such Series A Preferred Shares may elect to convert his/her Series A Preferred Shares up to the Maximum Conversion limit shall be based on the dates the Company reaches additional increments of US$10million in its gross revenue after the Initial Milestone Event (together with the subsequent milestone events, the “Milestone Events”).
For instance, the next Milestone Event after the Initial Milestone Event upon which such holder may exercise his/her conversion rights shall be the date on which the Company’s gross revenue reaches US$90million.