Milestone 3 Payment definition

Milestone 3 Payment means an amount (rounded down to the nearest whole cent) equal to the quotient obtained by dividing (i) Nine Million Dollars ($9,000,000) by (ii) the aggregate number of CVRs issued pursuant to the Merger Agreement, payable in cash, without interest thereon and subject to reduction for any applicable withholding Taxes in respect thereof.
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Milestone 3 Payment means, for the applicable Earnout Year, a scaled payment of up to $5,000,000 based on achieving Combined MIS Revenue of between 100% and 125% of the 2014 Combined MIS Revenue Target or the 2015 Combined Revenue Company, as applicable. For the avoidance of doubt, the scaled payment shall be determined by taking (a) (i) the Combined MIS Revenue for the applicable Earnout Year minus (ii) 100% of the 2014 Combined Revenue Company or 2015 Combined Revenue Company, as applicable, multiplied by (b) (i) $5,000,000 divided by (ii) (A) 125% of the 2014 Combined Revenue Company or 2015 Combined Revenue Company, as applicable, minus (B) 100% of the 2014 Combined Revenue Company or 2015 Combined Revenue Company, as applicable; provided that the Milestone 3 Payment shall not (y) exceed $5,000,000, nor (z) be less than zero.
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Milestone 3 Payment means a contingent payment equal to $15,000,000.
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Examples of Milestone 3 Payment in a sentence

  • The Milestone 1 Payment, Milestone 2 Payment and Milestone 3 Payment set forth below (collectively, the “Milestone Payments”) shall be payable by Client to Schrödinger upon the achievement of the applicable event for each agreed upon Target (each, a “Milestone Event”) as described below.

  • For clarity, for a Target, Milestone 2 Payment, Milestone 3 Payment, and Milestone 4 Payment shall be payable (x) only once with respect to an Indication regardless of the number of times Collaboration Compounds Primarily Active against such Target achieve such Milestone Event for such Indication, and (y) only once with respect to a Collaboration Compound Primarily Active against such Target regardless of the number of times it achieves such Milestone Event.

  • Contractor shall not proceed with activating the Solar Facility to the Utility’s grid until a PTO Approval has been issued by the Utility for the Solar Facility and Milestone 3 Payment has been received.

  • Milestone 2 Payment, Milestone 3 Payment, and Milestone 4 Payment shall be payable, on a Target-by-Target basis, (i) the first time such Milestone Event is achieved by a first Collaboration Compound Primarily Active against such Target for a first Indication, and (ii) each time such Milestone Event is subsequently achieved by a different Collaboration Compound Primarily Active against such Target for a different Indication.

  • The Milestone 1 Payment, Milestone 2 Payment, Milestone 3 Payment, and Milestone 4 Payment set forth below (collectively, the “Milestone Payments”) shall be payable by Client to Schrödinger only upon the achievement of the applicable event (each, a “Milestone Event”) as set forth herein.


More Definitions of Milestone 3 Payment

Milestone 3 Payment shall be equal to the product of (a) 1.50 multiplied by (b) the difference between (x) Net Sales for the period from January 1, 2020 through December 31, 2020 (“2020 Net Sales”) minus (y) 2019 Net Sales (or, if 2019 Net Sales are lower than the then-applicable Net Sales High-water Xxxx, the then-applicable Net Sales High Water Xxxx); provided that in no event shall the Milestone 3 Payment be greater than $300,000,000 minus any Milestone 1 Payment minus any Milestone 2 Payment; provided further that if 2020 Net Sales are less than or equal to 2019 Net Sales, there shall be no Milestone 3 Payment (i.e., the Milestone 3 Payment shall equal $0). Notwithstanding the foregoing, the Milestone 3 Payment shall be subject to offset and reduction as provided for in Section 8.4(c).
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Milestone 3 Payment has the meaning set forth in Section 1.11(a).
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Related to Milestone 3 Payment

  • Milestone Payment has the meaning set forth in Section 4.2.

  • Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;

  • Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Milestones means control points in the project that help to chart progress. Milestones may correspond to the completion of a key deliverable, allowing the next phase of the work to begin. They may also be needed at intermediary points so that, if problems have arisen, corrective measures can be taken. A milestone may be a critical decision point in the project where, for example, the consortium must decide which of several technologies to adopt for further development.

  • Project Milestone means the project milestone set forth in Schedule-J;