Second Qualified Financing Date definition
Second Qualified Financing Date means the first date on which the Company receives aggregate gross proceeds equal to or exceeding $12,500,000 from the sale to one or more third parties of its capital stock, or notes or other indebtedness that is convertible into or exercisable for shares of its capital stock, in a venture capital transaction.
Examples of Second Qualified Financing Date in a sentence
After the Qualified Financing Date and before the Second Qualified Financing Date (as defined below), the Company shall pay to the Consultant consulting fees of $25,000 per year, payable in equal quarterly installments.
From and after the Second Qualified Financing Date, the Company shall pay to the Consultant consulting fees of $50,000 per year, payable in equal quarterly installments.