Examples of First Earnout Period in a sentence
The Sellers shall be entitled to (x) a payment of $5,000,000 (the "First Earnout Amount") from Purchaser in the event that Adjusted EBITDA for the First Earnout Period is equal to or in excess of $15,000,000 (the "EBITDA Minimum"), and (y) a payment of $5,000,000 (the "Second Earnout Amount", and together with the First Earnout Amount, if any, collectively the "Earnout Payment") from Purchaser in the event that Adjusted EBITDA for the Second Earnout Period is equal to or in excess of the EBITDA Minimum.
Within thirty (30) days following the end of each of the First Earn-out Period and the Second Earn-out Period, Buyer shall prepare and deliver to Seller a written statement (in each case, an “Earn-out Statement”) setting forth in reasonable detail its determination of EBITDA for the applicable Earn-out Period and the calculation of the resulting Earn-out Payment Amount, if any, in accordance with Section 2(b).