Examples of Third Earnout Period in a sentence
At the Closing, the Company shall establish a discretionary cash bonus plan (the “Discretionary Cash Bonus Plan”) for employees of the Company with respect to each of the First Earnout Period, the Second Earnout Period and the Third Earnout Period that provides for eligible employees who participate an annual cash bonus payment up to Two Million Dollars ($2,000,000) for each Earnout Period.
If the aggregate Earnout Amount for the Second Earnout Period plus the Third Earnout Period is not at least Eighteen Million Dollars ($18,000,000), then the Applicable Shortfall Amount for such Third Earnout Period shall no longer be earned or paid in any subsequent Earnout Period.
If the Operating Profit for the Company during the Third Earnout Period is greater than $7,000,000 but less than $8,500,000, the Earnout with respect to the Third Earnout Period shall equal the product of (x) $333,333.34 and (y) (a/c - b/c), where "a" equals the amount of the Operating Profit with respect to the Third Earnout Period, "b" equals $7,000,000, and "c" equals $1,500,000.
Subject to Sections 12.2(e) and 2.5(a)(iii)(B), if the payment of First Earnout Amount is made pursuant to Section 2.5(a)(i) above and if the Third Earnout Net Revenue exceeds $11,750,000 during the Third Earnout Period (such date of achievement, the “Third Earnout Date”), which shall occur no later than the fifth (5th) anniversary of the Closing Date, Acquiror shall pay the members of the Management Pool the Third Earnout Amount pursuant to the terms and conditions set forth on Annex B hereto.
Buyer shall pay Sellers, as and when provided herein, an amount equal to $600,000 at the end of the Third Earn-out Period if the NOI for the Third Earn-out Period is equal to or greater than $2,100,000 (the "Third NOI Hurdle", collectively with the First NOI Hurdle and the Second NOI Hurdle, each an "NOI Hurdle" and together, the "NOI Hurdles").