In a typical escrow share
arrangement, specific shareholders place all or a portion of their shares in escrow with the return of the shares conditioned on the achievement of certain performance goals.
ROI's President and CEO, Arol Wolford, stated, "This was a very eventful year for us including the three acquisitions under the Tectonic Network umbrella, the acquisition of an Internet payment gateway product to compliment the existing GO Software product line, the closing of three private placements, and the resolution of our escrow share
Assuming a specified cash return is achieved from the subsequent resale of certain shares of common stock issued by Jaguar to one of Napo's existing secured creditors in connection with the merger, as described further below, the Napo Holders will be entitled to receive their pro rata share of the Escrow Shares
following the release of the Escrow Shares
If Telenor wins the arbitration tribunal ruling, it would have the right to take the escrow shares
and pay Vimpelcom a sum Telenor has said was about 15 billion crowns ($2.
will be released in whole or in part to former Neuromed stockholders based upon the outcome and timing of the FDA's review of the New Drug Application (NDA) of the product candidate Exalgo, which has a February 22,
In its opinion, the Court said it would allow AMC to place in escrow shares
of Southern Copper Corporation stock rather than a cash bond, as was requested by ASARCO, to secure the enforcement of any judgment at appeal.
Payment of the escrow shares
will be dependent on the achievement of revenue milestones for the upcoming 12, 24 and 36 month periods.
4 million of share-based compensation in 2007 related to the release of escrow shares
to Asia Time's CEO, Kwong Kai Shun, which were subject to the achievement of defined annual net income for 2007 pursuant to a private placement agreement entered into in connection with a January 2007 private placement.
Receipt of the escrow shares
will be dependent on the achievement of revenue milestones for 2008 and 2009.
If the guarantees of Mulye and Nostrum to the Bank of India ("BOI") in connection with the Registrant's credit facility with BOI are extinguished in full or in part by May 1, 2008, then the Escrow Shares
are to be released to Synovics in an amount proportionate to the amount by which the guarantees have been extinguished.
Such escrow shares
will be subject to a 150-day lockup period.
If the audited consolidated financial statements of GRC do not reflect at least $4,819,500 of after-tax net income or $5,823,465 of after-tax net income before minority interest for the fiscal year ending December 31, 2006, one-half of the escrow shares
will be distributed on a pro rata basis to the investors.