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 from escrow.
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 ($2.6 billion) but which Izosimov reckons is higher.
Escrow shares 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,
Escrow shares 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 NDA product candidate Exalgo, which has a February 22, 2010 PDUFA review date.
It should be noted that the compensatory charge resulting from the release of escrow shares is not deductible for income tax purposes.
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.
The latest agreement has been signed by the majority shareholders who had the right to receive 96.5% of the
escrow shares and 96.5% of any further earnout shares.
