Specified Earn-out Payments

Specified Earn-out Payments. Means payments made by Borrower (A) pursuant to the Asset Purchase Agreement, dated as of September 11, 2006, between the "Seller," as named therein, and Borrower, as presented to, and found to be satisfactory to, Bank, in amounts not to exceed $225,000 per year for each of the three years immediately following the date of effectiveness of such transaction, (B) pursuant to the Stock Purchase Agreement, dated as of October 16, 2006, by and between the "Stockholders," as named therein, and... Borrower, as presented to, and found to be satisfactory to, Bank, in an aggregate amount not to exceed $2,622,848 during the period commencing November 8, 2006 and ending March 22, 2010, and (C) pursuant to the Agreement and Plan of Merger, dated as of September 14, 2009, by and between "Merger Sub" and "Company," as named therein, and Borrower, as presented to, and found to be satisfactory to, Bank, in an aggregate amount not to exceed $3,750,000.00 within 75 days of December 31, 2009. View More