VEHICLE COMPLETION MILESTONES. For each vehicle completion milestone set forth below that is satisfied within the performance period specified, the Company will issue to Participant a number of shares of Common Stock equal to 3% of Mullen’s then-current total issued and outstanding shares of Common Stock :
(i) Procuring full USA certification and homologation of its Class Three Van by end of December 2023;
(ii) Full USA certification and homologation of the Bollinger B1 sports car by end of June 2025; and
(iii) Full USA certification and homologation of the Bollinger B2 sports car by end of June 2025.
(b)?????????? REVENUE BENCHMARK MILESTONES. For each $25 Million of revenue recognized by the Company (each a "Revenue Tranche"), and subject to an aggregate maximum of recognized revenue of $250 Million between the Date of Grant and the end of December 2025, the Company will issue to Participant a number of shares of Common Stock equal to 1% of Mullen’s then-current total issued and outstanding shares of Common Stock as of the date a Revenue Tranche is achieved.
*This has not yet occurred so there was no dilution*
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