Enviro Financing Milestones Clause Samples

Enviro Financing Milestones. During the Term of this Agreement, Enviro shall make a one-time, non-refundable, non-creditable payment to Tracon of US$500,000 within 10 days of it’s or its successor’s completion of one or more financings through the sale of equity (or debt convertible to equity) in an amount of US$10,000,000 or greater in the aggregate. During the Term of this Agreement, Enviro shall make a one-time, non- refundable, non -creditable payment to Tracon of US$500,000 within 10 days of if s or its successor’s completion of one or more financings through the sale of equity (or debt convertible to equity) in an amount of US$22,000,000 or greater in the aggregate (including such financings giving rise to the first financing milestone payment). For clarity, in the event that the Enviro-Kairos Share Exchange occurs or the Kairos-BLAB Transaction occurs, financings by each of Enviro, Kairos, and BLAB shall be considered in aggregate for the purpose of determining the occurrence of a financing milestone. For illustrative purposes, Enviro will owe Tracon $500,000 when Enviro and its successors have, in aggregate, raised $10 million, and an additional $500,000 when Enviro and its successors have, in aggregate, raised an additional $12 million amounting to a total of $22 million (subject to prior Termination of the Agreement). Enviro shall report the occurrence of each such financing milestone and make the corresponding payment to Tracon within ten (10) days of their occurrence. Any efforts to obtain such financing by Enviro shall be at Enviro5 s sole discretion. The payment of the $ 100,000 and the two payments of $500,000 each referenced above shall in the aggregate be referred to as the “Cash Consideration.”