Payment for Amounts Sample Clauses

Payment for Amounts. Owed under the Consulting Agreement. As of the date hereof, the Parties agree and acknowledge that on October 1, 2013, the Parties entered into a promissory note with respect to an aggregate of $215,000 which was due and payable under the Consulting Agreement (the “Note”) and such note shall remain in full force and effect after the execution of this Agreement. As of the Termination Date, the Parties acknowledge and agree that in addition to the Note, the total amount owed to Mackenzie by the Company under the Consulting Agreement is equal to $77,500 (the “Owed Amount”). The Parties further acknowledge and agree that payment of the Owed Amount by the Company to Mackenzie will consist of: (i) twenty-two thousand five hundred dollars and zero cents ($22,500.00), fifteen thousand of which shall be due and payable within fourteen (14) days after the date of this Agreement, and the remaining seven thousand five hundred dollars and zero cents ($7,500.00) due and payable on the one month anniversary of the date of this Agreement and (ii) fifty-five thousand dollars and zero cents ($55,000.00) (the “Share Amount”) evidenced by 203,704 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share, which was determined by dividing the Share Amount by $0.27, the closing price of the Company’s common stock on January 2, 2014. The issuance of the Shares will be made within seven (7) days after the execution of this Agreement by both Parties.