Xxxxxxxxxx Payments. If a notice of appeal is filed that does not concern the payment of attorneys’ fees and cost, the First Installment will be within thirty (30) calendar days of the appeal being dismissed or the District Court’s order being approved on appeal in a form substantially identical to the original order, and the time to petition for review with respect to any appellate decision affirming the Court’s order has expired. The Second Installment will be paid by April 30, 2012. However, if a notice of appeal is filed that does not concern the payment of attorneys’ fees and cost, the Second Installment will be paid by April 30, 2012 or at the same time as the First Installment, whichever is later..
Xxxxxxxxxx Payments the Board of the Company has determined that in the best interest of it's shareholders it will issue 2 million restricted shares of its restricted common stock to its board member Dxxxxxx XxxXxxxxx for his continued services to the Company. The Company will also pay for professional fees of $5,000 per month. Mx. XxxXxxxxx'x professional fee start date will be retroactive to October 1, 2017. Additionally, for three years an additional restricted stock allocation of 1 million shares being issued on each anniversary date of October 1 for Dxxxxxx XxxXxxxxx. The restricted common stock issuances are consider appropriate additional annual compensation for active board duties. All share grants will be subject to rule 144 and will have a six-month holding period. If the director voluntarily leave the Board during this 6-month holding period then the share grants will be rescinded. Relevant value of these unregistered shares shall be deemed for tax and accounting purposes to be US$0.05 per share, due to the illiquid nature of the common shares and the financial condition of the Company. It is understood that the Company will issue a Form 1099 for the tax year ending 2018 for the relevant value of each share allocation of US$0.05 per share of common stock once the 6-month holding period has lapsed, i.e.: April 29 2018. The Board Member may also elect to receive cash fee payments of any past due and up to six-months of future compensation in the form of registered common stock shares (via S-8). The dollar value of this cash compensation for share exchange shall be at $0.05 per share, due to the illiquid nature of the common shares and the financial condition of the Company. Any future follow-on common stock share grants for accounting and tax purposes shall be valued at a price that is equal to the trailing 30 business day lowest bid price of the company's common stock. Mx. XxxXxxxxx also has a bonus provision he will earn and be paid 3% of the value (cash or stock) received by the Company for the following events: \ ·Capital raised by the Company without the use of any brokers or investment banks; ·Mergers, acquisitions and or mining claim acquisitions made by the Company; ·Outright sale of the Company; and ·Claw-back of previously issued shares from former officers and directors.
Xxxxxxxxxx Payments. Xxxxxxxxxx shall make the following payments:
Xxxxxxxxxx Payments. Xxxxxxxxxx shall make the following payments: (a) After the Closing, Xxxxxxxxxx received tax refunds (the "Tax Refunds") from United Kingdom taxing authorities in the amount of 284,764 British Pounds Sterling for tax year 2002 and 114,938 British Pounds Sterling for tax year 2003. Xxxxxxxxxx shall pay directly to Cambrex (not to the Escrow Account) 399,702 British Pounds Sterling within thirty (30) days following the execution of this Agreement. (b) Pursuant to the APA, Xxxxxxxxxx provided Cambrex with the Subordinated Promissory Note in the amount of $2,000,000, bearing interest at the rate of 12% 5 <PAGE> per annum. As of September 30, 2007, the outstanding principal and interest on the Subordinated Promissory Note will be three million, one hundred forty-nine thousand, and one hundred eighty-five dollars ($3,149,185). Xxxxxxxxxx shall pay to Cambrex $3,149,185, plus interest accrued on any outstanding amounts from October 1, 2007 until such time as the Note Payments or portions thereof are paid, at the rate of 12% per annum (the "Note Payment"). The Note Payment shall be made by Xxxxxxxxxx by depositing into the Escrow Account the following amounts at the times specified: (i) Payment 1: one million dollars ($1,000,000) to be deposited into the Escrow Account on or before September 30, 2007; (ii) Payment 2: one million dollars ($1,000,000) to be deposited into the Escrow Account on or before November 30, 2007; and (iii) Final Note Payment: the balance of the Note Payment (the "Final Note Payment") to be deposited into the Escrow Account on or before February 28, 2008. The Final Note Payment shall be for one million, one hundred forty-nine thousand, one hundred eighty-five dollars ($1,149,185) plus interest accrued on the outstanding balances of the Note Payment between October 1, 2007 and the date of the Final Note Payment. The interest accrued between the October 1, 2007 and the date of the Final Note Payment shall be at the rate of 12% per annum and shall be determined based on the daily balance of the outstanding Note Payment during that time period. 2.1.3 Notwithstanding the provisions of this Section 2.1, in the event that (i) Vertellus Specialties Holdings Corp. is sold in a stock sale or (ii) all or substantially all of the assets of Vertellus Specialties Holdings Corp. are sold to a buyer not affiliated with Xxxxxxxxxx, the balance of Xxxxxxxxxx'x Note Payment still due and owing under Section 2.1.2(b) shall be paid into the Escrow Account within...
