PURCHASE PRICE, TERMS OF PAYMENT. The purchase price for the Object of Purchase amounts to (euro) 2,350,000 (in words: Euro two million and three hundred fifty thousand). Insofar as necessary Seller shall issue to Buyer an invoice in accordance with the legal regulations and shall confirm the receipt of the purchase price. The purchase price is due and payable in accordance with the following provisions: A FIRST INSTALMENT IN THE AMOUNT OF (euro) 500,000 (IN WORDS: EURO FIVE HUNDRED THOUSAND) IS DUE AND PAYABLE UPON SIGNING OF THIS AGREEMENT AND HAS TO BE PAID WITHIN A PERIOD OF 10 (TEN) DAYS TO THE ACCOUNT OF THE SELLER: Bank: HSH Nordbank AG Account no: 1000 024 670 Banking Code: 210 500 00 Reference: Attorney Hinnerk-Xxxxxxx Xxxxxx re. Savetherapeutics AG If such obligation is not complied with, then each party shall have the right to rescind from the agreement within two weeks after such non compliance becomes public. All further claims for damages or other remedies are excluded by this right to rescind. The second instalment in the amount of (euro) 500,000 (in words: Euro five hundred thousand) shall be due and payable upon the final and legally binding determination of the contribution of the patents to the Buyer either by a settlement agreement to be entered into with Schmidt/Wieland or by a final and binding decision of a German court. The third instalment in the amount of (euro) 1,350,000 (in words: Euro one million three hundred and fifty thousand) will be due and payable upon successful commercialisation of the object of purchase, i.e. as soon as the Buyer receives revenues in the amount of at least (euro) 1,350,000 15 CONVENIENCE TRANSLATION (in words: Euro one million three hundred and fifty thousand) either via licensing or a sale of products. The costs of the transaction, in particular fees of Mayer, Brown, Rowe & Maw LLP, shall be borne by the Buyer up to a maximum of Euro 80,000.
