Common use of Additional Option Payments Clause in Contracts

Additional Option Payments. If Buyer has not exercised the Option and paid the Option Payment, as set forth in Section 2.3 below, on or prior to the relevant date set forth below, then Buyer and Timberline Parent will meet the following additional expenditures and payment requirements (“Additional Payment Requirements”) on or before the relevant date set forth below. March 31, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (U.S.$1,000,000) in cash and issue One Million (1,000,000) shares of common stock of Timberline Parent to Gunpoint Parent (or as Gunpoint Parent may direct) March 31, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (U.S.$2,000,000) in cash and issue One Million (1,000,000) shares of common stock of Timberline Parent to Gunpoint Parent (or as Gunpoint Parent may direct) December 31, 2018 Buyer will have made cumulative expenditures at the Talapoosa Project since the Effective Date totaling Seven Million and Five Hundred Thousand United States Dollars (U.S.$7,500,000). Buyer retains sole discretion over the timing and nature of the expenditures in its operation of the Talapoosa Project in accordance with Articles V and VI hereof. Buyer shall provide evidence of the cumulative expenditures to the reasonable satisfaction of Gunpoint Parent, which evidence may include financial statements of the Company as filed with the United States Securities and Exchange Commission. In relation to any issuance of shares of common stock of Timberline Parent pursuant to an Additional Payment Requirement, Gunpoint Parent and/or the entity to which such shares of common stock are being issued will deliver prior to the issuance of such shares of common stock a certificate regarding certain representations, warranties and covenants for purposes of issuing such shares of common stock pursuant to applicable securities laws at the time of issuance. If Buyer and/or Timberline Parent fail to make such Additional Payment Requirements on or before the dates indicated above, then this Option Agreement shall terminate at 11:59 pm Coeur d’Alene time on such date.” 3. As of the date of this Amendment, Section 2.2(g) as provided below, is hereby added to the Option Agreement: