Common use of Deferred Consideration Clause in Contracts

Deferred Consideration. Subject to the term set forth in Section 2.09: (i) Seven Hundred Fifty Thousand Dollars ($750,000) to be paid on the earlier of (x) ten (10) business days after the closing of the issuance and sale of shares in the capital of Hemptown Organics Corp., a corporation incorporated under the laws of the Province of British Columbia and ▇▇▇▇▇▇▇ Group’s sole stockholder, in which Hemptown Organics Corp. raises at least two million dollars ($2,000,000) and (y) the first anniversary of the Closing, in each case, if such day is not a business day, the first business day thereafter. (ii) Three Million Dollars ($3,000,000.00) to be paid in two equal installments of One Million Five Hundred Thousand Dollars ($1,500,000.00) each. Each installment shall be paid on the anniversary of the Closing commencing with the 1st installment to be paid on the 1st anniversary and the final payment on the 2nd anniversary, in each case, if such day is not a business day, the first business day thereafter. (iii) HTO Holdings shall cause Purchaser to pay the Deferred Consideration pursuant to Section 2.04(b)(i) and (ii).