Common use of Minimum Annual Spend Clause in Contracts

Minimum Annual Spend. King agrees to reimburse PTI for its 2010 minimum annual spend (i.e., $750,000) under the DLA, irrespective of the status of approved budgets under the Collaboration Agreement. Please sign below to acknowledge your acceptance and agreement to this letter agreement. Sincerely, /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ President and Chief Executive Officer PAIN THERAPEUTICS, INC. /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ President & Chief Executive Officer ***Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission. 1. [ *** ] [ *** ] a. [ *** ] [ *** ] 2. [ *** ] a. [ *** ] b. [ *** ] c. [ *** ] [ *** ] 3. [ *** ] [ *** ] 4[ *** ] [ *** ]

Minimum Annual Spend. King agrees to reimburse PTI for its 2010 minimum annual spend (i.e., $750,000) under the DLA, irrespective of the status of approved budgets under the Collaboration Agreement. Please sign below to acknowledge your acceptance and agreement to this letter agreement. Sincerely, /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ President and Chief Executive Officer PAIN THERAPEUTICS, INC. /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ President & Chief Executive Officer **** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission.. JOC [ *** ] Plan & Budget Goal: PTI to [ *** ] 1. [ *** ] [ *** ] a. [ *** ] [ *** ] 2. [ *** ] ] a. [ *** ] ] b. [ *** ] ] c. [ *** ] [ *** ] 3. [ *** ] [ *** ] 44 [ *** ] [ *** ]