Common use of Modification of Payment Terms Clause in Contracts

Modification of Payment Terms. Section 3.1 of the Agreement is hereby amended to add a new Section 3.1(a5) to follow Section 3.1(a4) and to read in full as follows: 3.1( a5) As soon as reasonably practical after execution of this Amendment No. 2 and subject to the terms and conditions of this Agreement (including the limitations set forth in Section 3.4), Radius shall declare a stock dividend of 29 shares of Series A-6 Preferred Stock for each Series A-5 Preferred Share held by NB for a total of 186,847 shares of Series A-6 Preferred Stock in full satisfaction of all stock dividends payable in 2014 under this Agreement in relation to Work Statement NB-1 and Work Statement NB-3, excluding the PIBP under Section 3.1(a4). Furthermore, in the event an IPO occurs prior to May 31, 2014, the balance owed in relation to Work Statement NB-1 and Work Statement NB-3 for all periods of time after 2014, excluding the PIBP, shall be converted into the right to receive a total cash payment of $4,300,000 payable in ten equal monthly instalments of $430,000 beginning on March 31, 2015. For purposes of clarification, from and after the consummation of an IPO, any and all consideration to be paid to Nordic pursuant to this Agreement shall be paid in cash.