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Partner shall use the Services only in accordance with this Payments Agreement. 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IN CONSIDERATION of the representations, covenants and agreements set forth, the parties agree to the following terms: BRS promises to pay John \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587s successors, heirs or assigns, Five Hundred Thousand Dollars ($500,000.00) as follows:\na. Upon execution of this Agreement, BRS shall immediately pay to John \u2587\u2587\u2587\u2587\u2587\u2587, \u2587 payment of Five Thousand Dollars ($5,000.00) by certified check.\nb. Simultaneously with the execution of this Agreement, BRS shall give an invoice crediting John \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587 the amount of Fifteen Thousand Dollars ($15,000.00) for BRS complete, assembled parachute systems the model designated by John \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587 delivery taken of no more than four (4) units per month in each of January and February 1996, with the remaining units taken at any time thereafter.\nc. Eighty-Thousand Dollars ($80,000.00) which amount shall not accrue interest, shall be payable over a maximum of four (4) years. Any amount unpaid shall be paid in full on November 1, 1999. The parties have agreed to a minimum monthly payment of Fifteen Hundred Dollars ($1500.00) payable by check to John \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587 designated. The first payment will be due One Hundred (100) days from the date of execution of this Agreement and continuing the tenth day of each month thereafter.\nd. The remaining balance of Four Hundred Thousand Dollars ($400,000.00) is payable over a maximum of Ten (10) years. Any amount unpaid shall be paid in full on November 1, 2005, with amortized interest of Four (4%) percent per annum. Simultaneously with the execution of this Agreement, BRS will pay to John \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587 designated, on the first day of each month and continuing until paid in full. BRS may pre-pay any amount outstanding under this agreement in whole or in part without penalty.\ne. BRS shall grant to John \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587multaneously with the execution of this Agreement, a stock option of Fifty-Thousand (50,000) shares of BRS voting common stock. The strike price (issue price) will be $0.25 cents per share with a ten (10) year life and will vest on the following schedule: i. 20% vesting at the time of the execution of this agreement; ii. 20% vesting on the first anniversary date; iii. 20% vesting on the second anniversary date; iv. 20% vesting on the third anniversary date; and v. 20% vesting on the fourth anniversary date.", "samples": [{"hash": "k0488g9NV1l", "uri": "/contracts/k0488g9NV1l#brs", "label": "Non Compete Agreement (Ballistic Recovery Systems Inc)", "score": 13.0, "published": true}], "snippet_links": [{"key": "john-\u2587", "type": "clause", "offset": [8, 14]}, {"key": "jointly-and-severally", "type": "clause", "offset": [91, 112]}, {"key": "indemnify-and-hold-harmless", "type": "clause", "offset": [114, 141]}, {"key": "representatives-and-assigns", "type": "clause", "offset": [164, 191]}, {"key": "at-all-times", "type": "definition", "offset": [192, 204]}, {"key": "obligations-of", "type": "clause", "offset": 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