Common use of Development Price Clause in Contracts

Development Price. Company shall pay Developer the consideration set forth in Sections 3.1, 3.2 and 3.3 below. 3.1. An initial down payment of NIS 158,000 due on the date hereof; and 3.2. An additional down payment of NIS 119,000 due on May 30, 2018; and 3.3. The consideration set forth in Schedule A in accordance with the timetable specified therein and subject to completion of the milestones linked to each payment (and together with the payment stated in Section 3.1 and 3.2 above which will be deducted from the consideration due under this Section 3.3, the “Purchase Price”), provided however that, in the event that the Company shall not raise US$ 5 million or more in consideration for equity, debt or other securities or tokens generated and/or issued by the Company until June 30, 2018, the total amount of Purchase Price due by the Company shall be caped and shall not exceed the amount of NIS 277,000. 3.4. All payments made in immediately available funds against receipt of an invoice by Company. 3.5. VAT will be added to the payments (if needed). 3.6. For the work done according to this Agreement, Company shall grant Developer on the date hereof an option (the “Option”) to purchase 68,173 Ordinary Shares of the Company (which Options are subject to future dilutions). The Option’s exercise price shall be equal to the nominal value of the shares and the Option’s terms shall be as set forth the warrant form attached hereto as Schedule Al. 3.7. Developer shall not be entitled to receive any other compensation or payment from Company other than as expressly stated in this section 3.