10-K, 3/31/97......
"Effective December 31, 1996, Titan entered into the HMR Agreement
pursuant to which the Company agreed to pay HMR an upfront license fee of
$9,500,000, payable as follows: (i) $2,000,000 in cash on January 20, 1997;
(ii) the issuance $5,500,000 of common stock (594,595 shares) on January 20,
1997; (iii) and $2,000,000 in cash on July 18, 1997. During the period from
September 1997 through January 1999, the Company shall be obligated to pay to
HMR the difference between $5.5 million and the net proceeds, if any,
received by HMR upon sale of the above mentioned common stock." |
