Common use of Annual Services Fee Clause in Contracts

Annual Services Fee. Novartis Pharma shall pay the Consultant an annual services fee of U.S. $1 million, payable in equal monthly installments, in arrears, for the one-year period following the Effective Date (the “Annual Services Fee”). If the Consultant, at his own initiation, ceases to provide the Services and the Agreement is, as a result, terminated prior to the one-year anniversary of the Effective Date (the “Project Completion Date”), Novartis Pharma shall pay the Consultant any remaining and previously unpaid portion of the Annual Services Fee earned through the date of the termination of the Services as soon as practicable (but in no event later than 60 days) following the end of the Term. If the Consultant, at the initiation of Novartis Pharma, ceases to provide the Services and the Agreement is, as a result, terminated prior to the Project Completion Date, Novartis Pharma shall pay the Consultant any remaining and unpaid portion of the total Annual Services Fee as soon as practicable (but in no event later than 60 days) following the end of the Term.

Annual Services Fee. Novartis Pharma shall pay the Consultant an annual services fee of U.S. $1 millionCHF 892,800, payable in equal monthly installments, in arrears, for the one-year period following the Effective Date (the “Annual Services Fee”). If the Consultant, at his own initiation, ceases to provide the Services and the Agreement is, as a result, terminated prior to the one-year anniversary of the Effective Date (the “Project Completion Date”), Novartis Pharma shall pay the Consultant any remaining and previously unpaid portion of the Annual Services Fee earned through the date of the termination of the Services as soon as practicable (but in no event later than 60 days) following the end of the Term. If the Consultant, at the initiation of Novartis Pharma, ceases to provide the Services and the Agreement is, as a result, terminated prior to the Project Completion Date, Novartis Pharma shall pay the Consultant any remaining and unpaid portion of the total Annual Services Fee as soon as practicable (but in no event later than 60 days) following the end of the Term.