Common use of Formation and Membership Clause in Contracts

Formation and Membership. Within [**] after the Effective Date, Ipsen and Lexicon shall establish a joint commercialization committee (the “JCC”) comprised of appropriate representatives of Ipsen and Lexicon, each of whom shall have experience and seniority sufficient to enable him or her to make day-to-day operational decisions on behalf of the Party he or she represents. Each Party may change any one or more of its representatives on the JCC at any time upon written notice to the other Party. Lexicon’s participation on the JCC after [**] shall be at Lexicon’s election. From time to time, the JCC may, in its discretion, establish one or more project teams, to, upon mutual agreement of the Parties, implement and coordinate various aspects of the Commercialization Plan.

Formation and Membership. Within [**] after the Effective Date, Ipsen and Lexicon shall establish a joint commercialization development committee (the “JCCJDC”) comprised of appropriate representatives of Ipsen and Lexicon, each of whom shall have experience and seniority sufficient to enable him or her to make day-to-day operational decisions on behalf of the Party he or she represents. Each Party may change any one or more of its representatives on the JCC JDC at any time upon written notice to the other Party. Lexicon’s participation on the JCC JDC after [**] shall be at Lexicon’s election. From time to time, the JCC JDC may, in its discretion, establish one or more project teams, to, upon mutual agreement of the Parties, implement and coordinate various aspects of the Commercialization Development Plan.