Common use of Formation and Membership Clause in Contracts

Formation and Membership. Within [**] after the Effective Date, Ipsen and Lexicon shall establish a joint development committee (the “JDC”) 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 JDC at any time upon written notice to the other Party. Lexicon’s participation on the JDC after [**] shall be at Lexicon’s election. From time to time, the 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 Development Plan.

Formation and Membership. Within [**] after the Effective Date, Ipsen and Lexicon shall establish a joint development commercialization committee (the “JDCJCC”) 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 JDC JCC at any time upon written notice to the other Party. Lexicon’s participation on the JDC JCC after [**] shall be at Lexicon’s election. From time to time, the JDC 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 Development Commercialization Plan.