GSK Unilateral Termination Rights. GSK shall have the right, at its sole discretion, exercisable at any time during the Term, to terminate this Agreement in its entirety or with respect to the research and development activities for a given Collaboration Target, for any reason or no reason at all, upon ninety (90) days written notice to ChemoCentryx, subject to the obligations set forth in Section 12.5.1. In the event that GSK terminates the entire Agreement under this Section 12.3 during Contract Year One or Contract Year Two, GSK shall owe to ChemoCentryx a payment equivalent to the amount that would have been outstanding as accrued, due and payable to ChemoCentryx as of the end of the Contract Year Two if such termination had not occurred. GSK shall not have any additional cost, liability, expense, or obligation of any kind whatsoever on account of any termination under this Section 12.3.
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Samples: Commercialization Agreement, Product Development And (ChemoCentryx, Inc.), Product Development And (ChemoCentryx, Inc.)
GSK Unilateral Termination Rights. GSK shall have the right, at its sole discretion, exercisable at any time during the Term, to terminate this Agreement in its entirety or with respect to the research and development activities for a given Collaboration Target, for any reason or no reason at all, upon ninety (90) days written notice to ChemoCentryx, subject to the obligations set forth in Section 12.5.1. In the event that GSK terminates the entire Agreement under this Section 12.3 during Contract Year One or Contract Year Two[***], GSK shall owe to ChemoCentryx a payment equivalent to the amount that would have been outstanding as accrued, due and payable to ChemoCentryx as of the end of the Contract Year Two [***] if such termination had not occurred. GSK shall not have any additional cost, liability, expense, or obligation of any kind whatsoever on account of any termination under this Section 12.3.. *** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. EXECUTION VERSION
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