License Fees and Milestones. As partial consideration for the rights granted hereunder, Licensee shall make the following payments: (a) Licensee shall issue to Licensor 50,000 shares of Common Stock on the Effective Date; (b) a non-refundable initial license fee of Ten Thousand US dollars ($10,000) on the Effective Date; (c) a non-refundable milestone payment of [**] US dollars ($[**]) upon the first IND filing of each Licensed Product; provided, however, that this milestone payment shall be paid by Licensee only for the first Licensed Product based on a particular Compound and not for any other Licensed Product based on the same Compound; (d) a non-refundable milestone payment of [**] US dollars ($[**]) upon any Successful Completion of Phase II of each Licensed Product; (e) a non-refundable milestone payment of [**]US dollars ($[**]) upon the first NDA filing of each Licensed Product; and (f) a non-refundable milestone payment of [**] US dollars ($[**]) upon Registration of each Licensed Product. The payments listed in Sections 3.1(b) - (g) above shall be referred to herein as the “License Fees”. All payments listed in this Section 3.1 (in cash or stock) shall be separate from and not credited against any Earned Royalties. The License Fees shall be paid directly to Designee.
Appears in 1 contract
