Common use of Patent Lifetime Royalty Payments Clause in Contracts

Patent Lifetime Royalty Payments. Immunomedics will pay to Xx. Xxxxxxxxxx for each full fiscal year of the Company, a sum equal to a percentage of the annual Product Royalties the Company receives each such fiscal year on each of the products for which Xx. Xxxxxxxxxx is an Inventor, and all products using, related to or derived from products for which Xx. Xxxxxxxxxx is an Inventor (“Patented Products”), which payments shall continue for each Patented Product for the remaining Life of the Patent covering each Patented Product (collectively “Patent Lifetime Royalty Payments”). The percentage of Product Royalties that Immunomedics will pay to Xx. Xxxxxxxxxx on each Patented Product will be determined based on the percentage of Product Royalties that Immunomedics must pay to external third parties (any party other than a wholly owned subsidiary of Immunomedics) on each Patented Product, as follows: (A) One percent (1%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 9.0 % to external third parties; (B) One and one-half percent (1.5%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 6.0 % through 9.0 % to external third parties; (C) Two percent (2%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 3.0% through 6.0 % to external third parties; or (D) Three percent (3%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of 3.0% or less to external third parties. Patent Lifetime Royalty Payments under Section 4.2(a)(ii) shall be due and owing from Immunomedics to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) throughout the Life of each Patent both during his employment with the Company and after his employment terminates, except that Lifetime Royalty Payments shall not be payable in the event an arbitrator or court finds that Xx. Xxxxxxxxxx committed a material breach of his covenants contained in Section 9. During the Term of Xx. Xxxxxxxxxx’x employment with Immunomedics only, any quarterly payment of Patent Lifetime Royalty Payments calculated under this Section 4.2(a)(ii) will be paid to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) only to the extent that such Patent Lifetime Royalty Payments exceed the quarterly Minimum Payment paid to him pursuant to Section 4.2(c).

Patent Lifetime Royalty Payments. Immunomedics will pay to Xx. Xxxxxxxxxx for each full fiscal year of the Company, a sum equal to a percentage of the annual Product Royalties the Company receives each such fiscal year on each of the products for which Xx. Xxxxxxxxxx is an Inventor, and all products using, related to or derived from products for which Xx. Xxxxxxxxxx is an Inventor (“Patented Products”), which payments shall continue for each Patented Product for the remaining Life of the Patent covering each Patented Product (collectively “Patent Lifetime Royalty Payments”). The percentage of Product Royalties that Immunomedics will pay to Xx. Xxxxxxxxxx on each Patented Product will be determined based on the percentage of Product Royalties that Immunomedics must pay to external third parties (any party other than a wholly owned subsidiary of Immunomedics) on each Patented Product, as follows: (A) One percent (1%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 9.0 % to external third parties; (B) One and one-half percent (1.5%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 6.0 % through 9.0 % to external third parties; (C) Two percent (2%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 3.0% through 6.0 % to external third parties; or (D) Three percent (3%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of 3.0% or less to external third parties. Patent Lifetime Royalty Payments under Section 4.2(a)(ii) shall be due and owing from Immunomedics to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) throughout the Life of each Patent both during his employment with the Company and after his employment terminates, except that Lifetime Royalty Payments shall not be payable in the event an arbitrator or court finds that Xx. Xxxxxxxxxx committed a material breach of his covenants contained in Section 9. During the Term of Xx. Xxxxxxxxxx’x employment with Immunomedics only, any quarterly payment of Patent Lifetime Royalty Payments calculated under this Section 4.2(a)(ii) will be paid to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) only to the extent that such Patent Lifetime Royalty Payments exceed the quarterly Minimum Payment paid to him pursuant to Section 4.2(c).

Patent Lifetime Royalty Payments. Immunomedics will pay to Xx. Xxxxxxxxxx for each full fiscal year of the Company, a sum equal to a percentage of the annual Product Royalties the Company receives each such fiscal year on each of the products for which Xx. Xxxxxxxxxx is an Inventor, and all products using, related to or derived from products for which Xx. Xxxxxxxxxx is an Inventor (“Patented Products”), which payments shall continue for each Patented Product for the remaining Life of the Patent covering each Patented Product (collectively “Patent Lifetime Royalty Payments”). The percentage of Product Royalties that Immunomedics will pay to Xx. Xxxxxxxxxx on each Patented Product will be determined based on the percentage of Product Royalties that Immunomedics must pay to external third parties (any party other than a wholly owned subsidiary of Immunomedics) on each Patented Product, as follows: (A) One percent (1%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 9.0 % to external third parties; (B) One and one-half percent (1.5%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 6.0 % through 9.0 % to external third parties; (C) Two percent (2%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 3.0% through 6.0 % to external third parties; or (D) Three percent (3%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of 3.0% or less to external third parties. Patent Lifetime Royalty Payments under Section 4.2(a)(ii) shall be due and owing from Immunomedics to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) throughout the Life of each Patent both during his employment with the Company and after his employment terminates, except that Patent Lifetime Royalty Payments shall not be payable in the event an arbitrator or court finds that Xx. Xxxxxxxxxx committed a material breach of his covenants contained in Section 9. During the Term of Xx. Xxxxxxxxxx’x employment with Immunomedics only, any quarterly payment of Patent Lifetime Royalty Payments calculated under this Section 4.2(a)(ii) will be paid to Xx. Xxxxxxxxxx (or his estate or designated beneficiaries) only to the extent that such Patent Lifetime Royalty Payments exceed the quarterly Minimum Payment paid to him pursuant to Section 4.2(c).