Pfizer Milestone Payments Sample Clauses

Pfizer Milestone Payments. In partial consideration of the sublicense and rights granted to it by Company under this Agreement, Licensee shall pay to Company the one-time, non-creditable and non-refundable milestone payments listed below. Licensee and Company agree that the following payments are pass-through payments intended solely to cover Licensee’s portion of payments owed by Company to Pfizer under the Pfizer Agreement. (a) Licensee shall pay to Company a first milestone payment (“Milestone 1”) within ***** after achievement of the first milestone listed in Section 5.1.2 of the Pfizer Agreement (the “First Pfizer Milestone”), but only to the extent the First Pfizer Milestone is triggered by a Licensee Product. (b) Licensee shall pay to Company a second milestone payment (“Milestone 2”) within ***** after achievement of the second milestone listed in Section 5.1.2 of the Pfizer Agreement (the “Second Pfizer Milestone”), but only to the extent the Second Pfizer Milestone is triggered by a Licensee Product. (c) Licensee shall pay to Company a third milestone payment (“Milestone 3”) within ***** after achievement of the third milestone listed in Section 5.1.2 of the Pfizer Agreement (the “Third Pfizer Milestone”), but only to the extent the Third Pfizer Milestone is triggered by a Licensee Product. Licensee shall notify Company as soon as practicable (but in any event within *****) upon achievement of the First Pfizer Milestone, the Second Pfizer Milestone, or the Third Pfizer Milestone by a Licensee Product.