Restated Program Sample Clauses

Restated Program. Costs Except for the patent costs which are covered as set forth in paragraph 4.1 below, each Party shall be responsible for its own Restated Program costs (and reimbursement thereof under the Grant) pursuant to work plan and an annual budget mutually agreed upon prior to execution of this Agreement and attached hereto as SCHEDULE A. Such budget and schedule will be revised annually on or by February 15th and attached to the Agreement as a new SCHEDULE A. In this regard, the Parties agree that the ownership of commercial benefits shall be allocated based on the cumulative approved Program costs (including any patent costs incurred pursuant to paragraph 4.1 hereof) for each Party as follows: a. Option Exercise MFIC has agreed to exercise its option not to make a payment to CATALYTICA for one-half of the difference between CATALYTICA's and MFIC's actual approved Phase I research costs from inception through December 1997, accordingly, CATALYTICA's and CATI's ownership of the commercial benefits of the collaboration shall be adjusted in proportion to the total approved costs incurred by each Party for the collaboration up to December 31, 1997. In this regard, it is agreed that as of December 31, 1997, CATALYTICA's and CATI's total approved expense costs are $4,087,775 whereas MFIC's total approved costs are $1,244,545 (inclusive of patent costs of $90,246), and therefore the ownership of commercialization benefits is reallocated such that CATALYTICA and CATI own approximately seventy seven percent (77%) and MFIC owns approximately twenty-three percent (23%) of such benefits. Notwithstanding the foregoing and the provisions of Paragraph 2.4 (b) below MFIC and CATALYTICA and CATI agree that despite the relative actual amount of expenditures of the respective Parties during the term of this Agreement MFIC's allocable ownership of commercialization benefits shall not fall below twenty percent (20%) except as provided under Section 7.4 hereinafter.