Royalty Due on Net Sales of Products. In any Contract Year in which Licensee’s Net Sales of Products exceed the following thresholds, Licensee will pay a royalty of ** percent (**%) of the Net Sales exceeding such threshold: 2006 $ 35 Million 2007 $ 41 Million 2008 – 2010 $ 47 Million In the event Net Sales do not exceed the applicable threshold, Licensee’s sole payment to Senetek with respect to any given Contract Year shall be the Minimum Payment amounts set forth in Section 3.12. In the event the parties extend the term of the Exclusivity Right as provided in Section 3.12(ii) below, the Net Sales threshold for each Contract Year during such additional period shall be as agreed by the parties. The parties acknowledge and agree that in consideration of previous payments, Licensee shall be entitled to a royalty credit of $250,000 per quarter until the end of 2012.”
Royalty Due on Net Sales of Products. In any Contract Year in which Licensee’s Net Sales of Products exceed the following thresholds, Licensee will pay a royalty of *** of the Net Sales exceeding such threshold: 2006 *** 2007 *** 2008 – 2010 *** In the event Net Sales do not exceed the applicable threshold, Licensee’s sole payment to Senetek with respect to any given Contract Year shall be the Minimum Payment amounts set forth in Section 3.12. In the event the parties extend the term of the Exclusivity Right as provided in Section 3.12(ii) below, the Net Sales threshold for each Contract Year during such additional period shall be as agreed by the parties. The parties acknowledge and agree that in consideration of previous payments, Licensee shall be entitled to a royalty credit of *** per quarter until the end of 2012.”
Royalty Due on Net Sales of Products. A royalty shall be due to Senetek with respect to all Net Sales of those Products set forth in Schedule 1.16 by Licensee or its Affiliates to Non-Affiliates calculated at the rate of EURO *** per unit of 30 ml/0.05% Kinetin. Other sizes than 30 ml/0.05% will trigger a pro rata royalty (e.g. 60 ml/0.05%) will trigger a EURO *** royalty. All Royalties due shall be paid with respect to each Calendar *** Confidential treatment has been requested Quarter within sixty (60) days after the end of such Calendar Quarter. Payments shall be made by wire transfer to the bank account designated by Senetek from time to time in Euros, and any late payments shall be subject to a handling charge of one-and-one-half percent (1 1/2%) per month from the due date until the date of payment. All Royalty payments shall be accompanied by a reasonably detailed accounting setting forth the basis upon which such payment was calculated. Royalties due shall not be subject to any offset for any claim Licensee may have against Senetek unless and until such claim is approved by Senetek in writing or is determined to be valid in a Final Adjudication pursuant to the dispute resolution procedures set forth in this Agreement.
Royalty Due on Net Sales of Products. A royalty shall be due to Senetek with respect to all Net Sales of Products by Licensee or its Affiliates or sub-licensees as follows:
