Royalty Payment and Reports. Within the Reporting Period after the end of each Calendar Quarter after the First Commercial Sale of a Licensed Product, Licensee will deliver to Licensor a report containing the following information for the prior Calendar Quarter: (a) the gross sales associated with each Licensed Product sold by Licensee and its Related Parties (including the number and size of units of Licensed Product sold by Licensee and its Related Parties); (b) a calculation of Net Sales of each Licensed Product that is sold by Licensee and its Related Parties (including the amount of each of the deductions taken from gross sales); (c) the amount of taxes, if any, withheld to comply with applicable law; and (d) a calculation of payments due to Licensor with respect to the foregoing (including any calculation of currency conversion). Concurrent with these reports, Licensee will remit to Licensor any payment due for the applicable Calendar Quarter. All such reports will be considered Confidential Information of Licensee and will be maintained in confidence by Licensor. If no royalties or other payments are due to Licensor for such reporting period, the report will so state. Along with the last report for a Calendar Year provided under this Article 3, Licensee will provide a final report for the entire such year.
Appears in 3 contracts
Samples: License Agreement (Praxis Precision Medicines, Inc.), License Agreement (Praxis Precision Medicines, Inc.), License Agreement (Praxis Precision Medicines, Inc.)
