Royalty Payment Reduction. 4.6(a) In the event that Pieris is required to enter into a license or other agreement and pay a license fee or royalty to any Third Party for an Infringed Patent, the royalty payment described in Section 4.5 shall be reduced by the amount of such Third Party payment, up to fifty percent (50%) of the royalty payment for each calendar year. For the avoidance of doubt, in no event shall the royalty rate under Section 4.5 be reduced by more than fifty percent (50%) in any period.
Appears in 4 contracts
Samples: License and Transfer Agreement (Pieris Pharmaceuticals, Inc.), License and Transfer Agreement (Enumeral Biomedical Holdings, Inc.), License and Transfer Agreement (Enumeral Biomedical Holdings, Inc.)
