Third Milestone. Within [***] ([***]) days after the [***] for a Product [***], such [***] being the “Third Milestone,” Parent shall pay to the Company Stockholders a non-refundable, non-creditable milestone payment in the aggregate amount of [***] Dollars ($[***]) in cash, less any deduction pursuant to Section 8.6(c) and less [***] ([***]) of the Assumed Company Payables (the “Third Milestone Payment Amount”), with such payment allocated among the Company Stockholders in accordance with Section 2.8.
Third Milestone. It should be noted that, with respect to the Third Milestone, the Investment Sub- Milestone and the Floor Area Sub-Milestone are distinct and separate targets. During Period One as described below, (i) failing to achieve one of the Sub- Milestones but not the other will result in the imposition of Supplemental Payments only as to the Sub-Milestone which was not achieved, and (ii) failing to achieve both Sub-Milestones will result in the imposition of Supplemental Payments as to both of such Sub-Milestones, as set forth below and in Exhibit Schedule 1 attached hereto and made a part hereof. During Period Two as described below, however, the failure to achieve either or both of the Sub-Milestones will result in the imposition of a Supplemental Payment equal to ten (10) times the Base Amount that due and payable with respect to the next ensuing PILOT Year, as set forth below and in Exhibit Schedule 1 (or, if the Company has made a lump sum payment of the Base Amount as provided in the Agreement, then 10 times the Base Amount that would otherwise have been due and payable for the next-ensuing PILOT Year and for each PILOT Year thereafter had such lump sum payment not been made).
Third Milestone. Pouring of the first concrete for the foundation for the Building. Landlord shall use commercially reasonable best efforts to achieve the Third Milestone no later than the Third Milestone Date.
Third Milestone. Schwxxx Xxxrma will pay TIMERx Technologies a fee determined as set forth in Exhibit A.
Third Milestone. The third Milestone shall be deemed to have been attained if the Parent (including its subsidiaries) and the Surviving Company shall have attained (either alone or together) each of the following within two hundred seventy (270) days after the Closing Date (the "Third Milestone Termination Date"):
Third Milestone. Upon the approval by the Management Committee (as defined in the PSC) of a Field Development Plan with respect to the development of non-Oyo Field areas under the PSC, as approved by CEI, CEI may elect to retain the Contract Rights (the “Third Milestone Option”) upon payment to Allied of $20 million (either in cash, or at Allied’s option, in Shares) (the “Third Milestone Consideration”); and
Third Milestone. Any of the following: · the completion by Licensee or its Affiliate of a phase II clinical trial within sixty (60) months following the completion of the phase I clinical trial · Licensor having the right to perform a disc procedure in the United States within sixty (60) months following the Effective Date · Two Million Dollars ($2,000,000) in aggregate cumulative gross sales for Licensee and its Affiliates within sixty (60) months following the Effective Date EXHIBIT D PRE-BLA ACTIVITIES AND CLINICAL TRIALS In order to commercialize the Licensor IP in the United States, certain work must be performed under an IND application and possibly an investigational device exemption (“IDE”) application. Once completed, the investigational applications would be used to support the submission and approval or clearance of a biologics license application (“BLA”) and a 510(k) premarket notification or Premarket Approval (“PMA”) application to the FDA for one or more Product. Licensee shall have a detailed gap analysis performed on all pre-clinical and clinical data. Licensee will hire a consultant with expertise in clinical development and IND and IDE submissions. Such consultant will work with Licensee and Licensor to review pre-clinical and clinical data and protocols. Upon completion of the gap analysis, Licensee will develop a clinical strategy for BLA approval and 510(k) and/or PMA clearance. Licensee will also engage Licensor physicians and laboratory staff to develop the clinical strategy. Licensee will fund a BLA application for an FDA approved clinical trial. Certain work to be performed in connection with IND/IDE application: · Treatment of patients under IRB protocol using necessary techniques to refine therapy-treatment costs funded by Licensee at Cayman site (total cost per patient will be $15,000). To save costs, efforts will be made to schedule multiple patients for treatments during the same days. The number of patients treated shall be determined by the necessary data to file an IND. Treatments will include necessary imaging, laboratory culturing preparations, pre and post operative analysis of data, and outcomes. Treatments are expected to start in the 1st quarter of 2012. Chxxxxxxxxx Xxxxxxx, M.D., or other qualified physicians from the Cexxxxx-Xxxxxxx Xlinic, will oversee and teach the procedure to Licensee selected physicians (which fees shall be included in the per patient cost above). Work or treatments performed at Cayman site is subject to regul...
Third Milestone. Within sixty (60) days after the end of the first calendar year in which the total of Net Sales in the CF Market in such calendar year exceeds Fourteen Million U.S. Dollars ($14,000,000), CRTX shall pay to DCI the amount of One Million and Five Hundred Thousand U.S. Dollars ($1,500,000) (The “Third Milestone”).
Third Milestone. Upon the FDA’s written approval of a New Drug Application in respect of the Product Candidate submitted by or on behalf of Buyer or an Affiliate or licensee or development partner thereof, Buyer shall pay to the Owners an aggregate amount equal to Three Million Dollars ($3,000,000) in cash by check or wire transfer of immediately available funds to one or more accounts or addresses designated by the Representative (the “Third Milestone”).
Third Milestone. Upon the approval by the Management Committee (as defined in the PSC) of a Development Plan (as defined in the PSC) pursuant to the PSC with respect to the development of a non-Oyo Field area of OML 120/121 under the PSC, as approved by CEI, CEI shall retain the Contract Rights (the “Third Milestone”), subject to the payment by CEI to Allied of an additional USD $20,000,000 (either in cash, or at Allied’s option, in Consideration Shares) within fifteen (15) days after the approval by the Management Committee of such Development Plan (the “Third Milestone Consideration” ).
