Common use of Updates and Reports Clause in Contracts

Updates and Reports. During the Term, Alzheon shall keep the Licensor currently, and no less frequently than [ * ], advised of its (and its Affiliates’ and sublicensees’) Development and commercialization activities with respect to the Licensed Products in the Field in the Territory. Without limiting the generality of the foregoing, Alzheon shall provide to the Licensor: 3.3.1 on a [ * ] basis, written materials summarizing the activities undertaken by or on behalf of Alzheon with respect to the Development and commercialization of Licensed Products in the Field in the Territory, which materials shall include a reasonably detailed description of Alzheon’s efforts to achieve the diligence obligations set forth in Section 3.1.2; 3.3.2 prompt written notice of the obtaining of any Regulatory Approval in relation to any Licensed Product in the Territory; 3.3.3 prompt written notice of the occurrence of the First Commercial Sale of any Licensed Product in each country and jurisdiction of the Territory; and 3.3.4 prompt written notice upon the receipt of any Licensing Revenue. Alzheon shall be deemed to be in compliance with the requirements of this Section 3.3 so long as it provides the information and notices described above in Sections 3.3.1 through 3.3.4, as well as any additional information requested by the Licensor that is [ * ]. [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.