Annual Minimum Royalty. In the event that the Royalties paid in any full calendar year after the first commercial sale of a Licensed Product do not reach the minimum amount set out below for such year, then within […***…] days after the end of such full calendar year LICENSEE shall pay an additional amount for the period ending December 31 of such year, so that the total amount paid to BCM under Section 4.4 and this Section 4.5 for such year shall reach such minimum amount: (i) […***…] DOLLARS ($[…***…] USD) in the first full calendar year following the first commercial sale of Licensed Product; (ii) […***…] DOLLARS ($[…***…] USD) in the second full calendar year following the first commercial sale of a Licensed Product; and (iii) […***…] DOLLARS ($[…***…] USD) in the third full calendar year following the first commercial sale of a Licensed Product and thereafter during the Term of this Agreement for each subsequent full calendar year.
Appears in 3 contracts
Sources: Exclusive License Agreement (Bellicum Pharmaceuticals, Inc), Exclusive License Agreement, Exclusive License Agreement (Bellicum Pharmaceuticals, Inc)