Common use of Annual Net Sales Clause in Contracts

Annual Net Sales. Subject to Section 8.5.4(c), for each Licensed Product in each Calendar Year during the Royalty Term, Gilead shall pay MacroGenics royalties on Annual Net Sales of such Licensed Product in the Gilead Territory in such Calendar Year at the following rates: (a) On the first *** Dollars (***) in Annual Net Sales of such Licensed Product in such Calendar Year *** (b) On that portion of Annual Net Sales of such Licensed Product in such Calendar Year greater than *** Dollars (***) but less than or equal to *** (***) *** (c) On that portion of Annual Net Sales of such Licensed Product in such Calendar Year greater than *** Dollars (***) ***