Common use of Compensation and Royalties Clause in Contracts

Compensation and Royalties. 5.1 In consideration of the sublicense granted herein, Sublicensee shall pay Sublicensor an upfront sublicense fee of $1,700,000 USD ("Sublicense Fee") payable as stated in Section 5.2. 5.2 Sublicensee shall pay the Sublicense Fee within thirty (30) days following the Effective Date of this Agreement. 5.3 Sublicensee shall pay the following royalties: (i) $200 on the sale of each iLamp and (ii) 10% on all revenues derived from Power as a Service (PaaS) related to the licensed products. 5.4 Payment of royalties must occur within thirty (30) days following Sublicensee’s receipt of payment from third parties for the sale of the Licensed Products. 5.5 Royalties or any other payments received by Sublicensor after the due date shall bear interest at the rate of 18% per annum from the due date or the maximum rate permitted by law, if less than 18%.