Common use of Development and Commercialization Milestone Payments Clause in Contracts

Development and Commercialization Milestone Payments. Milestone [Separate milestone payments are due on a Licensed Product-by-Licensed Product basis] Payment Filing of an IND or the equivalent outside the U.S. [####] Enrollment of first patient in a Phase I clinical trial in the U.S. or the equivalent trial outside the U.S. [####] Enrollment of first patient in a Phase II clinical trial in the U.S. or the equivalent trial outside the U.S. [####] Enrollment of first patient in a Phase III clinical trial in the U.S. or the equivalent trial outside the U.S. [####] First Regulatory Approval of Licensed Product in each of the U.S., Europe and Asia (milestone payment due up to three times total; one time for each such regulatory approval) [####] This First Amendment to License Exclusive Agreement (this “Amendment”) is entered into as of March 21, 2021 (the “Amendment Date”), by and between Elkurt, Inc., a Rhode Island corporation with an address at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ (“Elkurt”) and Ocean Biomedical Inc, a Delaware corporation with an address at ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (“Licensee”).

Development and Commercialization Milestone Payments. Milestone [Separate milestone payments are due on a Licensed Product-by-Licensed Product basis] Payment Filing of an IND or the equivalent outside the U.S. [####] Enrollment of first patient in a Phase I clinical trial in the U.S. or the equivalent trial outside the U.S. [####] Enrollment of first patient in a Phase II clinical trial in the U.S. or the equivalent trial outside the U.S. [####] Enrollment of first patient in a Phase III clinical trial in the U.S. or the equivalent trial outside the U.S. [####] First Regulatory Approval of Licensed Product in each of the U.S., Europe and Asia (milestone payment due up to three times total; one time for each such regulatory approval) [####] Bispecific Anti-Chi3l1 (FRG)xAnti-PD-1 (FRGxPD-1) antibody This First Amendment to License Exclusive Agreement (this “Amendment”) is entered into as of March 21, 2021 (the “Amendment Date”), by and between Elkurt, Inc., a Rhode Island corporation with an address at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ (“Elkurt”) and Ocean Biomedical Inc, a Delaware corporation with an address at ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (“Licensee”).