FEES AND MILESTONE PAYMENTS. 5.1 CELLDEX shall pay 3M IPC [*] within 10 days of the Effective Date. 5.2 On the first and second anniversary of the Effective Date, CELLDEX shall pay 3M IPC [*]. This fee will enable CELLDEX to continue to develop different pre-clinical Products directed toward filing of an Approval Application with a Regulatory Authority (“Clinical Candidate”), as designated in writing to 3M IPC by CELLDEX. Beginning on the third anniversary of the Effective Date, CELLDEX shall pay 3M [*]. 5.3 CELLDEX shall notify 3M IPC upon achieving the following clinical development milestone payments for each Product containing a different vaccine antigen and/or different Licensed Compound and shall pay 3M IPC within 30 days of the following clinical development events: *Major Market is defined as [*]. * Confidential
Appears in 2 contracts
Sources: Vaccine Adjuvant License and Collaboration Agreement (Celldex Therapeutics Inc), Vaccine Adjuvant License and Collaboration Agreement (Celldex Therapeutics, Inc.)