Common use of Fifth Milestone – Regulatory Approval in the EU Clause in Contracts

Fifth Milestone – Regulatory Approval in the EU. The Parties shall submit the Product for approval of an EU regulatory body. Upon receipt of the approval of the relevant EU regulatory body Nurexone shall pay Polyrizon an amount of US$ 1,125,000. It is agreed that Nurexone shall notify Polyrizon within one business days as of the completion of each Milestone that is carried out by Nurexone. In addition, it is hereby agreed that the Steering Committee shall provide updates to Polyrizon as to the progress of each Milestone that is being carried out by Nurexone. Upon the completion of each Milestone: (i) Nurexone shall pay to Polyrizon the applicable Development Milestone Fee as set out in Section 4.3.1-4.3.5 within 14 business days as of Nuerxone’s notice of completing each applicable Milestone, unless the fee for such Milestone is to be converted according to the provisions of Section 4.6.2 below. And (ii) Polyrizon shall transfer to Nurexone the Work Product (as defined below) developed created or made during the applicable Milestone.