Common use of Payments and Reports Clause in Contracts

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College under this Agreement, LICENSEE shall pay the College a license fee of ___________ ($XX,XXX) upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College a running royalty of ____ percent (X%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ Year Two$ Year Three$ Year Four$ Year Five and after$ 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College as royalties hereunder, xx percent (XX%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE fail to make any payment whatsoever due and payable to the College hereunder, the College may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the College, or to the account of the College at such other bank as the College may from time to time designate by notice to LICENSEE. 4.9 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College SCREEN MEDIA under this Agreement, LICENSEE shall pay the College SCREEN MEDIA a license fee of ___________ $25,000 within 90 days of the execution of this agreement, plus 3,000,000 shares of the Common Stock of LICENSEE ($XX,XXX) "License Fee Shares"), issuable upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College SCREEN MEDIA a running royalty of ____ two and a half percent (X%2.5%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ One $100,000 Year Two$ Two $250,000 Year Three$ Three $500,000 Year Four$ Four $750,000 Year Five and after$after $1,000,000 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College SCREEN MEDIA as royalties hereunder, xx five percent (XX%5%) of all SUBLICENSING REVENUE. 4.6 4.5 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College SCREEN MEDIA within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 4.6 Should LICENSEE fail to make any payment whatsoever due and payable to the College SCREEN MEDIA hereunder, the College SCREEN MEDIA may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 4.7 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the CollegeSCREEN MEDIA, or to the account of the College SCREEN MEDIA at such other bank as the College SCREEN MEDIA may from time to time designate by notice to LICENSEE. 4.9 4.8 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College SCREEN MEDIA to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 As partial consideration MONARCHY shall provide one hundred thousand US dollars (US$100,000) in initial financing (the “Initial Funding Limit”) to complete the app as well as for marketing the rights conveyed by release of a prototype. SMIRNOV will provide MONARCHY will a detailed accounting of outstanding development costs and MONARCHY shall provide SMIRNOV with an accounting of proposed marketing expenditures which, in the College under this Agreementaggregate, LICENSEE shall pay not exceed the College a license fee of ___________ ($XX,XXX) upon execution of this AgreementInitial Funding Limit. 4.2 In addition to the foregoing license execution fee, LICENSEE MONARCHY shall pay the College a running royalty appoint SMIRNOV or his designate one seat on MONARCHY’s Board of ____ percent (X%) of Net SalesDirectors. Such running royalties The appointment shall be payable provided for as provided long as this Agreement and the exclusivity of the rights granted herein remain in Paragraph 4.5effect. 4.3 In MONARCHY shall provide to SMIRNOV a written report each month of new Subscriptions, cancelled Subscriptions, total Subscriptions, and revenue generated from the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ Year Two$ Year Three$ Year Four$ Year Five and after$Subscriptions broken down by country. 4.4 LICENSEE shall also pay MONARCHY will retain a 30% marketing fee on all revenue generated each month and the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND balance will be paid to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European marketSMIRNOV. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College as royalties hereunder, xx percent (XX%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE MONARCHY fail to make any payment whatsoever due and payable to SMIRNOV at the College hereundertime it is due, the College may, at its sole option, terminate this Agreement it shall be deemed an event of default as provided in for under Paragraph 7.211.3. 4.8 4.6 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, international wire transfer to the College, SMIRNOV or to the account of the College SMIRNOV at such other bank as the College SMIRNOV may from time to time designate by notice to LICENSEEMONARCHY. 4.9 4.7 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two six percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporationsper annum. Each such royalty payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by all interest so accruedaccrued to the date of payment. Said interest and the The payment and acceptance thereof shall not negate or waive the right of the College SMIRNOV to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 3.1 As partial consideration for the rights conveyed by the College LSU under this Agreement, LICENSEE shall agrees to pay the College a LSU an initial, non refundable, license execution fee of ___________ dollars ($XX,XXX) ). Such payment shall be delivered to LSU upon execution of this the Agreement. 4.2 3.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College a running royalty of ____ percent (X%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ Year Two$ Year Three$ Year Four$ Year Five and after$ 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to LSU an annual non refundable maintenance fee of dollars ($XXX), which shall be due and payable on the College as royalties hereunder, xx percent (XX%) first anniversary and on each subsequent anniversary of all SUBLICENSING REVENUEthe Agreement Date. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 3.3 Should LICENSEE fail to make any payment whatsoever due and payable to the College LSU hereunder, the College LSU may, at its sole option, terminate this Agreement as provided in Paragraph 7.2Section 6. 4.8 3.4 All payments due hereunder shall be deemed received when funds are expressed in credited to LSU’s bank account and shall be paid payable by check payable or wire transfer in United States of America currencydollars. No transfer, without deduction of exchange, collection or other charges, including any wire transfer fees, shall be deducted from such payments. If payments are sent by check, they shall be sent to the College, or to the account of the College at such other bank as the College may from time to time designate by notice to LICENSEEaddress listed in Paragraph 10. 4.9 In 1. If payments are sent by wire transfer, they shall be sent using the event that any payment due hereunder is not made when due, the payment wiring instructions sent by LSU. 3.5 Late payments shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate be subject to a charge of the sum of (a) two one and one-half percent (21.5%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is dueper month, the interest being compounded on annually, or two hundred fifty dollars ($250.00), whichever is greater. LICENSEE shall calculate the last day of correct late payment charge, and shall add it to each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accruedlate payment. Said interest late payment charge and the payment and acceptance thereof shall not negate or waive the right of the College LSU to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment. 3.6 In the event of acquisition, merger, change of corporate name, or change of make-up, organization, or identity, LICENSEE shall notify LSU in writing within thirty (30) days of such event. 3.7 If LICENSEE does not qualify as a "small entity" as provided by the United States Patent and Trademark Office, LICENSEE must notify LSU immediately.

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College under this Agreement, LICENSEE shall pay the College a license fee of ___________ ($XX,XXX) upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College a running royalty of ____ percent (X%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ One Rs. Year Two$ Two Rs. Year Three$ Three Rs. Year Four$ Four Rs. Year Five and after$after Rs. 4.4 LICENSEE shall also pay the College the following milestone payments: : (a) thousand dollars rupees ($Rs.XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars rupees ($Rs.XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars rupees ($Rs.X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College as royalties hereunder, xx percent (XX%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE fail to make any payment whatsoever due and payable to the College hereunder, the College may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 All payments due hereunder are expressed in and shall be paid by check payable in United States of America India currency, without deduction of exchange, collection or other charges, to the College, or to the account of the College at such other bank as the College may from time to time designate by notice to LICENSEE. 4.9 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College SCREEN MEDIA under this Agreement, LICENSEE shall pay the College SCREEN MEDIA a license fee of ___________ $25,000 within 90 days of the execution of this agreement, plus 3,000,000 shares of the Common Stock of LICENSEE ($XX,XXX) "License Fee Shares"), issuable upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College SCREEN MEDIA a running royalty of ____ two and a half percent (X%2.5%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ One $100,000 Year Two$ Two $250,000 Year Three$ Three $500,000 Year Four$ Four $750,000 Year Five and after$after $1,000,000 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College SCREEN MEDIA as royalties hereunder, xx five percent (XX%5%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College SCREEN MEDIA within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE fail to make any payment whatsoever due and payable to the College SCREEN MEDIA hereunder, the College SCREEN MEDIA may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the CollegeSCREEN MEDIA, or to the account of the College SCREEN MEDIA at such other bank as the College SCREEN MEDIA may from time to time designate by notice to LICENSEE. 4.9 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College SCREEN MEDIA to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 As partial 5.1 In consideration for the of rights conveyed granted by the College BOARD to LICENSEE under this AgreementAGREEMENT, LICENSEE shall will pay BOARD the College following: a. equity as described in Article 6; and b. a non-refundable up-front license fee in the amount of ___________ ($XX,XXX) upon execution of this Agreement. 4.2 In addition 200,000, due and payable according to the foregoing license execution feeschedule below: 12 months from the EFFECTIVE DATE $100,000 18 months from the EFFECTIVE DATE $100,000 c. a minimum yearly royalty of $50,000 due and payable on January 1 of each year beginning January 1, LICENSEE shall pay the College 2005 and creditable against royalties due under ▇.▇▇ for that year; and d. a running royalty equal to 7.0% of ____ percent (X%) of Net Sales. Such NET SALES, provided however, for any periods where LICENSEE is required to pay a royalty to a third party for the right to carry out such a SALE, said running royalties royalty shall be payable as provided reduced in Paragraph 4.5.an amount equal to ½ of any such royalty actually paid, to a rate of no less than 5.5% of NET SALES of any such LICENSED PRODUCT; and 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ Year Two$ Year Three$ Year Four$ Year Five and after$ 4.4 LICENSEE shall also pay the College the following e. milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND fees according to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royaltiestable below, LICENSEE agrees to pay to the College as royalties hereunder, xx percent (XX%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE fail to make any payment whatsoever due and payable within 30 days of each milestone event: Initiation of manufacture of first LICENSED PRODUCTS to the College hereunderbe for SALE $100,000 Filing NDA or BLA $250,000 REGULATORY APPROVAL $500,000 f. a sublicense fee of 20% of all consideration, the College mayother than royalties on NET SALES and research and development money, at its sole received by LICENSEE from either (1) any sublicensee pursuant to Paragraph 4.3 above, or (2) any assignee pursuant to Article 9 below, including but not limited to, up-front payments, marketing, distribution, franchise, option, terminate this Agreement as provided in Paragraph 7.2. 4.8 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the Collegelicense, or to documentation fees, bonus and milestone payments and equity securities within 30 days of LICENSEE'S receipt of any such consideration. The value of any equity securities will be calculated as the account average market value of the College at such other bank as class of stock involved for 5 consecutive days preceding the College may from time to time designate by notice transfer to LICENSEE. 4.9 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.; and

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College ▇▇▇▇▇▇ ENTERPRISES under this Agreement, LICENSEE shall pay the College ▇▇▇▇▇▇ ENTERPRISES a license fee of ___________ ($XX,XXX) 25,000 within 90 days of the execution of this agreement, plus 2,000,000 shares of the Common Stock of LICENSEE issuable upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College ▇▇▇▇▇▇ ENTERPRISES a running royalty of ____ two and a half percent (X%2.5%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ One $100,000 Year Two$ Two $250,000 Year Three$ Three $500,000 Year Four$ Four $750,000 Year Five and after$after $1,000,000 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College ▇▇▇▇▇▇ ENTERPRISES as royalties hereunder, xx five percent (XX%5%) of all SUBLICENSING REVENUE. 4.6 4.5 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College ▇▇▇▇▇▇ ENTERPRISES within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 4.6 Should LICENSEE fail to make any payment whatsoever due and payable to the College ▇▇▇▇▇▇ ENTERPRISES hereunder, the College ▇▇▇▇▇▇ ENTERPRISES may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 4.7 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the College▇▇▇▇▇▇ ENTERPRISES, or to the account of the College ▇▇▇▇▇▇ ENTERPRISES at such other bank as the College ▇▇▇▇▇▇ ENTERPRISES may from time to time designate by notice to LICENSEE. 4.9 4.8 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College ▇▇▇▇▇▇ ENTERPRISES to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 As partial consideration for the rights conveyed by the College ▇▇▇▇▇▇ ENTERPRISES under this Agreement, LICENSEE shall pay the College ▇▇▇▇▇▇ ENTERPRISES a license fee of ___________ ($XX,XXX) 25,000 within 90 days of the execution of this agreement, plus 2,000,000 shares of the Common Stock of LICENSEE issuable upon execution of this Agreement. 4.2 In addition to the foregoing license execution fee, LICENSEE shall pay the College ▇▇▇▇▇▇ ENTERPRISES a running royalty of ____ two and a half percent (X%2.5%) of Net Sales. Such running royalties shall be payable as provided in Paragraph 4.5. 4.3 In the event that the running royalties paid on Net Sales in any calendar year do not reach the minimum amount set out below for such year, LICENSEE shall pay an additional amount with the payment due for the period ending December 31 of such year, so that the total amount paid for such year shall reach such minimum amount: Year One$ One $100,000 Year Two$ Two $250,000 Year Three$ Three $500,000 Year Four$ Four $750,000 Year Five and after$after $1,000,000 4.4 LICENSEE shall also pay the College the following milestone payments: (a) thousand dollars ($XX,000) upon the submission of an IND to the FDA; (b) _________________ thousand dollars ($XX,000) upon the submission of and NDA to the FDA and (c) ________________ thousand dollars ($X00,000) upon product approval and launch in a North American or European market. 4.5 In addition to the foregoing fees and running royalties, LICENSEE agrees to pay to the College ▇▇▇▇▇▇ ENTERPRISES as royalties hereunder, xx five percent (XX%5%) of all SUBLICENSING REVENUE. 4.6 Payment of the royalties specified in Paragraph 4.2 and Paragraph 4.3 shall be made by LICENSEE to the College ▇▇▇▇▇▇ ENTERPRISES within thirty (30) days after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by LICENSEE during the preceding calendar quarter. After termination or expiration of this Agreement, a final payment shall be made by LICENSEE covering the whole or partial calendar quarter. Each quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by LICENSEE during such calendar quarter. Such written statements shall be duly signed by an authorized signatory of LICENSEE on behalf of LICENSEE and shall show the Net Sales of Licensed Products by LICENSEE during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 4.7 Should LICENSEE fail to make any payment whatsoever due and payable to the College ▇▇▇▇▇▇ ENTERPRISES hereunder, the College ▇▇▇▇▇▇ ENTERPRISES may, at its sole option, terminate this Agreement as provided in Paragraph 7.2. 4.8 All payments due hereunder are expressed in and shall be paid by check payable in United States of America currency, without deduction of exchange, collection or other charges, to the College▇▇▇▇▇▇ ENTERPRISES, or to the account of the College ▇▇▇▇▇▇ ENTERPRISES at such other bank as the College ▇▇▇▇▇▇ ENTERPRISES may from time to time designate by notice to LICENSEE. 4.9 In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of the College ▇▇▇▇▇▇ ENTERPRISES to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.