Common use of Payments Upon Disposition of Undeveloped Assets Clause in Contracts

Payments Upon Disposition of Undeveloped Assets. In the event the Company, with its Board’s approval, completes a Disposition during the Term of Employment, or within three (3) years thereafter, of any one or more of Immunomedics’ Undeveloped Assets for which ▇▇. ▇▇▇▇▇▇▇▇▇▇ was an Inventor, Immunomedics will pay ▇▇. ▇▇▇▇▇▇▇▇▇▇ a sum equal to at least twenty percent (20%), or more (as determined by the Board), of the Consideration Immunomedics receives from each Disposition, upon receipt; provided, however that no such payment shall be due in the event an arbitrator or court finds that ▇▇. ▇▇▇▇▇▇▇▇▇▇ committed a material breach of his covenants contained in Section 9. Subject to the preceeding conditions, the Company’s obligation to compensate ▇▇. ▇▇▇▇▇▇▇▇▇▇ under this provision, if any, applies to all Dispositions completed within the Term of Employment or within three (3) years thereafter, even if the Company actually receives the Consideration at some time after the three (3) year period elapses.