Common use of Program Milestones Clause in Contracts

Program Milestones. Upon achievement of each milestone specified below (each a “Program Milestone”), Virpax shall, within the timescale specified, make the corresponding non-refundable payment to Nanomerics, as follows: (a) a payment of U.S.$[**] within thirty (30) days following the Funding Completion Date; (b) a payment of U.S.$ [**] within thirty (30) days following successful completion of the first Phase II or Pivotal Clinical Trial, as the case may be, with respect to a Licensed Product in the Territory; and (c) a payment of U.S.$ [**] within thirty (30) days following first receipt by Virpax of an NDA approval or a PMA approval, as the case may be, for a Licensed Product in the United States.

Program Milestones. Upon achievement of each milestone specified below (each a “Program Milestone”), Virpax shall, within the timescale specified, make the corresponding non-refundable payment to Nanomerics, as follows: (a) a payment of U.S.$[**] within thirty (30) days following the Funding Completion Date; (b) 7.2.1. a payment of U.S.$ [**] within thirty (30) [**] days following successful the Funding Completion Date; 7.2.2. a payment of U.S.$ [**] within [**] days following completion of the first Phase II or Pivotal Clinical Trial, as the case may be, Trial with respect to a Licensed Product in the Territory; and (c) 7.2.3. a payment of U.S.$ [**] within thirty (30) [**] days following first receipt by Virpax of an NDA approval or a PMA approval, as the case may be, for a Licensed Product in the United StatesUSA.