Royalties on Net Sales of Licensed Products. Commencing upon the First Commercial Sale of a Licensed Product and continuing for the remainder of the Royalty Term and in accordance with Clause 4.1, Nuvectis shall pay to the University royalties on Net Sales of Licensed Products sold by Nuvectis, its Affiliates or Sub-licensees at the rates set out below. The following rates shall apply on a Licensed Product-by-Licensed Product and country-by-country basis to the respective tiers of aggregate Net Sales of all Licensed Products achieved in a given Year during the Royalty Term: 3.4.1 [***] percent ([***]%) on that portion of Net Sales in such Year that is less than [***] US dollars ($[***] million); and 3.4.2 [***]percent ([***]%) on that portion of Net Sales in such Year that is equal to or greater than [***] US dollars ($[***]), but less than [***]US dollars ($[***]); and 3.4.3 [***]percent ([***]%) on that portion of Net Sales in such Year that is equal to or greater than [***] US dollars ($[***]) but less than [***] US dollars ($[***]); and 3.4.4 eight percent (8%) on that portion of Net Sales in such Year that is equal to or greater than [***] US dollars ($[***]).
Appears in 3 contracts
Sources: Licence Agreement (Nuvectis Pharma, Inc.), Licence Agreement (Nuvectis Pharma, Inc.), Licence Agreement (Nuvectis Pharma, Inc.)