Option Exercise Payment definition
Examples of Option Exercise Payment in a sentence
On and after the redemption date, interest will cease to accrue on the Notes as long as the Company has deposited with the Paying Agent funds in an amount equal to the Call Option Exercise Payment.
Notwithstanding Sections 5.1-5.3 above, in the event that TAIHO concurrently exercises an Option with respect to Licensed Products from two (2) or more Arcus Programs that are being Developed as a combination therapy (an “Intra-Portfolio Combination”) then each Option Exercise Payment and Development and Regulatory Milestone Payment for such Licensed Products included in such Intra-Portfolio Combination will be reduced by [***] percent ([***]%).
After receiving such written notice, Moderna will submit an invoice to AstraZeneca for the amount of the Contingent Event Option Exercise Payment, and AstraZeneca will pay Moderna the applicable Contingent Event Option Exercise Payment within [***][***] days after AstraZeneca’s receipt of such invoice.
In no event will any credits, deductions or reductions permitted to be taken under this Schedule A, the Option Agreement or any other Transaction Agreement against any particular Contingent Event Option Exercise Payment or Option Exercise Earn-Out payment owed to Moderna under this Schedule A (including pursuant to Paragraph 2.3(c) (Schedule A))act to reduce such payment by more than [***]; provided, that [***].
Upon the later of (i) delivery of the Option Exercise Notice, (ii) if applicable, the receipt of the last applicable Antitrust Clearance and (iii) payment of the applicable Option Exercise Payment, the license set forth in Section 7.1 shall, and thereby does, automatically become effective.
If Mallinckrodt fails to provide such notice, it shall be deemed to have agreed to the decision of the Neutral Expert regarding such milestone payments and it shall be obligated to pay the Option Exercise Payment within [***] days of the Parties’ receipt of the decision of the Neutral Expert.
Following exercise of an Option and, if applicable, payment of the corresponding Option Exercise Payment, the JSC shall be responsible, at its first meeting after such Option exercise, for finalizing and approving the Work Plan for such Optioned Complement Target based upon the outline Complement Work Plan; upon the JSC’s approval of the Work Plan (as revised by the JSC) for a particular Optioned Complement Target, such plan shall be a “Complement Work Plan”.
Subject to Section 14.7.4, following Mallinckrodt’s exercise of its Option and, if applicable, payment of the Option Exercise Payment with respect to a particular Complement Target, neither Party shall, itself or with or through a Third Party, Develop or Commercialize any [***] of the Optioned Complement Target and/or [***] of the Optioned Complement Target.
Licensee shall not, and shall have no right to, alone or through any Affiliate or Third Party, exercise or sublicense such license unless and until Licensee exercises the Option and pays the Option Exercise Payment.
Form of Option Exercise Payment Cash, mature shares of Company common stock, same day sale program (i.e., “cashless exercise”) to the extent permitted under applicable law and other forms of consideration acceptable to the Board.