Common use of Annual Development Plan Clause in Contracts

Annual Development Plan. The Development Program shall be conducted under an annual research and development plan (the "Annual Development Plan") which shall reasonably describe the work to be pursued by the Joint Steering Committee and to be conducted by Metasyn and MKG with respect to the development of the Licensed Compound, any Second Generation Compounds, the Replacement Compounds and any Outside Compounds and the corresponding Licensed Products. The Annual Development Plan shall contain a budget including estimates of the aggregate Development Costs of both Parties to be incurred during the applicable year. The Annual Development Plan will incorporate the Base Case Scenario Model (as the model may have been amended by the Joint Steering Committee in accordance with Section 6.1 hereof and as it may be applicable). The first Annual Development Plan describing the expenses and activities anticipated for the period between the Effective Date and December *Confidential information omitted and filed with the Commission. 11