Composite Royalty Statement Clause Samples

Composite Royalty Statement. LICENSEE shall provide LICENSOR within thirty (30) calendar days after the end of each Contract Year a composite royalty statement showing the aggregate Gross Sales, Trade Discounts, Returns, Allowances and Closeout Discounts and any other deduction taken pursuant to Section 13.2 above to arrive at the Net Sales price of all Licensed Products sold by LICENSEE. The composite annual statement shall be certified by the chief financial officer of LICENSEE, or by a Certified Public Accountant. LICENSEE must also provide a cash flow statement for 2011 and 2012, based on LICENSEE’s fiscal year calendar to LICENSOR. In the event LICENSEE de-lists from the stock exchange in the United States and is no longer a public entity, LICENSEE must continue to provide quarterly financial statements to LICENSOR within sixty (60) days of the end of each of LICENSEE’s fiscal quarters.