Common use of Development Events Clause in Contracts

Development Events. (a) For each Development Target, MAGENTA shall pay up to a total of [***] upon achievement of the following development events by a Product directed toward such Development Target (each, a “Development Milestone”): [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] (b) Within [***] of the achievement of a Development Milestone, MAGENTA shall notify HDPR of such achievement and pay to HDPR the amount associated with achievement of such Development Milestone. (c) The Development Milestone payments in the table above shall be payable by MAGENTA to HDPR upon the first achievement of each such Development Milestone for the first Product directed toward a Development Target that achieves the Development Milestone, but not for any subsequent Products directed to the same Development Target that achieves the same Development Milestone. If development of a Product directed toward a Development Target is discontinued before such Product has achieved all of the foregoing Development Milestones, then Development Milestones achieved by any subsequent Product directed toward such Development Target shall be waived for any previously paid Development Milestones, but not for any previously unpaid Development Milestones. (d) With respect to Development Milestones that may be triggered by a Product upon achievement of such Development Milestones by such Product in a second Indication, the payment of the Development Milestone for the first Indication shall always precede payment for the second Indication. By way of example, [***].