{"component": "clause", "props": {"groups": [{"snippet": "The full consideration for the Intellectual Property shall equal one million (1,000,000) shares of the Buyer\u2019s common stock, $0.001 par value per share (the \u201cShares\u201d), which Shares shall be subject to the Buyer\u2019s repurchase rights set forth in Section 3.2 below.", "samples": [{"hash": "lNXEjHPRtVx", "uri": "/contracts/lNXEjHPRtVx#equity-payment", "label": "Intellectual Property Purchase Agreement", "score": 31.340862423, "published": true}, {"hash": "aavQYuyXlf0", "uri": "/contracts/aavQYuyXlf0#equity-payment", "label": "Intellectual Property Purchase Agreement (Higher One Holdings, Inc.)", "score": 21.3422313484, "published": true}], "size": 2, "snippet_links": [{"key": "full-consideration", "type": "definition", "offset": [4, 22]}, {"key": "the-intellectual-property", "type": "clause", "offset": [27, 52]}, {"key": "of-the-buyer", "type": "clause", "offset": [96, 108]}, {"key": "common-stock", "type": "clause", "offset": [111, 123]}, {"key": "par-value-per-share", "type": "clause", "offset": [132, 151]}, {"key": "to-the-buyer", "type": "clause", "offset": [198, 210]}, {"key": "repurchase-rights", "type": "definition", "offset": [213, 230]}, {"key": "section-32", "type": "definition", "offset": [244, 255]}], "hash": "7b657bb369b1b6cf68185cd16d5b22d1", "id": 8}, {"snippet": "In further consideration for the rights and obligations assigned to Neurocrine under Article 2 hereof and the licenses granted to Neurocrine under Article 3 hereof, Neurocrine, at the Closing and in accordance with the terms and conditions of the Stock Purchase Agreement, shall irrevocably transfer and deliver to Wyeth or, at Wyeth's election, one of Wyeth's Affiliates, (i) that number of shares of Neurocrine common stock that, based on the Share Price, has a value of Forty-Five Million Dollars ($45,000,000.00), as such amount may be adjusted in accordance with the terms and conditions of the Stock Purchase Agreement and (ii) if applicable, that amount of cash which may be due in accordance with the terms and conditions of the Stock Purchase Agreement as a result of any adjustment made to the number of shares of Neurocrine common stock to be transferred and delivered to Wyeth pursuant to the Stock Purchase Agreement.", "samples": [{"hash": "khi84mbblvr", "uri": "/contracts/khi84mbblvr#equity-payment", "label": "Assignment and License Agreement (Neurocrine Biosciences Inc)", "score": 18.0, "published": true}, {"hash": "87GHUEagl4d", "uri": "/contracts/87GHUEagl4d#equity-payment", "label": "Assignment and License Agreement (Neurocrine Biosciences Inc)", "score": 18.0, "published": true}], "size": 2, "snippet_links": [{"key": "in-further-consideration", "type": "clause", "offset": [0, 24]}, {"key": "the-rights-and-obligations", "type": "clause", "offset": [29, 55]}, {"key": "article-2", "type": "clause", "offset": [85, 94]}, {"key": "granted-to", "type": "definition", "offset": [119, 129]}, {"key": "article-3", "type": "definition", "offset": [147, 156]}, {"key": "at-the-closing", "type": "definition", "offset": [177, 191]}, {"key": "in-accordance-with", "type": "definition", "offset": [196, 214]}, {"key": "the-stock-purchase-agreement", "type": "clause", "offset": [243, 271]}, {"key": "deliver-to", "type": "definition", "offset": [304, 314]}, {"key": "number-of-shares-of", "type": "clause", "offset": [382, 401]}, {"key": "based-on", "type": "clause", "offset": [432, 440]}, {"key": "share-price", "type": "clause", "offset": [445, 456]}, {"key": "if-applicable", "type": "clause", "offset": [634, 647]}, {"key": "common-stock-to-be", "type": "clause", "offset": [835, 853]}, {"key": "pursuant-to-the-stock", "type": "clause", "offset": [889, 910]}], "hash": "906bed753cc324106b9b6f9166423e8f", "id": 7}, {"snippet": "(a) On the Tranche A Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, that Breakaway One shall have funded from cash on hand an amount equal to 1% of the Initial Construction Price for Vessel 1 (other than from the proceeds of Loans, and loans under the ECF Facilities and the Other Term Loan Facility); and\n(b) on the Tranche B Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, that Breakaway Two shall have funded from cash on hand an amount equal to 1% of the Initial Construction Price for Vessel 2 (other than from the proceeds of Loans, and loans under the ECF Facilities and the Other Term Loan Facility).", "samples": [{"hash": "lUvxMWb2H9h", "uri": "/contracts/lUvxMWb2H9h#equity-payment", "label": "Credit Agreement (NCL CORP Ltd.)", "score": 22.4346338125, "published": true}, {"hash": "hSb47MajjkW", "uri": "/contracts/hSb47MajjkW#equity-payment", "label": "Credit Agreement (NCL CORP Ltd.)", "score": 22.4346338125, "published": true}, {"hash": "iYlk7ZkLyTW", "uri": "/contracts/iYlk7ZkLyTW#equity-payment", "label": "Credit Agreement (NCL CORP Ltd.)", "score": 22.0814510609, "published": true}], "size": 4, "snippet_links": [{"key": "tranche-a-initial-borrowing-date", "type": "definition", "offset": [11, 43]}, {"key": "the-facility-agent-shall", "type": "clause", "offset": [45, 69]}, {"key": "form-and-substance", "type": "clause", "offset": [97, 115]}, {"key": "to-the-facility", "type": "definition", "offset": [140, 155]}, {"key": "breakaway-one", "type": "definition", "offset": [168, 181]}, {"key": "cash-on-hand", "type": "clause", "offset": [205, 217]}, {"key": "equal-to", "type": "definition", "offset": [228, 236]}, {"key": "initial-construction-price", "type": "definition", "offset": [247, 273]}, {"key": "vessel-1", "type": "definition", "offset": [278, 286]}, {"key": "proceeds-of-loans", "type": "clause", "offset": [308, 325]}, {"key": "other-term-loan-facility", "type": "definition", "offset": [370, 394]}, {"key": "tranche-b-initial-borrowing-date", "type": "definition", "offset": [412, 444]}, {"key": "breakaway-two", "type": "definition", "offset": [569, 582]}, {"key": "vessel-2", "type": "definition", "offset": [679, 687]}], "hash": "f1e6e3bbe14bf5e96de7c4ee02b54168", "id": 5}, {"snippet": "On each Borrowing Date on which the proceeds of Loans are being used to fund a payment under the Construction Contract, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, of the payment by the Borrower (other than from proceeds of Loans) of at least 20% of each such amount then due on such Borrowing Date under the Construction Contract, it being agreed and acknowledged that where the Borrower makes an equity payment in excess of any of the minimum equity payments of 20% referred to above, the subsequent minimum equity payment for future Borrowing Dates required may be reduced to take account of such over payment on a basis notified by the Borrower to the Facility Agent as long as at all times the Borrower continues to comply with the minimum equity requirements set out above.", "samples": [{"hash": "kTk1XMghNqB", "uri": "/contracts/kTk1XMghNqB#equity-payment", "label": "Loan Agreement (NCL CORP Ltd.)", "score": 35.1574264203, "published": true}, {"hash": "ijeFusBujxc", "uri": "/contracts/ijeFusBujxc#equity-payment", "label": "Loan Agreement (NCL CORP Ltd.)", "score": 35.1574264203, "published": true}, {"hash": "hyWAdojzxFe", "uri": "/contracts/hyWAdojzxFe#equity-payment", "label": "Loan Agreement (Norwegian Cruise Line Holdings Ltd.)", "score": 35.1574264203, "published": true}], "size": 13, "snippet_links": [{"key": "each-borrowing-date", "type": "clause", "offset": [3, 22]}, {"key": "proceeds-of-loans", "type": "clause", "offset": [36, 53]}, {"key": "fund-a", "type": "definition", "offset": [72, 78]}, {"key": "the-construction-contract", "type": "clause", "offset": [93, 118]}, {"key": "the-facility-agent-shall", "type": "clause", "offset": [120, 144]}, {"key": "form-and-substance", "type": "clause", "offset": [172, 190]}, {"key": "to-the-facility", "type": "definition", "offset": [215, 230]}, {"key": "payment-by-the-borrower", "type": "clause", "offset": [245, 268]}, {"key": "agreed-and-acknowledged", "type": "definition", "offset": [415, 438]}, {"key": "where-the-borrower", "type": "definition", "offset": [444, 462]}, {"key": "payments-of", "type": "clause", "offset": [526, 537]}, {"key": "subsequent-minimum", "type": "clause", "offset": [565, 583]}, {"key": "payment-for", "type": "clause", "offset": [591, 602]}, {"key": "dates-required", "type": "clause", "offset": [620, 634]}, {"key": "at-all-times", "type": "definition", "offset": [756, 768]}, {"key": "comply-with-the", "type": "clause", "offset": [795, 810]}, {"key": "minimum-equity-requirements", "type": "clause", "offset": [811, 838]}, {"key": "set-out", "type": "definition", "offset": [839, 846]}], "hash": "96e35599f9cae22a9f18b39333d79e01", "id": 3}, {"snippet": "In further consideration of the rights granted by Hanmi hereunder, Kinex shall pay Hanmi an equity payment upon occurrence of a Liquidity Event at Kinex and Regulatory Approval in the United States (as provided below) if such Liquidity Event occurs during the Agreement Term (\u201cEquity Payment\u201d). Notwithstanding the above sentence, (i) Hanmi can still receive an Equity Payment without Regulatory Approval as set forth in paragraph (c), (ii) any Equity Payment to be paid by Kinex upon a Liquidity Event or Regulatory Approval is intended by the parties to be a one-time payment and not apply to any subsequent Liquidity Event or Regulatory Approval, and (iii) for all purposes in this Section 4.2, \u201cRegulatory Approval\u201d shall refer only to the first Licensed Product and only to the first Regulatory Approval in either the United States from the US Federal Drug Administration or the European Union from the European Medicines Agency. The Equity Payment shall be made immediately prior to or on the date of the first Liquidity Event by the issuance by Kinex of its Series A Convertible Preferred Units or, if no shares of Series A Convertible Preferred Units are then currently outstanding, any cash, publicly tradable securities or class of securities to which the Series A Convertible Preferred Units have been exchanged or converted (\u201cKinex Unit(s)\u201d). As long as Kinex treats Hanmi on the same terms as the holders of Kinex Common Units and all other holders of Series A Convertible Preferred Units regarding the registration rights of their units, and the Kinex Common Unit and Series A Convertible Preferred Units are not registered as of the Liquidity Event, Kinex can issue unregistered Kinex Units to Hanmi with the understanding that Kinex will treat Hanmi on the same terms as all Common Unit holders and all other Series A Convertible Preferred Unitholders regarding registration rights. The valuation of Kinex Units to be received by Hanmi shall be determined according to the \u201cregulatory bonus\u201d and \u201cexit bonus\u201d schedules set forth in paragraphs (a), (b), and (c) below. The actual number of Kinex Units to be issued or paid to Hanmi upon a Liquidity Event shall be calculated by dividing the \u201cvaluation\u201d of the Kinex Units to be received by Hanmi as set forth in paragraphs (a), (b) or (c) by the last price paid for the Kinex Units immediately prior to the Liquidity Event that results in the issuance of the Kinex Units to Hanmi. With respect any cash received by Kinex equity owners in the Liquidity Event in partial or full consideration for their ownership of a Kinex Unit, Kinex shall pay Hanmi cash to the extent that each Kinex Unit to be issued to Hanmi would have received cash in the Liquidity Event. The actual number of Kinex Units to be issued or paid to Hanmi upon a Regulatory Approval following a Liquidity Event shall be calculated (i) based on the last price paid for Kinex Units in the last to occur of (1) a public offering by Kinex (excluding the initial public offering) or any successor entity or (2) a private investment in public entity (PIPE) by Kinex or any successor entity, either of which occurs prior to the Regulatory Approval but after the Liquidity Event, or (ii) if no such follow on public offering or PIPE has occurred prior to the Regulatory Approval but after the Liquidity Event, the average mean price between the highest and lowest quoted selling prices for any publicly traded securities for the sixty (60) business days immediately preceding the date of the Regulatory Approval.\n(a) If Regulatory Approval occurs prior to a Liquidity Event, Kinex shall not make any Equity Payment until the occurrence of a Liquidity Event. If no Liquidity Event has occurred after the Regulatory Approval and prior to the date on which Kinex and its Affiliates have accumulated Net Sales of Licensed Product in excess of US$***, the parties shall meet and negotiate in good faith for a cash payment to Hanmi in lieu of the Equity Payment. In any such negotiations, the parties agree that the maximum cash payment to Hanmi shall not exceed the amount of the Equity Payment. After any such cash payment to Hanmi, Kinex shall have no further obligations to Hanmi under this Section 4.2 upon the occurrence of a subsequent Liquidity Event.\n(b) When a Liquidity Event occurs after Regulatory Approval, Hanmi shall receive the Equity Payment both in a \u201cregulatory bonus\u201d and \u201cexit bonus\u201d. The \u201cregulatory bonus\u201d shall be equal to US$24,000,000. In addition, Hanmi will receive the \u201cexit bonus\u201d to be calculated as follows: \u2022 US$*** if the total pre-money valuation of Kinex immediately prior to the Liquidity Event is US$*** or less, or \u2022 US$*** if the total pre-money valuation of Kinex immediately prior to the Liquidity Event is more than US$*** but $*** or less, or \u2022 US$*** if the total pre-money valuation of Kinex immediately prior to the Liquidity Event is more than US$*** but $*** or less, or \u2022 US$*** if the total pre-money valuation of Kinex immediately prior to the Liquidity Event was more than US$*** but $*** or less, or \u2022 US$*** if the total pre-money valuation of Kinex immediately prior to the Liquidity Event is more than US $***.\n(c) If the Liquidity Event occurs prior to the Regulatory Approval, Hanmi shall receive only an \u201cexit bonus\u201d equal to US$5,000,000 immediately prior to or on the date of the Liquidity Event. If no Regulatory Approval occurs subsequent to a Liquidity Event, Kinex will have no further Equity Payment obligation to Hanmi. If the Regulatory Approval occurs after the Liquidity Event, Hanmi shall receive a \u201cregulatory bonus\u201d equal to US$24,000,000.\n(d) If, prior to both the Liquidity Event and the Regulatory Approval, Kinex sublicenses (i) all of its Commercialization rights in the Territory, or (ii) sublicenses all of its Development and Commercialization rights in North America or the European Union, Kinex shall immediately pay Hanmi on a one time basis only from the first such sublicense (i) a minimum of US$*** in cash or (ii) a maximum equal to the lesser of US$*** in cash or an amount equal to the following percentage, applicable to the development phase of the first Licensed Product as of the date of the sublicense, multiplied by any upfront cash payment received by Kinex from the sublicensee: Prior to initiation of Phase I Clinical Studies in US ***% Prior to initiation of Phase II Clinical Studies in US ***% Prior to initiation of Phase III Clinical Studies in US ***% Prior to New Drug Approval submission to FDA in US ***% No payment under this subsection (d) shall be required after the occurrence of either the Liquidity Event or the Regulatory Approval. Under this paragraph (d), the payment to Hanmi shall not be less than US$*** regardless of the amount of the upfront cash payment Kinex receives from its sublicensee. The payment to Hanmi shall not be more than US$*** regardless of the amount of the upfront cash payment Kinex receives from its sublicensee. Any payment Hanmi shall receive under this paragraph (d) shall be credited toward to the \u201cexit bonus\u201d on the date of the Liquidity Event.\n(e) If, other than in a transaction that qualifies as a Liquidity Event, Kinex decides to sell all of its Development and Commercial rights in the Licensed Products prior to both the Regulatory Approval and the Liquidity Event, Kinex shall immediately contact Hanmi and negotiate Hanmi for fair compensation. Hanmi shall negotiate, in good faith, for such fair compensation giving consideration to the total value of such sale transaction to Kinex.\n(f) If, prior to the Liquidity Event but after the Regulatory Approval, Kinex sublicenses (i) all of its Commercialization rights in the Territory, or (ii) sublicenses all of its Development and Commercialization rights in North America or the European Union, Kinex shall immediately pay Hanmi on a one time basis only from the first such sublicense the greater of (i) US$*** or (ii) the lesser of US$24,000,000 or ***% of any upfront payments received by Kinex from the sublicensee. Any such payment would reduce, on a dollar for dollar basis, the \u201cregulatory bonus\u201d payable to Hanmi upon Regulatory Approval.\n(g) Kinex\u2019s obligation to pay the Equity Payment and issue the Kinex Units shall be contingent upon Hanmi (1) executing such agreements, documents, forms, representations and restrictive covenants as may be required by (i) the Kinex organizational documents, (ii) the SEC or comparable national securities agency, (iii) the applicable taxing authorities, or (iv) any underwriter utilized by Kinex with respect to the Liquidity Event if such underwriter required such agreements or restrictive covenants from all founders and major equity owners of Kinex, and (2) Hanmi providing Kinex with the cash necessary to make all US withholding payments required with respect to the Equity Payment to the extent the Equity Payment consists of securities. Notwithstanding the foregoing, Hanmi shall not be required to consent to any lock-up required by an underwriter or purchaser of the Kinex Units for more than 12 months from the date of issuance of the Kinex Units to Hanmi. Hanmi shall have 12 months from the date of the Liquidity Event or Regulatory Event, as applicable, to complete all of the requirements set forth above in paragraph (f), including payment of all US withholding tax. If Hanmi fails to complete such requirements within 12 months from the date of the applicable Liquidity Event or Regulatory Approval, Kinex\u2019s obligation to make the applicable Equity Payment shall expire and Kinex shall have no further obligation to make such Equity Payment to Hanmi. If a Liquidity Event occurs prior to Regulatory Approval, the expiration of Kinex\u2019s obligation to make an Equity Payment after the Liquidity Event as provided in the preceding sentence shall not affect its obligation to make an Equity Payment upon the subsequent Regulatory Approval at which time Hanmi shall again have 12 months after the date of the Regulatory Approval to complete all of the requirements of this paragraph (g) before Kinex\u2019s obligation to make the Equity Payment shall expire. The Kinex Units shall be issued to Hanmi within 45 days of the completion by Hanmi of the requirements of this paragraph (g).\n(h) Hanmi and Kinex agree to comply with all US securities laws in connection with the issuance of the Equity Payment. Hanmi understands that any securities included in the Equity Payment may be restricted securities under US securities laws and regulations unless registered under US securities law, and it may be required to retain ownership of such securities until such securities have been registered with the SEC or an exemption from such registration is available. Hanmi is familiar with Regulation S and Rule 144 promulgated under the US Securities Act of 1933, as amended, and conditions on resale imposed thereby. Hanmi agrees to comply with all US securities laws in connection with the resale of any securities received as part of the Equity Payment, and Kinex will cooperate and assist Hanmi in connection with any such resale.", "samples": [{"hash": "gaMgIC3jKrX", "uri": "/contracts/gaMgIC3jKrX#equity-payment", "label": "License Agreement (Athenex, Inc.)", "score": 28.3593429158, "published": true}, {"hash": "2vmeF4gMbBz", "uri": "/contracts/2vmeF4gMbBz#equity-payment", "label": "License Agreement (Athenex, Inc.)", "score": 27.9568788501, "published": true}], "size": 2, "snippet_links": [{"key": "in-further-consideration", "type": "clause", "offset": [0, 24]}, {"key": "granted-by", "type": "definition", "offset": [39, 49]}, {"key": "payment-upon", "type": "clause", "offset": [99, 111]}, {"key": "in-the-united-states", "type": "clause", "offset": [177, 197]}, {"key": "the-agreement-term", "type": "clause", "offset": [256, 274]}, {"key": "by-the-parties", "type": "clause", "offset": [538, 552]}, {"key": "time-payment", "type": "clause", "offset": [565, 577]}, {"key": "subsequent-liquidity-event", "type": "definition", "offset": [599, 625]}, {"key": "all-purposes", "type": "definition", "offset": [664, 676]}, {"key": "section-42", "type": "clause", "offset": [685, 696]}, {"key": "first-licensed-product", "type": "definition", "offset": [744, 766]}, {"key": "first-regulatory-approval", "type": "definition", "offset": [783, 808]}, {"key": "drug-administration", "type": "definition", "offset": [857, 876]}, {"key": "the-european-union", "type": "clause", "offset": [880, 898]}, {"key": "european-medicines-agency", "type": "definition", "offset": [908, 933]}, {"key": "the-issuance", "type": "clause", "offset": [1036, 1048]}, {"key": "series-a-convertible-preferred-units", "type": "definition", "offset": [1065, 1101]}, {"key": "shares-of-series", "type": "clause", "offset": [1112, 1128]}, {"key": "tradable-securities", "type": "definition", "offset": [1210, 1229]}, {"key": "class-of-securities", "type": "clause", "offset": [1233, 1252]}, {"key": "the-series", "type": "definition", "offset": [1262, 1272]}, {"key": "same-terms", "type": "clause", "offset": [1392, 1402]}, {"key": "the-holders", "type": "clause", "offset": [1406, 1417]}, {"key": "common-units", "type": "definition", "offset": [1427, 1439]}, {"key": "holders-of-series-a", "type": "clause", "offset": [1454, 1473]}, {"key": "rights-of", "type": "definition", "offset": [1529, 1538]}, {"key": "not-registered", "type": "clause", "offset": [1623, 1637]}, {"key": "the-understanding", "type": "clause", "offset": [1720, 1737]}, {"key": "common-unit-holders", "type": "definition", "offset": [1791, 1810]}, {"key": "other-series", "type": "definition", "offset": [1819, 1831]}, {"key": "preferred-unitholders", "type": "clause", "offset": [1846, 1867]}, {"key": "valuation-of", "type": "clause", "offset": [1903, 1915]}, {"key": "received-by", "type": "definition", "offset": [1934, 1945]}, {"key": "according-to", "type": "definition", "offset": [1972, 1984]}, {"key": "exit-bonus", "type": "definition", "offset": [2013, 2023]}, {"key": "number-of", "type": "clause", "offset": [2095, 2104]}, {"key": "units-to-be-issued", "type": "clause", "offset": [2111, 2129]}, {"key": "last-price", "type": "definition", "offset": [2311, 2321]}, {"key": "prior-to-the", "type": "clause", "offset": [2359, 2371]}, {"key": "issuance-of-the", "type": "clause", "offset": [2408, 2423]}, {"key": "equity-owners", "type": "definition", "offset": [2486, 2499]}, {"key": "full-consideration", "type": "definition", "offset": [2537, 2555]}, {"key": "ownership-of", "type": "clause", "offset": [2566, 2578]}, {"key": "to-the-extent", "type": "clause", "offset": [2620, 2633]}, {"key": "issued-to", "type": "definition", "offset": [2661, 2670]}, {"key": "based-on", "type": "clause", "offset": [2868, 2876]}, {"key": "the-initial-public-offering", "type": "clause", "offset": [2979, 3006]}, {"key": "successor-entity", "type": "definition", "offset": [3015, 3031]}, {"key": "private-investment", "type": "definition", "offset": [3041, 3059]}, {"key": "public-entity", "type": "definition", "offset": [3063, 3076]}, {"key": "selling-prices", "type": "definition", "offset": [3396, 3410]}, {"key": "publicly-traded-securities", "type": "clause", "offset": [3419, 3445]}, {"key": "business-days", "type": "clause", "offset": [3465, 3478]}, {"key": "prior-to-a", "type": "clause", "offset": [3572, 3582]}, {"key": "no-liquidity-event", "type": "clause", "offset": [3686, 3704]}, {"key": "net-sales", "type": "definition", "offset": [3821, 3830]}, {"key": "the-parties-shall", "type": "clause", "offset": [3872, 3889]}, {"key": "negotiate-in-good-faith", "type": "definition", "offset": [3899, 3922]}, {"key": "in-lieu-of", "type": "clause", "offset": [3951, 3961]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [4008, 4030]}, {"key": "maximum-cash", "type": "clause", "offset": [4035, 4047]}, {"key": "no-further-obligations", "type": "clause", "offset": [4171, 4193]}, {"key": "after-regulatory-approval", "type": "clause", "offset": [4313, 4338]}, {"key": "equal-to", "type": "definition", "offset": [4458, 4466]}, {"key": "in-addition", "type": "clause", "offset": [4482, 4493]}, {"key": "be-calculated-as-follows", "type": "clause", "offset": [4534, 4558]}, {"key": "the-total", "type": "clause", "offset": [4572, 4581]}, {"key": "no-regulatory-approval", "type": "clause", "offset": [5382, 5404]}, {"key": "payment-obligation", "type": "definition", "offset": [5479, 5497]}, {"key": "in-the-territory", "type": "clause", "offset": [5763, 5779]}, {"key": "development-and-commercialization-rights", "type": "clause", "offset": [5812, 5852]}, {"key": "north-america", "type": "clause", "offset": [5856, 5869]}, {"key": "time-basis", "type": "clause", "offset": [5936, 5946]}, {"key": "in-cash", "type": "definition", "offset": [6007, 6014]}, {"key": "lesser-of", "type": "definition", "offset": 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Financing, subject to AstraZeneca\u2019s execution of the applicable documents entered into in the Financing between Licensee and the participants in the Financing (the \u201cFinancing Documents\u201d). The Financing Documents are expected to include the following terms, and should any such term not be included in the Financing Documents, then Licensee will at AstraZeneca\u2019s request within thirty (30) days following the closing of the Financing, either amend the Financing Documents to include such term or enter into an additional agreement with AstraZeneca that provides AstraZeneca with substantially the same rights: (i) the pro rata right, based on AstraZeneca\u2019s equity ownership percentage in the Licensee (assuming conversion of all outstanding convertible preferred stock into common stock of the Licensee and the exercise of all options outstanding under Licensee\u2019s equity incentive plans), to participate in subsequent issuances of equity securities by the Licensee (subject to customary exclusions) to maintain AstraZeneca\u2019s equity ownership percentage, (ii) the right to invite one representative of AstraZeneca to attend meetings of the Licensee\u2019s board of directors in a nonvoting observer capacity (subject to customary confidentiality agreements and procedures), (iii) the right to receive audited annual financial statements within 120 days following the Licensee\u2019s fiscal year-end, (iv) the right to receive unaudited quarterly financial statements within forty-five (45) days following the Licensee\u2019s fiscal quarter-end, (v) the right to receive copies of the Licensee\u2019s annual business plans and budgets to the extent prepared by or on behalf of the Licensee, (vi) the right to receive written notification of any material defaults of Licensee\u2019s obligations under its material contracts or other obligations or the commencement or settlement of any litigation by or against the Licensee, (vii) such other information concerning the Licensee and its business as AstraZeneca may reasonably require from time to time (provided, however, that the Licensee shall not be obligated to provide information pursuant to this clause (vii) that the Licensee reasonably determines in good faith to be a trade secret or the disclosure of which would adversely affect the attorney-client privilege between the Licensee and its counsel), and (viii) all other rights granted to the holders of shares of Series B Convertible Preferred Stock and other terms to which such holders are subject under the Financing Documents (other than any right to appoint a director to Licensee\u2019s board of directors), including standard registration rights, customary lock-up restrictions, and right of first refusal and co-sale rights. Notwithstanding anything to the contrary set forth above or in the Financing Documents, if the terms of the Financing include (or are later amended to impose) any pay-to-play provision on the holders of shares of any series of the Licensee\u2019s preferred stock, none of the License Shares shall be included in the calculation of AstraZeneca\u2019s \u201cpro rata portion\u201d investment obligation with respect to such \u201cpay-to-play\u201d provision. All AstraZeneca\u2019s rights and Licensee\u2019s obligations under this Section 4.2 will terminate on the earliest of (a) such date as AstraZeneca no longer holds any of the License Shares or any other shares of any series of Licensee\u2019s preferred stock, (b) the consummation of a transaction in which (i) Licensee sells to a third party (other than an Affiliate of Licensee) all or substantially all of Licensee\u2019s assets or (ii) a third party acquires from the stockholders of Licensee shares of Licensee\u2019s capital stock representing 100% of the outstanding voting power of Licensee (other than a transaction in which the stockholders of Licensee immediately prior to such transaction, continue to hold at least a majority of the voting power of Licensee or the surviving entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such transaction), and (c) the closing of Licensee\u2019s first underwritten public offering of the Licensee\u2019s 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The Buyer Shares shall be issued under a separate restricted stock grant agreement in a form that is mutually agreed upon and shall vest over a one (1) year period (1/4 per quarter) beginning the first quarter after the Closing Date. The Buyer Shares will be issued according to applicable regulatory and compliance requirements. 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