Common use of IDENTIFIED PRODUCTS Clause in Contracts

IDENTIFIED PRODUCTS. COMPANY shall pay to THE PARTIES the amounts below upon achievement by COMPANY or its AFFILIATES or its SUBLICENSEES of certain milestone events as set forth in the table below for each IDENTIFIED PRODUCT. Milestone Column A First Indication for IDENTIFIED PRODUCT Column B Second Indication for IDENTIFIED PRODUCT Initiation of a clinical trial using the LICENSED PRODUCT in combination with an IDENTIFIED PRODUCT $**** $**** Regulatory approval (NDA/PMA/410(k) or equivalent) of a LICENSED PRODUCT and IDENTIFIED PRODUCT to be used in combination for determining efficacy of IDENTIFIED PRODUCT $**** $**** First commercial sale of an IDENTIFIED PRODUCT for approved use with a LICENSED PRODUCT $**** $**** Achievement of cumulative worldwide NET SALES of IDENTIFIED PRODUCT of **** $**** $**** Annual worldwide NET SALES of IDENTIFIED PRODUCT equal to or greater than $50,000,000 (payable each year for 10 years from the date of first commercial sale) $**** $**** For the convenience of the parties, in recognition of the value of the PATENT RIGHTS, and in the time it takes to bring an IDENTIFIED PRODUCT to market, COMPANY agrees that COMPANY’s obligation to pay the milestone payments in Column A and Column B shall survive expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS as specified in Section 12.6(a); however, these payments shall only be due for **** after first commercial sale of the second IDENTIFIED PRODUCT.