Common use of Research Program Expenditures Clause in Contracts

Research Program Expenditures. During the Research Term, ----------------------------- Maxygen shall provide Zeneca with a quarterly accounting report regarding Research Program expenditures by Maxygen in the preceding quarter. Maxygen shall keep records of all expenses incurred in connection with the Research Program, and annually during the Research Program within sixty (60) days following the end of each twelve months from the Effective Date shall provide Zeneca with a report describing the number of FTEs utilized in the Research Program during the preceding twelve months. During the term of the Research Program and for thirty-six (36) months thereafter, Zeneca shall have the right to audit such records no more than once per twelve month period during ordinary business hours, at mutually agreed times, to verify Maxygen's expenditures in connection with the Research Program.