9. Reports On Progress, Benchmarks, Sales, And Payments
9.1 Annual Reporting. Prior to signing this Agreement, the Licensee has provided the IC with the Commercial Development Plan in Appendix E, under which the Licensee intends to bring the subject matter of the Licensed Patent Rights and Materials to the point of Practical Application. This Commercial Development Plan is hereby incorporated by reference into this Agreement. Based on this plan, performance Benchmarks are determined as specified in Appendix D.
(a) The Licensee shall provide to IC written annual progress reports on its product development progress or efforts to commercialize under the Commercial Development Plan for each of the Licensed Fields of Use within sixty (60) calendar days after December 31 of each calendar year. These progress reports shall be signed by an officer of Licensee and shall include, but not be limited to, at least the following topics:
(i) summary of work completed;
(ii) key scientific discoveries;
(iii) summary of work in-progress on research and development, status of applications for regulatory approvals, manufacture;
(iv) current schedule of anticipated events or Benchmarks;
(v) market plans for introduction of Licensed Product(s); and
(vi) status of marketing, importing, and total Net Sales during the preceding
calendar year as well as, plans for the present calendar year.
(b) The IC also encourages Licensee to include in progress reports information on any of the Licensee’s public service activities that relate to the Licensed Patent Rights and Licensed Products. If reported progress differs from that projected in the Commercial Development Plan and Benchmarks, the Licensee shall explain the reasons for such differences. Licensee agrees to provide any additional information reasonably required by the IC to evaluate Licensee’s performance under this Agreement.