Provision Language
10. Financial Terms
10.1 Upfront Payment. As consideration for the rights and licenses to be granted by VALNEVA to SIIPL under this Agreement, and the Project Agreements, SIIPL shall make an Upfront Payment to VALNEVA as more particularly described in Annex 5.
10.2 Milestone Payments. In addition to the Upfront Payment, SIIPL shall make Milestone Payments to VALNEVA as described in Annex 5.
10.3 Profit Sharing. As further consideration for the rights and licenses to be granted by VALNEVA to SIIPL under this Agreement, SIIPL shall pay to VALNEVA the compensation set forth in Annex 4 on the Net Profit (“Profit Share“). The Profit Share shall be paid to VALNEVA by SIIPL on a country-by-country basis starting on the date of the First Commercial Sale of the SIIPL Product in the respective country within SIIPL Territory and continuing until the expiration or termination of this Agreement The Payments pertaining to Profit Share, shall be invoiced on a quarterly basis and be paid in accordance with the payment terms set forth in Section 10.4. Payments will be certified in accordance with Sections 10.9 e. and 11.3 and amounts based on the Sales Reports outlined in Section 10.6.