Extract to table

Meridian shall pay to Penterra an upfront, non-refundable, non-creditable license fee of Eighteen Million Dollars ($18,000,000), payable at the closing of the transaction

Meridian shall pay to Penterra the following development milestone payments upon the first achievement of each of the following development events with respect to Licensed Products in the Territory: Each development milestone payment shall be due within thirty (30) days following written notice from Meridian to Penterra of the achievement of the applicable milestone event

Meridian shall pay to Penterra the following regulatory milestone payments upon the first achievement of each of the following regulatory events with respect to Licensed Products in the Territory: Each regulatory milestone payment shall be due within thirty (30) days following written notice from Meridian to Penterra of the receipt of the applicable regulatory approval

Beginning in the calendar year immediately following the year in which the first commercial sale of a Licensed Product occurs in any Territory country, Meridian shall pay to Penterra a minimum annual royalty of Two Million Dollars ($2,000,000) per calendar year

Running royalties earned during any calendar year shall be credited against the minimum annual royalty obligation for that year; any shortfall shall be payable within sixty (60) days following the end of the applicable calendar year

In any country within the Territory in which all patents covering the Compound or a Licensed Product have expired or been invalidated and no data exclusivity or regulatory exclusivity period remains in effect, the applicable royalty rates shall be reduced by fifty percent (50%) — that is, the reduced rates shall be four percent (4%), five and one-half percent (5