Milestones. In the event that a Default Notice has been delivered by Abbott under this [Section 13.2], then unless and until the corresponding material breach has been cured by [[Surmodics:Organization]] or Abbott indicates that it no longer intends to terminate for material breach, then any obligation that Abbott may have to pay a Milestone Payment in respect of any Milestone achieved after delivery of such Default Notice shall be suspended unless and until it is determined, in accordance with [Section 13.2.1], that a material breach has not occurred. In the event that a termination for material breach occurs pursuant to this [Section 13.2], then Abbott’s obligation to pay such Milestone Payment(s) shall cease and such suspended Milestone Payment(s) shall no longer be due.

Milestones. In partial consideration of the rights granted by [[Surmodics:Organization]] to Abbott hereunder and subject to the terms and conditions set forth in this Agreement, within ​ of the occurrence of each milestone specified in [Section 1 of Schedule 7] (each, a “Milestone”), Abbott shall pay to [[Surmodics:Organization]] the corresponding amount specified for such Milestone, provided that such amount may be reduced by the operation of [Section 3 of Schedule 7] (such amount, as it may be reduced, a “Milestone Payment”). Each Milestone Payment shall be payable pursuant to this Section 7.2 only upon the first achievement of the applicable Milestone and no amounts shall be due for subsequent or repeated achievements of such Milestone. [[Surmodics:Organization]] shall use Commercially Reasonable Efforts to achieve each Milestone. The maximum aggregate amount payable by Abbott pursuant to this Section 7.2 for the Product is the amount set forth in [Section 2 of Schedule 7], provided that such amount may be reduced by the operation of [Section 3 of Schedule 7]. The milestone payments for each Option Product will be agreed by the Parties and set forth in the applicable Option Exercise Agreement.

Commercial Milestones.

Commercial Milestones.

“Commercial Milestone Event” has the meaning set forth in [Section 4.2.2] (Commercial Milestones).

“Commercial Milestone Payment” has the meaning set forth in [Section 4.2.2] (Commercial Milestones).

​ after the end of each calendar year, Betta will notify [[Agenus:Organization]] if any Commercial Milestones are achieved (“Commercial Milestones Notice”), provided that Betta will provide the unaudited Net Sales within ​ after the end of each calendar year. [[Agenus:Organization]] will invoice Betta for each Commercial Milestone Payment for each Commercial milestone achieved following its receipt of the Commercial Milestones Notice and Betta will make the Milestone Payment within ​ following receipt of such invoice. For clarity, Betta shall only be obligated to make payment once for the first time when a Commercial Milestone is achieved and Betta has no obligation to make further payment if such Commercial Milestone is achieved again.

Specific Milestones. Without limiting [Section 4.1], Licensee will meet the following milestones for each Licensed Indication with respect to which a Commercial Option is exercised:

Each Commercial Milestone Payment set forth above shall be payable only once, upon the first occurrence of the applicable Commercial Milestone. For the avoidance of doubt, in no event shall the aggregate amount of the Commercial Milestone Payments set forth in this [Section 6.5] exceed […​…] per Program. In the event that […​…] or more Commercial Milestones are achieved in the same Calendar Year, then all such Commercial Milestones will be paid in such Calendar Year.

Development Milestones. Within ​ after the first achievement by any Product of each of the milestone events set forth in the table below, Licensee shall provide Verrica with written notice of such achievement. Within ​ upon receipt from Verrica of an invoice and all Tax Documents for the relevant amount payable to Verrica under this Section 8.2, Licensee shall pay to Verrica the corresponding non-refundable, non-creditable milestone payment set forth in such table.