Financing Transaction — Level Two

Financing Transaction — Level Two. The receipt by the Company, or the promise to pay or make payments to make payments to the Company, of at least $25 million in the aggregate of non-contingent cash payments or investments, including without limitation license fees, up-front payments, payments in exchange for the issuance of capital stock of the Company, committed research payments, and any other form of cash payment that is not contingent on future events or milestones, in connection with one or more collaborative, licensing or... equity (including debt securities that may be convertible into equity securities) financing transactions that close by December 31, 2006. For the avoidance of doubt, a Financing Transaction — Level Two includes any non-contingent cash payments from a Financing Transaction — Level One. For example, if the cash payments to the Company from a financing transaction are $15 million and another financing transaction is consummated at a later date (but prior to December 31, 2006) in which the cash payments to the Company are $10 million, both the Financing Transaction — Level One and the Financing Transaction — Level Two milestones will be met. If the cash payments to the Company from a financing transaction are $10 million and another financing transaction is consummated at a later date (but prior to December 31, 2006) in which the cash payments to the Company are $10 million, only the Financing Transaction — Level One milestone will be met (and only one Financing Bonus — Level One shall be payable). View More