Tranche 2 Milestone

Tranche 2 Milestone. Means receipt by the Lender of satisfactory evidence of a successful Ph1 readout of VLS-01 OTF with results justifying a decision to move into Ph2 trials with OTF, as determined by the Lender in its sole discretion. 1.1.52 "U.S. GAAP" means generally accepted accounting principles in the United States;