I should have included this line before,a, b and c.
In consideration of the License granted to Licensee hereunder, Licensee shall pay to Licensor as follows:
(a)Upfront Payment of One million US Dollars ($1,000,000.00) shall be due and owing by Licensee within ten (10) days after the Effective Date.(b)Milestone Payment due and owing by Licensee within thirty (30) days after receipt of UL or IEC certification for the POWERHOUSE™ 3.0 version of the Products (whichever is received first), two million US Dollars ($2,000,000)(c)Running Royalty due within thirty (30) days after the end of each Calendar Quarter beginning with the Calendar Quarter in which UL or IEC certification (whichever is obtained first) is received, Licensee will pay a Running Royalty. The Running Royalty equals two and one-half percent (2.5%) of the Net Sales Price of each Licensed Product sold by Licensee during the respective preceding Calendar Quarter
