definiens: ( as defined in Parag raph 12 below ) ) shall pay a one - time royalty to CFF T in an amount equal to three ( 3 ) times the amount of the Award ( the ) if a Product resulti ng from the Research Program is approved for commercial sal e and achieves ( as defined in Paragraph 12 below ), such amount to be reduced by any amount pre viously paid in accordance with subparagraphs ( d ) o r ( e ) of this Paragraph 2, payable in equal installments, as follows : ( i ) 33 % within sixty ( 60 ) days after the ( as defined in Paragraph 12 below ) of a Product ; ( ii ) 33 % within ninety ( 90 ) days of the 1 st anniversary of ( i ) above ; and ( iii ) 34 % within ninety ( 90 ) days of the 2 nd anniversary of ( i ) above