definiens: means, with respect to a Licensed Product, the ne t sales on behalf of a Party and any of its Related Parties for any Licensed Pro duct sold to Third Parties ( other than Sublicensees ) in bona fide, arms - length transactions, as determined in accordance with such Party ’s Accounting Standard s as consistently applied, less a deduction of [ * * * ] percent [ * * * % ] for direct expenses related to the s ales of Confidential - 15 - CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH . A COMPLETE VERSION OF THIS EXHIBIT HAS BEE N FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSU ANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AM ENDED