definiens: means the time when the first patient in a clinical study is dosed ) . Sima will not be entitled to * these milestones if more than two Development Compounds in AMD * -other than Sima 027 have advanced into phase 11 * trials . In no event will [COMPANY] be obligated to pay more than thirty million dollars ( $ 30,000,000 ) * under this section : a ) Phase 111 * Milestone Payments : ( i ) five million dollars ( $ 5,000,000 ) * when [COMPANY], its Affiliate, or Third Party Licensee initiates a phase 111 * study wherein the Development Compound is injected directly into the eye ; ( ii ) three million dollars ( $ 3,000,000 ) * when [COMPANY] initiates a phase 111 * study wherein the Development Compound is not injected directly into the eye, up to a maximum of five million dollars ( $ 5,000,000 ) * for both studies ( if AIlergan reaches milestone ( ii ) first, it will pay to Sima two million dollars ( $ 2,000,000 ) * on reaching milestone ( i ) ; if [COMPANY] reaches milestone ( i ) first, it will not pay Sima anything on reaching milestone ( ii »