definiens: is defined as the first dose given to the first subject or patient, within thirty ( 30 ) days of the receipt by Intellect of the invoice from IBL : Delivery of Antibody clones and material : tiQ, OOO ~odlntellect : [ nitiation of Phase I studies : ! $ 100,00Q [ nitiation oflPhase II studies : ' $ 200,00Q Initiation ofl?hase III studies : ' $ 400,000 Filing of first NDA or equivalent in an)j $ 500000 maior market ( US, Europe, Japan ) ~ First sale in any Maior Market Country : $ 875,000 Total $ 2,125,000 4.2 The above milestones shall be payable to IBL for the first free end specific antibody drug product to A beta position I or 40 developed by Intellect using the Intellect monoclonal free - end specific antibody technology