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Tada,

Reference RVX's revised articles attached as Appendix B to the Management Information Circular on November 15, 2016.

Royalties are payable on "Net Revenue". The language is convoluted but it includes the following in item (C):

"amounts received from a third party by the Corporation or its Affiliates in consideration for the sale of any Intellectual Property Right"

"Intellecutal Property Right" means any right, whether under patent, patent application, invention disclosure, license agreement or otherwise, to use, or to prevent others from using, any product, device, process, substance, Pharmaceutical Agent, diagnostic tool or service that falls within the Therapeutic Field".

"Therapeutic Field" means the prevention, treatment or mitigation of any disease or medical condition.

My impression is that sale of the intellectual property underlying apabetalone, as might occur in a sale of assets, would qualify under the definition of Net Revenue, and hence be subject to royalty payments.

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