Common use of Company's Option Clause in Contracts

Company's Option. (a) The University hereby grants to the Company a first option to a worldwide, royalty bearing, exclusive license to inventions of the Center Faculty which are made in the course of performing research funded by this Agreement, subject to the rights of any additional sponsors including U.S. Government rights under 35 U.S.C. Sections 200-212. Inventions discovered through research funded by the Company are hereinafter referred to as "University Inventions". (b) The University hereby grants to the Company a first option to a worldwide, royalty bearing, exclusive license to selected Oncology Drugs invented by Center Faculty without the Company's financial support and which are unencumbered by the licensing rights of commercial third parties. Inventions discovered without the Company's financial support are hereinafter referred to as "Selected Inventions." (c) The Company shall have sixty (60) days from the date of receipt of an Invention Notice (defined in Section 1.6) to request that the parties enter license negotiations. In the event that the Company and the University determine to enter into a license negotiation with respect to a University Invention or Selected Invention, the University and the Company will begin such negotiations using the general license form attached hereto as Exhibit A but further negotiation between the parties will be unrestricted. The Office of Technology Licensing of the University's School of Medicine will represent the University in such negotiations.

Company's Option. (a) The University hereby grants to the Company a first option to a worldwide, royalty bearing, exclusive license to inventions of the Center Faculty which that are made in the course of performing research funded by this Agreement, subject to the rights of any additional sponsors including U.S. Government rights under 35 U.S.C. Sections 200-212. Inventions discovered through research funded by the Company are hereinafter referred to as "University Inventions". Within 90 days after any termination of this Agreement, the University will provide the Company with an Invention Notice of any University Inventions with respect to which the Company has not been previously notified. (b) The University hereby grants to the Company a first option to a worldwide, royalty bearing, exclusive license to selected Oncology Drugs invented by Center Faculty without the Company's financial support and which are unencumbered by the licensing rights of commercial third parties. Inventions discovered without the Company's financial support are hereinafter referred to as "Selected Inventions." (c) The Company shall have sixty (60) days from the date of receipt of an Invention Notice (defined in Section 1.6) to request that the parties enter license negotiations. In the event that the Company and the University determine to enter into a license negotiation with respect to a University Invention or Selected Invention, the University and the Company will begin such negotiations using the general license form attached hereto as Exhibit A but further negotiation between the parties will be unrestricted. The Office of Technology Licensing of the University's School of Medicine will represent the University in such negotiations.