Conversion to Non-Exclusive License. In addition to the provision set forth in Section 9.2 above, Licensor shall have the option, at its sole discretion, to convert the license set forth in this Agreement to a non-exclusive license if the Licensees or their Sublicensees have not commercialized a Licensed Product after a period of ten years from the Effective Date.
Appears in 2 contracts
Samples: Intellectual Property License Agreement (Vivakor, Inc.), Intellectual Property License Agreement (Vivakor, Inc.)
Conversion to Non-Exclusive License. In addition to the provision set forth in Section 9.2 above, Licensor shall have the option, at its sole discretion, to convert the license set forth in this Agreement to a non-exclusive license if the Licensees or their Sublicensees have not commercialized a Licensee fails to pay $500,000 to Licensor for Licensed Product after a period per year. Such minimum payments will begin at the second anniversary of ten years Commercialization, with any development costs paid by the Licensee deducted from the Effective Datesuch minimum payment.
Appears in 1 contract
Samples: Sensor Technology License Agreement (Vivakor, Inc.)
Conversion to Non-Exclusive License. In addition to the provision set forth in Section 9.2 d) above, Licensor shall have the option, at its sole discretion, to convert the license set forth in this Agreement to a non-exclusive license if the Licensees Licensee or their Sublicensees Sublicensee have not commercialized a Licensed Product after a period of ten three (3) years from the Effective Date.
Appears in 1 contract
Samples: Intellectual Property License Agreement (Vivakor, Inc.)
