GVK Bio Option Sample Clauses
The GVK Bio Option clause grants a party the right to exercise an option related to services or deliverables provided by GVK Bio, such as extending a contract, purchasing additional services, or acquiring certain rights. In practice, this clause typically outlines the conditions under which the option can be exercised, including timeframes, notice requirements, and any associated fees or milestones. Its core function is to provide flexibility and certainty for the parties by clearly defining how and when additional rights or services can be secured, thereby reducing ambiguity and facilitating future planning.
GVK Bio Option. Upon the approval of the IND for a Program, GVK BIO will have an option for a period of ** months from such approval to conduct a PoC Study for such Program. GVK BIO may exercise such option by providing an exercise notice, in writing, to the Company and Onconova. If GVK BIO exercises the option, GVK BIO will make an additional Capital Contribution of $500,000 to fund the PoC Study. If the Company has achieved all Completion Deliverables or GVK BIO has made all of the additional Capital Contributions set forth in Exhibit B required for GVK BIO’s Percentage Interest to reach **, then, upon GVK BIO’s exercise of the PoC Study option and the additional Capital Contribution of $500,000 set forth in Exhibit B, each Member will have a Percentage Interest of fifty percent (50%) and the Units granted to the Members will be adjusted to reflect this change in the Percentage Interest. To clarify, GVK Bio will make an additional capital contribution of $500,000 for each Program if it exercises the option to conduct PoC Study for both Programs; provided, that GVK Bio’s Percentage Interest will not exceed fifty percent (50%) even if GVK Bio exercises the option with respect to both the Programs.