Opt-Out Points. On a Collaboration Product-by-Collaboration Product basis with respect to the Influenza Program and each Additional Pathogen Program, and on an Expanded Functional Genomics Target-by-Expanded Functional Genomics Target basis with respect to the Expanded Functional Genomics Program, each Party (whether the Lead Party or the Non-Lead Party, such Party, an “Opt-Out Party”) will have the one-time right to elect, pursuant to the procedures set forth in this Section 7.6 to cease funding its share of the Development Costs for a Collaboration Product (in the case of the Influenza Program and Additional Pathogen Programs), or all Collaboration Products directed to an Expanded Functional Genomics Target (in the case of Expanded Functional Genomics Program) in all indications (unless the Parties mutually agree otherwise) (each, an “Opt-Out Option”), as further provided in this Section 7.6.
Opt-Out Points. No later than thirty (30) calendar days after either Proposed IND Submission or Establishment of Clinical Proof of Concept (the Opt-Out Points), as applicable, and on an LCA Product-by-LCA Product basis, each Party (the Opt-Out Party) shall have the right to provide the other Party with irrevocable notice in writing that it wishes to discontinue its participation in the further Development and Commercialization of such LCA Product (the Opt-Out Notice). The effective date of such opt-out (the Opt-Out Date) shall be the date thirty (30) days after the date of the Opt-Out Notice unless negotiations commence between the Parties pursuant to Section 18.3(b), in which case the effective date of such opt-out shall be: (i) the date [***] days after the expiry of such negotiations under Section 18.3(b) or (ii) the date on which such amended version of Exhibit 1 is executed (as applicable). Upon receipt of the Opt-Out Notice, the other Party shall, within thirty (30) days following its receipt of the Opt-Out Notice, notify the Opt-Out Party in writing whether or not it elects to assume sole responsibility for, and all costs and obligations of, the continued Development and Commercialization of such LCA Product on the pre-defined terms set forth in Exhibit 1. Execution Version Confidential
