Common use of Option for License Clause in Contracts

Option for License. 5.1 Ramot hereby grants the Sponsor an exclusive option (the “Option”) to receive an exclusive worldwide royalty-bearing license to Ramot’s interest in the Background Technology and Research Results for use in the Field (the “License”). In the event Sponsor is interested in obtaining from Ramot the License, it shall inform Ramot in writing of such interest (the "Notice") during the Research Period or within thirty (30) days of receiving of the Final Report (the "Notice Period"). Upon the receipt of a Notice by Ramot, Sponsor and Ramot shall negotiate, in good faith, for a period of up to one hundred and twenty (120) days, unless extended by mutual written agreement of Ramot and Sponsor (the "Negotiation Period"), in an effort to arrive at terms and conditions satisfactory to Sponsor and Ramot for the grant of such a license (the "License Agreement"). The License Agreement shall include, inter alia, the commercial terms set forth in Exhibit D.

Option for License. 5.1 Ramot hereby grants the Sponsor an exclusive option (the “Option”) to receive an exclusive worldwide royalty-bearing license to RamotXxxxx’s interest in the Background Technology and Research Results for use in the Field (the “License”). In the event Sponsor is interested in obtaining from Ramot the License, it shall inform Ramot Xxxxx in writing of such interest (the "Notice") during the Research Period or within thirty (30) days of receiving of the Final Report (the "Notice Period"). Upon the receipt of a Notice by RamotXxxxx, Sponsor and Ramot Xxxxx shall negotiate, in good faith, for a period of up to one hundred and twenty (120) days, unless extended by mutual written agreement of Ramot and Sponsor (the "Negotiation Period"), in an effort to arrive at terms and conditions satisfactory to Sponsor and Ramot for the grant of such a license (the "License Agreement"). The License Agreement shall include, inter alia, the commercial terms set forth in Exhibit D.