OPTION PHASE Sample Clauses

OPTION PHASE a. USC hereby grants Licensee the exclusive rights to conduct various technical, pre-clinical, marketing, patent, and other studies on PRODUCTS in the FIELD OF USE during a six (6) month period commencing on the EFFECTIVE DATE of this Agreement.. The option period may be extended by mutual written agreement of the parties.
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OPTION PHASE a. USC hereby grants Licensee the exclusive right to conduct various technical, pre-clinical, marketing, patent, and other studies on PRODUCTS in the FIELD OF USE during a three (3) month period commencing on the EFFECTIVE DATE of this Agreement. The option period may be extended by mutual written agreement of the parties. b. The consideration for the grant of this option phase shall be One Hundred Fifty Thousand Dollars ($150,000). Such payment shall be due on the earlier to occur of: (i) within three (3) months of the EFFECTIVE DATE of this Agreement or (ii) thirty (30) days from the date Licensee raises its next round of private funding.
Sample 1
OPTION PHASE a. USC hereby grants Licensee the royalty-free exclusive right to practice the invention in PATENTS to conduct various technical, pre-clinical, marketing, patent, and other studies on PRODUCTS in the FIELD OF USE during an eighteen (18) month period commencing on the EFFECTIVE DATE. The option period may be extended by Licensee, for an additional twelve (12) month period, if before the end of the original 18 month period at least one of the following conditions occur: i. Licensee provides additional research support to USC in the minimum amount of $50,000; ii. At least one patent application is filed by USC at the request of Licensee under the terms of Paragraph 7; iii. Licensee pays to USC an option extension fee of $15,000. c. The consideration for the grant of this option phase shall be research support in the amount of $163,760.00 as evidenced by a "Research Agreement," attached hereto as Appendix B, providing grant funds to USC for the development of PRODUCTS. To the extent that provisions of the Research Agreement conflict with the terms herein, this Agreement shall control. d. All terms of this Agreement shall apply during the Option Phase unless specifically stated to the contrary.
Sample 1
OPTION PHASE. Notwithstanding anything to the contrary contained in the Articles of Association, during the Option Phase, (a) JVCO shall not, and neither the Management Board nor XXXX USA shall authorize, permit or direct JVCO to, make, take, enter into, cause, permit to occur, commit to, authorize or approve any action, other than (i) such actions as are necessary to maintain its corporate existence, (ii) such actions as are necessary or appropriate to preserve the rights afforded to JVCO under the Amyris License Agreement or any other license granted to JVCO by Xxxxxx or any of its Affiliates or any Amyris Associated Entity, including exercising its Section 365(n) rights pursuant to article 13.15 of the Articles of Association, or exercising the 365(n) Election (as that term is defined in the Amyris License Agreement), and (iii) assisting in the determination of the Preferred Shares Option Price; (b) neither this Agreement nor the Articles of Association shall be amended, waived or modified; (c) no Transfer shall be made of any Shares (or any other interest in JVCO), in each case without the prior written consent of Xxxxxx, which consent may be provided or withheld in its sole discretion; and (d) JVCO shall not assign any or all of its rights or delegate any of its obligations under the Amyris License Agreement to any other Persons and shall not grant any sublicense rights or engage any “Subcontractors” (as defined in the Amyris License Agreement) under the Amyris License Agreement and shall not otherwise encumber the rights granted to JVCO under the Amyris License Agreement.
Sample 1
OPTION PHASE a. USC hereby grants Licensee the exclusive right to conduct various technical, pre-clinical, marketing, patent, and other studies on PRODUCTS in the FIELD OF USE during a six (6) month period commencing on the effective date of this Agreement (the "OPTION PERIOD"). The OPTION PERIOD may be extended by mutual written agreement of the parties. b. The EFFECTIVE DATE of this Agreement shall be the date when the last party has signed this Agreement. c. The consideration for the grant of this option phase shall be [***] Dollars ($[***]), due and payable 15 days after the effective date of this Agreement. This amount shall be credited towards royalties. d. If at any time during the OPTION PERIOD Licensee gives written notification to USC that Licensee desires to license the PATENT(S), the OPTION PERIOD will immediately terminate and the License Phase shall immediately commence as provided below. If upon the expiration of the OPTION PERIOD, Licensee has not given written notification to USC that Licensee does not desire to license the PATENT(S), Licensee will be deemed to desire to license the PATENT(S), and the License Phase shall immediately commence as provided below.
Sample 1
OPTION PHASE a. USC hereby grants Licensee the exclusive right to conduct various technical, pre-clinical, marketing, patent, and other studies on PRODUCTS in the FIELD OF USE during a six (6) month period commencing on the collective date of this Agreement. The option period may be extended for one additional six (6) month period by mutual written agreement of the parties which- shall not be unreasonably withheld. b. The consideration for the grant of this option phase shall be the market studies and costs related to FDA applications and patent expenses incurred subject to Paragraph 7. Licensee shall provide USC reports of the results of the market studies, and FDA filings and correspondence within ten (10) days of the expiration of the option phase.
Sample 1

Related to OPTION PHASE

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Option Period Pursuant to the Contract, the following are the Adjustment Factors for the term ending October 20, 2023: Date Index 1 August 2019 11311.06 3 October 2019 11326.12 6 January 2020 11392.41 7 February 2020 11396.01 8 March 2020 11396.97 9 April 2020 11412.67 10 May 2020 11418.16 11 June 2020 11436.23 12 July 2020 11439.11 Date Index 1 August 2021 12463.13 2 September 2021 12464.55 3 October 2021 12464.94 4 November 2021 12467.32 5 December 2021 12481.82 6 January 2022 12555.55 7 February 2022 12683.97 8 March 2022 12791.43 9 April 2022 12898.96 10 May 2022 13004.47 11 June 2022 13110.50 12 July 2022 13167.84 Adjustment: Third Year Index Average = 12712.8733 = 1.1168 Base Year Index Average 11383.5283 WA−DC−GC03−100120−SWC Original Adjustment Factor x Adjustment = Adjustment Factor through 10/20/23 Normal Working Hours – Prevailing Wage 1.0378 1.1168 1.1590 Other Than Normal Working Hours – Prevailing Wage 1.0638 1.1168 1.1881 Normal Working Hours – Non−Prevailing Wage 1.0357 1.1168 1.1567 Other Than Normal Working Hours – Non− Prevailing Wage 1.0605 1.1168 1.1844 Non Pre−Priced 1.1627 1.0000 1.1627

  • Term of Option This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

  • Option 1 With receipts, an employee may be reimbursed for meal expenses up to $50.00 per day, including tax and gratuity, for three (3) meals, or when separate meals are claimed, eleven dollars ($11.00) for breakfast; fifteen dollars ($15.00) for lunch; and twenty-four dollars ($24.00) for dinner, all including tax and gratuity.

  • Option B For the first 4 weeks of leave, the University will pay 100% of regular salary.

  • Base Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • Period of Option Unless the Option is previously terminated pursuant to this Agreement, the term of the Option and this Agreement shall commence on the Date of Grant and shall terminate upon the tenth anniversary of the Date of Grant. Upon termination of the Option, all rights of the Optionee (including, without limitation, his or her guardian or legal representative) hereunder shall cease.

  • Option 2 Employees may choose to enroll in the Cigna Open Access Plus In Network (OAPIN) plan that allows for in network coverage only. The employee price tag will be 14% of the annual premium through December 31, 2016 according to the schedule in Appendix B-1, (15% for those hired on or after January 1, 2013); 15% as of January 1, 2017; and 15% as of January 1, 2018 through December 31, 2021. Beginning January 1, 2013 through December 31, 2021, the prescription co-pay structure shall be as follows: Cigna OAPIN: Retail – up to a 30 day supply - $10 for generic; $20 for formulary; $35 for non- formulary; Mail Order: - 90 day supply of maintenance prescriptions - $20 for generic; $40 for formulary; $70 for non- formulary. Also, the hospital emergency room co-pay will be $50 per visit and is waived if admitted.

  • Exercise Period Vesting 4.1. 1 111,111 Series C Warrants to purchase up to 1,111,111 Warrant Shares (50% of Series C Warrants) shall vest on March 1, 2023 (the “Second Vesting Date”) and be exercisable as of the Second Vesting Date and for three (3) years thereafter, subject to Section ‎4.3 below.; provided, however, that the Warrants under this Section ‎4.1 shall expire on the Second Vesting Date in the event the Milestone is not met, and the Partner has notified the Company on its decision to rescind the remaining balance of the Facility; 4.2. 1 111,111 Series C Warrants to purchase up to 1,111,111 Warrant Shares (50% of Series C Warrants) shall vest on September 1, 2023 (the “Third Vesting Date”) and be exercisable as of the Third Vesting Date and for three (3) years thereafter, subject to Section ‎‎4.3 below; provided, however, that the Warrants under this Section ‎4.2 shall expire on the Third Vesting Date in the event the Milestone is not met, and the Partner has notified the Company on its decision to rescind the remaining balance of the Facility; and further provided, that the Warrants under this Section ‎‎4.2 shall expire on the Third Vesting Date pro rata to the amounts of Tranches 3-8 which shall have not been actually withdrawn by the Company. By way of illustration only, (a) if the Company, at its sole discretion, withdraws US$0.5 million out of US$2 million of Tranches 3-8 available under the Agreement, than 833,333 Series C Warrants to purchase up to 833,333 Warrant Shares [75% of Series C Warrants under this Section ‎4.2] shall expire on the Third Vesting Date; and (b) if the Company, at its sole discretion, withdraws US$2 million out of US$2 million of Tranches 3-8 available under the Agreement, than none of Series C Warrants under this Section ‎4.2 shall expire on the Third Vesting Date;

  • Term of the Option The term of the Option (the “Option Period”) shall be for a period of ten (10) years from the Effective Date, terminating at the close of business on the tenth anniversary of the Effective Date (the “Expiration Date”) or such shorter period as provided in Section 6 hereof.

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