Common use of Option Rights Clause in Contracts

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-royalty- bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing OTL during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing OTL and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 5.2 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing OTL during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third partiesParties. If Sponsor exercises the Option Right, Tech Licensing OTL and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-royalty- bearing, exclusive license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing OTL during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing OTL and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.

Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing OTL during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third partiesParties. If Sponsor exercises the Option Right, Tech Licensing OTL and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint jointly owned Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.