Common use of PPD Does Not Exercise the PPD Option Clause in Contracts

PPD Does Not Exercise the PPD Option. In the event PPD does not exercise the PPD Option, or PPD provides written notice to Xxxxxxx expressly declining PPD’s right to exercise the PPD Option, prior to the expiration of the PPD Option Period, then this Agreement (and all licenses granted hereunder) shall terminate effective as of the expiration of the PPD Option Period (or provision of such written notice), subject to Section 10.4(d). For clarity, in the event PPD does not exercise the PPD Option, neither Party shall have any obligations to, or rights granted by, the other Party under this Agreement to Develop or Commercialize the Licensed Products.