Common use of Xxxxxxx Option Clause in Contracts

Xxxxxxx Option. Xxxxxxx will in its sole discretion exercise the Xxxxxxx option by providing written notice to PPD during the Xxxxxxx Option Period (the “Xxxxxxx Option”). During the Xxxxxxx Option Period, (i) Xxxxxxx shall have the right in its sole discretion to exercise the Xxxxxxx Option, (ii) Xxxxxxx shall have the right to reasonably request additional PPD Know-How from PPD, and (iii) for clarification, Xxxxxxx shall continue to perform any of its applicable obligations under the Development Plan and MuDelta Master Services Agreement. In the event Xxxxxxx reasonably requests additional PPD Know-How from PPD within [*] ([*]) days of receipt of the Phase II Report, the applicable [*] ([*]) day time period governing the Xxxxxxx Option Period shall be tolled pending the delivery of the requested information from PPD to Xxxxxxx, after which the time period shall again begin to run, provided that, so long as PPD has used Diligent Efforts to satisfy any such reasonable request made by Xxxxxxx within such initial [*] ([*]) day period, the maximum amount by which Xxxxxxx’x Option Period may be tolled is an additional [*] ([*]) days, for a total maximum Xxxxxxx Option Period of [*] ([*]) days. Upon exercise of the Xxxxxxx Option, (i) the license of Section 4.1 shall be terminated, (ii) the license of Section 4.8 shall become effective, and (iii) PPD agrees that Xxxxxxx (and its Affiliates and Sublicensees) shall be solely responsible, at its sole expense, for all Development and Commercialization of the Licensed Product according to the terms of this Agreement. For the sake of clarity, Xxxxxxx has no obligation to exercise the Xxxxxxx Option. Notwithstanding the foregoing, prior to Xxxxxxx’x exercise of the Xxxxxxx Option, if any, PPD shall continue the Required Option Development activities on the Licensed Product at PPD’s own expense as contemplated by Section 5.1(a).

Xxxxxxx Option. Xxxxxxx will in its sole discretion exercise the Xxxxxxx option by providing written notice to PPD during the Xxxxxxx Option Period (the “Xxxxxxx Option”). During the Xxxxxxx Option Period, (i) Xxxxxxx shall have the right in its sole discretion to exercise the Xxxxxxx Option, (ii) Xxxxxxx shall have the right to reasonably request additional PPD Know-How from PPD, and (iii) for clarification, Xxxxxxx shall continue to perform any of its applicable obligations under the Development Plan and MuDelta TOPO Master Services Agreement. In the event Xxxxxxx reasonably requests additional PPD Know-How from PPD within [*] ([*]) days of receipt of the Phase II Report, the applicable [*] ([*]) day time period governing the Xxxxxxx Option Period shall be tolled pending the delivery of the requested information from PPD to Xxxxxxx, after which the time period shall again begin to run, provided that, so long as PPD has used Diligent Efforts to satisfy any such reasonable request made by Xxxxxxx within such initial [*] ([*]) day period, the maximum amount by which Xxxxxxx’x Option Period may be tolled is an additional [*] ([*]) days, for a total maximum Xxxxxxx Option Period of [*] ([*]) days. Upon exercise of the Xxxxxxx Option, (i) the license of Section 4.1 shall be terminated, (ii) the license of Section 4.8 shall become effective, and (iii) PPD agrees that Xxxxxxx (and its Affiliates and Sublicensees) shall be solely responsible, at its sole expense, for all Development and Commercialization of the Licensed Product according to the terms of this Agreement. For the sake of clarity, Xxxxxxx has no obligation to exercise the Xxxxxxx Option. Notwithstanding the foregoing, prior to Xxxxxxx’x exercise of the Xxxxxxx Option, if any, PPD shall continue the Required Option Development activities on the Licensed Product at PPD’s own expense as contemplated by Section 5.1(a).