Exclusive Option. Subject to the terms and conditions of this Agreement, 22nd Century hereby grants to BAT, and BAT accepts from 22nd Century, a nontransferable option (the “Option”), exercisable only during the Research Term, for BAT to obtain a license to commercialize the Patent Rights and other Licensed Intellectual Property Rights in the Field of Use under the terms and conditions of the Commercial License Agreement attached as Schedule 1 to this Agreement (the “Commercial License Agreement”). The Option shall be exclusive to BAT, and 22nd Century shall not grant, directly or indirectly, to any third party any option, right, license, entitlement, expectation, or other capacity to commercialize, or exercise or practice for any commercial purposes any Licensed Intellectual Property Rights in the Field of Use (except as otherwise provided in Sections 2.05 and 2.06).
Appears in 2 contracts
Sources: Research License and Commercial Option Agreement, Research License and Commercial Option Agreement (22nd Century Group, Inc.)