Exclusive Option. Subject to the limitations set forth in this Agreement, Asterias hereby grants to BioTime, and BioTime hereby accepts, a fully-paid exclusive option, exercisable within ninety (90) days of notice from Asterias that the applicable Asterias Patent Rights have become available, to enter into an exclusive license in, to, and under the Asterias Patent Rights in that BioTime/ESI Excluded Field described in Section 1.6 (c) for all purposes during the Term. Asterias and BioTime shall negotiate in good faith and agree upon commercially reasonable terms for such license.
Appears in 3 contracts
Sources: Cross License Agreement (Biotime Inc), Cross License Agreement (Biotime Inc), Cross License Agreement (Asterias Biotherapeutics, Inc.)