Common use of Grant of License Option Clause in Contracts

Grant of License Option. For a period of ____ (__) days after the end of Filing Decision Period (such period, the “Option Period”), University hereby grants to XYZ a first option, without option fee other than the payments set forth in Section 4.01, (a) for XYZ and its Affiliates to acquire an exclusive, royalty bearing, worldwide license with the right to grant sublicenses, to develop, make, have made, use, offer for sale, sell and otherwise dispose of, products and methods practicing any University Invention or Joint Invention, and/or (b) for XYZ and its Affiliates to acquire a non-exclusive, royalty bearing, worldwide license with the right to grant sublicenses, to develop, make, have made, use, offer for sale, sell and otherwise dispose of, products and methods practicing University’s Background Technology (such option, the “License Option”). Upon XYZ’s request, University agrees to include into the License Option any computer software and its documentation falling under a University Copyright or Joint Copyright, if any (such computer software and documentation, collectively, the “Licensed Software”).