Common use of Grant of License Option Clause in Contracts

Grant of License Option. As consideration for Pfizer's performance of the Research Program and the payment by Pfizer to Peptide on the date of signing this Agreement of the total sum of one hundred and fifty thousand US dollars (US $150,000.00), during the term of this Agreement and for a period of six (6) months thereafter, Pfizer shall have the exclusive option to acquire an exclusive world-wide, royalty bearing, license, including the right to grant sub-licenses, to make, use, sell, offer for sale and import Products under all Peptide's right, title and interest in the Peptide Technology, Joint Technology and Joint Patent Rights in every country in the world. If Pfizer wishes to take up the option then the parties shall negotiate in good faith to reach agreement on the terms of the license which shall include the terms set forth in Exhibit C.