License and Option. You and your institution grant to JHU (I) a non-exclusive royalty-free license to Inventions for non-commercial academic research purposes (ii) a non-exclusive, royalty bearing (not to exceed 1% of JHU's licensee's net sales) transferable license to Inventions which are new uses of the Material(s) (for example, new therapeutic indications for, and new methods of administration of, the Material(s) and (iii) a first option to obtain an exclusive, royalty-bearing transferable license to any or all of your interests in the Inventions, all with the right to grant sublicenses. For each Invention, JHU's first option must be exercised within ninety (90) days of your disclosure of that Invention to JHU. The royalty payable to you and other terms of the exclusive license will be negotiated by the parties in good faith.
Appears in 2 contracts
Sources: Collaboration Agreement (MetaMorphix Inc.), Collaboration Agreement (MetaMorphix Inc.)