Option to License. Subject to the terms and conditions of this Agreement, University hereby grants to Company an exclusive option to negotiate an exclusive license to the Technology for a term of six (6) months. The exclusive license will include the right to (i) make, have made, use, offer for sale and sell any product covered by the Licensed Rights (as herein defined), and (ii) practice any method, process or procedure covered by the Licensed Rights. “Licensed Rights” refers to and means all intellectual property rights in (a) the subject matter disclosed in the Technology, (b) any non-provisional application claiming priority of the provisional patent application and any resulting patents from such non-provisional application, (c) any reissue, divisional, continuation, and all international and foreign patents and patent applications claiming priority of the provisional patent application.
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Sources: Option Agreement, Option Agreement