Common use of Ownership of Project IP Clause in Contracts

Ownership of Project IP. Mascoma shall own all intellectual property rights related to Mascoma Project IP. Lallemand hereby assigns to Mascoma all of Lallemand’s right, title and interest in and to any and all Mascoma Project IP that Lallemand, its employees or agents develop, conceive or first reduce to practice under this Agreement. Lallemand shall own all intellectual property rights related to Lallemand Project IP. Mascoma hereby assigns to Lallemand all of Mascoma’s right, title and interest in and to any and all Lallemand Project IP that Mascoma, its employees or agents develop, conceive or first reduce to practice under this Agreement. Each party hereby agrees to execute and deliver such documents, and take such other actions, as the other party may reasonably request from time to time to evidence or give effect to the allocation of ownership rights set forth in this Section 7.2. Each party shall have the sole right to prepare, file, prosecute and maintain patent applications and patents claiming the inventions it owns under this Section 7.2 in the manner such party determines in its sole discretion. PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.