Common use of Right of First Discussion Clause in Contracts

Right of First Discussion. During the Term, MTI shall provide to Abbo▇▇ an exclusive right of first discussion if MTI elects to consider and/or pursue discussions with third parties on potential commercial collaborations in the Territory for potential peripheral vascular applications of MTI's LES (Onyx(TM)) embolization product currently under development. If MTI considers and/or desires to pursue potential third party sales, marketing and/or distribution collaborations for peripheral applications of LES in the Territory, MTI shall negotiate first and in good faith with Abbo▇▇ ▇▇▇ a period of not less than [*] ([*]) days for distribution rights for such products. If the parties do not execute an agreement for distribution of such products within such [*] ([*]) day period (or such longer period as may be mutually agreed upon by the parties), MTI shall have no further obligations to Abbo▇▇ in this regard. MTI shall give serious consideration to any reasonable commercial terms proposed by Abbo▇▇ ▇▇ writing with regard to peripheral LES applications. If the parties are unable to agree on the terms of such written offer, then for a period of [*] ([*]) [*] following the above-referenced discussion period, MTI shall not accept a third party offer for commercialization of peripheral LES applications that, in MTI's sole opinion, is less favorable to MTI than Abbo▇▇'▇ ▇▇▇t written offer, considering all relevant factors, including without limitation, any equity components as well as milestones, commissions and/or royalties. * CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH COMMISSION.

Right of First Discussion. During the Term, MTI shall provide to Abbo▇▇ Abbott an exclusive right of first discussion if MTI elects to consider and/or pursue discussions with third parties on potential commercial collaborations in the Territory for potential peripheral vascular applications of MTI's LES (Onyx(TMEmbolyx(TM)) embolization product currently under development. If MTI considers and/or desires to pursue potential third party sales, marketing and/or distribution collaborations for peripheral applications of LES in the Territory, MTI shall negotiate first and in good faith with Abbo▇▇ ▇▇▇ Abbott for a period of not less than [*] (( [*]] ) days for distribution rights for such products. If the parties do not execute an agreement for distribution of such products within such [*] (( [*]] ) day period (or such longer period as may be mutually agreed upon by the parties), MTI shall have no further obligations to Abbo▇▇ Abbott in this regard. MTI shall give serious consideration to any reasonable commercial terms proposed by Abbo▇▇ ▇▇ Abbott in writing with regard to peripheral LES applications. If the parties are unable to agree on the terms of such written offer, then for a period of [*] (( [*]] ) [*] following the above-referenced discussion period, MTI shall not accept a third party offer for commercialization of peripheral LES applications that, in MTI's sole opinion, is less favorable to MTI than Abbo▇▇'▇ ▇▇▇t written offer, considering all relevant factors, including without limitation, any equity components as well as milestones, commissions and/or royalties. * CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH COMMISSION.

Right of First Discussion. During the Term, MTI shall provide to Abbo▇▇ Abbott an exclusive right of first discussion if MTI elects to consider and/or pursue discussions with third parties on potential commercial collaborations in the Territory for potential peripheral vascular applications of MTI's LES (Onyx(TM)Embolyx-TM-) embolization product currently under development. If MTI considers and/or desires to pursue potential third party sales, marketing and/or distribution collaborations for peripheral applications of LES in the Territory, MTI shall negotiate first and in good faith with Abbo▇▇ ▇▇▇ Abbott for a period of not less than [*] ([*]* ( * ) days for distribution rights for such products. If the parties do not execute an agreement for distribution of such products within such [*] ([*]* ( * ) day period (or such longer period as may be mutually agreed upon by the parties), MTI shall have no further obligations to Abbo▇▇ Abbott in this regard. MTI shall give serious consideration to any reasonable commercial terms proposed by Abbo▇▇ ▇▇ Abbott in writing with regard to peripheral LES applications. If the parties are unable to agree on the terms of such written offer, then for a period of [*] ([*]* ( * ) [*] * following the above-referenced discussion period, MTI shall not accept a third party offer for commercialization of peripheral LES applications that, in MTI's sole opinion, is less favorable to MTI than Abbo▇▇▇▇▇▇'▇ ▇▇▇t last written offer, considering all relevant factors, including without limitation, any equity components as well as milestones, commissions and/or royalties. * CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH COMMISSION.