Common use of Termination by Board Clause in Contracts

Termination by Board. Board, at its option, may immediately terminate this Agreement, or any part of Licensed Subject Matter, or any part of Licensed Field, or any part of Licensed Territory, upon delivery of written notice to Licensee of Board’s intent to terminate, if any of the following occur: The University of Texas at Austin Licensee: UTA No.: Page 11 of 30 a. Licensee fails to Actively Commercialize Licensed Subject Matter during the Term of this Agreement; or b. Licensee has not had a Sale of any Licensed Product(s) within three (3) years after the Effective Date; or c. Licensee has had time to meet and has not met and satisfied any one of the specified milestones in Section 4.6; or d. Licensee becomes more than sixty (60) days in arrears in any payments, fees or other expenses due under to this Agreement; or e. Licensee is in breach of any provision of this Agreement, and does not cure such breach within sixty (60) days after delivery of written notice from Board. “Breach” includes, but is not limited to, provisions of this Agreement for which Licensee is on specific notice that a specific action, or failure to perform a specific action, constitutes a breach, including but not limited to Section 6.1 (“Royalty Reports”), Section 8.2 (“Default in Payment”), Section 8.1 (“Future Patent Expense Payment Plan), and Section 11.4 (“Board’s Prosecution Rights”). Furthermore, if, in any one twelve (12) month period, Board or University delivers notice to Licensee of three (3) or more breaches of this Agreement, even in the event that Licensee cures such breaches in the allowed period, Board may immediately terminate this Agreement upon delivery of notice of termination to Licensee.

Termination by Board. Board, at its option, may immediately terminate this Agreement, or any part of Licensed Subject Matter, or any part of Licensed Field, or any part of Licensed Territory, upon delivery of written notice to Licensee of Board’s intent to terminate, if any of the following occur: The University of Texas at Austin Licensee: UTA No.: Page 11 of 30: a. Licensee fails to Actively Commercialize Licensed Subject Matter during the Term of this Agreement; or b. Licensee has not had a Sale of any Licensed Product(s) within three (3) years after the Effective Date; or c. Licensee has had time to meet and has not met and satisfied any one of the specified milestones in Section 4.6; or d. Licensee becomes more than sixty (60) days in arrears in any payments, fees or other expenses due under to this Agreement; or e. Licensee is in breach of any provision of this Agreement, and does not cure such breach within sixty (60) days after delivery of written notice from Board. “Breach” includes, but is not limited to, provisions of this Agreement for which Licensee is on specific notice that a specific action, or failure to perform a specific action, constitutes a breach, including but not limited to Section 6.1 (“Royalty Reports”), Section 8.2 (“Default in Payment”), Section 8.1 (“Future Patent Expense Payment Plan), and Section 11.4 (“Board’s Prosecution Rights”). Furthermore, if, in any one twelve (12) month period, Board or University delivers notice to Licensee of three (3) or more breaches of this Agreement, even in the event that Licensee cures such breaches in the allowed period, Board may immediately terminate this Agreement upon delivery of notice of termination to Licensee.