Option Program Clause Samples
The OPTION PROGRAM clause establishes a framework that allows one party, typically a buyer or licensee, to secure the right to purchase or license certain products, services, or intellectual property under predefined terms within a specified period. In practice, this clause outlines the scope of the options available, the process for exercising those options, and any associated fees or deadlines. Its core function is to provide flexibility and certainty for both parties by reserving future opportunities while clarifying the conditions and limitations of such rights, thereby reducing ambiguity and potential disputes.
Option Program. Codexis hereby grants Takeda an exclusive option during the Exclusivity Period to initiate the Option Program for one of the Indications that Takeda elects from the Reserved Target Indications (“Option Indication”), at its sole discretion, by providing written notice to Codexis indicating Takeda’s intent to exercise the Option Program, along with the elected Reserved Target Indication (“Option Exercise Notice”) within the Exclusivity Period. During the Exclusivity Period, prior to Takeda’s exercise of its option, if Takeda provides a written notice to Codexis indicating Takeda’s interest in electing one Reserved Target Indication as the Option Indication, the Parties shall promptly discuss and prepare a draft of the applicable Program Plan (for clarification, including the Program Budget) in good faith. Upon Takeda’s valid exercise of the Option Program in accordance with this Section 5.2, the Parties shall promptly finalize the applicable Program Plan (for clarification, including the Program Budget) in good faith based on the draft Program Plan, and shall initiate the Development for the Option Program after the Program Plan is agreed by the Parties, and Takeda shall pay the Option Fee to Codexis within [***] ([***]) days of [***]. If Takeda fails to exercise its option to initiate the Option Program during the Exclusivity Period in accordance with this Section 5.2, Takeda’s right to an Option Program shall terminate and be of no further effect.
Option Program. Employees not electing to receive health insurance may receive up to $600.00 per year for options and/or annuity for which he/she may be eligible.
B. General Provisions
1. The Board shall have no obligation to pay more than the amounts stipulated in Section A above.
2. The Board of Education shall make the appropriate contribution toward the health insurance program negotiated in the teacher Contract.
3. When employment is interrupted, benefit coverage for eligible employees will continue until the end of the current month, or until the next premium is due, whichever is later.
4. Benefits for all employees shall become effective on the first day of the month after he/she has attained seniority.
5. All benefits shall be subject to the standard provisions set forth in the policy or policies.
Option Program a. For those employees not electing Hospital/Medical Insurance (2. above) the Board will provide the following benefits in lieu of Hospital/Medical
Option Program