Option Product definition
Examples of Option Product in a sentence
Beginning with the Calendar Quarter in which the First Commercial Sale of an Option Product is made and for each Calendar Quarter thereafter, in the case of royalties, during the Royalty Term, Lundbeck will within [***] provide a report summarizing Net Sales for Option Products during the relevant Calendar Quarter and the calculation of such Net Sales and of royalties due thereon, including country, units, sales price and the exchange rate used.
Such assignment shall not change the financial terms or reporting obligations stated herein with respect to the Option Product in question, except that [***].
After the Option Exercise Date, each Party shall promptly notify the other in writing of any allegation by a Third Party that the Exploitation of an Option Product infringes or may infringe the Patents of such Third Party.
This Agreement is effective as of the Effective Date and, unless earlier terminated pursuant to this ARTICLE 12, will continue in full force and effect until this Agreement expires upon (a) the expiration of the Option (if the Option is not exercised) or (b) if the Option is exercised, on an Option Product-by-Option Product and country-by-country basis, upon expiration of the Royalty Term for such Option Product in such country.
Within [***] (the “Negotiation Notice Period”), Lundbeck may by way of a written notice to ▇▇▇▇▇▇ request the assignment of ownership of the Option Compound Patents Covering such Option Product.