The University grants the company options for taking licences on arising intellectual property

1.1.The University hereby grants the Company the following options:

1.2.In respect of any Arising Intellectual Property which is jointly owned, pursuant to Clause 4.3.2, the option to take an exclusive licence to the Intellectual Property Rights of the University.

1.3.In respect of any Arising Intellectual Property owned by the University, pursuant to Clause 4.3.3, the option to take either a non-exclusive or exclusive licence, which may or may not be restricted by field.

1.4.The Company may exercise the above options at any time during the Project or during the six months following completion of the Project (or by such other date as the University and the Company may agree) by serving on the University a written notice, in which case such exercise shall be effective on the date such notice is sent by the Company.