Option Period Two Sample Clauses

Option Period Two. If at any time during Option Period One, Omeros gives written notice to Patobios of its intent to extend the Option Period beyond the end of Option Period One, and by no later than the tenth (10) day following the last day of Option Period One, Omeros pays, in accordance with the Payment Instructions, an additional amount equal to (i) six hundred fifty thousand ($650,000) CAD less (ii) the Patent Fee Amount (“Option Fee Two”), then the Option Period shall be extended for the period beginning at 5:00 pm Seattle time on the last day of Option Period One and ending at 5:00 p.m. Seattle time on December 4, 2009 (the “Option Period Two”). During Option Period Two, Omeros, the Founders and Patobios shall have the rights and obligations set forth in Article III of this Agreement.