Common use of Extended Option Clause in Contracts

Extended Option. If, prior to the last day of the Initial Option --------------- Period, the Parent notifies the Investor of its intent to extend the exercise period of the option described in this Section 1(b) and pays the Investor $607,940 in cash (the "Extended Option Payment") by wire transfer of immediately available funds to an account designated by the Investor within two business days after delivery of such notice) the Investor shall grant to the Parent an irrevocable option (the "Extended Option," and together with the Initial Option, the "Options"), exercisable, as provided in Sections 2 and 3 (subject to Section 1(d)), at any time during the 60-day period commencing on the first day following the Initial Option Period (the "Extended Option Period"), to purchase the KD Warrant for the Option Purchase Price.