Election to Exercise. To exercise the Option in whole or in part, the Optionee (or in the case of exercise after the Optionee’s death or incapacity, the Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Corporation an exercise notice in the form attached as [Exhibit A] or as may otherwise be designated by the Corporation from time to time.

Election to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of intent to exercise in the manner designated by the Board or the Committee. If someone other than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option.

Election to Expand. If Tenant properly elects to lease the Offered Space, then the parties shall enter into an amendment of Lease to include such Offered Space as part of the Premises on the terms set forth in the Offer Notice within fifteen (15) Business Days after Landlord’s receipt of Tenant’s Notice; however, the failure of the parties to execute such amendment within said time period shall not relieve the parties of their obligation to lease the Offered Space on the terms set forth in the Offer Notice.

Director may elect to defer receipt of up to 100% of the Shares payable pursuant to the Quarterly Share Retainer until the date of a distribution event described in Section 4. In the situation of a deferral, the cash value of such Shares shall be credited to the Share Unit Account (as defined below) established for the Director and converted to Share Units (as defined below) pursuant to Section 3 of this Plan.

Election to Terminate. If either Party has the right to terminate under [Sections 14.3 through 14.6], it may at its sole option, elect either to # terminate this Agreement and pursue any legal or equitable remedy available to it or # maintain this Agreement in effect and pursue any legal or equitable remedy available to it.

Election. To elect an optional form of payment, the Member shall submit to the Committee a distribution election on the form prescribed by the Committee no later than # 30 days following the date in which the Member first becomes eligible to participate in the Plan or # December 31, 2016, if the Member was participating in the Plan on such date. The election will apply to all Pension Benefits earned after the date of the election. The Member may elect an optional form of annuity payment for his or her Pension Benefit that is different from any optional form of annuity payment elections made by the Member for any Thrift Benefits under the Plan. Effective January 1, 2020, the Pension Benefit was frozen and, on and after such date, no Member shall make an election under this Section 3.03(b). All Pension Benefit elections made on an after January 1, 2020 shall be made in accordance with Section 3.03(e).

Election. At the request of Buyer, the Company and Seller shall join with Buyer and its immediate parent in making, and shall take any and all actions necessary to effect, an election under Section 338(h)(10) of the Code and any corresponding election under state, local, and foreign Law with respect to the purchase and sale of the Shares of the Company hereunder (collectively, a “[Section 338(h)(10)] Election”). If a [Section 338(h)(10)] Election is made, Seller shall include any income, gain, loss, deduction or other Tax item resulting from the [Section 338(h)(10)] election on their Tax Returns to the extent required by Applicable Law. If Buyer requests a [Section 338(h)(10)] Election, Seller and Buyer shall, within ten (10) days prior to the date such forms are required to be filed under applicable law, exchange completed and executed copies of IRS Forms 8023 and 8883, required schedules thereto, and any similar state, local or foreign forms. The completed and executed IRS Form 8883 shall reflect the allocation schedule agreed to by Seller and Buyer pursuant to [Schedule 6.05(a)]. In the event there is a dispute in regard to the allocation schedule, Seller agrees to adopt Buyer’s position. If a [Section 338(h)(10)] Election is made, Seller and Buyer shall report the purchase and sale of the Shares consistent with the treatment of the purchase of the Shares as a “qualified stock purchase” and consistent with the [Section 338(h)(10)] Election and shall take no position inconsistent therewith in any Tax Return, any proceeding before any Tax authority or otherwise. Buyer agrees to pay to Seller the amount described in [Schedule 6.05(a)] which shall reflect Seller’s additional Tax

Election. Prior to 5:00 p.m. Eastern time on the final business day preceding June 1 of a given calendar year or, for a Non-Employee Director whose service as a Non-Employee Director commences in such given calendar year, such later date on which the Non-Employee Director’s service as a Non-Employee Director commences and that occurs prior to July 1 of such given calendar year (in any case, the “Election Deadline”), by delivery to the Company of a written election in a form provided by the Company (an “Election”), a Non-Employee Director may elect to receive payment of the entire Annual Retainer payable to the Non-Employee Director under this Program for services performed during the period beginning on July 1 occurring after the Election Deadline and ending on June 30 of the following calendar year (each such period, a “Service Year”) in the form of one or more options (each, an “Elective Option”) to purchase shares of the Company’s common stock (“Shares”) as set forth in this Section I(B) and Section II(D) rather than in cash in accordance with Section I(A). A Non-Employee Director who makes an Election will be granted a separate Elective Option for the Base Retainer (a “Base Retainer Elective Option”) and for each Committee Member Retainer (a “Committee Member Retainer Elective Option”) that such Non-Employee Director would, as of the applicable Issue Date, otherwise have been entitled to receive under this Program in cash for service on the Board and its committees during the applicable Service Year. If a Non-Employee Director commences service on a committee of the Board following the Issue Date for a given Service Year, the Non-Employee Director will receive the Committee Member Retainer for such committee service during the corresponding Service Year in cash pursuant to Section I(A) and not in the form of a Committee Member Retainer Elective Option under this Section II(B).

Election. To elect an optional form of payment, the Member shall submit to the Committee a distribution election on the form prescribed by the Committee no later than # 30 days following the date in which the Member first becomes eligible to participate in the Plan or # December 31, 2016, if the Member was participating in the Plan on such date. The election will apply to all Pension Benefits earned after the date of the election. The Member may elect an optional form of annuity payment for his or her Pension Benefit that is different from any optional form of annuity payment elections made by the Member for any Thrift Benefits under the Plan. Effective January 1, 2020, the Pension Benefit was frozen and, on and after such date, no Member shall make an election under this Section 3.03(b). All Pension Benefit elections made on an after January 1, 2020 shall be made in accordance with Section 3.03(e).

Election. On a Product-by-Product basis, ​, Gilead shall provide written notice to [[Durect:Organization]] referencing this [Section 5.2(c)] (the “Manufacturing Notice”) and specifying whether Gilead will undertake the initial manufacture of such Product or will use a Third Party Supplier to initially manufacture such Product for Phase 2 Clinical Trial(s), Phase 3 Clinical Trial(s) and commercialization of such Product. For clarity, following delivery of such Manufacturing Notice, Gilead shall have the right, itself or through any Affiliate or Third Party Supplier, to manufacture such Product for research, Phase 1 Clinical Trials, Phase 2 Clinical Trials, Phase 3 Clinical Trials and commercialization of Product for the Field in the Territory.