Extension Rights. Tenant shall have 3 rights (each, an “Extension Right”) to extend the term of this Lease for 60 months each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise each Extension Right at least ​ months prior, and no earlier than ​ months prior, to the expiration of the Base Term of this Lease or the expiration of any prior Extension Term.

Extension Right. Tenant shall have the one-time right (the “Extension Right”) to extend the term of this Lease for 5 years (the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise such Extension Right (an “Exercise Notice”) at least 12 months and not more than 15 months prior to the expiration of the Base Term of this Lease. Within 30 days after Tenant’s delivery to Landlord of a written request therefor, which request shall be delivered prior to Tenant’s delivery of an Exercise Notice but not more than 17 months prior to the expiration of the Base Term of the Lease, Landlord shall provide Tenant with Landlord’s determination of the Market Rate and escalations that would be applicable during the Extension Term.

Extension Rights. Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent and the TI Allowance (as defined in Exhibit C-22] attached hereto)) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior, and no earlier than 18 months prior, to the expiration of the Base Term of this Lease or the expiration of any prior Extension Term. Within 30 days after Landlord’s receipt of Tenant’s exercise notice with respect to an Extension Right, Landlord shall provide Tenant with its written good faith determination of the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) for the applicable Extension Term.

Extension Right. Subject to the terms of Section 39(g) below, Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 2 years (the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent) by giving Landlord written notice of its election to exercise the Extension Right at least 15 months prior and not more than 18 months prior to the expiration of the Base Term of the Lease.

RIGHT TO EXTEND THIS LEASE. Provided that no Default has occurred and is continuing under any provision of this Lease, and provided further that Tenant is occupying the entire Premises and has not (except in connection with a Permitted Transfer of this Lease to an Affiliate or a Successor as described in Section 9.2 hereof) assigned or sublet any of its interest in this Lease, then Tenant may extend the Term of this Lease for 1 extension period of 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than 10 months or more than 12 months prior to the Expiration Date of the Term, Tenant's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions.

RIGHT(S) TO EXTEND THIS LEASE. Provided that no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant (or a transferee pursuant to a Permitted Transfer) is occupying at least 75% of the Floor Area of the Premises (as existing from time to time) and has not assigned any of its interest in this Lease or sublet more than 25% of the Floor Area of the Premises (other than in connection with a Permitted Transfer), then Tenant may extend the Term of this Lease for two (2) extension periods of 60 months each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than 12 months or more than 15 months prior to the then-Expiration Date of the Term, Tenant's written notice of its intent to extend (the “Tenant’s Intent Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions.

Extension Terms. Tenant shall have the right to extend this Lease (“Option to Extend”) for two (2) five (5) year periods (each, an “Extension Term”) by giving Landlord written notice of its intention to exercise its Option to Extend at least eighteen (18) months prior to the expiration of then expiring Initial Term or Extension Term, as applicable. The Option to Extend is not assignable separate and apart from this Lease. Each Extension Term shall be upon all of the terms and conditions of this Lease, except that Base Rent shall increase by 2.75% per annum during each year of such Extension Term.

Extension Right. Subject to the superior rights of Nektar Therapeutics, Inc. and subject to the terms of this [Section 39(a)], Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 60 months (the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Improvement Allowance) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior to the expiration of the Base Term of this Lease.

EXTENSION OPTION. So long as there exists no default beyond any applicable notice and cure periods, either at the time of exercise or on the first day of the Extension Term (as hereinafter defined) and Tenant has not assigned this Lease nor sublet the Premises in whole or in part, Tenant shall have the option to extend the Term for one (1) additional five (5) year period (the “Extension Term”) upon written notice to Landlord given not less than twelve (12) months and not more than fifteen (15) months prior to the expiration of the Term. If Tenant fails to exercise its option to extend the Term strictly within the time period set forth in this section, then Tenant's option to extend the Term shall automatically lapse and be of no further force or effect. In the event that Tenant exercises the option granted hereunder, the Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Extension Term except that the Base Rent due from the Tenant shall be increased to Landlord's determination of Base Rent as provided herein, and Tenant shall have no further right or option to extend the Term or to any abatements, improvement allowance or other inducements. If Tenant timely exercises its option to extend the Term, then no later than thirty (30) days following receipt of Tenant's notice, Landlord shall notify Tenant in writing of Landlord's determination of the Base Rent for the Extension Term (“Landlord's Rental Notice”). If Tenant does not object to Landlord's determination of the Base Rent by written notice to Landlord within twenty (20) days after the date of Landlord's Rental Notice, then Tenant shall be deemed to have accepted the Base Rent set forth in Landlord's Rental Notice.

Provided that there then exists no Event of Default by Tenant under the Lease, nor any event that with the giving of notice and/or the passage of time would constitute an Event of Default, and that Tenant and/or its Permitted Transferee(s) and/or its assignee(s) is/are the sole occupant(s) of the Premises, Tenant shall have the right and option to extend the Term of this Lease for 3 additional periods of 60 months each, exercisable by giving Landlord prior written notice, on or before that date that is 12 months prior to the then current Expiration Date, of Tenant’s election to extend the Term; it being agreed that time is of the essence and that this option is personal to Tenant and any Permitted Transferee or assignee, and is non-transferable to any sublessee (regardless of whether any such sublease was made with or without Landlord’s consent).

Tenant shall have the option to extend the Lease Term for an additional period of two (2) years (the “Extension Term”). The Extension Term shall be on all the terms and conditions of this Lease, except that Tenant shall not have the option to further extend the Lease Term and the rental rate will be at Market Value (as defined in Paragraph 6(c)). Tenant must exercise its option to extend the Lease Term by written notice to Landlord no less than one hundred eighty (180) days and no more than two hundred seventy (270) days prior to the end of the initial “Lease Term.”