Common use of First Extension Fee Clause in Contracts

First Extension Fee. If OPTIONEE wants to renew this OPTION AGREEMENT for an additional period that is equivalent in duration to the initial period, then OPTIONEE will: a) Notify REGENTS in writing in accordance with the Notice Article of this OPTION AGREEMENT; b) Provide REGENTS with a summary of its progress during the term that is expiring along with a new RESEARCH PLAN for the renewal period acceptable to REGENTS; and c) Pay to REGENTS an extension fee of [Written amount] ($ Number) due and payable on or before the extension date of this OPTION AGREEMENT, if the new RESEARCH PLAN is acceptable to REGENTS.