definiens: means, on a Molecule - by - Molecule basis, the perio d of time commencing on the Effective Date and continuing : ( a ) for each Selecte d Molecule until the earlier of ( i ) the ninetieth ( 90th ) day following completion of a [ * * * ] study with respect to such Selected Molecule conducted in accordance w ith the Development Plan, ( ii ) delivery by [COMPANY] of an Exercise Notice with respect to such Selected Mole cule or ( iii ) delivery by [COMPANY] of a Termination Notic e pursuant to Section 8.4 with respect to such Sele cted Molecule ; ( b ) for each Development Molecule until t he earlier of ( i ) the ninetieth ( 90 th ) day following delivery by Shattuck to [COMPANY] of a report detailing the results of the Final Phase I Clinical Trial for su ch Development Molecule, ( ii ) delivery by [COMPANY] o f an Exercise Notice with respect to such Developme nt Molecule or ( iii ) delivery by [COMPANY] of a Termi nation Notice pursuant to Section 8.4 with respect to such Development Molecule ; and ( c ) for each Designated A RC Molecule until the earlier of ( i ) the designatio n of such Designated ARC Molecule as SM2 ( in which case the Development Term for such Molecule will be governed by the foregoing clause ( a ) ), ( ii ) deliver y by [COMPANY] of a Termination Notice pursuant to Section 8.4 with respect to such Designated ARC Mol ecule or ( iii ) the end of the Development Term for SM2