definiens: ( as defined in Section 2(a ) of the Registration Rights Agreement ), it shall give Nastech written notice of such proposed sale with an option to purchase all ( but not less than all ) of the shares to be sold, or to arrange for them to be purchased by a Third Party, during the five ( 5 ) Business Days after giving of such notice ( the ) . The notice shall include the information specified in Section 2(a ) of the Registration Rights Agreement . The exercise price of the option ( ) shall be at a six percent ( 6 % ) discount to the average market price ( mean between closing high bid and low ask quoted on the Nasdaq National Market or such other market on which shares ofNastech common stock are then regularly traded ) for the ten trading days preceding the date of giving the notice . If prior to the expiration 26 Divestiture Agreement Execution Copy.doc Confidential Treatment of the Option Period Nastech has not notified Phannacia in writing of its election to purchase all ( but not less than all ) of the shares being offered at the Exercise Price or has nol provided Phannacia with a written, unconditional undertaking by a Third Party to purchase all ( but not less than all ) of the shares being offered at the Exercise Price, Phannacia shall be free to sell the shares . The expiration of the Option Period shall be deemed the date ofPharrnacia 's request for registration under said Section 2(a ) of the Registration Rights Agreement, and the registration process shall proceed in accordance with the provisions of the Registration Rights Agreement . Ifthe option specified in this Section 8.4{b ) is timely exercised, the purchase price shall be paid and the shares shall be delivered not later than five Business Days after the date of exercise . For clarity, nothing contained herein shall preclude Nastech from offering to purchase, or arranging for a Third Party to offer to purchase, less than all of the shares Phannacia desires to sell, but Phannacia shall not be obligated to sell any of such shares unless the option is exercised as to all the shares