SUBSCRIPTION TERM

SUBSCRIPTION TERM. Shall mean the period commencing on the Effective Date and ending on the later to occur of (a) the third anniversary of the Effective Date; (b) the fourth anniversary of the Effective Date if Pfizer exercises its first extension option under SECTION 2.8.1, or (c) the fifth anniversary of the Effective Date if Pfizer exercises its second extension option under SECTION 2.8.1.