This Agreement will take effect as of the Effective Date and, unless earlier terminated pursuant to this Article 14, will expire on the later of (a) three (3) years from the Effective Date; or (b) the completion of Services under all SOWs executed by the parties prior to the third (3rd) anniversary of the Effective Date.  The term of this Agreement as well as, if and only if Asterias so elects, the term of any then pending (i.e., executed but not yet expired or terminated) SOW, may be extended by Asterias continuously for additional two (2) year periods upon written notice to Cognate at least thirty (30) days prior to the expiration of the then-current term.