I think the text in Annex 1 is very2 poorly done and I am not sure why Annex 1 did not go to Legal as K Apichai’s instruction is to send contracts to Legal for vetting before getting him to sign.
However, both parties had signed on the current extension period in good faith and the contract term is expiring in 1 month’s time.
I would suggest Option 1 instead of undoing the current signed agreement provide you do not see any legal implications with this option