Exhibit 10.115

 

         Aeolus Pharmaceuticals, Inc. Notice of Grant of Stock Options         
and Option Agreement       

ID: 56-1953785

P.O. Box 14287, 79 T.W. Alexander Dr.

4401 Research Commons, Suite 200

Research Triangle Park, NC 27709-4287

[Optionee Name & address]             Option Number:  

 

__________

              Plan:   2004               ID:   __________

 

Effective [option date], you have been granted a(n) Incentive Stock Option to
buy                      shares of Aeolus Pharmaceuticals, Inc. (the Company)
stock at [exercise price] per share.

 

The total option price of the shares granted is $                    .

 

Shares in each period will become fully vested on the date shown.

 

Shares

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Vest Type

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Full Vest

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Expiration

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By your signature and the Company’s signature below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company’s Stock Option Plan as amended and the Option Agreement, all of
which are attached and made a part of this document.

 

 

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Aeolus Pharmaceuticals, Inc.    Date

 

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[Optionee Name]    Date

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AEOLUS PHARMACEUTICALS, INC.

 

1994 STOCK OPTION PLAN

 

INCENTIVE STOCK OPTION AGREEMENT

 

AEOLUS PHARMACEUTICALS, INC., a Delaware corporation (the “Company”) has adopted
the 1994 Stock Option Plan, as amended, (the “Plan”), a copy of which has been
provided to Optionee. The Company has granted the Optionee an Incentive Stock
Option in accordance with the terms of the Notice of Grant of Stock Options
(“Grant Notice”) issued to the Optionee. This Option is subject to the terms and
conditions of the Plan. Capitalized terms used herein and not defined have the
same meanings as set forth in the Plan.

 

IT IS AGREED as follows:

 

1. Grant of Option. The Company hereby grants to the Optionee as of the date of
the Grant Notice the right and option to purchase (subject to adjustment
pursuant to Section 15 of the Plan) the number of shares specified in the Grant
Notice of its Common Stock, $.01 par value, (“Common Stock”) at an option
exercise price per share equal to the exercise price per share specified in the
Grant Notice.

 

2. Option Period. The option granted hereby shall expire on the tenth
anniversary of the date of the Option grant, subject to earlier termination as
provided in the Plan or this Option Agreement.

 

3. Exercise of Option.

 

A. The Optionee may exercise the Option hereby granted to the extent vested,
from and after the dates set forth in the Grant Notice on a cumulative basis.

 

B. The Optionee may exercise all or a portion of the Option (to the extent then
exercisable) by delivering to the Company a written notice duly signed by the
Optionee stating the number of shares that the Optionee has elected to purchase
and accompanied by (i) payment of an amount equal to the full purchase price for
the shares to be purchased, or (ii) any other method of payment provided for in
the Plan to which the Committee of the Company’s Board of Directors
administering the Plan may consent. Within twenty days after receipt by the
Company of such notice and payment, the Company shall issue the shares in the
name of the Optionee and deliver the certificate therefor to the Optionee. No
shares shall be issued until full payment therefor has been made, and the
Optionee shall have none of the rights of a stockholder with respect to such
shares until they are issued.

 

4. Termination. Nothing contained in this Option Agreement shall confer upon the
Optionee any right to remain an employee or consultant of the Company. If the
Optionee’s position with the Company as an employee or consultant is terminated
for any reason, this Option shall be exercisable only as to those shares
immediately purchasable by Optionee at the date of termination for the remaining
term of the option as specified in the Grant Notice.

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5. Non-Transferability of Option. This Option shall not be transferable, other
than by will or by the laws of descent and distribution, and may be exercised
during the Optionee’s lifetime only by the Optionee.

 

6. Tax Status. The Option hereby granted is intended to qualify as an incentive
stock option within the meaning of Section 422 of the Code. If Optionee ceases
to be an employee of the Company, this option will cease to be an incentive
stock option in accordance with the time frame set forth in the Code.

 

7. Incorporation of Plan. This Option is subject to, and governed by, all the
terms and conditions of the Plan, which are hereby incorporated by reference.
The Grant Notice and this Option Agreement, including the Plan incorporated by
reference herein, represents the entire agreement among the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and
understandings. In the case of any conflict between the terms of this Agreement
and the Plan, the provisions of the Plan shall control.

 

8. Purchase for Investment. To the extent that the Shares underlying this Option
are not registered, as a condition to the exercise in whole or in part of the
option hereby granted, each written notice of election shall include a
representation by the Optionee that the shares are being purchased for
investment and not for distribution or resale.

 

9. Notices. Any notice to be given by the Optionee hereunder shall be sent to
the Company at its principal executive offices, and any notice from the Company
to the Optionee shall be sent to the Optionee at Optionee’s address set forth in
the Grant Notice; all such notices shall be in writing and shall be delivered in
person or by registered or certified mail. Either party may change the address
to which notices are to be sent by notice in writing given to the other in
accordance with the terms hereof.

 

10. Governing Law. The parties hereto hereby acknowledge and agree that the
Option granted hereby is granted in the State of North Carolina and any shares
issued upon exercise of the Option will be issued in the State of North
Carolina. This Agreement, as well as the grant of such Option and issuance of
such shares, is and shall be governed by and construed in accordance with the
laws of the State of North Carolina applicable to the agreements made and to be
performed entirely within such State.

 

11. Signatures. The signatures of the Optionee and the Company on the Grant
Notice indicate both parties’ acceptance to abide by the terms of this Option
Agreement and the Plan.

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PURCHASE FORM

 

(To be signed and delivered to

Aeolus Pharmaceuticals, Inc.

upon exercise of the Option)

 

The undersigned, the holder of the foregoing Option, hereby irrevocably elects
to exercise the Stock Option for the purchase of                      shares of
Common Stock of Aeolus Pharmaceuticals, Inc. (“Shares”) and herewith makes
payment of $                     ($             per share) therefor, plus
$                 ($ per share) for withholding tax, if any, required in
connection with the exercise of the Stock Option, and requests that the
Certificates for the Shares be issued in the name(s) of, and delivered to the
address(es) set forth below.

 

 

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Signature

 

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Print Name

 

Dated:                , 20    

 

Issue Certificates in Following Name:

 

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Address