From of Non-Qualified Stock Option Agreement



 Exhibit 10.4 
 I-MANY, INC. 
 Non-Qualified Stock Option Agreement 
 Granted Under the 2008 Stock Incentive Plan 
  

	1.	Grant of Option. 

 This agreement evidences the
grant by I-many, Inc., a Delaware corporation (the “Company”), on                     , 2008 (the “Grant Date”) to
[PARTICIPANT] (the “Participant”) of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2008 Stock Incentive Plan (the “Plan”), a total of
                     shares (the “Shares”) of common stock, $.0001 par value per share, of the Company (“Common Stock”) at
$             per share. Unless earlier terminated, this option shall expire on
                    , 201     (the “Final Exercise Date”). 
 The option evidenced by this agreement is not intended to qualify as an incentive stock option as defined in Section 422 of the Internal Revenue
Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires
the right to exercise this option validly under its terms. 
  

	2.	Vesting Schedule. 

 This option will become
exercisable (“vest”) in installments for not more than the number of shares set forth opposite such applicable date: 
  

			
	 June 1, 2007[example]
	  	25% of the Shares
	 September 1, 2007
	  	an additional 6.25% of the Shares
	 December 1, 2007
	  	an additional 6.25% of the Shares
	 March 1, 2008
	  	an additional 6.25% of the Shares
	 June 1, 2008
	  	an additional 6.25% of the Shares
	 September 1, 2008
	  	an additional 6.25% of the Shares
	 December 1, 2008
	  	an additional 6.25% of the Shares
	 March 1, 2009
	  	an additional 6.25% of the Shares
	 June 1, 2009
	  	an additional 6.25% of the Shares
	 September 1, 2009
	  	an additional 6.25% of the Shares
	 December 1, 2009
	  	an additional 6.25% of the Shares
	 March 1, 2010
	  	an additional 6.25% of the Shares
	 June 1, 2010
	  	an additional 6.25% of the Shares

 The right of exercise shall be cumulative so that to the extent the option is not exercised in any
period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3
hereof or the Plan. 








	3.	Exercise of Option. 

 (a) Form of Exercise.
Each election to exercise this option shall be in writing, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement and payment in full. The Participant may make payment in the following manners:

 (1) in cash or by check, payable to the order of the Company; 
 (2) by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to
pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check
sufficient to pay the exercise price and any required tax withholding; or 
 (3) by any combination of the above permitted forms of payment.

 The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for
any fractional share. 
 (b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3,
this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee or officer of, or consultant or advisor to, the Company or any parent or subsidiary
of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 
 (c) Termination of
Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such
cessation (but in no event after the Final Exercise Date). Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality
and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an
Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of
the Participant by the Participant, provided that this option shall not be exercisable after the Final Exercise Date. 
 (e)
Discharge for Cause. If the Participant, prior to the Final Exercise Date, is discharged by the Company for “cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such
discharge. “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of
any employment, consulting, advisory, nondisclosure, non-competition or other 

  

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similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant shall be
considered to have been discharged for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that discharge for cause was warranted. 
  

	4.	Withholding. 

 No Shares will be issued pursuant to
the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

  

	5.	Nontransferability of Option. 

 This option may not
be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be
exercisable only by the Participant. 
  

	6.	Provisions of the Plan. 

 This option is subject to
the provisions of the Plan, a copy of which is furnished to the Participant with this option. 
 IN WITNESS WHEREOF, the Company has caused
this option to be executed under its corporate seal by its duly authorized officer. This option shall take effect as a sealed instrument. 
  

					
		 	I-MANY, INC.
	Dated:                     	 		 	
			
		 	By:	 	  

		 	Name:	 	Kevin M. Harris
		 	Title:	 	Chief Financial Officer

 PARTICIPANT’S ACCEPTANCE 
 The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy
of the Company’s 2008 Stock Incentive Plan. 
  

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	PARTICIPANT:
	
	  

	 [PARTICIPANT]

		
	 Address:
	 	  

		
		 	  

		 	


  

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