Exhibit
10.10


	
  Nonqualified Stock Option No. 1

  	
  Option for 500,000 Shares

  



 


MEDAREX,
INC.

NONQUALIFIED STOCK OPTION AGREEMENT

FOR 2005 EQUITY INCENTIVE PLAN


MEDAREX, INC., a
New Jersey corporation (the “Company”), in consideration of the value to it of
the continuing services of HOWARD
H. PIEN (hereinafter called “Optionee”), which continuing services
the grant of this Option is designed to secure, and in consideration of the
various undertakings made herein by Optionee, and pursuant to its 2005 Equity Incentive Plan (hereinafter called the “Plan”),
hereby grants to Optionee an option (the “Option”), evidenced by this Option
Agreement, exercisable for the period and upon the terms hereinafter set out,
to purchase 500,000 shares (the “Option Amount”)
of $.01 par value common stock of the Company (“Common Stock”) at a price of $14.355 per share (the “Option Price”), which price
represents at least the Fair Market Value (as such term is defined in the Plan)
of the shares as of the Date of Grant (as hereinafter defined).


1.             Term of
Option.  This Option is
granted and dated on the date set forth next above the signature shown
(sometimes hereinafter called the “Date of Grant”), and will terminate and
expire, to the extent not previously exercised, one day prior to the end of ten
(10) years after the Date of Grant (i.e.,
on the 28th day of June, 2017), or at such
earlier time as may be specified in Section 5 hereof.


2.             Vesting.  Except as set forth in the immediately following
sentence or as otherwise provided in the Plan or this Option Agreement, this
Option will vest and be exercisable as follows, provided that vesting will
cease upon the termination of the Optionee’s Service: 166,667 shares shall vest
on each of the first and second anniversaries of the Date of Grant, and 166,666
shares shall vest on the third anniversary of the Date of Grant; provided,
however, that upon the occurrence of an event constituting a Change in Control (as
defined in the Optionee’s Employment Agreement with the Company dated May 16,
2007 (the “Employment Agreement”)) or in the event that the Optionee’s
employment is terminated by the Company Without Cause or by the Optionee for
Good Reason (as such terms are defined in the Employment Agreement), the Option
Amount shall become immediately vested and exercisable in full.


3.             Non-Transferability.  An Optionee may not sell or otherwise
transfer an Option except by will or the laws of descent and distribution or to
an Optionee’s family members pursuant to a gift (in accordance with the Plan)
or by means of a domestic relations order.


4.             Manner of
Exercise.  The Optionee
(or other person entitled to exercise the Option) shall purchase shares of
Common Stock subject hereto by the payment to the Company of the Option Price
in full.  This Option is to be exercised
by written notice to the Company stating the full number of shares to be
purchased and the time of delivery thereof, which shall be at least 15 days
after the giving of notice unless an earlier date shall have been agreed upon
between Optionee (or other person entitled to exercise the Option) and the
Company.  At such time, the Company
shall, without transfer or issue tax to the Optionee (or other person entitled
to











exercise the Option),
deliver at the principal office of the Company, or at such other place as shall
be mutually agreed upon, a certificate or certificates for such shares against
payment of the Option Price therefor in full for the number of shares to be
delivered; provided, however, that the time of delivery may be postponed by the
Company for such period as may be required for it to comply with reasonable
diligence with any requirements of law. 
Payment of the Option Price shall be made in cash either by a certified
or official bank check.


Notwithstanding the
foregoing, provided that at the time of exercise the Common Stock is publicly
traded, payment in whole or in part of the Option Price may be made in
unrestricted shares of Common Stock which are already owned by the Optionee free
and clear of any liens, claims, encumbrances or security interests, based upon
the Fair Market Value (as defined in the Plan) of the Common Stock on the date
the Option is exercised.  No shares of
Common Stock shall be issued until full payment therefor has been made and any
tax withholding obligations have been satisfied (in accordance with Section
10(d)).  If the Optionee (or other
persons entitled to exercise the Option) fails to accept a delivery of, or to
pay for all or any part of the number of shares specified in such notice upon
tender or delivery thereof, the right to exercise the Option with respect to
such undelivered shares shall be thereupon terminated.


Notwithstanding the
foregoing, provided that at the time of exercise the Common Stock is publicly
traded, payment in whole or in part of the Option Price may be made pursuant to
a program developed under Regulation T as promulgated by the Federal Reserve
Board that, prior to the issuance of Common Stock, results in either the
receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales
proceeds.


5.             Termination
of Service.


(a)           Death.  If any Optionee’s relationship with or
employment by the Company and/or any of its subsidiaries terminates by reason
of death, this Option may thereafter be exercised immediately in full by the
legal representative of the estate or by the legatee of the Optionee under the
will of the Optionee until the expiration of the stated term of the Option.


(b)           Disability.  If the Optionee’s relationship with or
employment by the Company and/or any of its subsidiaries terminates by reason
of “Disability” (as defined in Section 409A(a)(2)(C) of the Code), this Option
may thereafter be exercised in full by the Optionee for a period of three years
from the date of such termination or expiration of the stated term of the
Option, whichever period is the shorter.


(c)           Termination
for Cause.  If the Optionee’s
relationship with or employment by the Company is terminated by the Company for
“Cause”  (as defined in the Employment
Agreement), the Option shall thereupon terminate.  Notwithstanding the foregoing, nothing herein
shall be deemed to alter the at-will employment status of an employee of the
Company in any way.


(d)           Other
Termination.  If the Optionee’s
relationship with or employment by the Company terminates for any reason other
than pursuant to Section 5(a), (b) or (c) hereof, this Option may, to the
extent such Option has vested, thereafter be exercised by the Optionee for a











period of 90 days following the date of such termination or expiration
of the stated term of the Option, whichever period is the shorter.


6.             Adjustments
on Recapitalization; Change in Control; Dissolution or Liquidation.  The number of shares of Common Stock subject
hereto and the Option Price per share shall be proportionately adjusted for any
increase or decrease in the number of issued shares of the Common Stock
resulting from the subdivision or consolidation of the shares, or the payment
of a stock dividend after the Date of Grant, or other decrease or increase in
the shares of Common Stock outstanding effected without receipt of
consideration by the Company; provided, however, that any Options to purchase
fractional shares resulting from such adjustments shall be eliminated.


In the event of a Change
in Control (as defined in the Employment Agreement), if the Option is not
assumed or substituted in connection with the Change in Control, the Option
shall be canceled in exchange for a cash payment with respect to each share of
Common Stock subject to such canceled Option in an amount having a Fair Market
Value equal to the excess of the Fair Market Value of the consideration to be
paid per share of stock in the Change in Control over the exercise price per
share under the Option.


Notwithstanding anything
in this Option Agreement to the contrary, in the event of the proposed
dissolution, liquidation or reorganization of the Company, other than pursuant
to certain mergers or consolidations), the Option granted hereunder shall
terminate as of a date to be fixed by the Committee (as that term is defined in
the Plan); provided that not less than 30 day’s prior written notice of the
date so fixed shall be given to the Optionee, and the Optionee shall have the
right, during the period of thirty (30) days preceding such termination, to
exercise his or her Option as to all or any part of the shares covered thereby,
including shares as to which such Option would not otherwise be exercisable.


7.             Subject to Plan.  This Option is subject to all the terms and
conditions of the Plan (and specifically to the power of the Committee to make
interpretations of the Plan and of the Options granted thereunder, and of the
Board of Directors of the Company (“Board of Directors”) to alter, amend,
suspend or discontinue the Plan subject to the limitations expressed in the
Plan), the provisions of which are hereby made a part of this Option.  By acceptance hereof, Optionee acknowledges
receipt of a copy of a Summary Plan Description, which describes the basic
terms and conditions of the Plan, and recognizes and agrees that
determinations, interpretations or other actions respecting the Plan may be
made by a majority of the Board of Directors or of the Committee, and that such
determinations, interpretations or other actions are final, conclusive and
binding upon all parties, including Optionee. 
In the event of any conflict between the provisions of this Option
Agreement and those of the Plan, the provisions of the Plan shall control.


8.             Rights as Shareholder.
 This Option shall not entitle
Optionee or any permitted transferee hereof to any rights of a shareholder of
the Company or to any notice of proceedings of the Company or to any notice of
proceedings of the Company in respect of any shares issuable upon exercise of
this Option unless and until the Optionee has given to the Company a written
notice of exercise, has paid in full the Option Price for such shares and, if
applicable, has given a representation to the Company that he or she is
purchasing such shares for investment only and











not with a view towards
any distribution.  The Company shall not
be required to issue or deliver any certificate for shares of its Common Stock
purchased hereunder prior to compliance with applicable federal and state laws
and regulations with respect to the issuance, registration or listing of such
shares.


9.             Securities
Laws.  Optionee
acknowledges that he or she has been informed of, or is otherwise familiar
with, the nature and the limitations imposed by the Securities Act of 1933, as
amended (the “Act”), the Exchange Act, and the rules and regulations thereunder
(in particular, Rule 144, promulgated under the Act and Section 16 of the
Exchange Act, and Rule 16b-3 promulgated thereunder), concerning the shares
issuable upon exercise of this Option and agrees to be bound by the
restrictions embodied in such Act, the Exchange Act, and all the rules and
regulations promulgated thereunder.


10.          Miscellaneous;
Governing Law.


(a)           In the event
the Option shall be exercised in whole, this Option Agreement shall be
surrendered to the Company for cancellation. 
In the event the Option shall be exercised in part, or a change in the
number or designation of the Common Stock shall be made, this Option Agreement
shall be delivered by Optionee to the Company for the purpose of making
appropriate notation thereon, or of otherwise reflecting, in such manner as the
Company shall determine, the partial exercise or the change in the number of
designation of the Common Stock.


(b)           The Option
shall be exercised in accordance with such administrative regulations as the
Committee shall from time to time adopt.


(c)           The Option
and this Option Agreement shall be construed, administered and governed in all
respects under and by the laws of the State of New Jersey.


(d)           Optionee
hereby agrees that he or she will make such arrangements as the Company deems
necessary to discharge any federal, state, or local income or payroll tax
withholding obligations imposed upon the Company with respect to this
Option.  Upon Optionee’s request and
subject to the Company’s approval, in its sole discretion, and in compliance
with any applicable conditions or restrictions of law, the Company may withhold
from fully vested shares of Common Stock otherwise issuable to Optionee upon
exercise of the Option a number of whole shares of Common Stock having a Fair
Market Value, determined as of the date of exercise, not in excess of the
minimum amount of tax required to be withheld by law.


(e)           Nothing
contained in this Agreement shall confer upon Optionee the right to employment
by the Company or any of its subsidiaries.











IN WITNESS
WHEREOF, this Option Agreement is executed as of the 29th day of
June, 2007.


	
  

  	
  MEDAREX, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Christian S. Schade
  July 30, 2007

  
				



 











The undersigned Optionee
hereby accepts the foregoing Non-qualified Stock Option
Agreement No. 1 dated as of June 29, 2007 (the “Date of Grant”), and
the undertakings on his or her part contained therein, and agrees to all of the
terms and conditions thereof.


	
  DATED:

  	
   

  	
   

  
	
   

  	
  July 30, 2007

  	
  ,

  	
   

  	
   

  	
  /s/ Howard H.
  Pien

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Optionee
  – Howard H. Pien