EX-10.9



 Exhibit 10.9 
 Option No.:      
 GLYCOMIMETICS, INC.

 2003 STOCK INCENTIVE PLAN 
 INCENTIVE STOCK OPTION AGREEMENT 
 GlycoMimetics, Inc., a Delaware corporation (the
“Company”), hereby grants an option to purchase shares of its common stock, $.001 par value, (the “Stock”) to the optionee named below. The terms and conditions of the option are set forth in this cover sheet, in the attachment
and in the Company’s 2003 Stock Incentive Plan (the “Plan”). 
 Grant Date:
            , 200     
 Name of Optionee:
                     
 Optionee’s
Social Security Number:          -          -          
 Number of Shares Covered by Option:                  
 Option Price per Share: $        .      (At least 100% of Fair Market Value) 
 Vesting Start Date:             ,          

By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a
copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 

 

					
	Optionee:	 	  

		 	(Signature)
		
	Company:	 	  

		 	(Signature)
			
		 	Title:	 	  


 Attachment 
 This is not a stock certificate or a negotiable instrument 







 GLYCOMIMETICS, INC. 

2003 STOCK INCENTIVE PLAN 
 INCENTIVE STOCK OPTION AGREEMENT 
  

			
	Incentive Stock Option	  	This option is intended to be an incentive stock option under Section 422 of the Internal Revenue Code and will be interpreted accordingly. If you cease to be an employee of the
Company, its parent or a subsidiary (“Employee”) but continue to provide Service, this option will be deemed a nonstatutory stock option three months after you cease to be an Employee. In addition, to the extent that all or part of this
option exceeds the $100,000 rule of section 422(d) of the Internal Revenue Code, this option or the lesser excess part will be deemed to be a nonstatutory stock option.
		
	Vesting	  	This option is only exercisable before it expires and then only with respect to the vested portion of the option. Subject to the preceding sentence, you may exercise this option, in
whole or in part, to purchase a whole number of vested shares not less than 100 shares, unless the number of shares purchased is the total number available for purchase under the option, by following the procedures set forth in the Plan and below in
this Agreement.
		
		  	Your right to purchase shares of Stock under this option vests as to one-fourth (1/4) of the total number of shares covered by this option, as shown on the cover sheet (the
“Option Shares”), on the one-year anniversary of the Vesting Start Date (“Anniversary Date”), provided you then continue in Service. Thereafter, for each such vesting date that you remain in Service, the number of shares of Stock
which you may purchase under this option shall vest at the rate of one forty-eighth (1/48th) of the Option Shares per month as of the first day of each month following the month of the Anniversary Date. The resulting aggregate number of vested shares will be rounded to the nearest whole number,
and you cannot vest in more than the number of shares covered by this option.
		
		  	Subject to Section 7.3 of the Plan, the Option shall remain exercisable until the earlier of: (i) the expiration date or (ii) the expiration of a ninety (90) day period following
the date of your involuntary termination. The Board, in its sole discretion, will determine the date of a Change of Control.
		
	Term	  	Your option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the cover sheet. Your
option will expire earlier if your Service terminates, as described below.


  
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	Regular Termination	  	If your Service terminates for any reason, other than death, Disability or Cause, then your option will expire at the close of business at Company headquarters on the 60th day after
your termination date.
		
	Termination for Cause	  	If your Service is terminated for Cause, then you shall immediately forfeit all rights to your option and the option shall immediately expire.
		
	Death	  	If your Service terminates because of your death, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of
death. During that twelve month period, your estate or heirs may exercise the vested portion of your option.
		
		  	In addition, if you die during the 60-day period described in connection with a regular termination (i.e., a termination of your Service not on account of your death, Disability or
Cause), and a vested portion of your option has not yet been exercised, then your option will instead expire on the date twelve (12) months after your termination date. In such a case, during the period following your death up to the date twelve
(12) months after your termination date, your estate or heirs may exercise the vested portion of your option.
		
	Disability	  	If your Service terminates because of your Disability, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after your
termination date.
		
	Leaves of Absence	  	For purposes of this option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the Company in writing, if the terms of
the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 90 days after you went on employee leave, unless your right to return to
active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
		
		  	The Company determines, in its sole discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan.
		
	Notice of Exercise	  	When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the address given on the form. Your notice must
specify how many shares you wish to purchase (in a parcel of at least 100 shares


  
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		  	generally). Your notice must also specify how your shares of Stock should be registered (in your name only or in your and your spouse’s names as joint tenants with right of
survivorship). The notice will be effective when it is received by the Company.
		
		  	If someone else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
		
	Form of Payment	  	When you submit your notice of exercise, you must include payment of the option price for the shares you are purchasing. Payment may be made in one (or a combination) of the
following forms:
		
		  	 •       Cash, your personal check, a cashier’s check, a money order or another cash
equivalent acceptable to the Company.

		
		  	 •       Shares of Stock which have already been owned by you for more than six months and
which are surrendered to the Company. The value of the shares, determined as of the effective date of the option exercise, will be applied to the option price.

		
		  	 •       To the extent a public market for the Stock exists as determined by the Company,
by delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate option
price and any withholding taxes.

		
	Withholding Taxes	  	You will not be allowed to exercise this option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the option exercise or
sale of Stock acquired under this option. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise or sale of shares arising from this grant, the Company shall
have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate.
		
	Transfer of Option	  	During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the option. You cannot transfer or
assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or it may
be transferred upon your death by the laws of descent and distribution.


  
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		  	Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize your
spouse’s interest in your option in any other way.
		
	Market Stand-off Agreement	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including
the Company’s initial public offering, you agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the foregoing
transactions with respect to any shares of Stock without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or the
underwriters (not to exceed 180 days in length).
		
	Investment Representation	  	If the sale of Stock under the Plan is not registered under the Securities Act, but an exemption is available which requires an investment or other representation, you shall
represent and agree at the time of exercise that the Stock being acquired upon exercise of this option is being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed
necessary or appropriate by the Company and its counsel.
		
	The Company’s Right of First Refusal	  	In the event that you propose to sell, pledge or otherwise transfer to a third party any Stock acquired under this Agreement, or any interest in such Stock, the Company shall have
the “Right of First Refusal” with respect to all (and not less than all) of such shares of Stock. If you desire to transfer Stock acquired under this Agreement, you must give a written “Transfer Notice” to the Company describing
fully the proposed transfer, including the number of shares proposed to be transferred, the proposed transfer price and the name and address of the proposed transferee.
		
		  	The Transfer Notice shall be signed both by you and by the proposed new transferee and must constitute a binding commitment of both parties to the transfer of the shares. The
Company shall have the right to purchase all, and not less than all, of the shares of Stock on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted in the next paragraph) by delivery of
a notice of exercise of the Right of First Refusal within thirty (30) days after the date when the Transfer Notice was received by the Company.


  
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		  	If the Company fails to exercise its Right of First Refusal within thirty (30) days after the date when it received the Transfer Notice, you may, not later than ninety (90) days
following receipt of the Transfer Notice by the Company, conclude a transfer of the Stock subject to the Transfer Notice on the terms and conditions described in the Transfer Notice. Any proposed transfer on terms and conditions different from those
described in the Transfer Notice, as well as any subsequent proposed transfer by you, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in the paragraph above. If the Company exercises its
Right of First Refusal, the parties shall consummate the sale of the Stock on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been
specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Stock was to be made in a form other than lawful money paid at the time of transfer, the Company shall have the option of
paying for the Stock with lawful money equal to the present value of the consideration described in the Transfer Notice.
		
		  	In the case of any purchase of Stock under this Right of First Refusal, at the option of the Company, the Company may pay you the purchase price in three or fewer annual
installments. Interest shall be credited on the installments at the applicable federal rate (as determined for purposes of Section 1274 of the Code) in effect on the date on which the purchase is made. The Company shall pay at least one-third of the
total purchase price each year, plus interest on the unpaid balance, with the first payment being made on or before the
60th day after the purchase.
		
		  	The Company’s rights under this subsection shall be freely assignable, in whole or in part, shall inure to the benefit of its successors and assigns and shall be binding upon
any transferee of the shares of Stock.
		
		  	The Company’s Right of First Refusal shall terminate in the event that the Stock is listed on an established national or regional stock exchange, is admitted for quotation on
The Nasdaq Stock Market, Inc., or is publicly traded in an established securities market.
		
	Right to Repurchase	  	Following termination of your Service for any reason, the Company shall have the right to purchase all of those shares of Stock that you have or will acquire under this option. If
the Company exercises its right to purchase the shares, the Company will notify you of its


  
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		  	intention to purchase such shares, and will consummate the purchase within one year (or 90 days to the extent required by applicable law) of your termination of Service or, in the
case of Stock acquired after your termination of Service, within one year (or 90 days to the extent required by applicable law) of the date of exercise.
		
		  	The purchase price shall be the Fair Market Value of the shares on the date of your termination of Service if the Company exercises its right to purchase such shares within 90 days
of your termination of Service or exercises its right within 90 days of the date of your exercise of the option following termination of Service, otherwise the purchase price shall be the Fair Market Value of the shares on the date the Company gives
you notice of its intent to exercise its right to purchase the shares.
		
		  	The Company’s rights of repurchase shall terminate in the event that the Stock is listed on an established national or regional stock exchange, is admitted for quotation on The
Nasdaq Stock Market, Inc., or is publicly traded in an established securities market.
		
	Retention Rights	  	Neither your option nor this Agreement give you the right to be retained by the Company (or any Parent, Subsidiaries or Affiliates) in any capacity. The Company (and any Parent,
Subsidiaries or Affiliates) reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	You, or your estate or heirs, have no rights as a shareholder of the Company until a certificate for your option’s shares has been issued (or an appropriate book entry has been
made). No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry has been made), except as described in the Plan.
		
	Forfeiture of Rights	  	If you should take actions in competition with the Company, the Company shall have the right to cause a forfeiture of your rights, including, but not limited to, the right to cause:
(i) a forfeiture of any outstanding option, and (ii) with respect to the period commencing twelve (12) months prior to your termination of Service with the Company and ending twelve (12) months following such termination of Service (A) a forfeiture
of any gain recognized by you upon the exercise of an option or (B) a forfeiture of any Stock acquired by you upon the exercise of an option (but the Company will pay you the option price without interest). Unless otherwise specified in an
employment or other agreement between the Company and you, you take actions in competition with the Company if you directly or indirectly, own, manage,


  
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		  	operate, join or control, or participate in the ownership, management, operation or control of, or are a proprietor, director, officer, stockholder, member, partner or an employee
or agent of. or a consultant to any business, firm, corporation, partnership or other entity which competes with any business in which the Company or any of its Affiliates is engaged during your employment or other relationship with the Company or
its Affiliates or at the time of your termination of Service. Under the prior sentence, ownership of less than 1% of the securities of a public company shall not be treated as an action in competition with the Company.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by this option and the option price per share shall be adjusted (and
rounded down to the nearest whole number) if required pursuant to the Plan. Your option shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate
activity.
		
	Legends	  	All certificates representing the Stock issued upon exercise of this option shall, where applicable, have endorsed thereon the following legends:
		
		  	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY
AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE
SHARES REPRESENTED BY THIS CERTIFICATE.”
		
		  	“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER SUCH ACT AND SUCH APPLICABLE STATE OR OTHER JURISDICTION’S SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.”


  
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	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	The text of the Plan is incorporated in this Agreement by reference Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the
Plan.
		
		  	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning this
option are superseded.
		
	Other Agreements	  	You agree, as a condition of the grant of this option, that in connection with the exercise of the option, you will execute such document(s) as necessary to become a party to any
shareholder agreement or voting trust as the Company may require.
		
	Certain Dispositions	  	If you sell or otherwise dispose of Stock acquired pursuant to the exercise of this option following termination of the Company’s Right of First Refusal and sooner than the one
year anniversary of the date you acquired the Stock, then you agree to notify the Company in writing of the date of sale or disposition, the number of share of Stock sold or disposed of and the sale price per share within 30 days of such sale or
disposition.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described
above and in the Plan. 

  
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