Exhibit 10.1

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# ADOLOR CORPORATIONAMENDED AND RESTATED
1994 EQUITY COMPENSATION PLANAS AMENDED DECEMBER
31, 2002AS AMENDED MAY 13, 2003

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Adolor
Corporation, a Delaware corporation, wishes to attract employees and consultants to the
Company, to induce employees, Directors and consultants to remain with the Company, to
encourage them to increase their efforts to make the Companys business more
successful and to enhance stockholder value. In furtherance thereof, the Adolor Amended
and Restated 1994 Equity Compensation Plan is designed to provide incentive and
non-qualified stock options to employees, Directors and consultants of the Company.

# 1. DEFINITIONS.

Whenever
used herein and unless otherwise provided in the Optionees Grant Letter, the
following terms shall have the meanings set forth below:

Administrator
means the Board, or a committee, the members of which shall be appointed by the Board as
described in Section 3.

Approved
Sale means the approval, prior to the consummation of a Public Offering, by the
holders of at least 50% of the Common Stock (including voting and nonvoting shares voting
as a single class) of (i) the merger or consolidation of the Company, (ii) the sale of all
or substantially all of its assets or (iii) the sale of all or a majority of the
outstanding capital stock or my other similar transaction.

Board
means the Board of Directors of the Company.

Cause means
the Optionees (i) conviction for committing a felony under federal law or of the
state in which such action occurred, (ii) dishonesty in the course of fulfilling his or
her employment duties or (iii) willful and deliberate failure to perform his or her
employment duties in any material respect, or such other events as shall be determined by
the Administrator. The Administrator shall have the sole discretion to determine whether
Cause exists, and its determination shall be final.

Change
of Control means the happening of any of the following after the consummation of a
Public Offering:

(i)       
          any Person, other than (a) the Company or any of its Subsidiaries, (b) a trustee
          or other fiduciary holding securities under an employee benefit plan of the
          Company or any of its Subsidiaries, (c) an underwriter temporarily holding
          securities pursuant to an offering of such securities, (d) a corporation owned,
          directly or indirectly, by the stockholders of the Company in substantially the
          same proportion as their ownership of stock of the Company, or (e) an Optionee
          or any group (as such term is used in Sections 13(d) and 14(d) of
          the Exchange Act) which includes the Optionee), becomes the beneficial
          owner (as defined in Rule 13d-3 under the Exchange Act), directly or
          indirectly, of securities of the Company (not including in the securities
          beneficially owned by such Person any securities acquired directly from the
          Company or its Subsidiaries) representing more than 25% of either the then
          outstanding shares of Stock of the Company or the combined voting power of the
          Companys then outstanding securities;

(ii)       the
individuals who serve on the Board as of the effective date hereof (the Incumbent
Directors) cease for any reason to constitute at least a majority of the Board;
provided, however, any person who becomes a director subsequent to the effective date
hereof, whose election or nomination for election was approved by a vote of at least a
majority of the directors then constituting the Incumbent Board, shall for purposes of
this clause (ii) be considered an Incumbent Director;

(iii)       
          the consummation of a merger or consolidation of the Company in which the
          stockholders of the Company immediately prior to such merger or consolidation,
          would not, immediately after the merger or consolidation, beneficially own (as
          such term is defined in Rule 13d-3 under the Exchange Act), directly or
          indirectly, shares representing in the aggregate 50% or more of the combined
          voting power of the securities of the corporation issuing cash or securities in
          the merger or consolidation (or of its ultimate parent corporation, if any); or

(iv)       the
stockholders of the Company approve a plan of complete liquidation or dissolution of the
Company, or there is consummated an agreement for the sale or disposition by the Company
of all or substantially all of the Companys assets, other than a sale or disposition
by the Company of all or substantially all of the Companys assets to an entity, at
least 50% of the combined voting power of the voting securities of which are owned by
Persons in substantially the same proportion as their ownership of the Company immediately
prior to such sale.

Code
means the Internal Revenue Code of 1986, as amended.

Common
Stock means the Common Stock of the Company, par value $.0001 per share, either
currently existing or authorized hereafter.

Company
means Adolor Corporation, a Delaware corporation.

Director
means a member of the Board who is not an employee of the Company or its Subsidiaries.

Exchange
Act means the Securities Exchange Act of 1934, as amended.

Exercise Price
means the exercise price per Share of an Option.

Fair
Market Value per Share as of a particular date means (i) if Shares are then listed
on a national stock exchange, the closing sales price per share of Common Stock on the
exchange for the last preceding date on which there was a sale of shares of Common Stock
on such exchange, as determined by the Administrator, (ii) if Shares are then listed on
the Nasdaq National Market or the Nasdaq SmallCap Market, the closing sales price (or the
closing bid price if no sales were reported) per share of Common Stock on the Nasdaq
National Market or the Nasdaq SmallCap Market, as applicable, for the last preceding date
on which there was a sale of shares of Common Stock on the Nasdaq National Market or the
Nasdaq SmallCap Market, as applicable, as determined by the Administrator, (iii) if Shares
are not then listed on a national stock exchange, the Nasdaq National Market or the Nasdaq
SmallCap Market but are then traded on an over-the-counter market, the average of the
closing bid and asked prices for the shares of Common Stock in such over-the-counter
market for the last preceding date on which there was a sale of such shares of Common
Stock in such market, as determined by the Administrator, or (iv) if Shares are not then
listed on a national stock exchange or traded on an over-the-counter market, or if the
Administrator determines that the value as determined pursuant to Section (i), (ii) or
(iii) above does not reflect fair market value, the Administrator shall determine fair
market value after taking into account such factors that it deems appropriate.

Grant
Letter means a written agreement in a form approved by the Administrator to be
entered into by the Company and the Optionee as provided in Section 3.

Incentive
Stock Option means incentive stock option within the meaning of Section
422(b) of the Code.

Non-Qualified
Option means an Option which is not intended to be an incentive stock
option within the meaning of Section 422(b) of the Code.

Option
means the right to purchase, at the price and for the term fixed by the Administrator in
accordance with the Plan, and subject to such other limitations and restrictions in the
Plan and the applicable Grant Letter, a number of Shares determined by the Administrator.

Optionee
means an employee or Director of or consultant to, the Company to whom an Option is
granted, or the Successors of the Optionee, as the context so requires.

Person
means any individual, partnership, corporation, company, limited liability company,
association, trust, joint venture, unincorporated organization, entity or division, or any
government, governmental department or agency or political subdivision thereof.

Plan
means this Adolor Corporation Amended and Restated 1994 Equity Compensation Plan as
amended from time to time.

Public
Offering means a successfully completed firm-commitment underwritten public offering
(other than a Unit Offering, as hereinafter defined) pursuant to an effective registration
statement under the Securities Act in respect to the offer and sale of shares of Common
Stock for the account of the Company resulting in aggregate net proceeds to the Company
and any stockholder selling shares of Common Stock in such offering of not less than $25
million.

Securities
Act means the Securities Act of 1933, as amended.

Shares
means shares of Common Stock of the Company.

Subsidiary
means any corporation (other than the Company) that is a subsidiary
corporation with respect to the Company under Section 424(f) of the Code. In the
event the Company becomes a subsidiary of another company, the provisions hereof
applicable to subsidiaries shall, unless otherwise determined by the Administrator, also
be applicable to any company that is a parent corporation with respect to the
Company under Section 424(e) of the Code.

Successor
of the Optionee means: (i) the legal representative of the estate of a deceased
Optionee or the person, (ii) persons who shall acquire the right to exercise an Option by
bequest or inheritance or other transfer or by reason of the death of the Optionee, (iii)
if permitted by the Administrator in its sole discretion, any person who shall acquire the
right to exercise an Option pursuant to any other transfer of the Option either pursuant
to Section 12 hereof or pursuant to Court Order or (iv) persons who shall acquire the
right to exercise an Option on behalf of the Optionee as the result of a determination by
a court or other governmental agency of the incapacity of the Optionee.

Termination
of Service means an Optionees termination of employment or other service, as
applicable, with the Company and its Subsidiaries. Cessation of service as an officer,
employee, director or consultant shall not be treated as a Termination of Service if the
Optionee continues without interruption to serve thereafter in a material manner in
another one (or more) of such other capacities, as determined by the Administrator in its
sole discretion.

Unit
Offering means an underwritten public offering of a combination of debt securities
and Common Stock (or warrants or exchange rights to purchase Common Stock) of the Company
in which not more than 15% of the gross proceeds received for the sale of such securities
is attributed to Common Stock.

# 2. EFFECTIVE DATE AND
TERMINATION OF PLAN.

The
effective date of the amendment and restatement of the Plan is August 28, 2001. The Plan
shall terminate on, and no Option shall be granted hereunder on or after, the 10-year
anniversary of the earlier of the approval of the Plan by (i) the Board or (ii) the
stockholders of the Company; provided, however, that the Board may at any time prior to
that date terminate the Plan.

3.    
          ADMINISTRATION OF PLAN.

(a)    
          The Plan shall be administered by the Administrator, which shall be either the
          Board, or a Committee appointed by the Board, who shall, on behalf of the Board,
          have full responsibility and authority to administer the Plan. The Administrator
          shall consist of at least two individuals each of whom shall be a
          nonemployee director as defined in Rule 16b-3 as promulgated by the
          Securities and Exchange Commission under the Exchange Act and shall, at such
          times as the Company is subject to Section 162(m) of the Code (to the extent
          relief from the limitation of Section 162(m) of the Code is sought), qualify as
          outside directors for purposes of Section 162(m) of the Code and
          related Treasury regulations. Notwithstanding the foregoing, the Board may
          designate one or more of its members or officers of the Company to serve as a
          secondary committee and delegate to the secondary committee authority to grant
          Options to eligible individuals who are not subject to the requirements of Rule
          16b-3 under the Exchange Act or Section 162(m) of the Code. The secondary
          committee shall have the same authority with respect to selecting the
          individuals to whom such Options are granted and establishing the terms and
          conditions of such Options as the Administrator has under the terms of the Plan.

(b)    
          The acts of a majority of the members present at any meeting of the
          Administrator at which a quorum is present, or acts approved in writing by a
          majority of the entire Administrator, shall be the acts of the Administrator for
          purposes of the Plan. If and to the extent applicable, no member of the
          Administrator may act as to matters under the Plan specifically relating to such
          member.

(c)       
          Subject to the provisions of the Plan, the Administrator shall in its discretion
          as reflected by the terms of the Grant Letters (i) authorize the granting of
          Incentive Stock Options and Non-Qualified Options to employees, Directors and
          consultants of the Company and its Subsidiaries; and (ii) determine the
          eligibility of an employee, Director or consultant to receive an Option subject
          to Section 4 hereof, (iii) specify whether such Option is an Incentive Stock
          Option or Non-Qualified Option and (iv) determine the number of Shares to be
          covered under any Grant Letter, considering the position and responsibilities of
          the employee, Director or consultant, the nature and value to the Company of the
          employees, Directors or consultants present and potential
          contribution to the success of the Company whether directly or through a
          Subsidiaries and such other factors as the Administrator may deem relevant.

(d)       
          The Grant Letter shall contain such other terms, provisions and conditions not
          inconsistent herewith as determined by the Administrator. The Optionee shall
          take whatever additional actions and execute whatever additional documents the
          Administrator may in its reasonable judgment deem necessary or advisable in
          order to carry out or effect one or more of the obligations or restrictions
          imposed on the Optionee pursuant to the express provisions of the Plan and the
          Grant Letter .

# 4. ELIGIBILITY.

Any
employee, Director or consultant of the Company or a Subsidiary who is designated by the
Administrator as eligible to participate in the Plan shall be eligible to receive an
Option under the Plan.

# 5. SHARES AND UNITS SUBJECT TO THE PLAN.

(a)       
          Subject to adjustments as provided in Section 16, the total number of Shares
          subject to Options granted under the Plan, in the aggregate, may not exceed
          5,350,000. Shares distributed under the Plan may be treasury Shares or authorized
          but unissued Shares. Any Shares that have been reserved for distribution in
          payment for Options but are later forfeited or for any other reason are not
          payable under the Plan may again be made the subject of Options under the Plan.

(b)       
          The certificates for Shares issued hereunder may include any legend which the
          Administrator deems appropriate to reflect any restrictions on transfer
          hereunder or under the Grant Letter , or as the Administrator may otherwise deem
          appropriate.

(c)       
          In no event may any Optionee receive Options for more than 200,000 shares in any
          calendar year. The aggregate fair market value of the shares on the date of the
          grant with respect to which Incentive Stock Options are exercisable for the
          first time by an Optionee during any calendar year under the Plan and under any
          other stock option plan of the Company shall not exceed $100,000.

6.    
          GRANT OF OPTION.

Subject
to the other terms of the Plan, the Administrator shall, in its discretion as reflected by
the terms of the applicable Grant Letter: (i) determine and designate from time to time
those eligible employees, Directors and consultants of the Company and its Subsidiaries to
whom Options are to be granted and the number of Shares to be optioned to each employee
and consultant (provided that Incentive Stock Options may only be granted to employees);
(ii) determine the time or times when and the manner and condition in which each Option
shall be exercisable and the duration of the exercise period; and (iii) determine or
impose other conditions to the grant or exercise of Options under the Plan as it may deem
appropriate.

# 7. OPTION PRICE.

Unless
otherwise determined by the Administrator as reflected in the Grant Letter, the Exercise
Price shall not be less than 100% (or 110% for Incentive Stock Options with respect to
individuals described in Section 422(b)(6) of the Code (relating to 10% owners)) of the
Fair Market Value of a Share on the day the Option is granted.

8.    
          TERM OF OPTIONS; VESTING AND EXERCISABILITY.

(a)       
          The Administrator shall establish the term of each Option, as set forth in the
          Grant Letter; provided that in no event shall any Option have a term greater
          than 10 years from the date of grant (except that, in the case of an individual
          described in Section 422(b)(6) of the Code (relating to 10% owners), the term of
          any Incentive Stock Option shall be no more than five years from the date of
          grant). Unless earlier expired, forfeited or otherwise terminated, each Option
          shall expire in its entirety upon the day after the last day of its term. The
          Option shall also expire, be forfeited and terminate at such times and in such
          circumstances as otherwise provided hereunder or under the Grant Letter.

(b)       
          Each Option, to the extent that the Optionee has not had a Termination of
          Service and the Option has not otherwise lapsed, expired, terminated or been
          forfeited, shall vest according to the vesting schedule which shall be
          determined in the sole and absolute discretion of the Administrator as set forth
          in the Grant Letter

(c)       
          The Grant Letter may, but need not, include a provision whereby the Optionee may
          elect at any time while still an employee of or a consultant to the Company to
          exercise a Non-Qualified Option as to any part or all of the Shares subject to
          the Option prior to the full vesting of the Option. Any Shares so purchased (i)
          shall vest in accordance with the vesting schedule otherwise applicable to the
          Option, (ii) shall be subject to a repurchase right in favor of the Company as
          provided in Section 9 below, and (iii) shall be subject to any other restriction
          the Company determines to be appropriate.

(d)       
          Notwithstanding the foregoing provisions of this Section 8, Options exercisable
          pursuant to the schedule set forth by the Administrator at the time of grant may
          be fully or more rapidly exercisable or vested, and Shares subject to such
          schedule may be fully or more rapidly vested, at any time in the discretion of
          the Administrator. Upon and after the death of an Optionee, such Optionees
          Options, if and to the extent otherwise exercisable hereunder or under the
          applicable Grant Letter after the Optionees death, may be exercised by the
          Successors of the Optionee.

9.    
          EXERCISABILITY UPON AND AFTER TERMINATION OF OPTIONEE.

9.1
Termination on Retirement, Disability, Death or without Cause.

Unless
otherwise provided in the applicable Grant Letter, if an Optionee has a Termination of
Service other than a Termination of Service due to death or for cause, the unexercised and
vested portion of such Optionees Option will remain exercisable by the Optionee, the
Optionees estate, the persons who acquired the right to exercise the Option by
bequest or inheritance, as applicable, for a period of 90 days following such Termination
of Service, but in no event later than the last day of the term of the Option. Such
portion of the Option shall terminate to the extent not exercised within such period.
Unless otherwise provided in the Grant Letter, upon such a Termination of Service, any
unvested portion of an Option will terminate and will be forfeited, and any Shares
purchased pursuant to Section 8(c) above which are unvested at the time of such
Termination of Service shall be subject to a repurchase right in favor of the Company for
a price equal to the lesser of (x) the Exercise Price of the Shares or (y) the Fair Market
Value of such Shares on the date of repurchase, which right must be exercised by the
Company within 90 days of such Termination of Service; provided that if the Company does
not exercise such right within such 90-day period, the Optionee shall become fully and
immediately vested in such Shares.

9.2
Termination for Cause.

If
an Optionee has a Termination of Service on account of a termination for Cause, any Option
held by the Optionee will immediately expire on the date of such Termination of Service,
and the Company has the right (but not the obligation to) repurchase any unvested or
vested Shares held by the Optionee for a price equal to the lesser of (x) the Option Price
of the Shares or (y) the Fair Market Value of the Shares on the date of repurchase;
provided such right must be exercised within six months of the applicable Termination of
Service, and provided, further, that if the Company does not exercise such right within
such six-month period, the Optionee shall become fully and immediately vested in such
Shares.

9.3
Termination due to Optionees Death.

Unless
otherwise provided in the applicable Grant Letter, if an Optionee has a Termination of
Service due to the Optionees death or if the Optionee dies within the 90-day period
following any Termination of Service other than a Termination for Cause, the unexercised
and vested portion of such Optionees Option will remain exercisable by the
Optionees estate or the persons who acquired the right to exercise the Option by
bequest or inheritance, as applicable, until one year from the date of death but in no
event later than the last day of the term of the Option. Such portion of the Option shall
terminate to the extent not exercised within such period. Unless otherwise provided in the
Grant Letter , upon such Termination of Service, any unvested portion of an Option will
terminate and will be forfeited, and any Shares purchased pursuant to Section 8(c) above
which are unvested at the time of such Termination of Service shall be subject to a
repurchase right in favor of the Company for a price equal to the lesser of (x) the
Exercise Price of the Shares or (y) the Fair Market Value of such Shares on the date of
repurchase, which right must be exercised by the Company within 90 days of such
Termination of Service; provided that if the Company does not exercise such right within
such 90-day period, the Optionee shall become fully and immediately vested in such Shares.

9.4
In General.

Except
as may otherwise be expressly set forth in Section 8 or this Section 9 or as may otherwise
be expressly provided under the Grant Letter, no provision of this Section 9 is intended
to or shall permit the exercise of the Option to the extent the Option was not exercisable
upon the Termination of Service.

# 10. EXERCISE OF OPTIONS;
PAYMENT.

10.1.       
          Notice of Exercise.

|(a) | Subject to vesting and other restrictions provided for hereunder or otherwise
          imposed in accordance herewith, an Option may be exercised, and payment in full
          of the aggregate Exercise Price made, by an Optionee only by written notice (in
          the form prescribed by the Administrator) to the Company specifying the number
          of Shares to be purchased.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | Without limiting the scope of the Administrators discretion hereunder,
          the Administrator may impose such other restrictions on the exercise of
          Incentive Stock Options (whether or not in the nature of the foregoing
          restrictions) as it may deem necessary or appropriate.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | If Shares acquired upon the exercise of an Incentive Stock Option are disposed
          of in a disqualifying disposition within the meaning of Section 422 of the Code
          by an Optionee prior to the expiration of either two years from the date of
          grant of such Option or one year from the transfer of Shares to the Optionee
          pursuant to the exercise of such Option, or in any other disqualifying
          disposition within the meaning of Section 422 of the Code, such Optionee shall
          notify the Company in writing as soon as practicable thereafter of the date and
          terms of such disposition and, if the Company (or any affiliate thereof)
          thereupon has a tax withholding obligation, shall pay to the company (or such
          affiliate) an amount equal to any withholding tax the Company (or affiliate) is
          required to pay as a result of the disqualifying disposition.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10.2.       
          Form of Payment.

(a)       
          The aggregate Exercise Price shall be paid in full upon the exercise of the
          Option. Payment must be made by one of the following methods:

| | (i)                 cash
or a certified or bank cashiers check;
| | ----------------------------------------------------------------

| | (ii)       the
proceeds of a Company loan program or third party sale program or a note acceptable to
the Administrator given as consideration under such a program, in each case if permitted
by the Administrator in its discretion, if such a program has been established and the
Optionee is eligible to participate therein;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)                 if
approved by the Administrator in its discretion Shares of previously owned
          Common Stock having an aggregate Fair Market Value on the date of exercise
equal           to the aggregate Option Price;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)       if
approved by the Administrator of its discretion, by delivery of an assignment
satisfactory in form and substance to the Company of a sufficient amount of the proceeds
from the sale of Shares to be acquired pursuant to such exercise and an instruction to
the broker or selling agent to pay that amount to the Company; or
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v)                 by
a combination of such methods of payment or any other method acceptable to           the
Administrator in its discretion.
| | ------------------------------------------------------------------------------------------------------------------------------------------------

(b)       
          Except in the case of Options exercised by certified or bank cashiers
          check, the Administrator may impose limitations and prohibitions on the exercise
          of Options as it deems appropriate, including, without limitation, any
          limitation or prohibition designed to avoid accounting consequences which may
          result from the use of Common Stock as payment upon exercise of an Option. Any
          fractional Shares resulting from an Optionees election that is accepted by
          the Company shall be paid in cash.

# 11. EXERCISE BY
SUCCESSORS.

An
Option may be exercised, and payment in full of the aggregate Exercise Price made, by the
Successors of the Optionee only by written notice (in the form prescribed by the
Administrator) to the Company specifying the number of Shares to be purchased. Such notice
shall state that the aggregate Option Price will be paid in full, or that the Option will
be exercised as otherwise provided hereunder, in the discretion of the Company or the
Administrator, if and as applicable.

# 12. NONTRANSFERABILITY
OF OPTION.

Each
Option granted under the Plan shall by its terms be nontransferable by the Optionee except
by will or the laws of descent and distribution of the state wherein the Optionee is
domiciled at the time of his death; provided, however, that the Administrator may (but
need not) permit other transfers of Non-Qualified Options where the Administrator
concludes that such transferability does not result in accelerated U.S. federal income
taxation and is otherwise appropriate and desirable.

# 13. TAX WITHHOLDING.

13.1.       
          In General.

The
Company shall be entitled to withhold from any payments or deemed payments any amount of
tax withholding determined by the Administrator to be required by law. Without limiting
the generality of the foregoing, the Administrator may, in its discretion, require an
Optionee to pay to the Company at such time as the Administrator determines the amount
that the Administrator deems necessary to satisfy the Companys obligation to
withhold federal, state or local income or other taxes incurred by reason of the exercise
of any Option.

13.2.       
          Share Withholding.

Upon
the exercise of an Option, the Optionee may, if approved by the Administrator in its
discretion, make a written election to have Shares then issued withheld by the Company
from the Shares otherwise to be received, or to deliver previously owned Shares, in order
to satisfy the liability for such withholding taxes. In the event that the Optionee makes,
and the Administrator permits, such an election, the number of Shares so withheld or
delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to
satisfy the applicable withholding taxes.

13.3        Withholding
Required.

Notwithstanding
anything contained in the Plan to the contrary, the Optionees satisfaction of any
tax-withholding requirements imposed by the Administrator shall be a condition precedent
to the Companys obligation as may otherwise be provided hereunder to provide Shares
to the Optionee and to the release of any restrictions as may otherwise be provided
hereunder, as applicable; and the applicable Option shall be forfeited upon the failure of
the Optionee to satisfy such requirements with respect to the exercise of the Option.

# 14. REGULATIONS AND
APPROVALS.

(a)       
          The obligation of the Company to sell Shares with respect to an Option granted
          under the Plan shall be subject to all applicable laws, rules and regulations,
          including all applicable federal and state securities laws, and the obtaining of
          all such approvals by governmental agencies as may be deemed necessary or
          appropriate by the Administrator.

(b)       
          The Administrator may make such changes to the Plan as may be necessary or
          appropriate to comply with the rules and regulations of any government authority
          or to obtain tax benefits applicable to an Option.

(c)       
          Each grant of Options is subject to the requirement that, if at any time the
          Administrator determines, in its discretion, that the listing, registration or
          qualification of Shares issuable pursuant to the Plan is required by any
          securities exchange or under any state or federal law, or the consent or
          approval of any governmental regulatory body is necessary or desirable as a
          condition of, or in connection with, the issuance of Options no payment shall be
          made in whole or in part, unless listing, registration, qualification, consent
          or approval has been effected or obtained free of any conditions in a manner
          acceptable to the Administrator.

(d)       
          In the event that the disposition of stock acquired pursuant to the Plan is not
          covered by a then current registration statement under the Securities Act, and
          is not otherwise exempt from such registration, such Shares shall be restricted
          against transfer to the extent required under the Securities Act, and the
          Administrator may require any individual receiving Shares pursuant to the Plan,
          as a condition precedent to receipt of such Shares, to represent to the Company
          in writing that such Shares will be disposed of only if registered for sale
          under the Securities Act or if there is an available exemption for such
          disposition.

# 15. INTERPRETATION AND
AMENDMENTS, OTHER RULES.

15.1.       
          The Administrator may make such rules and regulations and establish such
          procedures for the administration of the Plan as it deems appropriate. Without
          limiting the generality of the foregoing, the Administrator may (i) determine
          the extent, if any, to which Options shall be forfeited (whether or not such
          forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the
          Grant Letters hereunder, with such interpretations to be conclusive and binding
          on all persons and otherwise accorded the maximum deference permitted by law,
          provided that the Administrators interpretation shall not be entitled to
          deference on and after a Change of Control except to the extent that such
          interpretations are made exclusively by members of the Administrator who are
          individuals who served as Administrator members before the Change of Control;
          and (iii) take any other actions and make any other determinations or decisions
          that it deems necessary or appropriate in connection with the Plan or the
          administration or interpretation thereof. Unless otherwise expressly provided
          hereunder, the Administrator, with respect to any grant, may exercise its
          discretion hereunder at the time of the grant or thereafter. In the event of any
          dispute or disagreement as to the interpretation of the Plan or of any rule,
          regulation or procedure, or as to any question, right or obligation arising from
          or related to the Plan, the decision of the Administrator, except as provided in
          clause (ii) of the foregoing sentence, shall be final and binding upon all
          persons. The Board may amend the Plan as it shall deem advisable, except that no
          amendment may adversely affect an Optionee with respect to an Option previously
          granted unless such amendments are required in order to comply with applicable
          laws; provided that the Board may not make any amendment in the Plan that would,
          if such amendment were not approved by the holders of the Common Stock, cause
          the Plan to fail to comply with any requirement of applicable law or regulation,
          unless and until the approval of the holders of such Common Stock is obtained.

16.    
          CHANGES IN CAPITAL STRUCTURE; CHANGE OF CONTROL.

16.1.       
          Changes in Capital Structure.

(a)       
          If (i) the Company shall at any time be involved in a merger, consolidation,
          dissolution, liquidation, reorganization, exchange of shares, sale of all or
          substantially all of the assets or stock of the Company or a transaction similar
          thereto, (ii) any stock dividend, stock split, reverse stock split, stock
          combination, reclassification, recapitalization or other similar change in the
          capital structure of the Company or any distribution to holders of Common Stock
          other than cash dividends, shall occur or (iii) any other event shall occur
          which in the judgment of the Administrator necessitates action by way of
          adjusting the terms of the outstanding Options, then (x) the maximum aggregate
          number of Shares which may be made subject to Options under the Plan shall be
          appropriately adjusted by the Administrator; and (y) the Administrator shall
          take any such action as in its judgment shall be necessary to preserve the
          Optionees rights in their respective Options substantially proportionate
          to the rights existing in such Options prior to such event, including, without
          limitation, adjustments in (A) the number of Options granted, (B) the number and
          kind of shares or other property to be distributed in respect of Options, and
          (C) the Exercise Price.

16.2.       
          Change of Control or Approved Sale.

(a)       
          Upon a Change of Control or an Approved Sale unless otherwise provided in an
          Optionees Grant Letter, the vesting and exercisability of all Options that
          are outstanding and unexercised as of such Change of Control, to the extent
          unvested, and any unvested shares held by the Optionee shall be accelerated such
          that all outstanding Options are fully vested and exercisable and all Shares
          held by the Optionee are fully vested, and, if the Company does not survive such
          Change of Control or an Approved Sale, the Company shall, if the Company does
          not cash-out all outstanding options, require the successor corporation to the
          Company to assume all outstanding Options and to substitute such Options with
          awards involving the common stock of such successor corporation on terms and
          conditions necessary to preserve the rights of Optionees with respect to such
          Options. Upon a Change of Control or an Approved Sale, the Administrator, in its
          sole discretion, may require the Company to cancel all outstanding vested
          Options (including those Options vested upon a Change of Control or an Approved
          Sale) in exchange for a cash payment in an amount equal to the excess, if any,
          of the Fair Market Value of the Common Stock underlying the unexercised portion
          of the Option as of the date of the Change of Control or Approved Sale over the
          Option Price of such portion. Notwithstanding anything in the Plan to the
          contrary, in the event of an Approved Sale or a Change of Control, the
          Administrator shall not have the right to take any actions described in the Plan
          (including without limitation actions described in this Section 16.2) that would
          make the Approved Sale or Change of Control ineligible for pooling of interests
          accounting treatment or that would make the Approved Sale or Change of Control
          ineligible for desired tax treatment if, in the absence of such right, the
          transaction would qualify for such treatment and the Company intends to use such
          treatment with respect to the transaction, in which case the Administrator and
          the Company shall be required to take the action described in the first sentence
          of this Section 16.2.

16.3.       
          Administrator Authority. The judgment of the Administrator with respect
          to any matter referred to in this Section 16 shall be conclusive and binding
          upon each Optionee without the need for any amendment to the Plan.

# 17. MISCELLANEOUS.

17.1.       
          No Rights to Employment or Other Service.

Nothing
in the Plan or in any grant made pursuant to the Plan shall confer on any individual any
right to continue in the employ or other service of the Company or its Subsidiaries or
interfere in any way with the right of the Company or its Subsidiaries and its
stockholders to terminate the individuals employment or other service at any time.

17.2.       
          No Fiduciary Relationship.

Nothing
contained in the Plan, and no action taken pursuant to the provisions of the Plan, shall
create or shall be construed to create a trust of any kind, or a fiduciary relationship
between the Company or its Subsidiaries, or their officers or the Administrator, on the
one hand, and the Optionee, the Company, its Subsidiaries or any other person or entity,
on the other.

17.3.       
          Notices.

All
notices under the Plan shall be in writing, and if to the Company, shall be delivered to
the Board or mailed to its principal office, addressed to the attention of the Board; and
if to the Optionee, shall be delivered personally, sent by facsimile transmission or
mailed to the Optionee at the address appearing in the records of the Company. Such
addresses may be changed at any time by written notice to the other party given in
accordance with this Section 17.3.

17.4.       
          Exculpation and Indemnification.

The
Company shall indemnify and hold harmless the members of the Board and the members of the
Administrator, from and against any and all liabilities, costs and expenses incurred by
such persons as a result of any act or omission to act in connection with the performance
of such persons duties, responsibilities and obligations under the Plan, to the
maximum extent permitted by law, other than such liabilities, costs and expenses as may
result from the gross negligence, bad faith, willful misconduct or criminal acts of such
persons.

17.5.       
          Captions.

The
use of captions in this Plan is for convenience. The captions are not intended to provide
substantive rights.

17.6.       
          Governing Law.

| | THE
PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICTS OF LAWS.
| | ---------------------------------------------------------------------------------------------------------------------

IN
WITNESS WHEREOF, on behalf of Adolor Corporation and pursuant to the direction of the
Board, the undersigned hereby adopts the Plan as set forth herein.

Adolor Corporation

| |       
| | ------
| | By:   
| | Title:

AS AMENDED DECEMBER 31,
2002 AS AMENDED MAY 13, 2003