1998 Non-Qualified Employee Stock Option Plan Award Letter



 Exhibit 10.6 
  
 XXXXXX XX, 200X 
  
 XXXXXXXXXXXX 
 XXXXXXXXXXXX 
 XXXXXXXXXXXX 
  

	Re:	Letter Agreement for Stock Option Grant and Acceptance Between Nabi Biopharmaceuticals and XXXXXXXXXXXXXXX 

  
 Dear XXXXXXXXXXXXXXX: 
  
 I am pleased to report that for good and valuable consideration, receipt of which is hereby acknowledged, Nabi
Biopharmaceuticals, a Delaware corporation (the “Company”), does hereby grant to you (the “Optionee”) an option to purchase XXXXXXXXXXXXXXXXX (XXXXX) shares of Common Stock of the Company (the “Option”), pursuant
to the terms of the Company’s 1998 Non-Qualified Employee Stock Option Plan (the “Plan”) and the terms and conditions set forth below. A copy of the Plan is attached hereto and is incorporated herein in it entirety by reference.

  
 The Optionee hereby accepts the Option subject to all of the
provisions of the Plan, and upon the following additional terms and conditions: 
  
 1. The price at which the shares of Common Stock may be purchased pursuant to the Option is $XXXX per share, subject to adjustment as provided in the Plan. 
  
 2. (a) The Option shall expire at the close of business on the tenth
anniversary of the date hereof (the “Expiration Date”). Subject to the following provisions of this Section 2 and to the provisions of the Plan, the Option shall be exercisable before said Expiration Date as follows: (i) if the Optionee is
employed by the Company of the first anniversary of the date hereof, to the extent of 25% of the number of shares covered hereby; (ii) if the Optionee is employed by the Company on the second anniversary of the date hereof, to the extent of 50% of
the number of shares covered hereby, less the number of shares covered hereby, less the number of shares as to which the Option has been exercised previously; (iii) if the Optionee is employed by the Company on the third anniversary of the date
hereof, to the extent of 75% of the number of shares covered hereby, less the number of shares as to which the Option has been exercised previously; and (iv) if the Optionee is employed by the Company on the fourth anniversary of the date hereof, to
the extent of the full number of shares covered hereby, less the number of shares as to which the Option has been exercised previously. The Option may not be exercised at all during the first year after the date hereof (except to the extent provided
in the Plan) or after the Expiration Date. 
  
 (b) If the
Optionee’s employment is terminated by the Company for “cause”, the Option shall terminate automatically and without notice to the Optionee on the date the Optionee’s employment is terminated. For purposes hereof,
“cause” shall mean (i) illegal or disreputable conduct which impairs the reputation, good will or business of the Company or involves the misappropriation of funds or other property of the Company, (ii) willful misconduct by the Optionee
or willful failure to perform his or her responsibilities in the best interests of the Company (including, without limitation, breach by the Optionee of any provision of any employment, advisory, consulting, nondisclosure, non-competition or other
agreement between the Optionee and the Company or any subsidiary of the Company, (iii) refusal or failure to carry out any employment duties reasonably assigned to the Optionee other than by reason of death or employment duties for the Company, or
(iv) demonstrated negligence or gross inefficiency in the execution of the Optionee’s employment duties for the Company. Any resignation in anticipation of discharge for cause that is accepted by the Company in lieu of a formal discharge for
cause shall be deemed a termination of employment for cause for purposes hereof. 
  

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 (c) If the Optionee dies while employed by the Company or within ninety (90) days after the Optionee
ceases active employment due to disability, each option held by the Optionee immediately prior to death may be exercised, to the extent it was exercisable immediately prior to death, by the Optionee’s executor or administrator or by the person
or persons to whom the option is transferred by will or the applicable laws of descent and distribution, at any time within a one-year period beginning with the date of the Optionee’s death, but in no event beyond the Expiration Date.

  
 (d) If the Optionee’s employment with the Company
terminates for any reason other then cause or death, all options held by the Optionee that are not then exercisable, shall terminate. Options that are exercisable as of the date employment terminates shall be exercisable by the Optionee during the
ninety (90) days following such termination, but only as to the number of shares, if any, as to which the Option was exercisable immediately prior to such termination and in no event after the Expiration Date. 
  
 (e) In the event exercise of the Option shall require the Company to issue a
fractional share of Common Stock of the Company, such fraction shall be disregarded and the purchase price payable in connection with such exercise shall be appropriately reduced. Any such fractional share shall be carried forward and added to any
shares covered by future exercise(s) of the Option. 
  
 3. The
Option shall not be transferable other than by will or by the laws of descent and distribution and shall be exercisable during the Optionee’s lifetime only by the Optionee. 
  
 4. Options may be exercised only in writing and in the manner described in the Nabi Stock Options Information Brochure and
the Salomon Smith Barney Automated Stock Access Program brochure, copies of which are attached hereto. 
  
 5. This Option shall not be treated as an incentive stock option. 
  

6. Any brokerage fees or commissions, and all taxes are the responsibility of the Optionee. 
  
 WITNESS the execution hereof as of XXXXXXX XXX of 200X. 
  

			
	 Nabi Biopharmaceuticals

		
	 By
	 	  


	 	 	 Thomas H. McLain, Chairman

	 	 	 Chief Executive Officer & President



  
 By signing
this Letter Agreement below, the Optionee hereby acknowledges and agrees that he/she has read, understands and accepts all of the terms and conditions set forth herein and set forth in the Nabi 1998 Non-Qualified Employee Stock Option Plan.

  

	
	  


	 Optionee Signature

	
	  


	 Print Name



  
 1998
Non-Qualified Employee Stock Option Plan 
  

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