# EDGAR Filing Document

**Accession Number:** 0000906709
**File Stem:** 0001213900-25-073234
**Filing Date:** 2025-8
**Character Count:** 87949
**Document Hash:** 6af8f7ebf5e01e59edf38e99abbbbc08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073234.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001213900-25-073234

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEKTAR THERAPEUTICS
- **CENTRAL INDEX KEY:** 0000906709
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943134940
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289394
- **FILM NUMBER:** 251195848

**BUSINESS ADDRESS:**
- **STREET 1:** 455 MISSION BAY BOULEVARD SOUTH
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94158
- **BUSINESS PHONE:** 4154825300

**MAIL ADDRESS:**
- **STREET 1:** 455 MISSION BAY BOULEVARD SOUTH
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94158

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INHALE THERAPEUTIC SYSTEMS INC
- **DATE OF NAME CHANGE:** 19980723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INHALE THERAPEUTIC SYSTEMS
- **DATE OF NAME CHANGE:** 19940303

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM S-8<br> REGISTRATION STATEMENT<br> *UNDER<br> THE SECURITIES ACT OF 1933*** 

<br> **NEKTAR THERAPEUTICS**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **94-3134940** |
| **(State or Other Jurisdiction of** | **(I.R.S. Employer** |
| **Incorporation or Organization)** | **Identification Number)** |

---

**455 Mission Bay Boulevard South**

**San Francisco, California 94158**

**(Address of Principal Executive Offices and Zip Code)**

**Nektar Therapeutics Amended and Restated 2017 Performance Incentive Plan**

**(Full Title of the Plan)**

**Mark A. Wilson**

**Chief Legal Officer**

**Nektar Therapeutics**

**455 Mission Bay Boulevard South**

**San Francisco, California 94158**

**415-482-5300**

**(Name, Address, and Telephone Number, Including Area Code, of Agent for Service)**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

On March 19, 2025, the board of directors of the Registrant approved an amendment to Registrant's Amended and Restated 2017 Performance Incentive Plan (as amended, the "PIP"), pursuant to which the number of shares of common stock, par value $0.0001 per share (the "Common Stock"), reserved and available for issuance under the PIP increased by 400,000 shares subject to stockholder approval, which was received on May 23, 2025. This Registration Statement on Form S-8 registers these 400,000 additional shares of Common Stock. The additional shares available for issuance under the PIP are of the same class as other securities relating to the PIP for which the Registrant's registration statements filed on Form S-8 (Registration No. 333-218777) on June 15, 2017, on Form S-8 (Registration No. 333-226004) on June 29, 2018, on Form S-8 (Registration No. 333-242327) on August 7, 2020, on Form S-8 (Registration No. 333-258900) on August 18, 2021, on Form S-8 (Registration No. 333-266580) on August 5, 2022, on Form S-8 (Registration No. 333-273962) on August 14, 2023 and on Form S-8 (Registration No. 333-285827) on March 14, 2025 are effective.

The information contained in the Registrant's prior registration statements on Form S-8 is hereby incorporated by reference pursuant to General Instruction E, except for "Item 8. Exhibits."

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits.**

 ****

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1\* | [Certificate of Incorporation of Inhale Therapeutic Systems (Delaware), Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 1998).](http://www.sec.gov/Archives/edgar/data/906709/0001047469-98-031070.txt) |
| 4.2\* | [Certificate of Amendment of the Amended Certificate of Incorporation of Inhale Therapeutic Systems, Inc. (incorporated by reference to Exhibit 3.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2000).](http://www.sec.gov/Archives/edgar/data/906709/000091205700037283/ex-3_3.txt) |
| 4.3\* | [Certificate of Ownership and Merger of Nektar Therapeutics (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on January 23, 2003).](http://www.sec.gov/Archives/edgar/data/906709/000104746903002325/a2101294zex-3_1.htm) |
| 4.4\* | [Certificate of Ownership and Merger of Nektar Therapeutics AL, Corporation with and into Nektar Therapeutics (incorporated by reference to Exhibit 3.6 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2009).](http://www.sec.gov/Archives/edgar/data/906709/000114420410011093/v176023_ex3-6.htm) |
| 4.5\* | [Certificate of Amendment to the Amended Certificate of Incorporation of Nektar Therapeutics (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on June 6, 2025)](http://www.sec.gov/Archives/edgar/data/906709/000121390025052141/ea024492901ex3-1_nektar.htm). |
| 4.6\* | [Certificate of Amendment to the Amended Certificate of Incorporation of Nektar Therapeutics (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K, filed on June 6, 2025.)](http://www.sec.gov/Archives/edgar/data/906709/000121390025052141/ea024492901ex3-2_nektar.htm) |
| 4.7\* | [Amended and Restated Bylaws of Nektar Therapeutics (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on December 16, 2022).](http://www.sec.gov/Archives/edgar/data/906709/000121390022080498/ea170222ex3-1_nektartherap.htm) |
| 4.8\*\* | [Nektar Therapeutics Amended and Restated 2017 Performance Incentive Plan, as amended.](ea025212701ex4-8_nektar.htm) |
| 4.9\* | [Specimen Stock Certificate Evidencing the Shares of Common Stock (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed on January 23, 2003).](http://www.sec.gov/Archives/edgar/data/906709/000104746903002325/a2101294zex-4_1.htm) |
| 4.10\* | [Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.4 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2020).](http://www.sec.gov/Archives/edgar/data/906709/000090670920000004/nktr20191231ex44.htm) |
| 5.1\*\* | [Opinion of Goodwin Procter LLP with respect to the validity of the securities.](ea025212701ex5-1_nektar.htm) |
| 23.1\*\* | [Consent of Independent Registered Public Accounting Firm.](ea025212701ex23-1_nektar.htm) |
| 23.2\*\* | [Consent of Goodwin Procter LLP (included in Exhibit 5.1).](ea025212701ex5-1_nektar.htm) |
| 24.1\*\* | [Power of Attorney (set forth on the signature page of this Registration Statement).](#a_001) |
| 107\*\* | [Filing Fee Table](ea025212701ex-fee_nektar.htm) |

---

 ****

\* Previously filed with the Commission and incorporated herein by reference. <br>

\*\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, State of California, on August 7, 2025.

---

| | |
|:---|:---|
| **NEKTAR THERAPEUTICS** | **NEKTAR THERAPEUTICS** |
| By: | /s/ Howard W. Robin |
|  | Howard W. Robin |
|  | Chief Executive Officer and President |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Howard W. Robin and Mark A. Wilson, and each of them, acting individually and without the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto, and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and to perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them individually, or their, his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Howard W. Robin | Chief Executive Officer, President, and Director | August 7, 2025 |
| Howard W. Robin | (Principal Executive Officer) |  |
| /s/ Sandra Gardiner | Interim Chief Financial Officer | August 7, 2025 |
| Sandra Gardiner | (Principal Financial and Accounting Officer) |  |
| /s/ Robert B. Chess | Director, Chairman of the Board of Directors | August 7, 2025 |
| Robert B. Chess |  |  |
| /s/ Jeffrey R. Ajer | Director | August 7, 2025 |
| Jeffrey R. Ajer |  |  |
| /s/ R. Scott Greer | Director | August 7, 2025 |
| R. Scott Greer |  |  |
| /s/ Roy A. Whitfield | Director | August 7, 2025 |
| Roy A. Whitfield |  |  |
| /s/ Diana M. Brainard | Director | August 7, 2025 |
| Diana M. Brainard |  |  |

---

## Exhibit 4.8

**Exhibit 4.8**

**NEKTAR THERAPEUTICS**

**AMENDED AND RESTATED 2017 PERFORMANCE INCENTIVE PLAN**

**1.** **PURPOSE OF PLAN** 

The purpose of this Nektar Therapeutics Amended and Restated 2017 Performance Incentive Plan (this "**Plan**") of Nektar Therapeutics, a Delaware corporation (the "**Corporation**"), is to promote the success of the Corporation and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons.

**2.** **ELIGIBILITY** 

The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An "**Eligible Person**" is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation's eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the "**Securities Act**"), the offering and sale of shares issuable under this Plan by the Corporation or the Corporation's compliance with any other applicable laws. An Eligible Person who has been granted an award (a "participant") may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, "**Subsidiary**" means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation; and "**Board**" means the Board of Directors of the Corporation.

**3.** **PLAN ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.**  ***The Administrator*.** This Plan shall be administered
by and all awards under this Plan shall be authorized by the Administrator. The "Administrator" means the Board or one or
more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of
this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under
applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised
solely of directors may also delegate, to the extent permitted by Section 157(c) of the Delaware General Corporation Law and any
other applicable law, to one or more officers of the Corporation, its powers under this Plan (a) to designate the officers and employees
of the Corporation and its Subsidiaries who will receive grants of awards under this Plan, and (b) to determine the number of shares
subject to, and the other terms and conditions of, such awards. The Board may delegate different levels of authority to different committees
with administrative and grant authority under this Plan. Unless otherwise provided in the Bylaws of the Corporation or the applicable
charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the
vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator
shall constitute action by the acting Administrator.

 ****

With respect to awards previously intended to satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the "**Code**"), this Plan shall be administered by a committee consisting solely of two or more outside directors (as this requirement is applied under Section 162(m) of the Code); provided, however, that the failure to satisfy such requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the matter. Award grants, and transactions in or involving awards, intended to be exempt under Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), must be duly and timely authorized by the Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated under the Exchange Act). To the extent required by any applicable listing agency, this Plan shall be administered by a committee composed entirely of independent directors (within the meaning of the applicable listing agency).

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.**  ***Powers of the Administrator*.** Subject to the
express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection
with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers,
within the authority delegated to that committee or person(s)), including, without limitation, the authority to:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine eligibility and, from among those persons determined
to be eligible, the particular Eligible Persons who will receive an award under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant awards to Eligible Persons, determine the price at which securities will be offered or awarded and
the number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of such awards
consistent with the express limits of this Plan, establish the installments (if any) in which such awards shall become exercisable or
shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability
or vesting is required, establish any applicable performance targets, and establish the events of termination or reversion of such awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve the forms of award agreements (which need not be identical either as to type of award or among
participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) construe and interpret this Plan and any agreements defining the rights and obligations of the Corporation,
its Subsidiaries, and participants under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules
and regulations relating to the administration of this Plan or the awards granted under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel, modify, or waive the Corporation's rights with respect to, or modify, discontinue, suspend,
or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) accelerate or extend the vesting or exercisability or extend the term of any or all such outstanding awards
(in the case of options or stock appreciation rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator
may deem appropriate (including, without limitation, in connection with a termination of employment or services or other events of a personal
nature) subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) adjust the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding
awards or otherwise change previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in
each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) determine the date of grant of an award, which may be a designated date after but not before the date
of the Administrator's action (unless otherwise designated by the Administrator, the date of grant of an award shall be the date
upon which the Administrator took the action granting an award);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine whether, and the extent to which, adjustments are required pursuant to Section 7 hereof
and authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described
in Section 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value,
or other consideration (subject to the no repricing provision below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) determine the fair market value of the Common Stock or awards under this Plan from time to time and/or
the manner in which such value will be determined.

Notwithstanding the foregoing and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or stock appreciation right to reduce the exercise price or base price of the award, (2) cancel, exchange, or surrender an outstanding stock option or stock appreciation right in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or stock appreciation right in exchange for an option or stock appreciation right with an exercise or base price that is less than the exercise or base price of the original award.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.**  ***Binding Determinations*.** Any action taken by,
or inaction of, the Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan and within its authority hereunder
or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons.
Neither the Board nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any
act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under
this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss,
damage or expense (including, without limitation, attorneys' fees) arising or resulting therefrom to the fullest extent permitted
by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.**  ***Reliance on Experts*.** In making any determination
or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including
employees and professional advisors to the Corporation. No director, officer or agent of the Corporation or any of its Subsidiaries shall
be liable for any such action or determination taken or made or omitted in good faith.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.**  ***Delegation*.** The Administrator may delegate
ministerial, non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or
to third parties.

**4.** **SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.**  ***Shares Available*.** Subject to the provisions
of Section 7.1, the capital stock that may be delivered under this Plan shall be shares of the Corporation's authorized but
unissued Common Stock and any shares of its Common Stock held as treasury shares. For purposes of this Plan, "**Common Stock** "
shall mean the common stock of the Corporation and such other securities or property as may become the subject of awards under this Plan,
or may become subject to such awards, pursuant to an adjustment made under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.**  ***Share Limits*.** Subject to Section 7.1,
the maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible Persons under this Plan (the
" **Share Limit**") is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 65,200,000 shares of Common Stock, less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The number of any shares subject to awards granted under the
Corporation's 2012 Performance Incentive Plan (the "**2012 Plan**") on or after March 31, 2017.

Shares issued in respect of any "Full-Value Award" granted under this Plan shall be counted against the foregoing Share Limit as 1.5 shares for every one share issued in connection with such award (the "**Full-Value Award Ratio**"). (For example, if a stock bonus of 100 shares of Common Stock is granted under this Plan, 150 shares shall be charged against the Share Limit in connection with that award.) For this purpose, a "Full-Value Award" means any award under this Plan that is not a stock option grant or a stock appreciation right grant.

The following limits also apply with respect to awards granted under this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive
stock options granted under this Plan is 65,200,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum number of shares of Common Stock subject to options and stock appreciation rights that are
granted during any calendar year to any individual under this Plan is 3,000,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Additional limits with respect to performance-based awards are set forth in Section 5.2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate value of cash compensation and the grant date fair value (computed in accordance with generally
accepted accounting principles) of shares of Common Stock that may be paid or granted during any calendar year to any non-employee director
shall not exceed $1,200,000 for existing non-employee directors and $2,200,000 for new non-employee directors.

Each of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.**  ***Awards Settled in Cash, Reissue of Awards and Shares*.** Except as provided in the next sentence, shares that are subject to or underlie awards granted under this Plan or the 2012 Plan, the
Corporation's 2008 Equity Incentive Plan, the Corporation's 2000 Non-Officer Equity Incentive Plan, or the Corporation's
2000 Equity Incentive Plan (collectively, the **"Prior Plans** "), which expire or for any reason are cancelled or terminated,
are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan or a Prior Plan shall again be available
for subsequent awards under this Plan (with any such shares increasing the Share Limit based on the Full-Value Award Ratio specified
in Section 4.2 or, with respect to awards granted under a Prior Plan, the Full-Value Award Ratio as specified in such Prior Plan).
Shares that are exchanged by a participant or withheld by the Corporation as full or partial payment in connection with any award under
this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries to satisfy the
tax withholding obligations related to any award, shall not be available for subsequent awards under this Plan. To the extent that an
award granted under this Plan or a Prior Plan is settled in cash or a form other than shares of Common Stock, the shares that would have
been delivered had there been no such cash or other settlement shall again be available for subsequent awards under this Plan (with any
such shares increasing the Share Limit based on the Full-Value Award Ratio specified in Section 4.2 or, with respect to awards granted
under a Prior Plan, the Full-Value Award Ratio as specified in such Prior Plan). In the event that shares of Common Stock are delivered
in respect of a dividend equivalent right granted under this Plan, the number of shares delivered with respect to the award shall be
counted against the share limits of this Plan (including, for purposes of clarity, the limits of Section 4.2 of this Plan). (For
purposes of clarity, if 1,000 dividend equivalent rights are granted and outstanding when the Corporation pays a dividend, and 50 shares
are delivered in payment of those rights with respect to that dividend, 75 shares (after giving effect to the Full-Value Award premium
counting rules) shall be counted against the share limits of this Plan). To the extent that shares of Common Stock are delivered pursuant
to the exercise of a stock appreciation right or stock option granted under this Plan, the number of underlying shares as to which the
exercise related shall be counted against the applicable share limits under Section 4.2, as opposed to only counting the shares
issued. (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment
due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits under Section 4.2 with
respect to such exercise.) Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.**  ***Reservation of Shares; No Fractional Shares; Minimum Issue*.** The Corporation shall at all times reserve a number of shares of Common Stock sufficient to cover the Corporation's
obligations and contingent obligations to deliver shares with respect to awards then outstanding under this Plan (exclusive of any dividend
equivalent obligations to the extent the Corporation has the right to settle such rights in cash). No fractional shares shall be delivered
under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. The Administrator
may from time to time impose a limit (of not greater than 100 shares) on the minimum number of shares that may be purchased or exercised
as to awards granted under this Plan unless (as to any particular award) the total number purchased or exercised is the total number
at the time available for purchase or exercise under the award.

**5.** **AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.**  ***Type and Form of Awards*.** The Administrator
shall determine the type or types of award(s) to be made to each selected Eligible Person. Awards may be granted singly, in combination
or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form
for grants or rights under any other employee or compensation plan of the Corporation or one of its Subsidiaries. The types of awards
that may be granted under this Plan are (subject, in each case, to the no repricing provisions of Section 3.2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1.**  ***Stock Options*.** A stock option is the grant of
a right to purchase a specified number of shares of Common Stock during a specified period as determined by the Administrator. An option
may be intended as an incentive stock option within the meaning of Section 422 of the Code (an "**ISO**") or a nonqualified
stock option (an option not intended to be an ISO). The award agreement for an option will indicate if the option is intended as an ISO.
Each option, or portion thereof, that is not an ISO, shall be a nonqualified stock option. The maximum term of
each option (ISO or nonqualified) shall be eight (8) years. The per share exercise price for each option shall be not less than
100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise
price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with
Section 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.**  ***Additional Rules Applicable to ISOs*.** To the extent that the aggregate fair market value
(determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant
in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs
under all other plans of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by
and within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified
stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be
reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator
may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant
to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this purpose, the
term "subsidiary" is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership
of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Corporation
and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs such other terms and conditions
as from time to time are required in order that the option be an "incentive stock option" as that term is defined in Section 422
of the Code. No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d)
of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of
the Corporation, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to the option
and such option by its terms is not exercisable after the expiration of five years from the date such option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3.**  ***Stock Appreciation Rights*.** A stock appreciation right or "**SAR**" is a right
to receive a payment, in cash and/or Common Stock (as specified in the applicable award agreement), equal to the excess of the fair market
value of a specified number of shares of Common Stock on the date the SAR is exercised over the "**base price**" of the
award, which base price shall be set forth in the applicable award agreement and shall be not less than 100% of the fair market value
of a share of Common Stock on the date of grant of the SAR. The maximum term of a SAR shall be eight (8) years.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4.**  ***Other Awards; Dividend Equivalent Rights*.** The other types of awards that may be granted
under this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, phantom stock or similar rights to
purchase or acquire shares, whether at a fixed or variable price or ratio related to the Common Stock, upon the passage of time, the occurrence
of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof; (b) any similar
securities with a value derived from the value of or related to the Common Stock and/or returns thereon; or (c) cash awards. Dividend
equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend
equivalent rights may not be granted in connection with a stock option or SAR granted under this Plan. Notwithstanding anything in the
Plan or an award agreement to the contrary, any dividends and/or dividend equivalents as to the unvested portion of an award (including,
without limitation, a restricted stock award) will be subject to termination and forfeiture to the same extent as the corresponding portion
of the award to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.**  ***Performance-Based Awards*.** The grant, vesting,
exercisability or payment of performance-based awards shall depend on the degree of achievement of one or more performance goals relative
to a pre-established targeted level or levels using one or more of the Business Criteria set forth below (on an absolute or relative
(including, without limitation, relative to the performance of other companies or upon comparisons of any of the indicators of performance
relative to other companies) basis) for the Corporation on a consolidated basis or for one or more of the Corporation's subsidiaries,
segments, divisions or business units, or any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1.**  ***Performance Goals*.** The specific performance goals for performance-based awards may be, on
an absolute or relative basis, established based on one or more of the following business criteria ()"**Business Criteria** ")
as selected by the Administrator in its sole discretion: earnings per share; cash flow (which means cash and cash equivalents derived
from either net cash flow from operations or net cash flow from operations, financing and investing activities); working capital; stock
price; total stockholder return; revenue; gross profit; operating income; net earnings (before or after interest, taxes, depreciation
and/or amortization); gross margin; operating margin; net margin; return on equity or on assets or on net investment; cost containment
or reduction; regulatory submissions or approvals; manufacturing production; completion of strategic partnerships; research milestones;
any other measure selected by the Administrator or any combination thereof. As applicable, these terms are used as applied under generally
accepted accounting principles or in the financial reporting of the Corporation or of its Subsidiaries. The applicable performance goals
may be applied on a pre- or post-tax basis and may be adjusted to include or exclude determinable components of any performance goal,
including, without limitation, foreign exchange gains and losses, asset write-downs, acquisitions and divestitures, change in fiscal year,
unbudgeted capital expenditures, special charges such as restructuring or impairment charges, debt refinancing costs, extraordinary or
noncash items, unusual, infrequently occurring, nonrecurring or one-time events affecting the Corporation or its financial statements
or changes in law or accounting principles (*"Adjustment Events"*). The applicable performance measurement period may
not be less than three months nor more than 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2.**  ***Form of Payment; Maximum Performance-Based Award*.** Grants or awards under this Section 5.2
may be paid in cash or shares of Common Stock or any combination thereof. The maximum number of shares of Common Stock which may be subject
to performance-based awards (including performance-based awards payable in shares of Common Stock and performance-based awards payable
in cash where the amount of cash payable upon or following vesting of the award is determined with reference to the fair market value
of a share of Common Stock at such time) that are granted to any one participant in any one calendar year shall not exceed 3,000,000 shares,
either individually or in the aggregate, subject to adjustment as provided in Section 7.1; provided that this limit shall not apply
to Options and SARs (which are covered by the limit of Section 4.2(b)). The aggregate amount of compensation to be paid to any one
participant in respect of all performance-based awards payable only in cash (excluding cash awards covered by the preceding sentence where
the cash payment is determined with reference to the fair market value of a share of Common Stock upon or following the vesting of the
award) and granted to that participant in any one calendar year shall not exceed $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3.**  ***Certification of Payment*.** Before any performance-based award is paid under this Section 5.2,
the Administrator must certify in writing that the performance target(s) and any other material terms of the Performance-Based Award were
in fact timely satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4.**  ***Reservation of Discretion*.** The Administrator will have the discretion to determine the restrictions
or other limitations of the individual awards granted under this Section 5.2 including the authority to reduce awards, payouts or
vesting or to pay no awards, in its sole discretion, if the Administrator preserves such authority at the time of grant by language to
this effect in its authorizing resolutions or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3.**  ***Award Agreements*.** Each award shall be evidenced
by either (1) a written award agreement in a form approved by the Administrator and executed by the Corporation by an officer duly
authorized to act on its behalf, or (2) an electronic notice of award grant in a form approved by the Administrator and recorded
by the Corporation (or its designee) in an electronic recordkeeping system used for the purpose of tracking award grants under this Plan
generally (in each case, an "award agreement"), as the Administrator may provide and, in each case and if required by the
Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the Administrator
may require. The Administrator may authorize any officer of the Corporation (other than the particular award recipient) to execute any
or all award agreements on behalf of the Corporation. The award agreement shall set forth the material terms and conditions of the award
as established by the Administrator consistent with the express limitations of this Plan. Notwithstanding anything contained herein to
the contrary, the Administrator may approve an award agreement that, upon the termination of a participant's employment or service,
provides that, or may, in its sole discretion based on a review of all relevant facts and circumstances, otherwise take action regarding
an award agreement such that (i) any or all outstanding stock options and SARs shall become exercisable in part or in full, (ii) all
or a portion of the restriction or vesting period applicable to any outstanding award shall lapse, (iii) all or a portion of the
performance measurement period applicable to any outstanding award shall lapse and (iv) the performance goals applicable to any
outstanding award (if any) shall be deemed to be satisfied at the target, maximum or any other interim level.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4.**  ***Deferrals and Settlements*.** Payment of awards
may be in the form of cash, Common Stock, other awards or combinations thereof as the Administrator shall determine, and with such restrictions
as it may impose. The Administrator may also require or permit participants to elect to defer the issuance of shares or the settlement
of awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred
settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend
equivalents where the deferred amounts are denominated in shares.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5.**  ***Consideration for Common Stock or Awards*.** The
purchase price for any award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be
paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of
the following methods:

● services rendered by the recipient of such award;

● cash, check payable to the order of the Corporation, or electronic funds transfer;

● notice and third party payment in such manner as may be authorized by the Administrator;

● the delivery of previously owned shares of Common Stock;

● by a reduction in the number of shares otherwise deliverable pursuant to the award; or

● subject to such procedures as the Administrator may adopt, pursuant to a "cashless exercise" with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.

In no event shall any shares newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their fair market value on the date of exercise. The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;**5.6.**  ***Definition of Fair Market Value.*** For purposes
of this Plan, "fair market value" shall mean the closing price (in regular trading) for a share of Common Stock on the NASDAQ
Stock Market (the "**Market**") for the date in question or, if no sales of Common Stock were reported on the Market on
that date, the closing price (in regular trading) for a share of Common Stock on the Market for the next preceding day on which sales
of Common Stock were reported on the Market. The Administrator may, however, provide with respect to one or  ***more*** awards
that the fair market value shall equal the closing price (in regular trading) for a share of Common Stock on the Market on the last trading
day preceding the date in question or the average of the high and low trading prices of a share of Common Stock on the Market for the
date in question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Market
as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably determined by the Administrator
for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market
value with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal
or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market value
for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices)
for a specified period preceding the relevant date).

&nbsp;&nbsp;&nbsp;&nbsp;**5.7.** **Transfer Restrictions.** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.1.**  ***Limitations on Exercise and Transfer.*** Unless otherwise expressly provided in (or pursuant
to) this Section 5.7 or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the
participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of)
the participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.2.**  ***Exceptions.*** The Administrator may permit awards to be exercised by and paid to, or otherwise
transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as
the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable
federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital property rights,
or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person's
family members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.3.**  ***Further Exceptions to Limits on Transfer.*** The exercise and transfer restrictions in Section 5.7.1
shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfers to the Corporation (for example, in connection with the expiration or termination of the award);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the designation of a beneficiary to receive benefits in the event of the participant's death or,
if the participant has died, transfers to or exercise by the participant's beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to any applicable limitations on ISOs, transfers to a family member (or former family member)
pursuant to a domestic relations order if approved or ratified by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant
by his or her legal representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the authorization by the Administrator of "cashless exercise" procedures with third parties
who provide financing for the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and the
express authorization of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;**5.8.**  ***International Awards.*** One or more awards may
be granted to Eligible Persons who provide services to the Corporation or one of its Subsidiaries outside of the United States. Any awards
granted to such persons may be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan
and approved by the Administrator.

**6.** **EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.**  ***General.*** The Administrator shall establish
the effect of a termination of employment or service on the rights and benefits under each award under this Plan and in so doing may
make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is not an employee of the Corporation
or one of its Subsidiaries and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the
sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render
services to the Corporation or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2.**  ***Events Not Deemed Terminations of Service.*** Unless the express policy of the Corporation or one of its Subsidiaries, or the Administrator, otherwise provides, the employment relationship
shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence
authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration
of such leave is guaranteed by contract or law or the Administrator otherwise provides, such leave is for a period of not more than three
months (or such other period of time as required by applicable law). In the case of any employee of the Corporation or one of its Subsidiaries
on an approved leave of absence, continued vesting of the award while on leave from the employ of the Corporation or one of its Subsidiaries
may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law (including Section 409A
of the Code) otherwise requires. In no event shall an award be exercised after the expiration of the term set forth in the applicable
award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3.**  ***Effect of Change of Subsidiary Status.*** For
purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Corporation a termination of employment or service
shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible
Person in respect of the Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event
giving rise to the change in status unless the Subsidiary that is sold, spun-off or otherwise divested (or its successor or a direct
or indirect parent of such Subsidiary or successor) assumes the Eligible Person's award(s) in connection with such transaction.

**7.** **ADJUSTMENTS; ACCELERATION** 

&nbsp;&nbsp;&nbsp;&nbsp;**7.1.**  ***Adjustments.*** Subject to Section 7.2, upon
(or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including
a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, or other reorganization;
any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock
or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock;
then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities)
that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere
in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding
awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding
awards, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each
case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards.

 ****

Unless otherwise expressly provided in the applicable award agreement, upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Corporation as an entirety, the Administrator shall equitably and proportionately adjust the performance standards applicable to any then-outstanding performance-based awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding performance-based awards.

It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.

Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2.**  ***Change in Control—Assumption and Termination of Awards.*** Upon the occurrence of a Change in Control, then the Administrator may make provision for a cash payment in settlement
of, or for the termination, assumption, substitution or exchange of any or all outstanding share-based awards or the cash, securities
or property deliverable to the holder of any or all outstanding share-based awards, based upon, to the extent relevant under the circumstances,
the distribution or consideration payable to holders of the Common Stock upon or in respect of such Change in Control. Upon the occurrence
of a Change in Control, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation
or settlement of the award or (unless the Administrator has provided for the termination of the award) the award would otherwise continue
in accordance with its terms in the circumstances: (1) unless otherwise provided in the applicable award agreement, each then-outstanding
option and SAR shall become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and
each other award granted under this Plan that is then outstanding shall become payable to the holder of such award; and (2) each
award shall terminate upon the Change in Control; provided that the holder of an option or SAR shall be given reasonable advance notice
of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect
to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards (except
that in no case shall more than ten days' notice of the impending termination be required and any acceleration of vesting and any
exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the Change in Control).

 ****

The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess (if any) of the per share amount payable upon or in respect of such Change in Control over the exercise or base price of the award.

Subject to applicable law, in the event of a Change in Control, the Administrator may take such action contemplated by this Section 7.2 prior to such Change in Control (as opposed to on the occurrence of such Change in Control) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the Change in Control and, in such circumstances, will reinstate the original terms of the award if an event giving rise to an acceleration does not occur.

Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;**7.3.**  ***Other Acceleration Rules.*** The Administrator
may override the provisions of Section 7.2 by express provision in the award agreement and may accord any Eligible Person a right,
subject to Section 409A of the Code, to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances
as the Administrator may approve. The portion of any ISO accelerated in connection with an event referred to in Section 7.2 (or
such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable
$100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a
nonqualified stock option under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**7.4.**  ***Definition of Change in Control.*** With respect
to a particular award granted under this Plan, a "Change in Control" shall be deemed to have occurred as of the first day,
after the date of grant of the particular award, that any one or more of the following conditions shall have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act (a "**Person** ")) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of more than 30% of either (1) the then-outstanding shares of common stock of the Corporation (the "**Outstanding Company Common Stock**") or (2) the combined voting power of the then-outstanding voting securities of the Corporation entitled to
vote generally in the election of directors (the "**Outstanding Company Voting Securities** "); provided, however, that,
for purposes of this clause (a), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly
from the Corporation, (B) any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Corporation or any affiliate of the Corporation or a successor, or (D) any acquisition by any entity
pursuant to a transaction that complies with Sections (c)(1), (2) and (3) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Individuals who, as of the Effective Date, constitute the Board (the "**Incumbent Board** ")
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent
to the Effective Date whose election, or nomination for election by the Corporation's stockholders, was approved by a vote of at
least two-thirds of the directors then comprising the Incumbent Board (including for these purposes, the new members whose election or
nomination was so approved, without counting the member and his predecessor twice) shall be considered as though such individual were
a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate
transaction involving the Corporation or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets
of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries (each, a "**Business Combination** "), in each case unless, following such Business Combination, (1) all or substantially all of the individuals
and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock
and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the
case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Corporation or all or substantially all of the Corporation's assets directly or through one or more subsidiaries
(a "**Parent** ")) in substantially the same proportions as their ownership immediately prior to such Business Combination
of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding
any entity resulting from such Business Combination or a Parent or any employee benefit plan (or related trust) of the Corporation or
such entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, more than 30% of, respectively,
the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 30% existed prior to the Business
Combination, and (3) at least a majority of the members of the board of directors or trustees of the entity resulting from such Business
Combination or a Parent were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of
the Board providing for such Business Combination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation
other than in the context of a transaction that does not constitute a Change in Control under clause (c) above.

**8.** **OTHER PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.1.**  ***Compliance with Laws.*** This Plan, the granting
and vesting of awards under this Plan, the offer, issuance and delivery of shares of Common Stock, and/or the payment of money under
this Plan or under awards are subject to compliance with all applicable federal and state laws, rules and regulations (including but
not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or
governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The
person acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances
and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance
with all applicable legal and accounting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.**  ***No Rights to Award.*** No person shall have any
claim or rights to be granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual
rights (set forth in a document other than this Plan) to the contrary.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.**  ***No Employment/Service Contract.*** Nothing contained
in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any
right to continue in the employ or other service of the Corporation or one of its Subsidiaries, constitute any contract or agreement
of employment or other service or affect an employee's status as an employee at will, nor shall interfere in any way with the right
of the Corporation or one of its Subsidiaries to change a person's compensation or other benefits, or to terminate his or her employment
or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent
right of such person under a separate employment or service contract other than an award agreement.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**8.4.**  ***Plan Not Funded.*** Awards payable under this
Plan shall be payable in shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall
be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any
fund or in any specific asset (including shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of
its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation
or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust
of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries and any participant, beneficiary or other
person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder,
such right shall be no greater than the right of any unsecured general creditor of the Corporation.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**8.5.**  ***Tax Withholding.*** Upon any exercise, vesting,
or payment of any award, or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction
of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award,
the Corporation or one of its Subsidiaries shall have the right at its option to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the participant (or the participant's personal representative or beneficiary, as the case
may be) to pay or provide for payment of at least the minimum amount of any taxes which the Corporation or one of its Subsidiaries may
be required to withhold with respect to such award event or payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deduct from any amount otherwise payable in cash (whether related to the award or otherwise) to the participant
(or the participant's personal representative or beneficiary, as the case may be) the minimum amount of any taxes which the Corporation
or one of its Subsidiaries may be required to withhold with respect to such award event or payment.

In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable withholding obligation on exercise, vesting or payment. Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory withholding rate (or, if permitted by the Corporation, such other rate as will not cause adverse accounting consequences under generally accepted accounting principles then in effect). Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the holder.

&nbsp;&nbsp;&nbsp;&nbsp;**8.6.**  ***Effective Date, Termination and Suspension, Amendments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.1.**  ***Effective Date.*** This Plan is effective as of March 28, 2017, the date of its approval
by the Board (the  ***"* Effective Date** "). This Plan shall be submitted for and subject to stockholder approval no
later than twelve months after the Effective Date. Upon such stockholder approval, no further awards shall be granted under any Prior
Plan. Unless earlier terminated by the Board, this Plan shall terminate at the close of business on the day before the tenth anniversary
of the Effective Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board,
no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect
thereto, including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions
and the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.2.**  ***Board Authorization.*** The Board may, at any time, terminate or, from time to time, amend,
modify or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.3.**  ***Stockholder Approval.*** To the extent then required by applicable law or any applicable listing
agency or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or
advisable by the Board, any amendment to this Plan shall be subject to stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.4.**  ***Amendments to Awards.*** Without limiting any other express authority of the Administrator
under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations
on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant,
and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment
or other action that would constitute a repricing of an award is subject to the limitations set forth in Section 3.2.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.5.**  ***Limitations on Amendments to Plan and Awards.*** No amendment, suspension or termination of
this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially
adverse to the participant any rights or benefits of the participant or obligations of the Corporation under any award granted under this
Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed
to constitute changes or amendments for purposes of this Section 8.6.

&nbsp;&nbsp;&nbsp;&nbsp;**8.7.**  ***Privileges of Stock Ownership.*** Except as otherwise
expressly authorized by the Administrator, a participant shall not be entitled to any privilege of stock ownership as to any shares of
Common Stock not actually delivered to and held of record by the participant (subject to the last sentence of Section 5.1.4). Except
as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends
or other rights as a stockholder for which a record date is prior to such date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;**8.8.**  ***Governing Law; Construction; Severability.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.1.**  ***Choice of Law.*** This Plan, the awards, all documents evidencing awards and all other related
documents shall be governed by, and construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.2.**  ***Severability.*** If a court of competent jurisdiction holds any provision invalid and unenforceable,
the remaining provisions of this Plan shall continue in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.3.**  ***Plan Construction.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rule 16b-3</u>. It is the intent of the Corporation that the awards and transactions permitted by awards
be interpreted in a manner that, in the case of participants who are or may be subject to Section 16 of the Exchange Act, qualify,
to the maximum extent compatible with the express terms of the award, for exemption from matching liability under Rule 16b-3 promulgated
under the Exchange Act. Notwithstanding the foregoing, the Corporation shall have no liability to any participant for Section 16
consequences of awards or events under awards if an award or event does not so qualify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 409A</u>. It is intended that the provisions of the Plan comply with, or be exempt from,
Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A of the Code. If, at the time of a participant's "separation from service"
(within the meaning of Section 409A of the Code), (i) such participant shall be a specified employee (within the meaning of Section 409A
of the Code and using the identification methodology selected by the Corporation from time to time) and (ii) the Corporation shall
make a good faith determination that an amount payable pursuant to an award constitutes deferred compensation (within the meaning of Section 409A
of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the
Code in order to avoid taxes or penalties under Section 409A of the Code, then the Corporation shall not pay such amount on the otherwise
scheduled payment date but shall instead pay it on the first business day after such six-month period. Such amount shall be paid without
interest, unless otherwise determined by the Administrator, in its sole discretion, or as otherwise provided in any applicable award agreement
between the Corporation and the relevant participant. Notwithstanding any provision of the Plan to the contrary, in light of the uncertainty
with respect to the proper application of Section 409A of the Code, the Corporation reserves the right to make amendments to any
award as the Corporation deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.
In any case, a participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on such participant or for such participant's account in connection with an award (including any taxes and penalties under Section 409A
of the Code), and neither the Corporation nor any of its affiliates shall have any obligation to indemnify or otherwise hold such participant
harmless from any or all of such taxes or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;**8.9.**  ***Captions.*** Captions and headings are given to
the sections and subsections of this Plan solely as a convenience to facilitate reference. Such  ***headings*** shall not be deemed
in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**8.10.**  ***Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Corporation.*** Awards may be granted to Eligible Persons in substitution for or in connection with an
assumption of employee stock options, SARs, restricted stock or other stock-based awards granted by other entities to persons who are
or who will become Eligible Persons in respect of the Corporation or one of its Subsidiaries, in connection with a distribution, merger
or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries,
directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply
with other specific terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution
consistent with the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares
that are delivered and any awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the
Corporation of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by a predecessor
employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries
in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits
on the number of shares available for issuance under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**8.11.**  ***Non-Exclusivity of Plan.*** Nothing in this Plan
shall limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation,
with or without reference to the Common Stock, under any other plan or authority.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**8.12.**  ***No Corporate Action Restriction.*** The existence
of this Plan, the award agreements and the awards granted hereunder shall not limit, affect or restrict in any way the right or power
of the Board or the stockholders of the Corporation to make or authorize: (a) any adjustment, recapitalization, reorganization or
other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger, amalgamation, consolidation
or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior
preference stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution
or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the
Corporation or any Subsidiary, or (f) any other corporate act or proceeding by the Corporation or any Subsidiary. No participant,
beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator,
or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a result of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;**8.13.**  ***Other Company Benefit and Compensation Programs*.** Payments and other benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant's
compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any,
provided by the Corporation or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing.
Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments
under any other plans or arrangements of the Corporation or its Subsidiaries.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**8.14.**  ***Clawback Policy*.** The awards granted under this
Plan are subject to the terms of the Corporation's recoupment, clawback or similar policy as it may be in effect from time to time,
as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards
or any shares of Common Stock or other cash or property received with respect to the awards (including any value received from a disposition
of the shares acquired upon payment of the awards).

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Goodwin Procter LLP<br> 601 Marshall St.<br> Redwood City, CA 94063<br>goodwinlaw.com<br>+1 650 752 3100 |

---

August 7, 2025

Nektar Therapeutics

455 Mission Bay Boulevard South

San Francisco, California 94158

Re: <u>Securities Being Registered under Registration Statement on Form S-8</u>

We have acted as your counsel in connection with your filing of a Registration Statement on Form S-8 (the "Registration Statement") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), on or about the date hereof relating to an aggregate of 400,000 shares (the "Shares") of Common Stock, $0.0001 par value per share ("Common Stock"), of Nektar Therapeutics, a Delaware corporation (the "Company"), that may be issued pursuant to the Company's Amended and Restated 2017 Performance Incentive Plan (the "Plan").

We have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinion set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinion set forth below, on certificates of officers of the Company.

For purposes of the opinion set forth below, we have assumed that, at the time Shares are issued, the total number of then unissued Shares, when added to the number of shares of Common Stock issued, subscribed for, or otherwise committed to be issued, does not exceed the number of shares of Common Stock authorized by the Company's certificate of incorporation.

The opinion set forth below is limited to the Delaware General Corporation Law.

Based on the foregoing, we are of the opinion that the Shares have been duly authorized and, when delivered against payment therefor in accordance with the terms of the Plans, will be validly issued, fully paid and nonassessable.

This opinion letter and the opinion it contains shall be interpreted in accordance with the Core Opinion Principles as published in 74 Business Lawyer 815 (Summer 2019).

We hereby consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Goodwin Procter LLP |
| GOODWIN PROCTER LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Nektar Therapeutics Amended and Restated 2017 Performance Incentive Plan of our report dated March 14, 2025, with respect to the consolidated financial statements of Nektar Therapeutics included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

---

| |
|:---|
| /s/ Ernst & Young LLP |
| San Mateo, California |
| August 7, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**NEKTAR THERAPEUTICS**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common Stock, $0.0001 par value per share | (1) | Other | 400000 | $22.01 | $8804000.00 | 0.0001531 | $1347.89 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8804000.00 |  | 0.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1347.89 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock, par value $0.0001 per share (the "Common Stock"), which become issuable under the above-named plan by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant's outstanding shares of common stock. Estimated in accordance with Rules 457(c) and (h) under the Securities Act solely for the purpose of calculating the registration fee. The price represents the average of the high and low prices of the Common Stock as reported on the Nasdaq Capital Market on August 1, 2025. Consists of 400,000 shares issuable under the Nektar Therapeutics Amended and Restated 2017 Performance Incentive Plan, pursuant to such plan.