Document:

exv4w1

Exhibit 4.1

INHIBITEX, INC. AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN

(Amended and Restated, Effective June 23, 2010)

SECTION 1. PURPOSE OF THE PLAN

The purpose of the Inhibitex, Inc. Amended and Restated 2004 Stock Incentive Plan (the “Plan”) is
to further the interests of Inhibitex, Inc. (the “Company”) and its stockholders by providing
long-term performance incentives to those employees, contractors and consultants of the Company and
its Subsidiaries and non-employee members of the Board who are largely responsible for the
management, growth and protection of the business of the Company and its Subsidiaries.

SECTION 2. DEFINITIONS

For purposes of the Plan, the following terms shall be defined as set forth below:

     (a) “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit and other
Stock-Based Awards, or other cash payments granted to a Participant under the Plan.

     (b) “Award Agreement” shall mean the written agreement, instrument or document evidencing an
Award.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Cause” shall have the meaning given such term in the Award Agreement, or if not defined
in the Participant’s Award Agreement, as defined in the employment agreement between the
Participant and the Company or any Subsidiary, or if there is no employment agreement or if such
term is not defined therein, “Cause” shall mean: (i) an act of dishonesty causing harm to the
Company or any Subsidiary; (ii) the knowing disclosure of confidential information relating to the
Company’s or any Subsidiary’s business; (iii) impairment in the Participant’s ability to perform
the duties assigned to the Participant due to habitual drunkenness or narcotic drug addiction;
(iv) conviction of, or a plea of guilty or nolo contendere with respect to, a felony; (v) the
willful refusal to perform, or the gross neglect of, the duties assigned to the Participant;
(vi) the Participant’s willful breach of any law that, directly or indirectly, affects the Company
or any Subsidiary; (vii) the Participant’s material breach of his or her duties following a Change
of Control that do not differ in any material respect from the Participant’s duties and
responsibilities during the 90-day period immediately prior to such Change of Control (other than
as a result of incapacity due to physical or mental illness), which is demonstrably willful and
deliberate on the Participant’s part, which is committed in bad faith or without reasonable belief
that such breach is in the best interests of the Company and which is not remedied in a reasonable
period (not to exceed 15 days) after receipt of written notice from the Company or any Subsidiary
specifying such breach. If “Cause” is defined in both an employment agreement and an Award
Agreement, the meaning thereof in the Award Agreement shall control, unless the Committee otherwise
determines at the time the Award is granted.

     (e) “Change of Control” means and includes each of the following: (i) the acquisition, in one
or more transactions, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act) by any person or entity or any group of persons or entities who constitute a group (within the
meaning of Section 13(d)(3) of the Exchange Act), other than (x) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a Subsidiary, or (y) a person
who acquires such securities directly from the Company in a privately-negotiated transaction or in
an underwritten public offering, of any securities of the Company such that, as a result of such
acquisition, such person, entity or group beneficially owns (within the meaning of Rule l3d-3 under
the Exchange Act), directly or indirectly, more than 35% of the combined voting power of the
Company’s then outstanding voting securities (“Voting Securities”), provided that such person,
entity or group did not, prior to such transaction or transactions, beneficially own (within the
meaning of Rule l3d-3 under the Exchange Act), directly or indirectly, 35% or more of the Voting
Securities; (ii) a change in the composition of the Board such that a majority of the

 

 

members of
the Board are not Continuing Directors; (iii) the consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation in which the stockholders
of the Company, immediately prior to such merger or consolidation, own at least 50% of the total
voting power of the company surviving such merger or consolidation, immediately following such
merger or consolidation; (iv) the complete liquidation of the Company; or (v) a sale or other
disposition (in one or more transactions) of all or substantially all of the Company’s assets.

     (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     (g) “Continuing Director” means, as of any date of determination, any member of the Board who
(i) was a member of the Board on the date which is twenty-four months prior to the date of
determination or (ii) was nominated for election or elected to the Board with the affirmative vote
of a majority of the Continuing Directors who were members of the Board at the time of such
nomination or election.

     (h) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

     (i) “Fair Market Value” means, with respect to Stock, Awards, or other property, the fair
market value of such Stock, Awards, or other property determined by such methods or procedures as
shall be established from time to time by the Committee in good faith and in accordance with
applicable law (including Section 409A of the Code). Unless otherwise determined by the Committee,
the Fair Market Value of Stock shall mean the mean of the high and low sales prices of Stock on the
relevant date as reported on the stock exchange or market on which the Stock is primarily traded,
or if no sale is made on such date, on the last preceding day on which a sale is made.

     (j) “ISO” means any Option designated as an incentive stock option within the meaning of
Section 422 of the Code.

     (k) “Option” means a right granted to a Participant pursuant to Section 6(b) to purchase a
specified number of shares of Stock at a specified price during specified time periods. An Option
granted to a Participant pursuant to Section 6(b) may be either an ISO or a nonstatutory Option (an
Option not designated as an ISO).

     (l) “Participant” shall have the meaning specified in Section 3 hereof.

     (m) “Performance Goals” means any goals established by the Committee, the attainment of which
is substantially uncertain at the time such goals are established. Performance Goals may be
described in terms of Company-wide objectives or objectives that are related to the performance of
the individual Participant or the Subsidiary, division, department or function within the Company
or Subsidiary in which the Participant is employed. Performance Goals may be measured on an
absolute or relative basis. Relative performance may be measured by a group of peer companies or
by a financial market index. Performance Goals may be based upon: specified levels of or
increases in the Company’s, a division’s or a Subsidiary’s return on capital, equity or assets;
earnings measures/ratios (on a gross, net, pre-tax or post-tax basis), including diluted earnings
per share, total earnings, operating earnings, earnings growth, earnings before interest and taxes
(EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA); net economic
profit (which is operating earnings minus a charge to capital); net income; operating income;
sales; sales growth; gross margin; direct margin; share price (including but not limited to growth
measures and total shareholder return), operating profit; per period or cumulative cash flow
(including but not limited to operating cash flow and free cash flow) or cash flow return on
investment (which equals net cash flow divided by total capital); inventory turns; financial return
ratios; market share; balance sheet measurements such as receivable turnover; improvement in or
attainment of expense levels; improvement in or attainment of working capital levels; debt
reduction; strategic innovation, including but not limited to entering into, substantially
completing, or receiving payments under, relating to, or deriving from a joint development
agreement, licensing agreement, or similar agreement; customer or employee satisfaction; individual
objectives; qualitative milestones; any other financial or other measurement deemed

 

 

appropriate by
the Committee as it relates to the results of operations or other measurable progress of the
Company and its Subsidiaries (or any business unit of the Company or any of its Subsidiaries); and
any combination of any of the foregoing criteria. If the Committee determines that a change in the
business, operations, corporate structure or capital structure of the Company, or the manner in
which it conducts its business, or other events or circumstances render the Performance Goals
unsuitable, the Committee may modify such Performance Goals or the related minimum acceptable level
of achievement, in whole or in part, as the Committee deems appropriate and equitable (provided
that such modifications are made in accordance with Section 162(m) of the Code, if applicable).

     (n) “Performance Cycle” means the period selected by the Committee during which the
performance of the Company or any Subsidiary, or any department, division or function thereof, or
any individual is measured for the purpose of determining the extent to which a Performance Goal
has been achieved.

     (o) “Restricted Stock” means Stock awarded to a Participant pursuant to Section 6(c) that may
be subject to certain restrictions and to a risk of forfeiture.

     (p) “RSU” or “Restricted Stock Unit” means the right granted under Section 6(e) to receive, on
the date of settlement, an amount equal to the Fair Market Value of one share of Common Stock, less
the assigned value of such RSU. An Award of Restricted Stock Units may be settled in cash, shares
of Stock or any combination of the foregoing, as determined by the Committee; provided, however,
that all RSUs shall be settled in Stock unless otherwise provided by the Committee.

     (q) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3 as in
effect from time to time.

     (r) “SAR” or “Stock Appreciation Right” means the right granted to a Participant pursuant to
Section 6(d) to be paid an amount measured by the appreciation in the Fair Market Value of Stock
from the date of grant to the date of exercise of the right, with payment to be made in cash, Stock
or as specified in the Award, as determined by the Committee; provided, however, that all SARs
shall be settled in Stock unless otherwise provided by the Committee.

     (s) “Stock” means the common stock, $0.001 par value, of the Company.

     (t) “Stock-Based Award” means a right that may be denominated or payable in, or valued in
whole or in part by reference to, the market value of Stock, other than Options, SARs, Restricted
Stock and RSUs.

     (u) “Subsidiary” shall mean any corporation, partnership, joint venture or other business
entity of which 50% or more of the outstanding voting power is beneficially owned, directly or
indirectly, by the Company.

     (v) “Ten Percent Stockholder” means a person who on any given date owns, either directly or
indirectly (taking into account the attribution rules contained in Section 424(d) of the Code),
stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company or a Subsidiary.

SECTION 3. ADMINISTRATION OF THE PLAN

The Plan shall be administered by the Compensation Committee of the Board (the “Committee”). Any
action of the Committee in administering the Plan shall be final, conclusive and binding on all
persons, including the Company, its Subsidiaries, their employees, Participants, consultants,
contractors, persons claiming rights from or through Participants and stockholders of the Company.
Subject to the provisions of the Plan, the Committee shall have full and final authority in its
discretion (a) to select the employees, non-employee members of the Board, contractors and
consultants who will receive Awards pursuant to the Plan (“Participants”), (b) to determine the
type or types of Awards to be granted to each Participant, (c) to

 

 

determine the number of shares of
Stock to which an Award will relate, the terms and conditions of any Award granted under the Plan
(including, but not limited to, restrictions as to transferability or forfeiture, exercisability or
settlement of an Award and waivers or accelerations thereof, and waivers of or modifications to
performance conditions relating to an Award, based in each case on such considerations as the
Committee shall determine) and all other matters to be determined in connection with an Award;
(d) to determine whether, to what extent, and under what circumstances an Award may be settled, or
the exercise price of an Award may be paid, in cash, Stock, other Awards or other property, or an
Award may be canceled, forfeited, or surrendered; (e) to determine whether, and to certify that,
Performance Goals to which the settlement of an Award is subject are satisfied; (f) to correct any
defect or supply any omission or reconcile any inconsistency in the Plan, and to adopt, amend and
rescind such rules and regulations as, in its opinion, may be advisable in the administration of
the Plan; and (g) to make all other determinations as it may deem necessary or advisable for the
administration of the Plan. The Committee may, in accordance with applicable law, delegate to
executive officers of the Company the authority, subject to such terms as the Committee shall
determine, to exercise authority and perform functions related to the Plan, including, without
limitation, the selection of Participants and the grant of Awards to Participants; provided,
however, that such executive officers may not take any action under the Plan with respect to
Participants who are subject to the reporting requirements under Section 16 of the Exchange Act or
“covered employees” within the meaning of Section 162(m) of the Code.

SECTION 4. PARTICIPATION IN THE PLAN

Only employees, consultants and/or contractors of the Company and its Subsidiaries and non-employee
members of the Board shall be eligible to participate in the Plan; provided, however, that only
persons who are employees of the Company or any subsidiary corporation (within the meaning of
Section 424(f) of the Code) may be granted Options which are intended to qualify as ISOs.

SECTION 5. PLAN LIMITATIONS; SHARES SUBJECT TO THE PLAN

     (a) Subject to the provisions of Section 8 hereof, the aggregate number of shares of Stock
available for issuance as Awards under the Plan shall not exceed 10,162,654 shares in the
aggregate, all of which may be issued through the exercise of ISOs. For purposes of determining
the number of shares of Stock available for grant under the Plan, each SAR shall count against the
limit in the preceding sentence based on the number of shares of Stock covered by the SAR, rather
than the number of shares of Stock issued in settlement of such SAR. If any shares subject to an
Award are forfeited or such Award is settled in cash or otherwise terminates or is settled for any
reason whatsoever without an actual distribution of shares to the Participant, any shares counted
against the number of shares available for issuance pursuant to the Plan with respect to such Award
shall, to the extent of any such forfeiture, settlement, or termination, again be available for
Awards under the Plan; provided, however, that the Committee may adopt procedures for the counting
of shares relating to any Award to ensure appropriate counting, avoid double counting, and provide
for adjustments in any case in which the number of shares actually distributed differs from the
number of shares previously counted in connection with such Award.

     (b) If a Participant tenders shares (either actually, by attestation or otherwise) to pay all
or any part of the exercise price of any Option or if any shares payable with respect to any Award
are retained by the Company in satisfaction of the Participant’s obligation for taxes, the shares
tendered or retained shall not be available for future Awards under the Plan. Shares issued under
the Plan through the settlement, assumption or substitution of outstanding awards in connection
with the acquisition of another entity shall not reduce the maximum number of shares available for
delivery under the Plan.

     (c) Subject to the provisions of Section 8(a) hereof, the following additional maximums are
imposed under the Plan with respect to each fiscal year that the Company is subject to the
deduction limitation of Section 162(m) of the Code: (i) the maximum number of shares of Stock
underlying any Award granted to a Participant shall not exceed 1,000,000 shares of Stock and
(ii) the maximum amount of cash or cash payments that may be granted as Awards to any Participant
shall not exceed $2,000,000.

 

 

SECTION 6. AWARDS

     (a) General. Awards may be granted on the terms and conditions set forth in this
Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date
of grant or thereafter (subject to Section 9(a)), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of the termination of employment or other relationship
with the Company or any Subsidiary by the Participant; provided, however, that the Committee shall
retain full power to accelerate or waive any such additional term or condition as it may have
previously imposed. In addition, the Committee may condition the grant, vesting, exercisability
and/or settlement of an Award on the passage of time, the achievement of Performance Goals or on
such other terms and conditions as the Committee shall determine in its sole discretion. All
Awards shall be evidenced by an Award Agreement.

     (b) Options. The Committee may grant Options to Participants on the following terms
and conditions:

          (i) The exercise price of each Option shall be determined by the Committee at the time the
Option is granted; provided, however, that the per share exercise price of an Option may not be
less than the Fair Market Value of one share of Stock on the date of grant (or less than 110% of
the Fair Market Value of one share of Stock on the date of grant in the case of an ISO granted to a
Ten Percent Stockholder).

          (ii) The Committee shall determine the time or times at which an Option may be exercised in
whole or in part, whether the exercise price for an Option shall be paid in cash, by the surrender
at Fair Market Value of Stock, by any combination of cash and vested shares of Stock, the means or
methods of payment, including by “attestation” and through “cashless exercise” arrangements, to the
extent permitted by applicable law, the methods by which, or the time or times at which, Stock will
be delivered or deemed to be delivered to Participants upon the exercise of such Option, the term
of each Option and the effect of a termination of a Participant’s employment or other service on
outstanding Options.

          (iii) The aggregate Fair Market Value, determined as of the date of grant, of Stock underlying
Awards granted under the Plan (or any other stock option plan required to be taken into account
under Section 422(d) of the Code) that are intended to be ISOs which are first exercisable by the
Participant during any calendar year shall not exceed $100,000. To the extent an Award purporting
to be an ISO exceeds the limitation in the previous sentence, the portion of the Award in excess of
such limit shall be a nonstatutory Option. Each Participant awarded an ISO shall notify the
Company in writing immediately after the date he makes a disqualifying disposition (as defined in
Section 421(b) of the Code) of any Stock acquired pursuant to the exercise of such ISO. In the
event of such disqualifying disposition, the Participant shall be required to make appropriate
provision to the Company for the payment of any taxes required to be withheld as a result of such
sale or disposition. In addition, each Participant agrees to provide the Company with any
additional information requested by the Company with respect to such sale or disposition.

     (c) Restricted Stock. The Committee is authorized to grant Restricted Stock to
Participants on the following terms and conditions:

          (i) Restricted Stock awarded to a Participant shall be subject to a “substantial risk of
forfeiture” within the meaning of Section 83 of the Code, and such restrictions on transferability
and other restrictions and Performance Goals for such periods as the Committee may establish.
Additionally, the Committee shall establish at the time of such Award, which restrictions may lapse
separately or in combination at such times, under such circumstances, or otherwise, as the
Committee may determine.

          (ii) Unless otherwise provided in an Award Agreement, unvested Restricted Stock shall be
forfeited to the Company by the Participant upon termination of employment or other service for any
reason during the applicable restricted periods. The Committee, in its sole discretion, whether in
an Award Agreement or anytime after an Award is made, may accelerate the time at which restrictions
or forfeiture conditions will lapse whenever the Committee determines that such action is in the
best interests of the Company.

 

 

          (iii) Restricted Stock granted under the Plan may be evidenced in such manner as the
Committee shall determine. If certificates representing Restricted Stock are registered in the name
of the Participant, such certificates may bear an appropriate legend referring to the terms,
conditions and restrictions applicable to such Restricted Stock.

          (iv) Subject to the terms and conditions of the Award Agreement, the Participant shall have
all the rights of a stockholder with respect to shares of Restricted Stock awarded to him or her,
including, without limitation, the right to vote such shares and the right to receive all dividends
or other distributions made with respect to such shares. If any such dividends or distributions are
paid in Stock, the Stock shall be subject to restrictions and a risk of forfeiture to the same
extent as the Restricted Stock with respect to which the Stock has been distributed, and if any
such dividends or distributions are paid in cash, such cash shall be deemed to be reinvested in
shares of Restricted Stock that are subject to restrictions and a risk of forfeiture to the same
extent as the Restricted Stock to which such cash dividend or distribution relates.

     (d) Stock Appreciation Rights. The Committee is authorized to grant SARs to
Participants on the following terms and conditions:

          (i) An SAR shall confer on the Participant to whom it is granted a right to receive, upon
exercise thereof, the excess, if any, of (A) the Fair Market Value of one share of Stock on the
date of exercise over (B) the per share grant price of the SAR as determined by the Committee as of
the date of grant of the SAR, provided that in no event shall the per share grant price of an SAR
be less than the Fair Market Value of one share of Stock on the date of grant.

          (ii) The Committee shall determine the time or times at which an SAR may be exercised in
whole or in part, the method of exercise, method of settlement, the form of consideration payable
in settlement, the method by which Stock will be delivered or deemed to be delivered to
Participants upon the exercise of an SAR, whether or not an SAR shall be granted in tandem with any
other Award, the effect of a termination of a Participant’s employment or other service on
outstanding SARs and any other terms and conditions of any SAR.

     (e) Restricted Stock Units. The Committee is authorized to grant RSUs to Participants
on the following terms and conditions:

          (i) An RSU shall confer on the Participant to whom it is granted a right to receive, on the
settlement date, the excess of the Fair Market Value of one share of Stock on the date of
settlement over the assigned value of the RSU. The assigned value of an RSU may be as little as
$0.00 and as high as the Fair Market Value of one share of Stock on the grant date. Unless
otherwise provided in an Award Agreement, the assigned value of an RSU will be $0.00. RSUs are
solely a device for the measurement and determination of the amounts to be paid to a Participant
under the Plan. Each Participant’s right in RSUs is limited to the right to receive payment, if
any, as may herein be provided. RSUs do not constitute Stock and shall not be treated as (or as
giving rise to) property or as a trust fund of any kind; provided, however, that
the Company will establish a mere bookkeeping account that will not cause the Plan to be deemed to
be funded for tax purposes or for purposes of Title I of the Employee Retirement Income Security
Act of 1974, as amended, to meet its obligations hereunder. The right of any recipient of RSUs to
receive payments in respect thereof shall be no greater than the right of any unsecured general
creditor of the Company.

          (ii) The Committee shall determine the time or times at which an RSU may be settled, the form
of consideration payable in settlement of an RSU, the method by which Stock will be delivered to
Participants upon the settlement of an RSU, whether or not an RSU shall be granted in tandem with
any other Award and any other terms and conditions of any RSU. Unless otherwise provided in an
Award Agreement, all unvested RSUs will be forfeited upon a Participant’s termination of employment
or other service with the Company or any Subsidiary.

 

 

          (iii) Unless otherwise provided in an Award Agreement, each RSU shall be settled within 30
days after the date on which such RSU becomes vested. Notwithstanding the foregoing, the
Committee may, in its sole discretion, permit a Participant to defer the settlement date of an
Award of RSUs in accordance with rules and procedures established by the Committee. In the event
that a Participant elects to defer the settlement date of an Award of RSUs, such RSUs shall be
settled within 30 days following such Participant’s termination of employment or other service with
the Company and its Subsidiaries if such termination occurs prior to the settlement date otherwise
elected by such Participant; provided, however, that (i) RSUs that constitute “non-qualified
deferred compensation” within the meaning of Section 409A of the Code and the regulations
thereunder and that are payable upon a termination of employment or other service shall not be
settled upon a termination of employment or other service unless and until such termination
constitutes a “separation from service” within the meaning of Section 409A of the Code and the
regulations thereunder and (ii) to the extent required to avoid any taxes imposed by Section 409A
of the Code, settlement of an Award of RSUs upon a termination of employment (other than due to
death) with respect to a Participant who is a “specified employee” (within the meaning of Section
409A of the Code and the regulations thereunder) shall be made upon the earlier of (a) the first
business day of the seventh month following such termination of employment or (b) the fifth
business day following such Participant’s death.

          (iv) If permitted by the Committee, a Participant may elect to defer settlement of an Award of
RSUs in accordance with rules and procedures established by the Committee. An initial election to
defer settlement of an Award of RSUs must be made (i) in the year before the Award is granted, (ii)
within 30 days after initial eligibility under the Plan, provided that such election shall apply
only to the portion of the Award attributable to services performed after such election is made,
(iii) within 30 days after the date of grant, but only if the Participant must continue to provide
services for a period of at least 12 months from the date of grant in order to avoid forfeiture of
any portion of the Award and the deferral election is made at least 12 months before any portion of
the Award is scheduled to vest or (iv) if the Award is subject to the attainment of Performance
Goals that have been established no later than 90 days after the beginning of the relevant
performance period and at a time when the attainment of such Performance Goals is substantially
uncertain, at least six months prior to the date the applicable performance period ends (provided
that the performance period is at least 12 months and that such election is made before such
Performance Goals are substantially certain to be achieved). A Participant may elect to re-defer
the settlement of an Award of RSUs, provided such election (i) does not take effect until 12 months
after the date it is made, (ii) defers settlement of the portion of such Award to which such
election relates to a date that is at least five years after the date such portion of such Award
was previously scheduled to be settled and (iii) is made at least 12 months before the portion of
such Award to which such election relates is scheduled to be settled.

          (v) Nothing contained in the Plan shall be construed to give any Participant any rights with
respect to Stock or any ownership interest in the Company by reason of an Award of RSUs. Without
limiting the foregoing, no provision of the Plan shall be interpreted to confer any voting,
dividend, derivative or other similar rights with respect to any RSUs. Notwithstanding the
foregoing, a Participant shall be credited with dividends on his unvested RSUs, with such dividends
to be reinvested in additional RSUs that will be subject to the same terms, conditions and
restrictions (including, without limitation, vesting restrictions and the settlement date) as the
underlying RSUs.

     (f) Cash Payments. The Committee is authorized, subject to limitations under
applicable law, to grant to Participants cash payments, whether awarded separately or as a
supplement to any Award. The Committee shall determine the terms and conditions of such Awards.
Grants of cash payments shall be made in accordance with Section 409A of the Code and the
regulations thereunder, and the receipt of a cash payment shall not be contingent on the exercise
of an Option or an SAR.

     (g) Other Stock-Based Awards. The Committee is authorized, subject to limitations
under applicable law, to grant to Participants such Stock-Based Awards, in addition to those
provided in Sections 6(b), (c), (d) and (e) hereof, as deemed by the Committee to be consistent
with the purposes of the Plan. The Committee shall determine the terms and conditions of such
Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this
Section 6(g) shall be purchased for such

 

 

consideration and paid for at such times, by such methods,
and in such forms, including, without limitation, cash or Stock, as the Committee shall determine.

SECTION 7. ADDITIONAL PROVISIONS APPLICABLE TO AWARDS

     (a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the
Plan may, in the discretion of the Committee, be granted either alone or in addition to or in
tandem with, any other Award granted under the Plan or any award granted under any other plan of
the Company or any Subsidiary, or any business entity acquired by the Company or any Subsidiary, or
any other right of a Participant to receive payment from the Company or any Subsidiary. Awards
granted in addition to, or in tandem with, other Awards or awards may be granted either as of the
same time as, or a different time from, the grant of such other Awards or awards, provided that the
per share exercise price of any Option and the per share base price of any SAR shall in no event be
less than the Fair Market Value of one share of Stock on the date such Option or SAR is granted, as
the case may be (regardless of when the Award or award such Option or SAR is granted in tandem with
or in addition to was granted).

     (b) Exchange and Buy Out Provisions. Subject to stockholder approval, the Committee
may at any time (in accordance with the rules of the stock exchange or market on which the Stock is
then traded or quoted) offer to exchange or buy out any previously granted Award for a payment in
cash, Stock, other Awards (subject to Section 7(a)), or other property based on such terms and
conditions as the Committee shall determine and communicate to a Participant at the time that such
offer is made, provided that (i) payment for any such Award shall be made in accordance with
Section 409A of the Code and the regulations thereunder and (ii) no such offer may be made with
respect to an Award that constitutes “non-qualified deferred compensation” within the meaning of
Section 409A of the Code.

     (c) Performance Goals. The right of a Participant to exercise, become vested in, or
receive a grant or settlement of, any Award, and the timing thereof, may be subject to such
Performance Goals as may be specified by the Committee.

     (d) Term of Awards. The term of each Award shall, except as provided herein, be for
such period as may be determined by the Committee; provided, however, that in no event shall the
term of any Option or SAR exceed a period of ten years from the date of its grant (or five years
from the date of grant in the case of an ISO granted to a Ten Percent Stockholder).

     (e) Awards to Comply with Section 162(m). The Committee may (but is not required to)
grant an Award pursuant to the Plan to a Participant that is intended to qualify as
“performance-based compensation” under Section 162(m) of the Code (a “Performance-Based Award”).
The right to receive a Performance-Based Award may vary from Participant to Participant and
Performance-Based Award to Performance-Based Award, and shall be conditional upon the achievement
of Performance Goals that have been established by the Committee in writing not later than the
earlier of (i) 90 days after the beginning of the Performance Cycle and (ii) the date by which no
more than 25% of a Performance Cycle has elapsed. Before any compensation pursuant to a
Performance-Based Award is paid, the Committee shall certify in writing that the Performance Goals
applicable to the Performance-Based Award were in fact satisfied.

     (f) Change of Control. In the event of a Change of Control of the Company, the
Committee may, in its sole discretion, take any one or more of the following actions with respect
to outstanding Awards:

          (i) accelerate the vesting and, if applicable, exercisability, of all outstanding Awards such
that all outstanding Awards are fully vested and, if applicable, exercisable (effective immediately
prior to such Change of Control);

          (ii) cancel all outstanding Options or SARs in exchange for a cash payment in an amount equal
to the excess, if any, of the Fair Market Value of the Stock underlying the unexercised portion of
the Option or SAR as of the date of the Change of Control over the aggregate exercise price or base
price, as the case may be, of such portion, provided that any Option or SAR with an exercise price
per share or base price per share, as the case may be, that equals or exceeds the Fair Market Value
of one share

 

 

of Stock on the date of such Change of Control shall be cancelled with no payment due
the Participant;

          (iii) require the successor corporation, following a Change of Control if the Company does not survive such Change of Control, to assume all outstanding Awards and/or to substitute such Awards
with awards involving the common stock of such successor corporation on terms and conditions
necessary to preserve the rights of Participants with respect to such Awards.

          (iv) take such other actions as it deems appropriate, including the immediate distribution of
amounts that would not otherwise be payable as of the date of the Change of Control (provided that
any such action would not result in the imposition of any additional tax to the Participant under
Code Section 409A).

The Committee may also provide in an Award Agreement at the time of grant or in a deferral election
form at the time a deferral election is made that an RSU that constitutes “non-qualified deferred
compensation” within the meaning of Section 409A of the Code will be settled (to the extent then
vested, including by reason of this Section 7(f)) upon the occurrence of a Change of Control that
satisfies the requirements of Treasury Regulation Section 1.409A-3(i)(5)(v), (vi) or (vii),
regardless of any deferral election that would provide for settlement at a later date. In
addition, if an Award to any Participant is assumed or replaced by an acquiring company and the
employment or other service of the Participant with the acquiring company (or its affiliates) is
terminated by the acquiring company for any reason other than Cause within 18 months after the date
of the Change of Control, then the assumed or replaced Awards that are outstanding on the day prior
to the day the Participant’s employment or other service terminates or is terminated shall become
vested in the Participant or free of any restrictions as provided in the Award Agreement.

SECTION 8. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

     (a) In the event that the Committee shall determine that any stock dividend,
recapitalization, forward split or reverse split, reorganization, merger, consolidation, spin-off,
combination, repurchase or share exchange, or other similar corporate transaction or event, affects
the Stock or the book value of the Company such that an adjustment is appropriate in order to
prevent dilution or enlargement of the rights of Participants under the Plan, then the Committee
shall, in such manner as it may deem equitable, adjust any or all of (i) the number and kind of
shares of Stock which may thereafter be issued in connection with Awards, (ii) the number and kind
of shares of Stock issuable in respect of outstanding Awards, (iii) the aggregate number and kind
of shares of Stock available under the Plan, and (iv) the exercise price, grant price, or purchase
price relating to any Award or, if deemed appropriate, make provision for a cash payment with
respect to any outstanding Award; provided, however, in each case, that no adjustment shall be made
that would cause the Plan to violate Section 422 of the Code with respect to ISOs or that would
adversely affect the status of a Performance-Based Award as “performance-based compensation” under
Section 162(m) of the Code.

     (b) In addition, the Committee is authorized to make adjustments in the terms and conditions
of, and the criteria included in, Awards, in recognition of unusual or nonrecurring events
(including, without limitation, events described in the preceding paragraph) affecting the Company
or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting
principles. Notwithstanding the foregoing, no adjustment shall be made in any outstanding
Performance-Based Awards to the extent that such adjustment would adversely affect the status of
the Performance-Based Award as “performance-based compensation” under Section 162(m) of the Code.

SECTION 9. GENERAL PROVISIONS

     (a) Changes to the Plan and Awards. The Board may amend, alter, suspend, discontinue,
or terminate the Plan or the Committee’s authority to grant Awards under the Plan without the
consent of the Company’s stockholders or Participants, except that any such amendment, alteration,
suspension, discontinuation, or termination shall be subject to the approval of the Company’s
stockholders if such stockholder approval is required by any federal or state law or regulation or
the rules of any stock exchange or automated quotation system on which the Stock may then be listed
or quoted, and the Board may

 

 

otherwise, in its discretion, determine to submit other such changes
to the Plan to the stockholders for approval; provided, however, that without the consent of an
affected Participant, no amendment, alteration, suspension, discontinuation, or termination of the
Plan may materially and adversely affect the rights of such Participant under any Award theretofore
granted and any Award Agreement relating thereto. The Committee may waive any conditions or rights
under, or amend, alter, suspend, discontinue, or terminate, any Award theretofore granted and any
Award Agreement relating thereto; provided, however, that without the consent of an affected
Participant, no such amendment, alteration, suspension, discontinuation, or termination of any
Award may materially and adversely affect the rights of such Participant under such Award. The
foregoing notwithstanding, any Performance Goal or other performance condition specified in
connection with an Award shall not be deemed a fixed contractual term, but shall remain subject to
adjustment by the Committee, in its discretion at any time in view of the Committee’s assessment of
the Company’s strategy, performance of comparable companies, and other circumstances, except to the
extent that any such adjustment to a performance condition would adversely affect the status of a
Performance-Based Award as “performance-based compensation” under Section 162(m) of the Code.

     (b) No Right to Award or Employment. No employee, non-employee member of the Board,
contractor or consultant or other person shall have any claim or right to receive an Award under
the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any employee
or other service provider any right to be retained in the employ or service of the Company or any
Subsidiary or as limiting the right of the Company and its Subsidiaries to terminate the employment
or service of any Participant at any time and for any reason.

     (c) Taxes. The Company or any Subsidiary is authorized to withhold from any Award,
any payment relating to an Award under the Plan (including from a distribution of Stock) or any
payroll or other payment to a Participant amounts of withholding and other taxes due in connection
with any transaction involving an Award, and to take such other action as the Committee may deem
advisable to enable the Company and Participants to satisfy obligations for the payment of
withholding taxes and other tax obligations relating to any Award. This authority shall include
authority to withhold or receive Stock or other property and to make cash payments in respect
thereof in satisfaction of a Participant’s tax obligations. Each Participant who is subject to the
reporting requirements of Section 16 of the Exchange Act may, in his discretion, direct the Company
to withhold shares of Stock that would otherwise be received upon exercise, settlement or vesting
of an Award to satisfy such Participant’s tax withholding obligation with respect to such Award.
Withholding of taxes in the form of shares of Stock shall not occur at a rate that exceeds the
minimum required statutory federal and state withholding rates.

     (d) Limits on Transferability; Beneficiaries. No Award or other right or interest of
a Participant under the Plan shall be pledged, encumbered, or hypothecated to, or in favor of, or
subject to any lien, obligation, or liability of such Participant to, any party (other than the
Company or any Subsidiary), or assigned or transferred by such Participant otherwise than by will
or the laws of descent and distribution, and such Awards and rights shall be exercisable during the
lifetime of the Participant only by the Participant or his or her guardian or legal representative
in the case of the Participant’s disability. Notwithstanding the foregoing, the Committee may, in
its discretion, provide that Options (other than an ISO) and Restricted Stock be transferable,
without consideration, to immediate family members (i.e., children, grandchildren or spouse), to
trusts for the benefit of such immediate family members and to partnerships in which such family
members are the only partners (provided that any such Awards shall continue to remain subject to
any forfeiture restrictions applicable to such Awards in the same manner as if no transfer
occurred). The Committee may attach to such transferability feature such terms and conditions as it
deems advisable. In addition, a Participant may, in the manner established by the Committee,
designate a beneficiary (which may be a person or a trust) to exercise the rights of the
Participant, and to receive any distribution, with respect to any Award upon the death of the
Participant. A beneficiary, guardian, legal representative, transferee or other person claiming any
rights under the Plan from or through any Participant shall be subject to all terms and conditions
of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined
by the Committee, and to any additional restrictions deemed necessary or appropriate by the
Committee.

     (e) No Rights to Awards; No Stockholder Rights. No Participant shall have any claim
to be

 

 

granted any Award under the Plan, and there is no obligation for uniformity of treatment of
Participants. No Award shall confer on any Participant any of the rights of a stockholder of the
Company unless and until Stock is duly issued or transferred to the Participant in accordance with
the terms of the Award.

     (f) Securities Law Requirements.

          (i) No Award granted hereunder shall be exercisable or settled in Stock if the Company shall
at any time determine that (a) the listing upon any securities exchange, registration or
qualification under any state or federal law of any Stock otherwise deliverable upon such exercise
or settlement, or (b) the consent or approval of any regulatory body or the satisfaction of
withholding tax or other withholding liabilities, is necessary or appropriate in connection with
such exercise or settlement. In any of the events referred to in clause (a) or clause (b) above,
the exercisability or settlement of such Awards shall be suspended and shall not be effective
unless and until such withholding, listing, registration, qualifications or approval shall have
been effected or obtained free of any conditions not acceptable to the Company in its sole
discretion, notwithstanding any termination of any Award or any portion of any Award during the
period when exercisability or settlement has been suspended.

          (ii) The Committee may require, as a condition to the right to exercise, or receive Stock
with respect to, any Award that the Company receive from the Participant, at the time any such
Award is exercised, settled, vests or any applicable restrictions lapse, representations,
warranties and agreements to the effect that the shares are being purchased or acquired by the
Participant for investment only and without any present intention to sell or otherwise distribute
such shares and that the Participant will not dispose of such shares in transactions which, in the
opinion of counsel to the Company, would violate the registration provisions of the Securities Act
of 1933, as then amended, and the rules and regulations thereunder. The certificates issued to
evidence such shares shall bear appropriate legends summarizing such restrictions on the
disposition thereof.

     (g) Termination. Unless the Plan shall theretofore have been terminated, the Plan
shall terminate on December 31, 2020, and no Awards under the Plan shall thereafter be granted.

     (h) Fractional Shares. The Company will not be required to issue any fractional
common shares pursuant to the Plan. The Committee may provide for the elimination of fractions and
for the settlement of fractions in cash.

     (i) Discretion. In exercising, or declining to exercise, any grant of authority or
discretion hereunder, the Committee may consider or ignore such factors or circumstances and may
accord such weight to such factors and circumstances as the Committee alone and in its sole
judgment deems appropriate and without regard to the effect such exercise, or declining to exercise
such grant of authority or discretion, would have upon the affected Participant, any other
Participant, any employee, the Company, any Subsidiary, any stockholder or any other person.exv4w2

Exhibit 4.2

NON-EMPLOYEE DIRECTOR STOCK OPTION AGREEMENT

     NON-EMPLOYEE DIRECTOR STOCK OPTION AGREEMENT, dated as of                      (this “Agreement”), by and
between INHIBITEX, INC., a Delaware corporation (the “Company”), and                      (the “Optionee”).

RECITALS:

     WHEREAS, the Company has adopted the Inhibitex, Inc. Amended and Restated 2004 Stock Incentive
Plan, as amended (the “Plan”) to provide long-term performance incentives to those service
providers of the Company and its Subsidiaries who are largely responsible for the management,
growth and protection of the business of the Company and its Subsidiaries; and

     WHEREAS, the Company desires to grant to the Optionee an option (the “Option”) to purchase a
number of shares of the common stock, $0.001 par value, of the Company (the “Stock”) pursuant to
the Plan and on the terms and conditions set forth herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Company and the Optionee, intending to be legally bound, hereby agree as
follows:

          Section 1. Grant of Option. The Company hereby grants to the Optionee, pursuant to the
Plan and on the terms and conditions set forth herein, an Option to purchase that number of shares
of Stock and at the exercise price as set forth on Schedule A hereto. Except as otherwise may be
provided in Sections 2 or 5 herein, the Option hereby granted shall vest in installments as
provided on Schedule A.

          Section 2. Term of the Option. Unless earlier terminated pursuant to the other
provisions herein, the Option hereby granted shall terminate at the close of business on the date
referred to on Schedule A (the “Expiration Date”).

               (a) In addition, at the close of business on the date the Optionee ceases to be a director of
the Company for any reason whatsoever (except by reason of death, Disability (as defined below) or
Retirement (as defined below)), the Option shall terminate as to that number of shares of Stock as
to which the Option is not vested on that date.

               (b) If the Optionee is removed as a director of the Company for Cause, the unexercised portion
of the Option (whether or not vested) will terminate simultaneously with the Optionee’s removal as
a director.

               (c) If the Optionee voluntarily resigns as a director of the Company (other than due to
Retirement), or is removed other than for Cause, death or Disability, or is not re-nominated or
reelected as a director of the Company, then the Option may be exercised to the extent vested on
the date the Optionee ceases to be a director of the

 

 

Company at any time prior to the earlier of the Expiration Date and twelve (12) months after
the day that the Optionee ceases to be a director of the Company, and any part of the Option which
is not so exercised within such period shall thereupon terminate.

               (d) If the Optionee’s service as a director terminates by reason of his or her death or
Disability, then the vesting of the Option shall accelerate such that the Option may be exercised
as to the entire number of whole shares of Stock that are covered by the Option on the date of the
Optionee’s death or Disability, at any time prior to the earlier of the Expiration Date and twelve
(12) months after the date of the Optionee’s death or Disability, and any part of the Option which
is not so exercised within such period shall thereupon terminate. For purposes hereof, “Disability”
shall mean the determination by the Committee, upon the advice of an independent qualified
physician, that the Optionee has become physically or mentally incapable of fulfilling the
Optionee’s duties as a director, which has continued for a period of at least 180 days in any
twelve-calendar-month period.

               (e) If the Optionee’s service as a director terminates by reason of his or her Retirement,
then the vesting of the Option shall accelerate such that the Option may be exercised as to the
entire number of whole shares of Stock that are covered by the Option on the date the Optionee
ceases to be a director of the Company, at any time prior to the earlier of the Expiration Date and
twenty-four (24) months after the date the Optionee ceases to be a director of the Company, and any
part of the Option which is not so exercised within such period shall thereupon terminate. For
purposes hereof, “Retirement” shall mean an Optionee’s termination of service as a director (other
than due to death or for Cause) at a time when the Optionee has served at least six (6) years on
the Board.

               (f) The Committee, in its absolute discretion, shall determine the effect of all matters and
questions relating to the cessation of an Optionee’s status as a director of the Company,
including, but not by way of limitation, the question of whether a director was removed for Cause.

          Section 3. Manner of Exercise.

               (a) To exercise the Option, the Optionee shall provide written notice of such exercise in the
form provided in Annex 1 hereto to the Secretary of the Company at the Company’s then principal
office. The notice shall specify the number of shares of Stock for which the Option is being
exercised and shall be accompanied by a payment to the Company in full of the aggregate exercise
price (in accordance with the procedures set forth in Annex 1). Such notice of exercise shall also
be accompanied by payment of any withholding taxes determined by the Company to be due in
connection with such exercise. In addition, if the Optionee, at the time of exercise, is subject
to the reporting requirements under Section 16 of the Exchange Act, the Optionee may direct the
Company to retain shares of Stock that the Optionee would otherwise receive in connection with the
exercise of the Option to pay the exercise price of the Option.

 

 

               (b) Delivery of the notice of exercise shall constitute an irrevocable election to purchase
the Stock specified in the notice, and the date on which the Company receives the notice
accompanied by payment in full of the exercise price for the Stock covered by the notice and the
applicable withholding taxes (if any) shall be the date as of which the Stock so purchased shall be
deemed to have been issued.

               (c) To exercise the Option upon the Optionee’s death, the persons who acquire the right to
exercise the Option must prove to the Committee’s satisfaction that they have duly acquired the
Option and that they have paid (or have provided for payment of) any taxes, such as estate,
transfer, inheritance or death taxes, payable with respect to the Option or to the Stock to which
it relates.

          Section 4. Transferability. This Option may be transferred by will or the laws of
descent and distribution and (except as provided in the following sentence) may be exercised during
the Optionee’s lifetime only by the Optionee. In addition, this Option may be transferred in
accordance with the terms of the Plan, without consideration, to immediate family members (i.e.,
children, grandchildren or spouse) of the Optionee, to trusts for the benefit of immediate family
members of the Optionee and to partnerships in which the only partners are immediate family members
of the Optionee.

          Section 5. Change of Control.

               (a) In the event of a Change of Control, and conditioned on the Optionee’s continuous service
as a director of the Company from the date of grant through the date of such Change of Control,
notwithstanding the vesting schedule set forth on Schedule A, if the Optionee has been a director
of the Company:

                    (i) For less than six (6) months on the date of the Change of
Control, the Option shall vest as to that number of whole shares of Stock
(rounding down) as is equal to thirty-three and 1/3 percent (33 1/3%) of the number of unvested shares subject to the Option.

                    (ii) For six (6) months or more but less than twelve (12) months, the Option shall vest as to
that number of whole shares of Stock (rounding
down) as is equal to sixty-six and 2/3 percent (66 2/3%) of the number of
unvested shares subject to the Option.

                    (iii) For twelve (12) months or more, the Option shall vest as
to that number of whole shares of Stock as is equal to one-hundred percent (100%) of the number of
unvested shares subject to the Option.

               (b) In the event of the Optionee’s termination of service as a director of the Company
following a Change of Control, the exercise period of the Option shall extend for the remainder of
the original term of this Option without giving effect to any shorter term of this Option as a
result of the termination of the Optionee’s term as a director (other than pursuant to removal for
Cause).

 

 

          Section 6. Lock-Up Period. The Optionee agrees that, if so requested by the Company or
any representative of the underwriters (the “Managing Underwriter”) in connection with any firm
commitment underwritten public offering of any securities of the Company under the Securities Act
of 1933, as amended (the “Securities Act”), the Optionee shall not sell or otherwise transfer any
shares of Stock or other securities of the Company (other than any securities of the Company being
registered in such offering) or enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of the Stock, without the prior
written consent of the Company and the Managing Underwriter, commencing on the initial date that
securities are offered for sale under such offering and continuing for up to 180 days (the “Market
Standoff Period”) thereafter or such greater period, not to exceed an additional twenty (20) days,
in order to permit the underwriters to issue research reports in compliance with NASD Rule
2711(f)(4). The Optionee further agrees to execute promptly such agreements as may be reasonably
requested by the Managing Underwriter in connection with such offering that are not inconsistent
with this Section and that are deemed reasonably necessary by such Managing Underwriter to further
evidence or to give further effect hereto. The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of such Market Standoff
Period.

          Section 7. Rights in Stock Before Issuance and Delivery. The Optionee shall not have
any rights as a stockholder of the Company with respect to the Stock underlying the Option unless
and until such Stock has been issued to the Optionee as fully paid Stock.

          Section 8. No Right to Service. Nothing contained herein shall be construed to confer
on the Optionee any right to continue in the service of the Company or to derogate from any right
of the Company to request the resignation of or discharge the Optionee at any time and for any
reason.

          Section 9. Qualifications to Exercise. Anything in this Agreement to the contrary
notwithstanding, in no event may the Option be exercisable if the Company shall, at any time and in
its sole discretion, determine that (a) the listing, registration or qualification of any shares of
Stock otherwise deliverable upon such exercise, upon any securities exchange or under any state or
federal law, or (b) the consent or approval of any regulatory body, is necessary or desirable in
connection with such exercise. In such event, such exercise shall be held in abeyance and shall not
be effective unless and until such listing, registration, qualification or approval shall have been
effected or obtained free of any conditions not acceptable to the Company (regardless of any
termination of the Option prior to such listing, registration, qualification or approval).

          Section 10. Conditions to Transfer. Unless the issuance of the shares of Stock upon
the exercise of the Option has been registered under the Securities Act, the Committee may require
as a condition to the right to exercise the Option hereunder that the Company receive from the
person exercising the Option representations, warranties and agreements, at the time of any such
exercise, to the effect that the shares of Stock are being purchased for investment only and
without any present intention to sell or

 

 

otherwise distribute such shares of Stock and that such shares of Stock will not be disposed
of in transactions which, in the opinion of counsel to the Company, would violate the registration
provisions of the Securities Act and the rules and regulations thereunder. The certificate issued
to evidence such shares of Stock shall bear appropriate legends summarizing these restrictions on
the disposition thereof.

          Section 11. Entire Agreement. This Agreement and the Plan contain the entire agreement
between the parties hereto with respect to the matters contemplated herein and supersede all prior
agreements or understandings among the parties related to such matters.

          Section 12. Binding Effect. Subject to the restrictions on transfer herein set forth,
this Agreement shall be binding upon and inure to the benefit of the Company and its successors and
assigns and upon the Optionee and his or her permitted transferees, heirs, executors,
administrators and legal representatives.

          Section 13. Amendment; Termination; Waiver. This Agreement may be amended or
terminated, and the terms or covenants hereof may be waived, only by a written instrument executed
on behalf of the Company (as authorized by the Committee) and the Optionee.

          Section 14. Governing Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware, without giving effect to the principles of
conflicts of law thereof.

          Section 15. Defined Terms. Capitalized terms used in this Agreement and not otherwise
defined herein have the meaning ascribed to them in the Plan.

          Section 16. The Plan. The Optionee acknowledges having received a copy of the Plan.
The Option herein granted is subject to all of the terms and provisions of the Plan, all of which
are hereby incorporated herein by reference. In the event of any inconsistency between the
provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall
govern.

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
 of the date first set forth above.

	 	 	 	 	 
	INHIBITEX, INC.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	OPTIONEE

 	 
	 	 
	 	 	 	 
	 	 	 	 
	 

 

 

SCHEDULE A

	 	 	 

	Name of Optionee:

	 	              
               
                  
                  
               
	 
	 	 
	Option Number:

	 	                                                            
	 
	 	 
	Date of Grant:

	 	                    , 20___
	 
	 	 
	Option Exercise Price:

	 	$             
                             per share
	 
	 	 
	Number of Shares Subject to Option:

	 	                    
	 
	 	 
	Vesting Terms:
	 	 
	 
	 	 
	Expiration Date:

	 	                                                            

 

 

ANNEX 1

FORM OF ELECTION TO EXERCISE

(To be executed upon exercise of Option).

The undersigned hereby elects to exercise the right pursuant to the stock option agreement between
the undersigned and Inhibitex, Inc. (the “Company”), dated as of ___, 20___ (the “Option
Agreement”), to purchase ___ shares of Stock, $0.001 par value per share (the “Shares”).

Choose one or more of the following options:

	 	 	 

	                    

	 	Cash payment for                      Shares in the amount of $                     .
	 
	 	 
	                    

	 	Payment for                      Shares through a cashless exercise arrangement. The undersigned’s
broker must forward the amount of cash necessary to purchase the Shares. Such broker will receive
the Shares, and will forward the net proceeds of the cashless exercise to the undersigned.
	 
	 	 
	                    

	 	Payment for                      Shares by having the Company retain Shares that the undersigned would
otherwise receive in connection with the exercise.

The undersigned requests that certificates for the Shares be registered in the name of the undersigned.

Dated:                     , 20___

                                                            

Optionee

                                                            

Social Security Number

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