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                                                                   EXHIBIT 10.1

                             2000 STOCK OPTION PLAN

                                       OF

                        CORCEPT THERAPEUTICS INCORPORATED

         1.       PURPOSES OF THE PLAN

                  The purposes of this 2000 Stock Option Plan (the "Plan") of
Corcept Therapeutics Incorporated, a Delaware corporation (the "Company"), are
to:

                  (a) Encourage selected employees, directors and consultants to
improve operations and increase profits of the Company;

                  (b) Encourage selected employees, directors and consultants to
accept or continue employment or association with the Company or its Affiliates;
and

                  (c) Increase the interest of selected employees, directors and
consultants in the Company's welfare through participation in the growth in
value of the common stock, par value $0.001 per share, of the Company (the
"Common Stock").

                  Options granted under this Plan ("Options") may be "incentive
stock options" ("ISOs") intended to satisfy the requirements of Section 422 of
the Internal Revenue Code of 1986, as amended (the "Code"), or "nonqualified
options" ("NQOs").

         2.       ELIGIBLE PERSONS

                  Every person who at the date of grant of an Option is an
employee of the Company or of any Affiliate (as defined below) of the Company is
eligible to receive NQOs or ISOs under this Plan. Every person who at the date
of grant is a consultant to, or nonemployee director of, the Company or any
Affiliate (as defined below) of the Company is eligible to receive NQOs under
this Plan. The term "Affiliate" as used in the Plan means a parent or subsidiary
corporation as defined in the applicable provisions (currently Sections 424(e)
and (f), respectively) of the Code. The term "employee" refers to individuals
who are treated as employees for federal income tax purposes, and includes an
officer or director who is an employee of the Company. The term "consultant"
includes persons employed by, or otherwise affiliated with, a consulting firm.

         3.       STOCK SUBJECT TO THIS PLAN

                  Subject to the provisions of Section 6.1.1 of the Plan, the
total number of shares of stock which may be issued under options granted
pursuant to this Plan and the

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total number of shares provided for issuance under this Plan shall be the lesser
of (i) 2,000,000 shares of Common Stock and (ii) the maximum number of shares as
calculated under section 260.140.45 of Chapter 3 of Title 10 of the California
Code of Regulations. The shares covered by the portion of any grant under the
Plan which expires unexercised shall become available again for grants under the
Plan.

         4.       ADMINISTRATION

                  4.1 General. This Plan shall be administered by the Board of
Directors of the Company (the "Board") or, either in its entirety or only
insofar as required pursuant to Section 4.2 hereof, by a committee (the
"Committee") of at least two Board members to which administration of the Plan,
or of part of the Plan, is delegated (in either case, the "Administrator").

                  4.2 Public Company. From and after such time as the Company
registers a class of equity securities under Section 12 of the Securities
Exchange Act of 1934 (the "Exchange Act"), the Committee shall consist of Board
members who are "Non-Employee Directors" as defined under Rule 16b-3 promulgated
by the Securities and Exchange Commission ("Rule 16b-3"), or any successor rule
thereto.

                  4.3 Authority of Administrator. Subject to the other
provisions of this Plan, the Administrator shall have the authority, in its
discretion: (i) to grant Options; (ii) to determine the fair market value of the
Common Stock subject to Options; (iii) to determine the exercise price of
Options granted; (iv) to determine the persons (each an "Optionee") to whom, and
the time or times at which, Options shall be granted, and the number of shares
subject to each Option; (v) to interpret this Plan; (vi) to prescribe, amend,
and rescind rules and regulations relating to this Plan; (vii) to determine the
terms and provisions of each Option granted (which need not be identical),
including but not limited to, the time or times at which Options shall be
exercisable; (viii) with the consent of the Optionee, to modify or amend any
Option; (ix) to accelerate or to defer (with the consent of the Optionee) the
exercise date of any Option; (x) to authorize any person to execute on behalf of
the Company any instrument evidencing the grant of an Option; and (xi) to make
all other determinations deemed necessary or advisable for the administration of
this Plan. The Administrator may delegate nondiscretionary administrative duties
to such employees of the Company as it deems proper.

                  4.4 Interpretation by Administrator. All questions of
interpretation, implementation, and application of this Plan shall be determined
by the Administrator. Such determinations shall be final and binding on all
persons.

                  4.5 Rule 16b-3. With respect to persons subject to Section 16
of the Exchange Act, if any, transactions under this Plan are intended to comply
with the applicable conditions of Rule 16b-3, or any successor rule thereto. To
the extent any

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provision of this Plan or action by the Administrator fails to so comply, it
shall be deemed null and void, to the extent permitted by law and deemed
advisable by the Administrator. Notwithstanding the above, it shall be the
responsibility of such persons, not of the Company or the Administrator, to
comply with the requirements of Section 16 of the Exchange Act; and neither the
Company nor the Administrator shall be liable if this Plan or any transaction
under this Plan fails to comply with the applicable conditions of Rule 16b-3 or
any successor rule thereto, or if any such person incurs any liability under
Section 16 of the Exchange Act.

         5.       GRANTING OF OPTIONS; OPTION AGREEMENT

                  5.1 Termination of Plan. No options shall be granted under
this Plan after ten years from the date of adoption of this Plan by the Board.

                  5.2 Stock Option Agreement. Each Option shall be evidenced by
a written stock option agreement (the "Option Agreement"), in form satisfactory
to the Company, executed by the Company and the person to whom such Option is
granted; provided, however, that the failure by the Company, the Optionee, or
both, to execute the Option Agreement shall not invalidate the granting of an
Option, although the exercise of each option shall be subject to Section 6.1.3.

                  5.3 Type of Option. The Option Agreement shall specify whether
each Option it evidences is an NQO or an ISO.

                  5.4 Early Approval of Grants. Subject to Section 6.3.3 with
respect to ISOs, the Administrator may approve the grant of Options under this
Plan to persons who are expected to become employees, directors or consultants
of the Company, but are not employees, directors or consultants at the date of
approval, with such grant to specify whether it is effective immediately or
effective only on such person becoming an employee, director or consultant.

         6.       TERMS AND CONDITIONS OF OPTIONS

                  Each Option granted under this Plan shall be subject to the
terms and conditions set forth in Section 6.1. NQOs shall be also subject to the
terms and conditions set forth in Section 6.2, but not those set forth in
Section 6.3. ISOs shall also be subject to the terms and conditions set forth in
Section 6.3, but not those set forth in Section 6.2.

                  6.1 Terms and Conditions to Which All Options Are Subject.
Options granted under this Plan shall be subject to the following terms and
conditions:

                      6.1.1 Changes in Capital Structure. Subject to Section
6.1.2, if the stock of the Company is changed by reason of a stock split,
reverse stock split, stock

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dividend, or recapitalization, combination or reclassification,
appropriate adjustments shall be made by the Board in (a) the number and class
of shares of stock subject to this Plan and each Option outstanding under this
Plan, and (b) the exercise price of each outstanding Option; provided, however,
that the Company shall not be required to issue fractional shares as a result of
any such adjustments. Each such adjustment shall be subject to approval by the
Board in its absolute discretion.

                      6.1.2 Corporate Transactions.

                           (a) Dissolution or Liquidation. In the event of the
proposed dissolution or liquidation of the Company, the Administrator shall
notify each Optionee at least 30 days prior to such proposed action. To the
extent not previously exercised, all Options will terminate immediately prior to
the consummation of such proposed action.

                           (b) Merger or Asset Sale. In the event of (i) a sale
or other disposition of all or substantially all of the assets of the Company,
or (ii) a merger, consolidation, reorganization, sale or similar transaction or
series of related transactions in which the holders of the Company's outstanding
shares immediately before such transaction or series of transactions do not,
immediately after such transaction or series of transactions, retain stock
representing a majority of the voting power of the surviving entity:

                               (i) Options. If the successor entity to the
Company (including as a "successor" any purchaser of substantially all of the
assets of the Company), or a parent or subsidiary of the successor entity, does
not assume an Option or substitute an equivalent option for an Option, the
Optionee whose Option is not assumed or substituted for shall have the right to
exercise the Option as to 100% of the shares of Common Stock covered by the
Option, including shares as to which it would not otherwise be exercisable. If
an Option is exercisable in lieu of assumption or substitution in the event of a
merger, sale of assets or other transaction, the Administrator shall notify the
Optionee that the Option shall be fully exercisable for a period of at least 15
days from the date of such notice, and the Option shall terminate upon the
expiration of such period. For the purposes of this paragraph, an Option shall
be considered assumed if, following the merger, sale of assets, or other
transaction, the new option confers the right to purchase or receive, for each
share of Common Stock subject to the Option immediately prior to the merger,
sale of assets, or other transaction, the consideration (whether stock, cash, or
other securities or property) received in such transaction by holders of Common
Stock for each share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding shares); provided, however, that
if such consideration received was not solely common stock of the successor
entity or its parent entity, the Option shall also be deemed assumed if the
Administrator, with the consent of

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the successor corporation, provides for the consideration to be received
upon the exercise of the Option, for each share of Common Stock subject to the
Option, to be solely common stock of the successor entity or its parent entity
equal in fair market value to the per share consideration received by holders of
Common Stock in the merger, sale of assets or other transaction.

                               (ii) Shares Subject to Right of Repurchase. Any
shares purchased upon exercise of an Option which are subject to a right of
repurchase of the Company shall be exchanged for the consideration (whether
stock, cash, or other securities or property) received in the merger, asset sale
or other transaction by the holders of the Company's Common Stock for each share
held on the effective date of the transaction, as described in the preceding
paragraph; provided, however, that if the consideration received by the holders
of the Company's Common Stock is not solely common stock, and the Administrator
provides, pursuant to paragraph (b)(i) above, that holders of Options shall
receive common stock of the successor entity or its parent entity upon exercise
of the Options, then any shares subject to a right of repurchase shall also be
exchanged for common stock of the successor or its parent. If in such exchange
the Optionee receives shares of stock of the successor or a parent or subsidiary
of such successor entity, and if the successor entity has agreed to assume or
substitute for Options as provided in paragraph (b)(i) above, such exchanged
shares shall continue to be subject to a right of repurchase as provided in the
Optionee's Stock Option Plan stock purchase agreement. If, as provided in the
preceding paragraph, the Optionee shall have the right to exercise an Option as
to all of the shares of Common Stock covered thereby, all shares that are
subject to a right of repurchase of the Company shall be released from such
right of repurchase and shall be fully vested.

                  6.1.3 Time of Option Exercise. Subject to Section 5 and
Section 6.3.4, Options granted under this Plan shall be exercisable (a)
immediately as of the effective date of the Option Agreement granting the
Option, or (b) in accordance with a schedule related to the date of the grant of
the Option, the date of first employment or service, or such other date as may
be set by the Administrator (in any case, the "Vesting Base Date") and specified
in the Option Agreement relating to such Option; provided, however, that with
respect to Options granted to employees who are not officers or directors, the
right to exercise an Option must vest at the rate of at least 20% per year over
five years from the date the Option was granted. Options granted to officers,
directors or consultants may become fully exercisable, subject to reasonable
conditions such as continued employment or service, at any time or during any
period established by the Board of the Administrator in accordance with this
Plan. In any case, no Option shall be exercisable until a written Option
Agreement in form satisfactory to the Company is executed by the Company and the
Optionee.

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                  6.1.4 Option Grant Date. Except in the case of grants
contingent on the beginning of employment or other service, as described in
Section 5.4, the date of grant of an Option under this Plan shall be the date as
of which the Administrator approves the grant.

                  6.1.5 Nonassignability of Option Rights. Except as otherwise
determined by the Administrator and expressly set forth in the Option Agreement,
no Option granted under this Plan shall be assignable or otherwise transferable
by the Optionee except by will or by the laws of descent and distribution.
During the life of the Optionee, except as otherwise determined by the
Administrator and expressly set forth in the Optionee's Option Agreement, an
Option shall be exercisable only by the Optionee.

                  6.1.6 Payment. Except as provided below, payment in full, in
cash, shall be made for all stock purchased at the time written notice of
exercise of an Option is given to the Company, and proceeds of any payment shall
constitute general funds of the Company. At the time an Option is granted or
exercised, the Administrator, in the exercise of its absolute discretion after
considering any tax or accounting consequences, may authorize any one or more of
the following additional methods of payment or such other methods as are
approved by the Administrator:

                           (a) Acceptance of the Optionee's full recourse
promissory note for all or part of the Option price, payable on such terms and
bearing such interest rate as determined by the Administrator (but in no event
less than the minimum interest rate specified under the Code at which no
additional interest would be imputed and in no event more than the maximum
interest rate allowed under applicable usury laws), which promissory note may be
either secured or unsecured in such manner as the Administrator shall approve
(including, without limitation, by a security interest in the shares of the
Company);

                           (b) Delivery (actual or constructive) by the Optionee
of Common Stock already owned by the Optionee for all or part of the Option
price, provided the value (determined as set forth in Section 6.1.11) of such
Common Stock is equal on the date of exercise to the Option price, or such
portion thereof as the Optionee is authorized to pay by delivery of such stock;
provided, however, that if an Optionee has exercised any portion of any Option
granted by the Company by delivery of Common Stock, the Optionee may not, within
six months following such exercise, exercise any Option granted under this Plan
by delivery of Common Stock without the consent of the Administrator; and

                           (c) Any other form of legal consideration determined
and permitted by the Administrator.

                  6.1.7 Termination of Employment.

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                           (a) If, for any reason other than death, disability
or termination for "cause" (as defined below), an Optionee ceases to be employed
by the Company or any of its Affiliates (such event being called a
"Termination"), Options held at the date of Termination (to the extent then
exercisable) may be exercised in whole or in part at any time within three
months of the date of such Termination, or such other period of not less than 30
days after the date of such Termination as is specified in the Option Agreement
(but in no event after the Expiration Date).

                           (b) If an Optionee dies while employed by the Company
or an Affiliate or within the period that the Option remains exercisable after
Termination, Options then held (to the extent then exercisable) may be
exercised, in whole or in part, by the Optionee, by the Optionee's personal
representative, or by the person to whom the Option is transferred by devise or
the laws of descent and distribution, at any time within 12 months after the
death of the Optionee, or such other period of not less than six months from the
date of Termination as is specified in the Option Agreement (but in no event
after the Expiration Date).

                           (c) If an Optionee ceases to be employed by the
Company as a result of his or her disability, the Optionee may, but only within
six months after the date of Termination (and in no event after the Expiration
Date), exercise the Option to the extent otherwise entitled to exercise it at
the date of Termination; provided, however, that if such disability is not a
"disability" as such term is defined in Section 22(e)(3) of the Code, in the
case of an ISO such ISO shall automatically convert to an NQO on the day three
months and one day following such Termination.

                           (d) If an Optionee is terminated for "cause" all
Options then held by such Optionee shall terminate and no longer be exercisable
as of the date of Termination. For purposes of this Section 6.1.7, "cause" shall
mean Termination (i) by reason of Optionee's commission of a felony, misdemeanor
or other illegal conduct involving dishonesty, fraud or other matters of moral
turpitude, (ii) by reason of Optionee's dishonesty towards, fraud upon, or
deliberate injury or attempted injury to the Company or any of its Affiliates,
or (iii) by reason of Optionee's willfully engaging in misconduct which is
materially and demonstrably injurious to the Company or any of its Affiliates.

                           (e) To the extent that the Optionee was not entitled
to exercise the Option at the date of Termination or if the Optionee does not
exercise such Option to the extent so entitled within the time specified herein,
the Option shall terminate, and the shares covered by such Option shall revert
to the Plan.

                           (f) For purposes of this Section 6.1.7, "employment"
includes service as an employee, a director or a consultant. For purposes of
this Section 6.1.7, an Optionee's employment shall not be deemed to terminate by
reason of sick
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leave,military leave or other leave of absence approved by the Administrator, if
the period of any such leave does not exceed three months or, if longer, if the
Optionee's right to reemployment by the Company or any Affiliate is guaranteed
either contractually or by statute.

                  6.1.8 Repurchase of Stock.

                       (a) At the option of the Administrator, the stock to be
delivered pursuant to the exercise of any Option granted to an employee,
director or consultant under this Plan may be subject to a right of repurchase
in favor of the Company with respect to any employee, or director or consultant
whose employment, or director or consulting relationship with the Company is
terminated. With respect to shares issued to employees who are not officers or
directors, such right of repurchase shall be exercisable on the following terms,
as the Administrator may determine in the grant of the Option:

                           (i) at the Option exercise price and (i) shall lapse
at the rate of at least 20% per year over five years from the date the Option is
granted (without regard to the date it was exercised or becomes exercisable),
and must be exercised for cash or cancellation of purchase money indebtedness
within three months of such termination and (ii) if the right is assignable by
the Company, the assignee must pay the Company upon assignment of the right
(unless the assignee is a 100% owned subsidiary of the Company or is an
Affiliate) cash equal to the difference between the Option exercise price and
the value (determined as set forth in Section 6.1.11) of the stock to be
purchased if the Option exercise price is less than such value; and/or

                           (ii) at the higher of the Option exercise price or
the value (determined as set forth in Section 6.1.11) of the stock being
purchased on the date of termination, and must be exercised for cash or
cancellation of purchase money indebtedness within three months of termination
of employment (or in the case of securities issued upon exercise of options
after the date of termination, within three months after the date of exercise),
and such right shall terminate when the Company's securities become publicly
traded.

                       (b) Any shares which are issued to an officer, director
or consultant of the Company or an affiliate of the Company may be subject to a
right of repurchase on the terms set forth above, or on any other terms
determined by the Administrator, including terms containing additional or
greater restrictions, in the absolute discretion of the Administrator.

                       (c) Determination of the number of shares subject to any
such right of repurchase shall be made as of the date the employee's employment
by, director's director relationship with, or consultant's consulting
relationship with, the
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Company terminates, not as of the date that any Option granted to such employee,
director or consultant is thereafter exercised.

                  6.1.9 Withholding and Employment Taxes. At the time of
exercise of an Option or at such other time or times as the amount of such
obligations becomes determinable (the "Tax Date"), the Optionee shall remit to
the Company in cash all applicable federal and state withholding and employment
taxes due by reason of the exercise of an Option, the disposition of Common
Stock acquired through exercise of an Option, or the lapse of rights to
repurchase Common Stock. The Administrator may, in its absolute discretion after
considering any tax or accounting consequences, permit an Optionee to (i)
deliver a full recourse promissory note on such terms as the Administrator deems
appropriate, (ii) tender to the Company previously owned shares of Stock or
other securities of the Company, or (iii) have shares of Common Stock which are
acquired upon exercise of the Option withheld by the Company to pay some or all
of the amount of tax that is required by law to be withheld by the Company as a
result of the exercise of such Option, the disposition of Common Stock acquired
through exercise of an Option, or the lapse of rights to repurchase Common
Stock, subject to the following limitations:

                       (a) Any election pursuant to clause (ii) above, where the
Optionee is tendering Common Stock issued pursuant to the exercise of an Option,
shall require that such shares be held at least six months prior to the Tax
Date.

                       (b) Any of the foregoing limitations may be waived (or
additional limitations may be imposed) by the Administrator, in its absolute
discretion, if the Administrator determines that such foregoing limitations are
not required (or that such additional limitations are required) in order that
the transaction shall be exempt from Section 16(b) of the Exchange Act pursuant
to Rule 16b-3, or any successor rule thereto. In addition, any of the foregoing
limitations may be waived by the Administrator, in its sole discretion, if the
Administrator determines that Rule 16b-3, or any successor rule thereto, is not
applicable to the exercise of the Option by the Optionee or for any other
reason.

                       (c) Any securities tendered or withheld in accordance
with this Section 6.1.9 shall be valued by the Company as of the Tax Date.

                  6.1.10 Other Provisions. Each Option granted under this Plan
may contain such other terms, provisions, and conditions not inconsistent with
this Plan as may be determined by the Administrator, and each ISO granted under
this Plan shall include such provisions and conditions as are necessary to
qualify the Option as an "incentive stock option" within the meaning of Section
422 of the Code. If Options provide for a right of first refusal in favor of the
Company with respect to stock acquired by employees, directors or consultants,
such Options shall provide that the right of first

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refusal shall terminate upon the closing of the Company's initial registered
public offering to the public generally.

                  6.1.11 Determination of Value. For purposes of the Plan, the
value of Common Stock or other securities of the Company shall be determined as
follows:

                         (a) If the stock of the Company is listed on any
established stock exchange or a national market system, including without
limitation the Nasdaq Stock Market, its fair market value shall be the closing
sales price for such stock or the closing bid if no sales were reported, as
quoted on such system or exchange for the date the value is to be determined (or
if there are no sales for such date, then for the last preceding business day on
which there were sales), as reported in the Wall Street Journal or similar
publication.

                         (b) If the stock of the Company is regularly quoted by
a recognized securities dealer but selling prices are not reported, its fair
market value shall be the mean between the high bid and low asked prices for the
stock on the date the value is to be determined (or if there are no quoted
prices for the date of grant, then for the last preceding business day on which
there were quoted prices).

                         (c)In the absence of an established market for the
stock, the fair market value thereof shall be determined in good faith by the
Administrator, by consideration of such factors as the Administrator in its
discretion deems appropriate among the recent issue price of other securities of
the Company, the Company's net worth, prospective earning power, dividend-paying
capacity, and other relevant factors, including the goodwill of the Company, the
economic outlook in the Company's industry, the Company's position in the
industry and its management, and the values of stock of other corporations in
the same or a similar line of business.

                  6.1.12 Option Term. Subject to Section 6.3.5, no Option shall
be exercisable more than ten years after the date of grant, or such lesser
period of time as is set forth in the Option Agreement (the end of the maximum
exercise period stated in the stock option agreement is referred to in this Plan
as the "Expiration Date").

                  6.1.13 Exercise Price. The exercise price of any Option
granted to any person who owns, directly or by attribution under Section 424(d)
of the Code, stock possessing more than ten percent of the total combined voting
power of all classes of stock of the Company or of any Affiliate (a "Ten Percent
Stockholder") shall in no event be less than 110% of the fair market value
(determined in accordance with Section 6.1.11) of the stock covered by the
Option at the time the Option is granted.

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                  6.1.14 Limits on Grants for Qualified Incentive-Based
Compensation. The Company may not issue Options covering in the aggregate more
than 500,000 shares of Common Stock to any one participant in any calendar year.

         6.2      Exercise Price of NQOs. Except as set forth in Section 6.1.13,
the exercise price of any NQO granted under this Plan shall be not less than 85%
of the fair market value (determined in accordance with Section 6.1.11) of the
stock subject to the Option on the date of grant.

         6.3      Terms and Conditions to Which Only ISOs Are Subject. Options
granted under this Plan which are designated as ISOs shall be subject to the
following terms and conditions:

                  6.3.1 Exercise Price. Except as set forth in Section 6.1.13,
the exercise price of an ISO shall be determined in accordance with the
applicable provisions of the Code and shall in no event be less than the fair
market value (determined in accordance with Section 6.1.11) of the stock covered
by the Option at the time the Option is granted or deemed granted under Section
6.3.3.

                  6.3.2 Disqualifying Dispositions. If stock acquired by
exercise of an ISO granted pursuant to this Plan is disposed of in a
"disqualifying disposition" within the meaning of Section 422 of the Code, the
holder of the stock immediately before the disposition shall promptly notify the
Company in writing of the date and terms of the disposition and shall provide
such other information regarding the Option as the Company may reasonably
require.

                  6.3.3 Grant Date. If an ISO is granted in anticipation of
employment as provided in Section 5.4, the Option shall be deemed granted,
without further approval, on the date the grantee assumes the employment
relationship forming the basis for such grant, and, in addition, satisfies all
requirements of this Plan for Options granted on that date.

                  6.3.4 Vesting. Notwithstanding any other provision of this
Plan, ISOs granted under all incentive stock option plans of the Company and its
subsidiaries may not "vest" for more than $100,000 in fair market value of stock
(measured on the grant dates(s)) in any calendar year. For purposes of the
preceding sentence, an option "vests" when it first becomes exercisable. If, by
their terms, such ISOs taken together would vest to a greater extent in a
calendar year, and unless otherwise provided by the Administrator, the vesting
limitation described above shall be applied by deferring the exercisability of
those ISOs or portions of ISOs which have the highest per share exercise prices;
but in no event shall more than $100,000 in fair market value of stock (measured
on the grant date(s)) vest in any calendar year. The ISOs or portions of ISOs
whose exercisability is so deferred shall become exercisable on the first day of
the first

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subsequent calendar year during which they may be exercised, as determined by
applying these same principles and all other provisions of this Plan including
those relating to the expiration and termination of ISOs. In no event, however,
will the operation of this Section 6.3.4 cause an ISO to vest before its terms
or, having vested, cease to be vested.

                  6.3.5 Term. Notwithstanding Section 6.1.12, no ISO granted to
any Ten Percent Stockholder shall be exercisable more than five years after the
date of grant.

         7.       MANNER OF EXERCISE

                  7.1 Written Notice; Payment. An Optionee wishing to exercise
an Option shall give written notice to the Company at its principal executive
office, to the attention of the officer of the Company designated by the
Administrator, accompanied by payment of the exercise price as provided in
Section 6.1.6. The date the Company receives written notice of an exercise
hereunder accompanied by payment of the exercise price will be considered as the
date such Option was exercised.

                  7.2 Delivery of Stock. Promptly after receipt of written
notice of exercise of an Option, the Company shall, without stock issue or stock
transfer taxes to the Optionee or other person entitled to exercise the Option,
deliver to the Optionee or such other person a certificate or certificates for
the requisite number of shares of stock or register such Optionee as a
stockholder by book entry. An Optionee or permitted transferee of an Optionee
shall not have any privileges as a stockholder with respect to any shares of
stock covered by the Option until the date of issuance (as evidenced by the
appropriate entry on the books of the Company or a duly authorized transfer
agent) of such shares.

         8.       EMPLOYMENT OR CONSULTING RELATIONSHIP

                  Nothing in this Plan or any Option granted thereunder shall
interfere with or limit in any way the right of the Company or of any of its
Affiliates to terminate any Optionee's employment or consulting relationship at
any time, nor confer upon any Optionee any right to continue in the employ of,
or consult with, the Company or any of its Affiliates, nor interfere in any way
with provisions in the Company's charter documents or applicable law relating to
the election, appointment, terms of office, and removal of members of the Board.

         9.       FINANCIAL INFORMATION

                  The Company shall provide to each Optionee during the period
such Optionee holds an outstanding Option, and to each holder of Common Stock
acquired upon exercise of Options granted under the Plan for so long as such
person is a holder of such Common Stock, annual financial statements of the
Company as prepared either by the Company or independent certified public
accountants of the Company. Such financial

                                       12

<PAGE>

statements shall include, at a minimum, a balance sheet and an income statement,
and shall be delivered as soon as practicable following the end of the Company's
fiscal year. The provisions of this Section 9 shall not apply with respect to
Optionees who are key employees of the Company whose duties in connection with
the Company assures them access to information equivalent to the information
provided in the financial statements.

         10.      CONDITIONS UPON ISSUANCE OF SHARES

                  Shares of Common Stock shall not be issued pursuant to the
exercise of an Option unless the exercise of such Option and the issuance and
delivery of such shares pursuant thereto shall comply with all relevant
provisions of law, including, without limitation, the Securities Act of 1933, as
amended (the "Securities Act").

         11.      NONEXCLUSIVITY OF THE PLAN

                  The adoption of the Plan shall not be construed as creating
any limitations on the power of the Company to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the
granting of stock options other than under the Plan.

         12.      MARKET STANDOFF

                  Each Optionee, if so requested by the Company or any
representative of the underwriters in connection with any registration of the
offering of any securities of the Company under the Securities Act, shall not
sell or otherwise transfer any shares of Common Stock acquired upon exercise of
Options during the 180-day period following the effective date of a registration
statement of the Company filed under the Securities Act; provided, however, that
such restriction shall apply only to the first two registration statements of
the Company to become effective under the Securities Act which include
securities to be sold on behalf of the Company to the public in an underwritten
public offering under the Securities Act. The Company may impose stop-transfer
instructions with respect to securities subject to the foregoing restriction
until the end of such 180-day period.

         13.      AMENDMENTS TO PLAN

                  The Board may at any time amend, alter, suspend or discontinue
this Plan. Without the consent of an Optionee, no amendment, alteration,
suspension or discontinuance may adversely affect outstanding Options except to
conform this Plan and ISOs granted under this Plan to the requirements of
federal or other tax laws relating to incentive stock options. No amendment,
alteration, suspension or discontinuance shall require stockholder approval
unless (a) stockholder approval is required to preserve incentive stock option
treatment for federal income tax purposes, or (b) shareholder

                                       13

<PAGE>

approval is required to preserve option grants as "qualified performance-based
compensation" under Section 162(m) of the Code.

         14.      EFFECTIVE DATE OF PLAN

                  This Plan shall become effective upon adoption by the Board;
provided, however, that no Option shall be exercisable unless and until written
consent of the stockholders of the Company, or approval of stockholders of the
Company voting at a validly called stockholders' meeting, is obtained within 12
months after adoption by the Board. If such stockholder approval is not obtained
within such time, Options granted hereunder shall terminate and be of no force
and effect from and after expiration of such 12-month period. Options may be
granted and exercised under this Plan only after there has been compliance with
all applicable federal and state securities laws.

Plan adopted by the Board of Directors on:  October 6, 2000
Plan approved by Stockholders on:           October 7, 2000.
Amendments increasing number of shares to 2,000,000 approved by the Board of
Directors on May 3, 2001 and by the Stockholders on May 7, 2001.

                                       14<PAGE>

                                                                    EXHIBIT 10.2

                             2001 STOCK OPTION PLAN

                                       OF

                        CORCEPT THERAPEUTICS INCORPORATED

         1.       Purpose of this Plan

                  The purpose of this 2001 Stock Option Plan of Corcept
Therapeutics Incorporated is to enhance the long-term shareholder value of
Corcept Therapeutics Incorporated by offering opportunities to eligible
individuals to participate in the growth in value of the equity of Corcept
Therapeutics Incorporated.

         2.       Definitions and Rules of Interpretation

                  2.1 Definitions. This Plan uses the following defined terms:

                           (a) "Administrator" means the Board, the Committee,
or any officer or employee of the Company to whom the Board or the Committee
delegates authority to administer this Plan.

                           (b) "Affiliate" means a "parent" or "subsidiary" (as
each is defined in Section 424 of the Code) of the Company and any other entity
that the Board or Committee designates as an "Affiliate" for purposes of this
Plan.

                           (c) "Applicable Law" means any and all laws of
whatever jurisdiction, within or without the United States, and the rules of any
stock exchange or quotation system on which Shares are listed or quoted,
applicable to the taking or refraining from taking of any action under this
Plan, including the administration of this Plan and the issuance or transfer of
Options or Option Shares.

                           (d) "Board" means the board of directors of the
Company.

                           (e) "Change of Control" means any transaction or
event that the Board specifies as a Change of Control under Section 10.4.

                           (f) "Code" means the Internal Revenue Code of 1986.

                           (g) "Committee" means a committee composed of Company
Directors appointed in accordance with the Company's charter documents and
Section 4.

<PAGE>

                           (h) "Company" means Corcept Therapeutics
Incorporated, a Delaware corporation.

                           (i) "Company Director" means a member of the Board.

                           (j) "Consultant" means an individual who, or an
employee of any entity that, provides bona fide services to the Company or an
Affiliate not in connection with the offer or sale of securities in a
capital-raising transaction, but who is not an Employee.

                           (k) "Director" means a member of the board of
directors of the Company or an Affiliate.

                           (l) "Divestiture" means any transaction or event that
the Board specifies as a Divestiture under Section 10.5.

                           (m) "Employee" means a regular employee of the
Company or an Affiliate, including an officer or Director, who is treated as an
employee in the personnel records of the Company or an Affiliate, but not
individuals who are classified by the Company or an Affiliate as: (i) leased
from or otherwise employed by a third party, (ii) independent contractors, or
(iii) intermittent or temporary workers. The Company's or an Affiliate's
classification of an individual as an "Employee" (or as not an "Employee") for
purposes of this Plan shall not be altered retroactively even if that
classification is changed retroactively for another purpose as a result of an
audit, litigation or otherwise. An Optionee shall not cease to be an Employee
due to transfers between locations of the Company, or between the Company and an
Affiliate, or to any successor to the Company or an Affiliate that assumes the
Optionee's Options under Section 10. Neither service as a Director nor receipt
of a director's fee shall be sufficient to make a Director an "Employee."

                           (n) "Exchange Act" means the Securities Exchange Act
of 1934.

                           (o) "Executive" means, if the Company has any class
of any equity security registered pursuant to Section 12 of the Exchange Act, an
individual who is subject to Section 16 of the Exchange Act or who is a "covered
employee" under Section 162(m) of the Code, in either case because of the
individual's relationship with the Company or an Affiliate. If the Company does
not have any class of any equity security registered pursuant to Section 12 of
the Exchange Act, "Executive" means any (i) Director, (ii) any officer elected
or appointed by the board of directors, or (iii) any beneficial owner of more
than 10% of any class of the Company's equity securities.

                           (p) "Expiration Date" means, with respect to an
Option, the date stated in the Option Agreement as the expiration date of the
Option or, if no such date is stated in the Option Agreement, then the last day
of the maximum exercise period for the

                                       2

<PAGE>

Option, disregarding the effect of an Optionee's Termination or any other event
that would shorten that period.

                           (q) "Fair Market Value" means the value of Shares as
determined under Section 17.2.

                           (r) "Fundamental Transaction" means any transaction
or event described in Section 10.3.

                           (s) "Grant Date" means the date the Administrator
approves the grant of an Option. However, if the Administrator specifies that an
Option's Grant Date is a future date or the date on which a condition is
satisfied, the Grant Date for such Option is that future date or the date that
the condition is satisfied.

                           (t) "Incentive Stock Option" means an Option intended
to qualify as an incentive stock option under Section 422 of the Code and
designated as an Incentive Stock Option in the Option Agreement for that Option.

                           (u) "Listed Security" means any Share listed or
approved for listing upon notice of issuance on a national securities exchange
or other market system that meets the requirements of Section 25100(o) of the
California Securities Law of 1968, as amended.

                           (v) "Nonstatutory Option" means any Option other than
an Incentive Stock Option.

                           (w) "Officer" means an officer of the Company as
defined in Rule 16a-1 adopted under the Exchange Act.

                           (x) "Option" means a right to purchase Shares of the
Company granted under this Plan.

                           (y) "Option Agreement" means the document evidencing
the grant of an Option.

                           (z) "Option Price" means the price payable under an
Option for Shares, not including any amount payable in respect of withholding or
other taxes.

                           (aa) "Option Shares" means Shares covered by an
outstanding Option or purchased under an Option.

                           (bb) "Optionee" means: (i) a person to whom an Option
has been granted, including a holder of a Substitute Option, (ii) a person to
whom an Option has been transferred in accordance with all applicable
requirements of Sections 6.5, 7(h), and

                                       3

<PAGE>

16, and (iii) a person who holds Option Shares subject to any right of
repurchase under Section 15.2.

                           (cc) "Plan" means this 2001 Stock Option Plan of
Corcept Therapeutics Incorporated.

                           (dd) "Qualified Domestic Relations Order" means a
judgment, order, or decree meeting the requirements of Section 414(p) of the
Code.

                           (ee) "Reverse Vesting" means that an Option is or was
fully exercisable but that, subject to a "reverse" vesting schedule, the Company
has a right to repurchase the Option Shares as specified in Section 15.2(a),
with the Company's right of repurchase expiring in accordance with the "forward"
vesting schedule that would otherwise have applied to the Option under which the
Option Shares were purchased or other vesting schedule described in the Option
Agreement.

                           (ff) "Rule 16b-3" means Rule 16b-3 adopted under
Section 16(b) of the Exchange Act.

                           (gg) "Securities Act" means the Securities Act of
1933.

                           (hh) "Share" means a share of the common stock of the
Company or other securities substituted for the common stock under Section 10.

                           (ii) "Substitute Option" means an Option granted in
substitution for, or upon the conversion of, an option granted by another entity
to purchase equity securities in the granting entity.

                           (jj) "Termination" means that the Optionee has ceased
to be, with or without any cause or reason, an Employee, Director or Consultant.
However, if so determined by the Administrator, "Termination" shall not include
a change in status from an Employee, Consultant or Director to another such
status. An event that causes an Affiliate to cease being an Affiliate shall be
treated as the "Termination" of that Affiliate's Employees, Directors, and
Consultants.

                  2.2 Rules of Interpretation. Any reference to a "Section,"
without more, is to a Section of this Plan. Captions and titles are used for
convenience in this Plan and shall not, by themselves, determine the meaning of
this Plan. Except when otherwise indicated by the context, the singular includes
the plural and vice versa. Any reference to a statute is also a reference to the
applicable rules and regulations adopted under that statute. Any reference to a
statute, rule or regulation, or to a section of a statute, rule or regulation,
is a reference to that statute, rule, regulation, or section as amended from
time to time, both before and after the effective date of this Plan and
including any successor provisions.

                                       4

<PAGE>

         3.       Shares Subject to this Plan; Term of this Plan

                  3.1 Number of Option Shares. Subject to adjustment under
Section 10, the maximum number of Shares that may be issued under this Plan is
2,000,000.

                  3.2 Source of Shares. Option Shares may be authorized but
unissued Shares. If an Option is terminated, expires, or otherwise becomes
unexercisable without having been exercised in full, the unpurchased Shares that
were subject to the Option shall revert to this Plan and shall again be
available for future issuance under this Plan. Shares actually issued under this
Plan shall not be available for regrant even if repurchased by the Company.

                  3.3 Term of this Plan

                           (a) This Plan shall be effective on the date it has
been both adopted by the Board and approved by the Company's shareholders.

                           (b) Subject to Section 13, this Plan shall continue
in effect for a period of ten years from the earlier of the date on which the
Plan was adopted by the Board and the date on which the Plan was approved by the
Company's shareholders.

         4.       Administration

                  4.1 General

                           (a) The Board shall have ultimate responsibility for
administering this Plan. The Board may delegate certain of its responsibilities
to a Committee, which shall consist of at least two members of the Board. The
Board or the Committee may further delegate its responsibilities to any Employee
of the Company or any Affiliate. Where this Plan specifies that an action is to
be taken or a determination made by the Board, only the Board may take that
action or make that determination. Where this Plan specifies that an action is
to be taken or a determination made by the Committee, only the Committee may
take that action or make that determination. Where this Plan references the
"Administrator," the action may be taken or determination made by the Board, the
Committee, or other Administrator. However, only the Board or the Committee may
approve grants of Options to Executives, and an Administrator other than the
Board or the Committee may grant Options only within guidelines established by
the Board or Committee. Moreover, all actions and determinations by any
Administrator are subject to the provisions of this Plan.

                           (b) So long as the Company has registered and
outstanding a class of equity securities under Section 12 of the Exchange Act,
the Committee shall consist of Company Directors who are "Non-Employee
Directors" as defined in Rule 16b-3 and,

                                       5

<PAGE>

after the expiration of any transition period permitted by Treasury
Regulations Section 1.162-27(h)(3), who are "outside directors" as defined in
Section 162(m) of the Code.

                  4.2 Authority of Administrator. Subject to the other
provisions of this Plan, the Administrator shall have the authority:

                           (a) to grant Options, including Substitute Options;

                           (b) to determine the Fair Market Value of Shares;

                           (c) to determine the Option Price of Options;

                           (d) to select the Optionees;

                           (e) to determine the times Options are granted;

                           (f) to determine the number of Shares subject to each
Option;

                           (g) to determine the types of payment that may be
used to purchase Option Shares;

                           (h) to determine the types of payment that may be
used to satisfy withholding tax obligations;

                           (i) to determine the other terms of each Option,
including but not limited to the time or times at which Options may be
exercised, whether and under what conditions an Option is assignable, and
whether an Option is a Nonstatutory Option or an Incentive Stock Option;

                           (j) to modify or amend any Option;

                           (k) to authorize any person to sign any Option
Agreement or other document related to this Plan on behalf of the Company;

                           (l) to determine the form of any Option Agreement or
other document related to this Plan, and whether that document, including
signatures, may be in electronic form;

                           (m) to interpret this Plan and any Option Agreement
or document related to this Plan;

                           (n) to correct any defect, remedy any omission, or
reconcile any inconsistency in this Plan, any Option Agreement or any other
document related to this Plan;

                                       6

<PAGE>

                           (o) to adopt, amend, and revoke rules and regulations
under this Plan, including rules and regulations relating to sub-plans and Plan
addenda;

                           (p) to adopt, amend, and revoke rules and procedures
relating to the operation and administration of this Plan to accommodate
non-U.S. Optionees and the requirements of Applicable Law such as: (i) rules and
procedures regarding the conversion of local currency, withholding procedures
and the handling of stock certificates to comply with local practice and
requirements, and (ii) sub-plans and Plan addenda for non-U.S. Optionees;

                           (q) to determine whether a transaction or event
should be treated as a Change of Control, a Divestiture or neither;

                           (r) to determine the effect of a Fundamental
Transaction and, if the Board determines that a transaction or event should be
treated as a Change of Control or a Divestiture, then the effect of that Change
of Control or Divestiture; and

                           (s) to make all other determinations the
Administrator deems necessary or advisable for the administration of this Plan.

                  4.3 Scope of Discretion. Subject to the last sentence of this
Section 4.3, on all matters for which this Plan confers the authority, right or
power on the Board, the Committee, or other Administrator to make decisions,
that body may make those decisions in its sole and absolute discretion.
Moreover, but again subject to the last sentence of this Section 4.3, in making
those decisions the Board, Committee or other Administrator need not treat all
persons eligible to receive Options, all Optionees, all Options or all Option
Shares the same way. However, the discretion of the Board, Committee or other
Administrator is subject to the specific provisions and specific limitations of
this Plan, as well as all rights conferred on specific Optionees by Option
Agreements and other agreements.

         5.       Persons Eligible to Receive Options

                  5.1 Eligible Individuals. Options (including Substitute
Options) may be granted to, and only to, Employees, Directors and Consultants,
including to prospective Employees, Directors and Consultants conditioned on the
beginning of their service for the Company or an Affiliate.

                  5.2 Section 162(m) Limitation. So long as the Company is a
"publicly held corporation" within the meaning of Section 162(m) of the Code:
(a) no Employee or prospective Employee may be granted one or more Options under
this Plan to purchase more than 1,000,000 Shares, subject to adjustment under
Section 10, and (b) Options may be granted to an Executive only by the Committee
(and, notwithstanding Section 4.1(a), not by the Board). If an Option is
cancelled without being exercised, that cancelled

                                       7

<PAGE>

Option shall continue to be counted against the limit on Options that may be
granted to any individual under this Section 5.2.

         6.       Terms and Conditions of Options

                  The following rules apply to all Options:

                  6.1 Price. No Option may have an Option Price less than 85% of
the Fair Market Value of the Shares on the Grant Date. No Option intended as
"qualified incentive-based compensation" within the meaning of Section 162(m) of
the Code may have an Option Price less than 100% of the Fair Market Value of the
Shares on the Grant Date. In no event will the Option Price of any Option be
less than the par value of the Shares issuable under the Option if that is
required by Applicable Law.

                  6.2 Term. No Option shall be exercisable after its Expiration
Date. No Option may have an Expiration Date that is more than ten years after
its Grant Date.

                  6.3 Vesting. Options shall be exercisable: (a) on the Grant
Date, or (b) in accordance with a schedule related to the Grant Date, the date
the Optionee's directorship, employment or consultancy begins, or a different
date specified in the Option Agreement. If so provided in the Option Agreement,
an Option may be exercisable subject to the application of Reverse Vesting to
the Option Shares.

                  6.4 Form of Payment

                           (a) The Administrator shall determine the acceptable
form and method of payment for exercising an Option.

                           (b) Acceptable forms of payment for all Option Shares
are cash, check or wire transfer, denominated in U.S. dollars except as
specified by the Administrator for non-U.S. Employees or non-U.S. sub-plans.

                           (c) In addition, the Administrator may permit payment
to be made by any of the following methods:

                               (i) other Shares, or the designation of other
                  Shares, which (A) in the case of Shares acquired upon
                  exercise of an option (whether or not under this Plan) have
                  been owned by the Optionee for more than six months on the
                  date of surrender, and (B) have a Fair Market Value on the
                  date of surrender equal to the Option Price of the Shares as
                  to which the Option is being exercised;

                               (ii) provided that a public market exists for the
                  Shares, through a "same day sale" commitment from the
                  Optionee and a broker-dealer that is a member of the
                  National Association of Securities Dealers (an "NASD

                                       8

<PAGE>

                  Dealer") under which the Optionee irrevocably elects to
                  exercise the Option and the NASD Dealer irrevocably commits
                  to forward an amount equal to the Option Price, directly to
                  the Company, upon receipt of the Option Shares (a "Cashless
                  Exercise");

                               (iii) one or more full recourse promissory notes
                  bearing interest at a fair market value rate that is also at
                  least sufficient to avoid imputation of interest under
                  Sections 483, 1274 and 7872 of the Code and with such other
                  terms as the Administrator specifies, except that the
                  portion of the Option Price equal to the par value of the
                  Shares must be paid in cash or other lawful consideration,
                  other than the note, if that is required by Applicable Law,
                  {and} the Company shall at all times comply with any
                  applicable margin rules of the Federal Reserve; and

                               (iv) any combination of the methods of payment
                  permitted by any paragraph of this Section 6.4.

                           (d) The Administrator may also permit any other form
or method of payment for Option Shares permitted by Applicable Law.

                  6.5 Nonassignability of Options. Except as determined by the
Administrator, no Option shall be assignable or otherwise transferable by the
Optionee except by will or by the laws of descent and distribution. However,
Options may be transferred and exercised in accordance with a Qualified Domestic
Relations Order.

                  6.6 Substitute Options. The Board may cause the Company to
grant Substitute Options in connection with the acquisition by the Company or an
Affiliate of equity securities of any entity (including by merger) or all or a
portion of the assets of any entity. Any such substitution shall be effective
when the acquisition closes. Substitute Options may be Nonstatutory Options or
Incentive Stock Options. Unless and to the extent specified otherwise by the
Board, Substitute Options shall have the same terms and conditions as the
options they replace, except that (subject to Section 10) Substitute Options
shall be Options to purchase Shares rather than equity securities of the
granting entity and shall have an Option Price that, as determined by the Board
in its sole and absolute discretion, properly reflects the substitution.

                  6.7 Repricings. Other than as determined by the Administrator,
Options may not be repriced, replaced, regranted through cancellation or
modified without shareholder approval, if the effect of the repricing,
replacement, regrant or modification would be to reduce the effective Option
Price of the Options.

                                       9

<PAGE>

         7.       Incentive Stock Options

                  The following rules apply only to Incentive Stock Options and
only to the extent these rules are more restrictive than the rules that would
otherwise apply under this Plan. With the consent of the Optionee, or where this
Plan provides that an action may be taken notwithstanding any other provision of
this Plan, the Administrator deviate from the requirements of this Section,
notwithstanding that any Incentive Stock Option modified by the Administrator
will thereafter be treated as a Nonstatutory Option.

                           (a) The Expiration Date of an Incentive Stock Option
shall not be later than ten years from its Grant Date, with the result that no
Incentive Stock Option may be exercised after the expiration of ten years from
its Grant Date.

                           (b) No Incentive Stock Option may be granted more
than ten years from the date this Plan was approved by the Board.

                           (c) Options intended to be incentive stock options
under Section 422 of the Code that are granted to any single Optionee under all
incentive stock option plans of the Company and its Affiliates, including
incentive stock options granted under this Plan, may not vest at a rate of more
than $100,000 (or such other amount provided by the Code) in Fair Market Value
of stock (measured on the grant dates of the options) during any calendar year.
For this purpose, an option vests with respect to a given share of stock the
first time its holder may purchase that share, notwithstanding any right of the
Company to repurchase that share. Unless the Administrator specifies otherwise
in the related agreement governing the option, this vesting limitation shall be
applied by, to the extent necessary to satisfy this $100,000 rule, treating
certain stock options that were intended to be incentive stock options under
Section 422 of the Code as Nonstatutory Options. The stock options or portions
of stock options to be reclassified as Nonstatutory Options are those with the
highest option prices, whether granted under this Plan or any other equity
compensation plan of the Company or any Affiliate that permits that treatment.
This Section 7(c) shall not cause an Incentive Stock Option to vest before its
original vesting date or cause an Incentive Stock Option that has already vested
to cease to be vested.

                           (d) In order for an Incentive Stock Option to be
exercised for any form of payment other than those described in Section 6.4(b),
that right must be stated in the Option Agreement relating to that Incentive
Stock Option.

                           (e) Any Incentive Stock Option granted to a Ten
Percent Shareholder, must have an Expiration Date that is not later than five
years from its Grant Date, with the result that no such Option may be exercised
after the expiration of five years from the Grant Date. A "Ten Percent
Shareholder" is any person who, directly or by attribution under Section 424(d)
of the Code, owns stock possessing more than ten percent of the

                                       10

<PAGE>

total combined voting power of all classes of stock of the Company or of any
Affiliate on the Grant Date.

                           (f) The Option Price of an Incentive Stock Option
shall never be less than the Fair Market Value of the Shares at the Grant Date.
The Option Price for the Shares covered by an Incentive Stock Option granted to
a Ten Percent Shareholder shall never be less than 110% of the Fair Market Value
of the Shares at the Grant Date.

                           (g) Incentive Stock Options may be granted only to
Employees. If an Optionee changes status from an Employee to a Consultant, that
Optionee's Incentive Stock Options become Nonstatutory Options if not exercised
within the time period described in Section 7(i).

                           (h) No rights under an Incentive Stock Option may be
transferred by the Optionee, other than by will or the laws of descent and
distribution. During the life of the Optionee, an Incentive Stock Option may be
exercised only by the Optionee. The Company's compliance with a Qualified
Domestic Relations Order, or the exercise of an Incentive Stock Option by a
guardian or conservator appointed to act for the Optionee, shall not violate
this Section 7(h).

                           (i) An Incentive Stock Option shall be treated as a
Nonstatutory Option if it remains exercisable after, but is not exercised
within, the three-month period beginning with the Optionee's Termination for any
reason other than the Optionee's death or disability (as defined in Section
22(c) of the Code). In the case of Termination due to death, an Incentive Stock
Option shall continue to be treated as an Incentive Stock Option if it remains
exercisable after, but is not exercised within, that three-month period provided
it is exercised before the Expiration Date. In the case of Termination due to
disability, an Incentive Stock Option shall be treated as a Nonstatutory Option
if it remains exercisable after, but is not exercised within, one year after the
Optionee's Termination.

         8.       Consulting or Employment Relationship

                  Nothing in this Plan or in any Option Agreement, and no Option
or the fact that Option Shares remain subject to repurchase rights, shall: (a)
interfere with or limit the right of the Company or any Affiliate to terminate
the employment or consultancy of any Optionee at any time, whether with or
without cause or reason, and with or without the payment of severance or any
other compensation or payment, or (b) interfere with the application of any
provision in any of the Company's or any Affiliate's charter documents or
Applicable Law relating to the election, appointment, term of office, or removal
of a Director.

                                       11

<PAGE>

         9.       Exercise of Options

                  9.1 In General. An Option shall be exercisable in accordance
with this Plan, the Option Agreement under which it is granted, and as
prescribed by the Administrator.

                  9.2 Time of Exercise. An Option shall be considered exercised
when the Company receives: (a) written notice of exercise from the person
entitled to exercise the Option, (b) full payment, or provision for payment, in
a form and method approved by the Administrator, for the Shares for which the
Option is being exercised, and (c) with respect to Nonstatutory Options,
payment, or provision for payment, in a form approved by the Administrator, of
all applicable withholding taxes due upon exercise. An Option may not be
exercised for a fraction of a Share.

                  9.3 Issuance of Option Shares. The Company shall issue Option
Shares in the name of the person properly exercising the Option. If the Optionee
is that person and so requests, the Option Shares shall be issued in the name of
the Optionee and the Optionee's spouse. The Company shall endeavor to issue
Option Shares promptly after an Option is exercised. However, until Option
Shares are actually issued, as evidenced by the appropriate entry on the stock
books of the Company or its transfer agent, no right to vote or receive
dividends or other distributions, and no other rights as a shareholder, shall
exist with respect to the Option Shares, even though the Optionee has completed
all the steps necessary to exercise the Option. No adjustment shall be made for
any dividend, distribution, or other right for which the record date precedes
the date the Option Shares are issued, except as provided in Section 10.

                  9.4 Termination

                           (a) In General. Except as provided by the
Administrator, including in an Option Agreement, and as otherwise provided in
Sections 9.4(b), (c), (d), e and (f), after an Optionee's Termination the
Optionee's Options shall be exercisable to the extent (but only to the extent)
they are vested on the date of that Termination and only during the period
ending three months after the Termination, but in no event after the Expiration
Date. To the extent the Optionee does not exercise an Option within the time
specified for exercise, the Option shall automatically terminate.

                           (b) Leaves of Absence. Except as otherwise approved
by the Administrator, no Option may be exercised more than three months after
the beginning of a leave of absence, other than a personal leave approved by the
Administrator with employment guaranteed upon return or authorized medical
leave. Options shall not continue to vest during a leave of absence, other than
an approved personal leave with employment guaranteed upon return or authorized
medical leave.

                           (c) Death or Disability. Unless otherwise provided by
the Administrator, if an Optionee's Termination is due to death or disability
(as determined

                                       12

<PAGE>

by the Administrator with respect to Nonstatutory Options and as defined by
Section 22(e) of the Code with respect to Incentive Stock Options), all Options
of that Optionee to the extent exercisable at the date of that Termination, may
be exercised for one year after that Termination, but in no event after the
Expiration Date. In the case of Termination due to death, an Option may be
exercised as provided in Section 16. In the case of Termination due to
disability, if a guardian or conservator has been appointed to act for the
Optionee and been granted this authority as part of that appointment, that
guardian or conservator may exercise the Option on behalf of the Optionee. In
the case of an Optionee who dies or become disabled within three months after
Termination, the Optionee's Options may be exercised for one year after the
death or disability of such Optionee. To the extent an Option is not so
exercised within the time specified for its exercise, the Option shall
automatically terminate.

                           (d) Divestiture. If an Optionee's Termination is due
to a Divestiture, the Board may take any one or more of the actions described in
Section 10.3 or 10.4.

                           (e) Termination for Cause. If an Optionee's
Termination is for Cause, all of the Optionee's Options shall automatically
terminate and cease to be exercisable at the time of Termination and all Options
exercised after the first event constituting cause may be rescinded by the
Administrator. "Cause" means material dishonesty, fraud, or misconduct;
disclosure or misuse of confidential information; conviction of, or a plea of
guilty or no contest to, a felony or similar offense or other intentional
conduct, in each case that could cause significant injury to the business or
reputation of the Company, as determined by the Administrator.

                           (f) Reverse Vesting. Under any circumstances stated
in this Section 9.4 in which all unvested Options of an Optionee immediately
vest, the Company's repurchase rights shall lapse on all Option Shares held by
that Optionee which are subject to Reverse Vesting.

         10.      Certain Transactions and Events

                  10.1 In General. Except as provided in this Section 10, no
change in the capital structure of the Company, merger, sale or other
disposition of assets or a subsidiary, change of control, issuance by the
Company of shares of any class of securities convertible into shares of any
class, conversion of securities, or other transaction or event shall require or
be the occasion for any adjustments of the type described in this Section 10.

                  10.2 Changes in Capital Structure. In the event of any stock
split, reverse stock split, recapitalization, combination or reclassification of
stock, stock dividend, spin-off, or similar change to the capital structure of
the Company (not including a Fundamental Transaction or Change of Control), the
Board shall make whatever adjustments it concludes are appropriate to: (a) the
number and type of Options that may

                                       13

<PAGE>

be granted under this Plan, (b) the number and type of Options that may be
granted to any individual under this Plan, (c) the Option Price and number and
class of securities issuable under each outstanding Option, and (d) the
repurchase price of any securities substituted for Option Shares that are
subject to repurchase rights. The specific adjustments shall be determined by
the Board in its sole and absolute discretion. Unless the Board specifies
otherwise, any securities issuable as a result of any such adjustment shall be
rounded to the next lower whole security.

                  10.3 Fundamental Transactions. If the Company merges with
another entity in a transaction in which the Company is not the surviving entity
or if, as a result of any other transaction or event, other securities are
substituted for the Shares or Shares may no longer be issued (each a
"Fundamental Transaction"), then, notwithstanding any other provision of this
Plan, the Board shall do one or more of the following contingent on the closing
or completion of the Fundamental Transaction: (a) arrange for the substitution
of options on equity securities other than Shares (including, if appropriate,
equity securities of an entity other than the Company) in exchange for Options,
(b) accelerate the vesting and termination of outstanding Options so that
Options can be exercised in full before or otherwise in connection with the
closing or completion of the transaction or event but then terminate (c) cancel
Options in exchange for cash payments to Optionees, and (d) either arrange for
any repurchase rights of the Company with respect to Option Shares to apply to
the securities issued in substitution for Shares or terminate repurchase rights
on Option Shares. The Board need not adopt the same rules for each Option or
each Optionee.

                  10.4 Changes of Control. The Board may also, but need not,
specify that other transactions or events constitute a "Change of Control". The
Board may do that either before or after the transaction or event occurs.
Examples of transactions or events that the Board may treat as Changes of
Control are: (a) the Company or an Affiliate is a party to a merger,
consolidation, amalgamation, or other transaction in which the beneficial
shareholders of the Company, immediately before the transaction, beneficially
own securities representing 50% or less of the total combined voting power or
value of the Company immediately after the transaction, (b) any person or
entity, including a "group" as contemplated by Section 13(d)(3) of the Exchange
Act, acquires securities holding 30% or more of the total combined voting power
or value of the Company, or (c) as a result of or in connection with a contested
election of Company Directors, the persons who were Company Directors
immediately before the election cease to constitute a majority of the Board. In
connection with a Change of Control, notwithstanding any other provision of this
Plan, the Board may take any one or more of the actions described in Section
10.3. In addition, the Board may extend the date for the exercise of Options
(but not beyond their original Expiration Date). The Board need not adopt the
same rules for each Option or each Optionee.

                                       14

<PAGE>

                  10.5 Acceleration upon Certain Events. Notwithstanding
anything to the contrary in this Plan, all Options granted under the Plan shall
have their vesting accelerated (or, in the case of Options subject to immediate
exercisability and Reverse Vesting, the Company's right of repurchase shall
lapse) by 12 months, upon the occurrence of any of the following events:

                           (a) a sale or other disposition of all or
substantially all of the assets of the Company;

                           (b) the Company or an Affiliate is a party to a
merger, consolidation, amalgamation, or other transaction in which the
beneficial shareholders of the Company, immediately before the transaction,
beneficially own securities representing 50% or less of the total combined
voting power or value of the Company immediately after the transaction,

                           (c) an acquisition by any person, entity or group
within the meaning of Section 13(d) or 14(d) of the Exchange Act, or any
comparable successor provisions (excluding any employee benefit plan, or related
trust, sponsored or maintained by the Company or subsidiary of the Company or
other entity controlled by the Company) of the beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable
successor rule) of securities of the Company representing at least fifty percent
(50%) of the voting power entitled to vote in the election of Directors;

                           (d) as a result of or in connection with a contested
election of Company Directors, the persons who were Company Directors
immediately before the election cease to constitute a majority of the Board.

                  10.6 Divestiture. If the Company or an Affiliate sells or
otherwise transfers equity securities of an Affiliate to a person or entity
other than the Company or an Affiliate, or leases, exchanges or transfers all or
any portion of its assets to such a person or entity, then the Board, in its
sole and absolute discretion, may specify that such transaction or event
constitutes a "Divestiture". In connection with a Divestiture, notwithstanding
any other provision of this Plan, the Board may take one or more of the actions
described in Section 10.3 or 10.4 with respect to Options or Option Shares held
by, for example, Employees, Directors or Consultants for whom that transaction
or event results in a Termination. The Board need not adopt the same rules for
each Option or each Optionee.

                  10.7 Dissolution. If the Company adopts a plan of dissolution,
the Board may, in its sole and absolute discretion, cause Options to be fully
vested and exercisable (but not after their Expiration Date) before the
dissolution is completed but contingent on its completion and may cause the
Company's repurchase rights on Option Shares to lapse upon completion of the
dissolution. To the extent not exercised before the earlier of the completion of
the dissolution or their Expiration Date, Options shall terminate just before

                                       15

<PAGE>

the dissolution is completed. The Board need not adopt the same rules for each
Option or each Optionee.

                  10.8 Cut-Back to Preserve Benefits. If the Administrator
determines that the net after-tax amount to be realized by any Optionee, taking
into account any accelerated vesting, termination of repurchase rights, or cash
payments to that Optionee in connection with any transaction or event addressed
in this Section 10 would be greater if one or more of those steps were not taken
with respect to that Optionee's Options or Option Shares, then and to that
extent one or more of those steps shall not be taken.

         11.      Withholding and Tax Reporting

                  11.1 Tax Withholding Option

                           (a) General. Whenever Option Shares are issued or
become free of restrictions, the Company may require the Optionee to remit to
the Company an amount sufficient to satisfy any applicable tax withholding
requirement, whether the related tax is imposed on the Optionee or the Company.
The Company shall have no obligation to deliver Option Shares or release Option
Shares from an escrow until the Optionee has satisfied those tax withholding
obligations. Whenever payment in satisfaction of Options is made in cash, the
payment will be reduced by an amount sufficient to satisfy all tax withholding
requirements.

                           (b) Method of Payment. The Optionee shall pay any
required withholding using the forms of consideration described in Section
6.4(b), except that, in the discretion of the Administrator, the Company may
also permit the Optionee to use any of the forms of payment described in Section
6.4(c). The Administrator may also permit Option Shares to be withheld to pay
required withholding. If the Administrator permits Option Shares to be withheld,
the Fair Market Value of the Option Shares withheld shall not exceed the amount
determined by the applicable minimum statutory withholding rates, and shall be
determined as of the date that the amount of tax to be withheld or tendered for
this purpose is to be determined.

                  11.2 Reporting of Dispositions. Any holder of Option Shares
acquired under an Incentive Stock Option shall promptly notify the Administrator
in writing of the sale or other disposition of any of those Option Shares if the
disposition occurs during: (a) the longer of two years after the Grant Date of
the Incentive Stock Option and one year after the date the Incentive Stock
Option was exercised, or (b) such other period as the Administrator has
established.

         12.      Compliance with Law

                  12.1 Applicable Law. The grant of Options and the issuance and
subsequent transfer of Option Shares shall be subject to compliance with all
Applicable Law,

                                       16

<PAGE>

including all applicable securities laws. Options may not be exercised, and
Option Shares may not be transferred, in violation of Applicable Law. Thus, for
example, Options may not be exercised unless: (a) a registration statement under
the Securities Act is then in effect with respect to the related Option Shares,
or (b) in the opinion of legal counsel to the Company, those Option Shares may
be issued in accordance with an applicable exemption from the registration
requirements of the Securities Act and any other applicable securities laws. The
failure or inability of the Company to obtain from any regulatory body the
authority considered by the Company's legal counsel to be necessary or useful
for the lawful issuance of any Option Shares or their subsequent transfer shall
relieve the Company of any liability for failing to issue those Option Shares or
permitting their transfer. As a condition to the exercise of any Option or the
transfer of any Option Shares, the Company may require the Optionee to satisfy
any requirements or qualifications that may be necessary or appropriate to
comply with or evidence compliance with any Applicable Law.

         13.      Amendment or Termination of this Plan or Outstanding Options

                  13.1 Amendment and Termination. The Board may at any time
amend, suspend, or terminate this Plan.

                  13.2 Shareholder Approval. The Company shall obtain the
approval of the Company's shareholders for any amendment to this Plan if
shareholder approval is necessary or desirable to comply with any Applicable Law
or with the requirements applicable to the grant of Options intended to be
Incentive Stock Options. The Board may also, but need not, require that the
Company's shareholders approve any other amendments to this Plan.

                  13.3 Effect. No amendment, suspension, or termination of this
Plan, and no modification of any Option even in the absence of an amendment,
suspension, or termination of this Plan, shall impair any existing contractual
rights of any Optionee unless the affected Optionee consents to the amendment,
suspension, termination, or modification. However, no such consent shall be
required if the Administrator determines in its sole and absolute discretion
that the amendment, suspension, termination, or modification: (a) is required or
advisable in order for the Company, the Plan or the Option to satisfy Applicable
Law, to meet the requirements of any accounting standard or to avoid any adverse
accounting treatment, or (b) in connection with any transaction or event
described in Section 10, is in the best interests of the Company or its
shareholders. The Administrator may, but need not, take the tax consequences to
affected Optionees into consideration in acting under the preceding sentence.
Termination of this Plan shall not affect the Administrator's ability to
exercise the powers granted to it under this Plan with respect to Options
granted before the termination or Option Shares issued under such Options even
if those Option Shares are issued after the termination.

                                       17

<PAGE>

         14.      Reserved Rights

                  14.1 Nonexclusivity of this Plan. This Plan shall not limit
the power of the Company or any Affiliate to adopt other incentive arrangements
including, for example, the grant or issuance of stock options, stock, or other
equity-based rights under other plans or independently of any plan.

                  14.2 Unfunded Plan. This Plan shall be unfunded. Although
bookkeeping accounts may be established with respect to Optionees, any such
accounts will be used merely as a convenience. The Company shall not be required
to segregate any assets on account of this Plan, the grant of Options, or the
issuance of Option Shares. The Company and the Administrator shall not be deemed
to be a trustee of stock or cash to be awarded under this Plan. Any obligations
of the Company to any Optionee shall be based solely upon contracts entered into
under this Plan, such as Option Agreements. No such obligation shall be deemed
to be secured by any pledge or other encumbrance on any assets of the Company.
Neither the Company nor the Administrator shall be required to give any security
or bond for the performance of any such obligation.

         15.      Special Arrangements Regarding Option Shares

                  15.1 Escrows and Pledges. To enforce any restrictions on
Option Shares including restrictions related to Reverse Vesting, the
Administrator may require their holder to deposit the certificates representing
Option Shares, with stock powers or other transfer instruments approved by the
Administrator endorsed in blank, with the Company or an agent of the Company to
hold in escrow until the restrictions have lapsed or terminated. The
Administrator may also cause a legend or legends referencing the restrictions to
be placed on the certificates. Any Optionee who delivers a promissory note as
partial or full consideration for the purchase of Option Shares will be required
to pledge and deposit, with the Company, some or all of the Option Shares as
collateral to secure the payment of the note. However, the Administrator may
require or accept other or additional forms of collateral to secure the note
and, in any event, the Company will have full recourse against the maker of the
note, notwithstanding any pledge or other collateral, unless stated otherwise in
the Option Agreement and the note.

                  15.2 Repurchase Rights

                           (a) Reverse Vesting. If an Option is subject to
Reverse Vesting, the Company shall have the right, during the 90 days after the
Optionee's Termination, to repurchase any or all of the Option Shares that were
unvested as of the date of that Termination, for a price equal to the lower of:
(i) the Option Price for such Shares, minus the amount of any cash dividends
paid or payable with respect to the Option Shares for which the record date
precedes the repurchase, and (ii) the Fair Market Value of those Option Shares
as of the date of the Termination. The repurchase price shall be paid in cash
or, if the Option Shares were purchased in whole or in part for a promissory
note,

                                       18

<PAGE>

cancellation of indebtedness under that note, or a combination of those means.
The Company may assign this right of repurchase.

                           (b) Procedure. The Company or its assignee may choose
to give the Optionee a written notice of exercise of its repurchase rights under
this Section 15.2. However, the Company's failure to give such a notice shall
not affect its rights to repurchase Option Shares. The Company must, however,
tender the repurchase price during the period specified in this Section 15.2 for
exercising its repurchase rights in order to exercise such rights.

                  15.3 Market Standoff. If requested by the Company or a
representative of its underwriters in connection with a registration of any
securities of the Company under the Securities Act, Optionees or certain
Optionees shall be prohibited from selling some or all of their Option Shares
during a period not to exceed 180 days after the effective date of any
registration statement of the Company. However, it shall not apply to any
registration statement on Form S-8 or an equivalent registration statement.

         16.      Beneficiaries

                  An Optionee may file a written designation of one or more
beneficiaries who are to receive the Optionee's rights under the Optionee's
Options after the Optionee's death. An Optionee may change such a designation at
any time by written notice. If an Optionee designates a beneficiary, the
beneficiary may exercise the Optionee's Options after the Optionee's death. If
an Optionee dies when the Optionee has no living beneficiary designated under
this Plan, the Company shall allow the executor or administrator of the
Optionee's estate to exercise the Option or, if there is none, the person
entitled to exercise the Option under the Optionee's will or the laws of descent
and distribution. In any case, no Option may be exercised after its Expiration
Date.

         17.      Miscellaneous

                  17.1 Governing Law. This Plan and all determinations made and
actions taken under this Plan shall be governed by the substantive laws, but not
the choice of law rules, of the State of Delaware.

                  17.2 Determination of Value. Fair Market Value shall be
determined as follows:

                           (a) Listed Stock. If the Shares are traded on any
established stock exchange or quoted on a national market system, Fair Market
Value shall be the closing sales price for the Shares as quoted on that stock
exchange or system for the date the value is to be determined (the "Value Date")
as reported in The Wall Street Journal or a similar publication. If no sales are
reported as having occurred on the Value Date, Fair Market Value shall be that
closing sales price for the last preceding trading day on which

                                       19

<PAGE>

sales of Shares are reported as having occurred. If no sales are reported as
having occurred during the five trading days before the Value Date, Fair Market
Value shall be the closing bid for Shares on the Value Date. If Shares are
listed on multiple exchanges or systems, Fair Market Value shall be based on
sales or bids on the primary exchange or system on which Shares are traded or
quoted.

                           (b) Stock Quoted by Securities Dealer. If Shares are
regularly quoted by a recognized securities dealer but selling prices are not
reported on any established stock exchange or quoted on a national market
system, Fair Market Value shall be the mean between the high bid and low asked
prices on the Value Date. If no prices are quoted for the Value Date, Fair
Market Value shall be the mean between the high bid and low asked prices on the
last preceding trading day on which any bid and asked prices were quoted.

                           (c) Initial Public Offering. The Fair Market Value of
Shares on the date, if any, that the Company makes an initial public offering of
Shares shall be the price at which Shares are first offered to the public.

                  17.3 Reservation of Shares. During the term of this Plan, the
Company will at all times reserve and keep available such number of Shares as
are still issuable under this Plan.

                  17.4 Electronic Communications. Any Option Agreement, notice
of exercise of an Option, or other document required or permitted by this Plan
may be delivered in writing or, to the extent determined by the Administrator,
electronically. Signatures may also be electronic if permitted by the
Administrator.

                  17.5 Notices. Unless the Administrator specifies otherwise,
any notice to the Company under any Option Agreement or with respect to any
Options or Option Shares shall be in writing (or, if so authorized by Section
17.4, communicated electronically), shall be addressed to the Secretary of the
Company, and shall only be effective when received by the Secretary of the
Company.

Adopted by the Board on:  December 4, 2001

Approved by the shareholders on:  December 11, 2001

Effective date of this Plan: [_________________]

                                       20

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