Document:

EX-4.1

Exhibit 4.1

CHINA TECHNOLOGY DEVELOPMENT GROUP CORPORATION

2009 Stock Option Plan

(adopted on September 11, 2009)

     Types of Grants and Eligibility

 

     The 2009 Stock Option Plan is designed to provide incentives to key employees such as
officers and directors and to non-employee consultants of the Company and to offer an
additional inducement in obtaining the services of such individuals.

     Shares Subject to the 2009 Stock Option Plan

 

     The aggregate number of shares of common stock for which options may be granted under the
2009 Stock Option Plan may not exceed 1,000,000 shares and such shares may consist either in
whole or in part of authorized but unissued shares or treasury shares. Shares subject to an
option which expires, or for any reason is cancelled or is terminated, unexercised, or which
ceases for any reason to be exercisable may again become available for the grant of options
under the 2009 Stock Option Plan.

     Administration of the 2009 Stock Option Plan

 

     The 2009 Stock Option Plan is administered by the Company’s Compensation Committee (the
“Committee”).

     Subject to the express provisions of the 2009 Stock Option Plan, the Committee has the
authority, in its sole discretion, with respect to options, to determine, among other things:
the employees, directors and consultants who are to receive options; the times when they may
receive options; the number of Shares to be subject to each option; the term of each option;
the date each option is to become exercisable; whether an option is to be exercisable in whole,
in part or in installments, and, if in installments, the number of Shares to be subject to each
installment; whether the installments are to be cumulative; the date each installment is to
become exercisable and the term of each installment; whether to accelerate the date of exercise
of any installment; whether Shares may be issued on exercise of an option as partly paid, and,
if so, the dates when future installments of the exercise price are to become due and the
amounts of such installments; the exercise price of each option; the form of payment of the
exercise price; whether to restrict the sale or other disposition of the Shares acquired upon
the exercise of an option and to waive any such restriction; and whether to subject the
exercise of all or any portion of an option to the fulfillment of contingencies as specified in
an applicable stock option contract. With respect to all options, the Committee has such
discretion to determine the amount, if any, necessary to satisfy the Company’s obligation to
withhold taxes; with the consent of the

 

 

optionee, to cancel or modify an option, provided such option as modified would be
permitted to be granted on such date under the terms of the 2009 Stock Option Plan; to
prescribe, amend and rescind rules and regulations relating to the 2009 Stock Option Plan; and
to make all other determinations necessary or advisable for administering the 2009 Stock Option
Plan. The Board of Directors also has the authority described above with respect to the
granting of director options.

     Exercise Price

 

     The exercise price of the shares under each option is to be determined by the Committee at
the time of the grant. The exercise price of the Shares is to be equal to the fair market value
of the shares subject to such option on the date of grant.

     Term

 

     The term of each option granted pursuant to the 2009 Stock Option Plan is established by
the Committee, in its sole discretion, at or before the time such option is granted. Subject to
early termination, an option shall expire five (5) years from the date of grant. Options shall
vest in the following manner:

	 	(a)	 	331⁄3% on the first anniversary of the date of grant;
	 
	 	(b)	 	331⁄3% on the second anniversary of the date of grant; and
	 
	 	(c)	 	the remaining 331⁄3% on the third anniversary of the date of grant.

     Exercise

 

     An option (or any part or installment thereof), to the extent then exercisable, is to be
exercised by giving written notice to the Company at its principal office. Payment in full of
the aggregate exercise price may be made (a) in cash, check, or wire transfer or (b) if the
applicable stock option contract at the time of grant so permits, with the authorization of the
Committee, with previously acquired Shares having an aggregate fair market value, on the date
of exercise, equal to the aggregate exercise price of all options being exercised, or (c) with
any combination of cash, check, wire transfer or shares.

     The Committee may, in its discretion, permit payment of the exercise price of an option by
delivery by the optionee of a properly executed exercise notice, together with a copy of his
irrevocable instructions to a broker acceptable to the Committee to deliver promptly to the
Company the amount of sale or loan proceeds sufficient to pay such exercise price.

     Termination of Relationship

 

 

 

     Any holder of an option whose employment or relationship with the Company (or its parent
and subsidiaries, as the case may be) has terminated for any reason other than his death or
disability may exercise such option, to the extent exercisable on the date of such termination,
at any time within three months after the date of termination, but not thereafter and in no
event after the date the option would otherwise have expired; provided, however, that if his
employment or relationship is terminated either (a) for cause, or (b) without the consent of
the Company, said option terminates immediately. Options granted to employees or consultants
under the 2009 Stock Option Plan are not affected by any change in the status of the holder so
long as he or she continues to render service to the Company, its parent or any of its
subsidiaries (regardless of having been transferred from one corporation to another or a change
in the capacity in which services are rendered).

     Death or Disability

 

     If an optionee dies (a) while he is an employee or consultant to the Company, its parent
or any of its subsidiaries, as the case may be (b) within three months after the termination of
such relationship (unless such termination was for cause or without the consent of the
Company), or (c) within one year following the termination of such relationship by reason of
disability, an option may be exercised, to be extent exercisable on the date of death, by an
executor, administrator or other person at the time entitled by law to the rights of the
optionee under such option, at any time within one year after death, but not thereafter and in
no event after the date the option would otherwise have expired.

     Any optionee whose relationship has terminated by reason of disability may exercise his
option, to the extent exercisable upon the effective date of such termination, at any time
within one year after such date, but not thereafter and in no event after the date the option
would otherwise have expired.

     Adjustments Upon Changes in Shares

 

     Notwithstanding any other provisions of the 2009 Stock Option Plan, in the event of any
change in the outstanding Shares by reason of a share dividend, recapitalization, merger or
consolidation in which the Company is the surviving corporation, split-up, combination or
exchange of Shares or the like, the aggregate number and kind of Shares subject to the 2009
Stock Option Plan, the aggregate number and kind of Shares subject to each outstanding option
and the exercise price thereof will be appropriately adjusted by the Board of Directors, whose
determination will be conclusive.

     Amendments and Termination of the 2009 Stock Option Plan

 

     No option may be granted under the 2009 Stock Option Plan after December 2018. The Board
of Directors, without further approval of the Company’s Shareholders, may at any time suspend
or terminate the 2009 Stock Option Plan, in whole or in part, or amend it from time to time in
such respects as it may deem advisable, including, without limitation,

 

 

to comply with the provisions of certain rules and regulations promulgated by the
Securities and Exchange Commission, among other things; provided, however, that no amendment
may be effective without the requisite prior or subsequent Shareholder approval which would (a)
except as required for anti-dilution adjustments, increase the maximum number of Shares for
which options may be granted under the 2009 Stock Option Plan, (b) materially increase the
benefits to participants under the 2009 Stock Option Plan, or (c) change the eligibility
requirements for individuals entitled to receive options under the 2009 Stock Option Plan.

     Non-Transferability of Options

 

     No option granted under the 2009 Stock Option Plan may be transferable otherwise than by
will or the laws of descent and distribution, and options may be exercised, during the lifetime
of the holder thereof, only by such holder or such holder’s legal representatives. Except to
the extent provided above, options may not be assigned, transferred, pledged, hypothecated or
disposed of in any way (whether by operation of law or otherwise) and may not be subject to
execution, attachment or similar process.exv10w7

Exhibit 10.7

PROMISSORY NOTE

			
	$200,000
	 	July 1, 2010

Hopkinton, Massachusetts

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $200,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution,

-4-

 

exchange or release of collateral, and to the addition or release of any other party or person
primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By:
/s/ Kenneth L. Rice Jr

Title: EVP & CFO

-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]