Document:

exv10w5

 

EXHIBIT 10.5

Northwest Biotherapeutics, Inc.

2007 Stock Option Plan

Approved By Board: April 15, 2007

Effective Date: April 22, 2007

Approved By Stockholders:           , 2007

Termination Date: April 14, 2017

1. General.

     (a) Eligible Option Recipients. The persons eligible to receive Options are Employees,
Directors and Consultants.

     (b) Available Options. The Plan provides for the grant of the following: (i) Incentive Stock
Options and (ii) Nonstatutory Stock Options.

     (c) General Purpose. The Company, by means of the Plan, seeks to secure and retain the
services of the group of persons eligible to receive Options as set forth in Section 1(a), to
provide incentives for such persons to exert maximum efforts for the success of the Company and any
Affiliate and to provide a means by which such eligible recipients may be given an opportunity to
benefit from increases in value of the Common Stock through the granting of Options.

2. Administration.

     (a) Administration by Board. The Board shall administer the Plan unless and until the Board
delegates administration of the Plan to a Committee or Committees, as provided in Section 2(c).

     (b) Powers of Board. The Board shall have the power, subject to, and within the limitations
of, the express provisions of the Plan:

          (i) To determine from time to time (A) which of the persons eligible under the Plan shall be
granted Options; (B) when and how each Option shall be granted; (C) what type or combination of
types of Option shall be granted; (D) the provisions of each Option granted (which need not be
identical), including, without limitation, the vesting schedule and terms, and the time or times
when a person shall be permitted to receive cash or Common Stock pursuant to an Option; and (E) the
number of shares of Common Stock with respect to which an Option shall be granted to each such
person.

          (ii) To construe and interpret the Plan and Options, and to establish, amend and revoke rules
and regulations for the Plan’s administration. The Board, in the exercise of this power, may
correct any defect, omission or inconsistency in the Plan or in any Option Agreement in a manner
and to the extent it shall deem necessary or expedient to make the Plan or Option fully effective.

 

 

          (iii) To settle all controversies regarding the Plan and Options.

          (iv) On an extraordinary basis, to determine case by case whether to accelerate the time at
which an Option may first be exercised or the time during which an Option or any part thereof will
vest in accordance with the Plan, notwithstanding the provisions in the Option stating the time at
which it may first be exercised or the time during which it will vest, to the extent that such
acceleration will not trigger taxation under Section 409A of the Code.

          (v) To suspend or terminate the Plan at any time. Suspension or termination of the Plan shall
not impair rights and obligations under any Option granted while the Plan is in effect except with
the written consent of the affected Participant.

          (vi) To amend the Plan in any respect the Board deems necessary or advisable, including,
without limitation, relating to Incentive Stock Options and certain nonqualified deferred
compensation under Section 409A of the Code and to bring the Plan and/or Options into compliance
therewith, subject to the limitations, if any, of applicable law. However, except as provided in
Section 9(a) relating to Capitalization Adjustments, stockholder approval shall be required, but
only to the extent required by applicable law or listing requirements, for any amendment of the
Plan that either (A) materially increases the number of shares of Common Stock available for
issuance under the Plan, (B) materially expands the class of individuals eligible to receive
Options under the Plan, (C) materially increases the benefits accruing to Participants under the
Plan or materially reduces the price at which shares of Common Stock may be issued or purchased
under the Plan, (D) materially extends the term of the Plan, or (E) expands the types of stock
awards available for issuance under the Plan, Except as provided above, rights under any Option
granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (1)
the Company requests the consent of the affected Participant, and (2) such Participant consents in
writing.

          (vii) To submit any amendment to the Plan for stockholder approval, including, but not limited
to, amendments to the Plan intended to satisfy the requirements of (A) Section 162(m) of the Code
and the regulations thereunder regarding the exclusion of performance-based compensation from the
limit on corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the
Code regarding “incentive stock options” or (C) Rule 16b-3.

          (viii) To approve forms of Option Agreements for use under the Plan and to amend the terms of
any one or more Options, including, but not limited to, amendments to provide terms more favorable
to the Participant than previously provided in the Option Agreement, subject to any specified
limits in the Plan that are not subject to Board discretion; provided however, that the
Participant’s rights under any Option shall not be impaired by any such amendment unless (A) the
Company requests the consent of the affected Participant, and (B) such Participant consents in
writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any, and
without the affected Participant’s consent, the Board may amend the terms of any one or more
Options if necessary to maintain the qualified status of the Option as an Incentive Stock Option or
to bring the Option into compliance with Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued or amended after the Effective Date.

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          (ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary
or expedient to promote the best interests of the Company and that are not in conflict with the
provisions of the Plan or Options.

          (x) To adopt such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Employees, Directors or Consultants who are foreign nationals or
employed outside the United States.

     (c) Delegation to Committee.

          (i) General. The Board may delegate some or all of the administration of the Plan to a
Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee
shall have, in connection with the administration of the Plan, the powers theretofore possessed by
the Board that have been delegated to the Committee, including the power to delegate to a
subcommittee of the Committee any of the administrative powers the Committee is authorized to
exercise (and references in this Plan to the Board shall thereafter be to the Committee or
subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the
Plan, as may be adopted from time to time by the Board. The Board may retain the authority to
concurrently administer the Plan with the Committee and may, at any time, revest in the Board some
or all of the powers previously delegated to the Committee, Committees, subcommittee or
subcommittees.

          (ii) Section 162(m) and Rule 16b-3 Compliance. In the sole discretion of the Board, the
Committee may consist solely of two (2) or more Outside Directors, in accordance with Section
162(m) of the Code, or solely of two (2) or more Non-Employee Directors, in accordance with Rule
16b-3. In addition, the Board or the Committee, in its sole discretion, may (A) delegate to a
Committee which need not consist of Outside Directors the authority to grant Options to eligible
persons who are either (1) not then Covered Employees and are not expected to be Covered Employees
at the time of recognition of income resulting from such Option, or (2) not persons with respect to
whom the Company wishes to comply with Section 162(m) of the Code, or (B) delegate to a Committee
which need not consist of Non-Employee Directors the authority to grant Options to eligible persons
who are not then subject to Section 16 of the Exchange Act.

     (d) Effect of Board’s Decision. All determinations, interpretations and constructions made by
the Board in good faith shall not be subject to review by any person and shall be final, binding
and conclusive on all persons.

3. Shares Subject to the Plan.

     (a) Subject to the provisions of Section 9 relating to adjustments upon changes in stock, the
aggregate number of shares of Common Stock of the Company that may be issued pursuant to Options
after the Effective Date shall not exceed Five Million Four Hundred Eighty Thousand Eight Hundred
Sixty-Eight (5,480,868) shares (the foregoing number of shares gives effect to the 1-for-15 reverse
stock split of the Common Stock effected on June 19, 2007). For clarity, the limitation in this
subsection 3(a) is a limitation in the number of shares of Common Stock that may be issued pursuant
to the Plan. Accordingly, this subsection 3(a) does not limit the granting of Options except as
provided in subsection 7(a). Shares may be issued in

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connection with a merger or acquisition as permitted by NASD Rule 4350(i)(1)(A)(iii) or, if
applicable, NYSE Listed Company Manual Section 303A.08, or AMEX Company Guide Section 711 and such
issuance shall not reduce the number of shares available for issuance under the Plan. Furthermore,
if an Option (i) expires or otherwise terminates without having been exercised in full or (ii) is
settled in cash (i.e., the holder of the Option receives cash rather than stock), such expiration,
termination or settlement shall not reduce (or otherwise offset) the number of shares Common Stock
that may be issued pursuant to the Plan.

     (b) If any shares of common stock issued pursuant to an Option are forfeited back to the
Company because of the failure to meet a contingency or condition required to vest such shares in
the Participant, then the shares which are forfeited shall revert to and again become available for
issuance under the Plan. Also, any shares reacquired by the Company pursuant to subsection 8(g) or
as consideration for the exercise of an Option shall again become available for issuance under the
Plan. Notwithstanding the provisions of this subsection 3(b), any such shares shall not be
subsequently issued pursuant to the exercise of Incentive Stock Options.

     (c) Incentive Stock Option Limit. Notwithstanding anything to the contrary in this Section
3(c), subject to the provisions of Section 9(a) relating to Capitalization Adjustments the
aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of
Incentive Stock Options shall be Five Million Four Hundred Eighty Thousand Eight Hundred
Sixty-Eight (5,480,868) shares of Common Stock (the foregoing number of shares gives effect to the
1-for-15 reverse stock split of the Common Stock effected on June 19, 2007).

     (d) Section 162(m) Limitation on Annual Grants. Subject to the provisions of Section 9(a)
relating to Capitalization Adjustments, at such time as the Company may be subject to the
applicable provisions of Section 162(m) of the Code, no Employee shall be eligible to be granted
during any calendar year Options whose value is determined by reference to an increase over an
exercise or strike price of at least one hundred percent (100%) of the Fair Market Value on the
date the Option is granted covering more than Five Million (5,000,000) shares of Common Stock (the
foregoing number of shares gives effect to the 1-for-15 reverse stock split of the Common Stock
effected on June 19, 2007).

     (e) Source of Shares. The stock issuable under the Plan shall be shares of authorized but
unissued or reacquired Common Stock, including shares repurchased by the Company on the market or
otherwise.

4. Eligibility.

     (a) Eligibility for Specific Options. Incentive Stock Options may be granted only to
employees of the Company or a parent corporation or subsidiary corporation (as such terms are
defined in Sections 424(e) and (f) of the Code). Options other than Incentive Stock Options may be
granted to Employees, Directors and Consultants.

     (b) Ten Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive
Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of
the Fair Market Value on the date of grant, and the Option is not exercisable after the expiration
of five (5) years from the date of grant, provided however, that Ten Percent
Stockholders may be granted Non-qualified Stock Options at any exercise price and exercise
terms agreed by the parties (subject to Section 5 hereof).

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     (c) Consultants. A Consultant shall be eligible for the grant of an Option only if, at the
time of grant, a Form S-8 Registration Statement under the Securities Act (“Form S-8”) is available
to register either the offer or the sale of the Company’s securities to such Consultant because of
the nature of the services that the Consultant is providing to the Company, because the Consultant
is a natural person, or because of any other rule governing the use of Form S-8.

5. Option Provisions.

     Each Option shall be in such form and shall contain such terms and conditions as the Board
shall deem appropriate. All Options shall be separately designated Incentive Stock Options or
Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates shall be issued for shares of Common Stock purchased on exercise of
each type of Option. If an Option is not specifically designated as an Incentive Stock Option,
then the Option shall be a Nonstatutory Stock Option. The provisions of separate Options need not
be identical; provided, however, that each Option Agreement shall include (through incorporation of
provisions hereof by reference in the Option Agreement or otherwise) the substance of each of the
following provisions:

     (a) Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the
term (which need not be the same for different option grants) shall be determined by the Board and
set forth in the Option Grant Agreement. No Option shall be exercisable after the expiration of
ten (10) years from the date of its grant or such shorter period specified in the Option Agreement.

     (b) Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent
Stockholders, the exercise price of each Option shall be not less than one hundred percent (100%)
of the Fair Market Value of the Common Stock subject to the Option on the date the Option is
granted. Notwithstanding the foregoing, an Option may be granted with an exercise price at any
level below one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the
Option if such Option is granted pursuant to an assumption of or substitution for another option in
a manner consistent with the provisions of Section 424(a) of the Code (whether or not such options
are Incentive Stock Options), or in the event the Board determines such grant to be in the best
interests of the Company to attract or retain a specific Employee, Director or Consultant.

     (c) Consideration. The purchase price of Common Stock acquired pursuant to the exercise of an
Option shall be paid, to the extent permitted by applicable law and as determined by the Board in
its sole discretion, by any combination of the methods of payment set forth below. The Board shall
have the authority to grant Options that do not permit all of the following methods of payment (or
otherwise restrict the ability to use certain methods) and to grant Options that require the
consent of the Company to utilize a particular method of payment. The methods of payment permitted
by this Section 5(c) are:

          (i) by cash, check, bank draft or money order payable to the Company;

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          (ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board that, prior to the issuance of the stock subject to the Option, results in either the receipt
of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds; or

          (iii) in any other form of legal consideration that may be acceptable to the Board.

     (d) Transferability of Options. The Board may, in its sole discretion, impose such
limitations on the transferability of Options (or Shares issued pursuant to an exercise of an
Option) as the Board shall determine. In the absence of such a determination by the Board to the
contrary, the following restrictions on the transferability of Options shall apply:

          (i) Restrictions on Transfer. An Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder
only by the Optionholder; provided, however, that the Board may, in its sole discretion, permit
transfer of the Option in a manner consistent with applicable tax and securities laws upon the
Optionholder’s request.

          (ii) Domestic Relations Orders. Notwithstanding the foregoing, an Option may be transferred
pursuant to a domestic relations order, provided, however, that an Incentive Stock Option may be
deemed to be a Nonqualified Stock Option as a result of such transfer.

          (iii) Beneficiary Designation. Notwithstanding the foregoing, the Optionholder may, by
delivering written notice to the Company, in a form provided by or otherwise satisfactory to the
Company, designate a third party who, in the event of the death of the Optionholder, shall
thereafter be the beneficiary of an Option with the right to exercise the Option and receive the
Common Stock or other consideration resulting from an Option exercise.

     (e) Vesting Generally. The total number of shares of Common Stock subject to an Option may
vest and therefore become exercisable in periodic installments that may or may not be equal. The
Option may be subject to such other terms and conditions on the time or times when it may or may
not be exercised as the Board may deem appropriate. The vesting provisions of individual Options
may vary. The provisions of this Section 5(e) are subject to any Option provisions governing the
minimum number of shares of Common Stock as to which an Option may be exercised.

     (f) Termination of Continuous Service. Except as otherwise provided in the applicable Option
Agreement or other agreement between the Optionholder and the Company, or as otherwise required to
comply with Section 409A of the Code, in the event that an Optionholder’s Continuous Service
terminates (other than for Cause or upon the Optionholder’s death or Disability), the Optionholder
may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination of Continuous Service) but only within such period of time as
the Board may specify or, in the absence of specification by the Board, ending on the earlier of
(i) the date thirty (30) days following the termination of the Optionholder’s Continuous Service
(or such longer or shorter period specified in the Option Agreement), or (ii) the expiration of the
term of the Option as set forth in the Option Agreement. If, after termination of Continuous
Service, the Optionholder does not
exercise his or her Option within the time specified herein or in the Option Agreement (as
applicable), the Option shall terminate.

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     (g) Extension of Termination Date. An Optionholder’s Option Agreement may provide that if the
exercise of the Option following the termination of the Optionholder’s Continuous Service (other
than for Cause or upon the Optionholder’s death or Disability) would be prohibited at any time
solely because the issuance of shares of Common Stock would violate the registration requirements
under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of a
period of thirty (30) days after the termination of the Optionholder’s Continuous Service during
which the exercise of the Option would not be in violation of such registration requirements, or
(ii) the expiration of the term of the Option as set forth in the Option Agreement; provided,
however, that such thirty (30) day period described in (i) may be modified to the extent required
to comply with Section 409A of the Code.

     (h) Disability of Optionholder. In the event that an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her
Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of
termination of Continuous Service), but only within such period of time ending on the earlier of
(i) the date six (6) months following such termination of Continuous Service (or such longer or
shorter period specified in the Option Agreement), or (ii) the expiration of the term of the Option
as set forth in the Option Agreement. If, after termination of Continuous Service, the
Optionholder does not exercise his or her Option within the time specified herein or in the Option
Agreement (as applicable), the Option shall terminate.

     (i) Death of Optionholder. In the event that (i) an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, or (ii) the Optionholder dies within the period
(if any) specified in the Option Agreement after the termination of the Optionholder’s Continuous
Service for a reason other than death, then the Option may be exercised (to the extent the
Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s
estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a
person designated as the beneficiary of the Option upon the Optionholder’s death, but only within
the period ending on the earlier of (A) the date twelve (12) months following the date of death (or
such longer or shorter period specified in the Option Agreement), or (B) the expiration of the term
of such Option as set forth in the Option Agreement. If, after the Optionholder’s death, the
Option is not exercised within the time specified herein or in the Option Agreement (as
applicable), the Option shall terminate. If the Optionholder designates a third party beneficiary
of the Option in accordance with Section 5(d)(iii), then upon the death of the Optionholder such
designated beneficiary shall have the sole right to exercise the Option and receive the Common
Stock or other consideration resulting from an Option exercise.

     (j) Termination for Cause. Except as explicitly provided otherwise in an Optionholder’s
Option Agreement, in the event that an Optionholder’s Continuous Service is terminated for Cause,
the Option shall terminate upon the termination date of such Optionholder’s Continuous Service, and
the Optionholder shall be prohibited from exercising his or her Option from and after the time of
such termination of Continuous Service.

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     (k) Non-Exempt Employees. No Option granted to an Employee that is a non-exempt employee for
purposes of the Fair Labor Standards Act shall be first exercisable for any shares of Common Stock
until at least six (6) months following the date of grant of the Option. The foregoing provision
is intended to operate so that any income derived by a non-exempt employee in connection with the
exercise or vesting of an Option will be exempt from his or her regular rate of pay.

6. Reserved.

7. Covenants of the Company.

     (a) Availability of Shares. During the terms of the Options, the Company shall keep available
at all times the number of shares of Common Stock reasonably required to satisfy such Options.

     (b) Securities Law Compliance. The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to grant
Options and to issue and sell shares of Common Stock upon exercise of the Options; provided,
however, that this undertaking shall not require the Company to register under the Securities Act
the Plan, any Option or any Common Stock issued or issuable pursuant to any such Option. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency
the authority that counsel for the Company deems necessary for the lawful issuance and sale of
Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue
and sell Common Stock upon exercise of such Options unless and until such authority is obtained.

     (c) No Obligation to Notify. The Company shall have no duty or obligation to any holder of an
Option to advise such holder as to the time or manner of exercising such Option. Furthermore, the
Company shall have no duty or obligation to warn or otherwise advise such holder of a pending
termination or expiration of an Option or a possible period in which the Option may not be
exercised. The Company has no duty or obligation to minimize the tax consequences of an Option to
the holder of such Option.

8. Miscellaneous.

     (a) Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common
Stock pursuant to Options shall constitute general funds of the Company.

     (b) Corporate Action Constituting Grant of Options. Corporate action constituting a grant by
the Company of an Option to any Participant shall be deemed completed as of the date of such
corporate action, unless otherwise determined by the Board, regardless of when the instrument,
certificate, or letter evidencing the Option is communicated to, or actually received or accepted
by, the Participant.

     (c) Stockholder Rights. No Participant shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any shares of Common Stock subject to such
Option unless and until such Participant has exercised the Option pursuant to its terms and
the Participant shall not be deemed to be a stockholder of record until the issuance of the Common
Stock pursuant to such exercise has been entered into the books and records of the Company.

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     (d) No Employment or Other Service Rights. Nothing in the Plan, any Option Agreement or other
instrument executed thereunder or in connection with any Option granted pursuant to the Plan shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the
capacity in effect at the time the Option was granted or shall affect the right of the Company or
an Affiliate to terminate (i) the employment of an Employee with or without notice and with or
without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the
Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the
state in which the Company or the Affiliate is incorporated, as the case may be.

     (e) Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market
Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock
Options are exercisable for the first time by any Optionholder during any calendar year (under all
plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the
Options or portions thereof that exceed such limit (according to the order in which they were
granted) shall be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of
the applicable Option Agreement(s).

     (f) Investment Assurances. The Company may require a Participant, as a condition of
exercising or acquiring Common Stock under any Option, (i) to give written assurances satisfactory
to the Company as to the Participant’s knowledge and experience in financial and business matters
and/or to employ a purchaser representative reasonably satisfactory to the Company who is
knowledgeable and experienced in financial and business matters and that he or she is capable of
evaluating, alone or together with the purchaser representative, the merits and risks of exercising
the Option; and (ii) to give written assurances satisfactory to the Company stating that the
Participant is acquiring Common Stock subject to the Option for the Participant’s own account and
not with any present intention of selling or otherwise distributing the Common Stock. The
foregoing requirements, and any assurances given pursuant to such requirements, shall be
inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock
under the Option has been registered under a then currently effective registration statement under
the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for
the Company that such requirement need not be met in the circumstances under the then applicable
securities laws. The Company may, upon advice of counsel to the Company, place legends on stock
certificates issued under the Plan as such counsel deems necessary or appropriate in order to
comply with applicable securities laws, including, but not limited to, legends restricting the
transfer of the Common Stock.

     (g) Withholding Obligations. Unless prohibited by the terms of an Option Agreement, the
Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation
relating to an Option by any of the following means (in addition to the Company’s right to withhold
from any compensation paid to the Participant by the Company) or by a combination of such means:
(i) causing the Participant to tender a cash payment; (ii)
withholding shares of Common Stock from the shares of Common Stock issued or otherwise
issuable to the Participant in connection with the Option; (iii) withholding cash from an Option
settled in cash; or (iv) by such other method as may be set forth in the Option Agreement.

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     (h) Electronic Delivery. Any reference herein to a “written” agreement or document shall
include any agreement or document delivered electronically or posted on the Company’s intranet.

     (i) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion,
may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting
or settlement of all or a portion of any Option may be deferred and may establish programs and
procedures for deferral elections to be made by Participants. Deferrals by Participants will be
made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the
Board may provide for distributions while a Participant is still an employee. The Board is
authorized to make deferrals of Options and determine when, and in what annual percentages,
Participants may receive payments, including lump sum payments, following the Participant’s
termination of employment or retirement, and implement such other terms and conditions consistent
with the provisions of the Plan and in accordance with applicable law.

     (j) Compliance with Section 409A of the Code. To the extent that the Board determines that
any Option granted under the Plan is subject to Section 409A of the Code, the Option Agreement
evidencing such Option shall incorporate the terms and conditions necessary to avoid the
consequences specified in Section 409A(a)(1) of the Code. To the extent practicable and without
adverse effects on the Plan or on Optionholders, the Plan and Option Agreements shall be
interpreted in a manner that avoids taxation under Section 409A of the Code and Department of
Treasury regulations and other interpretive guidance issued thereunder, including without
limitation any such regulations or other guidance that may be issued or amended after the Effective
Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the
Effective Date the Board determines that any Option may be subject to Section 409A of the Code and
related Department of Treasury guidance (including such Department of Treasury guidance as may be
issued after the Effective Date), the Board may adopt such amendments to the Plan and the
applicable Option Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the Board determines are
necessary or appropriate to (i) exempt the Option from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the Option, or (ii) comply with the
requirements of Section 409A of the Code and Department of Treasury regulations and other
interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued or amended after the Effective Date.

9. Adjustments upon Changes in Common Stock; Other Corporate Events.

     (a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board shall
appropriately adjust: (i) the class(es) and maximum number of securities subject to the Plan
pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued
pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the
class(es) and maximum number of securities that may be awarded to any person pursuant to
Section 3(d) and (iv) the class(es) and number of securities and price per share of stock subject
to outstanding Options. The Board shall make such adjustments, and its determination shall be
final, binding and conclusive.

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     (b) Dissolution or Liquidation. Except as otherwise provided in the Option Agreement, in the
event of a dissolution or liquidation of the Company, all outstanding Options shall terminate
immediately prior to the completion of such dissolution or liquidation, provided, however, that the
Board may, on an extraordinary basis, in its sole discretion, determine on a case by case basis
whether to cause some or all Options to become fully vested, and/or exercisable (to the extent such
Options have not previously expired or terminated) before the dissolution or liquidation is
completed but contingent on its completion.

     (c) Corporate Transaction. The following provisions may apply to Options in the event of a
Corporate Transaction unless otherwise provided in the instrument evidencing the Option or any
other written agreement between the Company or any Affiliate and the Participant or unless
otherwise expressly provided by the Board at the time of grant of an Option. If there is a
Corporate Transaction, then the Board, or the board of directors of any corporation or entity
assuming the obligations of the Company, may take any one or more of the following actions as to
outstanding Options in its sole and absolute discretion:

          (i) Options May Be Continued, Assumed or Substituted. Any surviving corporation or acquiring
corporation (or the surviving or acquiring corporation’s parent company) may assume or continue any
or all Options outstanding under the Plan or may substitute similar stock awards for Options
outstanding under the Plan (including but not limited to, awards to acquire the same consideration
paid to the stockholders of the Company pursuant to the Corporate Transaction) in connection with
such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may
choose to assume or continue only a portion of an Option or substitute a similar stock award for
only a portion of an Option, or may assume, continue or substitute some Options and not others.
The terms of any assumption, continuation or substitution shall be set by the Board in accordance
with the provisions of Section 2.

          (ii) Accelerated Vesting of Options. On an extraordinary basis, the Board may, in its sole
discretion, determine case by case whether the vesting of any or all Options, and the time at which
such Options may be exercised, may be accelerated in full or in part to a date on or prior to the
effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate
Transaction) as the Board shall determine; provided, however, that for purposes of this Section,
the Agreement evidencing such option may provide for acceleration of vesting without acceleration
of exercisability or may contain additional restrictions on the holding period for such Shares as
may be deemed advisable by the Board and as may be necessary to comply with Section 409A of the
Code.

          (iii) Termination of Options. The Board may provide that all Options (including vested
Options that are not exercised) shall immediately terminate and be of no further force or effect as
of the effective time of the Corporate Transaction.

11.

 

          (iv) Payment for Options in Lieu of Exercise. The Board may provide that the holder of an
Option may not exercise such Option but will receive a payment, in such form as may be determined
by the Board, equal in value to the excess, if any, of (A) the value of the property the holder of
the Option would have received upon the exercise of the Option (including, at the discretion of the
Board, any unvested portion of such Option), over (B) any exercise price payable by such holder in
connection with such exercise. To the extent permitted by Section 409A of the Code, the Board may
delay the payment under this provision to take into account escrows, earn-outs or other holdbacks
or contingencies applicable to the Corporate Transaction.

     (d) Change in Control. On an extraordinary basis, the Board may, in its sole discretion,
determine case by case whether an Option may be subject to additional acceleration of vesting and
exercisability upon or after a Change in Control as may be provided in the Option Agreement for
such Option or as may be provided in any other written agreement between the Company or any
Affiliate and the Participant, but in the absence of such an express provision, no such
acceleration shall occur.

10. Termination or Suspension of the Plan.

     (a) Plan Term. Unless sooner terminated by the Board pursuant to Section 2, the Plan shall
automatically terminate on the day before the tenth (10th) anniversary of the date the Plan is
adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No
Options may be granted under the Plan while the Plan is suspended or after it is terminated.

     (b) No Impairment of Rights. Termination of the Plan shall not impair rights and obligations
under any Option granted while the Plan is in effect except with the written consent of the
affected Participant.

11. Effective Date of Plan.

     This Plan shall become effective on the Effective Date.

12. Choice of Law.

     The law of the State of Delaware shall govern all questions concerning the construction,
validity and interpretation of this Plan, without regard to such state’s conflict of laws rules.

     13. Definitions. As used in the Plan, the definitions contained in this Section 13 shall
apply to the capitalized terms indicated below:

     (a) “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the
Company as such terms are defined in Rule 405 of the Securities Act. The Board shall have the
authority to determine the time or times at which “parent” or “subsidiary” status is determined
within the foregoing definition.

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

12.

 

     (c) “Capitalization Adjustment” means any change that is made in, or other events that occur
with respect to, the Common Stock subject to the Plan or subject to any Option after the Effective
Date without the receipt of consideration by the Company (through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than
cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in
corporate structure or other transaction not involving the receipt of consideration by the
Company). Notwithstanding the foregoing, the conversion of any convertible securities of the
Company shall not be treated as a transaction “without receipt of consideration” by the Company.
For the avoidance of doubt, the 1-for-15 reverse stock split of the Common Stock effected on June
19, 2007 shall not be considered to have occurred after the Effective Date and therefore shall not
be considered a Capital Adjustment.

     (d) “Cause” shall have the meaning set forth in any employment agreement or offer letter
between a Participant and the Company or an Affiliate to the extent then effective; provided,
however, that if any such employment agreement or offer letter does not contain a definition of
“Cause,” then the term shall mean with respect to a Participant, the occurrence of any of the
following events: (i) such Participant’s commission of any felony or any crime involving fraud,
dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such
Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against
the Company; (iii) such Participant’s intentional, material violation of any contract or agreement
between the Participant and the Company or of any statutory duty owed to the Company; (iv) such
Participant’s unauthorized use or disclosure of the Company’s confidential information or trade
secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the
Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company
in its sole discretion. Any determination by the Company that the Continuous Service of a
Participant was terminated by reason of dismissal without Cause for the purposes of outstanding
Options held by such Participant shall have no effect upon any determination of the rights or
obligations of the Company or such Participant for any other purpose.

     (e) “Change in Control” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events:

          (i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the
Company representing more than fifty percent (50%) of the combined voting power of the Company’s
then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of
the acquisition of securities of the Company by an investor, any affiliate thereof or any other
Exchange Act Person from the Company in a transaction or series of related transactions the primary
purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a
repurchase or other acquisition of voting securities by the Company reducing the number of shares
outstanding, provided that if a Change in Control would occur (but for the operation of this
sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that,
assuming the repurchase or other acquisition had not occurred,
increases the percentage of the then outstanding voting securities Owned by the Subject Person
over the designated percentage threshold, then a Change in Control shall be deemed to occur;

13.

 

          (ii) there is consummated a merger, consolidation or similar transaction involving (directly
or indirectly) the Company and, immediately after the consummation of such merger, consolidation or
similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly
or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or
similar transaction or (B) more than fifty percent (50%) of the combined outstanding voting power
of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each
case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

          (iii) the stockholders of the Company approve or the Board approves a plan of complete
dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company
shall otherwise occur, except for a liquidation into a parent corporation; or

          (iv) there is consummated a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, other than a
sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting
power of the voting securities of which are Owned by stockholders of the Company in substantially
the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition.

     For the avoidance of doubt, the term Change in Control shall not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the
Company.

     Notwithstanding the foregoing or any other provision of this Plan, the definition of Change in
Control (or any analogous term) in an individual written agreement between the Company or any
Affiliate and the Participant shall supersede the foregoing definition with respect to Options
subject to such agreement; provided, however, that if no definition of Change in Control or any
analogous term is set forth in such an individual written agreement, the foregoing definition shall
apply.

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

     (g) “Committee” means a committee of one (1) or more Directors to whom authority has been
delegated by the Board in accordance with Section 2(c).

     (h) “Common Stock” means the common stock of the Company.

     (i) “Company” means Northwest Biotherapeutics, Inc., a Delaware corporation.

14.

 

     (j) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or
an Affiliate to render consulting or advisory services and is compensated for such services, or
(ii) serving as a member of the board of directors of an Affiliate and is compensated for such
services. However, service solely as a Director, or payment of a fee for such service, shall not
cause a Director to be considered a “Consultant” for purposes of the Plan.

     (k) “Continuous Service” means that the Participant’s service with the Company or an
Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A
change in the capacity in which the Participant renders service to the Company or an Affiliate as
an Employee, Consultant or Director or a change in the entity for which the Participant renders
such service, provided that there is no interruption or termination of the Participant’s service
with the Company or an Affiliate, shall not terminate a Participant’s Continuous Service. For
example, a change in status from an employee of the Company to a consultant to an Affiliate or to a
Director shall not constitute an interruption of Continuous Service. To the extent permitted by
law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may
determine whether Continuous Service shall be considered interrupted in the case of any leave of
absence approved by that party, including sick leave, military leave or any other personal leave.
Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for
purposes of vesting in an Option only to such extent as may be provided in the Company’s leave of
absence policy, in the written terms of any leave of absence agreement or policy applicable to the
Participant, or as otherwise required by law.

     (l) “Corporate Transaction” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events:

          (i) a sale or other disposition of all or substantially all, as determined by the Board in its
sole discretion, of the consolidated assets of the Company and its Subsidiaries;

          (ii) a sale or other disposition of at least fifty percent (50%) of the outstanding securities
of the Company;

          (iii) the consummation of a merger, consolidation or similar transaction following which the
Company is not the surviving corporation; or

          (iv) the consummation of a merger, consolidation or similar transaction following which the
Company is the surviving corporation but the shares of Common Stock outstanding immediately
preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of
securities, cash or otherwise.

     (m) “Covered Employee” shall have the meaning provided in Section 162(m)(3) of the Code and
the regulations promulgated thereunder.

     (n) “Director” means a member of the Board.

     (o) “Disability” means the permanent and total disability of a person within the meaning of
Section 22(e)(3) of the Code.

15.

 

     (p) “Effective Date” means the later of (i) the date of approval of this Plan by the Board,
and (ii) the date the Common Stock is admitted to the Alternative Investments Market of the London
Stock Exchange. Notwithstanding the foregoing, no Common Stock shall be issued pursuant to an
Option unless and until the Plan has been approved by the stockholders of the Company, which
approval shall be within twelve (12) months before or after the date the Plan is adopted by the
Board.

     (q) “Employee” means any person employed by the Company or an Affiliate. However, service
solely as a Director, or payment of a fee for such services, shall not cause a Director to be
considered an “Employee” for purposes of the Plan.

     (r) “Entity” means a corporation, partnership, limited liability company or other entity.

     (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (t) “Exchange Act Person” means any natural person, Entity or “group” (within the meaning of
Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include
(i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or
any Subsidiary of the Company or any trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date of the Plan
as set forth in Section 11, is the Owner, directly or indirectly, of securities of the Company
representing more than fifty percent (50%) of the combined voting power of the Company’s then
outstanding securities.

     (u) “Fair Market Value” means, as of any date, the value of the Common Stock determined as
follows:

          (i) If the Common Stock is listed on any established stock exchange or traded on any
established market, the Fair Market Value of a share of Common Stock shall be the closing sales
price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or
market (or the exchange or market with the greatest volume of trading in the Common Stock) for the
last market trading day prior to the date of determination, as reported in The Wall Street Journal
or such other source as the Board deems reliable.

          (ii) In the absence of such markets for the Common Stock, the Fair Market Value shall be
determined by the Board in good faith.

     (v) “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is
intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of
the Code and the regulations promulgated thereunder.

16.

 

     (w) “Non-Employee Director” means a Director who either (i) is not a current employee or
officer of the Company or an Affiliate, does not receive compensation, either
directly or indirectly, from the Company or an Affiliate for services rendered as a consultant
or in any capacity other than as a Director (except for an amount as to which disclosure would not
be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act
(“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure
would be required under Item 404(a) of Regulation S-K, and is not engaged in a business
relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or
(ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

     (x) “Nonstatutory Stock Option” means any option granted pursuant to Section 5 of the Plan
that does not qualify as an Incentive Stock Option.

     (y) “Officer” means a person who is an officer of the Company within the meaning of Section 16
of the Exchange Act and the rules and regulations promulgated thereunder.

     (z) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares
of Common Stock granted pursuant to the Plan.

     (aa) “Option Agreement” means a written agreement between the Company and an Optionholder
evidencing the terms and conditions of an Option grant. Each Option Agreement shall be subject to
the terms and conditions of the Plan.

     (bb) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if
permitted under the terms of this Plan, such other person who holds an outstanding Option.

     (cc) “Outside Director” means a Director who either (i) is not a current employee of the
Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated
under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated
corporation” who receives compensation for prior services (other than benefits under a
tax-qualified retirement plan) during the taxable year, has not been an officer of the Company or
an “affiliated corporation,” and does not receive remuneration from the Company or an “affiliated
corporation,” either directly or indirectly, in any capacity other than as a Director, or (ii) is
otherwise considered an “outside director” for purposes of Section 162(m) of the Code.

     (dd) “Own,” “Owned,” “Owner,” “Ownership” A person or Entity shall be deemed to “Own,” to
have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or
Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

     (ee) “Participant” means a person to whom an Option is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Option.

     (ff) “Plan” means this Northwest Biotherapeutics, Inc. 2007 Stock Option Plan.

     (gg) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule
16b-3, as in effect from time to time.

17.

 

     (hh) “Securities Act” means the Securities Act of 1933, as amended.

     (ii) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than
fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a
majority of the board of directors of such corporation (irrespective of whether, at the time, stock
of any other class or classes of such corporation shall have or might have voting power by reason
of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company,
and (ii) any partnership, limited liability company or other entity in which the Company has a
direct or indirect interest (whether in the form of voting or participation in profits or capital)
of more than fifty percent (50%).

     (jj) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to
Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any Affiliate.

18.exv10w6

 

EXHIBIT 10.6

                    

	 	 	 	 	 	 	 	 
	 	Northwest

	 	 	t (425) 608-3008
	 	 	www.nwbio.com 
	 	Biotherapeutics, Inc.

	 	 	    (800) 519-0755
	 	 	OTCBB: NWBT
	 	 

	 	 	f (425) 608-3009	 	 	 
	 	18701 120th Avenue NE
	 	 	 	 	 	 
	 	Suite 101
	 	 	 	 	 	 
	 	Bothell, WA 98011
	 	 	 	 	 	 

June 18, 2007

Dr. Alton Boynton

18701 120th Avenue NE, Suite 101

Bothell, WA 98011

Dear Dr. Boynton:

Your service to Northwest Biotherapeutics has been valuable and much appreciated over the years.
The Board of Directors proposes to enter into an employment agreement with you for up to four more
years of service in the senior management of the Company, with the following key terms, conditional
upon the Admission to trading of the Company’s AIM Placing shares:

	 	•	 	Title: CEO and President (though this may change if the Company recruits a new
CEO in due course).
	 
	 	•	 	Term: Up to 4 years
	 
	 	•	 	Annual Salary: $331,250 (subject to potential increases based on annual review
by the Compensation Committee of the Board of Directors)
	 
	 	•	 	Equity: Sufficient options to result in your holding 4% of the stock of the
Company, on a fully diluted basis (i.e., including all of the shares issuable under options
and warrants outstanding or reserved in the employee pool) immediately after Admission of
the AIM Placing Shares for trading, when added to the total equity securities (stock,
options, warrants, etc., regardless of terms) that you hold as of the time of Admission.
Vesting shall occur over a 4-year period as defined in the Stock Option Grant Notice.
	 
	 	•	 	Bonuses: To be determined in the Board’s discretion for extraordinary and
unanticipated accomplishments.
	 
	 	•	 	Termination: Employment will be at will. You may resign at any time with the
notice required below, or without such notice (in which case certain consequences apply as
described below). The Company may terminate your employment at any time “For Cause” or
“Without Cause.” “Cause” is defined as, but not limited to, malfeasance, material
non-performance or materially inadequate performance of your duties following written
notice or other communication from the Board of such inadequate performance and a
reasonable period of time to cure it one time. The recruitment of a CEO shall not be
deemed a termination.
	 
	 	•	 	Effect of termination or resignation on options:

	 	•	 	If your employment is terminated For Cause, your options will stop
vesting, and options which are already vested as of the date of termination shall
expire 24 hours after such termination.

 

 

	 	•	 	If your employment is terminated Without Cause, options will continue
to vest under their above stated schedule, and will be exercisable for up to their
full exercise period, so long as you execute a separation and release agreement
reasonably acceptable to the Company, and you do not work for or with a Competing
Company (as defined below) in any capacity (employee, director, adviser,
collaborator, etc.) while the vesting period is continuing. The term “Competing
Company” means a business that is developing immunotherapies for cancer.
	 
	 	•	 	If you resign, the vesting of your options will cease. If your
resignation complies with the notice and best efforts and good faith requirements
below, your options will be exercisable for 90 days following the last day of
employment. If your resignation does not comply with the notice and best efforts
and good faith requirements below, your options will only be exercisable for 15
days following the last day of employment.

	 	•	 	Outside activities: During the term of this Agreement, you shall not engage in
any outside business activities except with express prior approval of the Board.
	 
	 	•	 	Non-competition: You agree not to work for or with any Competing Company (as
defined above) for 1 year after resignation, termination or expiration of your employment
with the Company. You must execute a non-competition agreement with the Company providing
for this arrangement.
	 
	 	•	 	Assignment of inventions; confidentiality: All inventions conceived or
developed by you during your employment by the Company must be assigned to the Company.
You must also execute the Company’s standard invention assignment agreement and a limited
power of attorney enabling the Company to make filings and take actions necessary to
implement your assignments of inventions. You must also execute the Company’s standard
confidentiality agreement.
	 
	 	•	 	Vacation and sick leave: 4 weeks of vacation, no carryover (use it or lose it)
except in special circumstances with prior Board approval and then only up to 2 weeks; 2
weeks of sick leave, to be used only for sickness and medical appointments for yourself or
family members.
	 
	 	•	 	Notice of resignation; best efforts: If you resign, you will give at least 90
days advance notice, and during those 90 days will devote best efforts, in good faith, to
the Company’s business and any personnel transition. Failure to give 90 days notice will
result in clawback of any bonuses paid to you and option vesting that occurred in the 6
months prior to the resignation announcement.

 

 

The Board hopes that you will find these terms agreeable. If so, please indicate your acceptance
by countersigning below. We look forward to your continued important role in the Company for the
next several years.

Sincerely,

	 	 	 	 	 	 	 
	NWBT BOARD OF DIRECTORS	 	I have read and accept this employment offer:

	By:

	 	 	 	By:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	Title:
	 	 	 	 	 	 
	Date:

	 	 	 	Date:

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