Document:

Exhibit 10.10.1

 

NephroGenex,
Inc.

 

2005
Stock Option Plan

 

Adopted
Effective February 1, 2005

Amended
and Restated Effective August 13, 2007

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 
	SECTION 1.    Establishment and Purpose	1
	 	 
	SECTION 2.    Administration	1
	(a)	Committees of the Board of Directors	1
	(b)	Authority of the Board of Directors	1
	 	 
	SECTION 3.    Eligibility	1
	(a)	General Rule	1
	(b)	Ten-Percent Stockholders	2
	 	 
	SECTION 4.    Stock Subject to Plan	2
	(a)	Basic Limitation	2
	(b)	Additional Shares	2
	 	 
	SECTION 5.    Terms and Conditions of Awards or Sales	2
	(a)	Stock Purchase Agreement	2
	(b)	Duration of Offers and Nontransferability of Rights	3
	(c)	Purchase Price	3
	(d)	Withholding Taxes	3
	(e)	Restrictions on Transfer of Shares and Minimum Vesting	3
	 	 
	SECTION 6.    Terms and Conditions of Options	3
	(a)	Stock Option Agreement	3
	(b)	Number of Shares	4
	(c)	Exercise Price	4
	(d)	Exercisability	4
	(e)	Basic Term	4
	(f)	Termination of Service (Except by Death)	4
	(g)	Leaves of Absence	5
	(h)	Death of Optionee	5
	(i)	Restrictions on Transfer of Shares and Minimum Vesting	6
	(j)	Transferability of Options	6
	(k)	Withholding Taxes	6
	(l)	No Rights as a Stockholder	6
	(m)	Modification, Extension and Assumption of Options	6
	 	 
	SECTION 7.    Payment for Shares	7
	(a)	General Rule	7
	(b)	Services Rendered	7
	(c)	Promissory Note	7
	(d)	Surrender of Stock	7
	(e)	Exercise/Sale	7
	(f)	Other Forms of Payment	8

 

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	SECTION 8.    Adjustment of Shares	8
	(a)	General	8
	(b)	Mergers and Consolidations	8
	(c)	Reservation of Rights	9
	 	 
	SECTION 9.    Securities Law Requirements	9
	(a)	General	9
	(b)	Financial Reports	9
	 	 
	SECTION 10.  No Retention Rights	10
	 	 
	SECTION 11.  Duration and Amendments	10
	(a)	Term of the Plan	10
	(b)	Right to Amend or Terminate the Plan	10
	(c)	Effect of Amendment or Termination	10
	 	 
	SECTION 12.  Definitions	10

 

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NephroGenex,
Inc. 2005 Stock Option Plan

 

SECTION 1.  Establishment
And Purpose 

 

The purpose of the Plan is
to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest,
by purchasing Shares of the Company’s Stock. The Plan provides both for the direct award or sale of Shares and for the grant
of Options to purchase Shares. Options granted under the Plan may include Nonstatutory Options as well as ISOs intended to qualify
under Section 422 of the Code.

 

Capitalized terms are defined
in Section 12.

 

SECTION 2.  Administration 

 

(a)      Committees of
the Board of Directors

 

The Plan may be administered
by one or more Committees. Each Committee shall consist of one or more members of the Board of Directors who have been appointed
by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors
has assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference
to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors
has assigned a particular function.

 

(b)      Authority
of the Board of Directors

 

Subject to the provisions
of the Plan, the Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable
for the administration of the Plan. All decisions, interpretations and other actions of the Board of Directors shall be final and
binding on all Purchasers, all Optionees and all persons deriving their rights from a Purchaser or Optionee.

 

SECTION 3.  Eligibility 

 

(a)      General
Rule

 

Only Employees, Outside
Directors and Consultants shall be eligible for the grant of Nonstatutory Options
or the direct award or sale of Shares. Only Employees shall be eligible for the grant of ISOs.

 

    	 

    	 

    

 

(b)      Ten-Percent
Stockholders

 

A person who owns more
than 10% of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries
shall not be eligible for designation as an Optionee or Purchaser unless (i) the Exercise Price is at least 110% of the Fair
Market Value of a Share on the date of grant, (ii) the Purchase Price (if any) is at least 100% of the Fair Market Value of
a Share and (iii) in the case of an ISO, such ISO by its terms is not exercisable after the expiration of five years from
the date of grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Section 424(d)
of the Code shall be applied.

 

SECTION 4.  Stock
Subject To Plan 

 

(a)      Basic Limitation

 

Not more than 3,960,472
Shares may be issued under the Plan (subject to Subsection (b) below and Section 8(a)). All of these Shares may be issued
upon the exercise of ISOs. The number of Shares that are subject to Options or other rights outstanding at any time under the Plan
shall not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term of the
Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under
the Plan may be authorized but unissued Shares or treasury Shares.

 

(b)      Additional
Shares

 

In the event that Shares
previously issued under the Plan are reacquired by the Company, such Shares shall be added to the number of Shares then available
for issuance under the Plan. In the event that an outstanding Option or other right for any reason expires or is canceled, the
Shares allocable to the unexercised portion of such Option or other right shall be added to the number of Shares then available
for issuance under the Plan.

 

SECTION 5.  Terms
And Conditions Of Awards Or Sales 

 

(a)      Stock Purchase
Agreement

 

Each award or sale of Shares
under the Plan (other than upon exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and
the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other
terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion
in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements entered into under the Plan need not be
identical.

 

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(b)      Duration
of Offers and Nontransferability of Rights

 

Any right to acquire Shares
under the Plan (other than an Option) shall automatically expire if not exercised by the Purchaser within 30 days after the grant
of such right was communicated to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only
by the Purchaser to whom such right was granted.

 

(c)      Purchase
Price

 

The Purchase Price of Shares
to be offered under the Plan shall not be less than 85% of the Fair Market Value of such Shares, and a higher percentage may be
required by Section 3(b). Subject to the preceding sentence, the Board of Directors shall determine the Purchase Price at
its sole discretion. The Purchase Price shall be payable in a form described in Section 7.

 

(d)      Withholding
Taxes

 

As a condition to the purchase
of Shares, the Purchaser shall make such arrangements as the Board of Directors may require for the satisfaction of any federal,
state, local or foreign withholding tax obligations that may arise in connection with such purchase.

 

(e)      Restrictions
on Transfer of Shares and Minimum Vesting

 

Any Shares awarded or sold
under the Plan shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other
transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Purchase
Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. In the case of a Purchaser
who is not an officer of the Company, an Outside Director or a Consultant:

 

(i)     Any right
to repurchase the Purchaser’s Shares at the original Purchase Price (if any) upon termination of the Purchaser’s Service
shall lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the award or sale of the Shares;

 

(ii)     Any such
right may be exercised only for cash or for cancellation of indebtedness incurred in purchasing the Shares; and

 

(iii)    Any such
right may be exercised only within 90 days after the termination of the Purchaser’s Service.

 

SECTION 6.  Terms
And Conditions Of Options 

 

(a)      Stock
Option Agreement

 

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Each grant of an Option
under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option shall be subject
to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent
with the Plan and which the Board of Directors deems appropriate for inclusion in a Stock Option Agreement. The provisions of the
various Stock Option Agreements entered into under the Plan need not be identical.

 

(b)      Number of Shares

 

Each Stock Option Agreement
shall specify the number of Shares that are subject to the Option and shall provide for the adjustment of such number in accordance
with Section 8. The Stock Option Agreement shall also specify whether the Option is an ISO or a Nonstatutory Option.

 

(c)      Exercise Price

 

Each Stock Option Agreement
shall specify the Exercise Price. The Exercise Price of any Option shall not be less than 100% of the Fair Market Value of a Share
on the date of grant, and a higher percentage may be required by Section 3(b). Subject to the preceding sentence, the Exercise
Price shall be determined by the Board of Directors at its sole discretion. The Exercise Price shall be payable in a form described
in Section 7.

 

(d)      Exercisability

 

Each Stock Option Agreement
shall specify the date when all or any installment of the Option is to become exercisable. No Option shall be exercisable unless
the Optionee (i) has delivered an executed copy of the Stock Option Agreement to the Company or (ii) otherwise agrees
to be bound by the terms of the Stock Option Agreement. In the case of an Optionee who is not an officer of the Company, an Outside
Director or a Consultant, an Option shall become exercisable at least as rapidly as 20% per year over the five-year period commencing
on the date of grant. Subject to the preceding sentence, the Board of Directors shall determine the exercisability provisions of
the Stock Option Agreement at its sole discretion. All of an Optionee’s Options shall become exercisable in full if Section 8(b)(iv)
applies.

 

(e)      Basic
Term

 

The Stock Option Agreement
shall specify the term of the Option. The term shall not exceed 10 years from the date of grant, and a shorter term may be required
by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when an
Option is to expire.

 

(f)       Termination
of Service (Except by Death)

 

If an Optionee’s
Service terminates for any reason other than the Optionee’s death, then the Optionee’s Options shall expire on the
earliest of the following occasions:

 

(i)     The expiration
date determined pursuant to Subsection (e) above;

 

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(ii)     The date
three months after the termination of the Optionee’s Service for any reason other than Disability, or such later date as
the Board of Directors may determine; or

 

(iii)    The date
six months after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board of Directors
may determine.

 

The Optionee may exercise
all or part of the Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but
only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable
as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested
as a result of the termination). The balance of such Options shall lapse when the Optionee’s Service terminates. In the event
that the Optionee dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s
Options, all or part of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s
estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance,
but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable
as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested
as a result of the termination).

 

(g)      Leaves of Absence

 

For purposes of Subsection (f)
above, Service shall be deemed to continue while the Optionee is on a bona fide leave of absence, if such leave was approved by
the Company in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave
or by applicable law (as determined by the Company).

 

(h)      Death of Optionee

 

If an Optionee dies while
the Optionee is in Service, then the Optionee’s Options shall expire on the earlier of the following dates:

 

(i)     The expiration
date determined pursuant to Subsection (e) above; or

 

(ii)     The date
12 months after the Optionee’s death, or such later date as the Board of Directors may determine.

 

All or part of the Optionee’s
Options may be exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators
of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation,
bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death (or became
exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result
of the Optionee’s death). The balance of such Options shall lapse when the Optionee dies.

 

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(i)       Restrictions
on Transfer of Shares and Minimum Vesting

 

Any Shares issued upon
exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and
other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock
Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. In the case of
an Optionee who is not an officer of the Company, an Outside Director or a Consultant:

 

(i)     Any right
to repurchase the Optionee’s Shares at the original Exercise Price upon termination of the Optionee’s Service shall
lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the option grant;

 

(ii)    Any such
right may be exercised only for cash or for cancellation of indebtedness incurred in purchasing the Shares; and

 

(iii)    Any such
right may be exercised only within 90 days after the later of (A) the termination of the Optionee’s Service or (B) the
date of the option exercise.

 

(j)       Transferability
of Options

 

An Option shall be transferable
by the Optionee only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution,
except as provided in the next sentence. If the applicable Stock Option Agreement so provides, a Nonstatutory Option shall also
be transferable by gift or domestic relations order to a Family Member of the Optionee. An ISO may be exercised during the lifetime
of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative.

 

(k)      Withholding
Taxes

 

As a condition to the exercise
of an Option, the Optionee shall make such arrangements as the Board of Directors may require for the satisfaction of any federal,
state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make
such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding
tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option.

 

(l)       No Rights as a
Stockholder

 

An Optionee, or a transferee
of an Optionee, shall have no rights as a stockholder with respect to any Shares covered by the Optionee’s Option until such
person becomes entitled to receive such Shares by filing a notice of exercise and paying the Exercise Price pursuant to the terms
of such Option.

 

(m)     Modification,
Extension and Assumption of Options

 

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Within the limitations
of the Plan, the Board of Directors may modify, extend or assume outstanding Options or may accept the cancellation of outstanding
Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different number
of Shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without
the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option.

 

SECTION 7.  Payment
For Shares 

 

(a)      General Rule

 

The entire Purchase Price
or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents at the time when such Shares are
purchased, except as otherwise provided in this Section 7.

 

(b)      Services
Rendered

 

At the discretion of the
Board of Directors, Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary
prior to the award.

 

(c)      Promissory
Note

 

At the discretion of the
Board of Directors, all or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued under the Plan
may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of
the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than
the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the
Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other
provisions of such note.

 

(d)      Surrender
of Stock

 

At the discretion of the
Board of Directors, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares
that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be
valued at their Fair Market Value as of the date when the Option is exercised.

 

(e)      Exercise/Sale

 

To the extent that a Stock
Option Agreement so provides, and if Stock is publicly traded, all or part of the Exercise Price and any withholding taxes may
be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the
Company to sell Shares and to deliver all or part of the sales proceeds to the Company.

 

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(f)       Other
Forms of Payment

 

To the extent that a Stock
Purchase Agreement or Stock Option Agreement so provides, the Purchase Price or Exercise Price of Shares issued under the Plan
may be paid in any other form permitted by the Delaware General Corporation Law, as amended.

 

SECTION 8.  Adjustment
Of Shares 

 

(a)      General

 

In the event of a subdivision
of the outstanding Stock, a declaration of a dividend payable in Shares, a combination or consolidation of the outstanding Stock
into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued shares of Stock effected
without receipt of consideration by the Company, proportionate adjustments shall automatically be made in each of (i) the
number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding Option
and (iii) the Exercise Price under each outstanding Option. In the event of a declaration of an extraordinary dividend payable
in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization,
a spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more
of (i) the number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each
outstanding Option or (iii) the Exercise Price under each outstanding Option.

 

(b)      Mergers and Consolidations

 

In the event that the Company
is a party to a merger or consolidation, outstanding Options and Shares acquired under the Plan shall be subject to the agreement
of merger or consolidation, which need not treat all outstanding Options in an identical manner. Such agreement, without the Optionees’
consent, may dispose of Options that are not exercisable as of the effective date of such merger or consolidation in any manner
permitted by applicable law, including (without limitation) the cancellation of such Options without the payment of any consideration.
Such agreement, without the Optionees’ consent, shall provide for one or more of the following with respect to Options that
are exercisable as of the effective date of such merger or consolidation:

 

(i)     The continuation
of such Options by the Company (if the Company is the surviving corporation).

 

(ii)     The assumption
of such Options by the surviving corporation or its parent in a manner that complies with Section 424(a) of the Code (whether
or not such Options are ISOs).

 

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(iii)    The substitution
by the surviving corporation or its parent of new options for such Options in a manner that complies with Section 424(a) of
the Code (whether or not such Options are ISOs).

 

(iv)    The cancellation
of such Options and a payment to the Optionees equal to the excess of (A) the Fair Market Value of the Shares subject to such
Options as of the effective date of such merger or consolidation over (B) their Exercise Price. Such payment shall be made
in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal
to the required amount.

 

(v)     The cancellation
of such Options. Any exercise of such Options prior to the closing date of such merger or consolidation may be contingent on the
closing of such merger or consolidation.

 

(c)      Reservation
of Rights

 

Except as provided in this
Section 8, an Optionee or Purchaser shall have no rights by reason of (i) any subdivision or consolidation of shares
of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares
of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock
of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price
of Shares subject to an Option. The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the
Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate
or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

SECTION 9.  Securities
Law Requirements 

 

(a)      General

 

Shares shall not be issued
under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of
law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state
securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities may then be traded.

 

(b)      Financial
Reports

 

The Company each year shall
furnish to Optionees, Purchasers and stockholders who have received Stock under the Plan its balance sheet and income statement,
unless such Optionees, Purchasers or stockholders are key Employees whose duties with the Company assure them access to equivalent
information. Such balance sheet and income statement need not be audited.

 

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SECTION 10.  
No Retention Rights 

 

Nothing in the Plan or in
any right or Option granted under the Plan shall confer upon the Purchaser or Optionee any right to continue in Service for any
period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary
employing or retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are hereby expressly reserved by
each, to terminate his or her Service at any time and for any reason, with or without cause.

 

SECTION 11.  
Duration and Amendments 

 

(a)      Term
of the Plan

 

The amended and restated
Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors. The Plan shall terminate
automatically on the later of (i) January 31, 2005, or (ii) 10 years after the date when the Board of Directors
approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by the Company’s
stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below.

 

(b)      Right
to Amend or Terminate the Plan

 

The Board of Directors
may amend, suspend or terminate the Plan at any time and for any reason; provided, however, that any amendment of the Plan shall
be subject to the approval of the Company’s stockholders if it (i) increases the number of Shares available for issuance
under the Plan (except as provided in Section 8) or (ii) materially changes the class of persons who are eligible for
the grant of ISOs. Stockholder approval shall not be required for any other amendment of the Plan. If the stockholders fail to
approve an increase in the number of Shares reserved under Section 4 within 12 months after its adoption by the Board of Directors,
then any grants, exercises or sales that have already occurred in reliance on such increase shall be rescinded and no additional
grants, exercises or sales shall thereafter be made in reliance on such increase.

 

(c)      Effect
of Amendment or Termination

 

No Shares shall be issued
or sold under the Plan after the termination thereof, except upon exercise of an Option granted prior to such termination. The
termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Option previously granted
under the Plan.

 

SECTION 12.  
Definitions

 

 

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(a)      “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time.

 

(b)      “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(c)      “Committee”
shall mean a committee of the Board of Directors, as described in Section 2(a).

 

(d)      “Company”
shall mean NephroGenex, Inc., a Delaware corporation.

 

(e)      “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

 

(f)       “Disability”
shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

(g)      “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(h)      “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board
of Directors in the applicable Stock Option Agreement.

 

(i)       “Fair Market
Value” shall mean the fair market value of a Share, as determined by the Board of Directors in accordance with applicable
law. Such determination shall be conclusive and binding on all persons.

 

(j)       “Family Member”
shall mean (i) any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, (ii) any
person sharing the Optionee’s household (other than a tenant or employee), (iii) a trust in which persons described
in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described
in Clause (i) or (ii) or the Optionee control the management of assets and (v) any other entity in which persons
described in Clause (i) or (ii) or the Optionee own more than 50% of the voting interests.

 

(k)      “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code.

 

(l)       “Nonstatutory
Option” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code.

 

(m)      “Option”
shall mean an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares.

 

(n)      “Optionee”
shall mean a person who holds an Option.

 

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(o)      “Outside
Director” shall mean a member of the Board of Directors who is not an Employee.

 

(p)      “Parent”
shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption
of the Plan shall be considered a Parent commencing as of such date.

 

(q)      “Plan”
shall mean this NephroGenex, Inc. 2005 Stock Option Plan.

 

(r)       “Purchase
Price” shall mean the consideration for which one Share may be acquired under the Plan (other than upon exercise of an
Option), as specified by the Board of Directors.

 

(s)       “Purchaser”
shall mean a person to whom the Board of Directors has offered the right to acquire Shares under the Plan (other than upon exercise
of an Option).

 

(t)       “Service”
shall mean service as an Employee, Outside Director or Consultant.

 

(u)       “Share”
shall mean one share of Stock, as adjusted in accordance with Section 8 (if applicable).

 

(v)       “Stock”
shall mean the Common Stock of the Company.

 

(w)      “Stock Option
Agreement” shall mean the agreement between the Company and an Optionee that contains the terms, conditions and restrictions
pertaining to the Optionee’s Option.

 

(x)       “Stock Purchase
Agreement” shall mean the agreement between the Company and a Purchaser who acquires Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the acquisition of such Shares.

 

(y)       “Subsidiary”
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of
the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a
Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

    	12Exhibit 10.11

 

Execution Copy

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This
Agreement is entered into on December 12, 2013, by and between John P. Hamill
(“Executive”) and NephroGenex, Inc.,
a Delaware corporation (the “Company”).

1.                 
Position and Duties.

(a)              
Position. The Company hereby engages Executive as the Chief Financial Officer of the Company. As such, he shall report
directly to the Chief Executive Officer of the Company and have all the responsibilities, duties and authority reasonably expected
of a chief financial officer and such other lawful duties consistent with the position and authority of a chief financial officer
as may be assigned from time to time by the Chief Executive Officer. In addition, without further compensation, Executive shall
also serve as a director and/or officer of the Company or one or more of the Company’s subsidiaries or affiliates if so elected
or appointed from time to time. Upon termination of his employment with the Company for any reason, at the written request of the
Company, the Executive shall resign from any other positions, offices and directorships he may have with the Company or any of
its subsidiaries or affiliates.

(b)              
Obligations to the Company. Executive shall devote his full business energies, interests, abilities and productive
time to his position. Executive may accept appointment to other corporate and charitable boards with the consent of the Company,
which consent will not be withheld if service on such other boards would not materially interfere with his service to the Company.

(c)               
Right to Provide Services; Conflict of Interest. Executive hereby represents and warrants to the Company that (i) he
has full right and authority to enter into this Agreement and to perform his obligations hereunder, and (ii) the execution and
delivery of this Agreement by Executive and the performance of his obligations hereunder will not conflict with or breach any agreement,
order or decree to which he is a party or by which he is bound.

(d)              
Location. Executive will perform his duties at his home office or in office space leased by the Company in or near Berwyn,
Pennsylvania. In addition, Executive will be required to travel as reasonable necessary to manage the Company’s operations
and staff in its Raleigh-Durham, North Carolina office.

2.                 
Term. Executive will be employed by the Company in accordance with the terms of this Agreement commencing as of January
21, 2014 (the “Commencement Date”), and continuing until his employment ceases for any of the following
reasons (the “Term”):

(a)              
either party gives written notice at least thirty (30) days prior to the effective date of such termination; or

(b)              
the Company terminates the Agreement at any time, without advance notice, upon any of the following events (each such
event a ground for a termination of Executive’s employment for “Cause”):

    	 

    	 

    

 

		i.	a material breach of any term or condition of this Agreement by Executive, regardless of the reason
therefore;

		ii.	Executive’s fraud, breach of trust or fiduciary duty, material dishonesty, misappropriation
of funds or similar activity;

		iii.	Executive’s unauthorized use or disclosure of the Company’s confidential information or
trade secrets, which use or disclosure causes material harm to the Company;

		iv.	Executive’s refusal to cooperate in good faith with a governmental or internal investigation
of the Company or its directors, officers or employees, upon the Company’s request;

		v.	Executive’s debarment or criminal conviction that could lead to debarment, under the Generic
Drug Enforcement Act or the Executive’s being debarred, excluded or otherwise made ineligible to participate in a “Federal
Health Care Program” (as defined in 42 U.S.C. §1320a-7b(f)) or in any other governmental payment program; or

		vi.	Executive’s conviction of, or plea of nolo contendre to, a felony or any crime involving an
act of moral turpitude; or

(c)               
Executive terminates the Agreement for “Good Reason,” which for this purpose will mean:

		i.	any material adverse change in Executive’s title, authority or duties (including, without limitation,
the assignment to Executive of duties materially inconsistent with his position), or

		ii.	any other material breach by the Company of any term or condition of this Agreement;

provided that
(x) Executive notifies the Company in writing within 90 days after he first becomes aware of such event, (y) the Company fails
to cure such event within 30 days after receipt of such written notice, and (z) Executive resigns employment within 60 days following
expiration of such cure period; or

(d)              
automatically upon Executive’s death.

The rights and obligations
of Sections 5 and 8 through 11 shall survive any termination or expiration of this Agreement.

3.                 
Compensation.

(a)              
Base Salary. The Company shall pay to Executive an annual base salary of $300,000 per year (as increased from time
to time, the “Base Salary”).

    	 

    	 

    

(b)              
 Annual Bonus. With respect to each fiscal year of the Company ending during his employment, Executive shall be eligible
to earn an annual bonus (an “Annual Bonus”) based on the achievement of reasonable individual and corporate
performance objectives established by the Board and communicated to Executive. The target amount of Executive’s Annual Bonus
for each fiscal year will be 40% of the Base Salary paid or payable to Executive for his service in that year. To receive the Annual
Bonus otherwise earned for a given fiscal year, Executive must remain employed by the Company through the last business day of
that year. Any Annual Bonus earned by Executive will be paid no later than March 15 of the year following the end of the applicable
fiscal year.

(c)               
Employee Benefits. Executive will be eligible to participate in the employee benefit plans, policies or arrangements
maintained by the Company for its management-level employees, subject to the terms and conditions of such plans, policies or arrangements.

(d)              
Vacations. In addition to holidays observed by the Company, Executive will be entitled to accrue four weeks of paid
vacation each year in accordance with the published policies of the Company; provided, however,
that for the year in which Executive’s employment commences (or any other partial year of service), this vacation allotment
will be pro-rated.

(e)               
Option Award. Upon a successful consummation of the first underwritten public offering of the Company’s Common
Stock under the Securities Act of 1933, as amended, (an “IPO”) on or before April 30, 2014 or, if an IPO is not consummated
in that period, upon the Company raising in excess of $20 million in new capital (whether debt, equity or a combination of debt
and equity, but excluding capital raised from currently existing equity investors), and if neither event occurs by July 1 2014,
upon July 1, 2014, the Company shall grant Executive non statutory stock options (the “Options”) to acquire
up to 200,000 shares of the Company’s Common Stock (equitably adjusted for stock splits, reverse splits, mergers, reorganizations,
recapitalizations and similar events or transactions). The Options will have an exercise price equal to the Fair Market Value of
a share of the Company’s Common Stock on the Date of Grant. The Options will vest in accordance with the following schedule:
25% of the Options will vest on the first anniversary of the Commencement Date and 2.0833% of the Options will vest on the monthly
anniversary of the Commencement Date in each of the following 36 months; provided that the Options will become 100% vested upon
(i) a Change in Control (as defined below in Section 6(b)), provided Executive remains in service through the date of such transaction,
or (ii) a cessation of Executive’s employment due to his death, Disability, termination by the Company pursuant to Section
2(a), or resignation by Executive pursuant to Section 2(c). Capitalized terms not otherwise defined in this Section 3(e) will have
the meaning ascribed to that term in the NephroGenex, Inc. 2005 Stock Option Plan (as amended and restated effective August 13,
2007). Except as otherwise expressly provided herein, the other terms of the Options will be substantially consistent with the
terms of stock options issued by the Company to its other executive officers during 2013, as amended.

4.                 
Business Expenses. The Company shall pay directly or reimburse Executive for reasonable expenses incurred in the course
of his employment in accordance with the Company’s generally applicable policies. Executive shall be entitled to travel at
a class of accommodations equivalent to the other members of the Company’s executive team.

    	 

    	 

    

 

5.                 
 Indemnification. Executive will be entitled to indemnification pursuant to the Indemnification Agreement attached hereto
as Exhibit A. In addition, the Company will maintain directors and officers insurance appropriate in light of the Company’s
size and activities and Executive will be entitled to the benefit of such coverage.

6.                 
Severance Upon Certain Terminations. Upon any termination of Executive’s employment, Executive will receive payment
for any accrued but unpaid wages, accrued but unused vacation and for any incurred but unreimbursed business expenses, subject
to the Company’s policies for expense reimbursements. In addition, if Executive’s employment terminates after the Company
receives a total of $20,000,000 in new capital (whether debt, equity or a combination of debt and equity, but excluding capital
raised from currently existing equity investors), Executive will be eligible for the following payments in connection with the
termination of his employment:

(a)              
If the Company terminates Executive’s employment pursuant to Section 2(a) or the Executive resigns his employment
pursuant to Section 2(c), then the Company will (i) make a cash lump sum payment to Executive equal to 140% of his Base Salary
(at the rate in effect immediately prior to such termination), less applicable taxes and withholdings, and (ii) for a period of
12 months (or, if required by applicable law, in a lump sum equal to the amount that would have been paid over the course of 12
months), will pay to Executive a monthly stipend equal to Executive’s premiums for continuation of medical and dental benefits
pursuant to Executive’s COBRA election (grossed up to account for applicable taxes and withholdings); provided, however,
that the payments and benefits described in this Section 6(a) are expressly conditioned upon Executive’s execution of a release
of employment-related claims against the Company and its affiliates in a mutually acceptable form, and upon such release becoming
effective and no longer subject to revocation no later than 60 days following such termination. The Company will pay Executive
the severance provided under Section 6(a)(i) on the next payroll date following the date on which the release is no longer subject
to revocation, unless the 60 day period following Executive’s termination begins in one tax year and ends in the following
tax year. In that event, the Company will pay Executive the severance provided under Section 6(a)(i) on the next payroll date following
the later of January 1 of the second tax year and the date on which the release is no longer subject to revocation.

(b)              
If the Executive resigns his employment under Section 2(a) of this Agreement within 30 days following a Change in Control,
then the Company will make a cash lump sum payment to Executive equal to 210% of his Base Salary (at the rate in effect immediately
prior to such termination), less applicable taxes and withholdings; provided, however, that the payments and benefits described
in this Section 6(b) are expressly conditioned upon Executive’s execution of a release of employment-related claims against
the Company and its affiliates in a mutually acceptable form, and upon such release becoming effective no later than 30 days following
such termination. The Company will pay Executive the severance provided under this Section 6(b) on the next payroll date following
the date on which the release is no longer subject to revocation, unless the 30 day period following Executive’s termination
begins in one tax year and ends in the following tax year. In that event, the Company will pay Executive the severance provided
under this Section 6(b) on the next payroll date following the later of January 1 of the second tax year and the date on which
the release is no longer subject to revocation. 

    	 

    	 

    

 

“Change in Control” means the occurrence, in a single transaction or
in a series of related transactions occurring after the
Commencement Date of any one or more of the following events: (x) any person or persons acting together 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; (y) 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; or (z) there is consummated a sale, lease, exclusive license or other disposition
of all or substantially all of the consolidated assets of the Company during any twelve month period, other than a sale, lease,
license or other disposition of all or substantially all of the consolidated assets of the Company 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. Notwithstanding the above, to the extent any payment under this Section 6(b) on or following
a Change in Control is deferred compensation that is subject to Section 409A of the Internal Revenue Code, and not otherwise exempt
from complying with the provisions of the statute, then a Change in Control shall only be deemed to occur if the Change in Control
also qualifies as a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial
portion of a corporation’s assets as defined in Treasury Regulation Section 1.409A-3(i)(5). No Change in Control will be
deemed to occur because of a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile
of the Company.

7.                 
Arbitration. Any controversy or claim arising out of this Agreement, other than such controversies or claims arising
out of either party’s intellectual property rights for which a provisional remedy or equitable relief is sought, shall be
settled by final and binding arbitration . The arbitration shall take place in New York, New York or, at Executive’s option,
the county in which Executive primarily resided during his service to the Company. The arbitration shall be administered by the
American Arbitration Association (the “AAA”) by one arbitrator mutually agreed upon by the parties, and
if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the AAA, then
by one arbitrator having relevant experience who is chosen by the AAA. Any award or finding shall be confidential. Executive and
the Company shall share the costs of arbitration equally and each party shall be responsible for its own attorneys’ fees.
The arbitrator may not award attorneys’ fees to either party unless a statute or contract at issue specifically authorizes
such an award.

Executive acknowledges
and agrees that in the event of any breach or threatened breach of Section 8, 9, 10 or 11 of this Agreement, however, the Company
will suffer irreparable damage for which it will have no adequate remedy at law. Accordingly, simultaneously with filing an arbitration
claim under this Section, the Company shall be entitled to injunctive and other equitable remedies from any court having jurisdiction
over Executive to prevent or restrain, temporarily, preliminarily or permanently, such breach or threatened
breach, without the necessity of posting any bond or surety, in addition to any other remedy that Company may have at law or in
equity.

    	 

    	 

    

8.                 
Company’s Proprietary Rights and Nondisclosure. Executive recognizes that he may be exposed to or have access
to information (including all tangible and intangible manifestations) regarding the patents, copyrights, trademarks, trade secrets,
technology, strategic sales/marketing plans, and business of the Company and agrees as follows:

(a)              
All Proprietary Information (as defined below), whether presently existing or developed in the future, shall be the
sole property of the Company and its assigns. In addition, the Company and its assigns shall be the sole owner of all intellectual
property and other rights in connection with such Proprietary Information.

(b)              
The term “Proprietary Information” shall mean all inventions, works of authorship, trade secrets,
business plans, confidential knowledge, data or any other proprietary information of the Company. By way of illustration but not
limitation, “Proprietary Information” includes, without limitation, (x) inventions, ideas, samples, designs, applications,
drawings, methods or processes, formulas, trade secrets, data, source and object codes, know-how, improvements, discoveries, developments,
designs and techniques (hereinafter collectively referred to as “Inventions”); and (y) information
regarding plans for research, development, new products and service offerings, marketing and selling, business plans, budgets and
unpublished financial statements, licenses, sales, pricing, profits and costs, distribution arrangements, suppliers and customers,
marketing, customer and partner strategies, business development plans, customer and partner lists; and information regarding the
skills and compensation of employees of the Company and the Company’s internal organization.

(c)               
During and after his service to the Company, Executive will keep in confidence and trust all Proprietary Information
and shall not reproduce, use or disclose any Proprietary Information or anything related to such information without the prior
written consent of the Company, except as required in the ordinary course of performing the services to be provided hereunder.

9.                 
Nondisclosure of Third-Party Information. Executive understands that the Company has received and will receive from
third parties information that is confidential or proprietary and that is subject to restrictions on the Company’s use and
disclosure (“Third-Party Information”). During and after his service to the Company, Executive will hold
Third-Party Information in the strictest confidence and will not disclose or use Third-Party Information, except as permitted by
agreement between the Company and the relevant third party, unless expressly authorized to act otherwise by the Company.

10.              No
Improper Use of Materials. Executive agrees not to bring to the Company or to use in the performance of services for
the Company any materials or documents of a present or former employer of Executive, or any materials or documents
obtained by Executive under a binder of confidentiality imposed by reason of another of Executive’s relationships,
unless such materials or documents are generally available to the public or Executive has authorization from such present or
former employer, client or employee for the possession and unrestricted use of such materials. Executive understands that
Executive is not to breach any obligation of confidentiality that Executive
has to present or former employers or clients, and agrees to fulfill all such obligations during his service to the Company.

    	 

    	 

    

11.             
Prohibited Solicitation. During the Term and for a period of one (1) year following termination of the this Agreement,
regardless of the reason for the termination, Executive will not, without the prior written consent of the Company:

(a)              
either individually or on behalf of or through any third party, directly or indirectly, solicit, entice or persuade
or attempt to solicit, entice or persuade any employee of or consultant to the Company to leave the services of the Company; or

(b)              
either individually or on behalf of or through any third party, directly or indirectly, hire any employee of or consultant
to the Company or any person who was an employee of or consultant to the Company within six (6) months prior to the offer to hire.

12.             
Section 409A. If the termination giving rise to the payments described in Section 6 is not a “Separation from
Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any successor provision), then the amounts otherwise
payable pursuant to that section will instead be deferred without interest and will not be paid until Executive experiences a Separation
from Service. In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor
provision) is necessary to avoid the application of an additional tax under Section 409A of the Internal Revenue Code to any payments
due to Executive upon or following his Separation from Service, then notwithstanding any other provision of this Agreement (or
any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six months following
Executive’s Separation from Service (taking into account the preceding sentence of this paragraph) will be deferred without
interest and paid to Executive in a lump sum immediately following that six month period. This paragraph should not be construed
to prevent the application of Treas. Reg. §§ 1.409A-1(b)(4) or 1(b)(9)(iii)(or any successor provisions) to amounts payable
to Executive. For purposes of the application of Treas. Reg. § 1.409A-1(b)(4) (or any successor
provision) to amounts payable hereunder, each payment in a series of payments will be deemed a separate payment.

With respect to any expense
reimbursement or in-kind benefit provided to Executive that constitutes a “deferral of compensation” within the meaning
of Section 409A of the Internal Revenue Code, (a) the expenses must be incurred during Executive’s lifetime, (b) the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (c) reimbursements
shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred,
and (d) the right to reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit.

13.             
Miscellaneous Provisions.

(a)              
Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed
to have been duly given when personally delivered, when delivered by a nationally recognized overnight courier with delivery charges

    	 

    	 

    

 

prepaid, or when mailed by U.S. registered
or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices shall be addressed to
him at the home address that he most recently communicated to the Company in writing. In the case of the Company, mailed notices
shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

(b)              
Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification,
waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive).
No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(c)               
Whole Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter
hereof and supersedes all prior understandings, arrangements and agreements regarding this subject matter.

(d)              
Choice of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of New
York, without regard to its rules and provisions governing choice of laws. If any provision of this Agreement becomes or is deemed
invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then
such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable
or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall
be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is
rendered illegal by any present or future statute, law, ordinance or regulation (collectively the “Law”),
then such provision shall be curtailed or limited only to the minimum extent necessary to bring such provision into compliance
with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or
limitation.

(e)               
No Assignment. This Agreement and all rights and obligations of Executive hereunder are personal to Executive and
may not be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity
that assumes the Company’s obligations hereunder in connection with any sale or transfer of all or a substantial portion
of the Company’s assets to such entity.

(f)               
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

[Signature page
follows]

    	 

    	 

    

 

In
Witness Whereof, each of the parties has executed this Executive Employment Agreement, in the case of the Company by
its duly authorized officer, on the day and year first above written.

	 	John
P. Hamill
	 	 
	 	/s/ John P. Hamill
	 	

 

 

 

	 	NephroGenex,
inc.
	 	 
	 	By: 	/s/ Pierre Legault
	 	 	Pierre Legault
Chief Executive
Officer

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