Document:

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                                                                    EXHIBIT 10.1

                             GENOTHERAPEUTICS, INC.

                                STOCK OPTION PLAN

         1. PURPOSE.

         (a)      The purpose of the Genotherapeutics, Inc. Stock Option Plan
(the "Plan") is to provide a means by which selected key employees and directors
(if declared eligible under paragraph 4) of Genotherapeutics, Inc. (the
"Company"), and its Affiliates, as defined in subparagraph 1(b), may be given an
opportunity to benefit from increases in value of the stock of the Company. The
Plan will be effected solely through the granting of nonstatutory stock options.

         (b)      The word "Affiliate" as used in the Plan means any parent
corporation or subsidiary corporation of the Company, as those terms are defined
in Sections 424 (e) and (f), respectively, of the Internal Revenue Code of 1986,
as amended from time to time (the "Code").

         (c)      The Company, by means of the Plan, seeks to retain and reward
the services of persons now or later employed by or serving as directors of the
Company, to secure and retain the services of persons capable of filling such
positions, and to provide incentives for such persons to exert maximum efforts
for the success of the Company.

         2. ADMINISTRATION.

         (a)      The Plan shall be administered by a Committee appointed by the
Board of Directors of the Company composed of not fewer than 3 members, (the
"Committee").

         (b)      The Committee shall have the power, subject to, and within the
limitations of, the express provisions of the Plan and to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to
time by the Board of Directors:

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                  (i)      To determine from time to time which of the persons
                  eligible under the Plan shall be granted nonqualified stock
                  options ("Option Awards") and the number of shares with
                  respect to which Option Awards shall be granted to each such
                  person.

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

                  (iii)    To amend the Plan as provided in paragraph 11.

                  (iv)     Generally, to exercise such powers and to perform
                  such acts as the Committee deems necessary or expedient to
                  promote the best interests of the Company.

         (c)      The Board of Directors may abolish the Committee at any time
and revest in the Board of Directors the administration of the Plan.

         3. SHARES SUBJECT TO THE PLAN.

         (a)      Subject to the provisions of paragraph 9 relating to
adjustments upon changes in stock, the stock that may be issued pursuant to
Option Awards granted under the Plan shall not exceed in the aggregate Three
Thousand (3,000) shares of the Company's common stock. If any option or right
granted under the Plan shall for any reason expire or otherwise terminate
without having been exercised in full or which is settled in cash, the stock not
issued under such option or right shall again become available to the Plan.

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         (b)      The stock subject to the Plan may be unissued shares or
reacquired shares, bought on the market or otherwise.

         4. ELIGIBILITY.

Option Awards may be granted only to directors, officers or employees of the
Company or its Affiliates.

         5. TERMS OF OPTION AWARDS.

         Each Option Award shall be in such form and shall contain such terms
and conditions as the Committee shall deem appropriate. The provisions of
separate options need not be identical, but each option shall include (through
incorporation of provisions hereof by reference in the option or otherwise) the
substance of each of the following provisions:

         (a)      The term of any option shall be ten (10) years from the date
it was granted.

         (b)      The exercise price of each Option Award shall be not less than
one hundred percent (100%) of the fair market value of the stock subject to the
option on the date the option is granted; provided, however, that the Committee
shall have the discretion to grant options to one or more persons and in such
proportions and at such higher exercise price as the Committee may determine.
Fair market value shall be determined by the Committee on such basis as it deems
appropriate.

         (c)      The purchase price of stock acquired pursuant to an option
shall be paid, to the extent permitted by applicable statutes and regulations,
either (i) in cash at the time the option is exercised, or (ii) at the
discretion of the Committee, determined either at the time of the grant or
exercise of the option, (A) by delivery to the Company of other common stock of
the Company, (B) according to a deferred payment or other arrangement (which may
include, without limiting the generality of the foregoing, the use of other
common stock of the Company) with the person

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to whom the option is granted or to whom the option is transferred pursuant to
subparagraph 5(d), or (C) in any other form of legal consideration that may be
acceptable to the Committee.

         (d)      Unless otherwise expressly stated in the option, an Option
Award shall not be transferable except by will or by the laws of descent and
distribution, and shall be exercisable during the lifetime of the person to whom
the option is granted only by such person, nor shall an Option Holder have the
right or power to anticipate, accelerate, convey, assign or otherwise alienate,
hypothecate, pledge or otherwise encumber any Option Award or the shares subject
to the Option Award.

         (e)      Shares of stock subject to any Option Award shall vest as
follows: (i) one-third (1/3) of such shares shall vest on the third anniversary
of the date of grant of such Option Award; (ii) an additional one-third (1/3) of
such shares shall vest on the fourth anniversary of the date of grant of such
Option Award; and (iii) the final one-third (1/3) of such shares shall vest on
the fifth anniversary of the date of grant of such Option Award. In the case of
any Option Award granted to a person using different exercise prices, this
paragraph shall be applied separately to the shares granted at each option
price.

         (f)      Shares sold to a third party shall be subject to a thirty day
right of first refusal by the Company at the same price and terms as offered by
any third party pursuant to a bona fide offer, and may not be sold prior to an
offer of sale to the Company on such terms. Further, shares acquired through
exercise of an Option Award shall be subject to the terms and conditions of the
Voting and Shareholder Agreement dated May 13, 1999, between the Company and its
stockholders, as amended from time to time (the "Stockholders Agreement").

         (g)      In the event of a participant's termination of employment or
service as a director, as applicable, by reason of voluntary retirement (at or
after age sixty-five (65) or after age fifty-

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five with no fewer than ten (10) years of service), death, permanent and total
disability, involuntary termination (other than a termination for cause but
including any involuntary termination as the result of a Change in Control, as
addressed in paragraph (h) below), with respect to such participant's Option
Award(s) (i) the Committee may in its sole, absolute and final discretion elect
to vest any or all shares not otherwise vested under the terms of the Plan, and
(ii) any vested shares subject to an Option Award may be exercised within ten
(10) years following the date of grant of such Option Award. In the event of an
Option Award holder's employment or status as a director, as applicable, is
terminated under any other circumstances, (i) any nonvested Option Award shall
be forfeited immediately, and (ii) the date of such termination of employment
shall be the last day on which any vested Option Award may be exercised.

         For purposes of this section, a permanent and total disability shall
mean the occurrence of the following conditions: (i) the Option Award holder's
physical or mental incapacity (excluding infrequent and temporary absences due
to ordinary illness) of properly performing the principal functions which had
been typically assigned to him by the Company, (ii) such incapacity shall exist
or be expected to exist with a reasonable degree of medical certainty for more
than ninety (90) days in the aggregate during any consecutive twelve (12) month
period, and (iii) either the Option Award holder or the Company shall have given
the other thirty (30) days written notice of intent to terminate employment or
service as a director because of disability. In the event the Company and Option
Award holder are in material disagreement regarding the Participant's physical
or mental condition, the Company shall authorize a panel of three (3) physicians
selected by the Company to examine the Participant to determine conclusively, by
a majority, whether the Participant is disabled for purposes of the Plan.

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         For purposes of this section, a termination for cause shall mean the
termination of an individual's status as an employee or director of the Company,
as applicable, as the result of (i) fraud or dishonesty in connection with the
business of the Company; (ii) gross negligence in the performance of duties for
the Company; (iii) willful failure in carrying out duties as an employee or
director; or (iv) arrest and conviction of a felony involving moral turpitude,
whether or not in connection with the business of the Company; provided that
(iii) above shall not apply if the Option Award holder has been assigned by the
Company to duties which are not comparable to such holder's function and
compensation at the Company, or which are non-executive or demeaning
assignments, or if the Company has given such participant demeaning and
unreasonable pay cuts.

         (h)      In the event of a Change in Control of the Company, all shares
subject to all Option Awards shall become one hundred percent (100%) vested and
shall be converted to cash, options or stock of equivalent value in the
surviving organization under terms and condition which substantially preserve
the economic status of the participants, as determined by the Committee. For
purposes of this paragraph, a Change in Control shall mean:

                  (i)      a sale or other disposition of more than fifty
                  percent (50%) of the issued and outstanding voting stock of
                  the Company, in a single transaction or in a series of
                  transactions. For such purposes, "Voting Stock" shall mean
                  capital stock of the Company of any class or classes, the
                  holders of which are ordinarily, in the absence of
                  contingencies, entitled to vote for the election of members of
                  the Board of Directors (or Persons performing similar
                  functions) of the Company.

                  (ii)     a merger or consolidation of the Company with or into
                  any other entity, if immediately after giving effect to such
                  transaction more than fifty percent (50%)

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                  of the issued and outstanding Voting Stock of the surviving
                  entity of such transaction is held by persons who are not
                  holders of the Voting Stock immediately prior to giving effect
                  to such transaction;

                  (iii)    a sale or other disposition of all or substantially
                  all of the Company's assets in a single transaction or in a
                  series of transactions (including, without limitation, any
                  liquidation or dissolution of the Company).

A Change of Control shall not include any of the following events:

                  (i)      any transfer or issuance of stock of the Company to
                  one or more of the Company's lenders (or to any agents or
                  representatives thereof) in exchange for debt of the Company
                  owed to any such lenders;

                  (ii)     any transfer of stock of the Company to or by any
                  person or entity, including but not limited to one or more of
                  the Company's lenders (or to any agents or representatives
                  thereof), pursuant to the terms of any pledge of said stock as
                  collateral for any loans or financial accommodations to the
                  Company and/or its subsidiaries; or

                  (iii)    any transfer or issuance to any person or entity,
                  including but not limited to one or more of the Company's
                  lenders (or to any agents or representatives thereof), in
                  connection with the workout or restructuring of the Company's
                  debts to any one of the Company's lenders, including but not
                  limited to the issuance of new stock in exchange for any
                  equity contribution to the Company in connection with the
                  workout or restructuring of such debt.

                  (iv)     any transfer of stock by a stockholder of the Company
                  which is a partnership or corporation to the partners or
                  stockholders in such stockholder.

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         (i)      In the event of an initial public offering of the Company,
Option Awards shall be convertible to options in shares of the newly public
company, under terms and conditions which substantially preserve the rights and
options of the participant. Any resulting registration of options or shares
shall be effected at Company expense.

         (j)      If provided in the Option Award, each Option Award shall carry
the right to receive any dividend or dividend equivalent on vested shares, under
such terms and conditions as may be specified in the Option Award.

         (k)      Notwithstanding any other provisions of the Plan, any vested
but unexercised Option Award shares shall be forfeited upon the Option Award
holder's "Competition" with the Company. For this purpose, Competition shall be
determined by the Committee, and shall exist if the Option Award holder directly
or indirectly (i) engages or has a financial interest in, (ii) becomes an
officer, employee, director, partner, advisor or consultant of or to, (iii) has
an equity interest in, or (iv) in any way materially assists any person,
corporation, entity or business whose existing or planned products or activities
compete in whole or in part with the existing or planned products or activities
of the Company. The sole fact of ownership by an Option Award holder of less
than two percent (2%) of the stock of a publicly traded company which may have
product lines which compete with product lines of this Company shall not be
treated as Competition. Any determination by the Committee under this section
shall be final and conclusive, unless overruled by the Board.

         (l)      Notwithstanding any other provision of the Plan or any Option
Award to the contrary, any and all sales of shares to the Company or any
Affiliate are contingent upon and subject to the terms and conditions of any
bank loan covenants by the Company or any Affiliate.

         6. COVENANTS OF THE COMPANY.

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         (a)      During the term of any Option Award granted under the Plan,
the Company shall keep available at all times for issuance or sale the number of
shares of stock required to satisfy such Option Award.

         (b)      The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority, if any,
as may be required to issue and sell shares of stock upon grant or exercise of
Option Awards under the Plan; provided, however, that this undertaking shall not
require the Company to register under the Securities Act of 1933, as amended
(the "Securities Act"), either the Plan, any Option Award granted under the Plan
or any stock issued or issuable pursuant to any such Option Awards. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority which counsel for the Company deems necessary
for the lawful issuance and sale of stock under the Plan, the Company shall be
relieved from any liability for failure to issue and sell stock upon exercise of
such Option Awards unless and until such authority is obtained.

         7. USE OF PROCEEDS FROM STOCK.

         Proceeds from the sale of stock pursuant to Option Awards granted under
the Plan shall constitute general funds of the Company.

         8. MISCELLANEOUS.

         (a)      The Committee shall have the power to accelerate the time
during which an Option Award may be exercised or the time during which an option
or stock acquired pursuant to an Option Award will vest, notwithstanding the
provisions in the Option Award stating the time during which it may be exercised
or the time during which stock acquired pursuant thereto will vest.

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         (b)      Neither a recipient of an Option Award nor any person to whom
an Option Award is transferred under subparagraph 5(d) shall be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares
subject to such Option Award unless and until such person has satisfied all
requirements for exercise of the Option Award pursuant to its terms and is
thereby entitled to receive shares of stock.

         (c)      Throughout the term of any Option Award granted pursuant to
the Plan, the Company shall make available to the holder of such Option Award
upon request, not later than one hundred twenty (120) days after the close of
each fiscal year of the Company during the option term, upon request, such
financial and other information regarding the Company as comprises the annual
report to the shareholders of the Company provided for in the bylaws of the
Company.

         (d)      Nothing in the Plan or any instrument executed or Option Award
granted pursuant thereto shall confer upon any recipient any right to continue
in the employ of the Company or any Affiliate or to limit the Company's right to
terminate the employment or directorship of any participant with or without
cause. In the event that an Option Award recipient is permitted or otherwise
entitled to take a leave of absence, the Company shall have the unilateral right
to (i) determine whether such leave of absence will be treated as a termination
of employment for purposes of his or her Option Award, and (ii) suspend or
otherwise delay the time or times at which the shares subject to the Option
Award would otherwise vest.

         (e)      To the extent provided by the terms of any Option Award, the
recipient may satisfy any federal, state or local tax withholding obligation
relating to the exercise or receipt of such Option Award by any of the following
means or by a combination of such means: (i) tendering a cash payment: (ii)
authorizing the Company to withhold from the shares of the

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common stock otherwise issuable to the participant as a result of the exercise
or receipt of the Option Award cash or a number of shares having a fair market
value less than or equal to the amount of the withholding tax obligation; or
(iii) delivering to the Company owned and unencumbered shares of the common
stock having a fair market value less than or equal to the amount of the
withholding tax obligation.

         (f)      In connection with each Option Award made pursuant to the
Plan, the Company may require as a condition precedent to its obligation to
issue or transfer shares to an eligible participant, or to evidence the removal
of any restrictions on transfers or lapse of any repurchase right, that such
participant make arrangements satisfactory to the Company to insure that the
amount of any federal or other withholding tax required to be withheld with
respect to such sale or transfer, or such removal or lapse, is made available to
the Company for timely payment of such tax.

         (g)      The Company may, as a condition of transferring any stock
pursuant to the Plan, require any person who is to acquire such stock (i) to
give written assurances satisfactory to the Company as to the optionee's
knowledge and experience 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 acquiring the stock; and (ii) to give written assurances
satisfactory to the Company stating that such person is acquiring the stock for
such person's own account and not with any present intention of selling or
otherwise distributing the stock. These requirements, and any assurances given
pursuant to such requirements, shall be inoperative if (i) the issuance of the
shares has been registered under a then currently effective registration
statement under the Securities Act, or (ii) as to any particular requirement, a
determination is made by counsel for the

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Company that such requirement need not be met in the circumstances under the
then applicable securities laws.

         (h)      The Committee shall determine or cause to be determined the
fair market value of the stock of the Company from time to time, as required for
purposes of this Plan.

         9. ADJUSTMENTS UPON CHANGES IN STOCK.

         If any change is made in the stock subject to the Plan, or subject to
any Option Award granted under the Plan (through merger, consolidation,
reorganization, recapitalization, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or otherwise), the Plan and outstanding
Option Awards will be appropriately adjusted in the class(es) and maximum number
of shares subject to the Plan and the class(es) and number of shares and price
per share of stock subject to outstanding Option Awards.

         10. AMENDMENT OF THE PLAN.

         (a)      The Committee at any time, and from time to time, may amend
the Plan subject to and within the limitations of any resolutions approved by
the Board of Directors.

         (b)      The Committee in its discretion shall determine at the time of
each amendment of the Plan whether or not to submit such amendment to the Board
of Directors of the Company for approval.

         (c)      Rights and obligations under any Option Award granted before
amendment of the Plan shall not be altered or impaired by any amendment of the
Plan unless (i) the Company requests the consent of the person to whom the
Option Award was granted and (ii) such person consents in writing.

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         11. TERMINATION OR SUSPENSION OF THE PLAN.

         (a)      The Committee may suspend or terminate the Plan at any time.
No Option Awards may be granted under the Plan while the Plan is suspended or
after it is terminated. Upon the termination of the Plan, all Option Awards
shall become fully vested.

         (b)      Rights and obligations under any Option Award granted while
the Plan is in effect shall not be altered or impaired by suspension or
termination of the Plan, except with the consent of the person to whom the
Option Award was granted.

         12. EFFECTIVE DATE OF PLAN.

         The Plan shall be effective as of November 18, 1999 upon execution by
the President of the Company, following approval by the Plan Committee.

         IN WITNESS WHEREOF, the President of the Company has executed this Plan
as of the 26th day of August, 1999.

                                    GENOTHERAPEUTICS, INC.

                                    BY:  /s/ Marc S. Hanover
                                       _________________________________________

                                    Title:  CFO / Secretary
                                           _____________________________________

                                    APPROVED:

                                    PLAN COMMITTEE

                                    /s/ John H. Pontius
                                    ____________________________________________
                                    /s/ Marc S. Hanover
                                    ____________________________________________
                                    /s/ Mitchell S. Steiner
                                    ____________________________________________

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                                                                    EXHIBIT 10.2

                                    GTx, INC.
                             2000 STOCK OPTION PLAN

         1. PURPOSE.

         (a)      The purpose of the GTx, Inc. 2000 Stock Option Plan (the
"Plan") is to provide a means by which selected key employees and directors (if
declared eligible under paragraph 4) of GTx, Inc. (the "Company"), and its
Affiliates, as defined in subparagraph 1(b), may be given an opportunity to
benefit from increases in value of the stock of the Company. The Plan will be
effected solely through the granting of nonstatutory stock options.

         (b)      The word "Affiliate" as used in the Plan means any parent
corporation or subsidiary corporation of the Company, as those terms are defined
in Sections 424 (e) and (f), respectively, of the Internal Revenue Code of 1986,
as amended from time to time (the "Code").

         (c)      The Company, by means of the Plan, seeks to retain and reward
the services of persons now or later employed by or serving as directors of the
Company, to secure and retain the services of persons capable of filling such
positions, and to provide incentives for such persons to exert maximum efforts
for the success of the Company.

         2. ADMINISTRATION.

         (a)      The Plan shall be administered by a Committee appointed by the
Board of Directors of the Company composed of not fewer than 3 members, (the
"Committee").

         (b)      The Committee shall have the power, subject to, and within the
limitations of, the express provisions of the Plan and to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to
time by the Board of Directors:

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                  (i)      To determine from time to time which of the persons
                  eligible under the Plan shall be granted nonqualified stock
                  options ("Option Awards") and the number of shares with
                  respect to which Option Awards shall be granted to each such
                  person.

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

                  (iii)    To amend the Plan as provided in paragraph 11.

                  (iv)     Generally, to exercise such powers and to perform
                  such acts as the Committee deems necessary or expedient to
                  promote the best interests of the Company.

         (c)      The Board of Directors may abolish the Committee at any time
and revest in the Board of Directors the administration of the Plan.

         3. SHARES SUBJECT TO THE PLAN.

         (a)      Subject to the provisions of paragraph 9 relating to
adjustments upon changes in stock, the stock that may be issued pursuant to
Option Awards granted under the Plan shall not exceed in the aggregate Twelve
Thousand Seven Hundred Fifty (12,750) shares of the Company's common stock. If
any option or right granted under the Plan shall for any reason expire or

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otherwise terminate without having been exercised in full or which is settled in
cash, the stock not issued under such option or right shall again become
available to the Plan.

         (b)      The stock subject to the Plan may be unissued shares or
reacquired shares, bought on the market or otherwise.

         4. ELIGIBILITY.

         Option Awards may be granted only to directors, officers or employees
of the Company or its Affiliates.

         5. TERMS OF OPTION AWARDS.

         Each Option Award shall be in such form and shall contain such terms
and conditions as the Committee shall deem appropriate. The provisions of
separate options need not be identical, but each option shall include (through
incorporation of provisions hereof by reference in the option or otherwise) the
substance of each of the following provisions:

         (a)      The term of any option shall be ten (10) years from the date
it was granted.

         (b)      The exercise price of each Option Award shall be not less than
one hundred percent (100%) of the fair market value of the stock subject to the
option on the date the option is granted; provided, however, that the Committee
shall have the discretion to grant options to one or more persons and in such
proportions and at such higher exercise price as the Committee may determine.
Fair market value shall be determined by the Committee on such basis as it deems
appropriate.

         (c)      The purchase price of stock acquired pursuant to an option
shall be paid, to the extent permitted by applicable statutes and regulations,
either (i) in cash at the time the option is exercised, or (ii) at the
discretion of the Committee, determined either at the time of the grant or

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exercise of the option, (A) by delivery to the Company of other common stock of
the Company, (B) according to a deferred payment or other arrangement (which may
include, without limiting the generality of the foregoing, the use of other
common stock of the Company) with the person to whom the option is granted or to
whom the option is transferred pursuant to subparagraph 5(d), or (C) in any
other form of legal consideration that may be acceptable to the Committee.

         (d)      Unless otherwise expressly stated in the option, an Option
Award shall not be transferable except by will or by the laws of descent and
distribution, and shall be exercisable during the lifetime of the person to whom
the option is granted only by such person, nor shall an Option Holder have the
right or power to anticipate, accelerate, convey, assign or otherwise alienate,
hypothecate, pledge or otherwise encumber any Option Award or the shares subject
to the Option Award.

         (e)      Shares of stock subject to any Option Award shall vest as
follows: (i) one-third (1/3) of such shares shall vest on the third anniversary
of the date of grant of such Option Award; (ii) an additional one-third (1/3) of
such shares shall vest on the fourth anniversary of the date of grant of such
Option Award; and (iii) the final one-third (1/3) of such shares shall vest on
the fifth anniversary of the date of grant of such Option Award. In the case of
any Option Award granted to a person using different exercise prices, this
paragraph shall be applied separately to the shares granted at each option
price.

         (f)      Shares sold to a third party shall be subject to a thirty day
right of first refusal by the Company at the same price and terms as offered by
any third party pursuant to a bona fide offer, and may not be sold prior to an
offer of sale to the Company on such terms. Further, shares acquired through
exercise of an Option Award shall be subject to the terms and conditions

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of the Voting and Shareholder Agreement dated April 15, 1999, between the
Company and its stockholders, as amended from time to time (the "Stockholders
Agreement").

         (g)      In the event of a participant's termination of employment or
service as a director, as applicable, by reason of voluntary retirement (at or
after age sixty-five (65) or after age fifty-five with no fewer than ten (10)
years of service), death, permanent and total disability, involuntary
termination (other than a termination for cause but including any involuntary
termination as the result of a Change in Control, as addressed in paragraph (h)
below), with respect to such participant's Option Award(s) (i) the Committee may
in its sole, absolute and final discretion elect to vest any or all shares not
otherwise vested under the terms of the Plan, and (ii) any vested shares subject
to an Option Award may be exercised within ten (10) years following the date of
grant of such Option Award. In the event of an Option Award holder's employment
or status as a director, as applicable, is terminated under any other
circumstances, (i) any nonvested Option Award shall be forfeited immediately,
and (ii) the date of such termination of employment shall be the last day on
which any vested Option Award may be exercised.

         For purposes of this section, a permanent and total disability shall
mean the occurrence of the following conditions: (i) the Option Award holder's
physical or mental incapacity (excluding infrequent and temporary absences due
to ordinary illness) of properly performing the principal functions which had
been typically assigned to him by the Company, (ii) such incapacity shall exist
or be expected to exist with a reasonable degree of medical certainty for more
than ninety (90) days in the aggregate during any consecutive twelve (12) month
period, and (iii) either the Option Award holder or the Company shall have given
the other thirty (30) days written notice of intent to terminate employment or
service as a director because of disability. In the event the

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Company and Option Award holder are in material disagreement regarding the
Participant's physical or mental condition, the Company shall authorize a panel
of three (3) physicians selected by the Company to examine the Participant to
determine conclusively, by a majority, whether the Participant is disabled for
purposes of the Plan.

         For purposes of this section, a termination for cause shall mean the
termination of an individual's status as an employee or director of the Company,
as applicable, as the result of (i) fraud or dishonesty in connection with the
business of the Company; (ii) gross negligence in the performance of duties for
the Company; (iii) willful failure in carrying out duties as an employee or
director; or (iv) arrest and conviction of a felony involving moral turpitude,
whether or not in connection with the business of the Company; provided that
(iii) above shall not apply if the Option Award holder has been assigned by the
Company to duties which are not comparable to such holder's function and
compensation at the Company, or which are non-executive or demeaning
assignments, or if the Company has given such participant demeaning and
unreasonable pay cuts.

         (h)      In the event of a Change in Control of the Company, all shares
subject to all Option Awards shall become one hundred percent (100%) vested and
shall be converted to cash, options or stock of equivalent value in the
surviving organization under terms and condition which substantially preserve
the economic status of the participants, as determined by the Committee. For
purposes of this paragraph, a Change in Control shall mean:

                  i)       a sale or other disposition of more than fifty
percent (50%) of the issued and outstanding voting stock of the Company, in a
single transaction or in a series of transactions. For such purposes, "Voting
Stock" shall mean capital stock of the Company of any class or classes, the
holders of which are ordinarily, in the absence of contingencies, entitled to

                                  Page 6 of 14

<PAGE>

vote for the election of members of the Board of Directors (or Persons
performing similar functions) of the Company.

                  ii)      a merger or consolidation of the Company with or into
any other entity, if immediately after giving effect to such transaction more
than fifty percent (50%) of the issued and outstanding Voting Stock of the
surviving entity of such transaction is held by persons who are not holders of
the Voting Stock immediately prior to giving effect to such transaction;

                  iii)     a sale or other disposition of all or substantially
all of the Company's assets in a single transaction or in a series of
transactions (including, without limitation, any liquidation or dissolution of
the Company).

A Change of Control shall not include any of the following events:

                  i)       any transfer or issuance of stock of the Company to
one or more of the Company's lenders (or to any agents or representatives
thereof) in exchange for debt of the Company owed to any such lenders;

                  ii)      any transfer of stock of the Company to or by any
person or entity, including but not limited to one or more of the Company's
lenders (or to any agents or representatives thereof), pursuant to the terms of
any pledge of said stock as collateral for any loans or financial accommodations
to the Company and/or its subsidiaries; or

                  iii)     any transfer or issuance to any person or entity,
including but not limited to one or more of the Company's lenders (or to any
agents or representatives thereof), in connection with the workout or
restructuring of the Company's debts to any one of the Company's lenders,
including but not limited to the issuance of new stock in exchange for any
equity contribution to the Company in connection with the workout or
restructuring of such debt.

                                  Page 7 of 14

<PAGE>

                  iv)      any transfer of stock by a stockholder of the Company
which is a partnership or corporation to the partners or stockholders in such
stockholder.

         (i)      In the event of an initial public offering of the Company,
Option Awards shall be convertible to options in shares of the newly public
company, under terms and conditions which substantially preserve the rights and
options of the participant. Any resulting registration of options or shares
shall be effected at Company expense.

         (j)      If provided in the Option Award, each Option Award shall carry
the right to receive any dividend or dividend equivalent on vested shares, under
such terms and conditions as may be specified in the Option Award.

         (k)      Notwithstanding any other provisions of the Plan, any vested
but unexercised Option Award shares shall be forfeited upon the Option Award
holder's "Competition" with the Company. For this purpose, Competition shall be
determined by the Committee, and shall exist if the Option Award holder directly
or indirectly (i) engages or has a financial interest in, (ii) becomes an
officer, employee, director, partner, advisor or consultant of or to, (iii) has
an equity interest in, or (iv) in any way materially assists any person,
corporation, entity or business whose existing or planned products or activities
compete in whole or in part with the existing or planned products or activities
of the Company. The sole fact of ownership by an Option Award holder of less
than two percent (2%) of the stock of a publicly traded company which may have
product lines which compete with product lines of this Company shall not be
treated as Competition. Any determination by the Committee under this section
shall be final and conclusive, unless overruled by the Board.

                                  Page 8 of 14

<PAGE>

         (l)      Notwithstanding any other provision of the Plan or any Option
Award to the contrary, any and all sales of shares to the Company or any
Affiliate are contingent upon and subject to the terms and conditions of any
bank loan covenants by the Company or any Affiliate.

         6. COVENANTS OF THE COMPANY.

         (a)      During the term of any Option Award granted under the Plan,
the Company shall keep available at all times for issuance or sale the number of
shares of stock required to satisfy such Option Award.

         (b)      The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority, if any,
as may be required to issue and sell shares of stock upon grant or exercise of
Option Awards under the Plan; provided, however, that this undertaking shall not
require the Company to register under the Securities Act of 1933, as amended
(the "Securities Act"), either the Plan, any Option Award granted under the Plan
or any stock issued or issuable pursuant to any such Option Awards. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority which counsel for the Company deems necessary
for the lawful issuance and sale of stock under the Plan, the Company shall be
relieved from any liability for failure to issue and sell stock upon exercise of
such Option Awards unless and until such authority is obtained.

         7. USE OF PROCEEDS FROM STOCK.

         Proceeds from the sale of stock pursuant to Option Awards granted under
the Plan shall constitute general funds of the Company.

         8. MISCELLANEOUS.

                                  Page 9 of 14

<PAGE>

         (a)      The Committee shall have the power to accelerate the time
during which an Option Award may be exercised or the time during which an option
or stock acquired pursuant to an Option Award will vest, notwithstanding the
provisions in the Option Award stating the time during which it may be exercised
or the time during which stock acquired pursuant thereto will vest.

         (b)      Neither a recipient of an Option Award nor any person to whom
an Option Award is transferred under subparagraph 5(d) shall be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares
subject to such Option Award unless and until such person has satisfied all
requirements for exercise of the Option Award pursuant to its terms and is
thereby entitled to receive shares of stock.

         (c)      Throughout the term of any Option Award granted pursuant to
the Plan, the Company shall make available to the holder of such Option Award
upon request, not later than one hundred twenty (120) days after the close of
each fiscal year of the Company during the option term, upon request, such
financial and other information regarding the Company as comprises the annual
report to the shareholders of the Company provided for in the bylaws of the
Company.

         (d)      Nothing in the Plan or any instrument executed or Option Award
granted pursuant thereto shall confer upon any recipient any right to continue
in the employ of the Company or any Affiliate or to limit the Company's right to
terminate the employment or directorship of any participant with or without
cause. In the event that an Option Award recipient is permitted or otherwise
entitled to take a leave of absence, the Company shall have the unilateral right
to (i) determine whether such leave of absence will be treated as a termination
of employment for

                                 Page 10 of 14

<PAGE>

purposes of his or her Option Award, and (ii) suspend or otherwise delay the
time or times at which the shares subject to the Option Award would otherwise
vest.

         (e)      To the extent provided by the terms of any Option Award, the
recipient may satisfy any federal, state or local tax withholding obligation
relating to the exercise or receipt of such Option Award by any of the following
means or by a combination of such means: (i) tendering a cash payment: (ii)
authorizing the Company to withhold from the shares of the common stock
otherwise issuable to the participant as a result of the exercise or receipt of
the Option Award cash or a number of shares having a fair market value less than
or equal to the amount of the withholding tax obligation; or (iii) delivering to
the Company owned and unencumbered shares of the common stock having a fair
market value less than or equal to the amount of the withholding tax obligation.

         (f)      In connection with each Option Award made pursuant to the
Plan, the Company may require as a condition precedent to its obligation to
issue or transfer shares to an eligible participant, or to evidence the removal
of any restrictions on transfers or lapse of any repurchase right, that such
participant make arrangements satisfactory to the Company to insure that the
amount of any federal or other withholding tax required to be withheld with
respect to such sale or transfer, or such removal or lapse, is made available to
the Company for timely payment of such tax.

         (g)      The Company may, as a condition of transferring any stock
pursuant to the Plan, require any person who is to acquire such stock (i) to
give written assurances satisfactory to the Company as to the optionee's
knowledge and experience in financial and business matters, and that he or she
is capable of evaluating, alone or together with the purchaser representative,
the

                                 Page 11 of 14

<PAGE>

merits and risks of acquiring the stock; and (ii) to give written assurances
satisfactory to the Company stating that such person is acquiring the stock for
such person's own account and not with any present intention of selling or
otherwise distributing the stock. These requirements, and any assurances given
pursuant to such requirements, shall be inoperative if (i) the issuance of the
shares has been registered under a then currently effective registration
statement under the Securities Act, or (ii) 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.

         (h)      The Committee shall determine or cause to be determined the
fair market value of the stock of the Company from time to time, as required for
purposes of this Plan.

         9. ADJUSTMENTS UPON CHANGES IN STOCK.

         If any change is made in the stock subject to the Plan, or subject to
any Option Award granted under the Plan (through merger, consolidation,
reorganization, recapitalization, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or otherwise), the Plan and outstanding
Option Awards will be appropriately adjusted in the class(es) and maximum number
of shares subject to the Plan and the class(es) and number of shares and price
per share of stock subject to outstanding Option Awards.

         10. AMENDMENT OF THE PLAN.

         (a)      The Committee at any time, and from time to time, may amend
the Plan subject to and within the limitations of any resolutions approved by
the Board of Directors.

                                 Page 12 of 14

<PAGE>

         (b)      The Committee in its discretion shall determine at the time of
each amendment of the Plan whether or not to submit such amendment to the Board
of Directors of the Company for approval.

         (c)      Rights and obligations under any Option Award granted before
amendment of the Plan shall not be altered or impaired by any amendment of the
Plan unless (i) the Company requests the consent of the person to whom the
Option Award was granted and (ii) such person consents in writing.

         11. TERMINATION OR SUSPENSION OF THE PLAN.

         (a)      The Committee may suspend or terminate the Plan at any time.
No Option Awards may be granted under the Plan while the Plan is suspended or
after it is terminated. Upon the termination of the Plan, all Option Awards
shall become fully vested.

         (b)      Rights and obligations under any Option Award granted while
the Plan is in effect shall not be altered or impaired by suspension or
termination of the Plan, except with the consent of the person to whom the
Option Award was granted.

         12. EFFECTIVE DATE OF PLAN.

         The Plan shall be effective as of November 21, 2000 upon execution by
the President of the Company, following approval by the Plan Committee.

                                 Page 13 of 14

<PAGE>

         IN WITNESS WHEREOF, the President of the Company has executed this Plan
as of the 21st day of November, 2000.

                                    GTx, INC.

                                    By: /s/ Mitchell S. Steiner
                                        ----------------------------------------
                                    Title: Vice Chairman
                                           -------------------------------------
                                    APPROVED:

                                    PLAN COMMITTEE

                                    /s/ Marc S. Hanover
                                    --------------------------------------------
                                    /s/ Mitchell S. Steiner
                                    --------------------------------------------
                                    /s/ John H. Pontius
                                    --------------------------------------------

                                 Page 14 of 14

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