Document:

<PAGE>
                                                                    Exhibit 10.5

                               INSULET CORPORATION

                             STOCK OPTION AGREEMENT

      Insulet Corporation (the "Company") hereby grants the following stock
option pursuant to the Insulet Corporation 2000 Stock Option and Incentive Plan.
The terms and conditions attached hereto are also a part hereof.

Name of Optionee (the "Optionee"):                   [       ]

Date of this option grant:                           [       ]

Number of shares of the Company's Common
Stock subject to this option ("Option Shares"):      [       ]

Option exercise price per share:                     [$      ]

Number, if any,  of Option Shares that are
exercisable on grant date:                           [       ]

Option Shares that are not exercisable on
grant date:                                          [       ]

Vesting Start Date:                                  [DATE]

Vesting Schedule:

On thirteenth (13th) monthly anniversary of
Vesting Start Date:                                  [   ] shares

On each monthly anniversary of Vesting Start
Date thereafter:                                     an additional [  ] shares

On forty-eighth (48th) monthly anniversary of        all remaining Option Shares
Vesting Start Date:

Payment alternatives (specify any or all             Sections 6(a) (i) only
of Section 6(a)(i) though (iv):

================================================================================
                                                 Insulet Corporation

__________________________
Signature of Optionee                            By:____________________________
__________________________                       Name:  Duane DeSisto
Street Address                                   Title: President and Chief
                                                        Executive Officer

__________________________
City/State/Zip Code

<PAGE>

                               INSULET CORPORATION

           STOCK OPTION AGREEMENT -- INCORPORATED TERMS AND CONDITIONS

      1. Grant Under Plan. This option is granted pursuant to and is governed by
the Company's 2000 Stock Option and Incentive Plan (the "Plan") and, unless the
context otherwise requires, terms used herein shall have the same meaning as in
the Plan.

      2. Grant as Non-Qualified Stock Option. This option is a non-statutory
stock option and is not intended to qualify as an incentive stock option under
Section 422 of the Internal Revenue Code of 1986, as amended, and the
regulations thereunder (the "Code").

      3. Exercisability of Option; Vesting.

            (a) Exercisability. No portion of this option may be exercised until
such portion shall have become exercisable. Except as set forth below, this
option shall be exercisable with respect to the number of Option Shares
specified on the cover page hereof on the dates indicated in accordance with the
vesting schedule. The option will become exercisable to the extent vested. Once
exercisable, this option shall continue to be exercisable at any time or times
prior to the close of business on the date that is ten years from the date of
this option grant subject to the provisions hereof and of the Plan.

            (b) Change in Control. Upon the occurrence of a Change in Control
(as defined below), fifty percent (50%) of the then unexercisable portion of
this option (rounded up to the next whole share) shall become exercisable. If
the Optionee ceases to maintain a Business Relationship other than for Cause (as
described in Section 4(a) below) within twelve (12) months following a Change in
Control, one hundred percent (100%) of the then unexercisable portion of this
option shall become exercisable. For the purposes of this Section 3:

            (A) A "Change in Control" shall be deemed to have occurred if: (1)
            the Company sells or otherwise disposes of all or substantially all
            of its assets; or (2) there is a merger or consolidation of the
            Company with any other corporation or corporations, provided that
            the shareholders of the Company, as a group, do not hold,
            immediately after such event, more than 50% of the voting power of
            the surviving or successor corporation as a result of their
            shareholdings immediately prior to such event.

            (B) "Business Relationship" means service to the Company or its
            successor in the capacity of a director or a consultant.

      4. Termination of Business Relationship.

                                     - 2 -
<PAGE>

            (a) Termination Other Than for Cause. If the Optionee ceases to
      maintain a Business Relationship with the Company, other than by reason of
      death or disability as defined in Section 5 or termination for Cause as
      defined in Section 4(c), any portion of this option that is not
      exercisable on such date shall terminate immediately and be of no further
      force or effect. This option may be exercised only as to any Option Shares
      that are Vested Shares on the date of termination of the Optionee's
      Business Relationship, and this option may be exercised only on or prior
      to the earlier of the date that is three months after the date of
      termination of the Optionee's Business Relationship (but not later than
      the scheduled expiration date) by the Optionee. This option shall not be
      affected by any change of a Business Relationship among the Company and
      its Subsidiaries so long as the Optionee continuously maintains a Business
      Relationship with the Company or any Subsidiary.

            (b) Termination for Cause. If the Business Relationship of the
      Optionee is terminated for Cause (as defined in Section 4(c)), this option
      may no longer be exercised and any portion of this option that is not
      exercisable on the date of termination shall terminate immediately and be
      of no further force or effect from and after the Optionee's receipt of
      written notice of such termination.

            (c) Definition of Cause. "Cause" shall mean conduct involving one or
      more of the following: (i) the substantial and continuing failure of the
      Optionee, after notice thereof, to render services to the Company in
      accordance with the terms or requirements of [his or her] agreement or
      arrangement; (ii) disloyalty, gross negligence, willful misconduct,
      dishonesty or fraud upon the Company; (iii) breach of [his or her]
      agreement with the Company, which results in direct or indirect loss,
      damage or injury to the Company; (iv) the unauthorized disclosure of any
      trade secret or confidential information of the Company; or (v) the
      commission of an act which induces any customer or supplier to breach a
      contract with the Company.

      5. Death; Disability.

            (a) Death. If the Optionee dies while during [his or her] Business
      Relationship with the Company, any portion of this option that is not
      exercisable on the date of the Optionee's death shall terminate
      immediately and be of no further force or effect. In such event, this
      option may be exercised to the extent exercisable on the date of the
      Optionee's death, by the Optionee's estate, personal representative or
      beneficiary to whom this option has been transferred pursuant to Section
      9, and this option may be exercised only on or prior to the date which is
      180 days after the date of death (but not later than the scheduled
      expiration date).

            (b) Disability. If the Optionee ceases to maintain a Business
      Relationship with the Company by reason of [his or her] disability, any
      portion of this option that is not exercisable on such date shall
      terminate immediately and be of no further force or effect. In such event,
      this option may be exercised to the extent exercisable on the date of
      termination of the Optionee's Business Relationship, and this option may
      be exercised

                                     - 3 -
<PAGE>
      only on or prior to the date which is 180 days after the date of
      termination of the Optionee's Business Relationship (but not later than
      the scheduled expiration date). For purposes hereof, "disability" means
      "permanent and total disability" as defined in Section 22(e)(3) of the
      Code.

      6. Payment of Exercise Price.

            (a) Payment Options. The exercise price shall be paid by one or any
      combination of the following forms of payment that are applicable to this
      option, as indicated on the cover page hereof:

            (i)   by check payable to the order of the Company; or

            (ii)  if the Common Stock is then traded on a national securities
                  exchange, delivery of an irrevocable and unconditional
                  undertaking, satisfactory in form and substance to the
                  Company, by a creditworthy broker to deliver promptly to the
                  Company sufficient funds to pay the exercise price, or
                  delivery by the Optionee to the Company of a copy of
                  irrevocable and unconditional instructions, satisfactory in
                  form and substance to the Company, to a creditworthy broker to
                  deliver promptly to the Company cash or a check sufficient to
                  pay the exercise price; or

            (iii) subject to Section 6(b) below, if the Common Stock is then
                  traded on a national securities exchange, by delivery of
                  shares of Common Stock having a fair market value equal as of
                  the date of exercise to the option price.

            In the case of (iii) above, fair market value as of the date of
      exercise shall be determined as of the last business day for which such
      prices or quotes are available prior to the date of exercise and shall
      mean the last reported sale price (on that date) of the Common Stock on
      the principal national securities exchange on which the Common Stock is
      traded, if the Common Stock is then traded on a national securities
      exchange.

            (b) Limitations on Payment by Delivery of Common Stock. If Section
      6(a)(iii) is applicable, and if the Optionee delivers Common Stock held by
      the Optionee ("Old Stock") to the Company in full or partial payment of
      the exercise price and the Old Stock so delivered is subject to
      restrictions or limitations imposed by agreement between the Optionee and
      the Company, an equivalent number of Option Shares shall be subject to all
      restrictions and limitations applicable to the Old Stock to the extent
      that the Optionee paid for the Option Shares by delivery of Old Stock, in
      addition to any restrictions or limitations imposed by this Agreement.
      Notwithstanding the foregoing, the Optionee may not pay any part of the
      exercise price hereof by transferring Common Stock to the Company unless
      such Common Stock has been owned by the Optionee free of any substantial
      risk of forfeiture for at least six months.

                                     - 4 -
<PAGE>

      7. Securities Laws Restrictions on Resale. Until registered under the
Securities Act, the Option Shares will be of an illiquid nature and will be
deemed to be "restricted securities" for purposes of the Securities Act.
Accordingly, such shares must be sold in compliance with the registration
requirements of the Securities Act or an exemption therefrom. Unless the Option
Shares have been registered under the Securities Act, each certificate
evidencing any of the Option Shares shall bear a legend substantially as
follows:

      "The shares represented by this certificate are subject to restrictions on
      transfer and may not be sold, exchanged, transferred, pledged,
      hypothecated or otherwise disposed of except in accordance with and
      subject to all the terms and conditions of a certain Stock Option
      Agreement dated as of [date], a copy of which the Company will furnish to
      the holder of this certificate upon request and without charge."

      8. Method of Exercising Option. Subject to the terms and conditions of
this Agreement, this option may be exercised by written notice to the Company at
its principal executive office, or to such transfer agent as the Company shall
designate. Such notice shall state the election to exercise this option and the
number of Option Shares for which it is being exercised and shall be signed by
the person or persons so exercising this option. Such notice shall be
accompanied by payment of the full purchase price of such shares, and the
Company shall, subject to Section 14, deliver a certificate or certificates
representing such shares in the name of the person or persons so exercising this
option (or, if this option shall be exercised by the Optionee and if the
Optionee shall so request in the notice exercising this option, shall be
registered in the name of the Optionee and another person jointly, with right of
survivorship). In the event this option shall be exercised, pursuant to Section
5 hereof, by any person or persons other than the Optionee, such notice shall be
accompanied by appropriate proof of the right of such person or persons to
exercise this option.

      9. Option Not Transferable. This option is not transferable or assignable
except by will or by the laws of descent and distribution. During the Optionee's
lifetime only the Optionee can exercise this option.

      10. No Obligation to Exercise Option. The grant and acceptance of this
option imposes no obligation on the Optionee to exercise it.

      11. No Obligation to Continue Business Relationship. Neither the Plan,
this Agreement, nor the grant of this option imposes any obligation on the
Company to maintain a Business Relationship with the Optionee.

      12. Adjustments. Except as is expressly provided in the Plan with respect
to certain changes in the capitalization of the Company, no adjustment shall be
made for dividends or similar rights for which the record date is prior to such
date of exercise.

      13. Withholding Taxes. If the Company in its discretion determines that it
is obligated to withhold any tax in connection with the exercise of this option,
or in connection with

                                     - 5 -
<PAGE>

the transfer of any Common Stock or other property acquired pursuant to this
option, the Optionee hereby agrees that the Company may withhold from the
Optionee's wages or other remuneration the appropriate amount of tax. At the
discretion of the Company, the amount required to be withheld may be withheld in
cash from such wages or other remuneration or in kind from the Common Stock or
other property otherwise deliverable to the Optionee on exercise of this option.
The Optionee further agrees that, if the Company does not withhold an amount
from the Optionee's wages or other remuneration sufficient to satisfy the
withholding obligation of the Company, the Optionee will make reimbursement on
demand, in cash, for the amount underwithheld.

      14. Restrictions on Transfer; Company's Right of First Refusal.

            (a) Exercise of Right. Option Shares may not be transferred without
      the Company's written consent except by will, by the laws of descent and
      distribution or in accordance with the further provisions of this Section
      14. If the Optionee desires to transfer all or any part of the Option
      Shares that have been held by the Optionee for more than six (6) months
      from the date of exercise (such Option Shares being referred to as
      "Transferable Shares") to any person other than the Company (an
      "Offeror"), the Optionee shall: (i) obtain in writing an irrevocable and
      unconditional bona fide offer (the "Offer") for the purchase thereof from
      the Offeror; and (ii) give written notice (the "Option Notice") to the
      Company setting forth the Optionee's desire to transfer such Transferable
      Shares, which Option Notice shall be accompanied by a photocopy of the
      Offer and shall set forth at least the name and address of the Offeror and
      the price and terms of the Offer. Upon receipt of the Option Notice, the
      Company shall have an assignable option to purchase any or all of such
      Transferable Shares (the "Company Option Shares") specified in the Option
      Notice, such option to be exercisable by giving, within 15 days after
      receipt of the Option Notice, a written counter-notice to the Optionee. If
      the Company elects to purchase any or all of such Company Option Shares,
      it shall be obligated to purchase, and the Optionee shall be obligated to
      sell to the Company, such Company Option Shares at the price and terms
      indicated in the Offer within 30 days from the date of delivery by the
      Company of such counter-notice.

            (b) Sale of Option Shares to Offeror. The Optionee may, for 60 days
      after the expiration of the 15-day option period as set forth in Section
      14(a), sell to the Offeror, pursuant to the terms of the Offer, any or all
      of such Company Option Shares not purchased or agreed to be purchased by
      the Company or its assignee; provided, however, that the Optionee shall
      not sell such Option Shares to such Offeror if such Offeror is a
      competitor of the Company and the Company gives written notice to the
      Optionee, within 30 days of its receipt of the Option Notice, stating that
      the Optionee shall not sell his or her Option Shares to such Offeror; and
      provided, further, that prior to the sale of such Option Shares to an
      Offeror, such Offeror shall execute an agreement with the Company pursuant
      to which such Offeror agrees to be subject to the restrictions set forth
      in this Section 14. If any or all of such Option Shares are not sold
      pursuant to an Offer within the time permitted above, the unsold Option
      Shares shall remain subject to the terms of this Section 14.

                                     - 6 -
<PAGE>

            (c) Failure to Deliver Option Shares. If the Optionee fails or
      refuses to deliver on a timely basis duly endorsed certificates
      representing Company Option Shares to be sold to the Company or its
      assignee pursuant to this Section 14, the Company shall have the right to
      deposit the purchase price for such Company Option Shares in a special
      account with any bank or trust company, giving notice of such deposit to
      the Optionee, whereupon such Company Option Shares shall be deemed to have
      been purchased by the Company. All such monies shall be held by the bank
      or trust company for the benefit of the Optionee. All monies deposited
      with the bank or trust company but remaining unclaimed for two years after
      the date of deposit shall be repaid by the bank or trust company to the
      Company on demand, and the Optionee shall thereafter look only to the
      Company for payment.

            (d) Expiration of Company's Right of First Refusal and Transfer
      Restrictions. The first refusal rights of the Company set forth in this
      Section 14 shall expire on the earliest to occur of (i) the tenth
      anniversary of the date of this Agreement, (ii) immediately prior to the
      closing of a public offering of Common Stock by the Company pursuant to an
      effective registration statement filed under the Securities Act, or (iii)
      upon a Change in Control.

      15. Early Disposition. The Optionee agrees to notify the Company in
writing immediately after the Optionee transfers any Option Shares, if such
transfer occurs on or before the later of (a) the date that is two years after
the date of this Agreement or (b) the date that is one year after the date on
which the Employee acquired such Option Shares. The Optionee also agrees to
provide the Company with any information concerning such transfer required by
the Company for tax purposes.

      16. Lock-up Agreement. The Optionee agrees that in the event that the
Company effects an initial underwritten public offering of Common Stock
registered under the Securities Act, the Option Shares may not be sold, offered
for sale or otherwise disposed of, directly or indirectly, without the prior
written consent of the managing underwriter(s) of the offering, for such period
of time after the execution of an underwriting agreement in connection with such
offering that all of the Company's then directors and executive officers agree
to be similarly bound.

      17. Arbitration. Any dispute, controversy, or claim arising out of, in
connection with, or relating to the performance of this Agreement or its
termination shall be settled by arbitration in the Commonwealth of
Massachusetts, pursuant to the rules then obtaining of the American Arbitration
Association. Any award shall be final, binding and conclusive upon the parties
and a judgment rendered thereon may be entered in any court having jurisdiction
thereof.

      18. Provision of Documentation to Optionee. By signing this Agreement the
Optionee acknowledges receipt of a copy of this Agreement and a copy of the
Plan.

      19. Miscellaneous.

                                     - 7 -
<PAGE>

            (a) Notices. All notices hereunder shall be in writing and shall be
      deemed given (i) immediately upon personal delivery; (ii) three (3)
      business days after sending by certified or registered mail, postage
      prepaid, return receipt requested; (iii) two business days after deposit
      with a reputable overnight delivery service; and (iv) one business day
      after transmission by fax (with confirmation of delivery). Notices sent to
      the Optionee shall be sent to the address set forth below or to the
      address or fax number shown on the records of the Company, and if to the
      Company, to the Company's principal executive offices, attention of the
      Corporate Secretary.

            (b) Entire Agreement; Modification. This Agreement constitutes the
      entire agreement between the parties relative to the subject matter
      hereof, and supersedes all proposals, written or oral, and all other
      communications between the parties relating to the subject matter of this
      Agreement. This Agreement may be modified, amended or rescinded only by a
      written agreement executed by both parties.

            (c) Fractional Shares. If this option becomes exercisable for a
      fraction of a share because of the adjustment provisions contained in the
      Plan, such fraction shall be rounded down.

            (d) Issuances of Securities; Changes in Capital Structure. Except as
      expressly provided herein or in the Plan, no issuance by the Company of
      shares of stock of any class, or securities convertible into shares of
      stock of any class, shall affect, and no adjustment by reason thereof
      shall be made with respect to, the number or price of shares subject to
      this option. If there shall be any change in the Common Stock of the
      Company through merger, consolidation, reorganization, recapitalization,
      stock dividend, stock split, combination or exchange of shares, spin-off,
      split-up or other similar change in capitalization or event, the
      restrictions and other provisions contained in this Agreement shall apply
      with equal force to additional and/or substitute securities, if any,
      received by the Optionee in exchange for, or by virtue of his or her
      ownership of, Option Shares, except as otherwise determined by the Board.

            (e) Severability. The invalidity, illegality or unenforceability of
      any provision of this Agreement shall in no way affect the validity,
      legality or enforceability of any other provision.

            (f) Successors and Assigns. This Agreement shall be binding upon and
      inure to the benefit of the parties hereto and their respective successors
      and assigns, subject to the limitations set forth in Section 9 hereof.

            (g) Governing Law. This Agreement shall be governed by and
      interpreted in accordance with the laws of the Commonwealth of
      Massachusetts, without giving effect to the principles of the conflicts of
      laws thereof.

                                     - 8 -<PAGE>
                                                                    Exhibit 10.6

                               INSULET CORPORATION

                        INCENTIVE STOCK OPTION AGREEMENT

         Insulet Corporation (the "Company") hereby grants the following stock
option pursuant to the Insulet Corporation 2000 Stock Option and Incentive Plan.
The terms and conditions attached hereto are also a part hereof.

<Table>
<S>                                                           <C>
Name of Employee (the "Employee"):                            [            ]

Date of this option grant:                                    [            ]

Number of shares of the Company's Common Stock subject to
this option ("Option Shares"):                                [            ]

Option exercise price per share:                              [$           ]

Number, if any,  of Option Shares that are Vested Shares on
grant date:                                                   [            ]

Option Shares that are Unvested Shares on grant date:         [            ]

Vesting Start Date:                                           [DATE]

Vesting Schedule:

On thirteenth (13th) monthly anniversary of
Vesting Start Date:                                           [     ] shares

On each monthly anniversary of Vesting Start
Date thereafter:                                              an additional [     ] shares

On forty-eighth (48th) monthly anniversary of
Vesting Start Date:                                           all remaining Unvested Shares

Payment alternatives (specify any or all
of Section 7(a)(i) though (iv):                               Sections 7(a) (i) only

===============================================================================================

                                                              Insulet Corporation

--------------------------
Signature of Employee                                         By:
                                                                 --------------------------
--------------------------                                    Name:  Duane DeSisto
Street Address                                                Title:  Chief Executive Officer

--------------------------
City/State/Zip Code
</Table>
<PAGE>

                               INSULET CORPORATION

      INCENTIVE STOCK OPTION AGREEMENT -- INCORPORATED TERMS AND CONDITIONS

        1. Grant Under Plan. This option is granted pursuant to and is governed
by the Company's 2000 Stock Option and Incentive Plan (the "Plan") and, unless
the context otherwise requires, terms used herein shall have the same meaning as
in the Plan.

        2. Grant as Incentive Stock Option. This option is intended to qualify
as an incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the "Code").

        3. Exercisability of Option; Vesting.

        (a) Exercisability. No portion of this option may be exercised until
such portion shall have become exercisable. Except as set forth below, this
option shall be exercisable with respect to the number of Option Shares
specified on the cover page hereof on the dates indicated in accordance with the
vesting schedule. The option will become exercisable to the extent vested. Once
exercisable, this option shall continue to be exercisable at any time or times
prior to the close of business on the date that is ten years from the date of
this option grant subject to the provisions hereof and of the Plan.

        (b) Change in Control. Upon the occurrence of a Change in Control (as
defined below), fifty percent (50%) of the then unexercisable portion of this
option (rounded up to the next whole share) shall become exercisable. If the
Employee is terminated other than for Cause (as described in Section 4(a) below)
within twelve (12) months following a Change in Control, one hundred percent
(100%) of the then unexercisable portion of this option shall become
exercisable. For the purposes of this paragraph, termination other than for
Cause shall include Constructive Termination (as defined below). For the
purposes of this Section 3:

                (A) A "Change in Control" shall be deemed to have occurred if:
                (1) the Company sells or otherwise disposes of all or
                substantially all of its assets; or (2) there is a merger or
                consolidation of the Company with any other corporation or
                corporations, provided that the shareholders of the Company, as
                a group, do not hold, immediately after such event, more than
                50% of the voting power of the surviving or successor
                corporation as a result of their shareholdings immediately prior
                to such event.

                (B) A "Constructive Termination" shall be deemed to have
                occurred if: (1) the Employee's base salary has been
                significantly reduced, other than a reduction that is part of a
                general reduction of employee salaries; (2) there is a
                significant reduction in the Employee's responsibility or
                authority; or (3) the
<PAGE>

                Employee is required to relocate to a new place of work that is
                more than fifty (50) miles from the place of work at the time of
                the Change of Control.

        4. Termination of Employment.

                (a) Termination Other Than for Cause. If the Employee ceases to
        be employed by the Company, other than by reason of death or disability
        as defined in Section 5 or termination for Cause as defined in Section
        4(c), any portion of this option that is not exercisable on the date of
        termination shall terminate immediately and be of no further force or
        effect. This option may be exercised only to the extent exercisable on
        the date of termination of the Employee's employment, and this option
        may be exercised only on or prior to the earlier of the date that (i) is
        three months after the date of termination of the Employee's employment
        (but not later than the scheduled expiration date) and (ii) the
        Commencement Date of any Competitive Activity (as such terms are defined
        in Section 6(a)) by the Employee. In the event of termination of
        employment, the Competitive Activity Repurchase Option described in
        Section 6(a) shall be applicable. For purposes hereof, employment shall
        not be considered as having terminated during any leave of absence if
        such leave of absence has been approved in writing by the Company and if
        such written approval contractually obligates the Company to continue
        the employment of the Employee after the approved period of absence; in
        the event of such an approved leave of absence, vesting of this option
        shall be suspended (and the period of the leave of absence shall be
        added to all vesting dates) unless otherwise provided in the Company's
        written approval of the leave of absence. For purposes hereof,
        employment shall include a consulting arrangement between the Employee
        and the Company that immediately follows termination of employment, but
        only if so stated in a written consulting agreement executed by the
        Company that specifically refers to this option. This option shall not
        be affected by any change of employment within or among the Company and
        its Subsidiaries so long as the Employee continuously remains an
        employee of the Company or any Subsidiary.

                (b) Termination for Cause. If the employment of the Employee is
        terminated for Cause (as defined in Section 4(c)), this option may no
        longer be exercised and vesting of the unexercisable portion of this
        option shall immediately cease from and after the Employee's receipt of
        written notice of such termination. In such event, the Competitive
        Activity Repurchase Option described in Section 6(a) shall be
        applicable.

                (c) Definition of Cause. "Cause" shall mean conduct involving
        one or more of the following: (i) the substantial and continuing failure
        of the Employee, after notice thereof, to render services to the Company
        in accordance with the terms or requirements of his or her employment;
        (ii) disloyalty, gross negligence, willful misconduct, dishonesty, fraud
        or breach of fiduciary duty to the Company; (iii) deliberate disregard
        of the rules or policies of the Company, or breach of an employment or
        other agreement with the Company, which results in direct or indirect
        loss, damage or injury to the Company; (iv) the unauthorized disclosure
        of any trade secret or confidential information

                                      -2-

<PAGE>

        of the Company; or (v) the commission of an act which constitutes
        Competitive Activity or which induces any customer or supplier to breach
        a contract with the Company.

        5. Death; Disability.

                (a) Death. If the Employee dies while in the employ of the
        Company, any portion of this option that is not exercisable on the date
        of death shall terminate immediately and be of no further force or
        effect. In such event, this option may be exercised only to the extent
        exercisable on the date of the Employee's death, by the Employee's
        estate, personal representative or beneficiary to whom this option has
        been transferred pursuant to Section 10, and this option may be
        exercised only on or prior to the date which is 180 days after the date
        of death (but not later than the scheduled expiration date).

                (b) Disability. If the Employee ceases to be employed by the
        Company by reason of his or her disability, any portion of this option
        that is not exercisable on the date of termination shall terminate
        immediately and be of no further force or effect; this option may be
        exercised only to the extent exercisable on the date of termination of
        the Employee's employment; and this option may be exercised only on or
        prior to the date which is 180 days after the date of termination of the
        Employee's employment (but not later than the scheduled expiration
        date). For purposes hereof, "disability" means "permanent and total
        disability" as defined in Section 22(e)(3) of the Code.

        6. Repurchase Options.

                (a) Competitive Activity Repurchase Option. In the event that
        the Employee engages in Competitive Activity, either prior to or
        following termination of the Employee's employment with the Company for
        any or no reason, the Company shall, upon and from the date of the
        commencement (the "Commencement Date") of such Competitive Activity (as
        reasonably fixed and determined by the Company), have an irrevocable,
        exclusive, assignable option (the "Competitive Activity Repurchase
        Option") to repurchase all or any portion of the Employee's Option
        Shares obtained upon the exercise of this Option at any time up to six
        (6) months prior to the Commencement Date. "Competitive Activity" shall
        mean the engagement by the Employee, without the Company's prior written
        permission, alone or as a partner, joint venturer, officer, director,
        employee, consultant, agent, independent contractor or stockholder of
        any company or business, engage in any business activity that is
        directly or indirectly in competition with any of the products or
        services being developed, manufactured, distributed, planned, sold or
        otherwise provided by the Company at such time. The ownership by the
        Employee of no more than one percent (1%) of the shares of stock of any
        corporation having a class of equity securities activity traded on a
        national securities exchange shall not be deemed, in and of itself, to
        constitute Competitive Activity. A good-faith determination by the Board
        of Directors of the Company that the Employee has engaged in Competitive
        Activity shall be final and binding on the Company and the Employee. The
        Competitive Activity

                                      -3-

<PAGE>

        Repurchase Option shall remain valid for a period of ninety (90) days
        from the date of such determination.

                (b) Repurchase Price. The price paid by the Company for any
        shares repurchased pursuant to this Section 6 shall be the original
        price per share paid by the Employee.

                (c) Method of Repurchase. The Company may exercise the
        Competitive Activity Repurchase Option by sending written notice to the
        Employee, which notice shall specify (i) the number of Unvested Shares
        being repurchased pursuant to the Competitive Activity Repurchase Option
        and (ii) a brief description of the Competitive Activity engaged in by
        the Employee, and shall be accompanied by the Company's check for the
        repurchase price of such shares. Upon sending such notice and check, the
        Company shall become the legal and beneficial owner of such shares and
        any rights and interest therein and relating thereto, and the Company
        shall have the right to retain and transfer to its own name the number
        of such shares so repurchased.

                (d) Options Cumulative. For avoidance of doubt, the Competitive
        Activity Repurchase Option is a cumulative, and not an exclusive, option
        available to the Company.

        7. Payment of Exercise Price.

                (a) Payment Options. The exercise price shall be paid by one or
        any combination of the following forms of payment that are applicable to
        this option, as indicated on the cover page hereof:

                (i)     by check payable to the order of the Company; or

                (ii)    if the Common Stock is then traded on a national
                        securities exchange, delivery of an irrevocable and
                        unconditional undertaking, satisfactory in form and
                        substance to the Company, by a creditworthy broker to
                        deliver promptly to the Company sufficient funds to pay
                        the exercise price, or delivery by the Employee to the
                        Company of a copy of irrevocable and unconditional
                        instructions, satisfactory in form and substance to the
                        Company, to a creditworthy broker to deliver promptly to
                        the Company cash or a check sufficient to pay the
                        exercise price; or

                (iii)   subject to Section 7(b) below, if the Common Stock is
                        then traded on a national securities exchange, by
                        delivery of shares of Common Stock having a fair market
                        value equal as of the date of exercise to the option
                        price.

                In the case of (iii) above, fair market value as of the date of
        exercise shall be determined as of the last business day for which such
        prices or quotes are available prior

                                      -4-

<PAGE>

        to the date of exercise and shall mean the last reported sale price (on
        that date) of the Common Stock on the principal national securities
        exchange on which the Common Stock is traded, if the Common Stock is
        then traded on a national securities exchange.

                (b) Limitations on Payment by Delivery of Common Stock. If
        Section 7(a)(iii) is applicable, and if the Employee delivers Common
        Stock held by the Employee ("Old Stock") to the Company in full or
        partial payment of the exercise price and the Old Stock so delivered is
        subject to restrictions or limitations imposed by agreement between the
        Employee and the Company, an equivalent number of Option Shares shall be
        subject to all restrictions and limitations applicable to the Old Stock
        to the extent that the Employee paid for the Option Shares by delivery
        of Old Stock, in addition to any restrictions or limitations imposed by
        this Agreement. Notwithstanding the foregoing, the Employee may not pay
        any part of the exercise price hereof by transferring Common Stock to
        the Company unless such Common Stock has been owned by the Employee free
        of any substantial risk of forfeiture for at least six months.

        8. Securities Laws Restrictions on Resale. Until registered under the
Securities Act of 1933, as amended, or any successor statute (the "Securities
Act"), the Option Shares will be of an illiquid nature and will be deemed to be
"restricted securities" for purposes of the Securities Act. Accordingly, such
shares must be sold in compliance with the registration requirements of the
Securities Act or an exemption therefrom. Unless the Option Shares have been
registered under the Securities Act, each certificate evidencing any of the
Option Shares shall bear a legend substantially as follows:

        "The shares represented by this certificate are subject to restrictions
        on transfer and may not be sold, exchanged, transferred, pledged,
        hypothecated or otherwise disposed of except in accordance with and
        subject to all the terms and conditions of the attached Incentive Stock
        Option Agreement, a copy of which the Company will furnish to the holder
        of this certificate upon request and without charge."

        9. Method of Exercising Option. Subject to the terms and conditions of
this Agreement, this option may be exercised by written notice to the Company at
its principal executive office, or to such transfer agent as the Company shall
designate. Such notice shall state the election to exercise this option and the
number of Option Shares for which it is being exercised and shall be signed by
the person or persons so exercising this option. Such notice shall be
accompanied by payment of the full exercise price of such option, and the
Company shall, subject to Section 18, deliver a certificate or certificates
representing such shares in the name of the person or persons so exercising this
option (or, if this option shall be exercised by the Employee and if the
Employee shall so request in the notice exercising this option, shall be
registered in the name of the Employee and another person jointly, with right of
survivorship). In the event this option shall be exercised, pursuant to Section
5 hereof, by any person or persons other than the Employee, such notice shall be
accompanied by appropriate proof of the right of such person or persons to
exercise this option.

                                      -5-

<PAGE>

        10. Option Not Transferable. This option is not transferable or
assignable except by will or by the laws of descent and distribution. During the
Employee's lifetime only the Employee can exercise this option.

        11. No Obligation to Exercise Option. The grant and acceptance of this
option imposes no obligation on the Employee to exercise it.

        12. No Obligation to Continue Employment. Neither the Plan, this
Agreement, nor the grant of this option imposes any obligation on the Company to
continue the Employee in employment.

        13. Adjustments. Except as is expressly provided in the Plan with
respect to certain changes in the capitalization of the Company, no adjustment
shall be made for dividends or similar rights for which the record date is prior
to such date of exercise.

        14. Withholding Taxes. If the Company in its discretion determines that
it is obligated to withhold any tax in connection with the exercise of this
option, or in connection with the transfer of any Common Stock or other property
acquired pursuant to this option, the Employee hereby agrees that the Company
may withhold from the Employee's wages or other remuneration the appropriate
amount of tax. At the discretion of the Company, the amount required to be
withheld may be withheld in cash from such wages or other remuneration or in
kind from the Common Stock or other property otherwise deliverable to the
Employee on exercise of this option. The Employee further agrees that, if the
Company does not withhold an amount from the Employee's wages or other
remuneration sufficient to satisfy the withholding obligation of the Company,
the Employee will make reimbursement on demand, in cash, for the amount
underwithheld.

        15. Restrictions on Transfer; Company's Right of First Refusal.

                (a) Exercise of Right. Option Shares may not be transferred
        without the Company's written consent except by will, by the laws of
        descent and distribution or in accordance with the further provisions of
        this Section 15. If the Employee desires to transfer all or any part of
        the Option Shares that have been held by the Employee for more than six
        (6) months from the date of exercise (such Option Shares being referred
        to as "Transferable Shares") to any person other than the Company (an
        "Offeror"), the Employee shall: (i) obtain in writing an irrevocable and
        unconditional bona fide offer (the "Offer") for the purchase thereof
        from the Offeror; and (ii) give written notice (the "Option Notice") to
        the Company setting forth the Employee's desire to transfer such
        Transferable Shares, which Option Notice shall be accompanied by a
        photocopy of the Offer and shall set forth at least the name and address
        of the Offeror and the price and terms of the Offer. Upon receipt of the
        Option Notice, the Company shall have an assignable option to purchase
        any or all of such Transferable Shares (the "Company Option Shares")
        specified in the Option Notice, such option to be exercisable by giving,
        within 15 days after receipt of the Option Notice, a written
        counter-notice to the Employee. If the Company elects to purchase any or
        all of such Company Option Shares,

                                      -6-

<PAGE>

        it shall be obligated to purchase, and the Employee shall be obligated
        to sell to the Company, such Company Option Shares at the price and
        terms indicated in the Offer within 30 days from the date of delivery by
        the Company of such counter-notice.

                (b) Sale of Option Shares to Offeror. The Employee may, for 60
        days after the expiration of the 15-day option period as set forth in
        Section 15(a), sell to the Offeror, pursuant to the terms of the Offer,
        any or all of such Company Option Shares not purchased or agreed to be
        purchased by the Company or its assignee; provided, however, that the
        Employee shall not sell such Option Shares to such Offeror if such
        Offeror is a competitor of the Company and the Company gives written
        notice to the Employee, within 30 days of its receipt of the Option
        Notice, stating that the Employee shall not sell his or her Option
        Shares to such Offeror; and provided, further, that prior to the sale of
        such Option Shares to an Offeror, such Offeror shall execute an
        agreement with the Company pursuant to which such Offeror agrees to be
        subject to the restrictions set forth in this Section 15. If any or all
        of such Option Shares are not sold pursuant to an Offer within the time
        permitted above, the unsold Option Shares shall remain subject to the
        terms of this Section 15.

                (c) Failure to Deliver Option Shares. If the Employee fails or
        refuses to deliver on a timely basis duly endorsed certificates
        representing Company Option Shares to be sold to the Company or its
        assignee pursuant to this Section 15, the Company shall have the right
        to deposit the purchase price for such Company Option Shares in a
        special account with any bank or trust company, giving notice of such
        deposit to the Employee, whereupon such Company Option Shares shall be
        deemed to have been purchased by the Company. All such monies shall be
        held by the bank or trust company for the benefit of the Employee. All
        monies deposited with the bank or trust company but remaining unclaimed
        for two years after the date of deposit shall be repaid by the bank or
        trust company to the Company on demand, and the Employee shall
        thereafter look only to the Company for payment.

        (d) Expiration of Company's Right of First Refusal and Transfer
Restrictions. The first refusal rights of the Company set forth in this Section
15 shall expire on the earliest to occur of (i) the tenth anniversary of the
date of this Agreement, (ii) immediately prior to the closing of a public
offering of Common Stock by the Company pursuant to an effective registration
statement filed under the Securities Act, or (iii) a Change in Control.

        16. Early Disposition. The Employee agrees to notify the Company in
writing immediately after the Employee transfers any Option Shares, if such
transfer occurs on or before the later of (a) the date that is two years after
the date of this Agreement or (b) the date that is one year after the date on
which the Employee acquired such Option Shares. The Employee also agrees to
provide the Company with any information concerning any such transfer required
by the Company for tax purposes.

        17. Lock-up Agreement. The Employee agrees that in the event that the
Company effects an initial underwritten public offering of Common Stock
registered under the Securities

                                      -7-

<PAGE>

Act, the Option Shares may not be sold, offered for sale or otherwise disposed
of, directly or indirectly, without the prior written consent of the managing
underwriter(s) of the offering, for such period of time after the execution of
an underwriting agreement in connection with such offering that all of the
Company's then directors and executive officers agree to be similarly bound.

        18. Escrow of Option Shares.

                (a) Option Shares shall be issued in the name of the Employee,
        but shall be held in escrow by the Company, acting in the capacity of
        escrow agent, together with a stock assignment executed by the Employee
        with respect to such Unvested Shares.

                (b) With respect to any Option Shares held in escrow that become
        Transferable Shares, the Company shall, upon the Employee's request,
        promptly issue a new certificate for the number of Option Shares that
        have become Transferable Shares and shall deliver such certificate to
        the Employee and shall retain in escrow a new certificate for any
        remaining Option Shares in exchange for the all or the relevant portion
        of the applicable certificate then being held by the Company as escrow
        agent. At such time as all Option Shares held in escrow have become
        Transferable Shares, the Company shall, upon the Employee's request,
        promptly deliver a certificate to the Employee representing the number
        of Transferable Shares regarding which no certificate has previously
        been delivered to the Employee.

                (c) Subject to the terms hereof, the Employee shall have all the
        rights of a shareholder with respect to the Option Shares while they are
        held in escrow, including, without limitation, the right to vote such
        Option Shares and receive any cash dividends declared thereon.

                (d) The Company may terminate this escrow at any time. The
        Company may also appoint another entity to serve as escrow agent
        hereunder, in which event the Employee agrees to execute all documents
        requested by the Company in connection therewith.

        19. Arbitration. Any dispute, controversy, or claim arising out of, in
connection with, or relating to the performance of this Agreement or its
termination shall be settled by arbitration in the Commonwealth of
Massachusetts, pursuant to the rules then obtaining of the American Arbitration
Association. Any award shall be final, binding and conclusive upon the parties
and a judgment rendered thereon may be entered in any court having jurisdiction
thereof.

        20. Provision of Documentation to Employee. By signing this Agreement
the Employee acknowledges receipt of a copy of this Agreement and a copy of the
Plan.

        21. Miscellaneous.

                                      -8-

<PAGE>

                (a) Notices. All notices hereunder shall be in writing and shall
        be deemed given immediately upon personal delivery; three (3) business
        days after sending by certified or registered mail, postage prepaid,
        return receipt requested; two business days after deposit with a
        reputable overnight delivery service; and one business day after
        transmission by fax (with confirmation of delivery). Notices sent to the
        Employee shall be sent to the address set forth below or to the address
        or fax number shown on the records of the Company, and if to the
        Company, to the Company's principal executive offices, attention of the
        Corporate Secretary.

                (b) Entire Agreement; Modification. This Agreement constitutes
        the entire agreement between the parties relative to the subject matter
        hereof, and supersedes all proposals, written or oral, and all other
        communications between the parties relating to the subject matter of
        this Agreement. This Agreement may be modified, amended or rescinded
        only by a written agreement executed by both parties.

                (c) Fractional Shares. If this option becomes exercisable for a
        fraction of a share because of the adjustment provisions contained in
        the Plan, such fraction shall be rounded down.

                (d) Issuances of Securities; Changes in Capital Structure.
        Except as expressly provided herein or in the Plan, no issuance by the
        Company of shares of stock of any class, or securities convertible into
        shares of stock of any class, shall affect, and no adjustment by reason
        thereof shall be made with respect to, the number or price of shares
        subject to this option. If there shall be any change in the Common Stock
        of the Company through merger, consolidation, reorganization,
        recapitalization, stock dividend, stock split, combination or exchange
        of shares, spin-off, split-up or other similar change in capitalization
        or event, the restrictions and other provisions contained in this
        Agreement shall apply with equal force to additional and/or substitute
        securities, if any, received by the Employee in exchange for, or by
        virtue of his or her ownership of, Option Shares, except as otherwise
        determined by the Board.

                (e) Severability. The invalidity, illegality or unenforceability
        of any provision of this Agreement shall in no way affect the validity,
        legality or enforceability of any other provision.

                (f) Successors and Assigns. This Agreement shall be binding upon
        and inure to the benefit of the parties hereto and their respective
        successors and assigns, subject to the limitations set forth in Section
        10 hereof.

                (g) Governing Law. This Agreement shall be governed by and
        interpreted in accordance with the laws of the Commonwealth of
        Massachusetts, without giving effect to the principles of the conflicts
        of laws thereof.

                                      -9-

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