Document:

<PAGE>

                                                                    Exhibit 10.5

                           SECOND AMENDMENT TO MASTER
                             RESTRUCTURING AGREEMENT

     This Second Amendment to Master Restructuring Agreement is made as of
October 1, 2002 by and between CURIS, INC., a Delaware corporation ("Curis"),
and STRYKER CORPORATION, a Michigan corporation ("Stryker").

     WHEREAS, Curis, as the successor by merger to Creative Biomolecules, Inc.,
and Stryker are parties to that certain Master Restructuring Agreement dated as
of October 15, 1998 as amended by that certain First Amendment to Master
Restructuring Agreement dated as of November 2, 2001 (the "Agreement;"
capitalized terms used but not defined herein shall have the meaning provided
therefor in the Agreement) and that certain License and Sublicense Agreement
entered into as of October 31, 1996 (the "PDGF License and Sublicense");

     WHEREAS, Curis and Stryker desire to amend and supplement the Agreement and
certain of the Related Agreements referred to therein and the PDGF License and
Sublicense in certain respects as more fully set forth herein;

     NOW, THEREFORE, in consideration of the mutual promises and agreements set
forth herein and in the Agreement, the parties hereto agree as follows:

     1.   On the date hereof (the "Effective Date"), Stryker shall pay Curis the
sum of $14,000,000 by wire transfer to the account designated by Curis in
Exhibit A.

     2.   The provisions of Section 4.12(b) of the Agreement are hereby deleted
in their entirety.

     3.   The provisions of Section 4.13 (a) of the Agreement are hereby amended
to read in their entirety as follows:

<PAGE>

          (a) Creative hereby agrees to pay to Stryker in U.S. dollars,
          quarterly royalties (the "Creative Royalty Payments") equal to (i)
          one-quarter of one percent (0.25%) of the first $500,000,000 of Net
          Sales of Creative Royalty Bearing OP Products by Creative or any
          Creative Third Party Seller or any other sublicensee of Creative or
          Person to which Creative has assigned any of its rights under this
          Agreement or the Creative License Agreement (all such Persons other
          than Creative being referred to herein collectively as "Creative
          Sublicensees") in any calendar year during the Royalty Period and (ii)
          one-half of one percent (0.50%) of Net Sales of Creative Royalty
          Bearing OP Products by Creative or any Creative Sublicensee in excess
          of $500,000,000 in any calendar year during the Royalty Period. "Net
          Sales" for purposes of this Section 4.13 shall mean revenue derived by
          Creative or any Creative Sublicensee from the sale of Creative Royalty
          Bearing OP Products, less discounts allowed, transportation charges,
          insurance, credits for claims or allowances, returns, and taxes or
          other governmental charges levied on or measured by such sales and
          included in the billing price, whether absorbed by Creative, third
          parties or their customers. For Creative Royalty Bearing OP Products
          (collectively, the "OP Component") that are sold in combination with
          another product, if both the OP Component and such other product have
          established market prices, Net Sales shall be calculated by
          multiplying Net Sales of the combination product by the fraction
          A/(A+B) where A is the sales price of the OP Component in the
          combination when sold separately and B is the sales price of the other
          product in the combination when sold separately. If one or both of the
          OP Component and the other product do not have an established market
          price, Net Sales shall include only that portion of the sales price of
          the combination product that is determined by good faith negotiation
          between Stryker and Creative to represent the value of the OP
          Component. In such negotiation, the parties shall take into account
          the list price of either the OP Component or the other product, if
          there be one, or of similar products, and the market share of the
          combination product. The allocation of the sales price of the
          combination product shall be subject to renegotiation upon the request
          of either party at two year intervals. The method of allocation of the
          sales price of a combination product set forth in the four preceding
          sentences is referred to herein as the "Allocation Method."

     4.   The first sentence of Section 4.13(b) of the Agreement shall be
deleted in its entirety and replaced by the following:

                                       2

<PAGE>

          Creative agrees that it will furnish to Stryker at least three
          business days in advance of the execution thereof a copy of any
          proposed agreement with any Creative Sublicensee and that references
          to sublicensees in the provisions of subsections (c) through (h) of
          this Section 4.13 shall be deemed to be references to Creative
          Sublicensees. Creative further agrees that it shall be responsible for
          all payments due to Stryker under the provisions of Section 4.13(a)
          regardless of whether it receives payments owed to it by any Creative
          Sublicensee and regardless of the amount or form of any such payment.
          Creative will, if requested by Stryker, grant Stryker a perfected,
          first priority security interest in the payments received by it from
          any Creative Sublicensee to secure the payment of the royalties due to
          Stryker pursuant to Section 4.13(a) of the Agreement.

     5.   The provisions of Section 4.14 of the Agreement, which relate to
royalties and other payments to be made by Stryker to Curis, are hereby deleted
in their entirety, it being understood and agreed that as a result thereof
Stryker shall not have any obligation to make any payment to Curis in respect of
Net Sales of Stryker Royalty Bearing OP Products by Stryker or any Stryker Third
Party Seller or any licensing or sublicensing payment received by Stryker from
any Stryker Third Party Seller. Notwithstanding the foregoing, the provisions of
subsections (b) through (h) of Section 4.14 shall remain in force to the extent
and only to the extent that they relate to Net Sales of Stryker Royalty Bearing
OP Products prior to the Effective Date.

     6.   Schedule 1 of the Stryker License Agreement (Exhibit 4.6 to the
Agreement and as separately executed and delivered as of October 15, 1998) is
hereby amended to delete in their entirety the rows beginning with "CRP-067AU,"
"CRP-067CA," "CRP-067CN" "CRP-067EP," "CRP-067FW," "CRP-067JP," "CRP-067KR,"
"CRP-081FW".

     7.   Schedule 1 to the Creative License Agreement (Exhibit 4.7 to the
Agreement and as separately executed and delivered as of October 15, 1998) is
hereby amended to insert, immediately following the row beginning with
"CRP-163PR" eight rows as set forth below:

                                       3

<PAGE>

--------------------------------------------------------------------------------
CRP-067AU         AU           51293/93             9/15/93        670334

--------------------------------------------------------------------------------
CRP-067CA         CA           2,144,513            9/15/93

--------------------------------------------------------------------------------
CRP-067CN         US           08/643,763           5/6/96         5,733,878

--------------------------------------------------------------------------------
CRP-067EP         EP           93 92-2212.1         9/15/93

--------------------------------------------------------------------------------
CRP-067FW         US           08/155,343           11/15/93       5,656,593

--------------------------------------------------------------------------------
CRP-067JP         JP           06-508301            9/15/93

--------------------------------------------------------------------------------
CRP-067KR         KR           700993/95            9/15/93

--------------------------------------------------------------------------------
CRP-081FW         US           08/402,542           3/13/95

--------------------------------------------------------------------------------

     8.   Curis agrees to execute and deliver to Stryker on the Effective Date
the Patent Assignment Agreement in the form of Exhibit B attached hereto in
order to effectuate the assignment to Stryker of the entire right, title and
interest of Curis in and to the inventions and improvements claimed in the U.S.,
foreign and PCT applications and patents issuing therefrom that are listed in
Schedule 1 to the Patent Assignment Agreement and all worldwide counterparts and
registrations, continuations, divisions, reissues, extensions or supplementary
protection certificates, continuations-in-part or additions (but only to the
extent such continuations-in-part or additions claim inventions disclosed as
required by 35 U.S.C. (S)112 (CIPs) or the applicable laws (additions) in the
parent application thereof as listed in said Schedule 1 with respect thereto).

                                       4

<PAGE>

     9.   The provisions of Section 4 of the PDGF License and Sublicense, which
relate to royalties and other payments to be made by Stryker to Curis, are
hereby deleted in their entirety, it being understood and agreed that as a
result thereof Stryker shall not have any obligation to make any payment to
Curis in respect of Stryker's Net Sales of PDGF Products ("Net Sales" and "PDGF
Products" having the meaning provided therefor in the PDGF License and
Sublicense for purposes of this Section 9) or sublicensing payments received by
Stryker for sublicensing any PDGF Product.

     10.  The provisions set forth in paragraphs 1 through 9 hereof shall be
effective as of the Effective Date. Except as specifically provided above, the
terms and provisions of the Agreement shall continue in full force and effect in
all respects and are hereby confirmed by the parties hereto.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment
Agreement this 1st day of October, 2002.

                                            CURIS, INC.

                                            /s/ Daniel R. Passeri
                                            ------------------------------------
                                            Daniel R. Passeri, President and
                                            Chief Executive Officer

                                            STRYKER CORPORATION

                                            /s/ John W. Brown
                                            ------------------------------------
                                            John W. Brown
                                            Chairman of the Board, President and
                                            Chief Executive Officer

                                       5

<PAGE>

                                                                       Exhibit A

                                   CURIS, INC.
                            WIRE TRANSFER INFORMATION

--------------------------------------------------------------------------------
ABA#:                                          011000138

--------------------------------------------------------------------------------
Bank:                                          Fleet National Bank, Boston, MA

--------------------------------------------------------------------------------
Beneficiary:                                   Curis, Inc.

--------------------------------------------------------------------------------
Account #:                                     94277-70021

--------------------------------------------------------------------------------

<PAGE>

                                                                       Exhibit B

                                   ASSIGNMENT

     Curis, Inc., a Delaware corporation, having a place of business at 61
Moulton Street, Cambridge, MA, in consideration of One Dollar and other valuable
consideration paid to it by Stryker Corporation, a Michigan corporation, having
a principal place of business at 2725 Fairfield Road, Kalamazoo, MI, the receipt
of which is hereby acknowledged, does hereby sell, assign and transfer unto said
Stryker Corporation, its successors and assigns, its entire right, title and
interest for the United States of America and all foreign countries, including
all rights of priority under the International Convention for the Protection of
Industrial Property, in the inventions and improvements disclosed in the U.S.,
foreign, and PCT applications listed in Schedule 1 attached hereto, and in all
Letters Patent of the United States and all foreign countries which have been or
shall be granted on said inventions, or any parts thereof, or on said
applications, or any divisions, continuations, reissues, extensions or other
applications based in whole or in part thereon. And Curis, Inc. agrees, for
itself and its successors and assigns, with said Stryker Corporation and its
successors and assigns, but at its or their expense and charges, hereafter to
execute all applications, amended specifications, deeds or other instruments,
and to do all acts necessary or proper to secure the grant of Letters Patent in
the United States and in all other countries to said Stryker Corporation, with
specifications and claims in such form as shall be approved by the counsel of
said Stryker Corporation and to vest and confirm in said Stryker Corporation,
its successors and assigns, the legal title to all such patents and to otherwise
give full effect to and perfect the rights of said Stryker Corporation under
this Assignment.

     And it does hereby authorize and request authorities to issue such Letters
Patent as shall be granted upon said applications to said Stryker Corporation,
its successors and assigns.

     WITNESS its hand and seal this 1st day of October, 2002.

                                       Curis, Inc.

                                       By: /s/ Daniel R. Passeri
                                           -------------------------------------
                                           Daniel R. Passeri
                                           President and Chief Executive Officer

State of Massachusetts
County of _____________

     Then personally appeared the above-named Daniel R. Passeri, to me known and
known to me to be the person who executed the foregoing instrument, and
acknowledged it to be his free act and deed, before me, this 1st day of October,
2002.

                                           /s/ Marcia R. Thomas
                                           -------------------------------------
                                           Notary Public
                                           My Commission Expires: March 6, 2003

                                        4

<PAGE>

                                   SCHEDULE 1

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Docket No.             Country           Application Number  Filing Date          Patent Number
------------------------------------------------------------------------------------------------------
<S>                    <C>               <C>                 <C>                  <C>
CRP0-19                US                07/155,066          2/11/88
------------------------------------------------------------------------------------------------------
CRP-019DV              US                07/686,550          5/6/91               5,759,815
------------------------------------------------------------------------------------------------------
CRP-065AU              AU                92/15591            3/12/92              656,372
------------------------------------------------------------------------------------------------------
CRP-065AT              AT                92908042            3/12/92              196604
------------------------------------------------------------------------------------------------------
CRP-065CA              CA                2,106,073           3/12/92
------------------------------------------------------------------------------------------------------
CRP-065DE              DE                                    3/12/92              69231486
------------------------------------------------------------------------------------------------------
CRP-065EP              EP                92908042.2          3/12/92              575484
------------------------------------------------------------------------------------------------------
CRP-065JP              JP                04-507,585          3/12/92
------------------------------------------------------------------------------------------------------
CRP-065WO              WO                US92/02043          3/12/92              WO92/16181
------------------------------------------------------------------------------------------------------
CRP-065                US                669,070             3/12/91              5,149,691
------------------------------------------------------------------------------------------------------
CRP-065CP              US                07/849,931          3/12/92              5,376,636
------------------------------------------------------------------------------------------------------
CRP-067AU              AU                51293/93            9/15/93              670334
------------------------------------------------------------------------------------------------------
CRP-067CA              CA                2,144,513           9/15/93              2,144,513
------------------------------------------------------------------------------------------------------
CRP-067CN              US                08/643,763          5/6/96               5,733,878
------------------------------------------------------------------------------------------------------
CRP-067EP              EP                93922212.1          9/15/93              665739
------------------------------------------------------------------------------------------------------
CRP-067FW              US                08/155,343          11/15/93             5,656,593
------------------------------------------------------------------------------------------------------
CRP-067JP              JP                93-508301           9/15/93
------------------------------------------------------------------------------------------------------
CRP-067KR              KR                700993/95           9/15/93
------------------------------------------------------------------------------------------------------
CRP-081FW              US                08/402,542          3/13/95              6,395,883
------------------------------------------------------------------------------------------------------
</TABLE>THE 2002 EMPLOYEES' STOCK PURCHASE PLAN

 Exhibit 4.1 
  
 THE L.S. STARRETT COMPANY 
  
 2002 EMPLOYEES’ STOCK PURCHASE PLAN 
  
 (AS AMENDED) 
  
 Section
1.    Purpose and Scope of Plan. 
  
 The L.S. Starrett Company 2002 Employees’ Stock
Purchase Plan (the “Plan”) is intended to provide a convenient means by which eligible employees of The L.S. Starrett Company (the “Company”) and of such subsidiaries of the Company as the Board of Directors of the Company may
from time to time designate (“participating subsidiaries”) may save regularly through voluntary, systematic payroll deductions and use such savings to purchase shares of stock of the Company (“Stock”) at an option price, and
thereby acquire an interest in the future of the Company. For all purposes of the Plan, the term “Stock” shall include Class A Common Stock of the Company and, to such extent (if any) as the Board of Directors of the Company may determine
consistent with the purposes of the Plan, Class B Common Stock of the Company. The purpose of the Plan is to help provide personnel a nest egg for retirement. The Plan is not intended to be used as a buy and sell plan while the participant is
actively employed. The Plan allows each participant to acquire shares of Stock at a favorable price to accomplish this purpose. 
  
 For these purposes, the Company has established this Plan under which it will issue an aggregate of not more than 800,000 shares of Stock pursuant to the exercise of options granted only to employees who meet the eligibility
requirements set forth in Section 2 hereof. Said options shall, subject to the Company’s right to discontinue the Plan at its discretion at any time, be granted by the Company from time to time over a five-year period commencing with the
effective date of the Plan as specified in Section 20 hereof. 
  
 For purposes of the Plan, the term
“subsidiary” shall mean a “subsidiary corporation” within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as it may from time to time be amended (the “Code”). 
  
 Section 2.    Eligible Employees. 
  
 Each employee (including employee-directors) who, on a date of grant of an option hereunder, has six months or more continuous service in the employ of the Company or a participating subsidiary shall
be eligible to participate in the Plan. 
  
 Section 3.    Term of Options. 
  
 Subject to Sections 12 and 13 hereof, each option for the purchase of Stock hereunder shall, unless exercised in accordance with Section
9, expire two years from the date of its grant. 
  
 Section 4.    Purchase Price. 
  
 The purchase price of the Stock issued pursuant to the exercise of an option granted under the Plan shall be 85% of the fair market value
of the Stock at (i) the time of grant of the option or (ii) the time at which such option is exercised, whichever is less. The fair market value of the Stock shall be determined by the Company. 
  

Section 5.    Number of Shares. 
  
 Pursuant to any offering made by the Company, the Company shall grant to an eligible employee an option to purchase such whole number of shares of Stock as the employee may request but no employee shall be granted
 

 

 
options permitting him or her to purchase more than 9,600 shares in the aggregate under the Plan. All such requests shall be subject to adjustment by the Company, which reserves the right to
reduce on a substantially proportionate basis the number of shares which all employees have requested to purchase in the event that the number of shares of Stock then available under the Plan is insufficient to grant the total number of shares
provided in such requests. 
  
 Section 6.    Method of Participation. 
  
 Upon notice of the Company’s intention to grant options pursuant to the Plan, each employee who will be eligible on the date of grant
shall, within the time and in the manner specified in said notice, inform the Company of the number of shares of Stock for which he wishes to receive an option pursuant thereto. Thereafter, the Company shall grant each such employee an option in
writing which shall include provisions as to the date of grant of the option, the option price, the number of shares of Stock subject to such option, the date such option shall be exercisable, and the date such option will expire. 

 
 Section 7.    Method of Payment. 
  
 An employee who wishes to accept the terms of an option granted hereunder shall execute and deliver to the Company a payroll deduction authorization providing for the accumulation of savings equal to
the maximum amount that could be required to be paid for the Stock subject to such option (determined by reference to its value on the date of grant) by means of substantially equal payroll deductions over the term of the option. For the avoidance
of doubt, such payroll deduction authorization may provide for a suspension or reduction in payroll deductions during specified periods (for example, during unpaid leaves of absence or while a loan from the Company’s 401(k) plan is outstanding)
provided that such suspensions and reductions are made available and administered in a manner that is consistent with Section 19 below. 
  
 Any employee who voluntarily terminates or withdraws his payroll deduction authorization shall be deemed to have cancelled his option and the provisions of Section 11 shall apply. If an employee’s payroll deductions are
temporarily discontinued because of leave of absence or temporary disability, such employee shall have the right at any time prior to the expiration of the option to pay in cash the amount by which the full purchase price of the number of shares he
wishes to purchase under the option exceeds the amount paid in by payroll deductions. 
  
 Notwithstanding anything
herein to the contrary, an employee may make advance cash payments at any time and in any amounts but such advance cash payments shall not accelerate the exercise of the option. 
  
 Section 8.    Rights as a Shareholder. 
  
 An employee shall not have any of the rights and privileges of a shareholder of the Company and shall not receive any dividends in respect to any shares of Stock subject to an option hereunder, unless and until he has been issued
such shares. 
  
 Section 9.    Exercise of Options. 
  
 Any option granted under the Plan shall be exercised by written notice filed with the Company at such time and in such form as the Company may prescribe. Such notice of
exercise shall specify the number of shares for which such option is exercised and shall include a representation that the Stock to be issued pursuant to such exercise is being acquired for investment and not with any existing intention to resell
said Stock. 
  
 As soon as practicable after receipt of such notice of exercise, the Company shall apply the
employee’s accumulated savings and any additional cash contributions under the Plan to the purchase price of the shares under the option so exercised, shall issue and deliver such shares to the employee and shall return to him the balance, if
any, of payments made by him and interest thereon in excess of the total purchase price of the shares so issued. 
  
 If the Company determines that the exercise of an option or the disposition of shares following the exercise of an option could result in employment tax liability, the Company will, as a condition of exercise, make such
 

 

 
provision as it deems necessary to provide for the remittance by the employee of employment taxes required to be paid in connection with such exercise or disposition of shares. 

 
 Notwithstanding anything herein to the contrary, the Company’s obligation to issue and deliver shares of Stock under the
Plan shall be subject to the approval of any governmental authority required in connection with the authorization, issuance, sale or transfer of said shares and to any requirements of the New York Stock Exchange applicable thereto. 

 
 Section 10.    Interest. 
  
 Interest shall be payable on any savings and any additional cash contributions accumulated under the Plan by an employee. Such interest shall be computed in such reasonable manner and at such
reasonable rate as the Company shall determine. 
  
 Section 11.    Right to Cancel. 
  
 An employee who holds an option under the Plan may at any time prior to his exercise thereof cancel all or any part of his option by
filing a notice in writing with the Company. In the event that an employee holds more than one option, he or she may cancel any or all options so held; provided, however, that such employee must cancel said options in reverse chronological order of
their dates of grant. Upon such cancellation, all payments made by the employee in respect to the cancelled portion of such option shall be returned to him or her with interest. 
  
 Section 12.    Termination of Employment. 
  
 In the event an employee holds any option hereunder at the time his service with the Company and its Subsidiaries is terminated by his or her retirement with the consent of the employer within three months of the time such option
becomes exercisable, or by his death whenever occurring, such employee or his or her legal representative may, by a writing delivered to the Company on or before the date such option is exercisable, elect either to (i) cancel any such option and
receive in cash, with interest, the total amount of any savings and additional contributions accumulated in respect to such option, or (ii) pay to the Company the amount, if any, which is necessary to complete payment for the shares of Stock under
option based on the maximum amount that could be required to be paid for the Stock (determined by reference to its value on the date of grant). In the event such employee or his or her legal representative does not file a written election upon such
termination any outstanding option shall be treated as if an election had been filed pursuant to clause (i) above. 
  
 Upon the termination of an employee’s service with the Company and its subsidiaries for any other reason, any option held by him or her under the Plan shall terminate and all savings and additional contributions accumulated by
the employee in respect thereto shall be returned to him or her with interest, and he or she shall have no further rights under the Plan. 
  
 Section 13.    Employee’s Rights Not Transferable. 
 All employees granted options under the Plan shall
have the same rights and privileges, and each employee’s rights and privileges under the Plan shall be exercisable during his or her lifetime only by him or her and shall not be sold, pledged, assigned, or transferred in any manner other than
by will or the laws of descent and distribution. In the event any employee violates the terms of this Section, any options held by him or her may be terminated by the Company and upon return to the employee of any savings and additional
contributions accumulated by him or her in respect thereto, all his or her rights under the Plan shall terminate. 
  
 Section
14.    Employment Rights. 
  
 Nothing contained in the provisions of the Plan shall be
construed to give to any employee the right to be retained in the employ of the Company or any subsidiary or to interfere with the right of the Company or any subsidiary to discharge any employee at any time; nor shall it be construed to give the
Company or any subsidiary
 

 

 
the right to require any employee to remain in its employ or to interfere with an employee’s right to terminate his or her employment at any time. 
  
 Section 15.    Change in Capitalization. 
  
 In the event of any change in the outstanding Stock of the Company by reason of a stock dividend, split-up, recapitalization, merger, consolidation or other reorganization, the aggregate number and
class of shares available under the Plan and the number and class of shares under option but not exercised and the option price shall be appropriately adjusted; provided, however, that no such adjustment shall be made unless the Company shall be
satisfied that it will not constitute a modification of the options granted under the Plan or otherwise disqualify the Plan as an employee stock purchase plan under the provisions of Section 423 of the Code. 
  
 Section 16.    Administration of Plan. 
  
 The Plan shall be administered by the Company, which shall have the right to determine any questions that may arise regarding the interpretation and application of the provisions of the Plan and to
make, administer and interpret such rules and regulations as it shall deem necessary or advisable. 
  
 Section
17.    Amendment and Termination of Plan. 
  
 The Company reserves the right at any time or
times to amend the Plan to any extent and in any manner it may deem advisable by vote of its Board of Directors; provided, however, that any amendment relating to the aggregate number of shares which may be issued under the Plan (other than an
adjustment provided for in Section 15 hereof) or the employees (or class of employees) to receive options under the Plan shall not have any force or effect unless it shall have been approved within 12 months before or after its adoption by a
majority of the holders of voting stock of the Company voting in person or by proxy at a duly held meeting. 
  
 The
Company expects the Plan to remain in effect for the period specified in Section 1, but expressly reserves the right to withdraw, suspend or terminate the Plan prior to its normal expiration date. In connection with any such action, the Company may
either continue the options and provide that they will be exercisable at the end of the period as determined under Section 3 above or provide for the exercise of such options on such earlier date as the Company may specify (in which case such
earlier date will be treated as the last day that such option can be exercised under Section 3). 
  
 Section
18.    Approval of Stockholders. 
  
 The Plan shall not have any force or effect unless it
shall have been approved within 12 months before or after its adoption by the Board of Directors by a majority of the votes cast at a duly held stockholders’ meeting at which a quorum representing a majority of all outstanding Stock is, either
in person or by proxy, present and voting on the Plan. 
  
 Section 19.    Compliance with Code. 

 
 Notwithstanding any other provisions of the Plan: 
  
 No option shall be granted hereunder which could cause the Plan or any other options issued hereunder to fail to qualify under Section 423 of the Code. Without limiting the
foregoing, all employees granted options under the Plan shall have the same rights and privileges, subject to and consistent with the provisions of Section 423(b)(5) of the Code. 
  
 Any director of the Company or of a subsidiary who is not an employee of the Company or of a subsidiary, and any employee who immediately after the grant of an option to
him is determined (in accordance with the provisions of Sections 423 and 424(d) of the Code) to own Stock possessing 5% or more of the total combined voting power or value of all classes of Stock of the Company or of its parent or subsidiary
corporations, as defined in Section 424 of the Code, shall not be eligible to purchase Stock pursuant to the Plan. 

 

 No employee shall be granted an option under the Plan that would permit his rights to purchase shares of Stock under all
employee stock purchase plans of the Company and its parent and subsidiary corporations, as defined in Section 424 of the Code, to accrue at a rate that exceeds $25,000 in fair market value of such Stock (determined at the time the option is
granted) for each calendar year during which any such option granted to such employee is outstanding at any time. 
  
 Section
20.    Effective Date. 
  
 The effective date of the Plan shall be September 18, 2002.

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