Document:

EX 10.2

    EXHIBIT
      10.2

     

    NON-STATUTORY
      STOCK OPTION

     

    Granted
      by

     

    Novelos
      Therapeutics, Inc. (the
      “Company”)

     

    Under
      the
      2006 Stock Incentive Plan

     

     

    This
      Option is and shall be subject in every respect to the provisions of the
      Company’s 2006 Stock Incentive Plan, as amended from time to time, which is
      incorporated herein by reference and made a part hereof. The holder of this
      Option (the “Holder”) hereby accepts this Option subject to all the terms and
      provisions of the Plan and agrees that (a) in the event of any conflict between
      the terms hereof and those of the Plan, the latter shall prevail, and (b) all
      decisions under and interpretations of the Plan by the Board or the Committee
      shall be final, binding and conclusive upon the Holder and his or her heirs
      and
      legal representatives.

     

    
      	1.	
              Name
                of Holder:

            

    

     

    
      	2.	
              Date
                of Grant:

            

    

     

    
      	
              3.

            	
              Maximum
                Number of Shares for which
                this Option is
                exercisable:

            

    

     

    
      	
              4.

            	
              Exercise
                (purchase) price per share:

            

    

     

    
      	
              5.

            	
              Payment
                method: 

            

    

     

    a
      personal, certified or bank check or postal money order payable to the order
      of
      the Company for an amount equal to the exercise price of the shares being
      purchased; or

     

    with
      the
      consent of the Company, any of the other methods set forth in the
      Plan.

     

    
      	
              6.

            	
              Expiration
                Date of Option: 

            

    

     

    
      	
              7.

            	
              Vesting
                Schedule: This
                Option shall become exercisable for 1/3 of the maximum number of
                shares
                granted on the first anniversary of the Date of Grant, and shall
                become
                exercisable for an additional 1/3 on the last day of each year thereafter;
                so that the Option shall be fully vested on the third anniversary
                of the
                Date of Grant. All vesting shall cease upon the date of termination
                of
                employment or termination of the provision of
                services.

            

    

     

    Notwithstanding
      the foregoing, the vesting of this Option shall accelerate with respect to
      all
      of the then unvested shares upon a Termination Event.

     

    As
      used
      herein, a “Termination Event” shall mean either of the following events, but
      only if such event occurs within one year of a “Change of Control” (as defined
      in the Plan):

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (i) termination
      by the Company of the Holder’s employment or service relationship with the
      Company for any reason other than for “Cause,” as defined in the Plan; or

     

    (ii) the
      Holder’s resignation as an employee of, or service provider to, the Company ,
      other than for reasons of Disability (as defined in the Plan), following (x)
      a
      significant reduction in the nature or scope of the Holder’s duties,
      responsibilities, authority or powers, from the duties, responsibilities,
      authority or powers exercised by the Holder immediately prior to the Change
      of
      Control, or (y) a reduction in the Holder’s annual base salary (or base fees, as
      applicable) or benefits as in effect on the date of the Change of Control,
      except for across-the-board salary or benefits reductions affecting all
      similarly situated personnel of the Company, or (z) a transfer of the Holder
      from the office of the Company where he is based immediately before the Change
      of Control to an office more than twenty-five (25) miles away such office
      (unless the distance the Holder has to travel to work is actually shortened
      as a
      result of such transfer).

     

    For
      purposes of this Section 7, “Company” shall include any surviving entity, in the
      case of a merger or acquisition in which the Company is not the surviving
      entity.

     

    
      	
              8.

            	
              Termination
                of Employment or Provision of Services.  This
                Option shall terminate on the earliest to occur of:
                

            

    

     

    
      	
            	(i)	
              the
                date of expiration thereof;

            

    

     

    
      	 	
              (ii)

            	
              immediately
                upon termination of the Holder’s employment with, or provision of services
                to, the Company by the Company for Cause (as defined in the
                Plan);

            

    

     

    
      	 	
              (iii)

            	
              thirty
                (30) days
                after the date of voluntary termination of employment or provision
                of
                services by the Holder (other than upon death,or for Disability or
                Normal
                Retirement, each as defined in the Plan);

            

    

     

    
      	 	
              (iv)

            	
              ninety
                (90) days after
                the date of involuntary termination of the Holder’s employment with, or
                provision of services to, the Company by the Company without Cause
                (as
                defined in the Plan), or termination of the Holder’s employment or
                provision of services by reason of Disability or Normal Retirement
                (each
                as defined in the Plan); or

            

    

     

    
      	 	
              (v)

            	
              180
                days after the date of termination of the Holder’s employment with, or
                provision of services to, the Company by reason of
                death.

            

    

     

    
      	
              9.

            	
              Lock-Up
                Agreement. The
                Holder agrees for a period of up to 180 days from the effective date
                of
                any registration of securities of the Company under the Securities
                Act of
                1933, as amended (the “Securities Act”), upon request of the Company or
                underwriters managing any underwritten offering of the Company’s
                securities, not to sell, make any short sale of, loan, grant any
                option
                for the purchase of, or otherwise dispose of
                any

            

    

    

    
      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    

     

    shares
      issued pursuant to the exercise of this Option, without the prior written
      consent of the Company and such underwriters.

     

    
      	
              10.

            	
              Tax
                Withholding.
                The Company’s obligation to deliver shares shall be subject to the
                Holder’s satisfaction of any federal, state and local income and
                employment tax withholding
                requirements.

            

    

     

    
      	
              11.

            	
              Notice.
                Any
                notice to be given to the Company hereunder shall be deemed sufficient
                if
                addressed to the Company and delivered to the office of the Company,
                One
                Gateway Center, Suite 504, Newton, Massachusetts, 02458, attention
                of the
                president, or such other address as the Company may hereafter
                designate.

            

    

     

    Any
      notice to be given to the Holder hereunder shall be deemed sufficient if
      addressed to and delivered in person to the Holder at his or her address
      furnished to the Company or when deposited in the mail, postage prepaid,
      addressed to the Holder at such address.

     

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Option, or caused this Option
      to
      be executed, as of the Date of Grant.

     

    NOVELOS
      THERAPEUTICS, INC.

     

     

    By:
      ___________________________

     

     

    The
      undersigned Holder hereby acknowledges receipt of a copy of the Plan and this
      Option, and agrees to the terms of this Option and the Plan.

     

     

    ______________________________

    Holder

    
      
         

      

        -3-EX 10.3

    EXHIBIT
      10.3

     

     

    NON-STATUTORY
      STOCK OPTION

     

    Granted
      by

     

    Novelos
      Therapeutics, Inc. (the
      “Company”)

     

    Under
      the
      2006 Stock Incentive Plan

     

     

    This
      Option is and shall be subject in every respect to the provisions of the
      Company’s 2006 Stock Incentive Plan, as amended from time to time, which is
      incorporated herein by reference and made a part hereof. The holder of this
      Option (the “Holder”) hereby accepts this Option subject to all the terms and
      provisions of the Plan and agrees that (a) in the event of any conflict between
      the terms hereof and those of the Plan, the latter shall prevail, and (b) all
      decisions under and interpretations of the Plan by the Board or the Committee
      shall be final, binding and conclusive upon the Holder and his or her heirs
      and
      legal representatives.

     

    
      	1.	
              Name
                of Holder:

            

    

     

    
      	2.	
              Date
                of Grant:

            

    

     

    
      	
              3.

            	
              Maximum
                Number of Shares for which
                this Option is
                exercisable:

            

    

     

    
      	
              4.

            	
              Exercise
                (purchase) price per share:

            

    

     

    
      	
              5.

            	
              Payment
                method: 

            

    

     

    a
      personal, certified or bank check or postal money order payable to the order
      of
      the Company for an amount equal to the exercise price of the shares being
      purchased; or

     

    with
      the
      consent of the Company, any of the other methods set forth in the
      Plan.

     

    
      	
              6.

            	
              Expiration
                Date of Option: 

            

    

     

    
      	
              7.

            	
              Vesting
                Schedule: This
                Option shall become exercisable for 1/8 of the maximum number of
                shares
                granted on the three-month anniversary of the Date of Grant, and
                shall
                become exercisable for an additional 1/8 on the last day of each
                three
                month period thereafter; so that the Option shall be fully vested
                on the
                second anniversary of the Date of Grant. All vesting shall cease
                upon the
                date of termination of services as a
                Director.

            

    

     

    Notwithstanding
      the foregoing, the vesting of this Option shall accelerate with respect to
      all
      of the then unvested shares upon a Termination Event.

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    As
      used
      herein, a “Termination Event” shall mean the following events, but only if such
      event occurs within one year of a “Change of Control” (as defined in the
      Plan):

     

    (i) termination
      by the Company of the Holder’s services as a Director for any reason other than
      for “Cause,” as defined in the Plan; or 

     

    (i) the
      failure of the Company to reelect the Holder as a Director, for any reason
      other
      than for “Cause,” as defined in the Plan;

     

    For
      purposes of this Section 7, “Company” shall include any surviving entity, in the
      case of a merger or acquisition in which the Company is not the surviving
      entity.

     

    
      	
              8.

            	
              Termination
                of Services.  This
                Option shall terminate on the earliest to occur of:
                

            

    

     

    
      	
            	(i)	
              the
                date of expiration thereof;

            

    

     

    
      	 	
              (ii)

            	
              immediately
                upon termination of the Holder’s services as a Director by the Company for
                Cause (as defined in the Plan);

            

    

     

    
      	 	
              (iii)

            	
              thirty
                (30) days
                after the date of voluntary termination of services as a Director
                by the
                Holder (other than upon death,or for Disability or Normal Retirement,
                each
                as defined in the Plan); 

            

    

     

    
      	 	
              (iv)

            	
              ninety
                (90) days after
                the date of involuntary termination of the Holder’s services as a Director
                to the Company by the Company without Cause (as defined in the Plan),
                or
                termination of the Holder’s services by reason of Disability or Normal
                Retirement (each as defined in the Plan);
                or

            

    

     

    
      	 	
              (v)

            	
              180
                days after the date of termination of the Holder’s services as a Director
                by reason of death.

            

    

     

    
      	
              9.

            	
              Lock-Up
                Agreement. The
                Holder agrees for a period of up to 180 days from the effective date
                of
                any registration of securities of the Company under the Securities
                Act of
                1933, as amended (the “Securities Act”), upon request of the Company or
                underwriters managing any underwritten offering of the Company’s
                securities, not to sell, make any short sale of, loan, grant any
                option
                for the purchase of, or otherwise dispose of any shares issued pursuant
                to
                the exercise of this Option, without the prior written consent of
                the
                Company and such underwriters.

            

    

     

    
      	
              10.

            	
              Tax
                Withholding.
                The Company’s obligation to deliver shares shall be subject to the
                Holder’s satisfaction of any federal, state and local income and
                employment tax withholding
                requirements.

            

    

     

    
      	
              11.

            	
              Notice.
                Any
                notice to be given to the Company hereunder shall be deemed sufficient
                if
                addressed to the Company and delivered to the office of the Company,
                One
                Gateway Center, Suite 504, Newton, Massachusetts, 02458, attention
                of the
                president, or such other address as the Company may hereafter
                designate.

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    Any
      notice to be given to the Holder hereunder shall be deemed sufficient if
      addressed to and delivered in person to the Holder at his or her address
      furnished to the Company or when deposited in the mail, postage prepaid,
      addressed to the Holder at such address.

     

    IN
      WITNESS WHEREOF, the parties have executed this Option, or caused this Option
      to
      be executed, as of the Date of Grant.

     

    NOVELOS
      THERAPEUTICS, INC.

     

     

    By:
      ___________________________

    
 

    The
      undersigned Holder hereby acknowledges receipt of a copy of the Plan and this
      Option, and agrees to the terms of this Option and the Plan.

     

    

     

    ______________________________

    Holder

    
      
         

      

        -3-

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