Document:

Form of Incentive Stock Option Agreement for 1998 Stock Option Plan

 Exhibit 10.2 
  
 GLYCOGENESYS, INC. 
  
 OPTION TO PURCHASE SHARES OF COMMON STOCK 
  
 INCENTIVE STOCK OPTION 
  

			
	_______________________	 	___________________
	NUMBER OF SHARES	 	DATE

  
 GlycoGenesys, Inc.
(the “Company”) hereby grants to
                                        
(the “Optionee”) an Option to purchase, prior to a date ten years from the date hereof (the “Expiration Date”) all or any part of              shares of
Common Stock, $0.01 par value (the “Common Stock”), of the Company (the “Option Shares”), at a price of $         per share (the “Option Price”), subject to the terms and
conditions set forth herein. This Option is issued pursuant to the SafeScience, Inc. 1998 Stock Option Plan (the “Plan”) and is subject to all the terms and conditions of the Plan. This Option is intended to qualify as an Incentive Stock
Option within the meaning of the Plan, but it is understood that the Company makes no warranty as to such qualification. 
  
 1. Vesting. 
  
 (a) This Option shall become vested and exercisable
                                        .

  
 (b) Upon the occurrence of a Merger (as defined in Section 6),
the Committee may determine, in its sole discretion, that all or a portion of the Option shall become vested and exercisable, either upon the Merger or at such other time or times as the Committee determines. 
  
 2. Exercise Requirements. If fewer than the number of Option Shares then available for
purchase pursuant to this Option are purchased at any time under this Option, the Optionee may purchase the remaining Option Shares up until the Expiration Date. The Option shall not be exercisable for fractional shares. 
  
 3. Termination of Employment, Disability or Death. 
  
 (a) Except as provided below, this Option may only be exercised while the
Optionee is employed by, or providing service to, the Company, as an employee, member of the Board or advisor or consultant. In the event that the Optionee ceases to be employed by, or provide service to, the Company for any reason other than
Disability (as defined in Paragraph (e) below), death or termination for Cause (as defined in Paragraph (e) below), the portion of this Option which is otherwise exercisable shall terminate unless exercised within 90 days after the date on which the
Optionee ceases to be employed by, or provide service to, the Company, but in any event no later than the Expiration Date. Except as otherwise provided by the Committee, the portion of this Option which is not otherwise exercisable as of the date on
which the Optionee ceases to be employed by, or provide service to, the Company shall terminate as of such date. 

 (b) In the event the Optionee ceases to be employed by, or provide service to, the Company on account of
a termination for Cause by the Company, this Option shall terminate as of the date the Optionee ceases to be employed by, or provide service to, the Company. In addition, notwithstanding any other provisions of this Section 3, if the Committee
determines that the Optionee has engaged in conduct that constitutes Cause at any time while the Participant is employed by, or providing service to, the Company, or after the Participant’s termination of employment or service, this Option
shall immediately terminate. In the event the Committee determines that the Optionee has engaged in conduct that constitutes Cause, in addition to the immediate termination of this Option, the Optionee shall automatically forfeit all Option Shares
underlying any exercised portion of this Option for which the Company has not yet delivered the share certificates, upon refund by the Company of the Option Price paid by the Optionee for such shares (subject to any right of setoff by the Company).

  
 (c) In the event the Optionee ceases to be employed by, or
provide service to, the Company because the Optionee is Disabled, the portion of this Option which is otherwise exercisable by the Optionee shall terminate unless exercised within one year after the date on which the Optionee ceases to be employed
by, or provide service to, the Company, but in any event no later than the Expiration Date. 
  
 (d) If the Participant dies while employed by, or providing service to, the Company, the portion of the Option which is otherwise exercisable by the Optionee shall terminate unless exercised within one year after the
date on which the Optionee ceases to be employed by, or provide service to, the Company, but in any event no later than the Expiration Date. 
  
 (e) For purposes of this Section 6(e): 
  
 (i) The term “Company” shall mean the Company and its subsidiary corporations. 
  
 (ii) “Disability” or “Disabled” shall mean the Optionee becoming disabled within the meaning of Section
22(e)(3) of the Code. 
  
 (iii) “Cause” shall mean,
except to the extent specified otherwise by the Committee, a finding by the Committee that the Optionee has breached any provision of his or her terms of employment or service contract with the Company, including without limitation covenants against
competition, or has engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment or service, or has disclosed trade secrets or
confidential information of the Company to persons not entitled to receive such information. 
  

 -2- 

 4. Manner of Exercise. 
  

(a) To the extent this Option is exercisable, it may be exercised in the following manner: From time to time prior to the Expiration Date, the Optionee
may give written notice to the Company of the Optionee’s election to purchase some or all of the Option Shares then vested hereunder. Said notice shall specify the number of shares to be purchased and shall be accompanied by payment therefor in
cash or in shares of Common Stock, valued at their fair market value on the date of exercise determined in good faith by the Board of Directors or a committee thereof. If Common Stock is publicly traded, the Committee, in its discretion, may also
permit you to pay the Option Price in cash by delivering to the Company a copy of irrevocable instructions to a broker to deliver promptly to the Company an amount of sale or loan proceeds. No certificates for the shares so purchased shall be issued
to the Optionee until the Company has completed all steps required by law or under the Articles of Incorporation of the Company to be taken in connection with the issuance and sale of the shares, including without limitation, if said shares have not
been registered under the Securities Act of 1933, as amended, receipt of a representation from the Optionee upon each exercise of this Option that he is purchasing the shares for his own account and not with a view to any resale or distribution
thereof, legending of any certificate representing said shares, and the imposition of a stop transfer order with respect thereto to prevent a resale or distribution in violation of Federal or State securities law. If requested upon the exercise of
this Option, certificates may be issued in the name of the Optionee jointly with another person with rights of survivorship or in the name of the executor or administrator of his estate, and the foregoing representations shall be modified
accordingly. 
  
 (b) It shall be a condition to the Company’s
obligation to deliver Common Stock upon exercise of any portion of this Option that the Optionee pay, or make provisions satisfactory to the Company, for the payment of any taxes which the Company or any subsidiary is obligated to withhold or
collect with respect to such exercise or otherwise with respect to the Option. 
  
 5. Transferability. 
  
 Except as provided in
Section 6, this Option is personal to the Optionee, is not transferable by the Optionee in any manner, whether by operation of law or otherwise, and is exercisable, during the Optionee’s lifetime, only by the Optionee. 
  
 6. Effect of Certain Transactions. 
  
 If the Company is merged into or consolidated with another corporation under
circumstances where the Company is not the surviving corporation, or if the Company is liquidated or sells or otherwise disposes of all or substantially all its assets to another corporation (any such transaction is referred to in this Paragraph 6
as a “Merger”) while this Option remains outstanding, then (i) after the effective date of such Merger, the holder of this Option shall be entitled, upon exercise of such Option, to receive in lieu of shares of Common Stock, shares of such
stock or other securities as the holders of shares of Common Stock received pursuant to the 
  

 -3- 

 terms of the Merger; and (ii) this Option may be cancelled by the Board as of the effective date of any such Merger
provided that notice of such cancellation shall be given to the Optionee not less than thirty days prior to the effective date of such Merger. 
  
 7. Miscellaneous. 
  
 (a) Any notices given hereunder shall be hand delivered or mailed by first class mail, postage prepaid, to the Company at its principal place of business
at 31 St. James Avenue, Boston, MA 02116, or to the Optionee at his address set forth in the records of the Company, or in either case to such address as either party may subsequently furnish to the other in writing. 
  
 (b) The exercise of this Option and the delivery of Option Shares hereunder
will be subject to the completion of any registration or qualification of the Options or the Option Shares under state or federal securities laws, the requirements of any stock exchange or similar organization, or under any ruling or regulation of
any governmental body or national securities exchange that the Company determines to be applicable. 
  
 (c) This Agreement is made pursuant to the Plan and is subject to all the terms and provisions of the Plan as if the same were fully set forth herein.
Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan. 
  
 (d) The Optionee shall not be, nor have any of the rights or privileges of, a holder of Common Stock in respect of any Option Shares purchasable upon the
exercise of this Option, including any rights regarding voting or payment of dividends, unless and until a certificate representing such Option Shares has been delivered to the Optionee. 
  
 (e) This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

  
 (f) The parties agree to execute such additional documents or
instruments and to take such further actions as may be reasonably necessary to effectuate the intent of this Agreement. 
  
 (g) This Agreement may be executed in one or more counterparts each of which shall be deemed an original and all of which together shall constitute a
single instrument. 
  
 (h) In the event that any term of this
Agreement is held invalid, illegal or unenforceable in whole or in part, the remainder of this Agreement and of such term shall be unaffected thereby. 
  
 (i) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors, heirs and assigns. 
  
 (j) It is the intent of parties hereto that this Option be classified as an
“incentive stock option” within the meaning of Section 422(b) of the Code, and that any ambiguities in construction shall be interpreted in order to effectuate such intent. 
  

 -4- 

 (k) The Optionee shall also reimburse the Company for any withholding tax liability incurred by reason or
a disqualifying disposition (within the meaning of Section 421(b)) of the Code. 
  
 (l) The Participant agrees to notify the Company in the event the Optionee disposes of the Option Shares within two years after the grant of the Option or within one year after the date of exercise of this Option.

  
 IN WITNESS WHEREOF, the parties have hereunto set their hands
and seals as of the date first above written. 
  
 GLYCOGENESYS, INC. 

 

					
	By	 	  

	 	

	 	 	 	 	Optionee

  

 -5-Form of Non-Qualified Stock Option Agreement for 2000 Stock Incentive Plan

 Exhibit 10.3 
  
 NONQUALIFIED STOCK OPTION AGREEMENT 
 GLYCOGENESYS, INC. 
 2000 STOCK INCENTIVE PLAN 
  

	
	__________________________________

  
 [Name of Employee or Outside
Director] 
 [Title] 
  
 Dear [                    ]: 
  
 This Agreement confirms the grant of an option to you effective
                     (the “Effective Date”) under the GlycoGenesys, Inc. 2000 Stock Incentive Plan (the “Plan”), upon the
terms and conditions described herein. A copy of the Plan is being furnished to you concurrently with the execution of this Agreement. 
  
 1. Grant of Option. 
  
 (a) Pursuant to action of the Committee under the Plan, GlycoGenesys, Inc. (the “Company”) hereby grants to you an option to purchase
(hereinafter called the “Option”), subject to the terms and conditions hereinafter set forth, an aggregate of                  shares of the Common
Stock of the Company (the “Shares”) at a per share purchase price equal to              dollars ($        ) (the
“Exercise Price”). The Option shall constitute a Nonqualified Stock Option within the meaning of the Plan. This grant is a matter of separate inducement and is not in lieu of salary or other compensation for your services 
  
 (b) The number of shares under the Option and the Exercise Price shall be
adjusted by the Committee, and you shall be entitled to such adjustment, upon the occurrence of any event described in Section 11 of the Plan. An equitable adjustment shall be determined by the Committee in good faith. 
  
 2. Vesting and Exercisability. 
  
 (a) Unless accelerated under paragraph (b) below, this Option shall become
fully vested and exercisable as follows: 
  
                      of the Shares shall become vested and exerciseable each
                 from the Effective Date. 
  
 (b) Upon the occurrence of a Change in Control of the Corporation as defined in the Plan, the Option shall become fully vested and immediately exercisable
with respect to all of the Shares. 

 3. Exercise Requirements and Term. 
  
 (a) If fewer than the number of Shares then available for purchase pursuant to the Option are purchased at any time under
this Agreement, you may purchase the remaining Shares at any subsequent time during the term of the Option. The Option shall not be exercised for fractional shares. Notation of any partial exercise will be made by the Company on Schedule 1 hereto.

  
 (b) The Option is exercisable by you only while you are in the
employ of, or providing service to, the Company or its subsidiaries as an employee, member of the Board or independent consultant, except as otherwise provided in the Plan. 
  
 (c) The term of the Option shall also expire, and it shall cease to be exercisable, on the tenth anniversary of the
Effective Date. 
  
 4. Method of Exercise and Payment.

  
 (a) Exercise of the Option shall be by written notice, in a
form substantially as attached to this Agreement as Schedule A, delivered or mailed to the Secretary of the Company at its principal office and specifying the number of Shares as to which the Option is being exercised and identifying the Option by
date of grant. Such notice shall be accompanied by the full amount of the Exercise Price for the Shares to be purchased in cash or by certified check, or by delivery of whole shares of Common Stock owned by you for at least six months
(“Optionee Stock”) in full or partial payment of the Exercise Price. You will receive a credit against the purchase price of the Shares as to which the Option is being exercised equal to the Fair Market Value of such Optionee Stock as of
the close of the business day immediately preceding the date of delivery of the notice of election to exercise the Option. Any Optionee Stock being delivered must be accompanied by a duly executed assignment to the Company in blank or with stock
powers attached, together with a written representation that such shares of Optionee Stock are owned by you free and clear of all liens, claims and encumbrances and such other representations as the Company shall determine. Only whole shares of
Optionee Stock with a Fair Market Value up to, but not exceeding, the Exercise Price of the Shares as to which the Option is being exercised will be accepted hereunder. Delivery of the Shares of Optionee Stock may be made at the office of the
Company or at the offices of the transfer agent appointed for the transfer of shares of the Company. The Committee may, in its discretion, refuse to accept any tendered payment in the form of Shares, in which case it shall deliver the tender back to
you and notify you of its refusal. In order to preserve your rights under any Option, you must, within three business days after such notification, tender to the Company the cash or certified check required to pay for the Shares with respect to
which such Option is being exercised. If Common Stock is publicly traded, the Committee, in its discretion, may also permit you to pay the Exercise Price in cash by delivering to the Company a copy of irrevocable instructions to a broker to deliver
promptly to the Company an amount of sale or loan proceeds. 
  
 (b) It shall be a condition to the Company’s obligation to deliver Common Shares upon exercise of any portion of the Option that you pay, or make provisions satisfactory to the Company, for the payment of any taxes which the Company or
any subsidiary is obligated to withhold or collect with respect to such exercise or otherwise with respect to the Option. 
  

 2 

 5. Transferability. Except as provided below, your rights under the Option may not be transferred
or encumbered by you, except by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order (as defined in Section 414(p) of the Code), and this Option may be only exercised by you during your lifetime. You may
transfer your rights under the Option as a gift to family members, one or more trusts for the benefit of family members, or one or more partnerships of which family members are the only partners, if such a transfer is approved by the Committee and
you receive no consideration for the transfer and the transferred Option remains subject to the same terms and conditions as were applicable immediately before the transfer. 
  
 6. Registration. The exercise of this Option and the delivery of Shares hereunder will be subject to the completion
of any registration or qualification of the Options or the Shares under state or federal securities laws, the requirements of any stock exchange or similar organization, or under any ruling or regulation of any governmental body or national
securities exchange that the Company determines to be applicable. 
  
 7. Incorporation of Plan Provisions. This Agreement is made pursuant to the Plan and is subject to all the terms and provisions of the Plan as if the same were fully set forth herein. Capitalized terms not otherwise defined herein
shall have the meanings set forth for such terms in the Plan. 
  
 8. Shareholder Rights. You shall not be, nor have any of the rights or privileges of, a holder of Common Stock in respect of any Shares purchasable upon the exercise of the Option, including any rights regarding voting or payment of
dividends, unless and until a certificate representing such Shares has been delivered to you. 
  
 9. Miscellaneous. This Agreement: (a) shall be binding upon and inure to the benefit of any successor of the Company and your successors, assigns and estate, including your executors, administrators and
trustees; (b) shall be governed by the laws of the Commonwealth of Massachusetts and any applicable laws of the United States; and (c) may not be amended except in writing and signed by both parties hereto. 
  
 It is your intent and that of the Company that this Option is not classified
as an “incentive stock option” within the meaning of Section 422(b) of the Code, and that any ambiguities in construction shall be interpreted in order to effectuate such intent. 
  

 3 

 To confirm your acceptance of the foregoing, please sign and return one copy of this Agreement to
                                , Secretary, GlycoGenesys, Inc. 
  

					
	 	 	GLYCOGENESYS, INC.
			
	 	 	By:	 	  

	ACCEPTED AND AGREED:	 	 	 	 
			
	
	 	 	 	 

  
 Date:                     
  

 4 

 SCHEDULE A 
  
 NONQUALIFIED STOCK OPTION EXERCISE FORM 
  

	
	__________________________________
	 (Date)

  
 GlycoGenesys, Inc. 

31 Saint James Avenue - 8th Floor 
 Boston, Massachusetts 02216 

 
 Attention:
                , Secretary 
  
 Dear Sir/Madam: 
  
 The undersigned elects to exercise the Option to purchase              shares of the
Common Stock of GlycoGenesys, Inc. (the “Company”) under and pursuant to the Nonqualified Stock Option Agreement (the “Agreement”) between the Company and the undersigned dated as of
                . 
  
 Delivered herewith in payment of the option price is: [(1)] a certified check in the amount of
$                ; [and/or (2)] certificates for      shares of common stock of the Company, valued at
$                 with appropriate stock powers attached thereto, which shares have been owned by the undersigned for at least six months and are free and clear
of all liens, claims and encumbrances.] 
  
 I hereby
authorize the Company or any subsidiary corporation by which I am employed to withhold from any cash compensation paid to me, or in my behalf, an amount sufficient to discharge any Federal, State and local wage withholding taxes imposed on the
Company, or the subsidiary corporation by which I am employed, in respect of my exercise of the Option. I agree that the Company, or the subsidiary corporation by which I am employed, may, in its discretion, hold the stock certificate to which I am
entitled upon exercise of the Option, as security for the payment of the aforementioned withholding tax liability, until cash sufficient to pay that liability has been accumulated. 
  

	
	

	Optionee

 SCHEDULE 1 
 NOTATION AS TO PARTIAL EXERCISE 
  

									
	 Date of
 Exercise

	 	 Number of
 Shares
 Purchased

	 	 Balance of
 Shares on
 Option

	  	 Company Secretary
 or Ass’t. Secretary
 Signature

	  	 Notation
 Date

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