Document:

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                                                                   Exhibit 10.03
                                 ACUSPHERE, INC.

                        2003 EMPLOYEE STOCK PURCHASE PLAN

ARTICLE 1 - PURPOSE.

      This 2003 Employee Stock Purchase Plan (the "Plan") is intended to
encourage stock ownership by all eligible employees of Acusphere, Inc. (the
"Company"), a Delaware corporation, and its participating subsidiaries (as
defined in Article 17) so that they may share in the growth of the Company by
acquiring or increasing their proprietary interest in the Company. The Plan is
designed to encourage eligible employees to remain in the employ of the Company
and its participating subsidiaries. The Plan is intended to constitute an
"employee stock purchase plan" within the meaning of Section 423(b) of the
Internal Revenue Code of 1986, as amended (the "Code"). Purchase options are to
be granted under the Plan only to employees of the Company or its subsidiaries
as provided in Article 3.

ARTICLE 2 - ADMINISTRATION OF THE PLAN.

      The Plan may be administered by a committee appointed by the Board of
Directors of the Company (the "Committee"). The Committee shall consist of not
less than two members of the Company's Board of Directors. The Board of
Directors may from time to time remove members from, or add members to, the
Committee. Vacancies on the Committee, howsoever caused, shall be filled by the
Board of Directors. The Committee may select one of its members as Chairperson,
and shall hold meetings at such times and places as it may determine. Acts by a
majority of the Committee, or acts reduced to or approved in writing by a
majority of the members of the Committee, shall be the valid acts of the
Committee.

      The interpretation and construction by the Committee of any provisions of
the Plan or of any purchase option granted under it shall be final, unless
otherwise determined by the Board of Directors. The Committee may from time to
time adopt such rules and regulations for carrying out the Plan as it may deem
best, provided that any such rules and regulations shall be applied on a uniform
basis to all employees under the Plan. No member of the Board of Directors or
the Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any purchase option granted under it.

      In the event the Board of Directors fails to appoint or refrains from
appointing a Committee, the Board of Directors shall have all power and
authority to administer the Plan. In such event, the word "Committee" wherever
used herein shall be deemed to mean the Board of Directors.

ARTICLE 3 - ELIGIBLE EMPLOYEES.

      All employees of the Company or any of its participating subsidiaries
whose customary employment is more than 20 hours per week and for more than five
months in any calendar

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year shall be eligible to receive purchase options under the Plan to purchase
common stock of the Company, and all eligible employees shall have the same
rights and privileges hereunder. Persons who are eligible employees on the first
business day of any Payment Period (as defined in Article 5) shall receive their
purchase options as of such day. Persons who become eligible employees after any
date on which purchase options are granted under the Plan shall be granted
purchase options on the first day of the next succeeding Payment Period on which
purchase options are granted to eligible employees under the Plan. In no event,
however, may an employee be granted a purchase option if such employee,
immediately after the purchase option was granted, would be treated as owning
stock possessing five percent or more of the total combined voting power or
value of all classes of stock of the Company or of any parent corporation or
subsidiary corporation, as the terms "parent corporation" and "subsidiary
corporation" are defined in Section 424(e) and (f) of the Code. For purposes of
determining stock ownership under this paragraph, the rules of Section 424(d) of
the Code shall apply, and stock which the employee may purchase under
outstanding purchase options shall be treated as stock owned by the employee.

ARTICLE 4 - STOCK SUBJECT TO THE PLAN.

      The stock subject to the purchase options under the Plan shall be shares
of the Company's authorized but unissued common stock, par value $0.01 per share
(the "Common Stock"), or shares of Common Stock reacquired by the Company,
including shares purchased in the open market. The aggregate number of shares
which may be issued pursuant to the Plan is one million four hundred thousand
(1,400,000), subject to adjustment as provided in Article 12. If any purchase
option granted under the Plan shall expire or terminate for any reason without
having been exercised in full or shall cease for any reason to be exercisable in
whole or in part, the unpurchased shares subject thereto shall again be
available under the Plan.

ARTICLE 5 - PAYMENT PERIOD AND PURCHASE OPTIONS.

      The first Payment Period during which payroll deductions will be
accumulated under the Plan shall commence on the effective date of the
registration statement on Form S-1 registering the shares to be offered in the
initial public offering of the Common Stock (the "Offering") and shall end on
February 29, 2004 (the "First Payment Period"). For the remainder of the
duration of the Plan, Payment Periods shall consist of the six-month periods
commencing on September 1 and March 1 and ending on the last days of February
and August of each calendar year.

      Twice each year, on the first business day of each Payment Period, the
Company will grant to each eligible employee who is then a participant in the
Plan a purchase option to purchase on the last day of such Payment Period, at
the Option Price hereinafter provided for, a maximum of 2,500 shares, on
condition that such employee remains eligible to participate in the Plan
throughout the remainder of such Payment Period. The participant shall be
entitled to exercise the purchase option so granted only to the extent of the
participant's accumulated payroll deductions on the last day of such Payment
Period. If the participant's accumulated payroll deductions on the last day of
the Payment Period would enable the participant to purchase more than 2,500
shares except for the 2,500-share limitation, the excess of the amount of the
accumulated payroll deductions over the aggregate purchase price of the 2,500
shares shall be

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promptly refunded to the participant by the Company, without interest. The
Option Price per share for each Payment Period shall be the lesser of (i) 85% of
the average market price of the Common Stock on the first business day of the
Payment Period and (ii) 85% of the average market price of the Common Stock on
the last business day of the Payment Period, in either event rounded up to the
nearest cent. The foregoing limitation on the number of shares subject to
purchase option and the Option Price shall be subject to adjustment as provided
in Article 12.

      For purposes of the Plan, the term "average market price" on any date
means (i) the average (on that date) of the high and low prices 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; or
(ii) the last reported sale price (on that date) of the Common Stock on the
NASDAQ National Market, if the Common Stock is not then traded on a national
securities exchange; or (iii) the average of the closing bid and asked prices
last quoted (on that date) by an established quotation service for
over-the-counter securities, if the Common Stock is not reported on the NASDAQ
National Market; or (iv) if the Common Stock is not publicly traded, the fair
market value of the Common Stock as determined by the Committee after taking
into consideration all factors which it deems appropriate, including, without
limitation, recent sale and offer prices of the Common Stock in private
transactions negotiated at arm's length. Notwithstanding the foregoing, the
"average market price" of Common Stock on the first business day of the First
Payment Period shall equal the price per share at which the Common Stock is sold
to the underwriters in the Offering, without regard to any applicable discounts
or commissions provided to such underwriters.

      For purposes of the Plan, the term "business day" means a day on which
there is trading on the NASDAQ National Market or the aforementioned national
securities exchange, whichever is applicable pursuant to the preceding
paragraph; and if neither is applicable, a day that is not a Saturday, Sunday or
legal holiday in the Commonwealth of Massachusetts.

      No employee shall be granted a purchase option which permits the
employee's right to purchase stock under the Plan, and under all other Section
423(b) employee stock purchase plans of the Company and any parent or subsidiary
corporations, to accrue at a rate which exceeds $25,000 of fair market value of
such stock (determined on the date or dates that purchase options on such stock
were granted) for each calendar year in which such purchase option is
outstanding at any time. The purpose of the limitation in the preceding sentence
is to comply with Section 423(b)(8) of the Code. If the participant's
accumulated payroll deductions on the last day of the Payment Period would
otherwise enable the participant to purchase Common Stock in excess of the
Section 423(b)(8) limitation described in this paragraph, the excess of the
amount of the accumulated payroll deductions over the aggregate purchase price
of the shares actually purchased shall be promptly refunded to the participant
by the Company, without interest.

ARTICLE 6 - EXERCISE OF PURCHASE OPTION.

      Each eligible employee who continues to be a participant in the Plan on
the last day of a Payment Period shall be deemed to have exercised his or her
purchase option on such date and shall be deemed to have purchased from the
Company such number of full shares of Common

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Stock reserved for the purpose of the Plan as the participant's accumulated
payroll deductions on such date will pay for at the Option Price, subject to the
2,500-share limit of the purchase option and the Section 423(b)(8) limitation
described in Article 5. If the individual is not a participant on the last day
of a Payment Period, he or she shall not be entitled to exercise his or her
purchase option. Only full shares of Common Stock may be purchased under the
Plan. Unused payroll deductions remaining in a participant's account at the end
of a Payment Period by reason of the inability to purchase a fractional share
shall be carried forward to the next Payment Period.

ARTICLE 7 - AUTHORIZATION FOR ENTERING THE PLAN.

      An employee may elect to enter the Plan by filling out, signing and
delivering to the Company an authorization:

                  A.       Stating the percentage to be deducted regularly from
      the employee's pay;

                  B.       Authorizing the purchase of stock for the employee in
      each Payment Period in accordance with the terms of the Plan; and

                  C.       Specifying the exact name or names in which stock
      purchased for the employee is to be issued as provided under Article 11
      hereof.

Such authorization must be received by the Company before the first day of the
next succeeding Payment Period and shall take effect only if the employee is an
eligible employee on the first business day of such Payment Period, provided,
however, that with respect to the First Payment Period, a purchase option shall
be granted to each eligible employee and such authorization to participate in
the plan must be received no more than three weeks following the first day of
the First Payment Period.

      Unless a participant files a new authorization or withdraws from the Plan,
the deductions and purchases under the authorization the participant has on file
under the Plan will continue from one Payment Period to succeeding Payment
Periods as long as the Plan remains in effect.

      The Company will accumulate and hold for each participant's account the
amounts deducted from his or her pay. No interest will be paid on these amounts.

ARTICLE 8 - MAXIMUM AMOUNT OF PAYROLL DEDUCTIONS.

      An employee may authorize payroll deductions in an amount (expressed as a
whole percentage or fixed amount) not more than ten percent (10%) of the
employee's total compensation, including base pay or salary and any overtime,
bonuses or commissions.

ARTICLE 9 - CHANGE IN PAYROLL DEDUCTIONS.

      Deductions may not be increased or decreased during a Payment Period.
However, a participant may withdraw in full from the Plan.

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ARTICLE 10 - WITHDRAWAL FROM THE PLAN.

      A participant may withdraw from the Plan (in whole but not in part) at any
time prior to the last day of a Payment Period by delivering a withdrawal notice
to the Company.

      To re-enter the Plan, an employee who has previously withdrawn must file a
new authorization before the first day of the next Payment Period in which he or
she wishes to participate. The employee's re-entry into the Plan becomes
effective at the beginning of such Payment Period, provided that he or she is an
eligible employee on the first business day of the Payment Period.

ARTICLE 11 - ISSUANCE OF STOCK.

      Certificates for stock issued to participants shall be delivered as soon
as practicable after each Payment Period by the Company's transfer agent.
Certificates may be issued in paper or electronic form at the discretion of the
Company.

      Stock purchased under the Plan shall be issued only in the name of the
participant, or if the participant's authorization so specifies, in the name of
the participant.

ARTICLE 12 - ADJUSTMENTS.

      Upon the happening of any of the following described events subsequent to
the close of the Offering, a participant's rights under purchase options granted
under the Plan shall be adjusted as hereinafter provided:

                  A.       In the event that the shares of Common Stock shall be
      subdivided or combined into a greater or smaller number of shares or if,
      upon a reorganization, split-up, liquidation, recapitalization or the like
      of the Company, the shares of Common Stock shall be exchanged for other
      securities of the Company, each participant shall be entitled, subject to
      the conditions herein stated, to purchase such number of shares of Common
      Stock or amount of other securities of the Company as were exchangeable
      for the number of shares of Common Stock that such participant would have
      been entitled to purchase except for such action, and appropriate
      adjustments shall be made in the purchase price per share to reflect such
      subdivision, combination or exchange; and

                  B.       In the event the Company shall issue any of its
      shares as a stock dividend upon or with respect to the shares of stock of
      the class which shall at the time be subject to a purchase option
      hereunder, each participant upon exercising such a purchase option shall
      be entitled to receive (for the purchase price paid upon such exercise)
      the shares as to which the participant is exercising his or her purchase
      option and, in addition thereto (at no additional cost), such number of
      shares of the class or classes in which such stock dividend or dividends
      were declared or paid, and such amount of cash in lieu of fractional
      shares, as is equal to the number of shares thereof and the amount of cash
      in lieu of fractional shares, respectively, which the participant would
      have received if the participant had been the

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      holder of the shares as to which the participant is exercising his or her
      purchase option at all times between the date of the granting of such
      purchase option and the date of its exercise.

      Upon the happening of any of the foregoing events, the class and aggregate
number of shares set forth in Article 4 hereof which are subject to purchase
options which have been or may be granted under the Plan and the limitations set
forth in the second paragraph of Article 5 shall also be appropriately adjusted
to reflect the events specified in paragraphs A and B above. Notwithstanding the
foregoing, any adjustments made pursuant to paragraphs A or B shall be made only
after the Committee, based on advice of counsel for the Company, determines
whether such adjustments would constitute a "modification" (as that term is
defined in Section 424 of the Code). If the Committee determines that such
adjustments would constitute a modification, it may refrain from making such
adjustments.

      If the Company is to be consolidated with or acquired by another entity in
a merger, a sale of all or substantially all of the Company's assets or
otherwise (an "Acquisition"), the Committee or the board of directors of any
entity assuming the obligations of the Company hereunder (the "Successor Board")
shall, with respect to purchase options then outstanding under the Plan, either
(i) make appropriate provision for the continuation of such purchase options by
arranging for the substitution on an equitable basis for the shares then subject
to such purchase options either (a) the consideration payable with respect to
the outstanding shares of the Common Stock in connection with the Acquisition,
(b) shares of stock of the successor corporation, or a parent or subsidiary of
such corporation, or (c) such other securities as the Successor Board deems
appropriate, the fair market value of which shall not materially exceed the fair
market value of the shares of Common Stock subject to such purchase options
immediately preceding the Acquisition; or (ii) terminate each participant's
purchase options in exchange for a cash payment equal to the excess of (a) the
fair market value on the date of the Acquisition, of the number of shares of
Common Stock that the participant's accumulated payroll deductions as of the
date of the Acquisition could purchase, at a purchase option price determined
with reference only to the first business day of the applicable Payment Period
and subject to the 2,500-share, Code Section 423(b)(8) and fractional-share
limitations on the amount of stock a participant would be entitled to purchase,
over (b) the result of multiplying such number of shares by such purchase option
price.

      The Committee or Successor Board shall determine the adjustments to be
made under this Article 12, and its determination shall be conclusive.

ARTICLE 13 - NO TRANSFER OR ASSIGNMENT OF EMPLOYEE'S RIGHTS.

      A purchase option granted under the Plan may not be transferred or
assigned and may be exercised only by the participant.

ARTICLE 14 - TERMINATION OF EMPLOYEE'S RIGHTS.

      Whenever a participant ceases to be an eligible employee because of
retirement, voluntary or involuntary termination, resignation, layoff,
discharge, death or for any other reason, his or her rights under the Plan shall
immediately terminate, and the Company shall promptly refund,

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without interest, the entire balance of his or her payroll deduction account
under the Plan. Notwithstanding the foregoing, eligible employment shall be
treated as continuing intact while a participant is on military leave, sick
leave or other bona fide leave of absence, for up to 90 days, or for so long as
the participant's right to re-employment is guaranteed either by statute or by
contract, if longer than 90 days.

ARTICLE 15 - TERMINATION AND AMENDMENTS TO PLAN.

      Unless terminated sooner as provided below, the Plan shall terminate on
July 31, 2013. The Plan may be terminated at any time by the Company's Board of
Directors but such termination shall not affect purchase options then
outstanding under the Plan. It will terminate in any case when all or
substantially all of the unissued shares of stock reserved for the purposes of
the Plan have been purchased. If at any time shares of stock reserved for the
purpose of the Plan remain available for purchase but not in sufficient number
to satisfy all then unfilled purchase requirements, the available shares shall
be apportioned among participants in proportion to the amount of payroll
deductions accumulated on behalf of each participant that would otherwise be
used to purchase stock, and the Plan shall terminate. Upon such termination or
any other termination of the Plan, all payroll deductions not used to purchase
stock will be refunded, without interest.

      The Committee or the Board of Directors may from time to time adopt
amendments to the Plan provided that, without the approval of the stockholders
of the Company, no amendment may (i) increase the number of shares that may be
issued under the Plan; (ii) change the class of employees eligible to receive
purchase options under the Plan, if such action would be treated as the adoption
of a new plan for purposes of Section 423(b) of the Code; or (iii) cause Rule
16b-3 under the Securities Exchange Act of 1934 to become inapplicable to the
Plan.

ARTICLE 16 - LIMITS ON SALE OF STOCK PURCHASED UNDER THE PLAN.

      The Plan is intended to provide shares of Common Stock for investment and
not for resale. The Company does not, however, intend to restrict or influence
any employee in the conduct of his or her own affairs. An employee may,
therefore, sell stock purchased under the Plan at any time the employee chooses,
subject to compliance with the Company's insider trading policy, as amended and
in effect from time to time, any applicable federal or state securities laws and
subject to any restrictions imposed under Article 21 to ensure that tax
withholding obligations are satisfied. THE EMPLOYEE ASSUMES THE RISK OF ANY
MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK.

ARTICLE 17 - PARTICIPATING SUBSIDIARIES.

      The term "participating subsidiary" shall mean any present or future
subsidiary of the Company, as that term is defined in Section 424(f) of the
Code, which is designated from time to time by the Board of Directors to
participate in the Plan. The Board of Directors shall have the power to make
such designation before or after the Plan is approved by the stockholders.

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ARTICLE 18 - OPTIONEES NOT STOCKHOLDERS.

      Neither the granting of a purchase option to an employee nor the
deductions from his or her pay shall constitute such employee a stockholder of
the shares covered by a purchase option until such shares have been actually
purchased by the employee.

ARTICLE 19 - APPLICATION OF FUNDS.

      The proceeds received by the Company from the sale of Common Stock
pursuant to purchase options granted under the Plan will be used for general
corporate purposes.

ARTICLE 20 - NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

      By electing to participate in the Plan, each participant agrees to notify
the Company in writing immediately after the participant transfers Common Stock
acquired under the Plan, if such transfer occurs within two years after the
first business day of the Payment Period in which such Common Stock was
acquired. Each participant further agrees to provide any information about such
a transfer as may be requested by the Company or any subsidiary corporation in
order to assist it in complying with the tax laws. Such dispositions generally
are treated as "disqualifying dispositions" under Sections 421 and 424 of the
Code, which have certain tax consequences to participants and to the Company and
its participating subsidiaries.

ARTICLE 21 - WITHHOLDING OF ADDITIONAL INCOME TAXES.

      By electing to participate in the Plan, each participant acknowledges that
the Company and its participating subsidiaries are required to withhold taxes
with respect to the amounts deducted from the participant's compensation and
accumulated for the benefit of the participant under the Plan, and each
participant agrees that the Company and its participating subsidiaries may
deduct additional amounts from the participant's compensation, when amounts are
added to the participant's account, used to purchase Common Stock or refunded,
in order to satisfy such withholding obligations. Each participant further
acknowledges that when Common Stock is purchased under the Plan the Company and
its participating subsidiaries may be required to withhold taxes with respect to
all or a portion of the difference between the fair market value of the Common
Stock purchased and its purchase price, and each participant agrees that such
taxes may be withheld from compensation otherwise payable to such participant.
It is intended that tax withholding will be accomplished in such a manner that
the full amount of payroll deductions elected by the participant under Article 7
will be used to purchase Common Stock. However, if amounts sufficient to satisfy
applicable tax withholding obligations have not been withheld from compensation
otherwise payable to any participant, then, notwithstanding any other provision
of the Plan, the Company may withhold such taxes from the participant's
accumulated payroll deductions and apply the net amount to the purchase of
Common Stock, unless the participant pays to the Company, prior to the exercise
date, an amount sufficient to satisfy such withholding obligations. Each
participant further acknowledges that the Company and its participating
subsidiaries may be required to withhold taxes in connection with the
disposition of stock acquired under the Plan and agrees that the Company or any
participating subsidiary may take

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whatever action it considers appropriate to satisfy such withholding
requirements, including deducting from compensation otherwise payable to such
participant an amount sufficient to satisfy such withholding requirements or
conditioning any disposition of Common Stock by the participant upon the payment
to the Company or such subsidiary of an amount sufficient to satisfy such
withholding requirements.

ARTICLE 22 - GOVERNMENTAL REGULATIONS.

      The Company's obligation to sell and deliver shares of Common Stock under
the Plan is subject to the approval of any governmental authority required in
connection with the authorization, issuance or sale of such shares.

      Government regulations may impose reporting or other obligations on the
Company with respect to the Plan. For example, the Company may be required to
identify shares of Common Stock issued under the Plan on its stock ownership
records and send tax information statements to employees and former employees
who transfer title to such shares.

ARTICLE 23 - GOVERNING LAW.

      The validity and construction of the Plan shall be governed by the laws of
Delaware, without giving effect to the principles of conflicts of law thereof.

ARTICLE 24 - APPROVAL OF BOARD OF DIRECTORS AND STOCKHOLDERS OF THE COMPANY.

      The Plan was adopted by the Board of Directors on July 30, 2003 and was
approved by the stockholders of the Company on August __, 2003.

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                                                                   Exhibit 10.28

                                                                  EXECUTION COPY

                                 ACUSPHERE, INC.

                            INDEMNIFICATION AGREEMENT

         This Indemnification Agreement (the "Agreement") is made as of August
__, 2002, by and between Acusphere, Inc., a Delaware corporation (the
"Company"), and _____________ (the "Indemnitee").

         WHEREAS, in order to continue to attract and retain sophisticated and
experienced individuals to serve on its board of directors, the Company desires
to provide, independent from the indemnification to which the Indemnitee is
otherwise entitled by law and under the Company's Certificate of Incorporation,
as amended and in effect from time to time (the "Charter"), and By-Laws, as
amended and in effect from time to time (the "By-Laws"), indemnification to the
Indemnitee and advances of expenses, all as set forth in this Agreement to the
maximum extent permitted by law;

         NOW, THEREFORE, to induce the Indemnitee to continue to serve the
Company and in consideration of these premises and the mutual agreements set
forth in this Agreement, as well as other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Indemnitee hereby agree as follows:

         1. INDEMNIFICATION.

                  (a) Third Party Proceedings. The Company shall indemnify
Indemnitee if Indemnitee is or was a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of the Company) by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or of any subsidiary of the
Company, or by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld or delayed) actually and reasonably
incurred by Indemnitee in connection with such action, suit or proceeding if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe
Indemnitee's conduct was unlawful. The termination of any action or proceeding
by judgment, order, settlement, conviction, or upon a plea of nolo contendere or
its equivalent, shall not, of itself, create a presumption that Indemnitee did
not act in good faith and in a manner which Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that Indemnitee's
conduct was unlawful.

                  (b) Proceedings by or in the Right of the Company. The Company
shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in
the right of the Company or of any
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                                      -2-

subsidiary of the Company to procure a judgment in its favor by reason of the
fact that Indemnitee is or was a director, officer, employee or agent of the
Company, or of any subsidiary of the Company, or by reason of the fact that
Indemnitee is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys' fees) actually
and reasonably incurred by Indemnitee in connection with the defense or
settlement of such action or suit if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, except that no indemnification shall be made in
respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged to be liable to the Company unless and only to the extent that
the Delaware Court of Chancery or any other court in which such action or suit
is or was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or other such court shall deem proper.

                  (c) Mandatory Payment of Expenses. To the extent that
Indemnitee has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in Section 1(a) or Section 1(b) or in
defense of any claim, issue or matter therein, Indemnitee shall be indemnified
against expenses (including attorneys' fees) actually and reasonably incurred by
Indemnitee in connection therewith.

         2. EXPENSES; INDEMNIFICATION PROCEDURE.

                  (a) Advancement of Expenses. The Company shall advance all
expenses incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of any civil or criminal action, suit or proceeding
referenced in Section 1(a) or Section 1(b) hereof (but not amounts actually paid
in settlement of any such action or proceeding). Indemnitee hereby undertakes to
repay such amounts advanced if, and to the extent that, it shall ultimately be
determined that Indemnitee is not entitled to be indemnified by the Company as
authorized hereby. The advances to be made hereunder shall be paid by the
Company to Indemnitee within twenty (20) days following receipt by the Company
of a written request of the Indemnitee, but only if the Company has first
received an undertaking (the "Undertaking"), substantially in the form attached
hereto as Exhibit 1, by or on behalf of the Indemnitee to repay the amount of
any such advance if and to the extent that it shall ultimately be determined
that the Indemnitee is not entitled to indemnification for such amount. The
Undertaking shall be unsecured and shall bear no interest and shall be accepted
without reference to the financial ability of the Indemnitee to make repayment.

                  (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a
condition precedent to his or her right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any claim made
against Indemnitee for which indemnification is or will be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company at the address shown on the signature page of this
Agreement (or such other address as the Company shall designate in writing to
Indemnitee). Notice shall be deemed received three (3) business days after the
date postmarked if sent by domestic certified or registered mail, properly
addressed; otherwise notice shall be deemed received when such
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                                      -3-

notice shall actually be received by the Company. In addition, Indemnitee shall
give the Company such information and cooperation as it may reasonably require
and as shall be within Indemnitee's power.

                  (c) Procedure. Any indemnification and advances provided for
in Section 1 and this Section 2 shall be made promptly, and in any event within
forty-five (45) days following receipt by the Company of a written request of
the Indemnitee (or within twenty (20) days in the case of advances made pursuant
to Section 2(a)), unless with respect to such requests the Company reasonably
determines within such applicable period that the Indemnitee did not meet the
applicable standard of conduct or that indemnification is not required under
Section 7 below, or unless otherwise ordered by a court. Such determination
shall be made in each instance by: (a) the board of directors by a majority vote
of a quorum consisting of directors of the Company who were not parties to such
action, suit or proceeding in question ("disinterested directors"); (b) if such
quorum is not obtainable, or even if obtainable if a quorum of disinterested
directors so directs, by independent legal counsel (who may be regular counsel
to the Company) in a written opinion; or (c) by the stockholders of the Company.
If a claim under this Agreement, under any statute, or under any provision of
the Company's Charter or By-Laws providing for indemnification, is not paid in
full by the Company within the applicable period, Indemnitee may bring an action
against the Company to recover the unpaid amount of the claim and Indemnitee
shall also be entitled to be paid for the expenses (including attorneys' fees)
of bringing such action, subject to Section 12 of this Agreement, or unless it
shall ultimately be determined that Indemnitee is not entitled to be indemnified
by the Company as authorized hereby or thereby. It shall be a defense to any
such action that Indemnitee has not met the standards of conduct which make it
permissible under applicable law or this Agreement for the Company to indemnify
Indemnitee for the amount claimed, but the burden of proving such defense shall
be on the Company and Indemnitee shall be entitled to receive interim payments
of expenses pursuant to Section 2(a) unless and until such defense may be
finally adjudged. It is the parties' intention that if the Indemnitee brings any
such action, the question of Indemnitee's right to indemnification shall
ultimately be for the court to decide, and neither the failure of the Company
(including its Board of Directors, any committee or subgroup of the Board of
Directors, independent legal counsel, or its stockholders) to have made a
determination that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct required by
applicable law, nor an actual determination by the Company (including its Board
of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) that Indemnitee has not met such applicable
standard of conduct, shall create a presumption that Indemnitee has or has not
met the applicable standard of conduct.

                  (d) Notice to Insurers. If, at the time of the receipt of a
notice of a claim pursuant to Section 2(b) hereof, the Company has director and
officer liability insurance in effect, the Company shall give prompt notice of
the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such proceeding in
accordance with the terms of such policies.
<PAGE>
                                      -4-

                  (e) Assumption of Defense and Selection of Counsel. In the
event the Company shall be obligated under Section 2(a) hereof to pay the
expenses of any proceeding against Indemnitee, the Company, if appropriate,
shall be entitled to assume the defense of such proceeding, with counsel
approved by Indemnitee, which approval shall not be unreasonably withheld, upon
the delivery to Indemnitee of written notice of its election so to do.
Notwithstanding the foregoing, the Company shall not be permitted to settle any
action or claim on behalf of Indemnitee in any manner which would impose any
unindemnified liability or penalty on the Indemnitee or require any
acknowledgment of wrongdoing on the part of Indemnitee without Indemnitee's
written consent, which consent shall not be unreasonably withheld. After
delivery of such notice, approval of such counsel by Indemnitee and the
retention of such counsel by the Company, and notwithstanding anything to the
contrary contained herein, the Company will not be liable to Indemnitee under
this Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the same proceeding, provided that (i) Indemnitee shall have the
right to employ his or her counsel in any such proceeding at Indemnitee's
expense; and (ii) if (A) the employment of separate counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and
Indemnitee in the conduct of any such defense, or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such proceeding, then the
fees and expenses of Indemnitee's counsel shall be at the expense of the
Company. The Company shall not be entitled, without the consent of the
Indemnitee, to assume the defense of any claim brought by or in the right of the
Company or as to which counsel for the Indemnitee shall have reasonably made the
conclusion provided for in clause (ii)(B) above.

         3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

                  (a) Scope. Notwithstanding any other provision of this
Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest
extent permitted by the General Corporation Law of the State of Delaware (the
"DGCL"), notwithstanding that such indemnification is not specifically
authorized by the other provisions of this Agreement or the Company's Charter or
By-Laws. In the event of any change, after the date of this Agreement, under the
DGCL which expands the right of a Delaware corporation to indemnify a member of
its board of directors or an officer, such changes shall be, ipso facto, within
the purview of Indemnitee's rights and the Company's obligations under this
Agreement. In the event of any change under the DGCL which narrows the right of
a Delaware corporation to indemnify a member of its Board of Directors or an
officer, such changes, to the extent not otherwise required by such Section or
any successor section shall have no effect on this Agreement or the parties'
rights and obligations hereunder.

                  (b) Nonexclusivity. The indemnification provided by this
Agreement shall not be deemed exclusive of any rights to which Indemnitee may be
entitled under the Company's Charter, its By-Laws, any agreement, any vote of
stockholders or disinterested directors, the DGCL, or otherwise, both as to
action in Indemnitee's official capacity and as to action in another capacity
while holding such office. The indemnification provided under this Agreement
shall continue as to Indemnitee for any action taken or not taken while serving
in an indemnified
<PAGE>
                                      -5-

capacity even though s/he may have ceased to serve in any such capacity at the
time of any action, suit or other covered proceeding.

         4. PARTIAL INDEMNIFICATION. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of the expenses, judgments, fines or penalties actually or reasonably
incurred by him in the investigation, defense, appeal or settlement of any civil
or criminal action or proceeding, but not, however, for the total amount
thereof, the Company shall nevertheless indemnify Indemnitee for the portion of
such expenses, judgments, fines or penalties to which Indemnitee is entitled.

         5. SEVERABILITY. Nothing in this Agreement is intended to require or
shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company's inability, pursuant to court order,
to perform its obligations under this Agreement shall not constitute a breach of
this Agreement. The provisions of this Agreement shall be severable as provided
in this Section 5. If this Agreement or any portion hereof shall be invalidated
on any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee to the fullest extent permitted by any
applicable portion of this Agreement that shall not have been invalidated, and
the balance of this Agreement not so invalidated shall be enforceable in
accordance with its terms.

         6. OFFICER AND DIRECTOR LIABILITY INSURANCE. The Company shall, from
time to time, make the good faith determination whether or not it is practicable
for the Company to obtain and maintain a policy or policies of insurance with
reputable insurance companies providing the officers and directors of the
Company with coverage for losses from wrongful acts, or to ensure the Company's
performance of its indemnification obligations under this Agreement. Among other
considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. In all policies of
director and officer liability insurance, Indemnitee shall be named as an
insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company's directors, if
Indemnitee is a director; or of the Company's officers, if Indemnitee is not a
director of the Company but is an officer; or of the Company's key employees, if
Indemnitee is not an officer or director but is a key employee. Notwithstanding
the foregoing, the Company shall have no obligation to obtain or maintain such
insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are
disproportionate to the amount of coverage provided, if the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient
benefit, or if Indemnitee is covered by similar insurance maintained by a
subsidiary or parent of the Company.

         7. EXCEPTIONS. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

                  (a) To indemnify or advance expenses to Indemnitee with
respect to proceedings or claims initiated or brought voluntarily by Indemnitee
and not by way of defense, except with respect to proceedings brought to
establish or enforce a right to indemnification under this Agreement or any
other statute or law or otherwise as required under Section 145 of the DGCL, but
such indemnification or advancement of expenses may be provided by the
<PAGE>
                                      -6-

Company in specific cases if the Board of Directors has approved the initiation
or bringing of the suit; or

                  (b) To indemnify Indemnitee for any expenses incurred by
Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or
interpret this Agreement, if a court of competent jurisdiction determines that
each of the material assertions made by Indemnitee in such proceeding was not
made in good faith or was frivolous; or

                  (c) To indemnify Indemnitee for expenses or liabilities of any
type whatsoever (including, but not limited to, judgments, fines, ERISA excise
taxes or penalties, and amounts paid in settlement), but such exception shall
only apply to the extent such expenses or liabilities have been paid directly to
Indemnitee by an insurance carrier under a policy of officers' and directors'
liability insurance; or

                  (d) To indemnify Indemnitee for expenses or the payment of
profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 16(b) of the Securities Exchange Act of 1934, as amended,
or any similar successor statute; or

                  (e) To indemnify Indemnitee for any acts, omissions or
transactions from which a director may not be relieved of liability under the
Company's Charter or By-Laws, or from which a court of competent jurisdiction
determines a director may not be relieved of liability under the DGCL.

         8. CONSTRUCTION OF CERTAIN PHRASES

                  (a) For purposes of this Agreement, references to the
"Company" shall include, in addition to the resulting corporation, any
constituent corporation (including any constituent of a constituent) absorbed in
a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, and employees
or agents, so that if Indemnitee is or was a director, officer, employee or
agent of such constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate
existence had continued.

                  (b) For purposes of this Agreement, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall
include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; and references to "serving at the request of the Company" shall
include any service as a director, officer, employee or agent of the Company
which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a
manner "not opposed to the best interests of the Company" as referred to in this
Agreement.
<PAGE>
                                      -7-

         9. EFFECTIVENESS OF AGREEMENT. This Agreement shall be effective as of
the date set forth on the first page and may apply to acts or omissions of
Indemnitee which occurred prior to such date if Indemnitee was an officer,
director, employee or other agent of the Company, or was serving at the request
of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, as the time such act or
omission occurred.

         10. NO RIGHTS OF CONTINUED SERVICE. This Agreement shall not impose any
obligation of the Company to continue Indemnitee's service to the Company beyond
any period otherwise required by law or by other agreements or commitments of
the parties, if any.

         11. MISCELLANEOUS.

                  (a) Governing Law. This Agreement and all acts and
transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws
of the State of Delaware, without giving effect to principles of conflict of
law.

                  (b) Consent to Jurisdiction. The Company and the Indemnitee
each hereby irrevocably consent to the exclusive jurisdiction of the Court of
Chancery of Delaware for any purpose in connection with any actions or
proceedings which arise out of or relate to this Agreement.

                  (c) Entire Agreement; Enforcement of Rights. This Agreement
sets forth the entire agreement and understanding of the parties relating to the
subject matter herein and merges all prior discussions between them. No
modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties
to this Agreement. The failure by either party to enforce any rights under this
Agreement shall not be construed as a waiver of any rights of such party.

                  (d) Construction. This Agreement is the result of negotiations
between, and has been reviewed by, each of the parties hereto and their
respective counsel, if any; accordingly, this Agreement shall be deemed to be
the product of all of the parties hereto, and no ambiguity shall be construed in
favor of or against any one of the parties hereto.

                  (e) Notices. Unless otherwise provided in this Agreement, any
notice, demand or request required or permitted to be given under this Agreement
shall be in writing and shall be deemed sufficient when directed to the Chief
Executive Officer of the Company at the address shown on the signature page of
this Agreement (or such other address as the Company shall designate in writing)
and when delivered personally or three business days after being postmarked, as
certified or registered mail, with postage prepaid, and addressed to the party
to be notified at such party's address as set forth below or as subsequently
modified by written notice.
<PAGE>
                                      -8-

                  (f) Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

                  (g) Successors And Assigns. This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and Indemnitee's heirs, legal representatives, executives and
administrators.

                  (h) Subrogation. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company to effectively bring suit to enforce such rights.

                  (i) Term. All agreements and obligations of the Company
contained herein shall continue during the period that the Indemnitee is a
director, officer or agent of the Company and shall continue thereafter so long
as Indemnitee shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that Indemnitee was serving in the capacity
referred to herein.

         12. ATTORNEYS' FEES. In the event that any action is instituted by
Indemnitee under this Agreement to enforce or interpret any of the terms hereof,
and in the event Indemnitee is ultimately successful in such action, Indemnitee
shall be entitled to be paid all court costs and expenses, including reasonable
attorneys' fees, actually and reasonably incurred by Indemnitee with respect to
such action. In the event of an action instituted by or in the name of the
Company under this Agreement or to enforce or interpret any of the terms of this
Agreement, Indemnitee shall be entitled to be paid all court costs and expenses,
including reasonable attorneys' fees, actually and reasonably incurred by
Indemnitee in defense of such action (including with respect to Indemnitee's
counterclaims and cross-claims made in such action), unless the Company is
ultimately successful in such action.

                [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]
<PAGE>
                                      -9-

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

ACUSPHERE, INC.

By: ________________________________            __________________________

Name: ______________________________            Indemnitee

Title: _____________________________

Address:  Acusphere, Inc.                       Address: _________________
          500 Arsenal Street
          Watertown, MA  02472                           _________________
          (617) 648-8800 (phone)
          (617) 926-4750 (fax)                           _________________
<PAGE>
Exhibit 1
UNDERTAKING

         1. This Undertaking is submitted pursuant to the Indemnification
Agreement dated as of ________________ between Acusphere, Inc., a Delaware
corporation (the "Company"), and the undersigned (the "Agreement"). Capitalized
terms used but not defined herein shall have the respective meanings set forth
in the Agreement.

         2. I am requesting certain Expense Advances in connection with a Claim.

         3. I hereby undertake to repay such Expense Advances if it shall
ultimately be determined that I am not entitled to be indemnified by the Company
therefor under the Agreement or otherwise.

         4. The Expense Advances are, in general, all related to:

                          Signed: _____________________________

                          Dated: ______________________________
<PAGE>

                            SCHEDULE OF INDEMNITEES

Sherri C. Oberg
Frank Baldino, Jr., Ph.D
Martyn Greenacre
Derek Lemke-von Ammon
Terrance McGuire
Kate Mitchell

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]