Document:

exv10w13

 

Exhibit 10.13

COMPOUND THERAPEUTICS, INC.

2002 STOCK INCENTIVE PLAN

1. Purpose

     The purpose of this 2002 Stock Incentive Plan (the “Plan”) of Compound Therapeutics, Inc., a
Delaware corporation (the “Company”), is to advance the interests of the Company’s stockholders by
enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected
to make) important contributions to the Company by providing such persons with equity ownership
opportunities and performance-based incentives and thereby better aligning the interests of such
persons with those of the Company’s stockholders. Except where the context otherwise requires, the
term “Company” shall include any of the Company’s present or future parent or subsidiary
corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder (the “Code”) and any other business venture (including,
without limitation, joint venture or limited liability company) in which the Company has a
controlling interest, as determined by the Board of Directors of the Company (the “Board”).

2. Eligibility

     All of the Company’s employees, officers, directors, consultants and advisors are eligible to
be granted options, restricted stock awards, or other stock-based awards (each, an “Award”) under
the Plan. Each person who has been granted an Award under the Plan shall be deemed a
“Participant”.

3. Administration and Delegation

     (a) Administration by Board of Directors. The Plan will be administered by the Board.
The Board shall have authority to grant Awards and to adopt, amend and repeal such administrative
rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may
correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in
the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be
the sole and final judge of such expediency. All decisions by the Board shall be made in the
Board’s sole discretion and shall be final and binding on all persons having or claiming any
interest in the Plan or in any Award. No director or person acting pursuant to the authority
delegated by the Board shall be liable for any action or determination relating to or under the
Plan made in good faith.

     (b) Appointment of Committees. To the extent permitted by applicable law, the Board
may delegate any or all of its powers under the Plan to one or more committees or subcommittees of
the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a
Committee of the Board or the executive officers referred to in Section 3(c) to the extent that the
Board’s powers or authority under the Plan have been delegated to such Committee or executive
officers.

     (c) Delegation to Executive Officers. To the extent permitted by applicable law, the
Board may delegate to one or more executive officers of the Company the power to grant

 

 

Awards to employees or officers of the Company or any of its present or future subsidiary
corporations and to exercise such other powers under the Plan as the Board may determine, provided
that the Board shall fix the terms of the Awards to be granted by such executive officers
(including the exercise price of such Awards, which may include a formula by which the exercise
price will be determined) and the maximum number of shares subject to Awards that the executive
officers may grant; provided further, however, that no executive officer shall be authorized to
grant Awards to any “executive officer” of the Company (as defined by Rule 3b-7 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or to any “officer” of the
Company (as defined by Rule 16a-1 under the Exchange Act).

4. Stock Available for Awards. Subject to adjustment under Section 8, Awards may be made
under the Plan for up to 3,000,000 shares of common stock, $.001 par value per share, of the
Company (the “Common Stock”). If any Award expires or is terminated, surrendered or canceled
without having been fully exercised or is forfeited in whole or in part (including as the result of
shares of Common Stock subject to such Award being repurchased by the Company at the original
issuance price pursuant to a contractual repurchase right) or results in any Common Stock not being
issued, the unused Common Stock covered by such Award shall again be available for the grant of
Awards under the Plan, subject, however, in the case of Incentive Stock Options (as hereinafter
defined), to any limitations under the Code. Shares issued under the Plan may consist in whole or
in part of authorized but unissued shares or treasury shares. At no time while there is any Option
(as defined below) outstanding and held by a Participant who was a resident of the State of
California on the date of grant of such Option, shall the total number of shares of Common Stock
issuable upon exercise of all outstanding options and the total number of shares provided for under
any stock bonus or similar plan of the Company exceed the applicable percentage as calculated in
accordance with the conditions and exclusions of Section 260.140.45 of the California Code of
Regulations, based on the shares of the Company which are outstanding at the time the calculation
is made.

5. Stock Options

     (a) General. The Board may grant options to purchase Common Stock (each, an “Option”)
and determine the number of shares of Common Stock to be covered by each Option, the exercise price
of each Option and the conditions and limitations applicable to the exercise of each Option,
including conditions relating to applicable federal or state securities laws, as it considers
necessary or advisable. An Option which is not intended to be an Incentive Stock Option (as
hereinafter defined) shall be designated a “Nonstatutory Stock Option”.

     (b) Incentive Stock Options. An Option that the Board intends to be an “incentive
stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be
granted to employees of the Company and shall be subject to and shall be construed consistently
with the requirements of Section 422 of the Code. The Company shall have no liability to a
Participant, or any other party, if an Option (or any part thereof) which is intended to be an
Incentive Stock Option is not an Incentive Stock Option.

     (c) Exercise Price. The Board shall establish the exercise price at the time each
Option is granted and specify it in the applicable option agreement.

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     (d) Duration of Options. Each Option shall be exercisable at such times and subject
to such terms and conditions as the Board may specify in the applicable option agreement.

     (e) Exercise of Option. Options may be exercised by delivery to the Company of a
written notice of exercise signed by the proper person or by any other form of notice (including
electronic notice) approved by the Board together with payment in full as specified in Section 5(f)
for the number of shares for which the Option is exercised.

     (f) Payment Upon Exercise. Common Stock purchased upon the exercise of an Option
granted under the Plan shall be paid for as follows:

          (1) in cash or by check, payable to the order of the Company;

          (2) except as the Board may, in its sole discretion, otherwise provide in an option agreement,
by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver
promptly to the Company sufficient funds to pay the exercise price and any required tax withholding
or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient
to pay the exercise price and any required tax withholding;

          (3) when the Common Stock is registered under the Securities Exchange Act of 1934 (the
“Exchange Act”), by delivery of shares of Common Stock owned by the Participant valued at their
fair market value as determined by (or in a manner approved by) the Board in good faith (“Fair
Market Value”), provided (i) such method of payment is then permitted under applicable law and (ii)
such Common Stock, if acquired directly from the Company, was owned by the Participant at least six
months prior to such delivery;

          (4) to the extent permitted by the Board, in its sole discretion by (i) delivery of a
promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment
of such other lawful consideration as the Board may determine; or

          (5) by any combination of the above permitted forms of payment.

     (g) Substitute Options. In connection with a merger or consolidation of an entity with
the Company or the acquisition by the Company of property or stock of an entity, the Board may
grant Options in substitution for any options or other stock or stock-based awards granted by such
entity or an affiliate thereof. Substitute Options may be granted on such terms as the Board deems
appropriate in the circumstances, notwithstanding any limitations on Options contained in the other
sections of this Section 5 or in Section 2.

6. Restricted Stock

     (a) Grants. The Board may grant Awards entitling recipients to acquire shares of
Common Stock, subject to the right of the Company to repurchase all or part of such shares at their
issue price or other stated or formula price (or to require forfeiture of such shares if issued at
no cost) from the recipient in the event that conditions specified by the Board in the applicable

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Award are not satisfied prior to the end of the applicable restriction period or periods
established by the Board for such Award (each, a “Restricted Stock Award”).

     (b) Terms and Conditions. The Board shall determine the terms and conditions of any
such Restricted Stock Award, including the conditions for repurchase (or forfeiture) and the issue
price, if any.

     (c) Stock Certificates. Any stock certificates issued in respect of a Restricted
Stock Award shall be registered in the name of the Participant and, unless otherwise determined by
the Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). At the expiration of the applicable restriction periods, the Company
(or such designee) shall deliver the certificates no longer subject to such restrictions to the
Participant or if the Participant has died, to the beneficiary designated, in a manner determined
by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the
event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective
designation by a Participant, Designated Beneficiary shall mean the Participant’s estate.

7. Other Stock-Based Awards

     The Board shall have the right to grant other Awards based upon the Common Stock having such
terms and conditions as the Board may determine, including the grant of shares based upon certain
conditions, the grant of securities convertible into Common Stock and the grant of stock
appreciation rights.

8. Adjustments for Changes in Common Stock and Certain Other Events

     (a) Changes in Capitalization. In the event of any stock split, reverse stock split,
stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or
other similar change in capitalization or event, or any distribution to holders of Common Stock
other than a normal cash dividend, (i) the number and class of securities available under this
Plan, (ii) the number and class of securities and exercise price per share subject to each
outstanding Option, (iii) the repurchase price per share subject to each outstanding Restricted
Stock Award, and (iv) the terms of each other outstanding Award shall be appropriately adjusted by
the Company (or substituted Awards may be made, if applicable) to the extent the Board shall
determine, in good faith, that such an adjustment (or substitution) is necessary and appropriate.
If this Section 8(a) applies and Section 8(c) also applies to any event, Section 8(c) shall be
applicable to such event, and this Section 8(a) shall not be applicable.

     (b) Liquidation or Dissolution. In the event of a proposed liquidation or dissolution
of the Company, the Board shall upon written notice to the Participants provide that all then
unexercised Options will (i) become exercisable in full as of a specified time at least 10 business
days prior to the effective date of such liquidation or dissolution and (ii) terminate effective
upon such liquidation or dissolution, except to the extent exercised before such effective date.
The Board may specify the effect of a liquidation or dissolution on any Restricted Stock Award or
other Award granted under the Plan at the time of the grant of such Award.

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     (c) Reorganization Events

          (1) Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the
Company with or into another entity as a result of which all of the Common Stock of the Company is
converted into or exchanged for the right to receive cash, securities or other property or (b) any
exchange of all of the Common Stock of the Company for cash, securities or other property pursuant
to a share exchange transaction.

          (2) Consequences of a Reorganization Event on Options. Upon the occurrence of a
Reorganization Event, or the execution by the Company of any agreement with respect to a
Reorganization Event, the Board shall provide that all outstanding Options shall be assumed, or
equivalent options shall be substituted, by the acquiring or succeeding corporation (or an
affiliate thereof). For purposes hereof, an Option shall be considered to be assumed if, following
consummation of the Reorganization Event, the Option confers the right to purchase, for each share
of Common Stock subject to the Option immediately prior to the consummation of the Reorganization
Event, the consideration (whether cash, securities or other property) received as a result of the
Reorganization Event by holders of Common Stock for each share of Common Stock held immediately
prior to the consummation of the Reorganization Event (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding
shares of Common Stock); provided, however, that if the consideration received as a result of the
Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an
affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of Options to consist solely of
common stock of the acquiring or succeeding corporation (or an affiliate thereof) equivalent in
fair market value to the per share consideration received by holders of outstanding shares of
Common Stock as a result of the Reorganization Event.

     Notwithstanding the foregoing, if the acquiring or succeeding corporation (or an affiliate
thereof) does not agree to assume, or substitute for, such Options, then the Board shall, upon
written notice to the Participants, provide that all then unexercised Options will become
exercisable in full as of a specified time prior to the Reorganization Event and will terminate
immediately prior to the consummation of such Reorganization Event, except to the extent exercised
by the Participants before the consummation of such Reorganization Event; provided, however, that
in the event of a Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share of Common Stock surrendered
pursuant to such Reorganization Event (the “Acquisition Price”), then the Board may instead provide
that all outstanding Options shall terminate upon consummation of such Reorganization Event and
that each Participant shall receive, in exchange therefor, a cash payment equal to the amount (if
any) by which (A) the Acquisition Price multiplied by the number of shares of Common Stock subject
to such outstanding Options (whether or not then exercisable), exceeds (B) the aggregate exercise
price of such Options. To the extent all or any portion of an Option becomes exercisable solely as
a result of the first sentence of this paragraph, upon exercise of such Option the Participant
shall receive shares subject to a right of repurchase by the Company or its successor at the Option
exercise price. Such repurchase right (1) shall lapse at the same rate as the Option would have
become exercisable under its terms and (2) shall not apply to any shares subject to the Option that
were exercisable under its terms without regard to the first sentence of this paragraph.

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     If any Option provides that it may be exercised for shares of Common Stock which remain
subject to a repurchase right in favor of the Company, upon the occurrence of a Reorganization
Event, any shares of restricted stock received upon exercise of such Option shall be treated in
accordance with Section 8(c)(3) as if they were a Restricted Stock Award.

          (3) Consequences of a Reorganization Event on Restricted Stock Awards. Upon the occurrence of
a Reorganization Event, the repurchase and other rights of the Company under each outstanding
Restricted Stock Award shall inure to the benefit of the Company’s successor and shall apply to the
cash, securities or other property which the Common Stock was converted into or exchanged for
pursuant to such Reorganization Event in the same manner and to the same extent as they applied to
the Common Stock subject to such Restricted Stock Award.

          (4) Consequences of a Reorganization Event on Other Awards. The Board shall specify the
effect of a Reorganization Event on any other Award granted under the Plan at the time of the grant
of such Award.

9. General Provisions Applicable to Awards

     (a) Transferability of Awards. Except as the Board may otherwise determine or provide
in an Award, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by
the person to whom they are granted, either voluntarily or by operation of law, except by will or
the laws of descent and distribution, and, during the life of the Participant, shall be exercisable
only by the Participant. References to a Participant, to the extent relevant in the context, shall
include references to authorized transferees.

     (b) Documentation. Each Award shall be evidenced in such form (written, electronic or
otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition
to those set forth in the Plan.

     (c) Board Discretion. Except as otherwise provided by the Plan, each Award may be
made alone or in addition or in relation to any other Award. The terms of each Award need not be
identical, and the Board need not treat Participants uniformly.

     (d) Termination of Status. The Board shall determine the effect on an Award of the
disability, death, retirement, authorized leave of absence or other change in the employment or
other status of a Participant and the extent to which, and the period during which, the
Participant, the Participant’s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award.

     (e) Withholding. Each Participant shall pay to the Company, or make provision
satisfactory to the Board for payment of, any taxes required by law to be withheld in connection
with Awards to such Participant no later than the date of the event creating the tax liability.
Except as the Board may otherwise provide in an Award, when the Common Stock is registered under
the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of
shares of Common Stock, including shares retained from the Award creating the tax obligation,
valued at their Fair Market Value; provided, however, that the total tax withholding where stock is
being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory
withholding obligations (based on minimum statutory withholding rates for federal and

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state tax purposes, including payroll taxes, that are applicable to such supplemental taxable
income). Company may, to the extent permitted by law, deduct any such tax obligations from any
payment of any kind otherwise due to a Participant.

     (f) Amendment of Award. The Board may amend, modify or terminate any outstanding
Award, including but not limited to, substituting therefor another Award of the same or a different
type, changing the date of exercise or realization, and converting an Incentive Stock Option to a
Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required
unless the Board determines that the action, taking into account any related action, would not
materially and adversely affect the Participant.

     (g) Conditions on Delivery of Stock. The Company will not be obligated to deliver any
shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously
delivered under the Plan until (i) all conditions of the Award have been met or removed to the
satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters
in connection with the issuance and delivery of such shares have been satisfied, including any
applicable securities laws and any applicable stock exchange or stock market rules and regulations,
and (iii) the Participant has executed and delivered to the Company such representations or
agreements as the Company may consider appropriate to satisfy the requirements of any applicable
laws, rules or regulations.

     (h) Acceleration. The Board may at any time provide that any Award shall become
immediately exercisable in full or in part, free of some or all restrictions or conditions, or
otherwise realizable in full or in part, as the case may be.

10. Miscellaneous

     (a) No Right To Employment or Other Status. No person shall have any claim or right
to be granted an Award, and the grant of an Award shall not be construed as giving a Participant
the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a
Participant free from any liability or claim under the Plan, except as expressly provided in the
applicable Award.

     (b) No Rights As Stockholder. Subject to the provisions of the applicable Award, no
Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any
shares of Common Stock to be distributed with respect to an Award until becoming the record holder
of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the
Common Stock by means of a stock dividend and the exercise price of and the number of shares
subject to such Option are adjusted as of the date of the distribution of the dividend (rather than
as of the record date for such dividend), then an optionee who exercises an Option between the
record date and the distribution date for such stock dividend shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such
Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of
business on the record date for such stock dividend.

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     (c) Effective Date and Term of Plan. The Plan shall become effective on the date on
which it is adopted by the Board. No Awards shall be granted under the Plan after the completion
of ten years from the earlier of (i) the date on which the Plan was adopted by the Board or (ii)
the date the Plan was approved by the Company’s stockholders, but Awards previously granted may
extend beyond that date.

     (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan or any
portion thereof at any time.

     (e) Authorization of Sub-Plans. The Board may from time to time establish one or more
sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of
various jurisdictions. The Board shall establish such sub-plans by adopting supplements to this
Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems
necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with
the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board
shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within
the affected jurisdiction and the Company shall not be required to provide copies of any supplement
to Participants in any jurisdiction which is not the subject of such supplement.

     (f) Governing Law. The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware, without regard to
any applicable conflicts of law.

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COMPOUND THERAPEUTICS, INC.

2002 STOCK INCENTIVE PLAN

CALIFORNIA SUPPLEMENT

     Pursuant to Section 10(e) of the Plan, the Board has adopted this supplement for purposes of
satisfying the requirements of Section 25102(o) of the California Corporations Code:

     Any Awards granted under the Plan to a Participant who is a resident of the State of
California on the date of grant (a “California Participant”) shall be subject to the following
additional limitations, terms and conditions:

1. Additional Limitations on Options.

     (a) Minimum Vesting Rate. Except in the case of Options granted to California
Participants who are officers, directors, consultants or advisors of the Company or its affiliates
(which Options may become exercisable at whatever rate is determined by the Board), Options granted
to California Participants shall become exercisable at a rate of no less than 20% per year over
five years from the date of grant; provided, that, such Options may be subject to
such reasonable forfeiture conditions as the Board may choose to impose and which are not
inconsistent with Section 260.140.41 of the California Code of Regulations.

     (b) Minimum Exercise Price. The exercise price of Options granted to California
Participants may not be less than 85% of the Fair Market Value of the Common Stock on the date of
grant in the case of a Nonstatutory Stock Option or less than 100% of the Fair Market Value of the
Common Stock on the date of grant in the case of an Incentive Stock Option; provided,
however, that if the California Participant is a person who owns stock possessing more than
10% of the total combined voting power of all classes of stock of the Company or its parent or
subsidiary corporations, the exercise price shall be not less than 110% of the Fair Market Value of
the Common Stock on the date of grant.

     (c) Maximum Duration of Options. No Options granted to California Participants will
be granted for a term in excess of 10 years.

     (d) Minimum Exercise Period Following Termination. Unless a California Participant’s
employment is terminated for cause (as defined in any contract of employment between the Company
and such Participant, or if none, in the instrument evidencing the grant of such Participant’s
Option), in the event of termination of employment of such Participant, he or she shall have the
right to exercise an Option, to the extent that he or she was otherwise entitled to exercise such
Option on the date employment terminated, as follows: (i) at least six months from the date of
termination, if termination was caused by such Participant’s death or “permanent and total
disability” (within the meaning of Section 22(e)(3) of the Code) and (ii) at least 30 days from the
date of termination, if termination was caused other than by such Participant’s death or “permanent
and total disability” (within the meaning of Section 22(e)(3) of the Code).

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     (e) Limitation on Repurchase Rights. If an Option granted to a California Participant
gives the Company the right to repurchase shares of Common Stock issued pursuant to the Plan upon
termination of employment of such Participant, the terms of such repurchase right must comply with
Section 260.140.41(k) of the California Code of Regulations.

2. Additional Limitations for Restricted Stock Awards.

     (a) Minimum Purchase Price. The purchase price for a Restricted Stock Award granted
to a California Participant shall be not less than 85% of the Fair Market Value of the Common Stock
at the time such Participant is granted the right to purchase shares under the Plan or at the time
the purchase is consummated; provided, however, that if such Participant is a
person who owns stock possessing more than 10% of the total combined voting power or value of all
classes of stock of the Company or its parent or subsidiary corporations, the purchase price shall
be not less than 100% of the Fair Market Value of the Common Stock at the time such Participant is
granted the right to purchase shares under the Plan or at the time the purchase is consummated.

     (b) Limitation of Repurchase Rights. If a Restricted Stock Award granted to a
California Participant gives the Company the right to repurchase shares of Common Stock issued
pursuant to the Plan upon termination of employment of such Participant, the terms of such
repurchase right must comply with Section 260.140.42(h) of the California Code of Regulations.

3. Additional Limitations for Other Stock-Based Awards. The terms of all Awards granted to
a California Participant under Section 7 of the Plan shall comply, to the extent applicable, with
Section 260.140.41 or Section 260.140.42 of the California Code of Regulations.

4. Additional Requirement to Provide Information to California Participants. The Company
shall provide to each California Participant and to each California Participant who acquires Common
Stock pursuant to the Plan, not less frequently than annually, copies of annual financial
statements (which need not be audited). The Company shall not be required to provide such
statements to key employees whose duties in connection with the Company assure their access to
equivalent information.

5. Additional Limitations on Timing of Awards. No Award granted to a California
Participant shall become exercisable, vested or realizable, as applicable to such Award, unless the
Plan has been approved by the Company’s stockholders within 12 months before or after the date the
Plan was adopted by the Board.

6. Additional Limitations Relating to Definition of Fair Market Value. For purposes of
Section 1(b) and 2(a) of this supplement, “Fair Market Value” shall be determined in a manner not
inconsistent with Section 260.140.50 of the California Code of Regulations.

7. Additional Restriction Regarding Recapitalizations, Stock Splits, Etc. For purposes of
Section 8 of the Plan, in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination, reclassification or other distribution of the Company’s securities,
the number of securities allocated to each California Participant must be adjusted proportionately
and without the receipt by the Company of any consideration from any California participant.

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Exhibit 10.14

ADNEXUS THERAPEUTICS, INC.

Restricted Stock Agreement

Granted Under 2002 Stock Incentive Plan

     AGREEMENT
made this ___ day of                     , 200[ ], between Adnexus Therapeutics, Inc., a
Delaware corporation (the “Company”), and                                          (the “Participant”).

     For valuable consideration, receipt of which is acknowledged, the parties hereto agree as
follows:

     1. Purchase of Shares.

     The Company shall issue and sell to the Participant, and the Participant shall purchase from
the Company, subject to the terms and conditions set forth in this Agreement and in the Company’s
2002 Stock Incentive Plan (the “Plan”),
                     shares (the “Shares”) of common stock, $.001 par
value, of the Company (“Common Stock”), at a purchase price of $[ ] per share. The aggregate
purchase price for the Shares shall be paid by the Participant by check payable to the order of the
Company or such other method as may be acceptable to the Company. Upon receipt by the Company of
payment for the Shares, the Company shall issue to the Participant one or more certificates in the
name of the Participant for that number of Shares purchased by the Participant. The Participant
agrees that the Shares shall be subject to the purchase options set forth in Sections 2 and 5 of
this Agreement and the restrictions on transfer set forth in Section 4 of this Agreement.

     2. Purchase Option.

          (a) In the event that the Participant ceases to be employed by the Company for any reason or
no reason, with or without cause, prior to                     , [ ]_[date that is four years after the
vesting commencement date], the Company shall have the right and option (the “Purchase Option”) to
purchase from the Participant, for a sum of $[ ] per share (the “Option Price”), some or all of the
Unvested Shares (as defined below).

     “Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at
the time the Purchase Option becomes exercisable by the Company. The “Applicable Percentage” shall
be (i) 100% during the 12-month period ending                     , 200_[date that is one year after
vesting commencement date], (ii) 75% less 6.25% for each three months of employment completed by
the Participant with the Company from and after                     , 200_[date that is one year after vesting
commencement date], and (iii) zero on or after                     , 200___[date that is four years after
vesting commencement date].

          (b) Upon the occurrence of a Sale (as defined below) of the Company, the vesting schedule of
the Shares under Section 2(a) above shall be accelerated in part so that 25% of the then Unvested
Shares (in addition to the Shares that at such time are free from the
 

 

 

Purchase Option) shall immediately become free from the Purchase Option. Any remaining
Unvested Shares shall continue to vest at the rate set forth in the original schedule.

          (c) For purposes of this Agreement, employment with the Company shall include employment with
a parent or subsidiary of the Company and services to the Company as an advisor, consultant or
member of the Board of Directors.

     3. Exercise of Purchase Option and Closing.

          (a) The Company may exercise the Purchase Option by delivering or mailing to the Participant
(or his estate), within 60 days after the termination of the employment of the Participant with the
Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number
of Shares to be purchased. If and to the extent the Purchase Option is not so exercised by the
giving of such a notice within such 60-day period, the Purchase Option shall automatically expire
and terminate effective upon the expiration of such 60-day period.

          (b) Within 10 days after delivery to the Participant of the Company’s notice of the exercise
of the Purchase Option pursuant to subsection (a) above, the Participant (or his estate) shall,
pursuant to the provisions of the Joint Escrow Instructions referred to in Section 7 below, tender
to the Company at its principal offices the certificate or certificates representing the Shares
which the Company has elected to purchase in accordance with the terms of this Agreement, duly
endorsed in blank or with duly endorsed stock powers attached thereto, all in form suitable for the
transfer of such Shares to the Company. Promptly following its receipt of such certificate or
certificates, the Company shall pay to the Participant the aggregate Option Price for such Shares
(provided that any delay in making such payment shall not invalidate the Company’s exercise of the
Purchase Option with respect to such Shares).

          (c) After the time at which any Shares are required to be delivered to the Company for
transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to
the Participant on account of such Shares or permit the Participant to exercise any of the
privileges or rights of a stockholder with respect to such Shares, but shall, in so far as
permitted by law, treat the Company as the owner of such Shares.

          (d) The Option Price may be payable, at the option of the Company, in cancellation of all or a
portion of any outstanding indebtedness of the Participant to the Company or in cash (by check) or
both.

          (e) The Company shall not purchase any fraction of a Share upon exercise of the Purchase
Option, and any fraction of a Share resulting from a computation made pursuant to Section 2 of this
Agreement shall be rounded to the nearest whole Share (with any one-half Share being rounded
upward).

          (f) The Company may assign its Purchase Option to one or more persons or entities.

 

 

     4. Restrictions on Transfer.

          (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose
of, by operation of law or otherwise (collectively “transfer”) any Shares, or any interest therein,
that are subject to the Purchase Option, except that the Participant may transfer such Shares (i)
to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and
any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a
trust established solely for the benefit of the Participant and/or Approved Relatives,
provided that such Shares shall remain subject to this Agreement (including without
limitation the restrictions on transfer set forth in this Section 4, the Purchase Option and the
right of first refusal set forth in Section 5) and such permitted transferee shall, as a condition
to such transfer, deliver to the Company a written instrument confirming that such transferee shall
be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or
substantially all of the shares of capital stock, assets or business of the Company, by merger,
consolidation, sale of assets or otherwise, provided that, in accordance with the Plan, the
securities or other property received by the Participant in connection with such transaction shall
remain subject to this Agreement.

          (b) The Participant shall not transfer any Shares, or any interest therein, that are no longer
subject to the Purchase Option, except in accordance with Section 5 below.

          (c) The Participant shall not transfer any Shares, or any interest therein, whether or not
such Shares are subject to the Purchase Option, to any person or entity that is a competitor of the
Company, as determined by the Board of Directors of the Company in its sole discretion, unless such
transfer is made in connection with the sale of all or substantially all of the capital stock,
assets or business of the Company, by merger, consolidation, sale of assets or otherwise.

     5. Right of First Refusal.

          (a) If the Participant proposes to transfer any Shares that are no longer subject to the
Purchase Option (either because they are no longer Unvested Shares or because the Purchase Option
expired unexercised), then the Participant shall first give written notice of the proposed transfer
(the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed transferee and
state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the
price per share and all other material terms and conditions of the transfer.

          (b) For 60 days following its receipt of such Transfer Notice, the Company shall have the
option to purchase some or all of the Offered Shares at the price and upon the terms set forth in
the Transfer Notice. In the event the Company elects to purchase any Offered Shares (the Offered
Shares to be purchased by the Company hereunder are referred to as the “Purchased Shares”), it
shall give written notice of such election to the Participant within such 60-day period. Within 10
days his receipt of such notice, the Participant shall tender to the Company at its principal
offices the certificate or certificates representing the Purchased Shares, duly endorsed in blank
by the Participant or with duly endorsed stock powers attached thereto, all in form suitable for
transfer of the Purchased Shares to the Company. Promptly following receipt of such certificate or
certificates, the Company shall deliver or mail to the Participant a

 

 

check in payment of the purchase price for the Purchased Shares; provided
that if the terms of payment set forth in the Transfer Notice were other than cash against
delivery, the Company may pay for the Purchased Shares on the same terms and conditions as were set
forth in the Transfer Notice; and provided further that any delay in making such
payment shall not invalidate the Company’s exercise of its option to purchase the Purchased Shares.

          (c) If the Company does not elect to acquire all of the Offered Shares, the Participant may,
within the 30-day period following the expiration of the option granted to the Company under
subsection (b) above, transfer the Offered Shares (other than the Purchased Shares) to the proposed
transferee, provided that such transfer shall not be on terms and conditions more
favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of
the above, all Offered Shares transferred to a third party pursuant to this Section 5 shall remain
subject to this Agreement (including without limitation the restrictions on transfer set forth in
Section 4 and the right of first refusal set forth in this Section 5) and such transferee shall, as
a condition to such transfer, deliver to the Company a written instrument confirming that such
transferee shall be bound by all of the terms and conditions of this Agreement.

          (d) After the time at which the Purchased Shares are required to be delivered to the Company
for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any
dividend to the Participant on account of such Purchased Shares or permit the Participant to
exercise any of the privileges or rights of a stockholder with respect to such Purchased Shares,
but shall, in so far as permitted by law, treat the Company as the owner of such Purchased Shares.

          (e) The following transactions shall be exempt from the provisions of this Section 5:

               (1) a transfer of Shares to or for the benefit of any Approved Relatives, or to a trust
established solely for the benefit of the Participant and/or Approved Relatives;

               (2) any transfer pursuant to an effective registration statement filed by the Company under
the Securities Act of 1933, as amended (the “Securities Act”); and

               (3) the sale of all or substantially all of the shares of capital stock of the Company
(including pursuant to a merger or consolidation);

               (4) provided, however, that in the case of a transfer pursuant to clause (1) above, such
Shares shall remain subject to this Agreement (including without limitation the restrictions on
transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and
such transferee shall, as a condition to such transfer, deliver to the Company a written instrument
confirming that such transferee shall be bound by all of the terms and conditions of this
Agreement.

          (f) The Company may assign its rights to purchase Offered Shares in any particular transaction
under this Section 5 to one or more persons or entities.

 

 

          (g) The provisions of this Section 5 shall terminate upon the earlier of the following events:

               (1) the closing of the sale of shares of Common Stock in an underwritten public offering
pursuant to an effective registration statement filed by the Company under the Securities Act; or

               (2) the sale of all or substantially all of the capital stock (other than the sale of capital
stock to one or more venture capitalists or other institutional investors pursuant to an equity
financing (including a debt financing that is convertible into equity) of the Company approved by a
majority of the Board of Directors of the Company), assets or business of the Company, by merger,
consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or
substantially all of the individuals and entities who were beneficial owners of the Common Stock
immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of
the outstanding securities entitled to vote generally in the election of directors of the
resulting, surviving or acquiring corporation in such transaction). A transaction of the type
contemplated by this Section 5(g)(2) is herein referred to as a “Sale” of the Company.

          (h) The Company shall not be required (i) to transfer on its books any of the Shares which
shall have been sold or transferred in violation of any of the provisions set forth in this
Agreement, or (ii) to treat as owner of such Shares or to pay dividends to any transferee to whom
any such Shares shall have been so sold or transferred.

     6. Agreement in Connection with Public Offering.

     The Participant agrees, in connection with the initial underwritten public offering of the
Company’s securities pursuant to a registration statement under the Securities Act, (i) not to
sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any
shares of Common Stock held by the Participant (other than those shares included in the offering)
without the prior written consent of the Company or the underwriters managing such initial
underwritten public offering of the Company’s securities for a period of 180 days from the
effective date of such registration statement, and (ii) to execute any agreement reflecting clause
(i) above as may be requested by the Company or the managing underwriters at the time of such
offering.

     7. Escrow.

     The Participant shall, upon the execution of this Agreement, execute Joint Escrow Instructions
in the form attached to this Agreement as Exhibit A. The Joint Escrow Instructions shall
be delivered to the Secretary of the Company, as escrow agent thereunder. The Participant shall
deliver to such escrow agent a stock assignment duly endorsed in blank, in the form attached to
this Agreement as Exhibit B, and hereby instructs the Company to deliver to such escrow
agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder.
Such materials shall be held by such escrow agent pursuant to the terms of such Joint Escrow
Instructions.

     8. Restrictive Legends.

 

 

     All certificates representing Shares shall have affixed thereto legends in substantially the
following form, in addition to any other legends that may be required under federal or state
securities laws:

“The shares of stock represented by this certificate are subject to
restrictions on transfer and an option to purchase set forth in a
certain Restricted Stock Agreement between the corporation and the
registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the
office of the Secretary of the corporation.”

“The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended, and may not be sold,
transferred or otherwise disposed of in the absence of an effective
registration statement under such Act or an opinion of counsel
satisfactory to the corporation to the effect that such registration
is not required.”

     9. Provisions of the Plan.

          (a) This Agreement is subject to the provisions of the Plan, a copy of which is furnished to
the Participant with this Agreement.

          (b) As provided in the Plan, upon the occurrence of a Reorganization Event (as defined in the
Plan), the repurchase and other rights of the Company hereunder shall inure to the benefit of the
Company’s successor and shall apply to the cash, securities or other property which the Shares were
converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the
same extent as they applied to the Shares under this Agreement. If, in connection with a
Reorganization Event, a portion of the cash, securities and/or other property received upon the
conversion or exchange of the Shares is to be placed into escrow to secure indemnification or
similar obligations, the mix between the vested and unvested portion of such cash, securities
and/or other property that is placed into escrow shall be the same as the mix between the vested
and unvested portion of such cash, securities and/or other property that is not subject to escrow.

     10. Investment Representations.

     The Participant represents, warrants and covenants as follows:

          (a) The Participant is purchasing the Shares for his own account for investment only, and not
with a view to, or for sale in connection with, any distribution of the Shares in violation of the
Securities Act, or any rule or regulation under the Securities Act.

          (b) The Participant has had such opportunity as he has deemed adequate to obtain from
representatives of the Company such information as is necessary to permit him to evaluate the
merits and risks of his investment in the Company.

 

 

          (c) The Participant has sufficient experience in business, financial and investment matters to
be able to evaluate the risks involved in the purchase of the Shares and to make an informed
investment decision with respect to such purchase.

          (d) The Participant can afford a complete loss of the value of the Shares and is able to bear
the economic risk of holding such Shares for an indefinite period.

          (e) The Participant understands that (i) the Shares have not been registered under the
Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities
Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are
subsequently registered under the Securities Act or an exemption from registration is then
available; (iii) in any event, the exemption from registration under Rule 144 will not be available
for at least one year and even then will not be available unless a public market then exists for
the Common Stock, adequate information concerning the Company is then available to the public, and
other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration
statement on file with the Securities and Exchange Commission with respect to any stock of the
Company and the Company has no obligation or current intention to register the Shares under the
Securities Act.

     11. Withholding Taxes; Section 83(b) Election.

          (a) The Participant acknowledges and agrees that the Company has the right to deduct from
payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind
required by law to be withheld with respect to the purchase of the Shares by the Participant or the
lapse of the Purchase Option.

          (b) The Participant has reviewed with the Participant’s own tax advisors the federal, state,
local and foreign tax consequences of this investment and the transactions contemplated by this
Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own tax liability that
may arise as a result of this investment or the transactions contemplated by this Agreement. The
Participant understands that it may be beneficial in many circumstances to elect to be taxed at the
time the Shares are purchased rather than when and as the Company’s Purchase Option expires by
filing an election under Section 83(b) of the Code with the I.R.S. within 30 days from the date of
purchase.

          THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE
COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE
COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF.

     12. Miscellaneous.

          (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting
of the Shares pursuant to Section 2 hereof is earned only by continuing service as an employee at
the will of the Company (not through the act of being hired or purchasing shares

 

 

hereunder). The Participant further acknowledges and agrees that the transactions
contemplated hereunder and the vesting schedule set forth herein do not constitute an express or
implied promise of continued engagement as an employee or consultant for the vesting period, for
any period, or at all.

          (b) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

          (c) Waiver. Any provision for the benefit of the Company contained in this Agreement
may be waived, either generally or in any particular instance, by the Board of Directors of the
Company.

          (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and the Participant and their respective heirs, executors, administrators, legal
representatives, successors and assigns, subject to the restrictions on transfer set forth in
Sections 4 and 5 of this Agreement.

          (e) Notice. All notices required or permitted hereunder shall be in writing and
deemed effectively given upon personal delivery or five days after deposit in the United States
Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto
at the address shown beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance with this Section
12(e).

          (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural, and vice versa.

          (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject
matter of this Agreement.

          (h) Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Participant.

          (i) Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the internal laws of the State of Delaware without regard to any applicable
conflicts of laws.

          (j) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i)
has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution
of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully
aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions
contemplated by the Agreement, and is not acting as counsel for the Participant.

 

 

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

	 	 	 	 	 	 	 	 	 
	 	 	ADNEXUS THERAPEUTICS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Name of Participant]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

 

 

Exhibit A

Adnexus Therapeutics, Inc.

Joint Escrow Instructions

                    , [    ]

Adnexus Therapeutics, Inc.

100 Beaver Street

Waltham, MA 02451

Attention: Secretary

Dear Sir:

     As Escrow Agent for Adnexus Therapeutics, Inc., a Delaware corporation, and its successors in
interest under the Restricted Stock Agreement (the “Agreement”) of even date herewith, to which a
copy of these Joint Escrow Instructions is attached (the “Company”), and the undersigned person
(“Holder”), you are hereby authorized and directed to hold the documents delivered to you pursuant
to the terms of the Agreement in accordance with the following instructions:

     1. Appointment. Holder irrevocably authorizes the Company to deposit with you any
certificates evidencing Shares (as defined in the Agreement) to be held by you hereunder and any
additions and substitutions to said Shares. For purposes of these Joint Escrow Instructions,
“Shares” shall be deemed to include any additional or substitute property. Holder does hereby
irrevocably constitute and appoint you as his attorney-in-fact and agent for the term of this
escrow to execute with respect to such Shares all documents necessary or appropriate to make such
Shares negotiable and to complete any transaction herein contemplated. Subject to the provisions
of this paragraph 1 and the terms of the Agreement, Holder shall exercise all rights and privileges
of a stockholder of the Company while the Shares are held by you.

     2. Closing of Purchase.

               (a) Upon any purchase by the Company of the Shares pursuant to the Agreement, the Company
shall give to Holder and you a written notice specifying the purchase price for the Shares, as
determined pursuant to the Agreement, and the time for a closing hereunder (the “Closing”) at the
principal office of the Company. Holder and the Company hereby irrevocably authorize and direct
you to close the transaction contemplated by such notice in accordance with the terms of said
notice.

               (b) At the Closing, you are directed (a) to date the stock assignment form or forms necessary
for the transfer of the Shares, (b) to fill in on such form or forms the number of Shares being
transferred, and (c) to deliver same, together with the certificate or certificates

 

 

evidencing the Shares to be transferred, to the Company against the simultaneous delivery to
you of the purchase price for the Shares being purchased pursuant to the Agreement.

     3. Withdrawal. The Holder shall have the right to withdraw from this escrow any
Shares as to which the Purchase Option (as defined in the Agreement) has terminated or expired.

     4. Duties of Escrow Agent.

               (a) Your duties hereunder may be altered, amended, modified or revoked only by a writing
signed by all of the parties hereto.

               (b) You shall be obligated only for the performance of such duties as are specifically set
forth herein and may rely and shall be protected in relying or refraining from acting on any
instrument reasonably believed by you to be genuine and to have been signed or presented by the
proper party or parties. You shall not be personally liable for any act you may do or omit to do
hereunder as Escrow Agent or as attorney-in-fact of Holder while acting in good faith and in the
exercise of your own good judgment, and any act done or omitted by you pursuant to the advice of
your own attorneys shall be conclusive evidence of such good faith.

               (c) You are hereby expressly authorized to disregard any and all warnings given by any of the
parties hereto or by any other person or Company, excepting only orders or process of courts of
law, and are hereby expressly authorized to comply with and obey orders, judgments or decrees of
any court. In case you obey or comply with any such order, judgment or decree of any court, you
shall not be liable to any of the parties hereto or to any other person, firm or Company by reason
of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed,
modified, annulled, set aside, vacated or found to have been entered without jurisdiction.

               (d) You shall not be liable in any respect on account of the identity, authority or rights of
the parties executing or delivering or purporting to execute or deliver the Agreement or any
documents or papers deposited or called for hereunder.

               (e) You shall be entitled to employ such legal counsel and other experts as you may deem
necessary properly to advise you in connection with your obligations hereunder and may rely upon
the advice of such counsel.

               (f) Your rights and responsibilities as Escrow Agent hereunder shall terminate if (i) you
cease to be Secretary of the Company or (ii) you resign by written notice to each party. In the
event of a termination under clause (i), your successor as Secretary shall become Escrow Agent
hereunder; in the event of a termination under clause (ii), the Company shall appoint a successor
Escrow Agent hereunder.

               (g) If you reasonably require other or further instruments in connection with these Joint
Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in
furnishing such instruments.

               (h) It is understood and agreed that should any dispute arise with respect to the delivery
and/or ownership or right of possession of the securities held by you hereunder, you are

 

 

authorized and directed to retain in your possession without liability to anyone all or any
part of said securities until such dispute shall have been settled either by mutual written
agreement of the parties concerned or by a final order, decree or judgment of a court of competent
jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall
be under no duty whatsoever to institute or defend any such proceedings.

          (i) These Joint Escrow Instructions set forth your sole duties with respect to any and all
matters pertinent hereto and no implied duties or obligations shall be read into these Joint Escrow
Instructions against you.

          (j) The Company shall indemnify you and hold you harmless against any and all damages, losses,
liabilities, costs, and expenses, including attorneys’ fees and disbursements, for anything done or
omitted to be done by you as Escrow Agent in connection with this Agreement or the performance of
your duties hereunder, except such as shall result from your gross negligence or willful
misconduct.

     5. Notice. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery or upon deposit in the United States Post
Office, by registered or certified mail with postage and fees prepaid, addressed to each of the
other parties thereunto entitled at the following addresses, or at such other addresses as a party
may designate by ten days’ advance written notice to each of the other parties hereto.

	 	 	 
	COMPANY:

	 	Adnexus Therapeutics, Inc.

100 Beaver Street

Waltham, MA 02451

Attention: President
	 
	 	 
	HOLDER:

	 	Notices to Holder shall be sent to the address set

forth below Holder’s signature below.
	 
	 	 
	ESCROW AGENT:

	 	Adnexus Therapeutics, Inc.

100 Beaver Street

Waltham, MA 02451

Attention: Secretary

     6. Miscellaneous.

        
  (a) By signing these Joint Escrow Instructions, you become a party hereto only for the purpose
of said Joint Escrow Instructions, and you do not become a party to the Agreement.

         
 (b) This instrument shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns.

Very truly yours,

Adnexus Therapeutics, Inc.

 

 

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	HOLDER:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 	
(Signature)
	 
	 	 	 	 	 	 
	 	 	 
	 	 	Print Name
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date Signed:       
               
                
               
        

ESCROW AGENT:

      
               
                
               
               
             

 

 

Exhibit B

(STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE)

     FOR VALUE RECEIVED , I hereby sell, assign and transfer unto                     
(                    ) shares of Common Stock, $.001 par value per share, of Adnexus Therapeutics, Inc. (the
“Corporation”) standing in my name on the books of said Corporation represented by Certificate(s)
Number                      herewith, and do hereby irrevocably constitute and appoint                     
attorney to transfer the said stock on the books of the within named Corporation with full power of
substitution in the premises.

	 	 	 	 	 	 	 
	 

	 	Dated:	 	 	 	 
	 

	 	 	 	 	 	 
	IN PRESENCE OF
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

     NOTICE: The signature(s) to this assignment must correspond with the name as written upon the
face of the certificate, in every particular, without alteration, enlargement, or any change
whatever and must be guaranteed by a commercial bank, trust company or member firm of the Boston,
New York or Midwest Stock Exchange.

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