Document:

exv10w2

 

Exhibit 10.2

IOMAI CORPORATION

1998 STOCK OPTION PLAN

INDEX

	 	 	 	 	 
	ARTICLE	 	 	 	COMMENCING
	NO.	 	DESCRIPTION	 	ON PAGE
	1.
	 	PURPOSE	 	1
	 
	 	 	 	 
	2.
	 	ADMINISTRATION	 	1
	 
	 	 	 	 
	3.
	 	PARTICIPANTS	 	2
	 
	 	 	 	 
	4.
	 	THE SHARES	 	2
	 
	 	 	 	 
	5.
	 	GRANT, TERMS AND CONDITIONS OF OPTIONS	 	2
	 
	 	 	 	 
	6.
	 	ADJUSTMENT OF AND CHANGES IN THE SHARES	 	7
	 
	 	 	 	 
	7.
	 	LISTING OR QUALIFICATION OF SHARES	 	9
	 
	 	 	 	 
	8.
	 	BINDING EFFECT OF CONDITIONS	 	9
	 
	 	 	 	 
	9.
	 	AMENDMENT AND TERMINATION OF THE PLAN	 	10
	 
	 	 	 	 
	10.
	 	EFFECTIVENESS OF THE PLAN	 	10
	 
	 	 	 	 
	11.
	 	PRIVILEGES OF STOCK OWNERSHIP;	 	 
	 
	 	SECURITIES LAW COMPLIANCE;	 	 
	 
	 	NOTICE OF SALE	 	10
	 
	 	 	 	 
	12.
	 	INDEMNIFICATION	 	10

 

 

IOMAI CORPORATION

1998 STOCK OPTION PLAN

1. PURPOSE.

     The purpose of this Stock Option Plan (hereinafter the “Plan”) is to provide a means whereby
directors, officers, certain employees and certain advisors and consultants of Iomai Corporation, a
Delaware corporation (hereinafter referred to as “Iomai” or the “Company”), may be given an
opportunity to purchase shares of the Common Stock (hereinafter the “Common Stock”) of Iomai. The
Plan is intended to advance the interests of the Company by encouraging stock ownership on the part
of directors, officers, certain employees, and certain advisors and consultants by enabling the
Company to secure and retain the services of highly qualified persons, and by providing directors,
officers, employees, advisors, and consultants with an additional incentive to make every effort to
enhance the success of the Company.

2. ADMINISTRATION.

     The following provisions shall govern the administration of the Plan:

     (a) The Plan shall be administered by the Board of Directors of Iomai (the “Board of
Directors”) or a committee of the Board of Directors appointed for this purpose by the Board of
Directors (the “Committee”). The Board of Directors may from time to time remove members from or
add members to the Committee. Vacancies on the Committee, however caused, shall be filled by the
Board of Directors. Acts of the Committee (i) at a meeting, held at a time and place and in
accordance with rules adopted by the Committee, at which a quorum of the Committee is present and
acting, or (ii) reduced to and approved in writing by a majority of the members of the Committee,
shall be the valid acts of the Committee.

     (b) Iomai shall effect the grant of options under the Plan by execution of instruments in
writing in a form approved by the Board of Directors or, if appointed, the Committee.

     Subject to the express terms and conditions of the Plan and the terms of any option
outstanding under the Plan, the Board of Directors or, if appointed, the Committee, shall have full
power to construe the Plan and the terms of any option granted under the Plan, to prescribe, amend
and rescind rules and regulations relating to the Plan or such options and to make all other
determinations necessary or advisable for the administration of the Plan, including, without
limitation, the power to: (i) determine which persons meet the requirements of Section 3 hereof
for selection as participants in the Plan and which persons are considered to be “employees” for
purposes of the Internal Revenue Code of 1986, as amended (the “Code”), and therefore eligible to
receive incentive stock options under the Plan; (ii) determine to whom of the eligible persons, if
any, options shall be granted under the Plan; (iii) establish the terms and conditions required or
permitted to be included in every option agreement or any amendments thereto, including whether
options to be granted thereunder shall be “incentive stock options,” as defined in Section 422 of
the Code, or “nonstatutory stock options”; (iv) specify the number of shares to be

 

 

covered by each option; (v) in the event a particular option is to be an incentive stock
option, determine and incorporate such terms and provisions, as well as amendments thereto, as
shall be required in the judgment of the Board of Directors or the Committee, so as to provide for
or conform such option to any change in any law, regulation, ruling or interpretation applicable
thereto; (vi) determine on a case by case basis whether the shares purchasable upon exercise of the
options shall be subject to repurchase and determine the terms thereof; and (vii) to make all other
determinations deemed necessary or advisable for administering the Plan. The determination on the
foregoing matters by the Board of Directors or the Committee shall be conclusive.

3. PARTICIPANTS.

     Participants in the Plan shall be those directors, officers, certain employees, and certain
advisors and consultants of the Company to whom options may be granted from time to time by the
Board of Directors or the Committee.

4. THE SHARES.

     The shares of stock subject to options authorized to be granted under the Plan shall consist
of one thousand (1,000) shares of the no par value Common Stock of The Company (the “Shares”), or
the number and kind of shares of stock or other securities which shall be substituted for such
shares or to which such shares shall be adjusted as provided in Section 6. The Shares subject to
the Plan may be set aside out of the authorized but unissued shares of Common Stock of Iomai not
reserved for any other purpose or out of shares of Common Stock subject to an option which, for any
reason, terminates unexercised as to the Shares.

5. GRANT, TERMS AND CONDITIONS OF OPTIONS.

     While this Plan is in effect, the Board of Directors or the Committee may grant options at any
time to participants as defined in Section 3 who, in the judgment of the Board of Directors or the
Committee, may contribute to the successful conduct of the operation of the Company through their
judgment, interest, ability and special efforts; provided, however, that: (i) an eligible officer
or employee shall not participate in the granting of his or her own option; (ii) in the case of
incentive stock options the aggregate initial fair market value of the stock (determined as of the
date the option is granted) that may be acquired by any one officer or employee pursuant to all
incentive stock options granted under the Plan that are exercisable for the first time during any
one calendar year (under all stock option plans of Iomai) shall not exceed $100,000; and (iii) the
limitations on amount of securities offered and sold under the Plan as set forth in Section
5(d)(ii) are not exceeded. In addition, options granted pursuant to the Plan shall be subject to
the following terms and conditions:

     (a) Director Participants. One hundred (100) out of the Shares of Iomai Common Stock
reserved for issuance under Section 4 of this Plan shall be reserved for issuance and granted to
directors of Iomai (a “Director”) as follows:

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(i) Each Director who is a director of the Company after the date of approval of the Plan by
the shareholders of the Company (the “Commencement Date”) shall be entitled to a grant of an
option to purchase Shares (an “Initial Grant”), which option shall be granted within six (6)
months of the Commencement Date, but shall not be exercisable until satisfaction of the
vesting period as provided in Article 5(a)(vii) hereof. In the event that Mr. Lewis, Mr.
Meredith Glenn, and Mr. DeJonkheere are so approved, their Initial Grants shall also include
four (4) shares each to reward them for their service as Directors since the formation of
Company.

(ii) On each anniversary date of the Commencement Date (the “Anniversary Date”), each
Director who has been a Director continuously for the preceding year and who has not
previously received one or more grants of options to purchase a total of twenty (20) shares
pursuant to this Section 5(a), shall be entitled to a grant of an option to purchase four
(4) Shares (an “Annual Grant”), assuming Shares are available therefor, which option shall
be granted within six (6) months of the Anniversary Date. Notwithstanding the foregoing,
the maximum number of Shares for which options may be granted under this Section 5(a) of the
Plan to any Director shall be twenty (20) Shares. Directors who also are employees of the
Company may receive grants of additional options pursuant to this Plan provided that no such
Director participates in the decision of the Board of Directors or the Committee to grant
options to that particular Director.

(iii) The Board of Directors or the Committee shall determine the exact date on which
options are to be granted (the “Date of Grant”) within the six-month period following the
Commencement Date and within the six-month period following each Anniversary Date, during
the term of the Plan. All options required by this Section 5(a) of the Plan to be granted
in any one (1) year shall be granted on a single date within each of said six-month periods.

(iv) In the event a Director who is entitled to an Initial Grant or Annual Grant on the
Commencement Date or Anniversary Date, respectively, ceases to be a Director for any reason
other than by reason of death of said Director prior to the Date of Grant, such Director
shall not be entitled to receive such Initial Grant or Annual Grant.

(v) In the event of the death, prior to the Date of Grant, of a Director who is entitled to
an Initial Grant or Annual Grant on the Commencement Date or Anniversary Date, respectively,
the personal representative of said Director shall be entitled to receive the Initial Grant
or Annual Grant to which said Director was entitled on such Commencement Date or Anniversary
Date.

(vi) No proration of an Annual Grant shall be made to any Director based on a partial year
of service as a Director.

(vii) With respect to each option granted under this Section 5(a), each Director shall agree
to remain as a Director of the Company and to render his or her services for a period of at
least six (6) months from the respective Date of Grant, but such agreement shall not impose
upon the Company any obligation to retain the optionee as Director for

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any period. No option granted under this Section 5(a) may be exercised by any optionee
unless and until the optionee has served continuously as a Director of the Company for a
period of six (6) months from the Date of Grant of such option (the “Vesting Period”),
except as set forth in Section 6 hereof. Upon the expiration of six (6) months from each
respective Date of Grant, each option immediately shall become exercisable in full.

(viii) The purchase price of the options granted to Directors shall be seventy percent (70%)
of the fair market value of the Shares subject thereto on the date the option is granted, as
such value is determined by the Board of Directors or the Committee under Section 5(b)
hereof.

(ix) Options shall be exercisable for a period of up to ten (10) years from the date of
grant of the options.

     (b) Option Price. In the case of incentive stock options, the exercise price shall
not be less than one hundred percent (100%) of the fair market value of the Shares determined on
the date of grant of the option by the Board of Directors or the Committee. The purchase price
under each nonstatutory stock option shall be such value as is determined by the Board of Directors
or the Committee. The fair market value of such stock shall be determined in accordance with any
reasonable method, including Treasury Regulation section 20.2031-2. If, however, an optionee owns
stock of Iomai possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of Iomai, the option price of any incentive stock option granted to such optionee
shall be not less than one hundred ten percent (110%) of such fair market value at the time such
option is granted.

     (c) Duration and Exercise of Options. Options granted hereunder may be exercised,
subject to applicable vesting requirements, during such term, not to exceed ten (10) years after
the grant thereof, as the Board of Directors or the Committee shall determine; provided that
incentive stock options granted to holders of more than ten percent (10%) of the combined voting
power of stock as described in Section 5(b) hereof shall be exercisable only for periods of up to
five (5) years from the date of grant of the options. Each option shall vest in such manner and at
such time as the Board of Directors or the Committee shall determine in its sole discretion,
subject to any applicable legal restrictions. The termination of the Plan shall not alter the
maximum duration, the vesting provisions, or any other term or condition of any option granted
prior to the termination of the Plan.

     (d) Restrictions on Amounts of Options. The number of options granted under the Plan
and the number of shares that can be purchased upon exercise thereof are subject to certain
additional restrictions.

(i) Restrictions on Amounts of Incentive Stock Options Exercised. With respect to
incentive stock options granted to a participant under the Plan in any calendar year, Iomai
Corporation may grant a participant incentive stock options to purchase Shares having more
than $100,000 in initial aggregate fair market value (determined at the times the options
are granted), subject to the $100,000 limitation set forth in this paragraph applicable to
each year in which such options first became exercisable. The optionee may

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exercise during a calendar year, an incentive stock option only to the extent that the
aggregate initial fair value of the Shares that may be acquired pursuant to the option (or
portion thereof) and all other incentive stock options of the optionee that are first
exercisable during the calendar year do not exceed $100,000 (taking into account all
incentive stock options granted under any stock option plan of Iomai or any predecessor of
Iomai). If permitted under regulations promulgated by the Treasury Department or by a
ruling of the Internal Revenue Service, the optionee may choose, among the options granted
under the Plan that are first exercisable by the optionee in a calendar year, those options
the optionee wishes to exercise subject to the $100,000 limitation.

If such choice is not permitted (as determined by the Board of Directors or the Committee,
in its sole discretion), the optionee may exercise an incentive stock option in a calendar
year, either in whole or in part, only if the aggregate initial fair
market value of the shares that the optionee may acquire under incentive stock options granted prior to the
first mentioned option and which become first exercisable in such year (without regard to
the $100,000 limitation) does not exceed $100,000.

If an optionee does not exercise an incentive stock option (or portion thereof) that is
first exercisable in a calendar year under the $100,000 limitation, the optionee may
exercise that option (or portion thereof) in subsequent years without regard to the $100,000
limitation.

(ii) Restrictions on Amounts under State and Federal Securities Laws. To the extent
and for so long as the offer and sale of the options granted hereby and the sale of the
Shares to be purchased upon exercise of options hereunder are subject to restrictions on
amounts of securities that can be offered or sold pursuant to the Plan as such restrictions
are or may be established by applicable state and federal securities laws including, without
limitation, the restrictions set forth in Regulation 230.701(b)(5) promulgated under the
Securities Act of 1933, the Board of Directors or the Committee shall grant options
hereunder and control the ability to exercise options previously granted in such manner so
as to comply with such restrictions as the same may be modified from time to time.

     (e) Method of Exercise and Payment. To the extent the right to purchase Shares has
vested under a participant’s stock option agreement, options may be exercised from time to time by
delivering payment in full at the Option Price for the number of Shares being purchased by either:
(a) cash, certified check, official bank check or the equivalent thereof acceptable to Iomai; or
(b) shares of Iomai Common Stock with a fair market value as determined by the Board of Directors
or the Committee as of the date of exercise equal to the Option Price; or (c) any combination
thereof; together with written notice to the Secretary of Iomai identifying the option or part
thereof being exercised and specifying the number of Shares for which payment is being tendered.
Iomai shall deliver to the optionee, which delivery shall be not less than fifteen (15) days and
not more than thirty (30) days after the giving of such notice, without transfer or issue tax to
the optionee (or other person entitled to exercise the option) at the principal office of Iomai or
such other place as shall be mutually acceptable, a certificate or

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certificates for such Shares dated the date the options were validly exercised; provided,
however, that the time of such delivery may be postponed by Iomai for such period as may be
required for it with reasonable diligence to comply with any requirements of law. If an option
covers incentive and nonstatutory stock options, separate stock certificates shall be issued, one
or more for stock acquired upon exercise of the incentive stock options and one or more for the
stock acquired upon exercise of the nonstatutory stock options. If the Option Price is satisfied
in whole or in part by delivery of Iomai Common Stock, separate stock certificates shall be issued,
one or more for the number of shares of stock received equal to the number of shares of Iomai
Common Stock delivered and one or more for the remainder of the shares received upon such exercise.

     (f) Termination of Employment or of Officer or Director Status. Upon the termination
of an optionee’s status as an employee, officer, director, consultant, or advisor of the Company
(“Status Termination”), his or her rights to exercise an option then held shall be only as follows:

     DEATH OR DISABILITY: If there is a Status Termination because of the optionee’s death or
disability, such optionee or such optionee’s qualified representative (in the event of the
optionee’s mental disability) or the optionee’s estate (in the event of the optionee’s death) shall
have the right for a period of twelve (12) months following the date of such death or disability to
exercise the option to the extent the optionee was entitled to exercise such option on the date of
the optionee’s death or disability, provided the actual date of exercise is in no event after the
expiration of the term of the option.

     An optionee’s “estate” shall mean the optionee’s legal representative or any person who
acquires the right to exercise an option by reason of the optionee’s death.

     Whether an optionee’s disability also constitutes a “disability” within the meaning of Section
422(c)(6) of the Code will be relevant in determining whether the rules pertaining to incentive
stock options will apply.

     CAUSE: If there is a Status Termination because the optionee is determined by the Board of
Directors to have committed an act of embezzlement, fraud, dishonesty, breach of fiduciary duty to
the Company, or to have deliberately disregarded the rules of the Company which resulted in loss,
damage or injury to the Company, or if an optionee makes any unauthorized disclosure of any of the
secrets or confidential information of the Company, induces any client or customer of the Company
to break any contract with the Company or induces any principal for whom the Company acts as agent
to terminate such agency relations, or engages in any conduct which constitutes unfair competition
with the Company, the optionee or, as the case may be, the optionee’s estate shall be entitled to
exercise any option with respect to any Shares only during a period
of thirty (30) days after
Status Termination, whether or not after the Status Termination, the participant may receive
payment from Iomai for vacation pay, for services rendered prior to termination, for services for
the day on which termination occurred, for salary in lieu of notice, or for other benefits. For
the purposes of this paragraph, Status Termination shall be deemed to occur when the Company
dispatches notice or advice to the optionee of the Status Termination and not at the time of
optionee’s receipt thereof.

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     OTHER REASONS: If there is a Status Termination for any reason other than those mentioned
above under “Death or Disability” and “Cause”, the optionee may, within three (3) months following
such Status Termination, exercise the option to the extent such option was exercisable by the
optionee on the date of Status Termination, provided the date of exercise is in no event after the
expiration of the term of the option.

     (g) Transferability of Option. No option shall be transferable other than by will or
the laws of descent and distribution and shall be exercisable during the optionee’s lifetime only
by the optionee.

     (h) Other Terms and Conditions. Any stock option agreement may contain such other
terms, provisions, and conditions not inconsistent with the Plan as may be determined by the Board
of Directors or the Committee, including, but not limited to, restrictions limiting the
transferability of Shares received upon exercise of options and reserving to Iomai and/or the other
shareholders the right to repurchase the Shares issued pursuant to the Plan under terms to be
determined by the Board of Directors or the Committee, provided that any such repurchase rights
shall be in compliance with applicable legal restrictions. Options may also contain such other
provisions, which shall not be inconsistent with any of the foregoing terms, as the Board of
Directors or the Committee shall deem appropriate. No option, however, nor anything contained in
the Plan, shall confer upon any optionee any right to continue in the employ or in the status as an
officer or director of the Company, nor limit in any way the right of the Company or the
shareholders to terminate an optionee’s employment or status as an officer or director at any time.

     (i) Use of Proceeds from Sales of Shares. Proceeds from the sale of Shares pursuant
to the exercise of options granted under the Plan shall constitute general funds of Iomai.

     (j) Rights as a Shareholder. No adjustment shall be made for dividends or other
rights for which the record date is prior to the date of issuance of shares upon exercise of
options, except as provided in Section 6 hereof.

     (k) Withholding. The Company shall have the right upon the exercise of an option to
deduct any sums required to be withheld under federal, state or local tax laws or regulations.

     Iomai may condition the issuance of Shares upon exercise of any option upon the payment by the
optionee of any sums required to be withheld under applicable laws or regulations. The Company has
no duty to advise any optionee of the existence of any tax or any amounts which may be withheld.

6. ADJUSTMENT OF AND CHANGES IN THE SHARES.

     In the event the shares of Common Stock of Iomai, as presently constituted, shall, without
receipt of consideration by Iomai, be changed into or exchanged for a different number or kind of
shares of stock or other securities of Iomai or of another corporation (whether by reason of
reorganization, merger, consolidation, recapitalization, reclassification, split-up, combination of
shares, or otherwise), or if the number of shares of Common Stock of Iomai shall be increased
through the payment of a stock dividend, the Board of Directors shall substitute for or add to

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each share of Common Stock of Iomai theretofore appropriated or thereafter subject or which
may become subject to an option under the Plan, the number and kind of shares of stock or other
securities into which each outstanding share of Common Stock of Iomai shall be so changed, or for
which each share shall be exchanged, or to which each such share shall be entitled, as the case may
be. In addition, the Board of Directors shall make appropriate adjustment in the number and kind
of shares as to which outstanding options, or portions thereof then unexercised, shall be
exercisable, so that any optionee’s proportionate interest in Iomai by reason of his or her rights
under unexercised portions of such options shall be maintained as before the occurrence of such
event. Such adjustment in outstanding options shall be made without change in the total price to
the unexercised portion of the option and with a corresponding adjustment in the option price per
share.

     In the event of the proposed dissolution or liquidation of the Company, options outstanding
hereunder shall terminate immediately prior to the consummation of such proposed action. In the
event of a consolidation or merger of the Company into another corporation, outstanding options
shall be assumed or equivalent options shall be substituted by such successor corporation or a
parent or subsidiary of such successor corporation. In the event that such successor corporation
refuses to assume the outstanding options or to substitute equivalent options, the Board of
Directors shall, in lieu of such assumption or substitution, provide for the optionees to have the
right to exercise outstanding options, including options which would not otherwise be exercisable.
If the Board makes any outstanding options fully exercisable in lieu of assumption or substitution
in the event of a merger or consolidation, the Board shall notify the optionees that the options
shall be fully exercisable for a period of thirty (30) days from the date of such notice, and the
options will terminate upon the expiration of such period. This right of exercise shall be
conditioned upon the execution of a definitive agreement of merger or consolidation.

     No right to purchase fractional shares shall result from any adjustment in options pursuant
to this Section 6. In case of any such adjustment, the shares subject to the option shall be
rounded down to the nearest whole share. Notice of any adjustment shall be given by Iomai to each
holder of an option which was in fact so adjusted and such adjustment (whether or not such notice
is given) shall be effective and binding for all purposes of the Plan.

     To the extent the any adjustments under this Section 6 relate to stock or securities of Iomai,
such adjustments shall be made by the Board of Directors or the Committee, whose determination in
that respect shall be final, binding and conclusive.

     Except as expressly provided in this Section 6, an optionee shall acquire or gain no rights by
reason of any of the following events: (1) subdivision or consolidation of shares of stock of any
class; (2) payment of any stock dividend; (3) any other increase or decrease in the number of
shares of stock of any class; or (4) any dissolution, liquidation, merger, consolidation, or
spin-off of assets or stock of another corporation. Any issuance by Iomai of shares of stock of
any class, or securities convertible into shares of any class, shall not affect the number or price
of shares of Common Stock subject to the option, and no adjustment by reason thereof shall be made.

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     The grant of an option pursuant to the Plan shall not affect in any way the right or power of
Iomai to make adjustments, reclassifications, reorganizations or changes of its capital or business
structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any
part of its business or assets.

7. LISTING OR QUALIFICATION OF SHARES.

     All options granted under the Plan are subject to the requirement that if at any time the
Board of Directors or the Committee shall determine in its discretion that the listing or
qualification of the Shares subject thereto on any securities exchange or under any applicable law,
or the consent or approval of any governmental regulatory body, or if, in the opinion of counsel to
Iomai, compliance with any state or federal securities laws, including satisfaction of any
applicable exemptions from the registration requirements of said securities laws, is necessary or
desirable as a condition of or in connection with the issuance of Shares under the option, the
optionee’s right to exercise any and all options shall be suspended and the option may not be
exercised in whole or in part unless such listing, qualification, consent, approval, or compliance
shall have been effected or obtained free of any condition not acceptable to the Board of Directors
or the Committee. Nothing in this Plan shall be interpreted to obligate Iomai to register,
qualify, or list the Shares, or to extend the effectiveness of any registration statement so as to
enable any optionee to sell shares received upon exercise of any options granted hereunder.

     Unless the Company, upon advice of legal counsel, determines that it is not necessary, all
options granted and the Shares to be issued upon exercise thereof shall bear the following
restrictive legend in substantially the following form:

These securities have not been registered under the Securities Act of 1933, as amended, or
under the laws of any state and have been taken by the issuee for his own account and not
with a view to their distribution. Neither such securities nor any interest therein may be
sold, assigned, pledged, hypothecated or otherwise disposed of unless they are registered
under said Act and state securities laws, or in the opinion of counsel to the Company an
exemption from registration is available.

8. BINDING EFFECT OF CONDITIONS.

     The conditions and stipulations herein contained, or in any option granted pursuant to the
Plan shall be, and constitute, a covenant running with all of the Shares acquired by the optionee
pursuant to this Plan, directly or indirectly, whether the same have been issued or not, and those
Shares owned by the optionee shall not be sold, assigned or transferred by any person save and
except in accordance with the terms and conditions herein provided, and the optionee shall agree to
use the optionee’s best efforts to cause the officers of Iomai to refuse to record on the books of
Iomai any assignment or transfer made or attempted to be made except as provided in the Plan and to
cause said officers to refuse to cancel old certificates or to issue or deliver new certificates
therefor where the purchaser or assignee has acquired certificates or the Shares represented
thereby, except strictly in accordance with the provisions of the Plan.

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9. AMENDMENT AND TERMINATION OF THE PLAN.

     The Board of Directors shall have complete power and authority to terminate or amend the Plan;
provided, however, that the Board of Directors shall not, without the approval of the shareholders
of Iomai and the approval of any regulatory authorities that may be required, (i) increase the
maximum number of shares for which options may be granted under the Plan; (ii) change the
computation as to minimum option prices set forth in Paragraph 5(b); (iii) extend the period during
which options may be granted or exercised; or (iv) amend the requirements as to the class of
participants eligible to receive options. Except as provided in Section 6, no termination,
modification or amendment of the Plan may, without the consent of an optionee to whom such option
shall theretofore have been granted, adversely affect the rights of such director, officer, or
employee, under such option. Unless the Plan shall have been terminated by action of the Board of
Directors prior thereto, it shall terminate ten (10) years after the earlier of its adoption by the
Board of Directors or approval by the shareholders.

10. EFFECTIVENESS OF THE PLAN.

     The Plan shall become effective only upon approval by the Board of Directors. The grant of
and exercise of any options granted pursuant to the Plan shall be conditioned upon the approval of
the Plan, within 12 months before or after the date such Plan is adopted, by the affirmative vote
of a majority of the shares represented and voting at a duly held meeting of shareholders which
shares voting affirmatively must also constitute at least a majority of the quorum required for the
meeting, or by the written consent without a meeting of a majority of the shares issued and
outstanding.

11. PRIVILEGES OF STOCK OWNERSHIP; SECURITIES LAW COMPLIANCE; NOTICE OF SALE.

     No Shares shall be purchased upon the exercise of any option unless and until any then
applicable requirements of any regulatory agencies having jurisdiction and of any exchanges upon
which the Common Stock of Iomai may be listed shall have been fully complied with. Iomai shall
diligently endeavor to comply with all applicable securities laws before any options are granted
under the Plan and before any Shares are issued pursuant to the exercise of such options. The
optionee shall give Iomai notice of any sale or other disposition of any such Shares not more than
five (5) days after such sale or other disposition.

12. INDEMNIFICATION.

     To the extent permitted by applicable law in effect from time to time, no member of the Board
of Directors or the Committee shall be liable for any act or omission of any other member of the
Board of Directors or Committee nor for any act or omission on the member’s own part, excepting
only the member’s own willful misconduct or gross negligence arising with respect to the Plan or
administration thereof or out of membership on the Committee. The Company shall pay expenses
incurred by, and satisfy a judgment or fine rendered or levied against, a present or former
director or member of the Committee in any action against such person (whether or not the Company
is joined as a party defendant) to impose a liability or penalty on such person for an

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act alleged to have been committed by such person while a director or member of the Committee
arising with respect to the Plan or administration thereof or out of membership on the Committee or
by the Company, or all or any combination of the preceding; provided, the Director or Committee
member was acting in good faith, within what such director or Committee member reasonably believed
to have been within the scope of his or her employment or authority and for a purpose which he or
she reasonably believed to be in the best interests of the Company or its shareholders. Payments
authorized hereunder include amounts paid and expenses incurred in settling any such action or
threatened action. This section does not apply to any action instituted or maintained in the right
of the Company by a shareholder or holder of a voting trust certificate representing shares of
Iomai. The provisions of this section shall apply to the estate, executor, administrator, heirs,
legatees or devisees of a director or Committee member, and the term “person” as used in this
section shall include the estate, executor, administrator, heirs, legatees, or devisees of such
person.

     Nothing in this Section 12 shall be interpreted to limit the elimination of liability of
directors or the scope of indemnification of officers, directors and agents of Iomai, or any of its
affiliates as contemplated by or under or provided in their Certificate of Incorporation, Bylaws,
any agreement, or resolution of the Board of Directors as permitted under Delaware law.

11

 

IOMAI CORPORATION

STOCK OPTION AGREEMENT

UNDER THE IOMAI CORPORATION 1998 STOCK OPTION PLAN

Granting Date:
                                        
                    ,
199                    

TO:
                                        
                     (“Participant”)

     We are pleased to notify you that Iomai Corporation (the “Company”) hereby grants to you,
effective today, an option to purchase all or any part of
                                        
 shares of the Company’s
Common Stock (the “Shares”) at the price of
                                        
 Dollars ($                    ) per share (the “Per
Share Option Price”) as a stock option (“Option”) under the Company’s 1998 Stock Option Plan (the
“Plan”).

THIS OPTION MAY BE EXERCISED ONLY IN ACCORDANCE WITH THE TERMS OF THE PLAN. ALL OF THE TERMS AND
CONDITIONS OF THE PLAN ARE INCORPORATED HEREIN BY THIS REFERENCE. ONLY CERTAIN PROVISIONS OF THE
PLAN ARE SUMMARIZED IN THIS AGREEMENT. A COPY OF THE PLAN IS PROVIDED WITH THIS AGREEMENT AND YOU
ARE ENCOURAGED TO READ IT IN ITS ENTIRETY.

     1. Purpose of the Option.

     One of the purposes of the Plan is to advance the interests of the Company and its affiliates
by encouraging the efforts of directors, officers, consultants, advisors, and employees on behalf
of the Company through a financial participation in the progress and success of the Company.

     2. Signature on Option Agreement.

     This option cannot be exercised unless you first sign this document in the place provided and
return it to the Secretary of the Company. If you fail to do so within thirty (30) days of the
granting date, this Option will terminate and be of no effect. However, your signing and
delivering this letter will not bind you to purchase any of the Shares. Your obligation to
purchase the Shares will arise only if you exercise this Option in the manner set forth in
Paragraph 3 below.

     3. Terms of Option and Exercise of Option.

     Subject to the provisions of Paragraph 5 below and this Paragraph 3, this Option has vested
and will continue to vest as set forth below, and can be exercised by you at any time for those
Shares in which your rights have become vested, in whole or in part, during a period of                     
(                    ) months from the granting date (“Option Term”). This Option, or any

1

 

portion thereof that remains unexercised, shall automatically expire at the end of the Option
Term.

     (a) Vesting Schedule. As of the Granting Date, this Option has vested with respect to
                                        
 percent (                    %) of the Shares, or
                                        
 (                    ) Shares. For
so long as Participant remains continuously employed by the Company, this Option will continue to
vest at the rate of                      percent
(                    %) of the Shares, or
                                        
 (                    ) Shares, for each
additional fully-completed calendar                      of employment by Participant from and after the
Granting Date. Accordingly, this Option will be fully vested on
                                if Participant
remains continuously employed by the Company until
                             
. The termination of the Plan
shall not alter the maximum duration, the vesting provisions, or any other term or condition of any
option granted prior to the termination of the Plan.

     (b) Method of Exercise and Payment. This Option may be exercised during the Option
Term by delivering to the Secretary of the Company written notice of your exercise, stating the
number of vested Shares being purchased, together with either: (a) cash, certified check, official
bank check or the equivalent thereof acceptable to the Company; or (b) shares of the Company’s
Common Stock with a fair market value as determined by the Board of Directors or the Committee as
of the date of exercise equal to the Option Price; or (c) any combination thereof. The Company
shall deliver to Participant, which delivery shall be not less than fifteen (15) days and not more
than thirty (30) days after the giving of such notice, without transfer or issue tax to the
optionee (or other person entitled to exercise the option) at the principal office of the Company
or such other place as shall be mutually acceptable, a certificate or certificates for such Shares
dated the date the options were validly exercised; provided, however, that the time of such
delivery may be postponed by the Company for such period as may be required for it with reasonable
diligence to comply with any requirements of the law.

     As a condition to the exercise of this Option, you agree to remit to the Company at the time
of exercise any taxes required to be withheld by the Company under federal, state or local law as a
result of the exercise of this Option.

     (c) State and Federal Securities Law Restrictions on Amounts Exercised. The number of
options granted to you and others under the Plan, and the number of shares that can be purchased
upon exercise of those options are subject to the further state and federal securities law
restrictions set forth at Paragraph 5(d)(ii) of the Plan.

     (d) Further Conditions. As further conditions to the exercise of options and issuance
of share certificates, the Company shall not be required to issue or deliver any certificate or
certificates for the Shares purchased upon the exercise of the options granted hereunder prior to
fulfillment of all of the conditions set forth in the Plan including, without limitation, those
regarding state and federal securities law compliance set forth in Paragraph 7 of the Plan.
Notwithstanding anything to the contrary contained elsewhere in this Agreement, Shares shall not
be issued pursuant to the exercise of the options granted hereunder unless (i) the exercise of
such options and the issuance and delivery of such Shares complies with all relevant provisions of
law, including, without limitation, the Act, the Securities Exchange Act of 1934, as amended,

2

 

applicable “Blue Sky” laws, and the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may then be listed, and (ii) the issuance
and delivery of such Option Shares shall have been approved by counsel for the Company with respect
to such compliance.

     Inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale
of any Shares, shall relieve the Company of any liability in respect of the failure by the Company
to issue or sell such Shares as to which such requisite authority shall not have been obtained.

     (e) Further Restrictions under Tax Laws. Some participants in the Plan may receive
incentive stock options which, as described in the Plan, enjoy certain tax benefits subject to
certain restrictions. If at the time of grant of your options you receive incentive stock options,
certain additional restrictions mandated by the Internal Revenue Service will apply to such matters
as the exercise price of your options, the term of your options, and to the amount of your options
that you can exercise at certain times. These further restrictions are described at subparagraphs
5(b), 5(c), and 5(d)(i) of the Plan.

     4. Rights as a Shareholder.

     You shall have rights as a shareholder of the Company with respect to the Shares only upon and
as of the exercise of your option and the satisfaction of the requirements and conditions set forth
in this Agreement and in the Plan.

     5. Termination of Option Rights Upon Termination of Employment.

     If your status as an employee of the Company is terminated for any reason (including death,
disability, voluntary or involuntary separation, or other reason), any unexercised options held by
you shall expire as follows:

     (a) Death or Disability. If your employment with Company is terminated by death or
your disability, you or your qualified representative (in the event of your mental disability) or
your estate (in the event of your death) shall have the right for a period of twelve (12) months
following the date of your death or disability to exercise your options to the extent you were
entitled to exercise such options on the date of your death or disability, provided the actual date
of exercise is in no event after the expiration of the Option Term.

     Your “estate” shall mean your legal representative or any person who acquires the right to
exercise your options by reason of your death.

     If termination results from your becoming disabled, it will be necessary to determine whether
your disability also constitutes a “disability” within the meaning of Section 422(c)(6) of the Code
for purposes of determining whether the rules pertaining to incentive stock options will apply.

3

 

     (b) Cause. If your employment is terminated because it is determined by the Board of
Directors that you have committed an act of embezzlement, fraud, dishonesty, breach of fiduciary
duty to the Company, or to have deliberately disregarded the rules of the Company which resulted in
loss, damage or injury to the Company, or that you have made an unauthorized disclosure of any of
the secrets or confidential information of the Company, induced any client or customer of the
Company to break any contract with the Company or induced any principal for whom the Company acts
as agent to terminate such agency relations, or engaged in any conduct which constitutes unfair
competition with the Company, then you, or, if applicable, your estate shall be entitled to
exercise any option with respect to any Shares only during a period of thirty (30) days after your
termination of employment, whether or not after termination of employment, you may receive payment
from the Company for vacation pay, for services rendered prior to termination, for services for the
day on which termination occurred, for salary in lieu of notice, or for other benefits. In making
such determination, the Board of Directors shall act fairly and shall give you an opportunity to
appear and be heard at a hearing before the full Board of Directors and present evidence on your
behalf. For the purposes of this paragraph, your termination of employment shall be deemed to
occur when the Company dispatches notice or advice to you of the Status Termination and not at the
time you receive such notice.

     (c) Other Reasons. If your employment is terminated for any reason other than those
mentioned above in subsections 5(a) and 5(b), then you may, within three (3) months following the
date of such termination, exercise your options to the extent such option were exercisable by you
on the date of termination of your employment, provided the date of exercise is in no event after
the expiration of the term of the option.

     6. Nontransferability of Option.

     This Option is personal to you and cannot be transferred or exercised by anyone other than
you. The benefits of the Option are not transferable except by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by the Internal Revenue
Code or Title I of the Employment Retirement Income Security Act, or the rules thereunder. Any
purported transfer or assignment of this Option shall be void and of no effect, and shall give the
Company the right to terminate this Option as of the date of such purported transfer or assignment.

     7. Adjustment of and Changes in the Shares.

     In the event of any change in the outstanding Common Stock of the Company, without receipt by
the Company of additional consideration in connection with such change (whether by reason of stock
dividends, recapitalizations, mergers, consolidations, split-ups, combinations or exchanges of
shares and the like), the aggregate number or class of Shares subject to this Option immediately
prior to such event shall be appropriately adjusted in accordance with the terms of the Plan so
that your proportionate interest in the Company by reason of your rights under any unexercised
portions of this Option shall be maintained as before the occurrence of such event.

     8. Termination of the Option.

4

 

     In the event of the proposed dissolution or liquidation of the Company, or the proposed
consolidation or merger of the Company into another corporation, your rights shall be as set forth
in Section 6 of the Plan.

     9. Tax Effects.

     THE FEDERAL AND STATE TAX CONSEQUENCES OF STOCK OPTIONS ARE COMPLEX AND SUBJECT TO CHANGE.
ACCORDINGLY, YOU SHOULD CONSULT WITH YOUR OWN TAX ADVISOR BEFORE EXERCISING ANY OPTION OR
DISPOSING OF ANY SHARES ACQUIRED UPON THE EXERCISE OF AN OPTION.

     10. Subject to Terms of the Plan.

     This Agreement shall be subject in all respects to the terms and conditions of the Plan. Your
signature herein represents your acknowledgment of receipt of a copy of the Plan. Any dispute or
disagreement which shall arise under or as a result of or pursuant to this Agreement shall be
finally and conclusively determined by the Company’s Board of Directors or a Committee established
by the Board to administer the Plan in its sole discretion, and such determination shall be binding
upon all parties.

     11. Additional Restrictions on Transfer.

     (a) Under Securities Laws. You further understand that neither the options nor the
Shares have been registered under the Securities Act of 1933 (the “Act”) or under the laws of any
state, and that the Shares are not and are not likely to be freely tradable and will have to be
held indefinitely unless the Shares are either registered under the Act or an exemption from such
registration is available. You understand that the Company is under no obligation to register the
Shares under the Act. You further understand that although an exemption from registration may be
available at some time in the future pursuant to Rule 144 promulgated under the Act by the
Securities and Exchange Commission, satisfaction of a number of conditions is required to make a
sale under that exemption. There are a number of those conditions that currently are not met and
the Company is under no obligation to take steps to cause them to be met at any time in the future.

     (c) Legends and Stop Order. The Company may affix to the certificates representing
the Shares such legends as it may deem appropriate in order to comply with (i) applicable federal
or state securities laws or other laws, (ii) the Plan, or (iii) this Agreement, including, but not
necessarily limited to, legends in substantially the following form:

THIS SECURITY HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE
SECURITIES OR BLUE SKY LAWS OF ANY STATE AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND
QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES OR BLUE SKY
LAWS OR IF ANY EXEMPTION FROM SUCH REGISTRATION OR QUALIFICATION IS APPLICABLE.

5

 

The Company may place a “stop transfer” order against the Shares until all restrictions and
conditions set forth in this Agreement and in the legends referred to in this Section have
been complied with.

     12. Investment Representation.

     You hereby represent that you are acquiring the options granted hereby and, in the event you
exercise the options, the underlying Shares, for your own account for investment, and not with a
view to or for sale in connection with the distribution thereof or of any underlying Shares. The
option is granted on the condition, and you hereby represent for yourself and your successors in
interest, that if you exercise this Option in whole or in part at a time when there is not in
effect under the Securities Act of 1933 a registration statement relating to the Shares issuable
upon the exercise thereof and available for delivery to you a prospectus meeting the requirements
of Section 10(a)(3) of said Act, any and all Shares purchased by the exercise of this Option shall
be acquired for your own account for investment, and not with a view to or for sale in connection
with the distribution of any such Shares, and that you, or any person entitled to exercise an
option hereunder pursuant to Section 5 hereof, will, upon request of the Company, concurrently with
the exercise of this Option or any portion of it, deliver a written representation to the Company
to such effect in such form as may be acceptable to the Company and its counsel.

     13. Information to Participants.

     The Company shall provide to you annually during the period for which you have one or Options
outstanding financial statements together with copies of all annual reports and other information
which are provided to all shareholders of the Company.

     14. Repurchase of Shares. [IF APPLICABLE]

	 	 	 	 	 	 	 
	 	 	Iomai Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	Agreed to this                     

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	day of                     ,
199                    .

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

[Name of Optionee]

	 	 	 	 	 	 

6

 

AMENDMENT TO IOMAI CORPORATION 

1998 STOCK OPTION PLAN

     Pursuant to Section 9 of the Iomai Corporation (the “Company”) 1998 Stock Option Plan (the
“Plan”), the Board of Directors of the Company has amended Section 5(g) of the Plan is amended in
its entirety to read as follows:

     “(g) Transferability of Option. No Option shall be transferable other
than by will or the laws of descent and distribution or pursuant to a qualified
domestic relations order as defined in the Code, and the Option shall be exercisable
during the optionee’s lifetime only by the optionee. Notwithstanding the foregoing,
the Board or the Committee, in its sole discretion, may allow for the transfer of an
Option for no consideration to the optionee’s “Immediate Family.” For this purpose,
“Immediate Family” shall mean (i) the optionee’s children, grandchildren, spouse or
common law spouse, siblings or parents, as well as (ii) a trust in which these
persons (or the optionee) have more than fifty percent of the beneficial interest, a
foundation in which these persons (or the optionee) control the management of
assets, and any other entity in which these persons (or the optionee) own more than
fifty percent of the voting interests.

     IN WITNESS WHEREOF, the Company has adopted this amendment to the Plan, effective, January 16,
2002. To record this amendment of the Plan by the Board of Directors of the Company on January 16,
2002, the Company has caused its authorized officer to execute the same.

	 	 	 	 	 	 	 
	 

	 	BY:
	 	     /s/ Stanely C. Erck	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	Title: Chief Executive Officer & President	 	 
	 
	 	 	 	 	 	 
	 

	 	DATE: January 16, 2002
	 	 

7exv10w3w1

 

Exhibit 10.3.1

Iomai Corporation

1999 Stock Incentive Plan

(As Adopted and Effective August 10, 1999)

1

 

TABLE OF CONTENTS

	 	 	 	 	 
	SECTION 1. PURPOSE
	 	 	1	 
	 
	 	 	 	 
	SECTION 2. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 3. ADMINISTRATION
	 	 	4	 
	 
	 	 	 	 
	SECTION 4. ELIGIBILITY
	 	 	5	 
	 
	 	 	 	 
	SECTION 5. STOCK SUBJECT TO PLAN
	 	 	5	 
	(a) Basic Limitation
	 	 	6	 
	(b) Additional Shares
	 	 	6	 
	 
	 	 	 	 
	SECTION 6. TERMS AND CONDITIONS OF AWARDS OR SALES
	 	 	6	 
	(a) Stock Purchase Agreement
	 	 	6	 
	(b) Duration of Offers
	 	 	6	 
	(c) Purchase Price
	 	 	6	 
	(d) Payment for Shares
	 	 	7	 
	(e) Exercise of Awards on Termination of Service
	 	 	7	 
	 
	 	 	 	 
	SECTION 7. ADDITIONAL TERMS AND CONDITIONS OF RESTRICTED SHARES
	 	 	8	 
	(a) Form and Amount of Award
	 	 	8	 
	(b) Exercisability
	 	 	8	 
	(c) Effect of Change in Control
	 	 	8	 
	(d) Voting Rights
	 	 	8	 
	 
	 	 	 	 
	SECTION 8. TERMS AND CONDITIONS OF OPTIONS
	 	 	8	 
	(a) Stock Option Agreement
	 	 	8	 
	(b) Number of Shares
	 	 	8	 
	(c) Exercise Price
	 	 	9	 
	(d) Exercisability
	 	 	9	 
	(e) Effect of Change in Control
	 	 	9	 
	(f) Term

	 	 	9	 
	
(g) Exercise of Options on Termination of Service
	 	 	9	 
	(h) Payment of Option Shares
	 	 	9	 
	(i) No Rights as a Stockholder
	 	 	10	 
	(j) Modification, Extension and Assumption of Options
	 	 	10	 

	 	 	 
	i

	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 9. ADJUSTMENT OF SHARES
	 	 	10	 	 	 	 	 
	(a) General
	 	 	11	 	 	 	 	 	 	 
	(b) Reorganizations
	 	 	11	 	 	 	 	 
	(c) Reservation of Rights
	 	 	11	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 10. WITHHOLDING TAXES
	 	 	11	 	 	 	 	 
	(a) General
	 	 	11	 	 	 	 	 
	(b) Share Withholding
	 	 	11	 	 	 	 	 
	(c) Cashless Exercise/Pledge
	 	 	12	 	 	 	 	 
	(d) Other Forms of Payment
	 	 	12	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 11. ASSIGNMENT OR TRANSFER OF AWARDS
	 	 	12	 	 	 	 	 
	(a) General
	 	 	12	 	 	 	 	 
	(b) Trusts
	 	 	12	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 12. LEGAL REQUIREMENTS
	 	 	12	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	SECTION 13. NO EMPLOYMENT RIGHTS
	 	 	12	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 14. DURATION AND AMENDMENTS
	 	 	12	 	 	 	 	 
	(a) Term of the Plan
	 	 	13	 	 	 	 	 
	(b) Right to Amend or Terminate the Plan
	 	 	13	 	 	 	 	 
	(c) Effect of Amendment or Termination
	 	 	13	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SECTION 15. EXECUTION
	 	 	14	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	EXHIBIT A Notice of Exercise and Common Stock Purchase Agreement
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT B Joint Escrow Instructions
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT C Acknowledgment of and Agreement to be Bound By the Common Stock Purchase
Agreement of Iomai Corporation
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	EXHIBIT D ASSIGNMENT SEPARATE FROM CERTIFICATE
	 	 	 	 	 	 	 	 

	 	 	 
	ii

 

 

Iomai Corporation

1999 Stock Incentive Plan

(As Adopted and Effective August 10, 1999)

SECTION 1.  PURPOSE

The purpose of the Plan is to offer selected employees, directors and consultants an opportunity to
acquire a proprietary interest in the success of the Company, or to increase such interest, to
encourage such selected persons to remain in the employ of the Company and to attract new employees
with outstanding qualifications. The Plan seeks to achieve this purpose by providing for Awards in
the form of Restricted Shares and Options (which may constitute Incentive Stock Options or
Nonstatutory Stock Options) as well as the direct award or sale of Shares of the Company’s Common
Stock.

SECTION 2.  DEFINITIONS.

     (a) “Award” shall mean any award of an Option, Restricted Share or other right under the Plan.

     (b) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from
time to time.

     (c) “Change in Control” shall be defined by the Committee and, at the Committee’s discretion,
provided for in the Stock Purchase Agreements, Stock Option Agreements and Stock Award Agreements.
The term “Change in Control” shall not include a transaction the sole purpose of which is to change
the state of the Company’s incorporation or the Company’s initial public offering.

     (d) “Code” shall mean the Internal Revenue Code of 1986, as amended.

     (e) “Committee” shall mean a committee of the Board of Directors which is authorized to
administer the Plan under Section 3.

     (f) “Common-Law Employee” shall mean an individual paid from W-2 Payroll of the Company or a
Subsidiary. If, during any period, the Company (or Subsidiary, as applicable) has not treated an
individual as a Common-Law Employee and, for that reason, has not paid such individual in a manner
which results in the issuance of a Form W-2 and withheld taxes with respect to him or her, then
that individual shall not be an eligible Employee for that period, even if any person, court of law
or government agency determines, retroactively, that that individual is or was a Common-Law
Employee during all or any portion of that period.

1

 

     (g) “Company” shall mean Iomai Corporation.

     (h) “Disability” shall mean, unless otherwise defined in any written agreement between the
Employee and the Company (or any Subsidiary), that the Optionee is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment.

     (i) “Employee” shall mean any individual who is a Common-Law Employee of the Company or of a
Subsidiary, a member of the Board of Directors, including (without limitation) an Outside Director,
or an affiliate of a member of the Board of Directors, member of the board of directors of a
Subsidiary, or a consultant, advisor or other independent contractor who performs services for the
Company or a Subsidiary. Service as a member of the Board of Directors, a member of the board of
directors of a Subsidiary or consultant, advisor or other independent contractor who performs
services for a Subsidiary shall be considered employment for all purposes of the Plan except the
second sentence of Section 4(a).

     (j) “Entity” shall mean any corporation, limited liability company or partnership.

     (k) “Exchange Act” shall mean the Securities and Exchange Act of 1934, as amended.

     (l) “Exercise Price” shall mean the amount for which one Share may be purchased upon exercise
of an Option, as specified by the Committee in the applicable Stock Option Agreement.

     (m) “Fair Market Value” shall mean the market price of Shares, determined by the Committee as
follows:

	 	(i)	 	If the Shares were traded over-the-counter on the date in question but
were not traded on the Nasdaq Stock Market or the Nasdaq National Market System,
then the Fair Market Value shall be equal to the mean between the last reported
representative bid and asked prices quoted for such date by the principal automated
inter-dealer quotation system on which the Shares are quoted or, if the Shares are
not quoted on any such system, by the “Pink Sheets” published by the National
Quotation Bureau, Inc.;
	 
	 	(ii)	 	If the Shares were traded over-the-counter on the date in question and
were traded on the Nasdaq Stock Market or the Nasdaq National Market System, then
the Fair Market Value shall be equal to the last-transaction price quoted for such
date by the Nasdaq Stock Market or the Nasdaq National Market;
	 
	 	(iii)	 	If the Shares were traded on a stock exchange on the date in question,
then the Fair Market Value shall be equal to the closing price reported by the
applicable composite transactions report for such date; and

2

 

	 	(iv)	 	If none of the foregoing provisions is applicable, then the Fair Market
Value shall be determined by the Committee in good faith on such basis as it deems
appropriate.

     In all cases, the determination of Fair Market Value by the Committee shall be conclusive and
binding on all persons.

     (n) “Incentive Stock Option” or “ISO” shall mean an employee incentive stock option described
in Code section 422(b).

     (o) “Nonstatutory Option” or “NSO” shall mean an employee stock option that is not an ISO.

     (p) “Offeree” shall mean an individual to whom the Committee has offered the right to acquire
Shares under the Plan (other than upon exercise of an Option).

     (q) “Option” shall mean an Incentive Stock Option or Nonstatutory Option granted under the
Plan and entitling the holder to purchase Shares.

     (r) “Optionee” shall mean an individual or estate who holds an Option.

     (s) “Outside Director” shall mean a member of the Board who is not a Common-Law Employee of
the Company or a Subsidiary.

     (t) “Participant” shall means an individual or estate who holds an Award.

     (u) “Plan” shall mean this 1999 Stock Incentive Plan of Iomai Corporation.

     (v) “Purchase Price” shall mean the consideration for which one Share may be acquired under
the Plan (other than upon exercise of an Option), as specified by the Committee.

     (w) “Restricted Share” shall mean a Share sold or granted to an eligible Employee which is
nontransferable and subject to substantial risk of forfeiture until restrictions lapse.

     (x) “Securities Act” shall mean the Securities Act of 1933, as amended.

     (y) “Service” shall mean service as an Employee.

     (z) “Share” shall mean one share of Stock, as adjusted in accordance with Section 9 (if
applicable).

     (aa) “Stock” shall mean the common stock, $.01 per value, of the Company.

     (bb) “Stock Award Agreement” shall mean the agreement between the Company and the recipient of
a Restricted Share which contains the terms, conditions and restrictions pertaining to such
Restricted Share.

3

 

     (cc) “Stock Option Agreement” shall mean the agreement between the Company and an Optionee
which contains the terms, conditions and restrictions pertaining to his or her Option.

     (dd) “Stock Purchase Agreement” shall mean the agreement between the Company and an Offeree
who acquires Shares under the Plan which contains the terms, conditions and restrictions pertaining
to the acquisition of such Shares.

     (ee) “Subsidiary” shall mean any Entity (other than the Company) in an unbroken chain of
Entities beginning with the Company, if each of the Entities other than the last Entity in the
unbroken chain owns securities or interests possessing 50% or more of the total combined voting
power of all classes of securities or interests in one of the other Entities in such chain. An
Entity that attains the status of a Subsidiary on a date after the adoption of the Plan shall be
considered a Subsidiary commencing as of such date.

     (ff) “10% Stockholder” shall have the meaning specified in Section 4(b).

     (gg) “W-2 Payroll” shall mean whatever mechanism or procedure that the Company or a Subsidiary
utilizes to pay any individual which results in the issuance of Form W-2 to the individual. “W-2
Payroll” does not include any mechanism or procedure which results in the issuance of any form
other than a Form W-2 to an individual, including, but not limited to, any Form 1099 which may be
issued to an independent contractor, an agency employee or a consultant. Whether a mechanism or
procedure qualifies as a “W-2 Payroll” shall be determined in the absolute discretion of the
Company (or Subsidiary, as applicable), and the Company or Subsidiary determination shall be
conclusive and binding on all persons.

SECTION 3.  ADMINISTRATION.

     (a) Committee Membership. The Plan shall be administered by the Committee appointed
by the Board of Directors. In the event the Company’s Shares become publicly traded, the Committee
shall be comprised solely of two or more Outside Directors (although Committee functions may be
delegated to officers to the extent the awards relate to persons who are not subject to the
reporting requirements of Section 16 of the Exchange Act). If no Committee has been appointed, the
entire Board of Directors shall constitute the Committee.

     (b) Committee Procedures. The Board of Directors shall designate one of the members
of the Committee as chairperson. The Committee may hold meetings at such times and places as it
shall determine. The acts of a majority of the Committee members present at meetings at which a
quorum exists, or acts reduced to or approved in writing by all Committee members, shall be valid
acts of the Committee.

     (c) Committee Responsibilities. The Committee has and may exercise such power and
authority as may be necessary or appropriate for the Committee to
carry out its functions as described in the Plan. The Committee has authority in its discretion to

4

 

determine eligible Employees to whom, and the time or times at which, Awards may be granted and the
number of Shares subject to each Award. Subject to the express provisions of the respective Award
agreements (which need not be identical) and to make all other determinations necessary or
advisable for Plan administration, the Committee has authority to prescribe, amend, and rescind
rules and regulations relating to the Plan. All interpretations, determinations, and actions by
the Committee will be final, conclusive, and binding upon all persons.

     (d) Committee Liability. No member of the Board of Directors or the Committee will be
liable for any action or determination made in good faith by the Committee with respect to the Plan
or any Award made under the Plan.

SECTION 4.  ELIGIBILITY.

     (a) General Rule. Only Employees shall be eligible for designation as Participants by
the Committee. In addition, only individuals who are employed as Common-Law Employees by the
Company or a Subsidiary shall be eligible for the grant of ISOs.

     (b) Ten-Percent Stockholders. An Employee who owns more than ten percent (10%) of the
total combined voting power of all classes of outstanding securities or interests of the Company or
any of its Subsidiaries (a “10% Stockholder”) shall not be eligible for designation as an Offeree
or Optionee unless (i) the Exercise Price for an ISO (and a NSO to the extent required by
applicable law) is at least one hundred ten percent (110%) of the Fair Market Value of a Share on
the date of grant, (ii) the Purchase Price of Shares is at least one hundred percent (100%) of the
Fair Market Value of a Share on the date of grant and (iii) in the case of an ISO, such ISO by its
terms is not exercisable after the expiration of five years from the date of grant.

     (c) Attribution Rules. For purposes of Subsection (b) above, in determining stock
ownership, an Employee shall be deemed to own the stock owned, directly or indirectly, by or for
his brothers, sisters, spouse, ancestors and lineal descendants. Stock owned, directly or
indirectly, by or for a corporation, partnership, estate or trust shall be deemed to be owned
proportionately by or for its stockholders, partners or beneficiaries. Stock with respect to which
such Employee holds an Option shall not be counted.

     (d) Outstanding Stock. For purposes of Subsection (b) above, “Outstanding Securities
or Interests” shall include all actually issued and outstanding immediately after the grant.
“Outstanding Securities or Interests” shall not include securities or interests authorized for
issuance under outstanding Options held by the Employee or by any other person.

SECTION 5.  STOCK SUBJECT TO PLAN.

     (a) Basic Limitation. Shares offered under the Plan shall be authorized but unissued
Shares. Subject to Sections 5(b) and 9 of the Plan, the aggregate

5

 

number of Shares which may be
issued or transferred pursuant to an Award under the Plan shall not exceed 3,500 Shares.

     In any event, (i) the number of Shares which are subject to Awards or other rights outstanding
at any time under the Plan shall not exceed the number of Shares which then remain available for
issuance under the Plan and (ii) to the extent an award is made in reliance upon the exemption
available under applicable federal or state law, the number of Shares which are subject to Awards
or other rights outstanding at any time under the Plan or otherwise shall not exceed the limitation
imposed by such law. The Company, during the term of the Plan, shall at all times reserve and keep
available sufficient Shares to satisfy the requirements of the Plan.

     (b) Additional Shares. In the event that any outstanding Option or other right for
any reason expires or is canceled or otherwise terminated, the Shares allocable to the unexercised
portion of such Option or other right shall again be available for the purposes of the Plan. If a
Restricted Share is forfeited before any dividends have been paid with respect to such Restricted
Share, then such Restricted Share shall again become available for award under the Plan.

SECTION 6.  TERMS AND CONDITIONS OF AWARDS OR SALES.

     (a) Stock Purchase Agreement. Each Award or sale of Shares under the Plan (other than
upon exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Offeree
and the Company. Such Award or sale shall be subject to all applicable terms and conditions of the
Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan
and which the Committee deems appropriate for inclusion in a Stock Purchase Agreement. The
provisions of the various Stock Purchase Agreements entered into under the Plan need not be
identical.

     (b) Duration of Offers. Any right to acquire Shares under the Plan (other than an
Option) shall automatically expire if not exercised by the Offeree within 30 days after the grant
of such right was communicated to the Offeree by the Committee.

     (c) Purchase Price. Unless otherwise permitted by applicable law, the Purchase Price
of Shares to be offered under the Plan shall not be less than eighty-five percent (85%) of the Fair
Market Value of a Share on the date of grant (100% for 10% Stockholders), except as otherwise
provided in Section 4(b). Subject to the preceding sentence, the Purchase Price shall be
determined by the Committee in its sole discretion. The Purchase Price shall be payable in a form
described in Subsection (d) below.

     (d) Payment for Shares. The entire Purchase Price of Shares issued under the Plan
shall be payable in lawful money of the United States of America at the time when such Shares are
purchased, except as provided below. Notwithstanding any other provision of the Plan, Shares may,
in the discretion of the Committee, be awarded under the Plan in consideration of Services rendered
to the Company or a Subsidiary prior to the Award. Permissible forms of payment, in addition to
cash, are:

6

 

	 	(i)	 	Surrender of Stock. To the extent that a Stock Purchase
Agreement so provides, payment may be made all or in part with Shares which have
already been owned by the Offeree or the Offeree’s representative for any time
period specified by the Committee and which are surrendered to the Company in good
form for transfer. Such Shares shall be valued at their Fair Market Value on the
date when the new Shares are purchased under the Plan.
	 
	 	(ii)	 	Promissory Notes. To the extent that a Stock Purchase
Agreement so provides, payment may be made all or in part with a full recourse
promissory note executed by the Offeree. The interest rate and other terms and
conditions of such note shall be determined by the Committee. The Committee may
require that the Offeree pledge his or her Shares to the Company for the purpose
of securing the payment of such note. In no event shall the stock certificate(s)
representing such Shares be released to the Offeree until such note is paid in
full.
	 
	 	(iii)	 	Cashless Exercise. To the extent that a Stock Purchase
Agreement so provides and a public market for the Shares exists, payment may be
made all or in part by delivery (on a form prescribed by the Committee) of an
irrevocable direction to a securities broker to sell Shares and to deliver all or
part of the sale proceeds to the Company in payment of the aggregate Exercise
Price.
	 
	 	(iv)	 	Other Forms of Payment. To the extent provided in the Stock
Purchase Agreement, payment may be made in any other form that is consistent with
applicable laws, regulations and rules, including payment for past services.

     (e) Exercise of Awards on Termination of Service. Each Stock Purchase Agreement shall
set forth the extent to which the recipient shall have the right to exercise the Award following
termination of the recipient’s Service with the Company and its Subsidiaries. Such provisions
shall be determined in the sole discretion of the Committee, need not be uniform among all the
Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for
termination of employment.

SECTION 7.  ADDITIONAL TERMS AND CONDITIONS OF RESTRICTED

          SHARES.

     (a) Form and Amount of Award. Each Stock Award Agreement shall specify the number of
Shares that are subject to the Award. Restricted Shares may be awarded in combination with NSOs
and such an Award may provide that the Restricted Shares will be forfeited in the event that the
related NSOs are exercised.

     (b) Exercisability. Each Stock Award Agreement shall specify the conditions upon
which Restricted Shares shall become vested, in full or in installments. To the extent required by
applicable law, each Stock Award shall become exercisable no less

7

 

rapidly than the rate of daily
vesting over a three (3) year period. Subject to the preceding sentence, the exercisability of any
Stock Award shall be determined by the Committee in its sole discretion.

     (c) Effect of Change in Control. The Committee may determine at the time of making an
Award or thereafter, that such Award shall become fully vested, in whole or in part, in the event
that a Change in Control occurs with respect to the Company.

     (d) Voting Rights. Holders of Restricted Shares awarded under the Plan shall have the
same voting, dividend and other rights as the Company’s other stockholders. A Stock Award
Agreement, however, may require that the holders invest any cash dividends received in additional
Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and
restrictions as the Award with respect to which the dividends were paid. Such additional
Restricted Shares shall not reduce the number of Shares available under Section 5.

SECTION 8.  TERMS AND CONDITIONS OF OPTIONS.

     (a) Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced
by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to
all applicable terms and conditions of the Plan and may be subject to any other terms and
conditions which are not inconsistent with the Plan and which the Committee deems appropriate for
inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements
entered into under the Plan need not be identical.

     (b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares
that are subject to the Option and shall provide for the adjustment of such number in accordance
with Section 9. The Stock Option Agreement shall also specify whether the Option is an ISO or a
Nonstatutory Option.

     (c) Exercise Price. Each Stock Option Agreement shall specify the Exercise Price.
The Exercise Price of an ISO shall not be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant, except as otherwise provided in Section 4(b). To the extent
required by applicable law and except as otherwise provided in Section 4(b), the Exercise Price of
a Nonstatutory Option shall not be less than eighty-five percent (85%) of the Fair Market Value of
a Share on the date of grant. Subject to the preceding two sentences, the Exercise Price under any
Option shall be determined by the Committee in its sole discretion. The Exercise Price shall be
payable in a form described in Subsection (h) below.

     (d) Exercisability. Each Stock Option Agreement shall specify the date when all or
any installment of the Option is to become exercisable. To the extent required by applicable law,
an Option shall become exercisable no less rapidly than the rate of daily vesting over a three (3)
year period. Subject to the preceding sentence, the exercisability of any Option shall be
determined by the Committee in its sole discretion.

8

 

     (e) Effect of Change in Control. The Committee may determine, at the time of granting
an Option or thereafter, that such Option shall become fully exercisable as to all Shares subject
to such Option in the event that a Change in Control occurs with respect to the Company.

     (f) Term. The Stock Option Agreement shall specify the term of the Option. The term
shall not exceed ten years from the date of grant (or five (5) years for 10% Stockholders as
provided in Section 4(b)). Subject to the preceding sentence, the Committee at its sole discretion
shall determine when an Option is to expire.

     (g) Exercise of Options on Termination of Service. Each Option shall set forth the
extent to which the Optionee shall have the right to exercise the Option following termination of
the Optionee’s Service with the Company and its Subsidiaries. Such provisions shall be determined
in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to
the Plan, and may reflect distinctions based on the reasons for termination of employment.
Notwithstanding the foregoing, to the extent required by applicable law, each Option shall provide
that the Optionee shall have the right to exercise the vested portion of any Option held at
termination for at least 60 days following termination of Service with the Company for any reason,
and that the Optionee shall have the right to exercise the Option for at least six months if the
Optionee’s Service terminates due to death or, Disability.

     (h) Payment of Option Shares. The entire Exercise Price of Shares issued under the
Plan shall be payable in lawful money of the United States of America at the time when such Shares
are purchased, except as provided below:

	 	(i)	 	Surrender of Stock. To the extent that a Stock
Option Agreement so provides, payment may be made all or in part with
Shares which have already been owned by the Optionee or the Optionee’s
representative for any time period specified by the Committee and which
are surrendered to the Company in good form for transfer. Such Shares
shall be valued at their Fair Market Value on the date when the new
Shares are purchased under the Plan.
	 
	 	(ii)	 	Promissory Notes. To the extent that a Stock Option
Agreement so provides, payment may be made all or in part with a full
recourse promissory note executed by the Optionee or Offeree. The
interest rate and other terms and conditions of such note shall be
determined by the Committee. The Committee may require that the Optionee
or Offeree pledge his or her Shares to the Company for the purpose of
securing the payment of such note. In no event shall the stock
certificate(s) representing such Shares be released to the Optionee or
Offeree until such note is paid in full.
	 
	 	(iii)	 	Cashless Exercise. To the extent that a Stock
Option Agreement so provides and a public market for the Shares exists,

9

 

	 	 	 	payment may be made all or in part by delivery (on a form prescribed by
the Committee) of an irrevocable direction to a securities broker to sell
Shares and to deliver all or part of the sale proceeds to the Company in
payment of the aggregate Exercise Price.
	 
	 	(iv)	 	Other Forms of Payment. To the extent provided in
the Stock Option Agreement, payment may be made in any other form that is
consistent with applicable laws, regulations and rules.

     (i) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall
have no rights as a stockholder with respect to any Shares covered by an Option until the date of
the issuance of a stock certificate for such Shares.

     (j) Modification, Extension and Assumption of Options. Within the limitations of the
Plan, the Committee may modify, extend or assume outstanding Options or may accept the cancellation
of outstanding Options (whether granted by the Company or another issuer) in return for the grant
of new Options for the same or a different number of Shares and at the same or a different Exercise
Price or for other consideration.

SECTION 9.  ADJUSTMENT OF SHARES.

     (a) General. In the event of a subdivision of the outstanding Stock, a declaration of
a dividend payable in Shares, a combination or consolidation of the outstanding Stock into a lesser
number of Shares, a recapitalization, a reclassification or a similar occurrence, the Committee
shall make appropriate adjustments in one or more of (i) the number of Shares available for future
Awards under Section 5, (ii) the number of Shares covered by each outstanding Option, Stock
Purchase Agreement or Stock Award Agreement or (iii) the Exercise Price or Purchase Price under
each outstanding Option, Stock Purchase Agreement or Stock Award Agreement.

     (b) Reorganizations. In the event that the Company is a party to a merger or
reorganization, outstanding Options shall be subject to the agreement of merger or reorganization.

     (c) Reservation of Rights. Except as provided in this Section 9, an Optionee or an
Offeree shall have no rights by reason of (i) any subdivision or consolidation of shares of stock
of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the
number of shares of stock of any class. Any issue by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class or securities other than the shares,
shall not affect, and no adjustment by reason thereof shall be made with respect to, the number,
Exercise Price or Purchase Agreement of Shares subject to an Option, Stock Purchase Agreement or
Stock Award Agreement. The grant of an Award pursuant to the Plan shall not affect in any way the
right or power of the Company to make adjustments, reclassifications, reorganizations or changes of
its

10

 

capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or
transfer all or any part of its business or assets.

SECTION 10.  WITHHOLDING TAXES.

     (a) General. To the extent required by applicable federal, state, local or foreign
law, a Participant or his or her successor shall make arrangements satisfactory to the Committee
for the satisfaction of any withholding tax obligations that arise in connection with the Plan.
The Company shall not be required to issue any Shares or make any cash payment under the Plan until
such obligations are satisfied.

     (b) Share Withholding. The Committee may permit a Participant to satisfy all or part
of his or her withholding or income tax obligations by having the Company withhold all or a portion
of any Shares that otherwise would be issued to him or her or by surrendering all or a portion of
any Shares that he or she previously acquired. Such Shares shall be valued at their Fair Market
Value on the date when taxes otherwise would be withheld in cash. Any payment of taxes by
assigning Shares to the Company may be subject to restrictions, including any restrictions required
by rules of any federal or state regulatory body or other authority.

     (c) Cashless Exercise/Pledge. The Committee may provide that if Company Shares are
publicly traded at the time of exercise, arrangements may be made to meet the Optionee’s
withholding obligation by cashless exercise or pledge.

     (d) Other Forms of Payment. The Committee may permit such other means of tax
withholding as it deems appropriate.

SECTION 11.  ASSIGNMENT OR TRANSFER OF AWARDS.

     (a) General. An Award granted under the Plan shall not be anticipated, assigned,
attached, garnished, optioned, transferred or made subject to any creditor’s process, whether
voluntarily, involuntarily or by operation of law, except as approved by the Committee in
accordance with applicable law. Notwithstanding the foregoing, ISOs may not be transferable.

     (b) Trusts. Neither this Section 11 nor any other provision of the Plan shall
preclude a Participant from transferring or assigning Restricted Shares to (i) the trustee of a
trust that is revocable by such Participant alone, both at the time of the transfer or assignment
and at all times thereafter prior to such Participant’s death or (ii) the trustee of any other
trust to the extent approved by the Committee in writing. A transfer or assignment of Restricted
Shares from such trustee to any other person than such Participant shall be permitted only to the
extent approved in advance by the Committee in writing, and Restricted Shares held by such trustee
shall be subject to all the conditions and restrictions set forth in the Plan and in the applicable
Stock Award Agreement, as if such trustee were a party to such Agreement.

SECTION 12.  LEGAL REQUIREMENTS.

11

 

     Shares shall not be issued under the Plan unless the issuance and delivery of such Shares
complies with (or is exempt from) all applicable requirements of law, including (without
limitation) the Securities Act, the rules and regulations promulgated thereunder, state securities
laws and regulations, and the regulations of any stock exchange on which the Company’s securities
may then be listed.

SECTION 13.  NO EMPLOYMENT RIGHTS.

     No provision of the Plan, nor any right or Option granted under the Plan, shall be construed
to give any person any right to become, to be treated as, or to remain an Employee. The Company
and its Subsidiaries reserve the right to terminate any person’s Service at any time and for any
reason.

SECTION 14.  DURATION AND AMENDMENTS.

     (a) Term of the Plan. The Plan, as set forth herein, shall become effective on the
date of its adoption by the Board of Directors, subject to the approval of the Company’s
stockholders. In the event that the stockholders fail to approve the Plan within twelve (12)
months after its adoption by the Board of Directors, any grants already made shall be null and
void, and no additional grants shall be made after such date. The Plan shall terminate
automatically ten (10) years after its approval, including amendment and restatement, by the Board
of Directors, and may be terminated on any earlier date pursuant to Subsection (b) below.

     (b) Right to Amend or Terminate the Plan. The Board of Directors may amend the Plan
at any time and from time to time. Rights and obligations under any right or Option granted before
amendment of the Plan shall not be materially altered, or impaired adversely, by such amendment,
except with consent of the person to whom the right or Option was granted. An amendment of the
Plan shall be subject to the approval of the Company’s stockholders only to the extent required by
applicable laws, regulations or rules including the rules of any applicable exchange.

     (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the
Plan after the termination thereof, except upon exercise of an Option granted prior to such
termination. The termination of the Plan, or any amendment thereof, shall not affect any Shares
previously issued or any Option previously granted under the Plan.

12

 

SECTION 15.  EXECUTION.

     To record the adoption of the Plan by the Board of Directors on August 10, 1999, effective on
such date, the Company has caused its authorized officer to executive the same.

	 	 	 	 	 	 	 
	 	 	Iomai Corporation
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Meredith S. Glenn

	 	 	Title : Chairman of the Board and
Secretary

13

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