Document:

ex10x13.htm

    Exhibit 10.13

     

    EXECUTIVE EMPLOYMENT
AGREEMENT

    

    
      THIS
AGREEMENT dated as of the 6th day of January 2010, to be effective as of the 1st
day of January 2010, by and between, AspenBio Pharma, Inc., a Colorado
corporation (the "Employer" or "Company") and Gregory Pusey (the
"Executive").  In consideration of the mutual covenants contained in
this Agreement, the Employer agrees to employ the Executive and the Executive
agrees to be employed by the Employer upon the terms and conditions hereinafter
set forth.

    ARTICLE
1

    TERM OF
EMPLOYMENT

    

    1.1  Initial
Term.  The initial term of employment hereunder shall commence
as of the effective day first written above ("Commencement Date") and shall
continue for a period of one year from that date, unless terminated earlier as
provided under Article 5.

    

    1.2  Renewal; Non- Renewal
Benefits to Executive.  At the end of the initial term of this
Agreement, and on each anniversary thereafter, the term of Executive's
employment shall be automatically extended one additional year unless, at least
30 days prior to such anniversary, the Executive shall have delivered to the
Employer written notice that the term of the Executive's employment hereunder
will not be extended.  The Employer shall have the right to provide
such non-renewal notice to Executive, on the same terms and
conditions.

    

    

    ARTICLE
2

    DUTIES OF THE
EXECUTIVE

    

    
      2.1  Duties.  The
Executive shall be employed with the titles of Vice Chairman and Vice President
of Investor Relations, with responsibilities and authorities as are customarily
performed by such position including, but not limited to those duties as may
from time to time be assigned to Executive by the Board of Directors of
Employer. Executive’s responsibilities and authorities for operating policies
and procedures are subject to the general direction and control of the Board of
Directors.

      

      2.2  Extent and Place of
Duties.  Executive shall devote working time, efforts,
attention and energies to the business of the Employer on a substantial but not
full time basis as may further be agreed upon between the parties from time to
time.  All such duties shall be performed working out of either the
Executive’s offices or the Castle Rock, CO, offices of the Company in addition
to regular trips for business and meetings on behalf of the Company as the
Executive and the Company may reasonably agree.

     
 

    ARTICLE
3

    COMPENSATION OF THE
EXECUTIVE

    

    3.1  Salary.  As
compensation for services rendered under this Agreement, the Executive will
receive a salary of $150,000 per year.  Executive’s salary is payable
in accordance with Employer’s normal business practices. The parties agree that
the salary and compensation package will be reviewed at the end of the initial
year by the Compensation Committee of the Board of Directors.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.2  Benefits.  Executive
shall be entitled to participate in all of Employer's employee benefit plans and
employee benefits, including any retirement, pension, profit-sharing, incentive
compensation, stock option, insurance, hospital or other plans and benefits
which now may be in effect or which may hereafter be adopted, it being
understood that Executive shall have the same rights and privileges to
participate in such plans and benefits as any other executive employee during
the term of this Agreement. Participation in any benefit plans shall be in
addition to the compensation otherwise provided for in this
Agreement.

    

    3.3  Expenses.  Executive
shall be entitled to prompt reimbursement for all reasonable expenses incurred
by Executive in the performance of his duties hereunder.

    

    

    ARTICLE
4

    NON-COMPETITION;
CONFIDENTIALITY

    

    4.1  During
the term of this Agreement, the Executive may make passive investments in
companies involved in industries in which the Company operates, provided any
such investment does not exceed a 5% equity interest, unless Executive obtains
consent to acquire an equity interest exceeding 5% by a vote of a majority of
the directors.

     

    4.2  During
the term of this Agreement the Executive may maintain any existing outside
Officer and / or Board member positions and that, subject to Aspen Board
approval, which will not be unreasonably withheld, the Executive could join
additional non-competitive Boards as an Independent Board member as well, not to
exceed a total of three boards.

     

    4.3  Except as
provided in this Section 4 hereof, the Executive may not participate in any
business or other areas of business in which the Company is engaged during the
term of this Agreement except those he is currently engaged in or through and on
behalf of the Company, without the consent from a majority of the
directors.

     

    4.4           a.           The
Executive recognizes and acknowledges that the information, business, list of
the Employer's customers and any other trade secret or other secret or
confidential information relating to Employer's business as they may exist from
time to time are valuable, special and unique assets of Employer's
business.  Therefore, Executive agrees as follows:

     

    (1)  That
Executive will hold in strictest confidence and not disclose, reproduce, publish
or use in any manner, whether during or subsequent to this employment, without
the express authorization of the Board of Directors of the Employer, any
information, business, customer lists, or any other secret or confidential
matter relating to any aspect of the Employer's business, except as such
disclosure or use may be required in connection with Executive's work for the
Employer.

    

    (2)  That upon
request or at the time of leaving the employ of the Employer the Executive will
deliver to the Employer, and not keep or deliver to anyone else, any and all
notes, memoranda, documents and, in general, any and all material relating to
the Employer's business.

    

    (3)  That the
Board of Directors of Employer may from time to time reasonably designate other
subject matters requiring confidentiality and secrecy which shall be deemed to
be covered by the terms of this Agreement.

    

    b.           In
the event of a breach or threatened breach by the Executive of the provisions of
this paragraph 4.4, the Employer shall be entitled to an injunction (i)
restraining the Executive from disclosing, in whole or in part, any information
as described above or from rendering any services to any person, firm,
corporation, association or other entity to whom such information, in whole or
in part, has been disclosed or is threatened to be disclosed; and/or (ii)
requiring that Executive deliver to Employer all information, documents, notes,
memoranda and any and all other material as described above upon Executive's
leave of the employ of the Employer.  Nothing herein shall be
construed as prohibiting the Employer from pursuing other remedies available to
the Employer for such breach or threatened breach, including the recovery of
damages from the Executive.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    c.           Executive
hereby agrees that upon the execution of this Agreement he will sign the
Company’s standard forms of; Code of Conduct, Confidentiality, Insider Trading
Policy and Inventions agreements.

    

    4.5      Non-disparagement.  During
the Term of the Executive's employment hereunder and for five (5) years
thereafter; 1) the Executive shall not disparage, deprecate, or make any
comments or take any other actions, directly or indirectly, that a reasonable
person would expect at the time would have the effect of diminishing or
constraining the goodwill and good reputation of the Company or its officers,
directors, employees or services, and 2) the Employer shall not disparage,
deprecate, or make any comments or take any other actions, directly or
indirectly, that a reasonable person would expect at the time would have the
effect of diminishing or constraining the goodwill and good reputation of the
Executive, except in each case,  as may be required by
law.  For the Executive, this obligation includes, but is not limited
to, refraining from negative statements about the Company's methods of doing
business, the effectiveness of its business policies, and the quality of any of
its services or personnel. Further, Executive will refrain from criticizing, or
making (directly or indirectly), or encouraging any other(s) to make, any public
attack(s) against the Company or any of its officers, directors or
employees.  This specifically includes any such communications with any
newspaper or other news media.

    

    ARTICLE
5

    TERMINATION OF
EMPLOYMENT

    

    5.1  Termination.  The
Executive's employment hereunder may be terminated without any breach of this
Agreement only under the following circumstances:

    

    1.  By
Executive.  Upon the occurrence of any of the following events,
this Agreement may be terminated by the Executive by written notice to
Employer:

    

    (1)  if
Employer makes a general assignment for the benefit of creditors, files a
voluntary bankruptcy petition, files a petition or answer seeking a
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any law, or there shall have been filed any petition or
application for the involuntary bankruptcy of Employer, or other similar
proceeding, in which an order for relief is entered or which remains undismissed
for a period of thirty days or more, or Employer seeks, consents to, or
acquiesces in the appointment of a trustee, receiver, or liquidator of Employer
or any material part of its assets;

    

    (2)  the sale
by Employer of substantially all of its assets or a change of control of over
50% of Employer;

    

    (3)  a
decision by Employer, approved by the Board to terminate its business and
liquidate its assets.

    

    2.  Death.  This
Agreement shall terminate upon the death of Executive.

    

    3.  Disability.  The
Employer may terminate this Agreement upon the disability of the
Executive.  Executive shall be considered disabled (whether permanent
or temporary) if he is incapacitated to such an extent that he is unable to
perform substantially all of his duties for Employer that he performed prior to
such incapacitation.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.  Other
Termination.  The Employer may terminate the Executive’s
employment hereunder for any reason.

    

    

    5.2  Notice of
Termination.  Any termination of the Executive's employment by
the Employer or by the Executive (other than termination pursuant to subsection
5.1.2 above) shall be communicated by written Notice of Termination to the other
party.

    

    5.3  Date of
Termination.  "Date of Termination" shall mean (i) if the
Executive's employment is terminated by his death, the date of his death; (ii)
if the Executive's employment is terminated for Other Termination event (“Other
Termination Event”), the date on which a Notice of Termination is received by
the Executive; and (iii) if the Executive's employment is terminated for any
other reason stated above, the date specified in a Notice of Termination by
Employer or Executive, which date shall be no less than 30 days following the
date on which Notice of Termination is given.

    

    5.4  Compensation Upon
Termination.

    

    1.  Following
the termination of this Agreement pursuant to Section 5.1, the Executive shall
be entitled to compensation only through the Date of Termination; provided,
however, that Executive may be entitled to severance as set forth in this
Section 5.4.

    

    2.  Following
the termination of this Agreement pursuant to Section 5.1.2, Employer shall pay
to Executive's estate the compensation which would otherwise be payable to
Executive for the six months following his death.

    

    3.  In the
event of disability of the Executive as described in Section 5.1.3, if Employer
elects to terminate this Agreement, Executive shall be entitled to receive
compensation through the Date of Termination plus the compensation which would
otherwise be payable to Executive for the six months following such termination
for his disability.

     

    4.  If
Executive is terminated by Employer for any reason other than death or
disability as set forth in this Article 5, then Executive is entitled to
severance payments equal to six months compensation following the date of
Termination, under this Agreement. Such amounts being payable over such six
month periods’ normal payroll cycles; provided, however, that all such payments,
including in a lump sum if applicable, shall be fully paid by March 15 in the
year following the year of termination or, if applicable, otherwise so as not to
be subject to Section 409A of the Internal Revenue Code and furthermore
provided, however, that the Executive shall be obligated to execute a customary
release of claims in order to receive such severance payments.

    

    5.  If
Executive terminates this Agreement as set forth in Section 5.1.1., then
Executive is entitled to severance payments equal to six months compensation
following the date of Termination, under this Agreement. Such amounts being
payable over such six month periods’ normal payroll cycles; provided, however,
that all such payments, including in a lump sum if applicable, shall be fully
paid by March 15 in the year following the year of termination or, if
applicable, otherwise so as not to be subject to Section 409A of the Internal
Revenue Code and furthermore provided, however, that the Executive shall be
obligated to execute a customary release of claims in order to receive such
severance payments.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.5  Other Termination
Provisions.  Executive agrees that upon termination of this
Agreement and upon reasonable request by the Board of Directors, Executive shall
resign from any then effective Board, Officer or Committee
positions.

     

     

    5.6  Remedies.  Any
termination of this Agreement shall not prejudice any other remedy to which the
Employer or Executive may be entitled, either at law, equity, or under this
Agreement.

     

    

    

    ARTICLE
6

    INDEMNIFICATION

    

    To the
fullest extent permitted by applicable law, Employer agrees to indemnify, defend
and hold Executive harmless from any and all claims, actions, costs, expenses,
damages and liabilities, including, without limitation, reasonable attorneys'
fees, hereafter or heretofore arising out of or in connection with activities of
Employer or its employees, including Executive, or other agents in connection
with and within the scope of this Agreement or by reason of the fact that he is
or was a director or officer of Employer or any affiliate of
Employer.  To the fullest extent permitted by applicable law, Employer
shall advance to Executive expenses of defending any such action, claim or
proceeding.  However, Employer shall not indemnify Executive or defend
Executive against, or hold him harmless from any claims, damages, expenses or
liabilities, including attorneys' fees, resulting from the gross negligence or
willful misconduct of Executive.  The duty to indemnify shall survive
the expiration or early termination of this Agreement as to any claims based on
facts or conditions which occurred or are alleged to have occurred prior to
expiration or termination.

    

    

    ARTICLE
7

    GENERAL
PROVISIONS

    

    7.1  Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.

    

    7.2  Arbitration.  Any
controversy or claim arising out of or relating to this Agreement or the breach
thereof shall be settled by arbitration in the City and County of Denver,
Colorado in accordance with the rules then existing of the American Arbitration
Association and judgment upon the award may be entered in any court having
jurisdiction thereof.

    

    7.3  Entire
Agreement.  This Agreement supersedes any and all other
Agreements, whether oral or in writing, between the parties with respect to the
employment of the Executive by the Employer.  Each party to this
Agreement acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by either party, or anyone
acting on behalf of any party, that are not embodied in this Agreement, and that
no agreement, statement, or promise not contained in this Agreement shall be
valid or binding.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.4  Successors and
Assigns.  This Agreement, all terms and conditions hereunder,
and all remedies arising herefrom, shall inure to the benefit of and be binding
upon Employer, any successor in interest to all or substantially all of the
business and/or assets of Employer, and the heirs, administrators, successors
and assigns of Executive.  Except as provided in the preceding
sentence, the rights and obligations of the parties hereto may not be assigned
or transferred by either party without the prior written consent of the other
party.

    

    7.5  Notices.  For
purposes of this Agreement, notices, demands and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail,
return receipt requested, postage prepaid, addressed as follows:

    
 

    
      Executive:

      Gregory Pusey

      106 S.
University Blvd., #14

      Denver,
CO 80209

      Fax: 303/
722-4011

    

     

    Employer:

    AspenBio Pharma, Inc.

    Attn: Chairman

    1585 South Perry Street

    Castle Rock, CO 80104

    Fax: 303/ 798-8332

    

    

    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

    

    7.6  Severability.  If
any provision of this Agreement is prohibited by or is unlawful or unenforceable
under any applicable law of any jurisdiction as to such jurisdiction, such
provision shall be ineffective to the extent of such prohibition without
invalidating the remaining provisions hereof.

    

    7.7  Section
Headings.  The section headings used in this Agreement are for
convenience only and shall not affect the construction of any terms of this
Agreement.

    

    7.8  Survival of
Obligations.  Termination of this Agreement for any reason
shall not relieve Employer or Executive of any obligation accruing or arising
prior to such termination.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.9  Amendments.  This
Agreement may be amended only by written agreement of both Employer and
Executive.

    

    7.10   
Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute
only one legal instrument.  This Agreement shall become effective when
copies hereof, when taken together, shall bear the signatures of both parties
hereto.  It shall not be necessary in making proof of this Agreement
to produce or account for more than one such counterpart.

    

    7.11   
Fees and
Costs.  If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which that party may be entitled.

    

    

    IN
WITNESS WHEREOF, Employer and Executive enter into this Executive Employment
Agreement effective as of the date first set forth above.

    

    

     

    
      
        	 	AspenBio
      Pharma, Inc. - "EMPLOYER"	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Daryl
      J. Faulkner	 
	 	 	Name:
      Daryl J. Faulkner	 
	 	 	Title:
      Executive Chairman	 
	 	 	 	 

      

    

     

    
      

       

      
        
          	 	Gregory
      Pusey - "EXECUTIVE"	 
	 	 	 	 
	
                   

                	
                  Signed    
      

                	/s/ Gregory
      Pusey	 
	 	 	Gregory
      Pusey, Individuallyex10x14.htm

    Exhibit 10.14

     

     

    
      AspenBio
Pharma, Inc.

      Stock
Option Agreement

      

      AspenBio Pharma, Inc., a Colorado
corporation (the “Company”), desiring to provide to the person named below (the
“Optionee”) an opportunity for an investment in the Company and additional
Option to pursue the success of the Company, hereby grants to the Optionee, and
the Optionee hereby accepts, an incentive stock option (the “Option”) pursuant
to the Company’s 2002 Stock Incentive Plan, as amended (the “Plan”) to purchase
the number of shares as specified below (the “Option Shares”), during the term
ending at midnight (prevailing local time at the Company’s principal office) on
the expiration date of the Option specified below, at the option exercise price
specified below subject to and upon the following terms and
conditions:

      

      1.           Identifying
Provisions.  As used in this Option, the following terms shall
have the following respective meanings:

      

      
        	 	
                Optionee:

              	
                [_______________]

              
	 	
                Date of
      Grant:

              	
                [_______________]

              
	 	
                Option
      Shares:

              	
                [_______________]

              
	 	
                Exercise
      Price:

              	
                [_______________]

              
	 	
                Expiration
      Date:

              	
                [_______________]

              

      

      

      Exercisability Schedule:

       

      
      

       

      
        	 	

                Installment

                (Number
      of Option Shares)

                 

              	

                First
      Date Exercisable

              	Last Date
      Exercisable	 
	 	[__________]	[_____]	[_____]	 
	 	 [__________] 	[_____]	[_____]	 
	 	[__________]	[_____]	[_____]	 

      

       

      2.           Exercisability.

      

      Each Installment of the Option may be
exercised only (a) on or after the date for the Installment shown in the column
on the Exercisability Schedule under the caption “First Date Exercisable” (the
Installment’s “Accrual Date”) in Section 1 and (b) on or before the date for the
installments shown in the column on the Exercisability Schedule under the
caption “Last Date Exercisable” (the Installment’s “Expiration Date”) in Section
1.  No Installment may be exercised before its Accrual Date or after
its Expiration Date.  An Installment which is not exercised on or
before its Expiration Date shall expire on the day after its Expiration
Date.  Each installment of the Option shall be subject to earlier
expiration as provided in Section 5.  In addition to the foregoing,
the Option may not be exercised unless and until the Plan is approved by the
Company’s shareholders. Additionally this stock option award is granted to you
conditioned upon the Company's receipt of the approval of the shareholders of
the Company of the amendment to the Plan to increase the number of shares
available for awards under the Plan within twelve months of your grant
date.  If such approval is not received, this award shall be
terminated. 

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.           Exercise Of
Option.

      

      (a)           All
or part of the Option may be exercised by delivering to the CFO \ Treasurer of
the Company (i) a Notice And Agreement Of Exercise Of Option, substantially in
the form attached hereto as Exhibit A, specifying the number of Option Shares
with respect to which the Option is being exercised, and (ii) full payment for
these shares.  Payment shall be made by certified or bank cashier’s
check or by a wire transfer of immediately available
funds.  Notwithstanding the foregoing, no Option may be exercised
unless the purchase price for the Option Shares purchased is at least $2,000 or
unless the entire remaining Option is being exercised.

      

      (b)           Promptly
upon receipt of the Notice And Agreement Of Exercise Of Option together with the
full payment of the Option Price for the Option Shares being purchased, the
Company shall deliver to the Optionee a properly executed certificate or
certificates representing the Option Shares being purchased.

      

      (c)           During
the lifetime of the Optionee, the Options shall be exercisable only by the
Optionee; provided, that in the event of the legal disability of an Optionee,
the guardian or personal representative of the Optionee may exercise the
Options.

      

      4.           Withholding
Taxes.  The Company may take such steps as it deems necessary
or appropriate for the withholding of any taxes which the Company is required by
any law or regulation or any governmental authority, whether federal, state or
local, domestic or foreign, to withhold in connection with the Option including,
but not limited to, the withholding of all or any portion of any payment owed by
the Company to the Optionee or the withholding of issuance of Option Shares to
be issued upon the exercise of the Option.

      

      5.           Expiration of
Installments.  If the Optionee’s “Continuous Status as an
Employee or Consultant” as defined in the Plan is terminated for any reason at a
time when any Installment of the Option has not been exercised:

      

      (a)           Each
Installment which is not yet exercisable as of the date of Optionee’s
termination (the “Termination Date”) shall expire on the Termination Date;
and

      

      (b)           Each
Installment which is exercisable as of the Termination Date shall expire 90 days
after the Termination Date.

      

      6.           Securities Laws
Requirements.  No Option Share shall be issued unless and
until, in the opinion of the Company, there has been full compliance with any
applicable registration require­ments of the Securities Act of 1933, any
applicable listing requirements of any securities exchange on which stock of the
same class has been listed, and any other requirements of law or any regulatory
bodies having jurisdiction over such issuance and delivery.  Pursuant
to the terms of the Notice And Agreement Of Exercise Of Option (Exhibit A) that
shall be delivered to the Company upon each exercise of the Option, the Optionee
shall acknowledge, represent, warrant and agree as follows:

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (a)           All
Option Shares shall be acquired solely for the account of the Optionee for
investment purposes only and with no view to their resale or other distribution
of any kind  (Note:  This provision will be applicable only
if the issuance of the Option Shares is not registered at the time of exercise
of the Options);

      

      (b)           No
Option Share shall be sold or otherwise dis­trib­uted in violation of
the Securities Act of 1933 or any other applicable federal or state securities
laws;

      

      (c)           The
Optionee shall report all sales of Option Shares to the Company in writing on a
form prescribed by the Company; and

      

      (d)           If
and so long as the Optionee is subject to reporting requirements under Section
16(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), he shall (i)
be aware that any sale by him or his immediate family of shares of the Company's
common stock or any of the Option Shares within six months before or after any
transaction deemed to be a "purchase" of an equity security of the Company may
create liability for him under Section 16(b) of the Exchange Act, (ii) consult
with his counsel regarding the application of Section 16(b) of the Exchange Act
prior to any exercise of the Options, and prior to any sale of shares of the
Company's common stock or the Option Shares, (iii) furnish the Company with a
copy of each Form 4 and Form 5 filed by him, and (iv) timely file all reports
required under the federal securities laws.

      

      (e)           No
Option Shares may be sold, transferred or otherwise disposed of prior to six
months from the Date of Grant.

      

      The restrictions described in Sections
6(a), (b), (c), (d), and (e) above, or notice thereof, may be placed on the
certificates representing the Option Shares purchased, and the Company may
refuse to issue the certificates or to transfer the shares on its books unless
it is satisfied that no violation of such restrictions will occur.

      

      7.           Transferability.  The
Option shall not be transferable by the Optionee, either voluntarily or
involun­tarily, except by will or the laws of descent and
distribution.  Except as provided in the preceding sentence, any
attempt to transfer the Option shall void the Option.

      

      8.           Adjustment By Stock Split,
Stock Dividend, Etc.  If at any time the Company increases or
decreases the number of its outstanding shares of Common Stock, or changes in
any way the rights and privileges of such shares, by means of the payment of a
stock dividend or the making of any other distribution on such shares payable in
its Common Stock, or through a stock split or subdivision of shares, or a
consolidation or combination of shares, or through a reclassification or
recapitalization involving its Common Stock, the numbers, rights and privileges
of the shares of Common Stock included in the Option shall be increased,
decreased or changed in like manner as if such shares had been issued and
outstanding, fully paid and nonassessable, at the time of such occurrence, and
the Option Price shall be adjusted accordingly.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      9.           Common Stock To Be Received
Upon Exercise.  Optionee understands that the Company is under
no obligation to register the issuance of the Option Shares, the resale of the
Option Shares, or the Option Shares, under the Securities Act of l933, as
amended (the "Securities Act"), and that in the absence of any such
registration, the Option Shares cannot be sold unless they are sold pursuant to
an exemption from registration under the Securities Act.  The Company
is under no obligation to comply, or to assist the Optionee in complying, with
any exemption from such registration requirement, including supplying the
Optionee with any infor­mation necessary to permit routine sales of the
Option Shares under Rule l44 of the Securities and Exchange
Commission.  Optionee also understands that with respect to Rule l44,
routine sales of securities made in reliance upon such Rule can be made only in
limited amounts in accordance with the terms and conditions of the Rule, and
that in cases in which the Rule is inapplicable, compliance with another
exemption under the Securities Act will be required.  Thus, the Option
Shares will have to be held indefinitely in the absence of registration under
the Securities Act or an exemption from registration.

      

      10.           Privilege Of
Ownership.  Optionee shall not have any of the rights of a
stockholder with respect to the shares covered by the Options except to the
extent that one or more certificates for such shares shall be delivered to him
upon exercise of the Options.

      

      11.           Notices.  Any
notices and other communications required or permitted to be given under this
Agreement shall be in writing, shall be deemed to have been given to a party on
the date of service if delivered personally, if delivered to the address
designated below, or if delivered by facsimile to the number designated below,
or shall be deemed to have been given on the fifth day after mailing by
registered or certified mail, postage prepaid, if mailed to the party to whom
notice is to be given, and shall be addressed as follows:

      

      (a)           if
to the Company:

       

      AspenBio Pharma, Inc.

      1585 S. Perry Street

      Castle Rock,
CO  80104

      

      
        	
                 
      

              	
                (b)

              	
                if
      to the Optionee:

              	
                At
      the address listed below his/her name on the last page of this
      Agreement.

              

      Any party
may change its address for purposes of this Section 11 by giving the other
parties written notice of the new address in the manner set forth
above.

      

      12.           No Employment
Right.  Nothing in this Agreement shall be considered to confer
on the Optionee any right to continue in the Company’s employ or to limit the
Company’s right to terminate the Optionee’s employment.

      

      13.           2002 Stock Incentive
Plan.  This Option is subject to, and the Company and the
Optionee agree to be bound by, all of the terms and conditions of the Plan under
which this Option was granted, as the same shall have been amended from time to
time in accordance with the terms thereof.  Pursuant to the Plan, the
Board of Directors of the Company, or its Committee established for such
purposes is vested with final authority to interpret and construe the Plan or
this Option, and is authorized to adopt rules and regulations for carrying out
the Plan.  A copy of the Plan in its present form is available for
inspection during business hours by the Optionee at the Company’s principal
office.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      14.           General
Provisions.  This instrument (a) contains the entire agreement
between the parties, (b) may not be amended nor may any rights hereunder be
waived except by an instrument in writing signed by the party sought to be
charged with such amendment or waiver, (c) shall be construed in accordance
with, and governed by, the laws of Colorado, and (d) shall be binding upon and
shall inure to the benefit of the parties and their respective personal
representatives and assigns, except as above set forth.  All pronouns
contained herein and any vari­ations thereof shall be deemed to refer to the
masculine, feminine or neuter, singular or plural as the identity of the parties
hereto may require.

      

      15.           Effective
Date.  This Agreement shall not become effective until the
Optionee accepts this Agreement by returning a copy to the Company completed and
signed below by the Optionee and, if the Optionee is married, by the Optionee’s
spouse.  When the Optionee so accepts this Agreement, this Agreement
shall become effective retroactive to the Date of Grant without the necessity of
further action by either the Company or the Optionee.

       

      
         

         

        
          
            	 	ASPENBIO
      PHARMA, INC.	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	Name 	 	 
	 	Title 	 	 
	 	 	 	 

          

        

         

        
 

         

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        EXHIBIT
A

      

      (To
AspenBio Pharma, Inc. Stock Option Agreement)

      

      ASPENBIO
PHARMA, INC.

       

      NOTICE
AND AGREEMENT OF EXERCISE OF OPTION

      

      I hereby exercise my AspenBio Pharma,
Inc. Option dated [_________] as to [________] shares of the common stock (the
"Option Shares") of AspenBio Pharma, Inc. (the "Company") at a purchase price of
$[______] per share.  The total exercise price for these Option Shares
is $[________].  Enclosed is payment in the form of
[__________].

      

      Enclosed are the documents and payment
specified in Section 3 of my Option Agreement.

      

      I understand that no Option Shares will
be issued unless and until, in the opinion of the Company, there has been full
compli­ance with any applicable registration requirements of the Securities
Act of l933, as amended, any applicable listing requirements of any securities
exchange on which stock of the same class is then listed, and any other
requirements of law or any regulatory bodies having jurisdiction over such
issuance and delivery.  I hereby acknowledge, represent, warrant and
agree, to and with the Company as follows:

      

      
        	
                 
      

              	
                a.

              	
                The
      Option Shares I am purchasing are being acquired for my own account for
      investment purposes only and with no view to their resale or other
      distribution of any kind, and no other person (except, if I am married, my
      spouse) will own any interest therein.  (Note:  This
      provision to be included only if issuance of Option Shares is not
      registered at the time of
exercise.)

              

      

      

      
        	
                 
      

              	
                b.

              	
                I
      will not sell or dispose of my Option Shares in violation of the
      Securities Act of 1933, as amended, or any other applicable federal or
      state securities laws.

              

      

      

      
        	
                 
      

              	
                c.

              	
                I
      will not sell, transfer, or otherwise dispose of any Option Shares prior
      to six months from the Date of
Grant.

              

      

      

      
        	
                 
      

              	
                d.

              	
                I
      will report all sales of Option Shares to the Company in writing on a form
      prescribed by the Company.

              

      

      

      
        	
                 
      

              	
                e.

              	
                I
      agree that the Company may, without liability for its good faith actions,
      place legend restrictions upon my Option Shares and issue "stop transfer"
      instructions requiring compliance with applicable securities laws and the
      terms of my Option Agreement.

              

      

      

      
        	
                 
      

              	
                f.

              	
                If
      and so long as I am subject to reporting require­ments under Section
      l6(a) of the Securities Exchange Act of l934, as amended (the "Exchange
      Act"), I recognize that any sale by me or my immediate family of the
      Company's common stock may create liability for me under Section l6(b) of
      the Exchange Act ("Section l6(b)").  Therefore, I have consulted
      with my counsel regarding the application of Section l6(b) to this
      Option.

              

      

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                g.

              	
                I
      will consult with my counsel regarding the appli­cation of Section
      l6(b) before I sell any shares of the Company's common stock, including
      the Option Shares, and I will furnish the Company with a copy of each Form
      4 and Form 5 filed by me and will timely file all reports that I may be
      required to file under the federal securities
  laws.

              

      

      

      The number of Option Shares specified
above, are to be issued in the name or names set forth below in the left hand
column.

      

       

      
        	 	 	 
	    (Print Your
      Name) 	 	    Signature
	 	 	 
	 	 	    Address
	(Print Name of
      spouse if you wish
      joint registration)	 	 
	 	 	
                 

                 

              
	 	 	    City, State and
      Zip Code

      

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                 

      

      Options
dated [____________________]

      

      I accept this Stock Option Agreement
and agree to be bound by all of its terms.  I acknowledge receipt of a
copy of the AspenBio Pharma, Inc. 2002 Stock Option Plan.

       

      
        	 	o	 I am not
      married.	 	 
	 	 	 	 	 
	 	o	I am married to
      	 	 
	 	 	
                 

                 

              	 	 
	 	 	 	(Optionee
      Signature) 	 
	 	 	
                 

                Address: 

              	 	 
	 	 	 	 	 
	 	 	
                 

                Social
      Security Number: 

              	 	 

      

       

       

      

      I am the spouse of the
Advisor.  I have read the Stock Option Agreement, and I understand
that the Option is not transferable.  I agree to be bound by the Stock
Option Agreement insofar as I may have any interest in the Option as the
Advisor’s spouse.

      

      

       

      
        	 	 	 
	 	

                (Spouse
      Signature)

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