Document:

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                                                                    Exhibit 10.1

                                 INHIBITEX, INC.

                              AMENDED AND RESTATED
                           1998 EQUITY OWNERSHIP PLAN

                                TABLE OF CONTENTS

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SECTION 1 DEFINITIONS                                                                           1

                  1.1           Definitions                                                     1

SECTION 2 GENERAL TERMS                                                                         4

                  2.1           Purpose of the Plan                                             4
                  2.2           Stock Subject to the Plan                                       4
                  2.3           Administration of the Plan                                      4
                  2.4           Eligibility and Limits                                          5

SECTION 3 TERMS OF AWARDS                                                                       5

                  3.1           Terms and Conditions of All Awards                              5
                  3.2           Terms and Conditions of Options                                 5
                  3.3           Terms and Conditions of Stock Appreciation Rights               7
                  3.4           Terms and Conditions of Stock Awards                            7
                  3.5           Treatment of Awards Upon Termination of Employment              7

SECTION 4 RESTRICTIONS ON STOCK                                                                 8

                  4.1           Escrow of Shares                                                8
                  4.2           Forfeiture of Shares                                            8
                  4.3           Restrictions on Transfer                                        8

SECTION 5 GENERAL PROVISIONS                                                                    8

                  5.1           Withholding                                                     8
                  5.2           Changes in Capitalization; Merger; Liquidation                  9
                  5.3           Cash Awards                                                     9
                  5.4           Compliance with Code                                           10
                  5.5           Right to Terminate Employment                                  10
                  5.6           Restrictions on Delivery and Sale of Shares; Legends           10
                  5.7           Non-alienation of Benefits                                     10
                  5.8           Termination and Amendment of the Plan                          10
                  5.9           Stockholder Approval                                           10
                  5.10          Choice of Law                                                  10
                  5.11          Effective Date of Plan                                         10
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                                 INHIBITEX, INC.
                              AMENDED AND RESTATED
                           1998 EQUITY OWNERSHIP PLAN

         Inhibitex, Inc. hereby establishes this Plan to be called the
Inhibitex, Inc. Amended and Restated 1998 Equity Ownership Plan to encourage
participants and employees of the Company to acquire an equity interest in the
Company, to make monetary payments to certain participants based upon the value
of the Company's Stock, or based upon achieving certain goals on a basis
mutually advantageous to such participants and the Company and thus provide an
incentive for continuation of the efforts of the participants for the success of
the Company, for continuity of employment and to further the interests of the
shareholders.

                             SECTION 1 - DEFINITIONS

         1.1      Definitions. Whenever used herein, the masculine pronoun shall
be deemed to include the feminine, the singular to include the plural, unless
the context clearly indicates otherwise, and the following capitalized words and
phrases are used herein with the meaning thereafter ascribed:

                  (a)      "Administrator" means the Board or its designee(s).

                  (b)      "Award" means any Stock Option, Stock Appreciation
Right, Restricted Stock or Performance Award granted under the Plan.

                  (c)      "Beneficiary" means the person or persons designated
by a Participant to exercise an Award in the event of the Participant's death
while employed by the Company, or in the absence of such designation, the
executor or administrator of the Participant's estate.

                  (d)      "Board" means the Board of Directors of the Company.

                  (e)      "Cause" means conduct by the Participant amounting to
(1) fraud or dishonesty against the Company, (2) willful misconduct, repeated
refusal to follow the reasonable directions of an individual or group authorized
to give such directions, or knowing violation of law in the course of
performance of the duties of Participant's employment with the Company, (3)
repeated absences from work without a reasonable excuse, (4) intoxication with
alcohol or drugs while on the Company's premises during regular business hours,
(5) a conviction or plea of guilty or nolo contendere to a felony or a crime
involving dishonesty, or (6) a breach or violation of the terms of any
employment or other agreement to which Participant and the company are party.

                  (f)      "Change in Control" shall be deemed to have occurred
if (i) a tender offer shall be made and consummated of the ownership of 50% or
more of the outstanding voting securities of the Company, (ii) the Company shall
be merged or consolidated with another corporation and as a result of such
merger or consolidation less than 50% of the outstanding voting securities of
the surviving or resulting corporation shall be owned in the aggregate by the
former shareholders of the Company, other than affiliates (within the meaning of
the Securities Exchange Act of 1934) of any party to such merger or
consolidation, (iii) the Company shall sell substantially all of its assets to
another corporation which corporation is not wholly owned by the Company, or
(iv) a person, within the meaning of Section 3(a)(9) or of Section 13(d)(3) (as
in effect on the date hereof) of the Securities Exchange Act of 1934, shall
acquire 50% or more of the outstanding voting securities of the Company (whether
directly, indirectly beneficially or of record). For purposes hereof, ownership
of voting securities shall take into account and shall

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include ownership as determined by applying the provisions of Rule
13d-3(d)(1)(i) (as in effect on the date hereof) pursuant to the Securities
Exchange Act of 1934.

                  (g)      "Code" means the Internal Revenue Code of 1986, as
amended.

                  (h)      "Company" means Inhibitex, Inc. a Delaware
corporation.

                  (i)      "Constructive Discharge" means a Termination of
Employment by the Participant on account of (i) any material reduction in the
Participant's Compensation, (ii) any material reduction in the level or scope of
job responsibility or status of the Participant occurring without the consent of
the Participant, or (iii) any relocation to an office of the Company which is
more than fifty (50) miles from the office where the Participant was previously
located to which the Participant has not agreed.

                  (j)      "Disability" has the same meaning as provided in the
long-term disability plan maintained by the Company. In the event of a dispute,
the determination of Disability shall be made by the Administrator. If, at any
time during the period that this Plan is in operation, the Company does not
maintain a long term disability plan, Disability shall mean a physical or mental
condition which, in the judgment of the Administrator, permanently prevents a
Participant from performing his usual duties for the Company or such other
position or job which the Company makes available to him and for which the
Participant is qualified by reason of his education, training and experience. In
making its determination the Administrator may, but is not required to, rely on
advice of a physician competent in the area to which such Disability relates.
The Administrator may make the determination in its sole discretion and any
decision of the Administrator will be binding on all parties.

                  (k)      "Disposition" means any conveyance, sale, transfer,
assignment, pledge or hypothecation, whether outright or as security, inter
vivos or testamentary, with or without consideration, voluntary or involuntary.

                  (l)      "Equity Ownership Agreement" means an agreement
between the Company and a Participant or other documentation evidencing an
Award.

                  (m)      "Expiration Date" means, the last date upon which an
Award can be exercised.

                  (n)      "Fair Market Value" means, for any particular date,
(i) for any period during which the Stock shall be listed for trading on a
national securities exchange or the National Association of Securities Dealers
Automated Quotation System ("NASDAQ"), the closing price per share of Stock on
such exchange or the NASDAQ closing bid price as of the close of such trading
day, or (ii) the market price per share of Stock as determined in good faith by
the Board in the event (i) above shall not be applicable. If the Fair Market
Value is to be determined as of a day when the securities markets are not open,
the Fair Market Value on that day shall be the Fair Market Value on the next
succeeding day when the markets are open.

                  (o)      "Incentive Stock Option" means an incentive stock
option, as defined in Code Section 422, and described in Plan Section 3.2.

                  (p)      "Initial Public Offering" means the first instance in
which the Company Stock is offered for sale to the public following successful
registration of the Stock with the Securities and Exchange Commission.

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                  (q)      "Involuntary Termination" means a Termination of
Employment but does not include a Termination of Employment for Cause or a
Voluntary Resignation.

                  (r)      "Non-Qualified Stock Option" means a stock option,
other than an option qualifying as an Incentive Stock Option, described in Plan
Section 3.2.

                  (s)      "Non-Employee Board Member" means a member of the
Board who is not an employee of the Company.

                  (t)      "Option" means a Non-Qualified Stock Option or an
Incentive Stock Option.

                  (u)      "Over 10% Owner" means an individual who at the time
an Incentive Stock Option is granted owns Stock possessing more than 10% of the
total combined voting power of the Company or one of its Parents or
Subsidiaries, determined by applying the attribution rules of Code Section
424(d).

                  (v)      "Parent" means any corporation (other than the
Company) in an unbroken chain of corporations ending with the Company if, with
respect to Incentive Stock Options, at the time of granting of the Option, each
of the corporations other than the Company owns stock possessing 50% or more of
the total combined voting power of all classes of stock in one of the other
corporations in the chain.

                  (w)      "Participant" means an individual who receives an
Award hereunder.

                  (x)      "Plan" means the Inhibitex, Inc. Amended and Restated
1998 Equity Ownership Plan.

                  (y)      "Retirement" means a Termination of Employment after
attaining the normal retirement age specified in the qualified retirement plan
maintained by the Company, or age 65 if no such plan exists.

                  (z)      "Stock" means the Company's common stock.

                  (aa)     "Stock Appreciation Right" means a stock appreciation
right described in Plan Section 3.3.

                  (ab)     "Stock Award" means a stock award described in Plan
Section 3.4.

                  (ac)     "Subsidiary" means any corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company if,
with respect to Incentive Stock Options, at the time of the granting of the
Option, each of the corporations other than the last corporation in the unbroken
chain owns stock possession 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in the chain.

                  (ad)     "Termination of Affiliation" means the termination of
a business relationship, for any reason, between an advisor or consultant who is
a Participant and the Company or its affiliates. A Termination of Affiliation
shall be deemed to have occurred as of the date written notice to that effect is
received by the Participant.

                  (ae)     "Termination of Employment" means the termination of
the employee-employer relationship between a Participant and the Company and its
affiliates

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regardless of the fact that severance or similar payments are made to the
Participant, for any reason, including, but not by way of limitation, a
Voluntary Resignation, Constructive Discharge, Involuntary Termination, death,
Disability or Retirement. The Administrator shall, in its absolute discretion,
determine the effect of all matters and questions relating to Termination of
Employment, including, but not by way of limitation, the question of whether a
leave of absence constitutes a Termination of Employment, or whether a
Termination of Employment is for Cause or is a Constructive Discharge. With
regard to a member of the Board, Termination of Employment shall mean the date
on which the individual ceases to be a member of the Board for any reason.

                  (af)     "Vested" means that an Award is non-forfeitable and
exercisable with regard to a designated number of shares of Stock.

                  (ag)     "Voluntary Resignation" means a Termination of
Employment as a result of the Participant's resignation but does not include a
Constructive Discharge.

                            SECTION 2 - GENERAL TERMS

         2.1      Purpose of the Plan. The Plan is intended to (a) provide
incentive to employees of the Company and its affiliates and other Participants
to stimulate their efforts toward the continued success of the Company and to
operate and manage the business in a manner that will provide for the long-term
growth and profitability of the Company; (b) encourage stock ownership by
employees by providing them with a means to acquire a proprietary interest in
the Company by acquiring shares of Stock or to receive compensation which is
based upon appreciation in the value of Stock; and (c) provide a means of
obtaining and rewarding employees, directors, advisors and consultants.

         2.2      Stock Subject to the Plan. Subject to adjustment in accordance
with Section 5.2, two million one hundred thousand (2,100,000) shares of Stock
(the "Maximum Plan Shares") are hereby reserved and subject to issuance under
the Plan. At no time shall the Company have outstanding Awards and shares of
Stock issued in respect to Awards in excess of the Maximum Plan Shares. To the
extent permitted by law, the shares of Stock attributable to the non-vested,
unpaid, unexercised, unconverted or otherwise unsettled portion of any Award
that is forfeited, canceled, expired or terminated for any reason without
becoming vested, paid, exercised, converted or otherwise settled in full shall
again be available for purposes of the Plan.

         2.3      Administration of the Plan. The Plan shall be administered by
the Administrator. The Administrator shall have full authority in its discretion
to determine the employees of the Company or its affiliates to whom Awards shall
be granted and the terms and provisions of Awards, subject to the Plan. Subject
to the provisions of the Plan, the Administrator shall have full and conclusive
authority to interpret the Plan; to prescribe, amend and rescind rules and
regulations relating to the Plan; to determine the terms and provisions of the
respective Equity Ownership Agreements and to make all other determinations
necessary or advisable for the proper administration of the Plan. The
Administrator's determination under the Plan need not be uniform and may be made
by it selectively among persons who receive, or are eligible to receive, Awards
under the Plan (whether or not such persons are similarly situated). The
Administrator's decisions shall be final and binding on all Participants.

         2.4      Eligibility and Limits. Participants in the Plan shall be
selected by the Administrator. No Participant may be granted Awards in excess of
30% of the Maximum Plan Shares. In the case of Incentive Stock Options, the
aggregate Fair Market Value (determined as at the date an Incentive Stock Option
is granted) of Stock with respect to which Stock Options

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intended to meet the requirements of Code Section 422 become exercisable for the
first time by an individual during any calendar year under all plans of the
Company and its Parents and Subsidiaries shall not exceed $100,000; provided
further, that if the limitation is exceeded, the Incentive Stock Option(s) which
cause the limitation to be exceeded shall be treated as Non-Qualified Stock
Option(s).

                           SECTION 3 - TERMS OF AWARDS

         3.1      Terms and Conditions of All Awards.

                  (a)      The number of shares of Stock as to which an Award
shall be granted shall be determined by the Administrator in its sole
discretion, subject to the provisions of Sections 2.2 and 2.4 as to the total
number of shares available for grants under the Plan.

                  (b)      Each Award shall be evidenced by an Equity Ownership
Agreement in such form as the Administrator may determine is appropriate,
subject to the provisions of the Plan.

                  (c)      The date an Award is granted shall be the date on
which the Administrator has approved the terms and conditions of the Equity
Ownership Agreement and has determined the recipient of the Award and the number
of shares covered by the Award and has taken all such other action necessary to
complete the grant of the Award.

                  (d)      The Administrator may provide in any Equity Ownership
Agreement a vesting schedule. The vesting schedule shall specify when such
Awards shall become Vested and thus exercisable. The Administrator may
accelerate the vesting schedule set forth in the Equity Ownership Agreement if
the Administrator determines that it is in the best interests of the Company and
Participant to do so. Notwithstanding any vesting schedule which may be
specified in an Equity Ownership Agreement, or any determination made by the
Administrator, no award will vest if, to do so, would create a situation in
which the exercisability of any such Award would result in an "excess parachute
payment" within the meaning of Section 280G of the Code.

                  (e)      Awards shall not be transferable or assignable except
by will or by the laws of descent and distribution and shall be exercisable,
during the Participant's lifetime, only by the Participant, or in the event of
the Disability of the Participant, by the legal representative of the
Participant.

         3.2      Terms and Conditions of Options. At the time any Option is
granted, the Administrator shall determine whether the Option is to be an
Incentive Stock Option or a Non-Qualified Stock Option, and the Option shall be
clearly identified as to its status as an Incentive Stock Option or a
Non-Qualified Stock Option. At the time any Incentive Stock Option is exercised,
the Company shall be entitled to place a legend on the certificates representing
the shares of Stock purchased pursuant to the Option to clearly identify them as
shares of Stock purchased upon exercise of an Incentive Stock Option. An
Incentive Stock Option may only be granted within ten (10) years from the date
the Plan, as amended and restated, is adopted or the date such Plan is approved
by the Company's stockholders, whichever is earlier. Incentive Stock Options may
only be granted to employees of the Company.

                  (a)      Option Price. Subject to adjustment in accordance
with Section 5.2 and the other provisions of this Section 3.2, the exercise
price (the "Exercise Price") per share of the Stock purchasable under any Option
shall be as set forth in the applicable Equity Ownership Agreement. With respect
to each grant of an Incentive Stock Option to a Participant who is not an Over
10% Owner, the Exercise Price per share shall not be less than the Fair Market
Value on the date the Option is granted. With respect to each grant for an
Incentive Stock Option to a

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Participant who is an Over 10% Owner, the Exercise Price shall not be less than
110% of the Fair Market Value on the date the Option is granted.

                  (b)      Option Term. The Equity Ownership Agreement shall set
forth the term of each option. Any Incentive Stock Option granted to a
Participant who is not an Over 10% Owner shall not be exercisable after the
expiration of ten (10) years after the date the Option is granted. Any Incentive
Stock Option granted to an Over 10% Owner shall not be exercisable after the
expiration of five (5) years after the date the Option is granted. In either
case, the Administrator may specify a shorter term and state such term in the
Equity Ownership Agreement.

                  (c)      Payment. Payment for all shares of Stock purchased
pursuant to exercise of an Option shall be made in any form or manner authorized
by the Administrator in the Equity Ownership Agreement or by amendment thereto,
including, but not limited to, cash or, if the Equity Ownership Agreement
provides, (i) by delivery or deemed delivery (based on an attestation to the
ownership thereof) to the Company of a number of shares of Stock which have been
owned by the holder for at least six (6) months prior to the date of exercise
having an aggregate Fair Market Value on the date of exercise equal to the
Exercise Price or (ii) by tendering a combination of cash and Stock. Payment
shall be made at the time that the Option or any part thereof is exercised, and
no shares shall be issued or delivered upon exercise of an Option until full
payment has been made by the Participant. The holder of an Option, as such,
shall have none of the rights of a stockholder.

                  (d)      Conditions to the Exercise of an Option. Each Option
granted under the Plan shall be exercisable by whom, at such time or times, or
upon the occurrence of such event or events, and in such amounts, as the
Administrator shall specify in the Equity Ownership Agreement; provided,
however, that subsequent to the grant of an Option, the Administrator, at any
time before complete termination of such Option, may accelerate the time or
times at which such Option may be exercised in whole or in part, including,
without limitation, upon a Change in Control and may permit the Participant or
any other designated person acting for the benefit of the Participant to
exercise the Option, or any portion thereof, for all or part of the remaining
Option term notwithstanding any provision of the Equity Ownership Agreement to
the contrary.

                  (e)      Termination of Incentive Stock Option. With respect
to an Incentive Stock Option, in the event of Termination of Employment of a
Participant, the Option or portion thereof held by the Participant which is
unexercised shall expire, terminate, and become unexercisable no later than the
expiration of three (3) months after the date of Termination of Employment;
provided, however, that in the case of a holder whose Termination of Employment
is due to death or Disability, one (1) year shall be substituted for such three
(3) month period. For purposes of this Subsection (e), Termination of Employment
of the Participant shall not be deemed to have occurred if the Participant is
employed by another corporation (or a parent or subsidiary corporation of such
other corporation) which has assumed the Incentive Stock Option of the
Participant in a transaction to which Code Section 424(a) is applicable.

                  (f)      Special Provisions for Certain Substitute Options.
Notwithstanding anything to the contrary in this Section 3.2, any Option issued
in substitution for an option previously issued by another entity, which
substitution occurs in connection with a transaction to which Code Section
424(a) is applicable, may provide for an exercise price computed in accordance
with such Code Section and the regulations thereunder and may contain such other
terms and conditions as the Administrator may prescribe to cause such substitute
Option to contain as nearly as possible the same terms and conditions (including
the applicable vesting and termination provisions) as those contained in the
previously issued option being replaced thereby.

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         3.3      Terms and Conditions of Stock Appreciation Rights. A Stock
Appreciation Right may be granted in connection with all or any portion of a
previously or contemporaneously granted Award or not in connection with an
Award. A Stock Appreciation Right shall entitle the Participant to receive the
excess of (1) the Fair Market Value of a specified or determinable number of
shares of the Stock at the time of payment or exercise over (2) a specified
price which, in the case of a Stock Appreciation Right granted in connection
with an Option, shall be not less than the Exercise Price for that number of
shares. A Stock Appreciation Right granted in connection with an Award may only
be exercised to the extent that the related Award has not been exercised, paid
or otherwise settled. The exercise of a Stock Appreciation Right granted in
connection with an Award shall result in a pro rata surrender or cancellation of
any related Award to the extent the Stock Appreciation Right has been exercised.

                  (a)      Payment. Upon payment or exercise of a Stock
Appreciation Right, the Company shall pay to the Participant the appreciation in
cash or shares of Stock (valued at the aggregate Fair Market Value on the date
of payment or exercise) as provided in the Equity Ownership Agreement or, in the
absence of such provision, as the Administrator may determine.

                  (b)      Conditions to Exercise. Each Stock Appreciation Right
granted under the Plan shall be exercisable or payable at such time or times, or
upon the occurrence of such event or events, and in such amounts, as the
Administrator shall specify in the Equity Ownership Agreement; provided,
however, that subsequent to the grant of a Stock Appreciation Right, the
Administrator, at any time before complete termination of such Stock
Appreciation Right, may accelerate the time or times at which such Stock
Appreciation Right may be exercised or paid in whole or in part.

         3.4      Terms and Conditions of Stock Awards. The number of shares of
Stock subject to a Stock Award and restrictions or conditions on such shares, if
any, shall be as the Administrator determines, and the certificate for such
shares shall bear evidence of any restrictions or conditions. Subsequent to the
date of the grant of the Stock Award, the Administrator shall have the power to
permit, in its discretion, an acceleration of the expiration of an applicable
restriction period with respect to any part or all of the shares awarded to a
Participant. The Administrator may require a cash payment from the Participant
in an amount no greater than the aggregate Fair Market Value of the shares of
Stock awarded determined at the date of grant in exchange for the grant of a
Stock Award or may grant a Stock Award without the requirement of a cash
payment.

         3.5      Treatment of Awards Upon Termination of Employment or
Affiliation. Except as otherwise provided by Plan Section 3.2(e), any award
under this Plan to a Participant who incurs a Termination of Employment or
Affiliation may be canceled, accelerated, paid or continued, as provided in the
Equity Ownership Agreement or, in the absence of such provision, as the
Administrator may determine. The portion of any award exercisable in the event
of continuation or the amount of any payment due under a continued award may be
adjusted by the Administrator to reflect the Participant's period of service
from the date of grant through the date of the Participant's Termination of
Employment or Affiliation or such other factors as the Administrator determines
are relevant to its decision to continue the award.

                        SECTION 4 - RESTRICTIONS ON STOCK

         4.1      Escrow of Shares. Any certificates representing the shares of
Stock issued under the Plan shall be issued in the Participant's name, but, if
the Equity Ownership Agreement so provides, the shares of Stock shall be held by
a custodian designated by the Administrator (the "Custodian").

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Each Equity Ownership Agreement providing for transfer of shares of Stock to the
Custodian shall appoint the Custodian as the attorney-in-fact for the
Participant for the term specified in the Equity Ownership Agreement, with full
power and authority in the Participant's name, place and stead to transfer,
assign and convey to the Company any shares of Stock held by the Custodian for
such Participant, if the Participant forfeits the shares under the terms of the
Equity Ownership Agreement. During the period that the Custodian holds the
shares subject to this Section, the Participant shall be entitled to all rights,
except as provided in the Equity Ownership Agreement, applicable to shares of
Stock not so held. Any dividends declared on shares of Stock held by the
Custodian shall, as the Administrator may provide in the Equity Ownership
Agreement, be paid directly to the Participant or, in the alternative, be
retained by the Custodian until the expiration of the term specified in the
Equity Ownership Agreement and shall then be delivered, together with any
proceeds, with the shares of Stock to the Participant or the Company, as
applicable.

         4.2      Forfeiture of Shares. Notwithstanding any vesting schedule set
forth in any Equity Ownership Agreement, in the event that the Participant
violates a non competition agreement as set forth in the Equity Ownership
Agreement, all Awards and shares of Stock issued to the holder pursuant to the
Plan shall be forfeited; provided, however, that the Company shall return to the
holder the lesser of any consideration paid by the Participant in exchange for
Stock issued to the Participant pursuant to the Plan or the then Fair Market
Value of the Stock forfeited hereunder.

         4.3      Restrictions on Transfer. The Participant shall not have the
right to make or permit to exist any Disposition of the shares of Stock issued
pursuant to the Plan except as provided in the Plan or the Equity Ownership
Agreement. Any Disposition of the shares of Stock issued under the Plan by the
Participant, not made in accordance with the Plan or the Equity Ownership
Agreement, including, but not limited to, any right of repurchase or right of
first refusal, shall be void. The Company shall not recognize, or have the duty
to recognize, any Disposition not made in accordance with the Plan and the
Equity Ownership Agreement, and the shares of Stock so transferred shall
continue to be bound by the Plan and the Equity Ownership Agreement.

                         SECTION 5 - GENERAL PROVISIONS

         5.1      Withholding. The Company shall deduct from all cash
distributions under the Plan any taxes required to be withheld by federal, state
or local government. Whenever the Company proposes or is required to issue or
transfer shares of Stock under the Plan or upon the vesting of any Stock Award,
the Company shall have the right to require the recipient to remit to the
Company an amount sufficient to satisfy any federal, state and local withholding
tax requirements prior to the delivery of any certificate or certificates for
such shares or the vesting of such Stock Award. A Participant may pay the
withholding tax in cash, or, if the Equity Ownership Agreement provides, a
Participant may also elect to have the number of shares of Stock he is to
receive reduced by, or with respect to a Stock Award, tender back to the
Company, the smallest number of whole shares of Stock which, when multiplied by
the Fair Market Value of the shares determined as of the Tax Date (defined
below), is sufficient to satisfy federal, state and local, if any, withholding
taxes arising from exercise or payment of an Award (a "Withholding Election"). A
Participant may make a Withholding Election only if both of the following
conditions are met:

                  (a)      The Withholding Election must be made on or prior to
the date on which the amount of tax required to be withheld is determined (the
"Tax Date") by executing and delivering to the Company a properly completed
notice of Withholding Election as prescribed by the Administrator; and

                  (b)      Any Withholding Election made will be irrevocable;
however, the Administrator may in its sole discretion approve or give no effect
to the Withholding Election.

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         5.2      Changes in Capitalization; Merger; Liquidation.

                  (a)      The number of shares of Stock reserved for the grant
of Options, Dividend Equivalent Rights, Performance Unit Awards, Phantom Shares,
Stock Appreciation Rights and Stock Awards; the number of shares of Stock
reserved for issuance upon the exercise or payment, as applicable, of each
outstanding Option, Dividend Equivalent Right, Performance Unit Award, Phantom
Share and Stock Appreciation Right and upon vesting or grant, as applicable, of
each Stock Award; the Exercise Price of each outstanding Option and the
specified number of shares of Stock to which each outstanding Dividend
Equivalent Right, Phantom Share and Stock Appreciation Right pertains may be
proportionately adjusted by the Administrator for any increase or decrease in
the number of issued shares of Stock resulting from a subdivision or combination
of shares or the payment of a stock dividend in shares of Stock to holders of
outstanding shares of Stock or any other increase or decrease in the number of
shares of Stock outstanding effected without receipt of consideration by the
Company.

                  (b)      In the event of a merger, consolidation or other
reorganization of the Company or tender offer for shares of Stock, the
Administrator may make such adjustments with respect to awards and take such
other action as it deems necessary or appropriate to reflect or in anticipation
of such merger, consolidation, reorganization or tender offer, including,
without limitation, the substitution of new awards, the termination or
adjustment of outstanding awards, the acceleration of awards or the removal of
restrictions on outstanding awards. Any adjustment pursuant to this Section 5.2
may provide, in the Administrator's discretion, for the elimination without
payment therefore of any fractional shares that might otherwise become subject
to any Award.

                  (c)      The existence of the Plan and the Awards granted
pursuant to the Plan shall not affect in any way the right or power of the
Company to make or authorize any adjustment, reclassification, reorganization or
other change in its capital or business structure, any merger or consolidation
of the Company, any issue of debt or equity securities having preferences or
priorities as to the Stock or the rights thereof, the dissolution or liquidation
of the Company, any sale or transfer of all or any part of its business or
assets, or any other corporate act or proceeding.

         5.3      Cash Awards. The Administrator may, at any time and in its
discretion, grant to any holder of an Award the right to receive, at such times
and in such amounts as determined by the Administrator in its discretion, a cash
amount which is intended to reimburse such person for all or a portion of the
federal, state and local income taxes imposed upon such person as a consequence
of the receipt of the Award or the exercise of rights thereunder.

         5.4      Compliance with Code. All Incentive Stock Options to be
granted hereunder are intended to comply with Code Section 422, and all
provisions of the Plan and all Incentive Stock Options granted hereunder shall
be construed in such manner as to effectuate that intent.

         5.5      Right to Terminate Employment. Nothing in the Plan or in any
Award shall confer upon any Participant the right to continue as an employee or
officer of the Company or any of its affiliates or affect the right of the
Company or any of its affiliates to terminate the Participant's employment at
any time.

         5.6      Restrictions on Delivery and Sale of Shares; Legends. Each
Award is subject to the condition that if at any time the Administrator, in its
discretion, shall determine that the listing, registration or qualification of
the shares covered by such Award upon any securities exchange or under any state
or federal law is necessary or desirable as a condition of or in connection with
the

                                       9
<PAGE>

granting of such Award or the purchase or delivery of shares thereunder, the
delivery of any or all shares pursuant to such Award may be withheld unless and
until such listing, registration or qualification shall have been effected. If a
registration statement is not in effect under the Securities Act of 1933 or any
applicable state securities laws with respect to the shares of Stock purchasable
or otherwise deliverable under Awards then outstanding, the Administrator may
require, as a condition of exercise of any Option or as a condition to any other
delivery of Stock pursuant to an Award, that the Participant or other recipient
of an Award represent, in writing, that the shares received pursuant to the
Award are being acquired for investment and not with a view to distribution and
agree that shares will not be disposed of except pursuant to an effective
registration statement, unless the Company shall have received an opinion of
counsel that such disposition is exempt from such requirement under the
Securities Act of 1933 and any applicable state securities laws. The Company may
include on certificates representing shares delivered pursuant to an Award such
legends referring to the foregoing representations or restrictions or any other
applicable restrictions on resale as the Company, in its discretion, shall deem
appropriate.

         5.7      Non-alienation of Benefits. Other than as specifically
provided with regard to the death of a Participant, no benefit under the Plan
shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge; and any attempt to do so shall be
void. No such benefit shall, prior to receipt by the Participant, be in any
manner liable for or subject to the debts, contracts, liabilities, engagements
or torts of the Participant.

         5.8      Termination and Amendment of the Plan. The Board at any time
may amend or terminate the Plan without stockholder approval; provided, however,
that the Board may condition any amendment on the approval of stockholders of
the Company if such approval is necessary or advisable with respect to tax,
securities or other applicable laws. No such termination or amendment without
the consent of the holder of an Award shall adversely affect the rights of the
Participant under such Award.

         5.9      Stockholder Approval. The Plan shall be submitted to the
stockholders of the Company for their approval within twelve (12) months after
the adoption of the Plan by the Board. If such approval is not obtained, any
Award granted hereunder shall be void.

         5.10     Choice of Law. The laws of the State of Georgia shall govern
the Plan, to the extent not preempted by federal law.

         5.11     Effective Date of Plan. The Plan shall be effective as of May
27, 1998.

                               * * * * * * * * * *

                                       10
<PAGE>
                                                     Stock Option No. __________

                                INHIBITEX, INC.
                             STOCK OPTION AGREEMENT

     THIS STOCK OPTION AGREEMENT (this "Agreement"), entered into as of
_______________ by and between Inhibitex, Inc., a Delaware corporation (the
"Company"), and _________________, (the "Optionee").

     WHEREAS, on May 27, 1998, the Board of Directors of the Company (the
"Board") adopted a stock option plan known as the "Inhibitex, Inc. Equity
Ownership Plan" (the "Plan") and recommended that the Plan be approved by the
Company's stockholders; and

     WHEREAS, on May 27, 1998, the stockholders of the Company approved the
Plan;

     WHEREAS, the Plan has been amended from time to time by the Board of
Directors and/or Stockholders,

     WHEREAS, subject to the Board's approval, the Optionee is granted an
option to purchase the number of shares of the Company's Common Stock (the
"Stock") as set forth on Schedule A attached hereto and incorporated herein by
this reference (the "Option"); and

     WHEREAS, the Company and the Optionee desire to enter into a written
agreement with respect to the Option in accordance with the Plan; and

     WHEREAS, capitalized terms not defined herein shall have the meanings
ascribed to them in the Plan;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties hereto agree as follows.
<PAGE>

     1. Incorporation of Plan. This option is granted pursuant to the
provisions of the Plan and the terms and definitions of the Plan are
incorporated herein by reference and made a part hereof. A copy of the Plan has
been delivered to, and receipt is hereby acknowledged by, the Optionee.
Notwithstanding anything in this Agreement to the contrary, to the extent the
terms of this Agreement conflict with or otherwise attempt to exceed the
authority set forth under the Plan, the Plan shall govern and control in all
respects.

     2. Status of Option. Schedule A indicates whether the Option constitutes
an Incentive Stock Option within the meaning of Code Section 422 and qualifies
for all special income tax benefits applicable to incentive stock options under
Code Section 422 or constitutes a Non-Qualified Stock Option.

     3. Grant of Option. Subject to the terms, restrictions, limitations, and
conditions stated herein and the terms of the Plan, the Company hereby
evidences its grant to the Optionee of the right and option to purchase all or
any part of the number of shares of Stock set forth on Schedle A. Optionee's
right to exercise the Option depends upon the extent to which the Option is
vested. Optionee shall vest in the Option in accordance with the vesting
provisions set forth on Schedle A. The Option shall expire and not be
exercisable after the date specified on Schedle A as the expiration date or on
such other date as determined pursuant to the Plan.

     4. Purchase Price. The price per share to be paid by the Optionee for the
shares subject to this Option (the "Exercise Price") shall be as specified on
Schedule A.

     5. Exercise Terms. In the event this Option is not exercised with respect
to all or any part of the shares subject to this Option prior to its
expiration, the shares with respect to which this Option was not exercised
shall no longer be subject to this Option.

     6. Restrictions on Transferability. No Option shall be transferable by
Optionee other than by will or the laws of descent and distribution.

     7. Notice of Exercise of Option. This Option may be exercised by the
Optionee, or by the Optionee's administrators, executors or personal
representatives, by a written notice (in substantially the form of the Notice of
Exercise attached hereto as Schedule B) signed by the Optionee, or by such
administrators, executors or personal representatives, and delivered or mailed
to the Company as specified in Section 13 hereof to the attention of the
President, Secretary or such other officer as the Company may designate. Any
such notice shall (a) specify the number of shares of Stock which the Optionee
or the Optionee's administrators, executors or personal representatives, as the
case may be, then elects to purchase hereunder, (b)contain such information as
may be reasonably required pursuant to Section 10 hereof, and (c)be accompanied
by a certified or cashier's check payable to the Company in payment of the total
Exercise Price applicable to such shares as provided herein; or, if approved by
the Board (i)shares of Stock owned by the Optionee and duly endorsed or
accompanied by stock transfer powers having a Fair Market Value equal to the
total Exercise Price applicable to such shares purchased hereunder or (ii)a
certified or cashier's check accompanied by the number of shares of Stock whose
Fair Market Value when added to the amount of the check equals the total
Exercise Price applicable to such shares purchased hereunder, subject to
compliance with applicable federal and state laws. Upon receipt of any such
notice and accompanying payment, and subject to the terms hereof, the Company
agrees to issue to the Optionee or the Optionee's administrators, executors or
personal representatives, as the case my be, stock certificates for the number
of shares specified in such notice registered in the name of the person
exercising this Option.
<PAGE>
     8. No Employment Rights.

          (a)  Nothing in the Plan or in this Agreement shall be construed to
create or imply any contract of employment between the Optionee and the Company.
Nothing in the Plan or this Agreement shall confer upon the Optionee any right
to continue in the employ of the Company, or confer upon the Company any right
to require the continued employment of the Optionee by the Company. The Company
shall have the right to deal with the Optionee in the same manner as if the Plan
and this Agreement did not exist, including, without limitation, with respect to
all matters related to the hiring, discharge, compensation and conditions of
employment of Optionee. Unless otherwise expressly set forth in a separate
employment agreement between the Company and Optionee, the employment of
Optionee by the Company is at-will, and the Optionee or the Company may
terminate Optionee's employment with the Company at any time for any reason,
with or without cause.

          (b)  Any questions concerning whether and when there has been a
termination of Optionee's employment, the reason (if any) for such termination,
and/or the consequences thereof under the terms of the Plan shall be determined
by the Board in its sole discretion, and the Board's determination thereof shall
be final and binding.

     9.   Adjustment in Option. The number of shares of Stock subject to this
Option, the Exercise Price and other matters are subject to adjustment during
the term of this Option in accordance with the Plan.

     10.  Death of Optionee. In the event of the Optionee's death, the
appropriate persons described in Section 6 hereof or persons to whom all or a
portion of this Option is transferred in accordance with Section 5 hereof may
exercise this Option at any time within a period ending on the earlier of (a)
the last day of the one (1) year period following the Optionee's death or (b)
the expiration date of this Option.

     11.  Date of Grant. Pursuant to the Plan, this Option was granted to the
Optionee on the date set forth in Schedule A (the "Date of Grant").

     12.  Compliance with Regulatory Matters. The Optionee acknowledges that
the issuance of capital stock of the Company is subject to limitations imposed
by federal and state law and the Optionee hereby agrees that the Company shall
not be obligated to issue any shares of Stock upon exercise of this Option that
would cause the Company to violate law or any rule, regulation, rider or consent
decree of any regulatory authority (including without limitation the Securities
and Exchange Commission) having jurisdiction over the affairs of the Company.
The Optionee agrees that he or she will provide the Company with such
information as is reasonably requested by the Company or its counsel to
determine whether the issuance of Stock complies with the provisions described
by this Section.

     13.  Investment Representation of Optionee.

          (a)  Optionee represents to the Company the following:

               i.   that Optionee has read and understands the terms and
          provisions of the Plan, and hereby accepts this Agreement subject to
          all the terms and provisions of the Plan;

               ii.  that Optionee shall accept as binding and final all
          decisions or interpretations of the Board upon any questions arising
          under the Plan; and

               iii. Optionee understands that, unless at the time of exercise of
          the Option, a registration statement under the Securities Act of 1933,
          as amended, is in effect covering the Stock, as a condition to the
          exercise of the Option the Company may require

<PAGE>
          Optionee to represent that Optionee is acquiring the Stock for
          Optionee's own account only and not with a view to, or for sale in
          connection with, any distribution of the Stock.

          (b)  The Optionee understands and agrees that the certificate or
certificates representing any shares of Stock acquired hereunder may bear an
appropriate legend relating to registration and resale under federal and state
securities laws.

          (c)  The Optionee shall not have any rights of a stockholder of the
Company with respect to the shares of Stock which may be purchased upon exercise
of this Option, unless and until such shares shall have been issued and
delivered and his/her name has been entered as a stockholder on the stock
transfer records of the Company.

     14.  Miscellaneous.

          (a)  This Agreement shall be binding upon the parties hereto and their
representatives, successors and assigns.

          (b)  This Agreement is executed and delivered in, and shall be
governed by the laws of, the State of Delaware, without regard to conflicts of
laws principles.

          (c)  Any notice, request, document or other communication given
hereunder shall be deemed to be sufficiently given upon personal delivery to the
other party or upon the expiration of three (3) days after depositing same in
the United States mail, return receipt requested, properly addressed to the
respective parties or such other address as they may give to the other party in
writing in the same manner as follows:

          Company:       Inhibitex, Inc.
                         8995 Westside Parkway, Suite 150
                         Alpharetta, GA 30004

                         Attention: William D. Johnston

          Optionee:

          (d)  This Agreement may not be modified except in writing executed by
each of the parties hereto.

          (e)  This Agreement, together with the Plan, contains the entire
understanding of the parties hereto and supersedes any prior understanding
and/or written or oral agreement between them respecting the subject matter
hereof.

          (f)  The parties agree that the provisions of this Agreement are
severable and the invalidity or unenforceability of any provision in whole or
part shall not affect the validity or enforceability of a enforceable part of
such provision or any other provisions hereof.

          (g)  The headings with Sections herein are included solely for
convenience of

<PAGE>
reference and shall not control the meaning or interpretation of any of the
provisions of this Agreement.

     (h)  No waiver of any breach or default hereunder shall be considered valid
unless in writing, and no such waiver shall be deemed a waiver of any subsequent
breach or default of the same or similar nature.

     (i)  This Agreement may be executed in one or more counterparts, by
telecopy or otherwise, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

    IN WITNESS WHEREOF, the Board has caused this Stock Option Agreement to be
executed on behalf of the Company, and the Optionee has executed this Stock
Option Agreement, all as of the day and year first above written.

                                                COMPANY:

                                                INHIBITEX, INC.

                                                By: ____________________________
                                                Name: William D. Johnston, Ph.D.
                                                Title: Chief Executive Officer

                                                OPTIONEE:

                                                By: ____________________________
<PAGE>

                                   SCHEDULE A
                                       to
                             STOCK OPTION AGREEMENT
                                    between
                                INHIBITEX, INC.
                                      and
                                      XXX

                               Dated:        XXX
                                     -----------

                           Stock Option No.
                                            ---------

1.   Number of Shares Subject to Option:            shares of stock.
                                             ------

2.   Type of Option:              Incentive Stock Option
                         ---------
                                  Non-Qualified Stock Option
                         ---------

3.   Exercise Price:     $        per share.
                          --------

4.   Grant Date:         -------------------------

5.   Vesting:            Anniversary of Grant Date          Percent Vested

6.   Expiration Date:
                         -------------------------

<PAGE>

                                   SCHEDULE B
                                       to
                             STOCK OPTION AGREEMENT
                                    between
                                INHIBITEX, INC.
                                      and
                                      XXX

                              Dated
                                    -------------------

            NOTICE OF EXERCISE FOR INCENTIVE STOCK OPTION AGREEMENT
                                       of
                            Stock Option No.
                                             --------

     The undersigned hereby notifies Inhibitex, Inc. (the "Company") of this
election to exercise the undersigned's stock option to purchase ____________
shares of Stock (as defined under the Plan) pursuant to the Stock Option
Agreement (the "Agreement") between the undersigned and the Company dated
____________. Accompanying this Notice is (1) a certified or a cashier's check
in the amount of $_____________ payable to the Company, and/or
(2)________________ shares of Stock (as defined under the Plan) presently owned
by the undersigned and duly endorsed or accompanied by stock transfer powers,
having an aggregate Fair Market Value (as defined under the Plan) as of the date
hereof of $_______________, such amounts being equal, in the aggregate, to the
purchase price per share set forth in Section 4 of the Agreement multiplied by
the number of shares being purchased hereby (in each instance subject to
appropriate adjustment pursuant to Section 9 of the Agreement).

     Executed this _________ day of ______________________, ________.

                                  OPTIONEE (or Optionee's legal representative):

                                  -------------------------------
                                  Signature

                                  -------------------------------
                                  Name

     INHIBITEX, Inc. hereby acknowledges receipt of this Notice of Exercise and
receipt of payment in the form and amount indicated above, all on this ___ day
of ___, _________.

                                  INHIBITEX, INC.

                                  By:
                                      ---------------------------
                                       William D. Johnston, Ph.D.

                                  Title: President and CEO
                                         ------------------------<PAGE>

                                                                    EXHIBIT 10.3

                                 INHIBITEX, INC.
                           2002 NON-EMPLOYEE DIRECTORS
                                STOCK OPTION PLAN

                  1.       Purpose. The Inhibitex, Inc. 2002 Non-Employee
Directors Stock Option Plan (the "Plan") is designed to aid Inhibitex, Inc., a
Delaware corporation (the "Company") in retaining and attracting non-employee
directors of exceptional ability by enabling such non-employee directors to
purchase a proprietary interest in the Company, thereby stimulating in such
individuals an increased desire to render greater services that will contribute
to the continued growth and success of the Company.

                  2.       Amount and Source of Stock. The total number of
shares of the Company's Common Stock, $.001 par value, (the "Stock") which may
be the subject of options granted pursuant to the Plan shall not exceed 250,000,
subject to adjustment as provided in paragraph 11. None of the options to be
granted under the Plan is intended to be an "Incentive Stock Option" as defined
in Section 422 of the Internal Revenue Code of 1986, as amended, and the
regulations (whether proposed, temporary or final) promulgated thereunder. Such
Stock may be reserved or made available from the Company's authorized and
unissued Stock or from Stock reacquired and held in the Company's treasury. In
the event that any option granted hereunder shall terminate prior to its
exercise in full for any reason, then the Stock subject to such option shall be
added to the Stock otherwise available for issuance pursuant to the exercise of
options under the Plan.

                  3.       Administration of the Plan. The Plan shall be
administered by the Board of Directors of the Company (the "Board") or, if
determined by the Board, a committee selected by the Board and comprised solely
of two or more members of the Board, who are "Non-Employee Directors" as that
term is defined in Rule 16b-3(b)(3) (or any successor provision) promulgated
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
corporate body administering the Plan is hereinafter referred to as the
"Administrative Body." The Administrative Body shall have full authority to
interpret the Plan, to establish and amend rules and regulations relating to it
and to make all other determinations necessary or advisable for the
administration of the Plan.

                  4.       Non-Discretionary Lump Sum and Annual Grants, and
Discretionary Grants.

                           (a) Each person who is elected for the first time to
be a non-employee director by the Board or by the stockholders of the Company
shall receive, on the day after the date of his or her initial election, an
automatic grant of an option to purchase 40,000 shares of Stock. The date on
which an option is granted under this

<PAGE>

subparagraph and subparagraphs 4(b) and 4(c) hereof to a specified individual
shall constitute the date of grant of such option (the "Date of Grant").

                           (b) Each non-employee director shall also receive an
automatic annual grant of an option to purchase 10,000 shares of Stock on
February 1 of each year. Option grants shall be pro-rated for any director who
commences serving as such on a day other than February 1 from the date of
commencement of such service.

                           (c) In addition to the options granted pursuant to
subparagraphs 4(a) and 4(b) hereof, subject to applicable law, each non-employee
director may receive additional grants of options at the discretion of the
Administrative Body subject to the terms and conditions as the Administrative
Body shall determine.

                           (d) Subject to subparagraph 12(b) hereof, options
granted to a non-employee director under subparagraphs 4(a) and 4(b) hereof
shall vest over three (3) after the Date of Grant at the rate of 33% for each
completed year after the Date of Grant. Options granted to a non-employee
director under subparagraph 4(c) hereof shall vest as provided in an individual
option agreement.

                  5.       Election to Decline Grant; Revocation of Declination.

                           (a) Any non-employee director entitled to an option
under subparagraphs 4(a) or 4(b) may, at any time on or before Date of Grant,
elect to decline such award. Such election shall be in writing, and signed by
the non-employee director.

                           (b) A non-employee director who makes an election
under subparagraph 5(a), shall receive no compensation as a substitute for the
option(s) declined.

                           (c) An election described in subparagraph 5(a) may be
revoked on a prospective basis at any time prior to a scheduled award. Such
revocation election must be in writing and signed by the non-employee director.

                  6.       Option Price. The exercise price of the Stock
purchasable under any option granted pursuant to the Plan may be equal to, less
than or greater than the fair market value of the Stock on the Date of Grant, as
determined by the Administrative Body. For purposes of the Plan, the "fair
market value" of the Stock on a given date shall be determined by such methods
or procedures as shall be established from time to time by the Administrative
Body in good faith and in accordance with applicable law. Unless otherwise
determined by the Administrative Body, if the Stock is traded on a stock
exchange or market, the fair market value of the Stock shall mean the mean of
the high and low sales prices of Stock on the relevant date as reported on the
stock exchange or market on which the Stock is primarily traded, or if no sale
is made on such date, then the fair market value per share is the average,
weighted inversely by the number of days from the relevant date, of the mean of
the high and low sales prices of the Stock on the next

<PAGE>

preceding day and the next succeeding day on which such sales were made, as
reported on the stock exchange or market on which the Stock is primarily traded.

                  7.       Term of Option.

                           (a) Options granted under subparagraphs 4(a) and 4(b)
hereof shall be exercisable for a period of six (6) years from the Date of
Grant. Options granted under subparagraph 4(c) hereof shall be exercisable as
provided in an individual option agreement.

                           (b) The grant of options pursuant to the terms of the
Plan shall be effective as of the Date of Grant; provided, however that no
option granted hereunder shall be exercisable unless and until the non-employee
director has entered into an individual option agreement with the Company that
shall set forth the terms and conditions of such option. Each such agreement
shall expressly incorporate by reference the provisions of this Plan (a copy of
which shall be made available for inspection by the optionee during normal
business hours at the principal office of the Company), and shall state that in
the event of any inconsistency between the provisions hereof and the provisions
of such agreement, the provisions of this Plan shall govern.

                  8.       Exercise of Options. An option shall be exercised
when written notice of such exercise, signed by the person entitled to exercise
the option, has been delivered or transmitted by registered or certified mail to
the Secretary (or such other officer as is specified in the individual option
agreement) of the Company at its then principal office. Such notice shall
specify the number of shares of Stock for which the option is being exercised
and shall be accompanied by (i) such documentation, if any, as may be required
by the Company as provided in subparagraph 12(b), and (ii) payment of the
aggregate option price. The Administrative Body shall determine whether the
exercise price for an option shall be paid in cash, by the surrender at fair
market value of Stock, by any combination of cash and shares of Stock,
including, without limitation, cash, Stock or other property (including notes or
other contractual obligations of non-employee directors to make payment on a
deferred basis), the means or methods of payment, including by "attestation" and
through "cashless exercise" arrangements, to the extent permitted by applicable
law, and the methods by which, or the time or times at which, Stock will be
delivered or deemed to be delivered to non-employee directors upon the exercise
of such option. Delivery of such notice shall constitute an irrevocable election
to purchase the Stock specified in such notice, and the date on which the
Company receives the last of such notice, documentation and the aggregate option
exercise price for all of the Stock covered by the notice shall, subject to the
provisions of paragraph 12 hereof, be the date as of which the Stock so
purchased shall be deemed to have been issued. The person entitled to exercise
the option shall not have the right or status as a holder of the Stock to which
such exercise relates prior to receipt by the Company of the payment, notice and
documentation expressly referred to in this paragraph 8.

                  9.       Exercise and Cancellation of Options After
Termination, Disability or Death. Except as set forth below, if a non-employee
director shall voluntarily or

<PAGE>

involuntarily cease to serve as a director of the Company or if a non-employee
director's service shall terminate on account of death or disability, the
option(s) of such non-employee director shall terminate one year following the
first day that the non-employee director is no longer such a director (the
"Termination Date"); provided that if such non-employee director is removed for
cause, the option(s) shall terminate immediately. In no event may the
non-employee director, or his or her guardian, conservator, executor or
administrator, as the case may be, exercise an option after the end of the
original term of the option.

                  Nothing contained herein or in any individual option agreement
shall be construed to confer on any non-employee director any right to continue
as a director of the Company or derogate from any right of the Company, the
Board or the stockholders of the Company to remove such non-employee director as
a director of the Company, with or without cause.

                  10.      Non-transferability of Options. No option granted
under the Plan shall be pledged, encumbered, or hypothecated to, or in favor of,
or subject to any lien, obligation, or liability of such non-employee director
to, any party, other than the Company, or assigned or transferred by such
non-employee director otherwise than by will or the laws of descent and
distribution, and such option shall be exercisable during the lifetime of the
non-employee director only by the non-employee director or his or her guardian
or legal representative. Notwithstanding the foregoing, the Administrative Body
may, in its discretion, provide that an option of a non-employee director
granted pursuant to the Plan be transferable, without consideration, to
immediate family members (i.e., children, grandchildren or spouse), to trusts
for the benefit of such immediate family members and to partnerships in which
such family members are the only partners. The Administrative Body may attach to
such transferability feature such terms and conditions as it deems advisable. In
addition, a non-employee director may, in the manner established by the
Administrative Body, designate a beneficiary (which may be a person or a trust)
to exercise the rights of the non-employee director, and to receive any
distribution, with respect to any option upon the death of the non-employee
director. A beneficiary, guardian, legal representative or other person claiming
any rights under the Plan from or through any non-employee director shall be
subject to all terms and conditions of the Plan and any individual option
agreement applicable to such non-employee director, except as otherwise
determined by the Administrative Body, and to any additional restrictions deemed
necessary or appropriate by the Administrative Body.

                  11.      Adjustments Upon Certain Events. In the event that
the Administrative Body shall determine that any stock dividend,
recapitalization, forward split or reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase or share exchange, or other
similar corporate transaction or event, affects the Stock or the book value of
the Company such that an adjustment is appropriate in order to prevent dilution
or enlargement of the rights of non-employee directors under the Plan, then the
Administrative Body shall, in such manner as it may deem equitable, adjust any
or all of (i) the number and kind of shares of Stock that may thereafter be
issued in connection with options, (ii) the number and kind of shares of Stock
issuable in respect of

<PAGE>

outstanding options, (iii) the aggregate number and kind of shares of Stock
available under the Plan, and (iv) the exercise price, grant price, or purchase
price relating to any option or, if deemed appropriate, make provision for a
cash payment with respect to any outstanding option. In addition, the
Administrative Body is authorized to make adjustments in the terms and
conditions of, and the criteria included in options, including in recognition of
unusual or nonrecurring events (including, without limitation, events described
in the preceding paragraph) affecting the Company, or in response to changes in
applicable laws, regulations, or accounting principles.

                  12.      General Restrictions.

                           (a)      No option granted hereunder shall be
exercisable if the Company shall at any time determine that (i) the listing upon
any securities exchange, registration or qualification under any state or
federal law of any Stock otherwise deliverable upon such exercise, or (ii) the
consent or approval of any regulatory body or the satisfaction of withholding
tax or other withholding liabilities, is necessary or appropriate in connection
with such exercise. In any of the events referred to in clause (i) or clause
(ii) above, the exercisability of such options shall be suspended and shall not
be effective unless and until such withholding, listing, registration,
qualifications or approval shall have been effected or obtained free of any
conditions not acceptable to the Company in its sole discretion, notwithstanding
any termination of any option or any portion of any option during the period
when exercisability has been suspended.

                           (b)      The Administrative Body may require, as a
condition to the right to exercise an option, that the Company receive from the
non-employee director holding the option, at the time of any such exercise,
representations, warranties and agreements to the effect that the Stock is being
purchased by the non-employee director for investment only and without any
present intention to sell or otherwise distribute such Stock and that the
non-employee director will not dispose of such Stock in transactions which, in
the opinion of counsel to the Company, would violate the registration provisions
of the Securities Act of 1933, as then amended, and the rules and regulations
thereunder. The certificates issued to evidence such Stock shall bear
appropriate legends summarizing such restrictions on the disposition thereof.

                  13.      Changes to the Plan. Unless otherwise expressly
provided in an individual option agreement or in the Plan:

                           (a)      The Board may amend, alter, suspend,
discontinue, or terminate the Plan or the Administrative Body's authority to
grant options under the Plan without the consent of the Company's stockholders
or non-employee directors, except that any such amendment, alteration,
suspension, discontinuation, or termination shall be subject to the approval of
the Company's stockholders within one year after such Board action if such
stockholder approval is required by any Federal or state law or regulation or
the rules of any stock exchange or automated quotation system on which the Stock
may then be listed or quoted, and the Board may otherwise, in its discretion,
determine to submit other such changes to the Plan to the stockholders for
approval; provided,

<PAGE>

however, that without the consent of an affected non-employee director, no
amendment, alteration, suspension, discontinuation, or termination of the Plan
may materially and adversely affect the rights of such non-employee director
under any option theretofore granted and any individual option agreement
relating thereto. Subject to applicable law, the Administrative Body may waive
any conditions or rights under, or amend, alter, suspend, discontinue, or
terminate, any option theretofore granted and any individual option agreement
relating thereto; provided, however, that without the consent of an affected
non-employee director, no such amendment, alteration, suspension,
discontinuation, or termination of any option may materially and adversely
affect the rights of such non-employee director under such option.

                           (b)      The Board may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any option in the manner
and to the extent it shall deem desirable to carry the Plan into effect.

                  14.      Termination. Unless the Plan shall theretofore have
been terminated, the Plan shall terminate on December 31, 2011, and no options
under the Plan shall thereafter be granted.

                  15.      Fractional Shares. The Company will not be required
to issue any fractional shares of Stock pursuant to the Plan. The Administrative
Body may provide for the elimination of fractions and for the settlement of
fractions in cash.

                  16.      Discretion. In exercising, or declining to exercise,
any grant of authority or discretion hereunder, the Administrative Body may
consider or ignore such factors or circumstances and may accord such weight to
such factors and circumstances as the Administrative Body alone and in its sole
judgment deems appropriate and without regard to the effect such exercise, or
declining to exercise such grant of authority or discretion, would have upon the
affected non-employee director, any other non-employee director, any employee,
the Company, any stockholder or any other person.

                  17.      Adoption of the Plan and Effective Date. The Plan
shall be adopted by the Board and shall be effective as of such date
<PAGE>

                  NON-EMPLOYEE DIRECTORS STOCK OPTION AGREEMENT

                  NON-EMPLOYEE DIRECTORS STOCK OPTION AGREEMENT, dated as of
[DATE OF GRANT], 20__ (this "Agreement"), by and between INHIBITEX, INC., a
Delaware corporation (the "Company"), and ___________ (the "Optionee").

                                R E C I T A L S :

                  WHEREAS, the Company has adopted the Inhibitex, Inc. 2002
Non-Employee Directors Stock Option Plan (the "Plan") to provide long-term
performance incentives to non-employee directors of the Company who are largely
responsible for the oversight, growth and protection of the business of the
Company; and

                  WHEREAS, the Company desires to grant to the Optionee an
option (the "Option") to purchase a number of shares of the common stock, $0.001
par value, of the Company (the "Stock") pursuant to the Plan and on the terms
and conditions set forth herein.

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the Company and the
Optionee hereby agree as follows:

                  Section 1. Grant of Option. The Company hereby grants to the
Optionee, pursuant to the Plan and on the terms and conditions set forth herein,
an Option to purchase that number of shares of Stock and at the exercise price
as set forth on Schedule A hereto. The Option hereby granted shall vest in
installments as provided on Schedule A.

                  Section 2. Term of the Option. Unless earlier terminated
pursuant to the other provisions herein, the Option hereby granted shall
terminate at the close of business on the date six (6) years from the date of
this Agreement (the "Expiration Date").

                  (a)      In addition, at the close of business on the date the
Optionee ceases to be a director of the Company for any reason whatsoever
(including, without limitation, by reason of death or the failure to be
re-nominated or re-elected), the Option shall terminate as to that number of
shares of Stock as to which the Option is not vested on that date.

                  (b)      If the Optionee is removed as a director of the
Company for cause (as determined in accordance with applicable law) by the
stockholders of the Company, the unexercised portion of the Option will
terminate simultaneously with the Optionee's removal as a director.

                  (c)      If an Optionee voluntarily resigns as a director of
the Company, or is removed by the stockholders other than for cause, or the
Optionee's term as a director of the Company terminates for any reason (other
than cause), including as a result of the Optionee's not being re-nominated or
reelected as a director of the Company, then the Option may be exercised

<PAGE>

to the extent vested on the date the Optionee ceases to be a director of the
Company at any time prior to the earlier of the Expiration Date and twelve (12)
months after the day that the Optionee ceases to be a director of the Company,
and any part of the Option which is not so exercised within such period shall
thereupon terminate.

                  (d)      The Administrative Body, in its absolute discretion,
shall determine the effect of all matters and questions relating to the
cessation of an Optionee's status as a director of the Company, including, but
not by way of limitation, the question of whether a director was removed for
cause.

                  Section 3. Manner of Exercise.

                  (a)      To exercise the Option, the Optionee shall provide
written notice of such exercise in the form provided in Annex 1 hereto, to the
Secretary of the Company at the Company's then principal office. The notice
shall specify the number of shares of Stock for which the Option is being
exercised and shall be accompanied by a payment to the Company in cash or Stock
or any combination thereof equal to the product of (i) the Exercise Price and
(ii) the number of shares of Stock to be purchased at that time, unless the
Administrative Body shall have consented to the making of other arrangements
with the Optionee.

                  (b)      Delivery of the notice of exercise shall constitute
an irrevocable election to purchase the Stock specified in the notice, and the
date on which the Company receives the notice accompanied by payment in full of
the exercise price for the Stock covered by the notice shall be the date as of
which the Stock so purchased shall be deemed to have been issued.

                  (c)      An Optionee may use other Stock that the Optionee has
owned for at least six (6) months as payment of all or any part of the exercise
price, which stock will be valued at its Fair Market Value as of the date of
exercise.

                  (d)      To exercise the Option upon the Optionee's death, the
persons who acquire the right to exercise the Option must prove to the
Administrative Body's satisfaction that they have duly acquired the Option and
that they have paid (or have provided for payment of) any taxes, such as estate,
transfer, inheritance or death taxes, payable with respect to the Option or to
the Stock to which it relates.

                  Section 4. Transferability. This Option may be transferred by
will or the laws of descent and distribution and may be exercised during the
Optionee's lifetime only by the Optionee. This Option may also be transferred,
without consideration, to immediate family members (i.e., children,
grandchildren or spouse), to trusts for the benefit of immediate family members
and to partnerships in which the only partners are immediate family members
(collectively referred to as "Immediate Family Members"); provided that, prior
to any such transfer, the Immediate Family Members enter into an agreement with
the Company (in form and substance satisfactory to the Company) agreeing to be
bound by the provisions of Section 5 of this Agreement.

                  Section 5. Right of First Refusal. Before any Stock acquired
pursuant to the exercise of this Option and held by the Optionee or any
transferee (either being sometimes referred to as the "Holder") may be sold or
otherwise transferred (including by gift or by

                                       2
<PAGE>

operation of law), the Company shall have a right of first refusal to purchase
the Stock on the terms and conditions set forth below (the "Right of First
Refusal"). The certificate representing such acquired Stock shall contain a
legend or notation indicating that the Stock is subject to the Right of First
Refusal.

                  (a)      The Holder of the Stock shall deliver to the Company
a written notice (the "Notice") stating: (i) the Holder's bona fide intention to
sell or otherwise transfer such Stock; (ii) the name of each proposed purchaser
or other transferee ("Proposed Transferee"); (iii) the number of shares of Stock
to be transferred to each Proposed Transferee; and (iv) the bona fide cash price
or other consideration for which the Holder proposes to transfer the Stock (the
"Offered Price"), and the Holder shall offer the Stock at the Offered Price to
the Company.

                  (b)      At any time within thirty (30) days after receipt of
the Notice, the Company may, by giving written notice to the Holder, elect to
purchase all, but not less than all, of the shares of Stock proposed to be
transferred to any one or more of the Proposed Transferees, at the Offered
Price; provided, however, that if the Offered Price includes consideration other
than cash, the cash equivalent value of the non-cash consideration shall be
determined by the Board of Directors of the Company in good faith.

                  (c)      The Offered Price shall be payable on the terms
established by the Board of Directors of the Company and, at the option of the
Company, the Offered Price may be payable in cash (by check), by cancellation of
all or a portion of any outstanding indebtedness of the Holder to the Company,
or by any combination thereof within thirty (30) days after receipt of the
Notice or in the manner and at the times set forth in the Notice.

                  (d)      If all of the shares of Stock proposed in the Notice
to be transferred to a given Proposed Transferee are not purchased by the
Company as provided in this Section 5, then the Holder may sell or otherwise
transfer such shares of Stock to such Proposed Transferee at the Offered Price
or at a higher price, provided that such sale or other transfer is consummated
within one hundred twenty (120) days after the date of the Notice, that any such
sale or other transfer is effected in accordance with any applicable securities
laws and that the Proposed Transferee agrees in writing that the provisions of
this Section shall continue to apply to the shares of Stock in the hands of such
Proposed Transferee. If the shares of Stock described in the Notice are not
transferred to the Proposed Transferee within such period, a new Notice shall be
given to the Company, and the Company shall again be offered the Right of First
Refusal before any shares of Stock held by the Holder may be sold or otherwise
transferred.

                  (e)      The Right of First Refusal shall not be applicable to
a transfer of Stock to an Immediate Family Member(s); provided, that, prior to
any such transfer, the Immediate Family Member(s) enters into an agreement with
the Company (in form and substance satisfactory to the Company) agreeing to be
bound by the provisions of this Section 5. The Right of First Refusal shall
terminate as to any shares of Stock upon the first sale of Stock of the Company
to the general public pursuant to a registration statement filed with and
declared effective by the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the "Securities Act").

                  Section 6. Change of Control.

                                       3
<PAGE>

                  (a)      In the event of a Change of Control, notwithstanding
the vesting schedule set forth on Schedule A, if the Optionee has been a
director of the Company:

                           (i)      For less than six (6) months on the date of
the Change of Control, the Optionee shall vest as to that number of whole shares
of Stock (rounding down) as is equal to thirty-three and 1/3 percent (33 1/3%)
of the number of outstanding and unvested shares subject to the Option.

                           (ii)     For six (6) months or more but less than
twelve (12) months, the Optionee shall vest as to that number of whole shares of
Stock (rounding down) as is equal to sixty-six and 2/3 percent (66 2/3%) of the
number of outstanding and unvested shares subject to the Option.

                           (iii)    For twelve (12) months or more, the Optionee
shall vest as to that number of whole shares of Stock (rounding down) as is
equal to one-hundred percent (100%) of the number of outstanding and unvested
shares subject to the Option.

                  (b)      Any shares of Stock subject to the Option that remain
unvested after a Change of Control shall vest in installments as provided on
Schedule A, except that "the number of shares subject to the Option" shall be
the number of shares of Stock subject to the Option that remain outstanding and
unvested after the Change of Control, if any.

                  (c)      The exercise period shall extend for the remainder of
the original term of this Option without giving effect to any shorter term of
this Option as a result of the termination of the Optionee's term as a director
(other than pursuant to removal by the stockholders for cause).

                  (d)      A Change of Control means and includes each of the
following: (i) the acquisition, in one or more transactions, of beneficial
ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act of
1934 (the "Exchange Act") by any person or entity or any group of persons or
entities who constitute a group (within the meaning of Section 13(d)(3) of the
Exchange Act), other than (x) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or a Subsidiary, or (y) a person
who acquires such securities directly from the Company in a privately-negotiated
transaction, of any securities of the Company such that, as a result of such
acquisition, such person, entity or group either (A) beneficially owns (within
the meaning of Rule l3d-3 under the Exchange Act), directly or indirectly, more
than 35% of the Company's outstanding voting securities entitled to vote on a
regular basis for a majority of the members of the Board or (B) otherwise has
the ability to elect, directly or indirectly, a majority of the members of the
Board; (ii) a change in the composition of the Board such that a majority of the
members of the Board are not Continuing Directors; (iii) the stockholders of the
Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the total
voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation; or
(iv) the

                                       4
<PAGE>

stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one or
more transactions) all or substantially all of the Company's assets.

         Notwithstanding the foregoing, the preceding events shall not be deemed
to be a Change of Control if, prior to any transaction or transactions causing
such change, a majority of the Continuing Directors shall have voted not to
treat such transaction or transactions as resulting in a Change of Control.

                  (e)      A Continuing Director is, as of any date of
determination, any member of the Board who (i) was a member of such Board on the
date which is twenty-four months prior to the date of determination or (ii) was
nominated for election or elected to such Board with the affirmative vote of a
majority of the Continuing Directors who were members of such Board at the time
of such nomination or election.

                  Section 7. Lock-Up Period. The Optionee agrees that if so
requested by the Company or any representative of the underwriters (the
"Managing Underwriter") in connection with any registration of the offering of
any securities of the Company under the Securities Act, the Optionee shall not
sell or otherwise transfer any shares of Stock or other securities of the
Company during a period of up to 180 days (the "Market Standoff Period")
following the effective date of a registration statement of the Company filed
under the Securities Act. Such restriction shall apply only to the first
registration statement of the Company to become effective under the Securities
Act that includes securities to be sold on behalf of the Company to the public
in an underwritten public offering under the Securities Act. The Company may
impose stop-transfer instructions with respect to securities subject to the
foregoing restrictions until the end of such Market Standoff Period.

                  Section 8. Rights in Stock Before Issuance and Delivery. No
person shall be entitled to become a stockholder of the Company, unless and
until such Stock has been issued (or deemed to have been issued) to such person
as fully paid Stock.

                  Section 9. Conditions to Transfer. Unless the issuance of the
shares of Stock upon the exercise of the Option has been registered under the
Securities Act, the Administrative Body may require as a condition to the right
to exercise the Option hereunder that the Company receive from the person
exercising the Option representations, warranties and agreements, at the time of
any such exercise, to the effect that the shares of Stock are being purchased
for investment only and without any present intention to sell or otherwise
distribute such shares of Stock and that such shares of Stock will not be
disposed of in transactions which, in the opinion of counsel to the Company,
would violate the registration provisions of the Securities Act and the rules
and regulations thereunder. The certificate issued to evidence such shares of
Stock shall bear appropriate legends summarizing these restrictions on the
disposition thereof and the restriction on transferability contained in Section
5 hereof.

                  Section 10. Entire Agreement. This Agreement and the Plan
contain the entire agreement between the parties hereto with respect to the
matters contemplated herein and supersede all prior agreements or understandings
among the parties related to such matters.

                                       5
<PAGE>

                  Section 11. Binding Effect. Subject to the restrictions on
transfer herein set forth, this Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns and upon the Optionee and
his or her assigns, heirs, executors, administrators and legal representatives.

                  Section 12. Amendment or Modification; Waiver. This Agreement
may be amended, modified, superseded, canceled, renewed or extended, and the
terms or covenants hereof may be waived, only by a written instrument executed
on behalf of the Company (as authorized by the Administrative Body) and the
Optionee.

                  Section 13. Governing Law. This Agreement shall be construed
and enforced in accordance with the laws of the State of Delaware, without
giving effect to the principles of conflicts of law thereof.

                  Section 14. Defined Terms. Capitalized terms used in this
Agreement and not otherwise defined herein have the meaning ascribed to them in
the Plan.

                  Section 15. The Plan. The Optionee acknowledges having
received a copy of the Plan. The Option herein granted is subject to all of the
terms and provisions of the Plan, all of which are hereby incorporated herein by
reference. In the event of any inconsistency between the provisions of this
Agreement and the provisions of the Plan, the provisions of the Plan shall
govern.

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

                                   INHIBITEX, INC.

                                   By:    ______________________________________
                                   Title: ______________________________________

                                   OPTIONEE:

                                   _____________________________________________

                                       6
<PAGE>

                                   SCHEDULE A

Name of Optionee:      ________________________

Date of Grant:         _______, 20__

Option Exercise Price: $_________________per share

Number of Shares Subject to Option: ________________________________

Vesting Terms:             The Options shall vest as to that number of whole
                           shares (rounding down) as is equal to 33 1/3 % of the
                           number of shares subject to the Option per 12 month
                           period of service as a director of the Company
                           commencing on the date of grant.

                                   INHIBITEX, INC.

                                   By:     _____________________________________
                                   Title:  _____________________________________

                                   OPTIONEE:

                                   _____________________________________________

                                       7
<PAGE>

                                     ANNEX 1

                          FORM OF ELECTION TO EXERCISE
                    (To be executed upon exercise of Option).

         The undersigned hereby elects to exercise the right pursuant to the
Inhibitex, Inc. 2001 Non-Employee Directors Stock Option Plan, dated as of
___________, 20__, by and between Inhibitex, Inc. (the "Company") and
__________________________, to purchase _____ shares of Stock, $0.001 par value
per share (the "Shares").

Choose one or more of the following options:

_____    (i)      Cash payment for __________ Shares in the amount of
                  $_____________.

_____    (ii)     Payment for __________ Shares by the delivery of a certificate
                  representing _________ shares of Company stock. The
                  undersigned must tender a certificate representing the whole
                  and/or fractional shares of Company stock, owned by the
                  undersigned for at least six (6) months, required for payment
                  of the Shares, accompanied by an executed stock power.

_____    (iii)    Payment for __________ Shares through a cashless exercise
                  arrangement. The undersigned's broker must forward the amount
                  of cash necessary to purchase the Shares. Such broker will
                  receive the Shares, and will forward the net proceeds of the
                  cashless exercise to the undersigned.

_____    (iv)     Payment for __________ Shares by attestation. The undersigned
                  must provide a notarized statement attesting to the number of
                  shares of Company stock, owned by the undersigned for at least
                  six (6) months, that are intended to serve as payment for the
                  Shares.

The undersigned requests that certificates for the Shares be registered in the
name of the undersigned.

Dated: _________, 20__

                                    ______________________________
                                    Optionee

                                    ______________________________
                                    Social Security Number

                                       8

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