Document:

exv4w6w2

EXHIBIT 4.6.2

CUMBERLAND PHARMACEUTICALS INC.

2007 LONG-TERM INCENTIVE COMPENSATION PLAN

NON-STATUTORY STOCK OPTION AGREEMENT

     1. Grant of Option. Cumberland Pharmaceuticals Inc. (the “Company”), a Tennessee
corporation, hereby grants to the Participant an option (the “Option”) to purchase from the Company
up to the number of shares of common stock (the “Shares”) described in the attached Notice of Stock
Option Grant (the “Notice”). This grant is made subject to the terms of the Cumberland
Pharmaceuticals Inc. 2007 Long-Term Incentive Compensation Plan (the “Plan”) and the number of
shares granted is subject to adjustment as described in the Plan. Unless otherwise defined in this
Non-Statutory Stock Option Agreement (the “Option Agreement”), capitalized terms used in this
Option Agreement shall have the same meaning as those capitalized terms in the Plan. This Option is
not intended to qualify as an incentive stock option within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended.

     2. Exercise Price. If the Option is exercised, the purchase price per Share shall be
as shown in the attached Notice.

     3. Method of Exercise. The Option granted under this Option Agreement shall be
exercisable from time to time, in whole or in part, by written notice as described in Section 9
hereof, accompanied by payment of the purchase price for the Shares which the Participant elects to
purchase by cash, check, or such other instrument as the Company may accept. The Company shall make
prompt delivery of such Shares, and in no event shall delivery of such shares be made more than 30
days after cash, check or other instrument is accepted by the Company in payment for the Shares,
except that if any law or regulation requires the Company to take any action with respect to the
Shares specified in such notice before issuance thereof, then the date of delivery of such Shares
shall be extended for the period necessary for the Company to take such action.

     4. Vesting.

          (a) The Option shall vest in accordance with the schedule set forth in the attached Notice.
Employment (or consulting) for only a portion of the vesting period, even if a substantial portion,
will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of
rights and benefits upon or following a termination of employment (or consulting engagement).

          (b) Upon the Participant’s Employment Termination (or termination of the consulting
engagement), the Option, to the extent unvested, shall lapse and be cancelled, and be of no further
force and effect, as of midnight of such date, unless the Board resolves (under Section 4(b) of the
Plan) to cancel or cause the forfeiture of the Option at an earlier time.

          (c) Upon an Acquisition Event and/or a Change in Control Event, the Option will vest to the
extent provided in the Plan.

     5. Termination of Option; Restrictions on Exercise. Except as otherwise stated in this
Agreement, this Option, to the extent not previously exercised, shall expire on the expiration date

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set forth in the attached Notice (the “Expiration Date”). The following additional provisions
shall apply to the exercise of this Option:

          (a) Termination of Employment (or Consulting Engagement). Except as otherwise provided in this
Option Agreement or in the Plan, if Participant’s employment with the Company and its Related
Entities is terminated by the Participant or the Company (or if the Participant’s consulting
engagement is terminated), the right to exercise this Option (to the extent that it is vested in
accordance with the applicable provisions of Section 4 hereof) shall end on the earlier of
the following dates: (i) ninety (90) days after such termination or (ii) the expiration date of
this Option shown in the attached Notice. Except as expressly set forth otherwise herein, this
Option shall terminate in all other respects upon such termination of employment (or consulting
engagement).

          (b) Death of Participant. If the Participant’s employment (or consulting engagement) with the
Company is terminated due to his/her death during the term of this Option, the Participant’s legal
representative, or the person so entitled under the Participant’s last will and testament, or under
applicable intestate laws, shall have the right to exercise this Option for the number of Shares
vested under Section 4 hereof as of the time of Participant’s death, and such right shall expire
and this Option shall terminate on the Expiration Date.

     6. Provisions of Plan. The terms and provisions of the Plan (including any written
amendments made to the Plan from time to time) are hereby incorporated herein by reference. In the
event of a conflict between the terms or provisions contained herein and the terms or provisions of
the Plan, the applicable terms and provisions of the Plan will govern and prevail; however, in the
event of a conflict regarding specific terms and provisions addressing the duration of this Option
after termination of employment (or consulting engagement), the terms and provisions of this Option
will govern.

     7. Tax Treatment of Option. The Participant is responsible for any federal, state,
local, or foreign tax, including income tax, social security tax, payroll tax, payment on account,
or other tax-related withholding with respect to this Option (including the grant, vesting and
exercise of the Option and the receipt of Shares and sale of Shares). The Company does not
guarantee any particular tax treatment or results in connection with the grant, vesting or exercise
of the Option.

     8. Code Section 409A. This Option Agreement is intended to be exempt from
the requirements of Internal Revenue Code Section 409A (“Section 409A”) and regulations or other
authority under Section 409A, and not intended to provide for any deferral of compensation that
fails to satisfy the requirements of Section 409A. Notwithstanding any other provision of Option
Agreement to the contrary, it is intended that any payment or benefit provided for in this Option
Agreement that constitutes “nonqualified deferred compensation,” as that term is defined in Code
Section 409A, shall be provided and issued in a manner, and at such time and in such form, as
complies with the applicable requirements of Section 409A. Any provision in this Option Agreement
that would result in the imposition of excise taxes or any other taxes upon Participant under
Section 409A shall be void and without effect. To the extent permitted under Section 409A, the
parties shall reform the provision, provided such reformation shall not subject Participant to
additional tax or interest and shall not require the Company to incur any additional compensation
costs as a result of the reformation. In addition, any provision that is required to

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appear in this Option Agreement for purposes of Section 409A compliance and that is not
expressly set forth shall be deemed to be set forth herein, and this Option Agreement shall be
administered in all respects as if such provision were expressly set forth. References in this
Option Agreement to Section 409A include rules, regulations, and guidance of general application
issued by the Department of the Treasury under Section 409A.

     9. Notices. Any notice, request, instruction or other document given under this Option
Agreement shall be in writing and shall be addressed and delivered in the case of the Company, to
the Secretary of the Company at the principal office of the Company and, in the case of the
Participant, at the Participant’s address as set forth in the attached Notice or to such other
address as the Participant may provide in a written notice to the Company, a copy of which shall be
on file with the Secretary of the Company.

     10. Governing Law. This Option Agreement shall be construed in accordance with and
governed by the law of the State of Tennessee, without giving effect to the conflict of law
provisions thereof.

     11. Relation to Other Benefits. Unless otherwise provided, the benefits received by
the Participant under this Option Agreement will not be taken into account or treated as normal
salary or compensation in determining any benefits to which the Participant may be entitled under
any profit sharing, retirement, bonus, long service, or other benefit or compensation plan
maintained by the Company, including the amount of any life insurance coverage available to any
beneficiary of the Participant under any life insurance plan covering employees of the Company, or
as part of the calculation of any severance, resignation, termination, redundancy or end of service
payments.

     12. Miscellaneous. The grant of this Option does not create any contractual or other
right to receive future grants of Options, or benefits in lieu of Options, even if the Participant
has a history of receiving Options or other stock awards.

     13. Headings. The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation or construction, and shall not constitute a part
of this Option Agreement.

     14. Signature. This Option Agreement shall be deemed executed by the Company and the
Participant upon execution by such parties of the attached Notice.

# # # #

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FOR FUTURE USE

NOTICE OF EXERCISE

Cumberland Pharmaceuticals Inc.:

          The undersigned hereby elects to exercise the purchase rights granted in the attached Option
Agreement # ___ and associated Notice of Stock Option Grant (Non-Statutory Stock Option). In
accordance with the terms thereof, the undersigned elects to purchase                      shares of Common
Stock of Cumberland Pharmaceuticals Inc. and tenders herewith payment of the purchase price for
such shares in full.

          Please issue said shares of Common Stock in the name of the undersigned.

Date:                                         

	 	 	 	 	 

	PARTICIPANT

	 	 

	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Print Name:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	City, State, Zip:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Social Security Number:

	 	 

	 	 
	 
	 	 	 	 
	Phone Number:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 

$                                         

Payment Attachedexv4w7

EXHIBIT 4.7

CUMBERLAND PHARMACEUTICALS INC.

2007 DIRECTORS’ INCENTIVE PLAN

NON-STATUTORY STOCK OPTION AGREEMENT

     1. Grant of Option. Cumberland Pharmaceuticals Inc. (the “Company”), a Tennessee
corporation, hereby grants to the Participant an option (the “Option”) to purchase from the Company
up to the number of shares of common stock in the Company (the “Shares”) described in the attached
Notice of Stock Option Grant (the “Notice”). This grant is made subject to the terms of the
Cumberland Pharmaceuticals Inc. 2007 Directors’ Incentive Plan (the “Plan”) and the number of
shares granted is subject to adjustment as described in the Plan. Unless otherwise defined in this
Non-Statutory Stock Option Agreement (the “Option Agreement”), capitalized terms used in this
Option Agreement shall have the same meaning as those capitalized terms in the Plan. This Option is
not intended to qualify as an incentive stock option within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended.

     2. Exercise Price. If the Option is exercised, the purchase price per Share shall be
as shown in the attached Notice.

     3. Method of Exercise. The Option shall be exercisable from time to time, in whole or
in part, by written notice as described in Section 9 hereof, accompanied by payment of the purchase
price for the Shares which the Participant elects to purchase by cash, check, or such other
instrument as the Company may accept under the terms of the Plan. The Company shall make prompt
delivery of such Shares, and in no event shall delivery of such shares be made more than 30 days
after cash, check or other instrument is accepted by the Company in payment for the Shares, except
that if any law or regulation requires the Company to take any action with respect to the Shares
specified in such notice before issuance thereof, then the date of delivery of such Shares shall be
extended for the period necessary for the Company to take such action.

     4. Vesting.

     (a) The Option shall vest in accordance with the schedule set forth in the Notice. Service as
a member of the Company’s Board of Directors (a “Director”) for only a portion of the vesting
period, even if a substantial portion, will not entitle the Participant to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or following a termination
of service as Director.

     (b) Upon termination of Participant’s service as Director, the Option, to the extent unvested,
shall lapse and be cancelled, and be of no further force and effect, as of midnight of such date.

     (c) Upon a Change of Control Event, the Option will vest to the extent provided in Section 9.2
of the Plan.

     5. Termination of Option; Restrictions on Exercise. Except as otherwise stated in this
Agreement, this Option, to the extent not previously exercised, shall expire on the expiration

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date set forth in the attached Notice (the “Expiration Date”). The following additional
provisions shall apply to the exercise of this Option:

     (a) Termination of Service as Director. If Participant’s service as Director is terminated for
any reason, the right to exercise this Option (to the extent that it is vested in accordance with
the applicable provisions of Section 4 hereof) shall end on the earlier of the following
dates: (i) two (2) years after the date of such termination or (ii) the Expiration Date. Except as
expressly set forth otherwise herein, this Option shall terminate in all other respects upon such
termination of Participant’s service as Director.

     (b) Death of Participant. If the Participant’s service as Director is terminated due to
his/her death during the term of this Option, the Participant’s legal representative, or the person
so entitled under the Participant’s last will and testament, or under applicable intestate laws,
shall have the right to exercise this Option for the number of Shares vested under Section 4 hereof
as of the time of Participant’s death, and such right shall expire and this Option shall terminate
on the Expiration Date.

     6. Provisions of Plan. The terms and provisions of the Plan (including any written
amendments made to the Plan from time to time) are hereby incorporated herein by reference. In the
event of a conflict between the terms or provisions contained herein and the terms or provisions of
the Plan, the applicable terms and provisions of the Plan will govern and prevail; however, in the
event of a conflict regarding specific terms and provisions addressing the duration of this Option
after termination of Participant’s service as Director, the terms and provisions of this Option
will govern. Participant is advised to consult his or her tax adviser concerning tax issues
regarding the Option.

     7. Tax Treatment of Option. The Participant is responsible for any federal, state,
local, or foreign tax, including income tax, social security tax, payroll tax, payment on account,
or other tax-related withholding with respect to this Option (including the grant, vesting and
exercise of the Option and the receipt of Shares and sale of Shares). The Company does not
guarantee any particular tax treatment or results in connection with the grant, vesting or exercise
of the Option.

     8. Code Section 409A. This Option Agreement is intended to be exempt from the
requirements of Internal Revenue Code Section 409A (“Section 409A”) and regulations or other
authority under Section 409A, and not intended to provide for any deferral of compensation that
fails to satisfy the requirements of Section 409A. Notwithstanding any other provision of Option
Agreement to the contrary, it is intended that any payment or benefit provided for in this Option
Agreement that constitutes “nonqualified deferred compensation,” as that term is defined in Code
Section 409A, shall be provided and issued in a manner, and at such time and in such form, as
complies with the applicable requirements of Section 409A. Any provision in this Option Agreement
that would result in the imposition of excise taxes or any other taxes upon Participant under
Section 409A shall be void and without effect. To the extent permitted under Section 409A, the
parties shall reform the provision, provided such reformation shall not subject Participant to
additional tax or interest and shall not require the Company to incur any additional compensation
costs as a result of the reformation. In addition, any provision that is required to appear in this
Option Agreement for purposes of Section 409A compliance and that is not

2

 

expressly set forth shall be deemed to be set forth herein, and this Option Agreement shall be
administered in all respects as if such provision were expressly set forth. References in this
Option Agreement to Section 409A include rules, regulations, and guidance of general application
issued by the Department of the Treasury under Section 409A.

     9. Notices. Any notice, request, instruction or other document given under this Option
Agreement shall be in writing and shall be addressed and delivered in the case of the Company, to
the Secretary of the Company at the principal office of the Company and, in the case of the
Participant, at the Participant’s address as set forth in the attached Notice or to such other
address as the Participant may provide in a written notice to the Company, a copy of which shall be
on file with the Secretary of the Company.

     10. Governing Law. This Option Agreement shall be construed in accordance with and
governed by the law of the State of Tennessee, without giving effect to the conflict of law
provisions thereof.

     11. Miscellaneous. The grant of this Option does not create any contractual or other
right to receive future grants of Options, or benefits in lieu of Options, even if the Participant
has a history of receiving Options or other stock awards. The granting of this Option and the
vesting schedule set forth in the Notice do not constitute a promise, either express or implied, of
continued engagement as a Director and shall not interfere with the Company’s right or the
Participant’s right to terminate Participant’s directorship at any time, with or without cause.

     12. Headings. The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation or construction, and shall not constitute a part
of this Option Agreement.

     13. Signature. This Option Agreement shall be deemed executed by the Company and the
Participant upon execution by such parties of the attached Notice.

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FOR FUTURE USE

NOTICE OF EXERCISE

Cumberland Pharmaceuticals Inc.:

     The undersigned hereby elects to exercise the purchase rights granted in the attached Option
Agreement # ___ and associated Notice of Stock Option Grant. In accordance with the terms
thereof, the undersigned elects to purchase                      shares of common stock of Cumberland
Pharmaceuticals Inc. and tenders herewith payment of the purchase price for such shares in full.

     Please issue said shares of common stock in the name of the undersigned.

Date:                                         

	 	 	 	 	 	 	 

	 	 	PARTICIPANT:
	 
	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Social Security No.	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Phone Number:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Delivery Information:

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	City, State, Zip:	 	 	 	 
	 

	 	 	 	 	 	 

$                                         

Payment Attached

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