Document:

EX-10.1

EXHIBIT 10.1

Amended and Restated 2004 Stock Incentive Plan. (filed as Appendix A to the Corporation’s 2005
Definitive Proxy Statement, File No. 0-22354, filed February 8, 2005, and incorporated by reference
herein)EX-10.1

	 	 	 	 	 
	Discovery Communications
	 	One Discovery Place

	 
	 	Silver Spring, MD   20910

	 
	 		240.662.0000	

As of March 17, 2005

	 	 	 
	World Poker Tour

	 	

	 
	 	 
	1041 North Formosa Avenue

	 
	 	 
	Suite 99

West Hollywood, CA 90046

Attn: Steve Lipscomb

Re:

	 	

“World Poker Tour” — Option Exercise Letter — Season 4

Dear Steve:

Reference is made to (i) that certain master agreement (the “Master Agreement”) dated as of
August 22, 2003 between WORLD POKER TOUR L.L.C. (“Producer”) and THE TRAVEL CHANNEL, L.L.C.
(“TRV”); and (ii) that certain agreement attached to the Master Agreement (the’ “Attachment”),
dated as of August 22, 2003 between Producer and TRV in connection with the second season of the
television production currently known as the “World Poker Tour” (the “Program”), as amended through
the date hereof. The Master Agreement and the Attachment are collectively hereinafter referred to
as the “Agreement.”

Except as otherwise defined herein, capitalized terms used but not defined herein shall have
the meanings as set forth in the Agreement.

In accordance with and subject to Paragraph 4 of the Attachment, TRV hereby exercises its
Option for an Additional Series Order in connection with the fourth Season pursuant to the terms of
the Agreement, with the understanding that the Additional Series Order will be comprised of
seventeen (17) Additional Series Episodes plus three (3) Specials.

Very truly yours,

TRAVEL CHANNEL, LLC.

By: /s/ Daniel W. Russell

	 	 	 	V.P. Programming

Travel Channel

Discovery Channel • TLC • Animal Planet • Travel Channel • Discovery Health Channel •
BBC America • Discovery Wings • Discovery Home & Leisure • Discovery.com • Discovery HD Theater •
Discovery Kids • The Science Channel • Discovery Times Channel • People • Arts • Discovery
Civilisation Channel • Discovery Travel & Adventure Channel • Discovery Consumer Products •
Discovery Channel Store • Discovery Channel School • Discovery iMediaEX-10.1

Exhibit 10.1

Form of Stock Option Agreement

[AVANIR PHARMACEUTICALS LETTERHEAD]

	 	 	 
	[Date]

[Name]

[Address]

Re:

	 	

Grant of [Incentive][Non-statutory] Stock Option

	 	 	 
	 
	 	 
	 
	 	 
	Option Shares:

	 	Grant Date:
	 
	 	 
	 
	 	 
	 
	 	 
	Price per share:

	 	Vesting Base Date:
	 
	 	 
	 
	 	 
	 
	 	 
	
 
	 	Fully-Vested Date:
	 
	 	 
	Option control no.:

	 	Expiration Date:
	 

	 	 

Dear [Name]:

I am pleased to confirm that the Company has granted you an option to purchase shares of our
Class A common stock under the Avanir Pharmaceuticals 2005 Equity Incentive Plan (the “Plan”). To
accept your stock option, please sign the enclosed copy of this letter and return it to
[     ].

General terms

Your option is intended to be [an incentive][a non-statutory] option. The basic terms of your
option grant are identified in the information block at the top of this offer letter, but other
important terms and conditions are described in the Plan. We encourage you to carefully review the
Plan, a copy of which is enclosed.

Purchase and payment

Subject to the Plan, your option vests (becomes exercisable) [insert vesting schedule],
calculated to the closest whole share, so that all shares will become purchasable on the
Fully-Vested Date shown above.

If you decide to purchase shares under this option, you will be required to submit a completed
exercise agreement on a form approved by the Company, together with payment for the shares. You
may pay for the shares (plus any associated withholding taxes) using cash, a check, a wire transfer
or any other form of payment set forth in the Plan and permitted by the Administrator at the time
you wish to exercise. Shares available under this option must be purchased, if at all, no later
than the Expiration Date.

[Specify any other special provisions.]

We value your efforts and look forward to your continued contribution.

Sincerely,

[name]

[title]

I accept this option and agree to the terms of this offer letter and the Plan.

	 	 	 
	     

Optionee signature

	 	     , 200_

Date
	 
	 	 

1

Avanir Pharmaceuticals

Avanir Pharmaceuticals 2005 Equity Incentive Plan

OPTION EXERCISE

AND

STOCK PURCHASE AGREEMENT

Instructions

	 	1.	 	Read the entire Agreement carefully. This is a legally binding
agreement between you and the Company.	 

2. Items A – C: insert your name and identifying information.

3. Items D-G: identify the stock option you want to exercise.

4. Item H: identify how many shares you want to purchase.

	 	5.	 	Item I: Calculate the Option Price by multiplying the share
number in Item H by the purchase price per share in Item E.	 

	 	6.	 	Item J: Confirm with the Company whether a tax withholding
amount should be entered in this space.	 

	 	7.	 	Item K: Add the Option Price in Item I to the tax withholding
amount, if any, in Item J. Insert the resulting Purchase Price in Item
K.	 

	 	8.	 	Item L: Identify your approved method of payment for the
Shares.	 

	 	9.	 	Signatures: Sign the Agreement in the space provided on page
10. Important note: If you are married, your spouse also is required
to sign.	 

	 	10.	 	Submit your fully completed and signed Agreement, together with
payment of the Purchase Price, to [     ].	 

R

2

Avanir Pharmaceuticals

2005 Equity Incentive Plan

OPTION EXERCISE AND

STOCK PURCHASE AGREEMENT

Date:_____________

Optionholder / Purchaser

(A) Name:

(B) Employee number:

(C) Residence address:

Stock option

(D) Option Shares (total) subject to this Option:

(E) Purchase Price per Share:

(F) Grant Date:

(G) Option Control Number:

Option shares purchased under this Agreement

(H) Shares purchased:

(I) Option Price [ (E) x (H) ]:

(J) Tax withholding (if applicable):

(to be calculated by Company)

(K) Purchase Price [ (I) + (J) ]:

Payment method (select one or more)

(L) Cash or check (enclosed):

Wire transfer:

(Identify sending bank and wire transfer number)

“Cashless exercise”:

 (Identify approved NASD broker-dealer and attach
agreement)

Other:

 (Attach Company approval for other form of payment)

3

1. Exercise of Option.

1.1. I am exercising my right to purchase the number of shares of Class A common stock of
Avanir Pharmaceuticals indicated on Line (H) by exercising the option identified on Lines (D)
through (G). The per share purchase price of the option is indicated on Line (E) and the aggregate
purchase price of the shares I am purchasing is indicated on Line (I). I acknowledge that I may be
responsible for tax withholding on the shares, in which case the aggregate purchase price would be
as indicated on Line (K) (which the Company will complete). The shares that I am purchasing by
exercising my option are referred to in this agreement as the “Shares”. The total purchase price
of the shares is referred to in this agreement as the “Purchase Price”. I acknowledge that the
option I am exercising was issued under and is subject to the rules of the 2005 Equity Incentive
Plan of Avanir Pharmaceuticals (the “Plan”).

1.2. With this signed agreement, I have submitted either (a) cash or a check for the amount of
the Purchase Price or (b) irrevocable wire transfer instructions for the Purchase Price, or (c) a
certificate or certificates (or designation of such certificates if permitted by the Plan)
representing shares of Avanir Pharmaceuticals Class A common stock that I have owned for at least
six months if the shares were acquired by me through exercise of an option, and that have a fair
market value (as determined in accordance with the Plan) as of this date equal to the Purchase
Price. I recognize that other forms of payment may be permitted by the written approval of the
Administrator.

2. Representations

2.1. Taxes. The Company has made no warranties or representations to me with respect to the
income tax consequences of the transactions contemplated by this Agreement and I am not relying on
the Company or its representatives for an assessment of such tax consequences. I have had adequate
opportunity to consult with my personal tax advisor prior to submitting this Agreement to the
Company.

2.2. Repurchase. If the Shares are subject to a right of repurchase in favor of the Company
at their original purchase price when I cease to provide services for the Company, or if I could be
subject to suit under Section 16(b) of the Securities Exchange Act of 1934 with respect to the
purchase of the Shares, I will execute and deliver to the Company a copy of the Acknowledgment and
Statement of Decision Regarding Election Pursuant to Section 83(b) of the Internal Revenue Code
(the “Acknowledgment”) attached as Exhibit A. I acknowledge that I am primarily responsible for
filing any Section 83(b) elections although the Company will, as an accommodation to me and without
assuming any liability, file a duplicate election if I promptly provide an executed form with the
Acknowledgement and Statement of Decision Regarding Section 83(b). I will consult with my own tax
advisor to determine if there is a comparable election to file in the state of where I reside and
whether filing a federal or state Section 83(b) election is desirable under my circumstances.

2.3. Disqualifying Dispositions of Incentive Stock Option Stock. I acknowledge that if the
Stock acquired by exercise of an Incentive Stock Option (as defined in Section 2.1 of the Plan) is
disposed of within two years after the Grant Date (as defined in the Option Grant) or within one
year after such exercise, immediately prior to the disposition I will promptly notify the Company
in writing of the date and terms of the disposition and will provide such other information
regarding the disposition as the Company may reasonably require.

3. Miscellaneous Provisions.

3.1. Successors and Assigns. Subject to the limitations set forth in this Agreement, the
benefits and obligations of this Agreement will be binding on the executors, administrators, heirs,
legal representatives, successors, and assigns of the parties.

3.2. Costs. I will repay the Company for all costs and damages, including incidental and
consequential damages and attorney’s fees, resulting from any transfer of the Shares which is not
in compliance with the provisions of this Agreement.

3.3. Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of California excluding those laws that direct the application of the laws of
another jurisdiction.

3.4. Notices. All notices and other communications under this Agreement shall be in writing.
Unless and until I am notified in writing to the contrary, all notices, communications, and
documents directed to the Company and related to the Agreement, if not delivered by hand, shall be
mailed, addressed to:

Avanir Pharmaceuticals

Attention: [Insert name]

at the Company’s principal office location.

3.5. Communications. Unless and until I notify the Company in writing to the contrary, all
notices, communications, and documents intended for me and related to this Agreement, if not
delivered by hand, shall be mailed to my last known address as shown on the Company’s books.
Notices and communications shall be mailed by first class mail, postage prepaid; documents shall be
mailed by registered mail, return receipt requested, postage prepaid. All mailings and deliveries
related to this Agreement shall be deemed received when actually received, if by hand delivery, and
three business days after mailing, if by mail.

3.6. Arbitration. All disputes arising out of this Agreement will be finally settled by
arbitration in accordance with the then existing rules of the American Arbitration Association.
The arbitration will be conducted in the county of San Diego, California. Judgment upon the award
rendered by the arbitrators may be entered in any court having jurisdiction over it; provided that
nothing in this Agreement shall prevent a party from applying to a court of competent jurisdiction
to obtain temporary relief pending resolution of the dispute through arbitration. The parties
agree that service of any notices in the course of such arbitration at their respective addresses
as provided for in this agreement shall be valid and sufficient.

3.7. This is not an employment contract. This Agreement is not to be interpreted as a
guarantee or contract of continuing employment.

AVANIR PHARMACEUTICALS

By:      

Title:      

I hereby agree to be bound by all of the terms and conditions of this Agreement and the Plan.

     

Purchaser’s signature

     

Printed name

The purchaser’s spouse indicates by the execution of this Agreement his or her consent to be
bound by the terms herein as to his or her interests, whether as community property or otherwise,
if any, in the Shares hereby purchased.

     

Purchaser’s Spouse

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