Document:

Exhibit
        10.1

       

      ADVENTRX
        Pharmaceuticals, Inc.

       

      2005
        Equity Incentive Plan

       

      1.    Purpose.
        The
        2005
        Equity Incentive Plan (the “Plan”)
        of
        ADVENTRX Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
        is
        intended to encourage ownership of Stock by employees, consultants and directors
        of the Company and Affiliates and to provide additional incentive for them
        to
        promote the success of the Company’s business through the grant of Awards. The
        Plan is intended to be an incentive stock option plan within the meaning
        of
        Section 422 of the Code, but not all Awards are required to be Incentive
        Options.

       

      2.    Definitions.
        As
        used
        in the Plan, the terms set forth below shall have the meanings set forth
        below:

       

      2.1    Accelerate,
        Accelerated,
        and
Acceleration
        means:
        (a) when used with respect to an Option or Stock Appreciation Right, that
        as of
        the time of reference the Option or Stock Appreciation Right will become
        exercisable with respect to some or all of the Stock or Stock Appreciation
        Right
        for which it was not then otherwise exercisable by its terms; (b) when used
        with
        respect to Restricted Stock or Restricted Stock Units, that the Risk of
        Forfeiture otherwise applicable to such Stock or Restricted Stock Units shall
        expire with respect to some or all of the Restricted Stock or Units then
        still
        otherwise subject to the Risk of Forfeiture; and (c) when used with respect
        to
        Performance Units, that the applicable Performance Goals shall be deemed
        to have
        been met as to some or all of the Units. 

       

      2.2    Acquisition
        means
        a
        merger or consolidation of the Company with or into another person or the
        sale,
        transfer, or other disposition of all or substantially all of the Company’s
        assets to one or more other persons in a single transaction or series of
        related
        transactions.

       

      2.3    Affiliate
        means
        any
        corporation, partnership, limited liability company, business trust, or other
        entity controlling, controlled by or under common control with the
        Company.

       

      2.4    Award
        means
        any
        grant or sale pursuant to the Plan of Options, Stock Appreciation Rights,
        Performance Units, Restricted Stock, Restricted Stock Units or Stock
        Grants.

       

      2.5    Award
        Agreement means
        an
        agreement between the Company and a Participant, setting forth the terms
        and
        conditions of an Award.

       

      2.6    Board
        means
        the
        Board of Directors of the Company.

       

      2.7    Change
        of Control means
        the
        occurrence of any of the following after the date of the approval of the
        Plan by
        the Board:

       

      (a)    an
        Acquisition, unless in connection with any merger or consolidation securities
        possessing more than 50% of the total combined voting power of the survivor’s or
        acquiror’s outstanding securities (or the securities of any parent thereof) are
        held by a person or persons who held securities possessing more than 50%
        of the
        total combined voting power of the Company’s outstanding securities immediately
        prior to that transaction;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b)    any
        person or group of persons (within the meaning of Section 13(d)(3)
        of the
        Exchange Act) directly or indirectly acquires beneficial ownership (determined
        pursuant to Rule 13d-3 promulgated under the Exchange Act) of securities
        possessing more than 50% of the total combined voting power of the Company’s
        outstanding securities pursuant to a tender or exchange offer made directly
        to
        the Company’s stockholders that the Board does not recommend such stockholders
        accept, other than (i) the Company or an Affiliate, (ii) an
        employee
        benefit plan of the Company or any Affiliates, (iii) a trustee or
        other
        fiduciary holding securities under an employee benefit plan of the Company
        or
        any Affiliates, or (iv) an underwriter temporarily holding securities
        pursuant to an offering of such securities; 

       

      (c)    over
        a
        period of 36 consecutive months or less, there is a change in the composition
        of
        the Board such that a majority of the Board members (rounded up to the next
        whole number, if a fraction) ceases, by reason of one or more proxy contests
        for
        the election of Board members, to be composed of individuals who either
        (i) have been Board members continuously since the beginning of that
        period, or (ii) have been elected or nominated for election as Board
        members during such period by at least a majority of the Board members described
        in the preceding clause (i) who were still in office at the time that
        election or nomination was approved by the Board; or

       

      (d)    a
        majority of the Board votes in favor of a decision that a Change of Control
        has
        occurred.

       

      2.8    Code
        means
        the
        Internal Revenue Code of 1986, as amended, or any successor statutes thereto,
        and any regulations issued from time to time thereunder.

       

      2.9    Committee
        means
        the
        Compensation Committee of the Board, which in general is responsible for
        the
        administration of the Plan, as provided in Section 5. For any period
        during
        which no such committee is in existence, “Committee” means the Board, and all
        authority and responsibility assigned to the Committee under the Plan shall
        be
        exercised, if at all, by the Board.

       

      2.10    Continuous
        Service
        means
        the absence of any interruption or termination of service as an employee,
        director or consultant of the Company or any Subsidiary. Continuous Service
        shall not be considered interrupted during any period of (i) any leave
        of
        absence approved by the Company or (ii) transfers between locations
        of the
        Company or between the Company and any Parent, Subsidiary or successor of
        the
        Company.

       

      2.11    Covered
        Employee means
        an
        employee who is a “covered employee” within the meaning of Section 162(m) of the
        Code.

       

      2.12    Effective
        Date means
        May
        24, 2005, the date the requisite number of stockholders of the Company approved
        the Plan.

       

      2.13    Exchange
        Act means
        the
        Securities Exchange Act of 1934, as amended.

       

      
        
           

        

        
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      2.14    Grant
        Date means
        the
        date as of which an Award is granted, as determined under
        Section 7.1(a).

       

      2.15    Incentive
        Option means
        an
        Option which by its terms is to be treated as an “incentive stock option” within
        the meaning of Section 422 of the Code.

       

      2.16    Market
        Value means
        the
        value of a share of Stock on a particular date determined by such methods
        or
        procedures as may be established by the Committee. Unless otherwise determined
        by the Committee, the Market Value of a share of Stock as of any date is
        the
        closing price for a Stock as reported on the American Stock Exchange LLC
        (or on
        any national securities exchange or other established market on which the
        Stock
        is then listed) for that date or, if no closing price is reported for that
        date,
        the closing price on the next preceding date for which a closing price was
        reported.

       

      2.17    Nonstatutory
        Option means
        any
        Option that is not an Incentive Option.

       

      2.18    Option
        means
        an
        option to purchase Stock.

       

      2.19    Optionee
        means
        a
        Participant to whom an Option shall have been granted under the
        Plan.

       

      2.20    Parent
        means
        a
        parent corporation of the Company, whether now or hereafter existing, as
        defined
        by Section 424(e) of the Code.

       

      2.21    Participant
        means
        any
        holder of an outstanding Award under the Plan.

       

      2.22    Performance
        Criteria means
        the
        criteria that the Committee selects for purposes of establishing the Performance
        Goal or Performance Goals for a Participant for a Performance Period. The
        Performance Criteria used to establish Performance Goals are limited to:
        pre- or
        after-tax net earnings, sales growth, operating earnings, operating cash
        flow,
        return on net assets, return on stockholders’ equity, return on assets, return
        on capital, Stock price growth, stockholder returns, gross or net profit
        margin,
        earnings per share, price per share of Stock, and market share, any of which
        may
        be measured either in absolute terms or as compared to any incremental increase
        or as compared to results of a peer group, results of clinical trial or FDA
        approvals. The Committee will, in the manner and within the time prescribed
        by
        Section 162(m) of the Code in the case of Qualified Performance-Based Awards,
        objectively define the manner of calculating the Performance Criteria it
        selects
        to use for such Performance Period for such Participant.

       

      2.23    Performance
        Goals means,
        for a Performance Period, the written goals established by the Committee
        for the
        Performance Period based upon the Performance Criteria. Depending on the
        Performance Criteria used to establish such Performance Goals, the Performance
        Goals may be expressed in terms of overall Company performance or the
        performance of a division, business unit, Subsidiary, or an
        individual.

       

      2.24    Performance
        Period means
        the
        one or more periods, which may be of varying and overlapping durations, selected
        by the Committee, over which the attainment of one or more Performance Goals
        will be measured for purposes of determining a Participant’s right to, and the
        payment of, a Performance Unit.

       

      
        
           

        

        
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      2.25    Performance
        Unit means
        a
        right granted to a Participant under Section 7.5 to receive cash,
        Stock or
        other Awards, the payment of which is contingent on achieving Performance
        Goals
        established by the Committee.

       

      2.26    person
        means an
        individual, a corporation, a partnership, a limited liability company, an
        association, a trust or other entity or organization, including a government
        or
        political subdivision or an agency or instrumentality thereof.

       

      2.27    Qualified
        Performance-Based Awards means
        Awards intended to qualify as “performance-based compensation” under Section
        162(m) of the Code.

       

      2.28    Restricted
        Stock means
        a
        grant or sale of Stock to a Participant subject to a Risk of
        Forfeiture.

       

      2.29    Restricted
        Stock Units means
        rights to receive Stock at the close of a Restriction Period, subject to
        a Risk
        of Forfeiture.

       

      2.30    Restriction
        Period means
        the
        period of time, established by the Committee in connection with an Award
        of
        Restricted Stock or
        Restricted Stock Units,
        during
        which the Restricted Stock or Restricted Stock Units are subject to a Risk
        of
        Forfeiture described in the applicable Award Agreement.

       

      2.31    Risk
        of Forfeiture means
        a
        limitation on the right of the Participant to retain Restricted Stock or
        Restricted Stock Units, including a right in the Company to reacquire Restricted
        Stock at less than the then Market Value of such Restricted Stock, arising
        because of the occurrence or non-occurrence of specified events or
        conditions.

       

      2.32    Securities
        Act means
        the
        Securities Act of 1933, as amended.

       

      2.33    SEC
        means
        the
        Securities and Exchange Commission.

       

      2.34    Stock
        means
        common stock, par value $0.001 per share, of the Company, and such other
        securities as may be substituted for Stock pursuant to
        Section 8.

       

      2.35    Stock
        Appreciation Right means
        a
        right to receive any excess in the Market Value of a share of Stock (except
        as
        otherwise provided in Section 7.2(c)) over a specified exercise
        price.

       

      2.36    Stock
        Grant means
        the
        grant of Stock not subject to restrictions or other forfeiture
        conditions.

       

      2.37    Subsidiary
        means a
        subsidiary corporation of the Company, whether now or hereafter existing,
        as
        defined in Section 424(f) of the Code.

       

      
        
           

        

        
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      2.38    Ten
        Percent Owner means
        a
        person who owns, or is deemed within the meaning of Section 422(b)(6) of
        the
        Code to own, stock possessing more than 10% of the total combined voting
        power
        of all classes of stock of the Company (or any Parent or Subsidiary of the
        Company). Whether a person is a Ten Percent Owner shall be determined with
        respect to an Option based on the facts existing immediately prior to the
        Grant
        Date of the Option.

       

      2.39    Vesting
        Commencement Date means,
        with respect to an Option or Stock Appreciation Right, the date, determined
        by
        the Committee, on which the vesting of the Option or Stock Appreciation Right
        shall commence, which may be the Grant Date or a date prior to or after the
        Grant Date.

       

      3.    Term
        of the Plan.
        Unless
        the Plan shall have been earlier terminated by the Board, Awards may be granted
        under the Plan at any time in the period commencing on the Effective Date
        and
        ending immediately prior to the tenth anniversary of the Effective Date.
        Awards
        granted pursuant to the Plan within that period shall not expire solely by
        reason of the termination of the Plan.

       

      4.    Stock
        Subject to the Plan.
        Subject
        to Section 8, the maximum aggregate number of shares of Stock which
        may be
        issued pursuant to or subject to outstanding Awards granted under the Plan
        is
        8,000,000, plus an annual increase to be automatically added on the first
        day of
        the Company’s fiscal year beginning in 2006 equal to the lesser of (i) one
        percent of the number of outstanding shares of Stock on such day, (ii) 750,000
        and (iii) such other amount as the Board may specify prior to the date such
        annual increase is to take effect. The maximum aggregate number of shares
        of
        Stock which may be issued pursuant to or subject to outstanding Incentive
        Options granted under the Plan is 6,000,000. For purposes of applying the
        foregoing limitations, if any Option or Stock Appreciation Right expires,
        terminates, or is cancelled for any reason without having been exercised
        in
        full, or if any other Award is forfeited by the recipient, the shares of
        Stock
        not purchased by the Optionee or which are forfeited by the recipient shall
        again be available for Awards to be granted under the Plan. In addition,
        exercise or settlement of any Award shall not count against the foregoing
        limitations except to the extent settled in the form of Stock. Stock issued
        pursuant to Awards granted under the Plan and later repurchased by the Company
        pursuant to any repurchase right (other than the repurchase of shares that
        have
        not vested and are subject to forfeiture prior to vesting) that the Company
        may
        have shall not be available for future grant of Awards under the Plan.

       

      5.    Administration.
        The
        Plan
        shall be administered by the Committee; provided,
        however,
        that at
        any time and on any one or more occasions the Board may itself exercise any
        of
        the powers and responsibilities assigned the Committee under the Plan and
        when
        so acting shall have the benefit of all of the provisions of the Plan pertaining
        to the Committee’s exercise of its authorities hereunder. Subject to the
        provisions of the Plan, the Committee shall have complete authority, in its
        discretion, to make or to select the manner of making all determinations
        with
        respect to each Award to be granted by the Company under the Plan, including
        the
        employee, consultant or director to receive the Award and the form of Award.
        In
        making such determinations, the Committee may take into account the nature
        of
        the services rendered by the respective employees, consultants, and directors,
        their present and potential contributions to the success of the Company and
        Affiliates, and such other factors as the Committee in its discretion shall
        deem
        relevant. Subject to the provisions of the Plan, the Committee shall also
        have
        complete authority to interpret the Plan, to prescribe, amend and rescind
        rules
        and regulations relating to it, to determine the terms and provisions of
        the
        respective Award Agreements (which need not be identical), and to make all
        other
        determinations necessary or advisable for the administration of the Plan.
        The
        Committee’s determinations made in good faith on matters referred to in the Plan
        shall be final, binding and conclusive on all persons having or claiming
        any
        interest under the Plan or an Award made pursuant to hereto.

       

      
        
           

        

        
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      6.    Authorization
        of Grants.

       

      6.1    Eligibility.
        The
        Committee may grant from time to time and at any time prior to the termination
        or expiration of the Plan one or more Awards, either alone or in combination
        with any other Awards, to any employee of or consultant to one or more of
        the
        Company and Affiliates or to any non-employee member of the Board or of any
        board of directors (or similar governing authority) of any Affiliate. However,
        only employees of the Company, and of any Parent or Subsidiary of the Company,
        shall be eligible for the grant of an Incentive Option. Further, in no event
        shall the number of shares of Stock covered by Options or other Awards granted
        to any one person in any one calendar year exceed 1,500,000 shares of Stock
        subject to the Plan.

       

      6.2    General
        Terms of Awards.
        Each
        grant of an Award shall be subject to all applicable terms and conditions
        of the
        Plan (including but not limited to any specific terms and conditions applicable
        to that type of Award set out in the following Section), and such other terms
        and conditions, not inconsistent with the terms of the Plan, as the Committee
        may prescribe. No prospective Participant shall have any rights with respect
        to
        an Award, unless and until such Participant has (a) (i) executed an Award
        Agreement with respect to such Award and delivered a fully executed copy
        of such
        Award Agreement to the Company, or (ii) otherwise affirmatively assented
        to the
        terms and conditions of an Award Agreement with respect to such Award, including
        by “click through” agreement, pursuant to procedures and guidelines approved by
        the Committee, and (b) otherwise complied with the applicable terms and
        conditions of such Award.

       

      6.3    Effect
        of Termination of Employment, Disability or Death.
        

       

      (a)    Termination
        of Employment, Etc.
        Unless
        the Committee shall provide otherwise with respect to any Award, if the
        Participant’s employment or other association with the Company and Affiliates
        ends for any reason other than by total disability or death, including because
        of the Participant’s employer ceasing to be an Affiliate, (i) any outstanding
        Option or Stock Appreciation Right of the Participant shall cease to be
        exercisable in any respect not later than 90 days following that event and,
        for
        the period it remains exercisable following that event, shall be exercisable
        only to the extent exercisable at the date of that event, subject to the
        condition that no Option or Stock Appreciation Right shall be exercised after
        its expiration in accordance with its terms, and (ii) any other outstanding
        Award of the Participant shall be forfeited or otherwise subject to return
        to or
        repurchase by the Company on the terms specified in the applicable Award
        Agreement. Military or sick leave or other public (such as jury duty) or
        personal leave approved by an authorized representative of the Company shall
        not
        be deemed a termination of employment or other association, provided
        that it
        does not exceed the longer of 90 days or the period during which the absent
        Participant’s reemployment rights, if any, are guaranteed by statute or by
        contract.

       

      
        
           

        

        
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      (b)    Disability
        of Participant.
        If a
        Participant’s employment or other association with the Company and Affiliates
        ends due to disability (as defined in Section 22(e)(3) of the Code), and
        such
        Participant was in Continuous Service from the Grant Date until the date
        of
        termination of service, (i) any outstanding Option or Stock Appreciation
        Right
        may be exercised at any time within six months following the date of termination
        of service, but only to the extent of the accrued right to exercise at the
        time
        of termination of service, subject to the condition that no Option or Stock
        Appreciation Right shall be exercised after its expiration in accordance
        with
        its terms and (ii) any other outstanding Award or the Participant shall be
        forfeited or otherwise subject to return or repurchase by the Company on
        the
        terms specified in the applicable Award Agreement.

       

      (c)    Death
        of Participant.
        In the
        event of the death of a Participant who is at the time of such Participant’s
        death an employee, director or consultant and who was in Continuous Service
        as
        from the Grant Date until the date of death, (i) any outstanding Option or
        Stock
        Appreciation Right of such Participant shall cease to be exercisable in any
        respect not later than 12 months following the date of death and, for the
        period
        it remains exercisable following the date of death, shall be exercisable
        by such
        Participant’s estate or by a person who acquired the right to exercise such
        Award by bequest, inheritance or otherwise as a result of the Participant’s
        death, but only to the extent exercisable at the date of death, subject to
        the
        condition that no Option or Stock Appreciation Right shall be exercised after
        its expiration in accordance with its terms, and (ii) any other outstanding
        Award of such Participant shall be forfeited or otherwise subject to return
        to
        or repurchase by the Company on the terms specified in the applicable Award
        Agreement.

       

      6.4    Transferability
        of Awards.
        Except
        as otherwise provided in this Section 6.4, Awards shall not be transferable,
        and
        no Award or interest therein may be sold, transferred, pledged, assigned,
        or
        otherwise alienated or hypothecated, other than by will or by the laws of
        descent and distribution. All of a Participant’s rights in any Award may be
        exercised during the life of the Participant only by the Participant or the
        Participant’s legal representative. However, the Committee may, at or after the
        grant of an Award of a Nonstatutory Option, or Restricted Stock, provide
        that
        such Award may be transferred by the recipient through a gift or domestic
        relations order in settlement of marital property rights to any of the following
        donees or transferees and may be reacquired by the Participant from any of
        such
        donors or transferees:

       

      (a)    any
        “family
        member,”
        which
        includes any child, stepchild, grandchild, parent, stepparent, spouse, former
        spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
        daughter-in-law, brother-in-law, or sister-in-law, including adoptive
        relationships and any individual sharing the Participant’s household (other than
        a tenant or employee);

       

      (b)    a
        trust
        in which family members have more than 50% of the beneficial
        interests;

       

      (c)    a
        foundation in which “family members” (or the Participant) control the management
        of assets; and 

       

      (d)    any
        other
        entity in which “family members” (or the Participant) own more than 50% of the
        voting interests.

       

      
        
           

        

        
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      provided,
        that
        (x) any such transfer is without payment of any consideration whatsoever
        and that no transfer shall be valid unless first approved by the Committee,
        acting in its sole discretion; (y) the Award Agreement pursuant to
        which
        such Awards are granted, and any amendments thereto, must be approved by
        the
        Committee and must expressly provide for transferability in a manner consistent
        with this Section 6.4; and (z) subsequent transfers of transferred
        Awards shall be prohibited except in accordance with this Section 6.4.
        Following transfer, any such Awards shall continue to be subject to the same
        terms and conditions as were applicable immediately prior to transfer,
provided
        that
        the
        term of the Plan or in the Award Agreement shall continue to be applied with
        respect to the original Participant, following which any Options or Stock
        Appreciation Rights shall be exercisable by the transferee only to the extent,
        and for the periods specified in the Award Agreement or Section 6.3,
        as
        applicable.

       

      7.    Specific
        Terms of Awards.

       

      7.1    Options.

       

      (a)    Date
        of Grant.
        The
        granting of an Option shall take place at the time specified in the Award
        Agreement. Only if expressly so provided in the applicable Award Agreement
        shall
        the Grant Date be a date other than the date on which the Award Agreement
        shall
        have been duly executed and delivered by the Company and the
        Optionee.

       

      (b)    Exercise
        Price.
        The per
        share price at which Stock may be acquired under each Incentive Option shall
        be
        not less than 100% of the Market Value of a share of Stock on the Grant Date,
        or
        not less than 110% of the Market Value of a share of Stock on the Grant Date
        if
        the Optionee is a Ten Percent Owner. The price at which shares may be acquired
        under each Nonstatutory Option shall not be so limited solely by reason of
        this
        Section.

       

      (c)    Option
        Period.
        No
        Incentive Option may be exercised on or after the tenth anniversary of the
        Grant
        Date, or on or after the fifth anniversary of the Grant Date if the Optionee
        is
        a Ten Percent Owner. The Option period under each Nonstatutory Option shall
        not
        be so limited solely by reason of this Section.

       

      (d)    Exercisability.
        An
        Option may be immediately exercisable or become exercisable in such
        installments, cumulative or non-cumulative, as the Committee may determine.
        Unless the Committee specifically determines otherwise at the time of the
        grant
        of the Option, each Option shall vest and become exercisable, cumulatively,
        as
        to one-fourth of the Stock originally subject to the Option at the first
        anniversary of the Vesting Commencement Date and as to one forty-eighth of
        the
        Stock originally subject to the Option at the end of each successive month
        thereafter until all of the Stock subject to the Option have vested, subject
        to
        Section 6.3. In the case of an Option not otherwise immediately exercisable
        in
        full, the Committee may Accelerate such Option in whole or in part at any
        time;
provided,
        however,
        that in
        the case of an Incentive Option, any such Acceleration of the Option would
        not
        cause the Option to fail to comply with the provisions of Section 422
        of
        the Code or the Optionee consents to the Acceleration.

       

      
        
           

        

        
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      (e)    Method
        of Exercise.
        An
        Option may be exercised by the Optionee giving written notice, in the manner
        provided in Section 15, specifying the number of shares of Stock with
        respect to which the Option is then being exercised. The notice shall be
        accompanied by payment in the form of cash or check payable to the order
        of the
        Company in an amount equal to the exercise price of the Stock to be purchased
        or, if the Committee had so authorized on the grant of an Incentive Option
        or on
        or after grant of a Nonstatutory Option (and subject to such conditions,
        if any,
        as the Committee may deem necessary to avoid adverse accounting effects to
        the
        Company) by delivery to the Company of

       

      (i)    Stock
        having a Market Value equal to the exercise price of the Stock to be purchased
        upon exercise of such Option, or 

       

      (ii)    unless
        or
        to the extent not prohibited by applicable law, the Optionee’s executed
        promissory note in the principal amount equal to the exercise price of the
        shares to be purchased and otherwise in such form as the Committee shall
        have
        approved.

       

      If
        the
        Stock is traded on an established market, payment of any exercise price may
        also
        be made through and under the terms and conditions of any formal cashless
        exercise program authorized by the Company entailing the sale of the Stock
        subject to an Option in a brokered transaction (other than to the Company).
        Receipt by the Company of such notice and payment in any authorized or
        combination of authorized means shall constitute the exercise of the Option.
        Within 30 days thereafter but subject to the remaining provisions of the
        Plan,
        the Company shall deliver or cause to be delivered to the Optionee or his
        agent
        a certificate or certificates for the number of shares of Stock then being
        purchased. Such shares of Stock shall be fully paid and nonassessable.

       

      (f)    Limit
        on Incentive Option Characterization.
        An
        Incentive Option shall be considered to be an Incentive Option only to the
        extent that the number of shares of Stock for which the Option first becomes
        exercisable in a calendar year do not have an aggregate Market Value (as
        of the
        date of the grant of the Option) in excess of the “current
        limit.”
        The
        current limit for any Optionee for any calendar year shall be $100,000
minus
        the
        aggregate Market Value at the date of grant of the number of shares of Stock
        available for purchase for the first time in the same year under each other
        Incentive Option previously granted to the Optionee under the Plan, and under
        each other incentive stock option previously granted to the Optionee under
        any
        other incentive stock option plan of the Company and Affiliates. Any Stock
        which
        would cause the foregoing limit to be violated shall be deemed to have been
        granted under a separate Nonstatutory Option, otherwise identical in its
        terms
        to those of the Incentive Option.

       

      (g)    Notification
        of Disposition.
        Each
        person exercising any Incentive Option granted under the Plan shall be deemed
        to
        have covenanted with the Company to report to the Company any disposition
        of
        such shares prior to the expiration of the holding periods specified by
        Section 422(a)(1) of the Code and, if and to the extent that the
        realization of income in such a disposition imposes upon the Company federal,
        state, local or other withholding tax requirements, or any such withholding
        is
        required to secure for the Company an otherwise available tax deduction,
        to
        remit to the Company an amount in cash sufficient to satisfy those
        requirements.

       

      
        
           

        

        
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      (h)    Automatic
        Option Grants.
        The
        provisions set forth in this Section 7.1(h) shall not be amended more than
        once
        every six months other than to comport with changes in the Code, the Employee
        Retirement Income Security Act of 1974, as amended, or the rules promulgated
        thereunder. All grants of Options to non-employee directors under the Plan
        shall
        be automatic and nondiscretionary and shall be made strictly in accordance
        with
        the following provisions:

       

      (i)    No
        person
        shall have any discretion to select which non-employee directors shall be
        granted Options.

       

      (ii)    Each
        non-employee director shall be automatically granted a Nonstatutory Option
        (an
“Automatic
        Director Option”)
        to
        purchase 50,000 shares of Stock at the first meeting of the Board following
        the
        annual meeting of stockholders in each year, commencing with the 2005 annual
        meeting of stockholders, provided that such director is not an employee and
        if,
        as of such date, such non-employee director shall have served on the Board
        for
        at least the preceding six months.

       

      (iii)    The
        terms
        of an Automatic Director Option granted hereunder shall be as
        follows:

       

      (A)    the
        term
        of the Automatic Director Option shall be 10 years;

       

      (B)    the
        exercise price per share shall be 105% of the Market Value per share on the
        date
        of grant of the Automatic Director Option. In the event that the date of
        grant
        of the Automatic Director Option is not a trading day, the exercise price
        per
        share shall be 105% of the Market Value on the next trading day immediately
        following the date of grant of the Automatic Director Option;

       

      (C)    subject
        to Section 9, the Automatic Director Option shall become exercisable as to
        1/12th of the shares subject to the Automatic Director Option at the end
        of each
        calendar month after its date of grant, provided that the Optionee was in
        Continuous Service on such dates;

       

      (D)    except
        as
        the terms of this Section 7.1(h) otherwise provide, the terms and conditions
        of
        the Plan shall apply to Automatic Director Options.

       

      (iv)    In
        the
        event that any Automatic Director Option granted under the Plan would cause
        the
        number of shares subject to outstanding Options plus the number of shares
        previously purchased under Options to exceed the total number of authorized
        shares then available under the Plan, the remaining shares available for
        Option
        grant shall be granted under Options to the non-employee directors on a pro
        rata
        basis. No further grants shall be made until such time, if any, as additional
        shares become available for grant under the Plan through action of the Board
        or
        the stockholders to increase the number of shares which may be issued under
        the
        Plan or through cancellation or expiration of Awards previously granted
        hereunder.

       

      
        
           

        

        
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      7.2    Stock
        Appreciation Rights.

       

      (a)    Tandem
        or Stand-Alone.
        Stock
        Appreciation Rights may be granted in tandem with an Option (at or, in the
        case
        of a Nonstatutory Option, after, the award of the Option), or alone and
        unrelated to an Option. Stock Appreciation Rights in tandem with an Option
        shall
        terminate to the extent that the related Option is exercised, and the related
        Option shall terminate to the extent that the tandem Stock Appreciation Rights
        are exercised.

       

      (b)    Exercise
        Price.
        Stock
        Appreciation Rights shall have such exercise price as the Committee may
        determine, except that in the case of Stock Appreciation Rights in tandem
        with
        Options, the exercise price of the Stock Appreciation Rights shall equal
        the
        exercise price of the related Option.

       

      (c)    Other
        Terms.
        Except
        as the Committee may deem inadvisable or inapplicable in the circumstances,
        Stock Appreciation Rights shall be subject to terms and conditions substantially
        similar to those applicable to a Nonstatutory Option. In addition, a Stock
        Appreciation Right related to an Option which can only be exercised during
        limited periods following a Change of Control may entitle the Participant
        to
        receive an amount based upon the highest price paid or offered for Stock
        in any
        transaction relating to the Change of Control or paid during the 30-day period
        immediately preceding the occurrence of the Change of Control in any transaction
        reported in the stock market in which the Stock is normally traded.

       

      7.3    Restricted
        Stock.

       

      (a)    Purchase
        Price.
        Shares
        of Restricted Stock shall be issued under the Plan for such consideration,
        in
        cash, other property or services, or any combination thereof, as is determined
        by the Committee.

       

      (b)    Issuance
        of Certificates.
        Each
        Participant receiving a Restricted Stock Award, subject to Section 7.3(c),
        shall
        be issued a stock certificate in respect of such Restricted Stock. Such
        certificate shall be registered in the name of such Participant, and, if
        applicable, shall bear an appropriate legend referring to the terms, conditions,
        and restrictions applicable to such Award substantially in the following
        form:

       

      THE
        TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED BY THIS
        CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF THE 2005 EQUITY INCENTIVE
        PLAN OF THE ISSUER AND AN AWARD AGREEMENT ENTERED INTO BY THE REGISTERED
        OWNER
        AND THE ISSUER. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE OFFICES
        OF
        THE ISSUER.

       

      (c)    Escrow
        of Shares.
        The
        Committee may require that the stock certificates evidencing Restricted Stock
        be
        held in custody by a designated escrow agent (which may but need not be the
        Company) until the restrictions thereon shall have lapsed, and that the
        Participant deliver a stock power, endorsed in blank, relating to the Stock
        covered by such Award.

       

      
        
           

        

        
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      (d)    Restrictions
        and Restriction Period.
        During
        the Restriction Period applicable to Restricted Stock, such shares shall
        be
        subject to limitations on transferability and a Risk of Forfeiture arising
        on
        the basis of such conditions related to the performance of services, Company
        or
        Affiliate performance or otherwise as the Committee may determine and provide
        for in the applicable Award Agreement. Any such Risk of Forfeiture may be
        waived
        or terminated, or the Restriction Period shortened, at any time by the Committee
        on such basis as it deems appropriate. 

       

      (e)    Rights
        Pending Lapse of Risk of Forfeiture or Forfeiture of Award.
        Except
        as otherwise provided in the Plan or the applicable Award Agreement, at all
        times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture
        of,
        an Award of Restricted Stock, the Participant shall have all of the rights
        of a
        stockholder of the Company, including the right to vote, and the right to
        receive any dividends with respect to, the Restricted Stock. The Committee,
        as
        determined at the time of Award, may permit or require the payment of cash
        dividends to be deferred and, if the Committee so determines, reinvested
        in
        additional Restricted Stock to the extent shares are available under
        Section 4.

       

      (f)    Lapse
        of Restrictions.
        If and
        when the Restriction Period expires without a prior forfeiture of the Restricted
        Stock, the certificates for such shares shall be delivered to the Participant
        promptly if not theretofore so delivered.

       

      7.4    Restricted
        Stock Units.

       

      (a)    Character.
        Each
        Restricted Stock Unit shall entitle the recipient to a share of Stock at
        a close
        of such Restriction Period as the Committee may establish and subject to
        a Risk
        of Forfeiture arising on the basis of such conditions relating to the
        performance of services, Company or Affiliate performance or otherwise as
        the
        Committee may determine and provide for in the applicable Award Agreement.
        Any
        such Risk of Forfeiture may be waived or terminated, or the Restriction Period
        shortened, at any time by the Committee on such basis as it deems
        appropriate.

       

      (b)    Form
        and Timing of Payment.
        Payment
        of earned Restricted Stock Units shall be made in a single lump sum following
        the close of the applicable Restriction Period. At the discretion of the
        Committee, Participants may be entitled to receive payments equivalent to
        any
        dividends declared with respect to Stock referenced in grants of Restricted
        Stock Units but only following the close of the applicable Restriction Period
        and then only if the underlying Stock shall have been earned. Unless the
        Committee shall provide otherwise, any such dividend equivalents shall be
        paid,
        if at all, without interest or other earnings.

       

      7.5    Performance
        Units.

       

      (a)    Character.
        Each
        Performance Unit shall entitle the recipient to the value of a specified
        number
        of shares of Stock, over the initial value for such number of shares, if
        any,
        established by the Committee at the time of grant, at the close of a specified
        Performance Period to the extent specified Performance Goals shall have been
        achieved.

       

      (b)    Earning
        of Performance Units.
        The
        Committee shall set Performance Goals in its discretion which, depending
        on the
        extent to which they are met within the applicable Performance Period, will
        determine the number and value of Performance Units that will be paid out
        to the
        Participant. After the applicable Performance Period has ended, the holder
        of
        Performance Units shall be entitled to receive payout on the number and value
        of
        Performance Units earned by the Participant over the Performance Period,
        to be
        determined as a function of the extent to which the corresponding Performance
        Goals have been achieved.

       

      
        
           

        

        
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      (c)    Form
        and Timing of Payment.
        Payment
        of earned Performance Units shall be made in a single lump sum following
        the
        close of the applicable Performance Period. At the discretion of the Committee,
        Participants may be entitled to receive any dividends declared with respect
        to
        Stock which have been earned in connection with grants of Performance Units
        which have been earned, but not yet distributed to Participants. The Committee
        may permit or, if it so provides at grant require, a Participant to defer
        such
        Participant’s receipt of the payment of cash or the delivery of Stock that would
        otherwise be due to such Participant by virtue of the satisfaction of any
        requirements or goals with respect to Performance Units. If any such deferral
        election is required or permitted, the Committee shall establish rules and
        procedures for such payment deferrals.

       

      7.6    Stock
        Grants.
        Stock
        Grants shall be awarded solely in recognition of significant contributions
        to
        the success of the Company or Affiliates, in lieu of compensation otherwise
        already due and in such other limited circumstances as the Committee deems
        appropriate. Stock Grants shall be made without forfeiture conditions of
        any
        kind.

       

      7.7    Qualified
        Performance-Based Awards.

       

      (a)    Purpose.
        The
        purpose of this Section 7.7 is to provide the Committee the ability to qualify
        Awards as “performance-based compensation” under Section 162(m) of the Code. If
        the Committee, in its discretion, decides to grant an Award as a Qualified
        Performance-Based Award, the provisions of this Section 7.7 will control
        over
        any contrary provision contained in the Plan. In the course of granting any
        Award, the Committee may specifically designate the Award as intended to
        qualify
        as a Qualified Performance-Based Award. However, no Award shall be considered
        to
        have failed to qualify as a Qualified Performance-Based Award solely because
        the
        Award is not expressly designated as a Qualified Performance-Based Award,
        if the
        Award otherwise satisfies the provisions of this Section 7.7 and the
        requirements of Section 162(m) of the Code and the regulations promulgated
        thereunder applicable to “performance-based compensation.”

       

      (b)    Authority.
        All
        grants of Awards intended to qualify as Qualified Performance-Based Awards
        and
        determination of terms applicable thereto shall be made by the Committee
        or, if
        not all of the members thereof qualify as “Outside
        Directors”
        within
        the meaning of applicable IRS regulations under Section 162 of the
        Code, a
        subcommittee of the Committee consisting of such of the members of the Committee
        as do so qualify. Any action by such a subcommittee shall be considered the
        action of the Committee for purposes of the Plan.

       

      (c)    Applicability.
        This
        Section 7.7 will apply only to those Covered Employees, or to those
        persons
        who the Committee determines are reasonably likely to become Covered Employees
        in the period covered by an Award, selected by the Committee to receive
        Qualified Performance-Based Awards. The Committee may, in its discretion,
        grant
        Awards to Covered Employees that do not satisfy the requirements of this
        Section 7.7.

       

      
        
           

        

        
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      (d)    Discretion
        of Committee with Respect to Qualified Performance-Based Awards.
        Options
        may be granted as Qualified Performance-Based Awards in accordance with Section
        7.1, except that the exercise price of any Option intended to qualify as
        a
        Qualified Performance-Based Award shall in no event be less that the Market
        Value of the Stock on the date of grant. With regard to other Awards intended
        to
        qualify as Qualified Performance-Based Awards, such as Restricted Stock,
        Restricted Stock Units, or Performance Units, the Committee will have full
        discretion to select the length of any applicable Restriction Period or
        Performance Period, the kind or level of the applicable Performance Goal,
        and
        whether the Performance Goal is to apply to the Company, a Subsidiary or
        any
        division or business unit or to the individual. Any Performance Goal or Goals
        applicable to Qualified Performance-Based Awards shall be objective, shall
        be
        established not later than 90 days after the beginning of any applicable
        Performance Period (or at such other date as may be required or permitted
        for
“performance-based compensation” under Section 162(m) of the Code) and shall
        otherwise meet the requirements of Section 162(m) of the Code, including
        the requirement that the outcome of the Performance Goal or Goals be
        substantially uncertain (as defined in the regulations under Section 162(m)
        of the Code) at the time established.

       

      (e)    Payment
        of Qualified Performance-Based Awards.
        A
        Participant will be eligible to receive payment under a Qualified
        Performance-Based Award which is subject to achievement of a Performance
        Goal or
        Goals only if the applicable Performance Goal or Goals period are achieved
        within the applicable Performance Period, as determined by the Committee.
        In
        determining the actual size of an individual Qualified Performance-Based
        Award,
        the Committee may reduce or eliminate the amount of the Qualified
        Performance-Based Award earned for the Performance Period, if in its sole
        and
        absolute discretion, such reduction or elimination is appropriate.

       

      (f)    Maximum
        Award Payable.
        The
        maximum Qualified Performance-Based Award payment to any one Participant
        under
        the Plan for a Performance Period is the number of shares of Stock set forth
        in
        Section 4, or if the Qualified Performance-Based Award is paid in cash, that
        number of shares multiplied by the Market Value of the Stock as of the date
        the
        Qualified Performance-Based Award is granted.

       

      (g)    Limitation
        on Adjustments for Certain Events.
        No
        adjustment of any Qualified Performance-Based Award pursuant to Section 8
        shall
        be made except on such basis, if any, as will not cause such Award to provide
        other than “performance-based compensation” within the meaning of Section 162(m)
        of the Code.

       

      7.8    Awards
        to Participants Outside the United States.
        The
        Committee may modify the terms of any Award under the Plan, granted to a
        Participant who is, at the time of grant or during the term of the Award,
        resident or primarily employed outside of the United States in any manner
        deemed
        by the Committee to be necessary or appropriate in order that the Award shall
        conform to laws, regulations, and customs of the country in which the
        Participant is then resident or primarily employed, or so that the value
        and
        other benefits of the Award to the Participant, as affected by foreign tax
        laws
        and other restrictions applicable as a result of the Participant’s residence or
        employment abroad, shall be comparable to the value of such an Award to a
        Participant who is resident or primarily employed in the United States. The
        Committee may establish supplements to, or amendments, restatements, or
        alternative versions of, the Plan for the purpose of granting and administrating
        any such modified Award. No such modification, supplement, amendment,
        restatement or alternative version may increase the share limit of
        Section 4.

       

      
        
           

        

        
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      7.9    Notwithstanding
        any other provisions of the Plan, it is not intended that any grant of an
        Award
        shall result in the deferral of compensation within the meaning of Section
        409A
        of the Code; provided,
        however,
        that to
        the extent the grant of an Award would result in the deferral of compensation
        under Section 409A of the Code, such Award shall comply with the requirements
        of
        Section 409A of the Code. .

       

      8.    Adjustment
        Provisions.

       

      8.1    Adjustment
        for Corporate Actions.
        All of
        the share numbers set forth in the Plan reflect the capital structure of
        the
        Company as of the Effective Date. Subject to Section 8.2, if subsequent to
        that
        date the outstanding number of shares of Stock (or any other securities covered
        by the Plan by reason of the prior application of this Section) are increased,
        decreased, or exchanged for a different number or kind of shares or other
        securities, or if additional shares or new or different shares or other
        securities are distributed with respect to such outstanding Stock, through
        merger, consolidation, sale of all or substantially all the property of the
        Company, reorganization, recapitalization, reclassification, stock dividend,
        stock split, reverse stock split, or other similar distribution with respect
        to
        such Stock, an appropriate and proportionate adjustment will be made in
        (i) the maximum numbers and kinds of shares provided in Section 4,
        (ii) the numbers and kinds of shares or other securities subject to
        the
        then outstanding Awards, (iii) the exercise price for each share or
        other
        unit of any other securities subject to then outstanding Options and Stock
        Appreciation Rights (without change in the aggregate purchase price as to
        which
        such Options or Rights remain exercisable), and (iv) the repurchase
        price
        of each share of Restricted Stock then subject to a Risk of Forfeiture in
        the
        form of a Company repurchase right.

       

      8.2    Treatment
        in Certain Acquisitions.

       

      (a)    Subject
        to any provisions of then outstanding Awards granting different rights to
        the
        holders thereof, in the event of an Acquisition constituting a Change of
        Control
        in which outstanding Awards are not Accelerated in full, any then
        outstanding Awards shall nevertheless Accelerate in full if not assumed or
        replaced by comparable Awards referencing shares of the capital stock of
        the
        successor or acquiring entity or the entity in control of such successor
        or
        acquiring entity, and thereafter (or after a reasonable period following
        such
        Acquisition, as determined by the Committee) terminate. As to any one or
        more
        outstanding Awards which are not otherwise Accelerated in full by reason
        of such
        Acquisition, the Committee may also, either in advance of such Acquisition
        or at
        the time thereof and upon such terms as it may deem appropriate, provide
        for the
        Acceleration of such outstanding Awards in the event that the employment
        of the
        Participants should subsequently terminate following such Acquisition. Each
        outstanding Award that is assumed in connection with such Acquisition, or
        is
        otherwise to continue in effect subsequent to such Acquisition, will be
        appropriately adjusted, immediately after such Acquisition, as to the number
        and
        class of securities and other relevant terms in accordance with Section 8.1.
        

       

      
        
           

        

        
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      (b)    For
        the
        purposes of this Section 8.2, an Award shall be considered assumed or replaced
        by a comparable Award if, following the Acquisition constituting a Change
        of
        Control, the Award confers the right to purchase, for each share of Stock
        subject to the Award immediately prior to such Acquisition, the consideration
        (whether stock, cash or other securities or property) received in such
        Acquisition by holders of Stock on the effective date of such Acquisition
        (and
        if holders were offered a choice of consideration, the type of consideration
        chosen by the holders of a majority of the outstanding Stock); provided,
        however,
        that if
        such consideration received in such Acquisition was not solely common stock
        of
        the successor corporation or its Parent or Subsidiary, the Committee may,
        with
        the consent of the successor corporation, provide for the consideration to
        be
        received upon the exercise of the Award for each share of Stock subject to
        the
        Award to be solely common stock of the successor corporation or its Parent
        or
        Subsidiary equal in fair market value to the per share consideration received
        by
        holders of Stock in such Acquisition.

       

      8.3    Dissolution
        or Liquidation.
        Upon
        dissolution or liquidation of the Company, other than as part of an Acquisition
        or similar transaction, (a) each outstanding Option and Stock Appreciation
        Right
        shall terminate, but the Optionee or Stock Appreciation Right holder shall
        have
        the right, immediately prior to such dissolution or liquidation, to exercise
        the
        Option or Stock Appreciation Right to the extent exercisable on the date
        of
        dissolution or liquidation; (b) each share of Restricted Stock that is subject
        to a Risk of Forfeiture immediately prior to such dissolution or liquidation
        may, at the election of the Company, be forfeited by the Company prior to
        such
        dissolution or liquidation pursuant to the terms of the applicable Award
        Agreement; and (c) subject to subparts (a) and (b) of this Section 8.3, each
        other outstanding Award shall be forfeited.

       

      8.4    Adjustment
        of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
        Events.
        In the
        event of any corporate action not specifically covered by the preceding
        sections, including but not limited to an extraordinary cash distribution
        on
        Stock, a corporate separation or other reorganization or liquidation, the
        Committee may make such adjustment of outstanding Awards and their terms,
        if
        any, as it, in its sole discretion, may deem equitable and appropriate in
        the
        circumstances. The Committee may make adjustments in the terms and conditions
        of, and the criteria included in, Awards in recognition of unusual or
        nonrecurring events (including, without limitation, the events described
        in this
        Section 8.4) affecting the Company or the financial statements of
        the
        Company or of changes in applicable laws, regulations, or accounting principles,
        whenever the Committee determines that such adjustments are appropriate in
        order
        to prevent dilution or enlargement of the benefits or potential benefits
        intended to be made available under the Plan.

       

      8.5    Related
        Matters.
        Any
        adjustment in Awards made pursuant to this Section 8 shall be determined
        and made, if at all, by the Committee and shall include any correlative
        modification of terms, including of Option exercise prices, rates of vesting
        or
        exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted
        Stock, and Performance Goals and other financial objectives which the Committee
        may deem necessary or appropriate so as to ensure the rights of the Participants
        in their respective Awards are not substantially diminished nor enlarged
        as a
        result of the adjustment and corporate action other than as expressly
        contemplated in this Section 8. No fraction of a share shall be purchasable
        or
        deliverable upon exercise, but in the event any adjustment hereunder of the
        number of shares covered by an Award shall cause such number to include a
        fraction of a share, such number of shares shall be adjusted to the nearest
        smaller whole number of shares. No adjustment of an Option exercise price
        per
        share pursuant to this Section 8 shall result in an exercise price which
        is less
        than the par value of the Stock.

       

      
        
           

        

        
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      9.    Settlement
        of Awards

       

      9.1    In
        General.
        Options
        and Restricted Stock shall be settled in accordance with their terms. All
        other
        Awards may be settled in cash, Stock, or other Awards, or a combination thereof,
        as determined by the Committee at or after grant and subject to any contrary
        Award Agreement. The Committee may not require settlement of any Award in
        Stock
        pursuant to the immediately preceding sentence to the extent issuance of
        such
        Stock would be prohibited or unreasonably delayed by reason of any other
        provision of the Plan.

       

      9.2    Violation
        of Law.
        Notwithstanding any other provision of the Plan or the relevant Award Agreement,
        if, at any time, in the reasonable opinion of the Company, the issuance of
        Stock
        covered by an Award may constitute a violation of law, then the Company may
        delay such issuance and the delivery of a certificate for such shares until
        (i) approval shall have been obtained from such governmental agencies,
        other than the SEC, as may be required under any applicable law, rule, or
        regulation and (ii) in the case where such issuance would constitute
        a
        violation of a law administered by or a regulation of the SEC, one of the
        following conditions shall have been satisfied:

       

      (a)    the
        shares are at the time of the issue of such shares effectively registered
        under
        the Securities Act; or

       

      (b)    the
        Company shall have determined, on such basis as it deems appropriate (including
        an opinion of counsel in form and substance satisfactory to the Company)
        that
        the sale, transfer, assignment, pledge, encumbrance or other disposition
        of such
        shares or such beneficial interest, as the case may be, does not require
        registration under the Securities Act or any applicable State securities
        laws.

       

      The
        Company shall make all reasonable efforts to bring about the occurrence of
        said
        events.

       

      9.3    Corporate
        Restrictions on Rights in Stock.
        Any
        Stock to be issued pursuant to Awards granted under the Plan shall be subject
        to
        all restrictions upon the transfer thereof which may be now or hereafter
        imposed
        by the charter, certificate or articles, or bylaws, of the Company.

       

      9.4    Investment
        Representations.
        The
        Company shall be under no obligation to issue any shares covered by any Award
        unless the shares to be issued pursuant to Awards granted under the Plan
        have
        been effectively registered under the Securities Act, or the Participant
        shall
        have made such written representations to the Company (upon which the Company
        believes it may reasonably rely) as the Company may deem necessary or
        appropriate for purposes of confirming that the issuance of such shares will
        be
        exempt from the registration requirements of the Securities Act and any
        applicable state securities laws and otherwise in compliance with all applicable
        laws, rules and regulations, including but not limited to that the Participant
        is acquiring the shares for such Participant’s own account for the purpose of
        investment and not with a view to, or for sale in connection with, the
        distribution of any such shares.

       

      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

      9.5    Registration.
        If the
        Company shall deem it necessary or desirable to register under the Securities
        Act or other applicable statutes any Stock issued or to be issued pursuant
        to
        Awards granted under the Plan, or to qualify any such Stock for exemption
        from
        the Securities Act or other applicable statutes, then the Company shall take
        such action at its own expense. The Company may require from each recipient
        of
        an Award, or each holder of Stock acquired pursuant to the Plan, such
        information in writing for use in any registration statement, prospectus,
        preliminary prospectus or offering circular as is reasonably necessary for
        that
        purpose and may require reasonable indemnity to the Company and its officers
        and
        directors from that holder against all losses, claims, damage and liabilities
        arising from use of the information so furnished and caused by any untrue
        statement of any material fact therein or caused by the omission to state
        a
        material fact required to be stated therein or necessary to make the statements
        therein not misleading in the light of the circumstances under which they
        were
        made. In addition, the Company may require of any such person that such person
        agree that, without the prior written consent of the Company or the managing
        underwriter in any public offering of Stock, such person will not sell, make
        any
        short sale of, loan, grant any option for the purchase of, pledge or otherwise
        encumber, or otherwise dispose of, any Stock during the 180-day period
        commencing on the effective date of the registration statement relating to
        the
        underwritten public offering of securities. Without limiting the generality
        of
        the foregoing provisions of this Section 9.5, if in connection with any
        underwritten public offering of securities of the Company the managing
        underwriter of such offering requires that the Company’s directors
        and officers enter into a lock-up agreement containing provisions that are
        more
        restrictive than the provisions set forth in the preceding sentence, then
        (a)
        each holder of Stock acquired pursuant to the Plan (regardless of whether
        such
        person has complied or complies with the provisions of clause (b) below)
        shall
        be bound by, and shall be deemed to have agreed to, the same lock-up terms
        as
        those to which the Company’s directors and officers are required to adhere; and
        (b) at the request of the Company or such managing underwriter, each such
        person
        shall execute and deliver a lock-up agreement in form and substance equivalent
        to that which is required to be executed by the Company’s directors and
        officers.

       

      9.6    Placement
        of Legends; Stop Orders; etc.
        Each
        share of Stock to be issued pursuant to Awards granted under the Plan may
        bear a
        reference to the investment representation made in accordance with
        Section 9.4 in addition to any other applicable restriction under
        the Plan,
        the terms of the Award and, if applicable, to the fact that no registration
        statement has been filed with the SEC in respect to such Stock. All certificates
        for Stock or other securities delivered under the Plan shall be subject to
        such
        stock transfer orders and other restrictions as the Committee may deem advisable
        under the rules, regulations, and other requirements of any stock exchange
        upon
        which the Stock is then listed, and any applicable federal or state securities
        law, and the Committee may cause a legend or legends to be put on any such
        certificates to make appropriate reference to such restrictions.

       

      
        
           

        

        
          -18-

          
            

          

        

        
           

        

      

      9.7    Tax
        Withholding.
        Whenever Stock are issued or to be issued pursuant to Awards granted under
        the
        Plan, the Company shall have the right to require the recipient to remit
        to the
        Company an amount sufficient to satisfy federal, state, local or other
        withholding tax requirements if, when, and to the extent required by law
        (whether so required to secure for the Company an otherwise available tax
        deduction or otherwise) prior to the delivery of any certificate or certificates
        for such shares. The obligations of the Company under the Plan shall be
        conditional on satisfaction of all such withholding obligations and the Company
        shall, to the extent permitted by law, have the right to deduct any such
        taxes
        from any payment of any kind otherwise due to the recipient of an Award.
        However, in such cases Participants may elect, subject to the approval of
        the
        Committee, to satisfy an applicable withholding requirement, in whole or
        in
        part, by having the Company withhold shares to satisfy their tax obligations.
        Participants may only elect to have shares withheld having a Market Value
        on the
        date the tax is to be determined equal to the minimum statutory total tax
        which
        could be imposed on the transaction. All elections shall be irrevocable,
        made in
        writing, signed by the Participant, and shall be subject to any restrictions
        or
        limitations that the Committee deems appropriate.

       

      10.    Reservation
        of Stock.
        The
        Company shall at all times during the term of the Plan and any outstanding
        Awards granted hereunder reserve or otherwise keep available such number
        of
        shares of Stock as will be sufficient to satisfy the requirements of the
        Plan
        (if then in effect) and the Awards and shall pay all fees and expenses
        necessarily incurred by the Company in connection therewith.

       

      11.    Limitation
        of Rights in Stock; No Special Service Rights.
        Subject
        to Section 7.3(e), a Participant shall not be deemed for any purpose to be
        a
        stockholder of the Company with respect to any of the Stock subject to an
        Award,
        unless and until a certificate shall have been issued therefor and delivered
        to
        the Participant or his/her agent. Any Stock to be issued pursuant to Awards
        granted under the Plan shall be subject to all restrictions upon the transfer
        thereof which may be now or hereafter imposed by the certificate of
        incorporation and the bylaws of the Company. Nothing contained in the Plan
        or in
        any Award Agreement shall confer upon any recipient of an Award any right
        with
        respect to the continuation of such recipient’s employment or other association
        with the Company (or any Affiliate), or interfere in any way with the right
        of
        the Company (or any Affiliate), subject to the terms of any separate employment
        or consulting agreement or provision of law or certificate of incorporation
        or
        bylaws to the contrary, at any time to terminate such employment or consulting
        agreement or to increase or decrease, or otherwise adjust, the other terms
        and
        conditions of the recipient’s employment or other association with the Company
        and Affiliates.

       

      12.    Unfunded
        Status of the Plan.
        The
        Plan
        is intended to constitute an “unfunded” plan for incentive compensation, and the
        Plan is not intended to constitute a plan subject to the provisions of the
        Employee Retirement Income Security Act of 1974, as amended. With respect
        to any
        payments not yet made to a Participant by the Company, nothing contained
        in this
        Plan shall give any such Participant any rights that are greater than those
        of a
        general creditor of the Company. In its sole discretion, the Committee may
        authorize the creation of trusts or other arrangements to meet the obligations
        created under the Plan to deliver Stock or payments with respect to Options,
        Stock Appreciation Rights and other Awards hereunder, provided,
        however,
        that
        the existence of such trusts or other arrangements is consistent with the
        unfunded status of the Plan.

       

      13.    Nonexclusivity
        of the Plan.
        Neither
        the adoption of the Plan by the Board nor the submission of the Plan to the
        stockholders of the Company shall be construed as creating any limitations
        on
        the power of the Board to adopt such other incentive arrangements as it may
        deem
        desirable, including without limitation, the granting of stock options and
        restricted stock other than under the Plan, and such arrangements may be
        either
        applicable generally or only in specific cases.

       

      
        
           

        

        
          -19-

          
            

          

        

        
           

        

      

      14.    Termination
        and Amendment of the Plan.
        

       

      14.1    The
        Board
        may at any time terminate the Plan or make such modifications of the Plan
        as it
        shall deem advisable. Unless the Board otherwise expressly provides, no
        amendment of the Plan shall affect the terms of any Award outstanding on
        the
        date of such amendment unless such amendment is necessary to comply with
        Section
        409A of the Code. In any case, no termination or amendment of the Plan may,
        without the consent of any recipient of an Award granted hereunder, adversely
        affect the rights of the recipient under such Award. 

       

      14.2    The
        Committee may amend the terms of any Award theretofore granted, prospectively
        or
        retroactively, provided that the Award as amended is consistent with the
        terms
        of the Plan, but no such amendment shall impair the rights of the recipient
        of
        such Award without such recipient’s consent unless the impairment of such rights
        is necessary to comply with Section 409A of the Code.

       

      15.    Notices
        and Other Communications.
        Any
        notice, demand, request or other communication hereunder to any party shall
        be
        deemed to be sufficient if contained in a written instrument delivered in
        person
        or duly sent by first class registered, certified or overnight mail, postage
        prepaid, or telecopied with a confirmation copy by regular, certified or
        overnight mail, addressed or telecopied, as the case may be, (i) if
        to the
        recipient of an Award, at such recipient’s residence address last filed with the
        Company and (ii) if to the Company, at its principal place of business,
        addressed to the attention of its Chief Financial Officer, or to such other
        address or telecopier number or electronic mail address, as the case may
        be, as
        the addressee may have designated by notice to the addressor. All such notices,
        requests, demands and other communications shall be deemed to have been
        received: (i) in the case of personal delivery, on the date of such
        delivery; (ii) in the case of mailing, when received by the addressee;
        (iii) in the case of facsimile transmission, when confirmed by facsimile
        machine report; and (iv) in the case of electronic mail, when directed
        to
        an electronic mail address at which the receiving party has consented to
        receive
        notice, provided,
        that
        such consent is deemed revoked if the sender is unable to deliver by electronic
        transmission two consecutive notices and such inability becomes known to
        the
        secretary or assistant secretary of the Company or to the transfer agent,
        or
        other person responsible for giving notice.

       

      16.    Governing
        Law.
        The
        Plan
        and all Award Agreements and actions taken thereunder shall be governed,
        interpreted and enforced in accordance with the laws of the State of California,
        without regard to the conflict of laws principles thereof.

       

       

      
        
           

        

          -20-Exhibit
        10.2

       

      Stock
        Option Agreement

       

      ADVENTRX
        Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
        and
        the undersigned person (“Optionee”)
        have
        entered into this Stock Option Agreement (this “Agreement”)
        effective as of the Grant Date set forth below. The Company has granted to
        Optionee the option (the “Option”)
        to
        purchase the number of shares (the “Shares”)
        of
        common stock, par value $0.001 per share, of the Company (“Common
        Stock”)
        set
        forth below at the per Share purchase price (the “Exercise
        Price”)
        set
        forth below, pursuant to the terms of this Agreement. The Option was granted
        under the Company’s 2005
        Equity Incentive Plan (the “Plan”).

       

      
        	
                Optionee
                  Name: 

                 

              	
                _____________________

                 

              
	
                Grant
                  Date: 

                 

              	
                MM/DD/YYYY

                 

              
	
                Vesting
                  Commencement Date: 

                 

              	
                MM/DD/YYYY

                 

              
	
                Shares:
                  

                 

              	
                X,XXX

                 

              
	
                Exercise
                  Price: 

                 

              	
                $X.XX

                 

              

      

      1.    Terms
        of Plan.
        All
        capitalized terms used in this Agreement and not otherwise defined shall
        have
        the meanings ascribed thereto in the Plan. Optionee confirms and acknowledges
        that Optionee has received and reviewed copies of the Plan and the Information
        Statement, dated _____________, with respect to the Plan. Optionee and the
        Company agree that the terms and conditions of the Plan are incorporated
        in this
        Agreement by this reference. 

       

      2.    Nature
        of the Option.
        The
        Option has been granted as an incentive to Optionee’s Continuous Service, and is
        in all respects subject to such Continuous Service and all other terms and
        conditions of this Agreement. The Option is intended to be an
        [Incentive/Nonstatutory] Option within the meaning of the Plan. 

       

      3.    Vesting
        and Exercise of Option.
        The
        Option shall vest and become exercisable during its term in accordance with
        the
        following provisions:

       

      (a)    Vesting
        and Right of Exercise. 

       

      (i)    The
        Option shall vest and become exercisable with respect to one-fourth of the
        Shares at the first anniversary of the Vesting Commencement Date set forth
        in
        the preamble of this Agreement and as to one forty-eighth of the Shares at
        the
        end of each successive month thereafter until all of the Shares have vested,
        subject to Optionee’s Continuous Service.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii)  In
        the
        event of Optionee’s death, disability or other termination of Optionee’s
        Continuous Service, the Option shall be exercisable in the manner and to
        the
        extent provided in Section 6.3 of the Plan.

       

      (iii)  No
        fraction of a Share shall be purchasable or deliverable upon exercise of
        the
        Option, but in the event any adjustment hereunder of the number of Shares
        shall
        cause such number to include a fraction of a Share, such number of Shares
        shall
        be rounded down to the nearest smaller whole number of Shares.

       

      (b)    Method
        of Exercise.
        In order
        to exercise any portion of the Option which has vested, Optionee shall notify
        the Company in writing of the election to exercise such vested portion of
        the
        Option and the number of Shares in respect of which the Option is being
        exercised, by executing and delivering the Notice of Exercise of Stock Option
        in
        the form attached hereto as Exhibit
        A
        (the
“Exercise
        Notice”).
        The
        certificate or certificates representing Shares as to which the Option has
        been
        exercised shall be registered in the name of Optionee.

       

      (c)    Restrictions
        on Exercise. 

       

      (i)  Optionee
        may exercise the Option only with respect to Shares that have vested in
        accordance with Section 3(a) of this Agreement. 

       

      (ii)  Optionee
        may not exercise the Option if the issuance of the Shares upon such exercise
        or
        the method of payment of consideration for such Shares would constitute a
        violation of any applicable federal or state securities law or other law
        or
        regulation. 

       

      (iii)  The
        method and manner of payment of the Exercise Price will be subject to the
        rules
        under Part 221 of Title 12 of the Code of Federal Regulations as promulgated
        by
        the Federal Reserve Board if such rules apply to the Company at the date
        of
        exercise. 

       

      (iv)  As
        a
        condition to the exercise of the Option, the Company may require Optionee
        to
        make any representation or warranty to the Company at the time of exercise
        of
        the Option as in the opinion of legal counsel for the Company may be required
        by
        any applicable law or regulation, including the execution and delivery of
        an
        appropriate representation statement. Accordingly, the stock certificate(s)
        for
        the Shares issued upon exercise of the Option may bear appropriate legends
        restricting transfer.

       

      (v)  Optionee
        may only exercise the Option upon, and the obligations of the Company under
        this
        Agreement to issue Shares to Optionee upon any exercise of the Option is
        conditioned on, satisfaction of all federal, state, local or other withholding
        tax obligations associated with such exercise (whether so required to secure
        for
        the Company an otherwise available tax deduction or otherwise) (“Withholding
        Obligations”).
        The
        Company reserves the right to require Optionee to remit to the Company an
        amount
        sufficient to satisfy all Withholding Obligations prior to the issuance of
        any
        Shares upon any exercise of the Option. Optionee authorizes the Company to
        withhold in accordance with applicable law from any compensation payable
        to
        Optionee any amounts necessary to meet any Withholding Obligations.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      4.    Non-Transferability
        of Option.
        The
        Option may not be transferred in any manner other than by will or by the
        laws of
        descent and distribution. The terms of this Agreement shall bind the executors,
        administrators, heirs and successors of Optionee.

       

      5.    Method
        of Payment. 

       

      (a)    Upon
        exercise, Optionee shall pay the aggregate Exercise Price of the Shares
        purchased by any of the following methods, or a combination thereof, at the
        election of Optionee:

       

      (i)    by
        cash;

       

      (ii)    by
        certified or bank cashier’s check; 

       

      (iii)    if
        shares
        of Common Stock are traded on an established stock market or exchange on
        the
        date of exercise, by surrender of whole shares of Common Stock having a Market
        Value equal to the portion of the Exercise Price to be paid by such surrender,
        provided
        that if
        such shares of Common Stock to be surrendered were acquired upon exercise
        of an
        Incentive Option, Optionee must have first satisfied the holding period
        requirements under Section 422(a)(1) of the Code; or 

       

      (iv)    if
        shares
        of Common Stock are traded on an established stock market or exchange on
        the
        date of exercise, pursuant to and under the terms and conditions of any formal
        cashless exercise program authorized by the Company entailing the sale of
        the
        Stock subject to an Option in a brokered transaction (other than to the
        Company). 

       

      (b)    If
        Optionee shall pay all or a portion of the aggregate Exercise Price due upon
        an
        exercise of the Option by surrendering shares of Common Stock pursuant to
        Section 5(a)(iii), then Optionee:

       

      (i)    shall
        accompany the Exercise Notice with a duly endorsed blank stock power with
        respect to the number of shares of Common Stock to be surrendered and shall
        deliver the certificate(s) representing such surrendered shares to the Company
        at its principal offices within two business days after the date of the Exercise
        Notice;

       

      (ii)  authorizes
        and directs the Secretary of the Company to transfer so many of the shares
        of
        Common Stock represented by such certificate(s) as are necessary to pay the
        aggregate Exercise Price in accordance with this Agreement; 

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      (iii)  agrees
        that Optionee may not surrender any fractional share as payment of any portion
        of the Exercise Price; and

       

      (iv)  agrees
        that, notwithstanding any other provision in this Agreement, Optionee may
        only
        surrender shares of Common Stock owned by Optionee as of the date of the
        Exercise Notice in the manner and within the time periods allowed under Rule
        16b-3 promulgated under the Exchange Act.

       

      6.    Adjustments
        to Option.
        Subject
        to any required action by the stockholders of the Company, the number of
        Shares
        covered by the Option, and the Exercise Price, shall be proportionately adjusted
        in accordance with and pursuant to Section 8.1 of the Plan. Such adjustments
        shall be made by the Committee, whose determination in that respect shall
        be
        final, binding and conclusive. Except as expressly provided in this Agreement,
        no issue by the Company of shares of stock of any class, or securities
        convertible into shares of stock of any class, shall affect, and no adjustment
        by reason thereof shall be made with respect to, the number of Shares or
        the
        Exercise Price.

       

      7.    Term
        of Option.
        The
        Option may not be exercised more than 10 years after the Grant Date, and
        may be
        exercised during such term only in accordance with the terms of this
        Agreement.

       

      8.    Not
        Employment Contract.
        Nothing
        in this Agreement shall confer upon Optionee any right to continue in the
        employ
        of the Company or shall interfere with or restrict in any way the rights
        of the
        Company, which are hereby expressly reserved, to terminate Optionee’s Continuous
        Service at any time for any reason whatsoever, with or without cause, subject
        to
        the provisions of applicable law.

       

      9.    Tax
        Consequences Generally.
        Optionee
        acknowledges that Optionee may suffer adverse tax consequences as a result
        of
        Optionee’s exercise of the Option. Optionee acknowledges that the Company
        advises that Optionee consult with Optionee’s tax advisers in connection with
        any exercise of the Option or disposition of the Shares receivable upon exercise
        of the Option. Optionee agrees that Optionee is not relying on the Company
        for
        any tax advice with respect to the acceptance or exercise of the Option,
        the
        disposition of any Shares Optionee may acquire upon exercise of the Option
        or
        otherwise. Any adverse consequences incurred by an Optionee with respect
        to the
        use of shares of Common Stock to pay any part of the aggregate Exercise Price
        or
        of any tax in connection with the exercise of an Option, including, without
        limitation, any adverse tax consequences arising as a result of a disqualifying
        disposition within the meaning of Section 422 of the Code shall be
        the sole
        responsibility of Optionee.

       

      10.    Adjustments
        in Acquisitions. [APPLICABLE
        PROVISION TO BE DESIGNATED BY COMPENSATION COMMITTEE AT TIME OF
        GRANT]

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      [In
        accordance with the provisions of Section 8.2(a) of the Plan, the Option
        will
        Accelerate in full in the event of an Acquisition constituting a Change of
        Control if Optionee remains employed by the Company or one of its Affiliates
        as
        of the closing date of such Acquisition, and the Option is not assumed or
        replaced by the successor or acquiring entity or the entity in control of
        such
        successor or acquiring entity in accordance with Section 8.2 (referred to
        for
        purposes of this section as the “Acquirer”).
        Otherwise, the Option will not Accelerate in the event of an Acquisition.
        In
        this regard, if Optionee is offered employment or some other continuing role
        by
        or on behalf of the Acquirer, including but not limited to, continuing
        employment with the Company, and in connection therewith, the Acquirer offers
        to
        assume or replace the Option, the Option will not Accelerate if Optionee
        does
        not accept the offer.] OR 
        [Notwithstanding the provision of Section 8.2(a) of the Plan, in the
        event
        of an Acquisition, the Option will not vest and become exercisable except
        as
        follows: [specify
        alternative treatment] 

       

      [Subject
        to the terms of any other written agreement between Optionee and the Company
        related to Optionee’s Continuous Service and in accordance with Sections 8.1,
        8.2, 8.4 and 8.5 of the Plan, the Committee may, if it so determines in the
        exercise of its sole discretion, also make provision for proportionately
        adjusting the number or class of securities covered by the Option, as well
        as
        the Exercise Price, in the event that the Company effects one or more
        Acquisitions, corporate separations, reorganizations, liquidations or other
        increases or reductions of shares of its outstanding Common Stock.]
        OR

       

      [If,
        following a Change of Control in which the Option has been assumed by the
        successor or acquiring entity as of the closing date of such Change of Control,
        in the event of Optionee’s Involuntary Termination of employment within 24
        months after the closing date of such Change of Control the vesting of the
        assumed Option shall be accelerated such that the Option will so vest as
        of the
        effective date of such Involuntary Termination with respect to all Shares
        that
        would have become vested during such 24-month period but for the Change of
        Control and Involuntary Termination (assuming Optionee’s Continuous Service). An
“Involuntary
        Termination”
        is one
        that occurs by reason of dismissal for any reason other than Misconduct or
        of
        voluntary resignation following: (i) a change in position that materially
        reduces the level of Optionee’s responsibility, (ii) a material reduction in
        Optionee’s base salary, or (iii) relocation by more than 50 miles; provided that
        (ii) and (iii) will apply only if Optionee has not consented to the change
        or
        relocation. “Misconduct”
        shall
        mean the commission of any act of fraud, embezzlement or dishonesty by Optionee,
        any unauthorized use or disclosure by such person of confidential information
        or
        trade secrets of the Company (or any Parent or Subsidiary), or any other
        intentional misconduct by such person adversely affecting the business affairs
        of the Company (or any Parent or Subsidiary) in a material manner. The foregoing
        definition shall not be deemed to be inclusive of all the acts or omissions
        which the Company (or any Parent or Subsidiary) may consider as grounds for
        the
        dismissal or discharge of Optionee.]

       

      11.    Consent
        of Spouse/Domestic Partner.
        Optionee
        agrees that Optionee’s spouse’s or domestic partner’s interest in the Option is
        subject to this Agreement and such spouse or domestic partner is irrevocably
        bound by the terms and conditions of this Agreement. Optionee agrees that
        all
        community property interests of Optionee and Optionee’s spouse or domestic
        partner in the Option, if any, shall similarly be bound by this Agreement.
        Optionee agrees that this Agreement is binding upon Optionee’s and Optionee’s
        spouse’s or domestic partner’s executors, administrators, heirs and assigns.
        Optionee represents and warrants to the Company that Optionee has the authority
        to bind Optionee’s spouse/domestic partner with respect to the Option. Optionee
        agrees to execute and deliver such documents as may be necessary to carry
        out
        the intent of this Section 11 and the consent of Optionee’s spouse/domestic
        partner.

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, Optionee and the Company have entered into this Agreement
        as of
        the Grant Date.

       

       

      
        	    
	 	ADVENTRX
                Pharmaceuticals, Inc.
	[Optionee Name]	 	 
	
              	 	
                By:
                  

                
                  

                

              
	 	 	
                Name:

                
                  

                

              
	 	 	
                Title:

                
                  

                

              

      

       

       

      
 

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

          
          

        

      

      Exhibit
        A

       

      Notice
        of Exercise of Stock Option

       

      I
        ________________________________________ (please print legibly) hereby elect
        to
        exercise the stock options(s) identified below (the “Option(s)”)
        granted to me by ADVENTRX
        Pharmaceuticals, Inc.
        (the
“Company”)
        under
        its 2005 Equity Incentive Plan (the “Plan”)
        with
        respect to the number of shares of Common Stock of the Company set forth
        below
        (the “Shares”).
        I
        represent that each Share is fully vested and exercisable and subject to
        the
        Option(s). I acknowledge and agree that my exercise of the Option(s) is subject
        to the terms and conditions of the Plan and the Stock Option Agreement(s)
        governing the Option(s).

       

      
        	 	
                1.

              	
                _____________
                  Shares at $ ________ per share (Grant date):
                  ____________

              

      

      
        	 	
                2.

              	
                _____________
                  Shares at $ ________ per share (Grant date):
                  ____________

              

      

      
        	 	
                3.

              	
                _____________
                  Shares at $ ________ per share (Grant date):
                  ____________

              

      

      
        	 	
                4.

              	
                _____________
                  Shares at $ ________ per share (Grant date):
                  ____________

              

      

      

      
        
          	
                  I
                    choose to pay for the exercise of the above option(s) as follows
                    (please
                    circle applicable item numbers):

                   

                  1.  Cash:
                    $____________________ 

                   

                  2.  Check:
                    $____________________ (please
                    make checks payable to ADVENTRX Pharmaceuticals, Inc.)

                   

                  3.  Surrender
                    of _________________ Shares:

                   

                

        

         

        
          	
                  Please
                    deliver the stock certificate(s) representing the Shares to (please
                    print
                    legibly):

                   

                  
                    

                  

                   

                  
                    

                  

                   

                  
                    

                  

                   

                  
                    

                  

                   

                

        

      

      

      Name:

      
        
          

        

      

      (please
        print legibly)

      

      Signature:

      
        
          

        

      

      

      Date:

      
        
          

        

      

      

      Phone
        No:

      
        
          

        

      

    

     

     

    
      
        
        

      

      -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]