Document:

exv10w29

 

Exhibit 10.29

SCHEDULE A

OXiGENE, INC.

NOTICE OF GRANT OF STOCK OPTIONS AND OPTION AGREEMENT

Stock Option Grant under the Company’s

2005 Stock Plan

	 	 	 	 	 
	1.

	 	Name and Address of Employee:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	Date of Grant:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	Type of Grant:
	 	Incentive Stock Option 
	 
	 	 	 	 
	4.

	 	Maximum Number of Shares for	 	 
	 

	 	which this Option is exercisable:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	5.

	 	Exercise (purchase) price per share:	 	 
	 

	 	 	 	 

6. Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise
shall be vested) as follows:

[Insert Vesting Schedule]

The Company and the Employee acknowledge receipt of this Schedule A and agree to the terms
of the Option Agreement attached hereto an incorporated by reference herein, the Company’s 2005
Stock Plan and the terms of this Option Grant as set forth above.

	 	 	 	 	 	 	 
	 	 	OXiGENE, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Name:
	 

	 	 	 	 	 	 
	 	 	 	 	Title:
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 	Employee

 

 

INCENTIVE STOCK OPTION AGREEMENT

OXiGENE, INC.

     AGREEMENT made as of the “Effective Date” set forth in the Notice of Grant of Stock Options
and Option Agreement attached as Schedule A to this Agreement, between OXiGENE, Inc., a
Delaware corporation having a principal place of business at 230 Third Avenue, Waltham,
Massachusetts 02451 (the “Company”), and an employee of the Company listed and identified in
Schedule A (the “Employee”).

     WHEREAS, the Company desires to grant to the Employee an Option to purchase shares of its
common stock, $0.01 par value per share (the “Shares”), under and for the purposes set forth in the
Company’s 2005 Stock Plan (the “Plan”) with the specific terms of such Option grant as set forth on
Schedule A hereto;

     WHEREAS, the Company and the Employee understand and agree that any terms used and not defined
herein have the same meanings as in the Plan; and

     WHEREAS, the Company and the Employee each intend that the Option granted herein qualify as an
ISO.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto agree as follows:

     1. GRANT OF OPTION.

     The Company hereby grants to the Employee the right and option to purchase all or any part of
an aggregate of the number of Shares listed in Schedule A hereto, on the terms and
conditions and subject to all the limitations set forth herein, under United States securities and
tax laws, and in the Plan, which is incorporated herein by reference. The Employee acknowledges
receipt of a copy of the Plan.

     2. PURCHASE PRICE.

     The purchase price of the Shares covered by the Option shall be the price per Share as set
forth on Schedule A hereto, subject to adjustment, as provided in the Plan, in the event of
a stock split, reverse stock split or other events affecting the holders of Shares after the date
hereof (the “Purchase Price”). Payment shall be made in accordance with Paragraph 9 of the Plan.

     3. EXERCISABILITY OF OPTION.

     Subject to the terms and conditions set forth in this Agreement and the Plan, the Option
granted hereby shall become exercisable as set forth on Schedule A hereto which rights are
cumulative and are subject to the other terms and conditions of this Agreement and the Plan.

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     4. TERM OF OPTION.

     The Option shall terminate ten years from the date of grant as set forth on Schedule A
or, if the Employee owns as of the date hereof more than 10% of the total combined voting power of
all classes of capital stock of the Company or an Affiliate, five years from the date of grant set
forth on Schedule A, but shall be subject to earlier termination as provided herein or in
the Plan.

     If the Employee ceases to be an employee of the Company or of an Affiliate (for any reason
other than the death or Disability of the Employee or termination of the Employee’s employment for
Cause (as defined in the Plan)), the Option may be exercised, if it has not previously terminated,
within three months after the date the Employee ceases to be an employee of the Company or an
Affiliate, or within the originally prescribed term of the Option, whichever is earlier, but may
not be exercised thereafter. In such event, the Option shall be exercisable only to the extent
that the Option has become exercisable and is in effect at the date of such cessation of
employment.

     Notwithstanding the foregoing, in the event of the Employee’s Disability or death within three
months after the termination of employment, the Employee or the Employee’s Survivors may exercise
the Option within one year after the date of the Employee’s termination of employment, but in no
event after the date of expiration of the term of the Option.

     In the event the Employee’s employment is terminated by the Employee’s employer for Cause (as
defined in the Plan), the Employee’s right to exercise any unexercised portion of this Option shall
cease immediately as of the time the Employee is notified his or her employment is terminated for
Cause, and this Option shall thereupon terminate. Notwithstanding anything herein to the contrary,
if subsequent to the Employee’s termination as an employee, but prior to the exercise of the
Option, the Board of Directors of the Company determines that, either prior or subsequent to the
Employee’s termination, the Employee engaged in conduct which would constitute Cause, then the
Employee shall immediately cease to have any right to exercise the Option and this Option shall
thereupon terminate.

     In the event of the Disability of the Employee, as determined in accordance with the Plan, the
Option shall be exercisable within one year after the Employee’s termination of employment or, if
earlier, within the term originally prescribed by the Option. In such event, the Option shall be
exercisable:

	 	(a)	 	to the extent that the Option has become exercisable but has not been exercised
as of the date of Disability; and
	 
	 	(b)	 	in the event rights to exercise the Option accrue periodically, to the extent
of a pro rata portion through the date of Disability of any additional vesting rights
that would have accrued on the next vesting date had the Employee not become Disabled.
The proration shall be based upon the number of days accrued in the current vesting
period prior to the date of Disability.

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     In the event of the death of the Employee while an employee of the Company or of an Affiliate,
the Option shall be exercisable by the Participant’s Survivors within one year after the date of
death of the Employee or, if earlier, within the originally prescribed term of the Option. In such
event, the Option shall be exercisable:

	 	(x)	 	to the extent that the Option has become exercisable but has not been exercised
as of the date of death; and
	 
	 	(y)	 	in the event rights to exercise the Option accrue periodically, to the extent
of a pro rata portion through the date of death of any additional vesting rights that
would have accrued on the next vesting date had the Employee not died. The proration
shall be based upon the number of days accrued in the current vesting period prior to
the Employee’s date of death.

     5. METHOD OF EXERCISING OPTION.

     Subject to the terms and conditions of this Agreement, the Option may be exercised by written
notice to the Company or its designee, in substantially the form of Exhibit A attached
hereto. Such notice shall state the number of Shares with respect to which the Option is being
exercised and shall be signed by the person exercising the Option. Payment of the purchase price
for such Shares shall be made in accordance with Paragraph 9 of the Plan. The Company shall
deliver such Shares as soon as practicable after the notice shall be received, provided, however,
that the Company may delay issuance of such Shares until completion of any action or obtaining of
any consent, which the Company deems necessary under any applicable law (including, without
limitation, state securities or “blue sky” laws). The Shares as to which the Option shall have
been so exercised shall be registered in the Company’s share register in the name of the person so
exercising the Option (or, if the Option shall be exercised by the Employee and if the Employee
shall so request in the notice exercising the Option, shall be registered in the Company’s share
register in the name of the Employee and another person jointly, with right of survivorship) and
shall be delivered as provided above to or upon the written order of the person exercising the
Option. In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person
other than the Employee, such notice shall be accompanied by appropriate proof of the right of such
person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option
as provided herein shall be fully paid and nonassessable.

     6. PARTIAL EXERCISE.

     Exercise of this Option to the extent above stated may be made in part at any time and from
time to time within the above limits, except that no fractional share shall be issued pursuant to
this Option.

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     7. NON-ASSIGNABILITY.

     The Option shall not be transferable by the Employee otherwise than by will or by the laws of
descent and distribution. The Option shall be exercisable, during the Employee’s lifetime, only by
the Employee (or, in the event of legal incapacity or incompetency, by the Employee’s guardian or
representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or similar process. Any
attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any
rights granted hereunder contrary to the provisions of this Section 7, or the levy of any
attachment or similar process upon the Option shall be null and void.

     8. NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

     The Employee shall have no rights as a stockholder with respect to Shares subject to this
Agreement until registration of the Shares in the Company’s share register in the name of the
Employee. Except as is expressly provided in the Plan with respect to certain changes in the
capitalization of the Company, no adjustment shall be made for dividends or similar rights for
which the record date is prior to the date of such registration.

     9. ADJUSTMENTS.

     The Plan contains provisions covering the treatment of Options in a number of contingencies
such as stock splits and mergers. Provisions in the Plan for adjustment with respect to stock
subject to Options and the related provisions with respect to successors to the business of the
Company are hereby made applicable hereunder and are incorporated herein by reference.

     10. TAXES.

     The Employee acknowledges that any income or other taxes due from him or her with respect to
this Option or the Shares issuable pursuant to this Option shall be the Employee’s responsibility.

     In the event of a Disqualifying Disposition (as defined in Section 15 below) or if the Option
is converted into a Non-Qualified Option and such Non-Qualified Option is exercised, the Company
may withhold from the Employee’s remuneration, if any, the minimum statutory amount of federal,
state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be
withheld may be withheld in cash from such remuneration, or in kind from the Shares otherwise
deliverable to the Employee on exercise of the Option. The Employee further agrees that, if the
Company does not withhold an amount from the Employee’s remuneration sufficient to satisfy the
Company’s income tax withholding obligation, the Employee will reimburse the Company on demand, in
cash, for the amount under-withheld.

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     11. PURCHASE FOR INVESTMENT.

     Unless the offering and sale of the Shares to be issued upon the particular exercise of the
Option shall have been effectively registered under the Securities Act of 1933, as now in force or
hereafter amended (the “1933 Act”), the Company shall be under no obligation to issue the Shares
covered by such exercise unless and until the following conditions have been fulfilled:

	 	(a)	 	The person(s) who exercise the Option shall warrant to the Company, at the time
of such exercise, that such person(s) are acquiring such Shares for their own
respective accounts, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person(s) acquiring such
Shares shall be bound by the provisions of the following legend which shall be endorsed
upon the certificate(s) evidencing the Shares issued pursuant to such exercise:

“The shares represented by this certificate have been taken for investment
and they may not be sold or otherwise transferred by any person, including a
pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or
(b) the Company shall have received an opinion of counsel satisfactory to it
that an exemption from registration under such Act is then available, and
(2) there shall have been compliance with all applicable state securities
laws;” and

	 	(b)	 	If the Company so requires, the Company shall have received an opinion of its
counsel that the Shares may be issued upon such particular exercise in compliance with
the 1933 Act without registration thereunder. Without limiting the generality of the
foregoing, the Company may delay issuance of the Shares until completion of any action
or obtaining of any consent, which the Company deems necessary under any applicable law
(including without limitation state securities or “blue sky” laws).

     12. RESTRICTIONS ON TRANSFER OF SHARES.

     12.1 If, in connection with a registration statement filed by the Company pursuant to the
Securities Act, the Company or its underwriter so requests, the Employee will agree not to sell any
Shares for a period not to exceed 180 days following the effectiveness of such registration.

     12.2 The Employee acknowledges and agrees that neither the Company, its shareholders nor its
directors and officers, has any duty or obligation to disclose to the Employee any material
information regarding the business of the Company or affecting the value of the Shares before, at
the time of, or following a termination of the employment of the Employee by the Company,
including, without limitation, any information concerning plans for the Company to make a public
offering of its securities or to be acquired by or merged with or into another firm or entity.

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     13. NO OBLIGATION TO EMPLOY.

     The Company is not by the Plan or this Option obligated to continue the Employee as an
employee of the Company or an Affiliate. The Employee acknowledges: (i) that the Plan is
discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that
the grant of the Option is a one-time benefit which does not create any contractual or other right
to receive future grants of options, or benefits in lieu of options; (iii) that all determinations
with respect to any such future grants, including, but not limited to, the times when options shall
be granted, the number of shares subject to each option, the option price, and the time or times
when each option shall be exercisable, will be at the sole discretion of the Company; (iv) that the
Employee’s participation in the Plan is voluntary; (v) that the value of the Option is an
extraordinary item of compensation which is outside the scope of the Employee’s employment
contract, if any; and (vi) that the Option is not part of normal or expected compensation for
purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments.

     14. OPTION IS INTENDED TO BE AN ISO.

     The parties each intend that the Option be an ISO so that the Employee (or the Employee’s
Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the
standards of Section 422 of the Code. Any provision of this Agreement or the Plan which conflicts
with the Code so that this Option would not be deemed an ISO is null and void and any ambiguities
shall be resolved so that the Option qualifies as an ISO. Nonetheless, if the Option is determined
not to be an ISO, the Employee understands that neither the Company nor any Affiliate is
responsible to compensate him or her or otherwise make up for the treatment of the Option as a
Non-qualified Option and not as an ISO. The Employee should consult with the Employee’s own tax
advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable
tax treatment under Section 422 of the Code, including, but not limited to, holding period
requirements.

     15. NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

     The Employee agrees to notify the Company in writing immediately after the Employee makes a
Disqualifying Disposition of any of the Shares acquired pursuant to the exercise of the Option. A
Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition
(including any sale) of such Shares before the later of (a) two years after the date the Employee
was granted the Option or (b) one year after the date the Employee acquired Shares by exercising
the Option, except as otherwise provided in Section 424(c) of the Code. If the Employee has died
before the Shares are sold, these holding period requirements do not apply and no Disqualifying
Disposition can occur thereafter.

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     16. NOTICES.

     Any notices required or permitted by the terms of this Agreement or the Plan shall be given by
recognized courier service, facsimile, registered or certified mail, return receipt requested,
addressed as follows:

If to the Company:

At its principal business office listed on the first page of this Agreement

If to the Employee:

At the
address set forth on
Schedule A                                                     

or to such other address or addresses of which notice in the same manner has previously been given.
Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or three business days following mailing by
registered or certified mail.

     17. GOVERNING LAW.

     This Agreement shall be construed and enforced in accordance with the law of the State of
Delaware, without giving effect to the conflict of law principles thereof. For the purpose of
litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive
jurisdiction in the Commonwealth of Massachusetts and agree that such litigation shall be conducted
in the courts of the Commonwealth of Massachusetts or the federal courts of the United States for
the District of Massachusetts.

     18. BENEFIT OF AGREEMENT.

     Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be
for the benefit of and shall be binding upon the heirs, executors, administrators, successors and
assigns of the parties hereto.

     19. ENTIRE AGREEMENT.

     This Agreement, together with Schedule A hereto and the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this Agreement shall affect or be used to interpret, change or restrict, the express terms
and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject
to and governed by the Plan.

8

 

     20. MODIFICATIONS AND AMENDMENTS.

     The terms and provisions of this Agreement may be modified or amended as provided in the Plan.

     21. WAIVERS AND CONSENTS.

     Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

     22. DATA PRIVACY.

     By entering into this Agreement, the Employee: (i) authorizes the Company and each Affiliate,
and any agent of the Company or any Affiliate administering the Plan or providing Plan
recordkeeping services, to disclose to the Company or any of its Affiliates such information and
data as the Company or any such Affiliate shall request in order to facilitate the grant of options
and the administration of the Plan; (ii) waives any data privacy rights he or she may have with
respect to such information; and (iii) authorizes the Company and each Affiliate to store and
transmit such information in electronic form.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Employee has hereunto set his or her hand, all as of the day and year
first above written.

	 	 	 	 	 
	 	 	OXiGENE, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 
	 	 	 
	 	 	Signature
	 
	 	 	 	 
	 	 	 
	 	 	Print Name

10

 

Exhibit A

NOTICE OF EXERCISE OF INCENTIVE STOCK OPTION

TO: OXiGENE, Inc.

Ladies and Gentlemen:

I hereby exercise my Incentive Stock Option to purchase ___shares (the “Shares”) of the
common stock, $0.01 par value, of OXiGENE, Inc. (the “Company”), at the exercise price of
$ ___ per share, pursuant to and subject to the terms of that certain Incentive Stock Option
Agreement between the undersigned and the Company dated
___, 200 ___.

     I understand the nature of the investment I am making and the financial risks thereof. I am
aware that it is my responsibility to have consulted with competent tax and legal advisors about
the relevant national, state and local income tax and securities laws affecting the exercise of the
Option and the purchase and subsequent sale of the Shares.

     I am paying the option exercise price for the Shares as follows:

     Please issue the Shares (check one):

     o to me; or

     o
to me and ___, as joint tenants with right of survivorship,

     at the following address:

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

A-1

 

     My
 mailing address for shareholder communications, if different from the address listed above,
is:

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	 
	 

	 	Employee (signature)
	 
	 	 
	 

	 	 
	 

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Date
	 
	 	 
	 

	 	 
	 

	 	Social Security Numberexv10w30

 

Exhibit 10.30

SCHEDULE A

OXiGENE, INC.

NOTICE OF GRANT OF STOCK OPTIONS AND OPTION AGREEMENT

Stock Option Grant under the Company’s

2005 Stock Plan

	 	 	 	 	 
	1.

	 	Name and Address of Participant:	 	 
	 
	 	 	 	 
	2.

	 	Date of Grant:	 	 
	 
	 	 	 	 
	3.

	 	Type of Grant:
	 	Non-Qualified Stock Option
	 
	 	 	 	 
	4.

	 	Maximum Number of Shares for which this
Option is exercisable:	 	 
	 
	 	 	 	 
	5.

	 	Exercise (purchase) price per share:	 	 
	 
	 	 	 	 
	6.	 	Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as follows:

	 	 	 	 	 
	 	 	Vest Date	 	Number of Options Vesting
	 
	 	 	 	 

The Company and the Participant acknowledge receipt of this Schedule A and agree to the
terms of the Option Agreement attached hereto an incorporated by reference herein, the Company’s
2005 Stock Plan and the terms of this Option Grant as set forth above.

	 	 	 	 	 	 	 
	 	 	OXiGENE, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	James Murphy
	 

	 	 	 	Title:
	 	Vice President and Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Participant

 

 

NON-QUALIFIED STOCK OPTION AGREEMENT

OXiGENE, INC.

     AGREEMENT made as of the “Effective Date” set forth in the Notice of Grant of Stock Options
and Option Agreement attached as Schedule A to this Agreement, between OXiGENE, Inc., a
Delaware corporation having a principal place of business at 230 Third Avenue, Waltham,
Massachusetts 02451 (the “Company”), and the individual listed and identified in Schedule A
(the “Participant”).

     WHEREAS, the Company desires to grant to the Participant an Option to purchase shares of its
common stock, $0.01 par value per share (the “Shares”), under and for the purposes set forth in the
Company’s 2005 Stock Plan (the “Plan”) with the specific terms of such Option grant as set forth on
Schedule A hereto;

     WHEREAS, the Company and the Participant understand and agree that any terms used and not
defined herein have the same meanings as in the Plan; and

     WHEREAS, the Company and the Participant each intend that the Option granted herein shall be a
Non-Qualified Option.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto agree as follows:

     1. GRANT OF OPTION.

     The Company hereby grants to the Participant the right and option to purchase all or any part
of an aggregate of the number of Shares listed in Schedule A hereto, on the terms and
conditions and subject to all the limitations set forth herein, under United States securities and
tax laws, and in the Plan, which is incorporated herein by reference. The Participant acknowledges
receipt of a copy of the Plan.

     2. PURCHASE PRICE.

     The purchase price of the Shares covered by the Option shall be the price per Share as set
forth on Schedule A hereto, subject to adjustment, as provided in the Plan, in the event of
a stock split, reverse stock split or other events affecting the holders of Shares after the date
hereof (the “Purchase Price”). Payment shall be made in accordance with Paragraph 9 of the Plan.

     3. EXERCISABILITY OF OPTION.

     Subject to the terms and conditions set forth in this Agreement and the Plan, the Option
granted hereby shall become exercisable as set forth on Schedule A hereto which rights are
cumulative and are subject to the other terms and conditions of this Agreement and the Plan.

2

 

     4. TERM OF OPTION.

     The Option shall terminate ten years from the date of grant as set forth on Schedule
A, but shall be subject to earlier termination as provided herein or in the Plan.

     If the Participant ceases to be an employee, director or consultant of the Company or of an
Affiliate (for any reason other than the death or Disability of the Participant or termination of
the Participant for Cause (as defined in the Plan)), the Option may be exercised, if it has not
previously terminated, within three months after the date the Participant ceases to be an employee,
director or consultant of the Company or an Affiliate, or within the originally prescribed term of
the Option, whichever is earlier, but may not be exercised thereafter. In such event, the Option
shall be exercisable only to the extent that the Option has become exercisable and is in effect at
the date of such cessation of employment, directorship or consultancy.

     Notwithstanding the foregoing, in the event of the Participant’s Disability or death within
three months after the termination of employment, directorship or consultancy, the Participant or
the Participant’s Survivors may exercise the Option within one year after the date of the
Participant’s termination of employment, directorship or consultancy, but in no event after the
date of expiration of the term of the Option.

     In the event the Participant’s employment, directorship or consultancy is terminated by the
Company or an Affiliate for Cause (as defined in the Plan), the Participant’s right to exercise any
unexercised portion of this Option shall cease immediately as of the time the Participant is
notified his or her employment, directorship or consultancy is terminated for Cause, and this
Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent
to the Participant’s termination, but prior to the exercise of the Option, the Board of Directors
of the Company determines that, either prior or subsequent to the Participant’s termination, the
Participant engaged in conduct which would constitute Cause, then the Participant shall immediately
cease to have any right to exercise the Option and this Option shall thereupon terminate.

     In the event of the Disability of the Participant, as determined in accordance with the Plan,
the Option shall be exercisable within one year after the Participant’s termination of service or,
if earlier, within the term originally prescribed by the Option. In such event, the Option shall
be exercisable:

	 	(a)	 	to the extent that the Option has become exercisable but has not been exercised
as of the date of Disability; and
	 
	 	(b)	 	in the event rights to exercise the Option accrue periodically, to the extent
of a pro rata portion through the date of Disability of any additional vesting rights
that would have accrued on the next vesting date had the Participant not become
Disabled. The proration shall be based upon the number of days accrued in the current
vesting period prior to the date of Disability.

     In the event of the death of the Participant while an employee, director or consultant of the
Company or of an Affiliate, the Option shall be exercisable by the Participant’s Survivors

3

 

within one year after the date of death of the Participant or, if earlier, within the
originally prescribed term of the Option. In such event, the Option shall be exercisable:

	 	(x)	 	to the extent that the Option has become exercisable but has not been exercised
as of the date of death; and
	 
	 	(y)	 	in the event rights to exercise the Option accrue periodically, to the extent
of a pro rata portion through the date of death of any additional vesting rights that
would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period
prior to the Participant’s date of death.

     5. METHOD OF EXERCISING OPTION.

     Subject to the terms and conditions of this Agreement, the Option may be exercised by written
notice to the Company or its designee (See option administration for appropriate forms). Such
notice shall state the number of Shares with respect to which the Option is being exercised and
shall be signed by the person exercising the Option. Payment of the purchase price for such Shares
shall be made in accordance with Paragraph 9 of the Plan. The Company shall deliver such Shares as
soon as practicable after the notice shall be received, provided, however, that the Company may
delay issuance of such Shares until completion of any action or obtaining of any consent, which the
Company deems necessary under any applicable law (including, without limitation, state securities
or “blue sky” laws). The Shares as to which the Option shall have been so exercised shall be
registered in the Company’s share register in the name of the person so exercising the Option (or,
if the Option shall be exercised by the Participant and if the Participant shall so request in the
notice exercising the Option, shall be registered in the Company’s share register in the name of
the Participant and another person jointly, with right of survivorship) and shall be delivered as
provided above to or upon the written order of the person exercising the Option. In the event the
Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant,
such notice shall be accompanied by appropriate proof of the right of such person to exercise the
Option. All Shares that shall be purchased upon the exercise of the Option as provided herein
shall be fully paid and nonassessable.

     6. PARTIAL EXERCISE.

     Exercise of this Option to the extent above stated may be made in part at any time and from
time to time within the above limits, except that no fractional share shall be issued pursuant to
this Option.

     7. NON-ASSIGNABILITY.

     The Option shall not be transferable by the Participant otherwise than by will or by the laws
of descent and distribution or pursuant to a qualified domestic relations order as defined by the
Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. However,
the Participant, with the approval of the Administrator, may transfer the Option for no
consideration to or for the benefit of the Participant’s Immediate Family (including, without
limitation, to a trust for the benefit of the Participant’s Immediate Family or to a partnership or
limited liability company for one or more members of the Participant’s Immediate Family),

4

 

subject to such limits as the Administrator may establish, and the transferee shall remain
subject to all the terms and conditions applicable to the Option prior to such transfer and each
such transferee shall so acknowledge in writing as a condition precedent to the effectiveness of
such transfer. The term “Immediate Family” shall mean the Participant’s spouse, former spouse,
parents, children, stepchildren, adoptive relationships, sisters, brothers, nieces, nephews and
grandchildren (and, for this purpose, shall also include the Participant.)] Except as provided in
the previous sentence, the Option shall be exercisable, during the Participant’s lifetime, only by
the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s
guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether
by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the
Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the levy
of any attachment or similar process upon the Option shall be null and void.

     8. NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

     The Participant shall have no rights as a stockholder with respect to Shares subject to this
Agreement until registration of the Shares in the Company’s share register in the name of the
Participant. Except as is expressly provided in the Plan with respect to certain changes in the
capitalization of the Company, no adjustment shall be made for dividends or similar rights for
which the record date is prior to the date of such registration.

     9. ADJUSTMENTS.

     The Plan contains provisions covering the treatment of Options in a number of contingencies
such as stock splits and mergers. Provisions in the Plan for adjustment with respect to stock
subject to Options and the related provisions with respect to successors to the business of the
Company are hereby made applicable hereunder and are incorporated herein by reference.

     10. TAXES.

     The Participant acknowledges that upon exercise of the Option the Participant will be deemed
to have taxable income measured by the difference between the then fair market value of the Shares
received upon exercise and the price paid for such Shares pursuant to this Agreement. The
Participant acknowledges that any income or other taxes due from him or her with respect to this
Option or the Shares issuable pursuant to this Option shall be the Participant’s responsibility.

     The Participant agrees that the Company may withhold from the Participant’s remuneration, if
any, the minimum statutory amount of federal, state and local withholding taxes attributable to
such amount that is considered compensation includable in such person’s gross income. At the
Company’s discretion, the amount required to be withheld may be withheld in cash from such
remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of
the Option. The Participant further agrees that, if the Company does not withhold an amount from
the Participant’s remuneration sufficient to satisfy the Company’s income tax withholding
obligation, the Participant will reimburse the Company on demand, in cash, for the amount
under-withheld.

5

 

     11. PURCHASE FOR INVESTMENT.

     Unless the offering and sale of the Shares to be issued upon the particular exercise of the
Option shall have been effectively registered under the Securities Act of 1933, as now in force or
hereafter amended (the “1933 Act”), the Company shall be under no obligation to issue the Shares
covered by such exercise unless and until the following conditions have been fulfilled:

	 	(a)	 	The person(s) who exercise the Option shall warrant to the Company, at the time
of such exercise, that such person(s) are acquiring such Shares for their own
respective accounts, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person(s) acquiring such
Shares shall be bound by the provisions of the following legend which shall be endorsed
upon the certificate(s) evidencing the Shares issued pursuant to such exercise:

	 	 	 	“The shares represented by this certificate have been taken for investment
and they may not be sold or otherwise transferred by any person, including a
pledgee, unless (1) either (a) a Registration Statement with respect to such
shares shall be effective under the Securities Act of 1933, as amended, or
(b) the Company shall have received an opinion of counsel satisfactory to it
that an exemption from registration under such Act is then available, and
(2) there shall have been compliance with all applicable state securities
laws;” and

	 	(b)	 	If the Company so requires, the Company shall have received an opinion of its
counsel that the Shares may be issued upon such particular exercise in compliance with
the 1933 Act without registration thereunder. Without limiting the generality of the
foregoing, the Company may delay issuance of the Shares until completion of any action
or obtaining of any consent, which the Company deems necessary under any applicable law
(including without limitation state securities or “blue sky” laws).

     12. RESTRICTIONS ON TRANSFER OF SHARES.

     12.1 If, in connection with a registration statement filed by the Company pursuant to the
Securities Act, the Company or its underwriter so requests, the Participant will agree not to sell
any Shares for a period not to exceed 180 days following the effectiveness of such registration.

     12.2 The Participant acknowledges and agrees that neither the Company, its shareholders nor
its directors and officers, has any duty or obligation to disclose to the Participant any material
information regarding the business of the Company or affecting the value of the Shares before, at
the time of, or following a termination of the employment of the Participant by the Company,
including, without limitation, any information concerning plans for the Company to make a public
offering of its securities or to be acquired by or merged with or into another firm or entity.

6

 

     13. NO OBLIGATION TO MAINTAIN RELATIONSHIP.

     The Company is not by the Plan or this Option obligated to continue the Participant as an
employee, director or consultant of the Company or an Affiliate. The Participant acknowledges:
(i) that the Plan is discretionary in nature and may be suspended or terminated by the Company at
any time; (ii) that the grant of the Option is a one-time benefit which does not create any
contractual or other right to receive future grants of options, or benefits in lieu of options;
(iii) that all determinations with respect to any such future grants, including, but not limited
to, the times when options shall be granted, the number of shares subject to each option, the
option price, and the time or times when each option shall be exercisable, will be at the sole
discretion of the Company; (iv) that the Participant’s participation in the Plan is voluntary; (v)
that the value of the Option is an extraordinary item of compensation which is outside the scope of
the Participant’s employment contract, if any; and (vi) that the Option is not part of normal or
expected compensation for purposes of calculating any severance, resignation, redundancy, end of
service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

     14. NOTICES.

     Any notices required or permitted by the terms of this Agreement or the Plan shall be given by
recognized courier service, facsimile, registered or certified mail, return receipt requested,
addressed as follows:

	 	 	 
	If to the Company:
	 	 
	 

	 	At its principal business office listed on the first page of this Agreement
	 
	 	 
	If to the Participant:
	 	 
	 

	 	At the address set forth on Schedule A

or to such other address or addresses of which notice in the same manner has previously been given.
Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or three business days following mailing by
registered or certified mail.

     15. GOVERNING LAW.

     This Agreement shall be construed and enforced in accordance with the law of the State of
Delaware, without giving effect to the conflict of law principles thereof. For the purpose of
litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive
jurisdiction in the Commonwealth of Massachusetts and agree that such litigation shall be conducted
in the courts of the Commonwealth of Massachusetts or the federal courts of the United States for
the District of Massachusetts.

7

 

     16. BENEFIT OF AGREEMENT.

     Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be
for the benefit of and shall be binding upon the heirs, executors, administrators, successors and
assigns of the parties hereto.

     17. ENTIRE AGREEMENT.

     This Agreement, together with Schedule A hereto and the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this Agreement shall affect or be used to interpret, change or restrict, the express terms
and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject
to and governed by the Plan.

     18. MODIFICATIONS AND AMENDMENTS.

     The terms and provisions of this Agreement may be modified or amended as provided in the Plan.

     19. WAIVERS AND CONSENTS.

     Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

     20. DATA PRIVACY.

     By entering into this Agreement, the Participant: (i) authorizes the Company and each
Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan
recordkeeping services, to disclose to the Company or any of its Affiliates such information and
data as the Company or any such Affiliate shall request in order to facilitate the grant of options
and the administration of the Plan; (ii) waives any data privacy rights he or she may have with
respect to such information; and (iii) authorizes the Company and each Affiliate to store and
transmit such information in electronic form.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

8

 

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant has hereunto set his or her hand, all as of the day and
year first above written.

	 	 	 	 	 
	 	 	OXiGENE, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:
	 	James Murphy
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	PARTICIPANT
	 
	 	 	 	 
	 	 	 
	 	 	Signature
	 
	 	 	 	 
	 	 	 
	 	 	Print Name

9

 

Exhibit A

NOTICE OF EXERCISE OF NON-QUALIFIED STOCK OPTION

TO:   OXiGENE, Inc.

Ladies and Gentlemen:

I hereby exercise my Non-qualified Stock Option to purchase ___shares (the “Shares”) of the
common stock, $0.01 par value, of OXiGENE, Inc. (the “Company”), at the exercise price of
$      per share, pursuant to and subject to the terms of that certain Non-qualified Stock
Option Agreement between the undersigned and the Company dated ___, 200_.

     I understand the nature of the investment I am making and the financial risks thereof. I am
aware that it is my responsibility to have consulted with competent tax and legal advisors about
the relevant national, state and local income tax and securities laws affecting the exercise of the
Option and the purchase and subsequent sale of the Shares.

I am paying the option exercise price for the Shares as follows:

 

     Please issue the Shares (check one):

     o to me; or

     o to me and                     , as joint tenants with right of
survivorship,

     at the following address:

 

 

 

 

 

My mailing address for shareholder communications, if different from the address listed above, is:

 

 

 

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	 
	 

	 	Employee (signature)
	 
	 	 
	 

	 	 
	 

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Date
	 
	 	 
	 

	 	 
	 

	 	Social Security Number

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