Document:

exv10w14

Exhibit 10.14

	 	 	 

	Type:

	 	Non-Statutory Stock Option
	Name:

	 	  [ •]
	Number of Shares of Stock subject to Option:

	 	  [ •]
	Price Per Share:

	 	$[ •]
	Date of Grant:

	 	  [ •]

RXi Pharmaceuticals Corporation

2011 Long Term Incentive Plan

Non-statutory Stock Option Agreement

     This agreement (the “Agreement”) evidences a stock option granted by RXi
Pharmaceuticals Corporation (the “Company”) to the undersigned (the “Optionee”),
pursuant to and subject to the terms of the RXi Pharmaceuticals Corporation 2011 Long Term
Incentive Plan (the “Plan”), which is incorporated herein by reference.

     1. Grant of Stock Option. The Company grants to the Optionee on the date set forth above
(the “Date of Grant”) an option (the “Stock Option”) to purchase, on the terms
provided herein and in the Plan (including, without limitation, the exercise provisions in Section
6(b)(3) of the Plan), the number of shares of Stock set forth above (the “Shares”) with an
exercise price per Share as set forth above, in each case subject to adjustment pursuant to Section
7 of the Plan in respect of transactions occurring after the date hereof.

     The Stock Option evidenced by this Agreement is a non-statutory option (that is, an option
that is not to be treated as a stock option described in subsection (b) of Section 422 of the Code)
and is granted to the Optionee in connection with the Optionee’s employment by the Company and its
Affiliates.

     2. Vesting.

     (a) Generally. As used herein with respect to the Stock Option or any portion
thereof, the term “vest” means to become exercisable and the term “vested” as applied to any
outstanding Stock Option means that the Stock Option is then exercisable, subject in each
case to the terms of the Plan. Unless earlier terminated, relinquished, forfeited or
expired, the Stock Option will vest in accordance with the terms of Schedule A
attached hereto.

     (b) Termination of Employment. Automatically and immediately upon the cessation of
Employment, the Stock Option, to the extent not already vested, will be immediately
forfeited.

     3. Exercise of Stock Option. No portion of the Stock Option may be exercised until such
portion vests. Each election to exercise the Stock Option shall be subject to the terms and
conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor or
administrator or by the person or persons to whom the Stock Option is transferred by will or the
applicable laws of descent and distribution (the “Legal Representative”). Each such
written

 

 

exercise election must be received by the Company at its principal office or by such other
party as the Administrator may prescribe and be accompanied by payment in full as provided in the
Plan. The exercise price may be paid by cash or check acceptable to the Administrator, or, if
legally permissible and permitted by the Administrator, (i) through the delivery of unrestricted
shares of Stock that have a fair market value equal to the exercise price, subject to such minimum
holding requirements, if any, as the Administrator may prescribe, (ii) through a broker-assisted
exercise program acceptable to the Administrator, (iii) at the election of the Optionee, by the
Administrator’s holding back of shares from this Stock Option having a fair market value equal to
the exercise price in payment of the exercise price of this Stock Option, (iv) by such other means,
if any, as may be acceptable to the Administrator or (v) by any combination of the foregoing
permissible forms of payment. In the event that the Stock Option is exercised by a person other
than the Optionee, the Company will be under no obligation to deliver shares hereunder unless and
until it is satisfied as to the authority of such person to exercise the Stock Option and
compliance with applicable securities laws. The latest date on which the Stock Option may be
exercised (the “Final Exercise Date”) is the date which is the tenth (10th)
anniversary of the Grant Date, subject to earlier termination in accordance with the terms and
provisions of the Plan and this Agreement.

     4. Treatment of the Stock Option Upon Cessation of Employment. Notwithstanding the
foregoing, and subject to Section 2(b) above, the following rules will apply in all circumstances
if an Optionee’s Employment ceases: automatically and immediately upon the cessation of Employment,
the Stock Option will cease to be exercisable and will terminate, except that:

     (a) Subject to clauses (b), (c) and (d) below, the Stock Option to the extent vested
immediately prior to the cessation of the Optionee’s Employment will remain exercisable
until the earlier of (A) the day that is three months after such cessation of Employment or
(B) the Final Exercise Date, and except to the extent previously exercised as permitted by
this Section 4(a) will thereupon immediately terminate.

     (b) Subject to clauses (c) and (d) below, the Stock Option, to the extent vested
immediately prior to Optionee’s death, will remain exercisable until the earlier of (A) the
first anniversary of the Optionee’s death or (B) the Final Exercise Date, and except to the
extent previously exercised as permitted by this Section 4(b) will thereupon immediately
terminate.

     (c) The Stock Option (whether or not vested) will terminate and be forfeited immediately
prior to the cessation of Optionee’s Employment if the Administrator in its sole discretion
determines that such cessation of Employment has resulted for reasons which cast such
discredit on the Optionee as to justify immediate termination of the Award or are otherwise
determined by the Administrator to constitute cause.

     (d) The Administrator may cancel, rescind, withhold or otherwise limit or restrict any
Stock Option at any time if the Optionee is not in compliance with all applicable provisions
of this Agreement and the Plan, or if the Optionee breaches any agreement with the Company
or its subsidiaries with respect to non-competition, non-solicitation or confidentiality.

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     5. Share Restrictions, Etc. If at the time the Stock Option is exercised the Company or
any of its stockholders is party to any agreement restricting the transfer of any outstanding
shares of Stock, the Administrator may provide that this Stock Option may be exercised only if the
Shares so acquired are made subject to the transfer restrictions set forth in that agreement (or,
if more than one such agreement is then in effect, the agreement or agreements specified by the
Administrator).

     6. Withholding. The exercise of the Stock Option will give rise to “wages” subject to
withholding. The Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder,
including the right to be issued shares upon exercise, are subject to the Optionee promptly paying
to the Company in cash (or by such other means as may be acceptable to the Administrator in its
discretion) all taxes required to be withheld. No Shares will be transferred pursuant to the
exercise of the Stock Option unless and until the person exercising the Stock Option shall have
remitted to the Company in cash or by check an amount sufficient to satisfy any federal, state, or
local withholding tax requirements or tax payments, or shall have made other arrangements
satisfactory to the Company with respect to such taxes. The Administrator may, in its sole
discretion, hold back Shares from an award or permit an Optionee to tender previously owned shares
of Stock in satisfaction of tax withholding or tax payment requirements (but not in excess of the
applicable minimum statutory withholding rate). The Optionee authorizes the Company and its
Affiliates to withhold such amount from any amounts otherwise owed to the Optionee.

     7. Transfer of Stock Option. The Stock Option may not be transferred except as expressly
permitted under Section 6(a)(3) of the Plan.

     8. Effect on Employment. Neither the grant of the Stock Option, nor the issuance of
shares upon exercise of the Stock Option, will give the Optionee any right to be retained in the
employ of the Company or any of its Affiliates, affect the right of the Company or any of its
Affiliates to discharge or discipline such Optionee at any time, or affect any right of such
Optionee to terminate his or her Employment at any time.

     9. Governing Law. This Agreement and all claims or disputes arising out of or based upon
this Agreement or relating to the subject matter hereof will be governed by and construed in
accordance with the domestic substantive laws of the State of Delaware without giving effect to any
choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction.

     10. Provisions of the Plan. This Agreement is subject in its entirety to the provisions
of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the
date of the grant of the Stock Option has been made available to the Optionee. By exercising all
or any part of the Stock Option, the Optionee agrees to be bound by the terms of the Plan and this
Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the
terms of this Agreement shall control.

     11. Definitions. Except as otherwise defined herein, all capitalized terms used herein
have the same meaning as in the Plan.

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     12. General. For purposes of this Agreement and any determinations to be made by the
Administrator, the determinations by the Administrator shall be binding upon the Optionee and any
transferee.

[The remainder of this page is intentionally left blank.]

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     Executed as of the [ •] day of [ •],[ •].

	 	 	 

	Company:

	 	RXI PHARMACEUTICALS CORPORATION
	 
	 	 
	 

	 	By:                                                            

Name: [ •]

Title:   [ •]
	 
	 	 
	Optionee:

	 	                                                            

Name:      [ •]

	 
	 	 
	 

	 	Address: [ •]

[Signature Page to Non-Statutory Option Agreement]

 

 

Schedule A

Vesting Schedule

[To be inserted.]exv10w15

Exhibit 10.15

[insert name of award recipient]

RXi Pharmaceuticals Corporation

2011 LONG TERM INCENTIVE PLAN

Restricted Stock Unit Award Agreement

RXi Pharmaceuticals Corporation

60 Prescott Street

Worcester, MA 01605

     Agreement made this [ •] day of [ •], [ •], between RXi Pharmaceuticals Corporation (the
“Company”) and [ •], (the “Participant”).

1. Restricted Stock Unit Award.

     The Participant is hereby awarded, pursuant to and subject to the terms of the RXi
Pharmaceuticals Corporations 2011 Long Term Incentive Plan (the “Plan”), a Restricted Stock Unit
award (the “Award”) giving the Participant the conditional right to receive, without payment but
subject to the conditions and limitations set forth in this Agreement and in the Plan (which is
incorporated herein by reference), [ •] shares of Stock (the “Shares”). Except as otherwise
expressly provided, all capitalized terms used herein shall have the same meaning as in the Plan.

2. Vesting.

     This Award shall become vested on each of the dates set forth below as to the number of Shares
specified below in respect of such date, provided the Participant is on such date, and has been at
all times since the date of this Agreement, an employee of the Company or an Affiliate.

[ •] Shares on and after [ •], 20[ •];

[an additional [ •] Shares on and after [ •],20[ •];

an additional [ •] Shares on and after [ •], 20[ •]; and

an additional [ •] Shares on and after [ •],20[ •].]

     Notwithstanding the foregoing, this Award, if not earlier terminated or forfeited, shall
become fully vested immediately prior to the effective date of a Covered Transaction, unless the
Administrator provides for the cash-out, continuation or the assumption of this Award (or the
substitution of another award) by the acquiring entity (if any) or an affiliate thereof.

3. Delivery of Shares.

     Subject to Section 5 below, the Company shall, as soon as practicable upon the vesting of any
portion of the Award (but in no event later than March 15 of the year following such vesting)

 

 

effect delivery of the Shares with respect to such vested portion to the Participant (or, in the
event of the Participant’s death, to the person to whom the Award has passed by will or the laws of
descent and distribution). No Shares will be issued pursuant to this Award unless and until all
legal requirements applicable to the issuance or transfer of such Shares have been complied with to
the satisfaction of the Administrator.

4. Dividends; Other Rights.

     The Award shall not be interpreted to bestow upon the Participant any equity interest or
ownership in the Company or any Affiliate prior to the date on which the Company delivers Shares to
the Participant. The Participant is not entitled to vote any Shares by reason of the granting of
this Award or to receive or be credited with any dividends declared and payable on any Share prior
to the payment date with respect to such Share. The Participant shall have the rights of a
shareholder only as to those Shares, if any, that are actually delivered under this Award.

5. Certain Tax Matters.

     The Participant expressly acknowledges that because this Award consists of an unfunded and
unsecured promise by the Company to deliver Shares in the future, subject to the terms hereof, it
is not possible to make a so-called “83(b) election” with respect to the Award.

     The Participant expressly acknowledges and agrees that the Participant’s rights hereunder are
subject to the Participant promptly paying to the Company in cash (or by such other means as may be
acceptable to the Administrator in its discretion) all taxes required to be withheld. No Shares
will be transferred pursuant to the Award unless and until the Participant shall have remitted to
the Company in cash or by check an amount sufficient to satisfy any federal, state, or local
withholding tax requirements or tax payments, or shall have made other arrangements satisfactory to
the Company with respect to such taxes. The Administrator may, in its sole discretion, hold back
Shares from an award or permit a Participant to tender previously owned shares of Stock in
satisfaction of tax withholding or tax payment requirements (but not in excess of the applicable
minimum statutory withholding rate). The Participant authorizes the Company and its Affiliates to
withhold such amount from any amounts otherwise owed to the Participant.

     6. Nontransferability.

     Neither this Award nor any rights with respect thereto may be sold, assigned, transferred
(other than by will or the laws of descent and distribution), pledged or otherwise encumbered,
except as the Administrator may otherwise determine.

     7. Effect on Employment Rights.

     This Award shall not confer upon the Participant any right to continue as an employee of the
Company or any Affiliate and shall not affect in any way the right of the Company or any Affiliate
to terminate the Participant’s employment at any time.

9. Governing Law.

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     This Agreement shall be governed and construed by and determined in accordance with the laws
of the State of Delaware, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.

     The Company, by its duly authorized officer, and the Participant have executed this Agreement
as of the date first set forth above.

	 	 	 	 	 
	 	RXI PHARMACEUTICALS CORPORATION

 	 
	 	By:  	                                                            
 	 
	 	Title:  	 	           
                 
            
                
                                 	 
	 	 	 	 
	 

Agreed and Accepted:

	 	 	 

	By 

	 	                                        

[Participant’s Name]

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