Document:

Nektar Therapeutics 2000 Non-Officer Equity Incentive Plan

 Exhibit 10.28 
  
 NEKTAR THERAPEUTICS 
 2000 NON-OFFICER EQUITY INCENTIVE PLAN 
  
 RESTRICTED STOCK UNIT GRANT NOTICE

  
 Nektar Therapeutics (the “Company”), pursuant to
its 2000 Non-Officer Equity Incentive Plan (the “Plan”), hereby awards to Participant the number of Restricted Stock Units set forth below (“Award”). This Award is subject to all of the terms and
conditions as set forth herein and in the Restricted Stock Unit Agreement and the Plan, both of which are attached hereto and incorporated herein in their entirety. 
  

			
	Participant:	  	 
		
	Date of Grant:	  	 
		
	Number of Restricted Stock Units:	  	 

  

	Vesting Schedule:	Subject to the limitations contained herein, the Restricted Stock Units subject to this Award shall vest as follows:
(i)         % of the Restricted Stock Units shall vest on the achievement of [corporate objective], (ii)         % of the Restricted Stock Units
shall vest on the achievement of [corporate objective], (iii)         % of the Restricted Stock Units shall vest on the achievement of [corporate objective], and
(iv)         % of the Restricted Stock Units shall vest on the achievement of [corporate objective]. 

  
 With respect to each of the above milestones, the designated percentage vesting shall occur on the date that the
Company’s Organization and Compensation Committee makes a final determination that the milestone has been accomplished, which date in no event shall be more than 90 days after the date on which the applicable milestone was accomplished. The
Organization and Compensation Committee’s interpretation and determination of the accomplishment of the milestones shall be final and binding for purposes of this Award. 
  
 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and agrees to, this
Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan set forth
the entire understanding between Participant and the Company regarding the acquisition of Restricted Stock Units of the Company and supersede all prior oral and written agreements on that subject with the exception of (i) Awards previously
granted and delivered to Participant under the Plan, and (ii) the following agreements only: 
  

			
	OTHER AGREEMENTS:	  	 
		
	 	  	 

									
	NEKTAR THERAPEUTICS	 	 	 	PARTICIPANT:
				
	By:	 	 	 	 	 	 
	 	 	Signature	 	 	 	Signature
					
	 Name:
	 	 	 	 	 	Name:	 	 
	 	 	Print Name	 	 	 	 	 	Print Name
					
	 Title:
	 	 	 	 	 	 Date:
	 	 
					
	 Date:
	 	 	 	 	 	 	 	 

  
 ATTACHMENTS: Restricted Stock Unit Agreement 

 NEKTAR THERAPEUTICS 
 2000 NON-OFFICER EQUITY INCENTIVE PLAN 
  
 RESTRICTED STOCK UNIT
GRANT NOTICE 
  
 Nektar Therapeutics (the
“Company”), pursuant to its 2000 Non-Officer Equity Incentive Plan (the “Plan”), hereby awards to Participant the number of Restricted Stock Units set forth below (“Award”).
This Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Agreement and the Plan, both of which are attached hereto and incorporated herein in their entirety. 
  

			
	Participant:	  	 
		
	Date of Grant:	  	 
		
	Number of Restricted Stock Units:	  	 

  

	Vesting Schedule:	Subject to the limitations contained herein, the Restricted Stock Units subject to this Award shall vest as follows:
(i)         % of the Restricted Stock Units shall vest on [date], (ii)         % of the Restricted Stock Units shall vest on [date],
(iii)         % of the Restricted Stock Units shall vest on [date], and (iv) 30 % of the Restricted Stock Units shall vest on [date]. 

  
 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt
of, and understands and agrees to, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted
Stock Unit Agreement and the Plan set forth the entire understanding between Participant and the Company regarding the acquisition of Restricted Stock Units of the Company and supersede all prior oral and written agreements on that subject with the
exception of (i) Awards previously granted and delivered to Participant under the Plan, and (ii) the following agreements only: 
  

			
	OTHER AGREEMENTS:	  	 
		
	 	  	 

									
	NEKTAR THERAPEUTICS	 	 	 	PARTICIPANT:
				
	By:	 	 	 	 	 	 
	 	 	Signature	 	 	 	Signature
					
	 Name:
	 	 	 	 	 	Name:	 	 
	 	 	Print Name	 	 	 	 	 	Print Name
					
	 Title:
	 	 	 	 	 	 Date:
	 	 
					
	 Date:
	 	 	 	 	 	 	 	 

  
 ATTACHMENTS: Restricted Stock Unit Agreement 

 NEKTAR THERAPEUTICS 
 2000 NON-OFFICER EQUITY INCENTIVE PLAN 
  
 RESTRICTED STOCK UNIT
AGREEMENT 
  
 Pursuant to the Restricted Stock
Unit Grant Notice (“Grant Notice”) and this Restricted Stock Unit Agreement (“Agreement”) (collectively, the “Award”), Nektar Therapeutics (the “Company”) has awarded you, pursuant to its 2000 Non-Officer
Equity Incentive Plan (the “Plan”), the number of Restricted Stock Units as indicated in the Grant Notice. Defined terms not explicitly defined in this Restricted Stock Unit Agreement but defined in the Plan shall have the same definitions
as in the Plan. 
  
 The details of your Award are as follows.

  
 1. VESTING. Subject to the limitations
contained herein, your Award shall vest as provided in the Grant Notice, provided that vesting shall cease upon the termination of your Continuous Service. Any Restricted Stock Units that have not vested shall be forfeited upon the termination of
your Continuous Service. 
  
 2.
DIVIDENDS. You shall not receive any payment or other adjustment in the number of your Restricted Stock Units for dividends or other distributions that may be made in respect of the shares of Common Stock to which your
Restricted Stock Units relate. 
  
 3. STOCK
CERTIFICATES. Stock certificates (the “Certificates”) evidencing the conversion of Restricted Stock Units into shares of Common Stock shall be issued following each vesting date of your Award and registered in your name.
Subject to Section 12 of this Agreement, the Certificates representing such shares will be delivered to you as soon as practicable after each vesting date. Notwithstanding the foregoing, if you elect to defer issuance of the shares of Common
Stock as provided in Section 4 of this Agreement, the shares of Common Stock shall be issued as set forth in your Deferral Election Form. 
  
 4. DEFERRAL ELECTION. You may elect to defer issuance of the shares of Common Stock that would otherwise be issued by
virtue of the vesting of your Award as set forth in the Grant Notice. If such deferral election is made, it shall be made in accordance with the following requirements: 
  
 (a) The deferral election must apply to all shares of Common Stock otherwise issuable in respect of
your Award on a particular vesting date; 
  
 (b) Only one deferral election may be made in respect of shares of Common Stock otherwise issuable in respect of your Award on a particular vesting date; 
  
 (c) No deferral period shall exceed five (5) years from each vesting date of the Award; and

 (d) You must complete a Deferral Election Agreement (in substantially the form
attached to the Grant Notice) at the time you execute the Grant Notice. 
  
 5. NUMBER OF SHARES. The number of Restricted Stock Units subject to your Award may be adjusted from time to time for capitalization adjustments, as provided in Section 13(a) of the
Plan. 
  
 6. EFFECT OF
CORPORATE TRANSACTION. In the event of: (a) a sale, lease or other disposition of all or substantially all of the assets of the Company, (b) a merger or consolidation in which the Company is not the
surviving corporation or (c) a reverse merger in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in
the form of securities, cash or otherwise, then any surviving corporation or acquiring corporation shall assume any Restricted Stock Unit Awards outstanding under the Plan or shall substitute similar Restricted Stock Unit Awards for those
outstanding under the Plan. In the event any surviving corporation or acquiring corporation refuses to assume such Restricted Stock Unit Awards or to substitute similar Restricted Stock Unit Awards for those outstanding under the Plan, then, with
respect to Restricted Stock Unit Awards held by Participants whose Continuous Service has not terminated, the Restricted Stock Units will become fully vested. 
  

7. SECURITIES LAW COMPLIANCE. You may not be issued any shares of Common Stock under your Award
unless the shares of Common Stock are either (i) then registered under the Securities Act or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must also
comply with other applicable laws and regulations governing the Award, and you shall not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. 
  
 8. RESTRICTIVE LEGENDS. The shares of
Common Stock issued under your Award shall be endorsed with appropriate legends, if any, determined by the Company. 
  
 9. TRANSFERABILITY. Your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the
foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of shares of Common Stock
pursuant to Section 3 of this Agreement. 
  
 10.
AWARD NOT A SERVICE CONTRACT. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any
obligation on your part to continue in the service of the Company or an Affiliate, or on the part of the Company or an Affiliate to continue such service. In addition, nothing in your Award shall obligate the Company or an Affiliate, their
respective stockholders, boards of directors, Officers or Employees to continue any relationship that you might have as an Employee, Director or Consultant for the Company or an Affiliate. 
  
 11. UNSECURED OBLIGATION. Your Award is
unfunded, and as a holder of vested Restricted Stock Units subject to your Award, you shall be considered an unsecured creditor of 

 the Company with respect to the Company’s obligation, if any, to issue shares of Common Stock pursuant to
Section 3 of this Agreement. 
  
 12.
WITHHOLDING OBLIGATIONS. You shall be required to deposit with the Company an amount of cash equal to the amount determined by the Company to be required with respect to any federal, state, local or foreign
withholding obligations of the Company in connection with the Award, deferral or conversion of Restricted Stock Units into shares of Common Stock. Alternatively, the Company, in its sole discretion, may withhold the required amounts from your pay
during the pay periods immediately preceding and/or next following the date on which any such applicable tax liability arises or may permit you, subject to such conditions as the Company may require, to elect to have the Company withhold a number of
shares of Common Stock otherwise deliverable having a Fair Market Value sufficient to satisfy such withholding obligations. The Company shall not deliver any shares of Common Stock unless you have made provision for withholding that is satisfactory
to the Company, in its sole discretion. 
  
 13.
NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit
in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. 
  
 14. HEADINGS. The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute
a part of this Agreement or to affect the meaning of this Agreement. 
  
 15. AMENDMENT. Nothing in this Agreement shall restrict the Company’s ability to exercise its discretionary authority pursuant to Section 3 of the Plan; provided, however, that no such action may,
without your consent, adversely affect your rights under your Award and this Agreement. 
  
 16. MISCELLANEOUS. 
  
 (a) The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be
enforceable by the Company’s successors and assigns. 
  
 (b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award. 
  
 (c) You acknowledge and agree that you have reviewed
your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 
  
 (d) Should the scheduled date of delivery of Common Stock, whether as soon as practicable following a
vesting date of the Award or at the end of a deferral period pursuant to Section 4, fall within a period during which you are not permitted to sell shares of Common 

 
Stock (a “blackout period”), the delivery date shall be postponed until the first business day following the last day of such blackout period.

  
 17. GOVERNING PLAN
DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time
to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 
  
 18. CHOICE OF LAW. The interpretation, performance and enforcement of
this Agreement shall be governed by the law of the state of California without regard to such state’s conflicts of laws rules.Nektar Therapeutics' Severance Benefit Plan, as amended

 Exhibit 10.46 
 NEKTAR THERAPEUTICS 
 SEVERANCE BENEFIT PLAN 
 Section 1.     INTRODUCTION. 
 The Nektar Therapeutics Severance Benefit Plan (the “Plan”) was originally established effective December 6, 2002, and amended and restated effective November 4, 2003 and further amended and
restated April 30, 2004. The purpose of the Plan is to provide for the payment of severance benefits to certain eligible employees of Nektar Therapeutics (the “Company”) or an affiliate of the Company identified in Appendix B whose
employment with the Company or an affiliate of the Company is involuntarily terminated. This Plan shall supersede any severance benefit plan, policy or practice previously maintained by the Company or any affiliate of the Company. This Plan document
also is the Summary Plan Description for the Plan. 
 Section 2.     ELIGIBILITY FOR
BENEFITS. 
 (a) General Rules. Subject to the requirements set forth in this Section, the Company will grant
severance benefits under the Plan to Eligible Employees. 
 (1) Definition of “Eligible Employee.” For
purposes of this Plan, an Eligible Employee is a full-time or a part-time regular hire employee of the Company or any affiliate of the Company resident in the United States (i) whose employment is involuntarily terminated by the Company or an
affiliate of the Company; and (ii) who is notified by the Company in writing that he or she is eligible for participation in the Plan. The determination of whether an employee is an Eligible Employee shall be made by the Company, in its sole
discretion, and such determination shall be binding and conclusive on all persons. For purposes of this Plan, part-time employees are those regular hire employees who are regularly scheduled to work more than twenty (20) hours per week but less
than a full-time work schedule. Regular hire employees working twenty (20) hours per week or less and temporary employees are not eligible for severance benefits under the Plan. 
 (2) In order to be eligible to receive benefits under the Plan, an Eligible Employee must remain on the job until his or her date
of termination as scheduled by the Company. 
 (3) In order to be eligible to receive benefits under the Plan, an
Eligible Employee also must execute a general waiver and release in substantially the form attached hereto as Exhibit A, Exhibit B or Exhibit C, as appropriate, and such release must become effective in accordance with its terms. The Company, in its
discretion, may modify the form of the required release to comply with applicable law and shall determine the form of the required release, which may be incorporated into a termination agreement or other agreement with the Eligible Employee.

 (b) Exceptions to Benefit Entitlement. An employee, including an employee who otherwise is an Eligible Employee, will not receive
benefits under the Plan (or 

  

 1. 

 
will receive reduced benefits under the Plan) in the following circumstances, as determined by the Company in its sole discretion: 
 (1) The employee has executed an individually negotiated employment contract or agreement with the Company or an affiliate of the
Company relating to severance benefits that is in effect on his or her termination date, in which case such employee’s severance benefit, if any, shall be governed by the terms of such individually negotiated employment contract or agreement
and shall be governed by this Plan only to the extent that the reduction pursuant to Section 3(c) below does not entirely eliminate benefits under this Plan. 
 (2) The employee voluntarily terminates employment with the Company or an affiliate of the Company. Voluntary terminations include,
but are not limited to, resignation, retirement or failure to return from a leave of absence on the scheduled date. 
 (3)
The employee voluntarily terminates employment with the Company or an affiliate of the Company in order to accept employment with another entity that is wholly or partly owned (directly or indirectly) by the Company or an affiliate of the
Company. 
 (4) The employee is offered an identical or substantially equivalent or comparable position with the
Company or an affiliate of the Company. For purposes of the foregoing, a “substantially equivalent or comparable position” is one that offers the employee substantially the same level of responsibility and compensation. 
 (5) The employee is offered immediate reemployment by a successor to the Company or an affiliate of the Company or by a purchaser
of its assets, as the case may be, following a change in ownership of the Company or an affiliate of the Company or a sale of substantially all of the assets of a division or business unit of the Company or an affiliate of the Company. For purposes
of the foregoing, “immediate reemployment” means that the employee’s employment with the successor to the Company or an affiliate of the Company or the purchaser of its assets, as the case may be, results in uninterrupted employment
such that the employee does not incur a lapse in pay as a result of the change in ownership of the Company or an affiliate of the Company or the sale of its assets. 
 (6) The employee is rehired by the Company or an affiliate of the Company prior to the date benefits under the Plan are scheduled
to commence. 
 Section 3.     AMOUNT OF BENEFIT. 
 (a) Severance Benefits. Severance benefits under the Plan, if any, shall be provided to Eligible Employees described in Section 2 in the
amount provided in Appendix A, as such Appendix A may be revised by the Company, in its sole discretion, from time to time. 
 (b)
Additional Benefits. Notwithstanding the foregoing, the Company may, in its sole discretion, provide benefits in addition to those pursuant to Section 3(a) to Eligible Employees or employees who are not Eligible Employees
(“Non-Eligible Employees”) chosen by the Company, in its sole discretion, and the provision of any such benefits to an Eligible Employee or a Non-Eligible Employee shall in no way obligate the Company to provide such benefits to any other
Eligible Employee or to any other Non-Eligible Employee, even if similarly 

  

 2. 

 
situated. If benefits under the Plan are provided to a Non-Eligible Employee, references in the Plan to “Eligible Employee” (with the exception of
Section 3(a)) shall be deemed to refer to such Non-Eligible Employee. 
 (c) Certain Reductions. The Company, in its sole
discretion, shall have the authority to reduce an Eligible Employee’s severance benefits, in whole or in part, by any other severance benefits, pay in lieu of notice, or other similar benefits payable to the Eligible Employee by the Company
that become payable in connection with the Eligible Employee’s termination of employment pursuant to (i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act (the “WARN
Act”), (ii) a written employment or severance agreement with the Company, or (iii) any Company policy or practice providing for the Eligible Employee to remain on the payroll for a limited period of time after being given notice of
the termination of the Eligible Employee’s employment. The benefits provided under this Plan are intended to satisfy, in whole or in part, any and all statutory obligations that may arise out of an Eligible Employee’s termination of
employment, and the Plan Administrator shall so construe and implement the terms of the Plan. The Company’s decision to apply such reductions to the severance benefits of one Eligible Employee and the amount of such reductions shall in no way
obligate the Company to apply the same reductions in the same amounts to the severance benefits of any other Eligible Employee, even if similarly situated. In the Company’s sole discretion, such reductions may be applied on a retroactive basis,
with severance benefits previously paid being recharacterized as payments pursuant to the Company’s statutory obligation. 
 Section 4.
    TIME OF PAYMENT AND FORM OF BENEFIT. 
 The Company reserves the right to determine whether severance benefits under the Plan, if any, shall be paid in a single sum, in installments, or in any other form and to choose the timing of such payments. All such
payments under the Plan will be subject to applicable withholding for federal, state and local taxes. If an Eligible Employee is indebted to the Company at his or her termination date, the Company reserves the right to offset any severance payments
under the Plan by the amount of such indebtedness. In no event shall payment of any Plan benefit be made prior to the Eligible Employee’s termination date or prior to the effective date of the release described in Section 2(a)(3).

 Section 5.     REEMPLOYMENT. 
 In the event of an Eligible Employee’s reemployment by the Company or an affiliate of the Company during the period of time in respect of which severance benefits pursuant to Sections 3(a) and 3(b) have been
paid, the Company, in its sole and absolute discretion, may require such Eligible Employee to repay to the Company all or a portion of such severance benefits as a condition of reemployment. 
 Section 6.     RIGHT TO INTERPRET PLAN; AMENDMENT
AND TERMINATION. 
 (a) Exclusive Discretion. The Plan Administrator shall have the exclusive
discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, 

  

 3. 

 
interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the
eligibility to participate in the Plan and amount of benefits paid under the Plan. The rules, interpretations, computations and other actions of the Plan Administrator shall be binding and conclusive on all persons. 
 (b) Amendment or Termination. The Company reserves the right to amend or terminate this Plan (including Appendix A) or the benefits provided
hereunder at any time; provided, however, that no such amendment or termination shall affect the right to any unpaid benefit of any Eligible Employee whose termination date has occurred prior to amendment or termination of the Plan. Any
action amending or terminating the Plan shall be in writing and executed by the Chief Executive Officer or Chief Financial Officer of the Company. 
 Section 7.     NO IMPLIED EMPLOYMENT CONTRACT. 
 The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company or an affiliate of the Company or (ii) to interfere with the right of the Company or an affiliate of the
Company to discharge any employee or other person at any time, with or without cause, which right is hereby reserved. 
 Section 8.
    LEGAL CONSTRUCTION. 
 This Plan is intended to be governed by and shall be
construed in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”) and, to the extent not preempted by ERISA, the laws of the State of California. 
 Section 9.     CLAIMS, INQUIRIES AND APPEALS. 
 (a) Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in
writing by an applicant (or his or her authorized representative). The Plan Administrator is: 
 Nektar Therapeutics 
 150 Industrial Road 
 San Carlos, CA 94070

 (b) Denial of Claims. In the event that any application for benefits is denied in whole or in part, the Plan Administrator must
provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department of Labor. The notice of
denial will be set forth in a manner designed to be understood by the applicant and will include the following: 
 (1)
the specific reason or reasons for the denial; 
 (2) references to the specific Plan provisions upon which the
denial is based; 
  

 4. 

 (3) a description of any additional information or material that the Plan
Administrator needs to complete the review and an explanation of why such information or material is necessary; and 
 (4)
an explanation of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under section 502(a) of ERISA following a denial on review of the
claim, as described in Section 9(d) below. 
 This notice of denial will be given to the applicant within ninety (90) days after
the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application. If an extension of time
for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period. 
 This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 
 (c) Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or
in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied. A request for a review shall be in writing and shall be addressed to: 
 Nektar Therapeutics 
 150 Industrial Road

 San Carlos, CA 94070 
 A
request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or her representative) shall have the opportunity to
submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) shall be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review shall take into account all comments, documents, records and other information submitted by the applicant (or his or
her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 (d) Decision on Review. The Plan Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to
exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This
notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan 

  

 5. 

 
Administrator is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the
applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a
manner calculated to be understood by the applicant, the following: 
 (1) the specific reason or reasons for the
denial; 
 (2) references to the specific Plan provisions upon which the denial is based; 
 (3) a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of,
all documents, records and other information relevant to his or her claim; and 
 (4) a statement of the
applicant’s right to bring a civil action under section 502(a) of ERISA. 
 (e) Rules and Procedures. The Plan Administrator will
establish rules and procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional
information in connection with an appeal from the denial of benefits to do so at the applicant’s own expense. 
 (f) Exhaustion of
Remedies. No legal action for benefits under the Plan may be brought until the claimant (i) has submitted a written application for benefits in accordance with the procedures described by Section 9(a) above, (ii) has been notified
by the Plan Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 9(c) above, and (iv) has been notified that the
Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to a Participant’s claim or appeal within the relevant time limits specified in this Section 9, the Participant may bring
legal action for benefits under the Plan pursuant to Section 502(a) of ERISA. 
 Section 10.     BASIS
OF PAYMENTS TO AND FROM PLAN. 
 All benefits
under the Plan shall be paid by the Company. The Plan shall be unfunded, and benefits hereunder shall be paid only from the general assets of the Company. 
 Section 11.     OTHER PLAN INFORMATION. 
 (a)
Employer and Plan Identification Numbers. The Employer Identification Number assigned to the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 94-3134940. The Plan Number assigned to
the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 510. 
 (b) Ending Date for Plan’s
Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31. 
  

 6. 

 (c) Agent for the Service of Legal Process. The agent for the service of legal process with
respect to the Plan is: 
 Nektar Therapeutics 
 150 Industrial Road 
 San Carlos, CA 94070 
 (d) Plan Sponsor and Administrator. The “Plan Sponsor” and the “Plan Administrator” of the Plan is: 
 Nektar Therapeutics 
 150 Industrial Road

 San Carlos, CA 94070 
 The Plan
Sponsor’s and Plan Administrator’s telephone number is (650) 631-3100. The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan. 
 Section 12.     STATEMENT OF ERISA RIGHTS. 
 Participants in this Plan (which is a welfare benefit plan sponsored by Nektar Therapeutics) are entitled to certain rights and protections under ERISA.
If you are an Eligible Employee, you are considered a participant in the Plan and, under ERISA, you are entitled to: 
 Receive Information
About Your Plan and Benefits 
  

	(a)	Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the
latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration; 

  

	(b)	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series) and
updated Summary Plan Description. The Administrator may make a reasonable charge for the copies; and 

  

	(c)	Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

 Prudent Actions by Plan Fiduciaries 
 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called "fiduciaries" of
the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to
prevent you from obtaining a Plan benefit or exercising your rights under ERISA. 
  

 7. 

 Enforce Your Rights 
 If your claim for a Plan benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial,
all within certain time schedules. 
 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a
copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to
$110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. 
 If you have a claim for benefits, which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of
a domestic relations order or a medical child support order, you may file suit in Federal court. 
 If it should happen that Plan fiduciaries
misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and
legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
 Assistance with Your Questions 
 If
you have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you
should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration,
U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits
Administration. 
  

 8. 

 Section 13.     EXECUTION. 
 To record the adoption of the amended and restated Plan as set forth herein, effective as of April 30, 2004, Nektar Therapeutics has caused its duly
authorized officer to execute the same this 30 day of April 2004. 
  

			
	NEKTAR THERAPEUTICS
		
	By: 	 	 /s/ Ajay Bansal

	 Title: 
	 	Chief Financial Officer

  

 9.

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