Document:

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                                                                    EXHIBIT 10.3

                                 HYBRIDON, INC.

                      NON-STATUTORY STOCK OPTION AGREEMENT

                      (FOR 500,000 SHARES OF COMMON STOCK)

     This Non-Statutory Stock Option Agreement ("AGREEMENT") between Hybridon,
Inc., a Delaware corporation, (the "COMPANY") and Sudhir Agrawal, an individual
resident of the Commonwealth of Massachusetts (the "Executive"), is effective as
of July 25, 2001 ("EFFECTIVE DATE"). This Agreement evidences the grant of a
nonqualified stock option to the Executive effective as of the Effective Date,
subject to the terms and conditions herein.

     1.   DEFINITIONS. All capitalized terms that are not otherwise defined in
this Agreement shall have the meanings set forth below:

          1.1  ACQUISITION EVENT means:

               (a)  any merger or consolidation which results in the voting
securities of the Company outstanding immediately prior thereto representing
(either by remaining outstanding or by being converted into voting securities of
the surviving or acquiring entity) less than 60% of the combined voting power of
the voting securities of the Company or such surviving or acquiring entity
outstanding immediately after such merger or consolidation;

               (b)  any sale of all or substantially all of the assets of the
Company;

               (c)  the complete liquidation of the Company; or

               (d)  the acquisition of "beneficial ownership" (as defined in
Rule 13d-3 under the Exchange Act) of securities of the Company representing 50%
or more of the combined voting power of the Company's then outstanding
securities (other than through a merger or consolidation or an acquisition of
securities directly from the Company) by any "person," as such term is used in
Sections 13(d) and 14(d) of the Exchange Act, other than the Company, any
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any corporation owned directly or indirectly by the stockholders
of the Company in substantially the same proportion as their ownership of stock
of the Company (an event specified in this clause (iv) being referred to as a
"CREEPING TENDER").

          1.2  BOARD means the Board of Directors of the Company.

          1.3  CAUSE means the Executive's (i) material breach of any material
terms of the Employment Agreement (as defined below), (ii) plea of guilty or
nolo contendre to, or conviction of, the commission of a felony offense, (iii)
repeated unexplained or unjustified absence, or refusals to carry out the lawful
directions of the Board, or (iv) material breach of a fiduciary duty owed to the
Company under the Employment Agreement, provided that any action or inaction
described by (i), (iii), or (iv), above, shall not be the basis of a termination
of the Executive's employment with the Company for "Cause" unless the Company
provided the

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Executive with at least twenty days advance written notice specifying in
reasonable detail the conduct in need of being cured and such conduct was not
cured within the notice period.

          1.4  CHANGE OF CONTROL means the occurrence of any of the following
events:

               (a)  a change in the composition of the Board over a period of
thirty-six consecutive months or less such that a majority of the members of the
Board ceases to be comprised of individuals who are Continuing Members; for such
purpose, a "Continuing Member" means an individual who is a member of the Board
on the date of the Employment Agreement and any successor of a Continuing Member
who is elected to the Board or nominated for election by action of a majority of
Continuing Members then serving on the Board; or

               (b)  the consummation of an Acquisition Event other than an IP
Divestiture.

          1.5  CODE means the Internal Revenue Code of 1986, as amended.

          1.6  COMMON STOCK means common stock of the Company, having $0.001 par
value.

          1.7  COMPANY shall have the meaning set forth in the introductory
paragraph hereof.

          1.8  DISABILITY means the inability of the Executive to perform all
the material duties of the Executive's position for a continuous period of at
least 90 days due to a permanent physical or mental impairment, as determined
and certified by a physician selected by the Executive and with the concurrence
of a physician selected by the Company, provided that if the physician selected
by the Executive and the physician selected by the Company do not agree
regarding the determination and certification, a determination and certification
rendered by an independent physician mutually agreed upon by the Executive and
the Company shall be final and binding on the parties with respect to this
Agreement.

          1.9  EMPLOYMENT AGREEMENT means the employment agreement by and
between the Company and the Executive, effective as of April 1, 2002, including
any subsequent amendments.

          1.10 EMPLOYMENT PERIOD means the period during which the Employment
Agreement is in effect, as determined under Section 3 of the Employment
Agreement.

          1.11 EXCHANGE ACT means the Securities Exchange Act of 1934, as
amended.

          1.12 EXECUTIVE, solely for purposes of this Agreement, includes a
Permitted Transferee.

          1.13 FAIR MARKET VALUE means, with respect to any property (including,
without limitation, any shares of Common Stock or other securities of the
Company), the fair market value of such property determined in good faith by
such methods or procedures as shall be established from time to time by the
Board. Notwithstanding the preceding sentence, where

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there exists a public market for the Common Stock, the Fair Market Value of a
share of Common Stock shall be the closing price for a share of Common Stock for
the last market trading date prior to the time of the determination (or, if no
closing price was reported on that date, on the last trading date on which a
closing price was reported) on the stock exchange determined by the Board to be
the primary market for the Common Stock, as reported in The Wall Street Journal
or such other source as the Board deems reliable.

          1.14 GOOD REASON means the occurrence of one or more of the following:

               (a)  any action by the Company which results in a material
diminution of Executive's position, title, annual base salary, authority, duties
or responsibilities or reporting structure;

               (b)  any material breach of the Employment Agreement by the
Company which is not remedied by the Company within 30 days after receipt by the
Company of notice thereof given by the Executive specifying in reasonable detail
the alleged breach;

               (c)  failure to elect the Executive to serve on the Board during
the Employment Period; or

               (d)  relocation of the Company's headquarters outside Cambridge,
Massachusetts or 10 miles east of the Worcester area, except in the event of a
change in the location of the headquarters of the Company to a site within the
continental United States following a Change of Control.

          1.15 IP DIVESTITURE means a sale or licensing by the Company of all or
substantially all of its assets (including patents, patent applications and
know-how) relating to any one of its technology platforms.

          1.16 OPTION PRICE means the purchase price paid by the Executive for
each share of Common Stock purchased under this Agreement.

          1.17 PARENT means a parent corporation, as such term is defined under
Section 424(e) and (g) of the Code, with respect to the Company.

          1.18 PERMITTED TRANSFEREE means the spouse, mother, father, sister,
brother, or lineal descendant(s) of the Executive named in this Agreement or a
trust established exclusively for the benefit of one or more such individuals.

          1.19 SUBSIDIARY means a subsidiary corporation, as such term is
defined under Section 424(f) and (g) of the Code, with respect to the Company.

     2.   GRANT. The Company hereby grants to the Executive the right (the
"OPTION") to purchase all or any part of an aggregate of 500,000 shares of
Common Stock, subject to adjustment pursuant to Section 9 below. The Option is
in all respects limited and conditioned as provided in this Agreement. This
Option shall be a nonqualified stock option and is not intended to satisfy the
requirements of Section 422 of the Code.

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     3.   VESTING. The Executive may exercise the Option in accordance with the
terms of this Agreement, in whole or in part, to the extent that the Executive's
rights under the Option have vested.

          3.1  VESTING SCHEDULE. The Option shall vest in its entirety on
September 1, 2006, subject to earlier vesting as described in SECTION 3.2 below.

          3.2  ACCELERATION. Notwithstanding the vesting schedule in SECTION 3.1
above, vesting of the Option shall be accelerated as described in this SECTION
3.2 upon the occurrence of the following events:

               (a)  CHANGE OF CONTROL; IP DIVESTITURE. In the event of a Change
of Control or IP Divestiture, the unvested portion of the Option shall become
fully vested and nonforfeitable as of the date that is ten business days before
the effective date of a Change of Control.

               (b)  Termination of Employment.

                    (i)  Other than for Death, Disability, or Cause. If the
     Executive's employment with the Company is terminated by the Company other
     than on account of the Executive's death, Disability, or for Cause, the
     Option shall vest as of the date of such termination of employment to the
     extent the Option would have vested during the following thirty-six (36)
     months (or portion thereof) remaining in the Employment Period had the
     Executive's employment not been terminated.

                    (ii) DEATH. If the Executive's employment with the Company
     is terminated by reason of the Executive's death, the Option shall vest as
     of the date of such termination of employment to the extent the Option
     would have vested during the following twenty-four (24) months (or portion
     thereof) remaining in the Employment Period had the Executive's employment
     not been terminated.

                    (iii) DISABILITY. If the Executive's employment with the
     Company is terminated by the Company for Disability pursuant to Section
     7(a)(ii) of the Employment Agreement, the Option shall vest as of the date
     of such termination of employment to the extent the Option would have
     vested during the following twenty-four (24) months (or portion thereof)
     remaining in the Employment Period had the Executive's employment not been
     terminated.

                    (iv) TERMINATION BY THE EXECUTIVE FOR GOOD REASON. If the
     Executive terminates his employment with the Company for Good Reason, the
     Option shall vest as of the date of such termination of employment to the
     extent the Option would have vested during the following thirty-six (36)
     months (or portion thereof) remaining in the Employment Period had the
     Executive's employment not been terminated.

                    (v)  TERMINATION FOR CAUSE OR VOLUNTARY RESIGNATION (OTHER
     THAN FOR GOOD REASON). If the Executive's employment with the Company is
     terminated by the Company for Cause or by the Executive through his
     voluntary

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     resignation (other than for Good Reason), the portion of the Option that
     has not vested shall terminate as of such termination of employment.

               (c)  BOARD'S DISCRETION. In addition to the automatic
acceleration of the vesting schedule as prescribed in subparagraphs (a) and (b)
above, the Board may, at any time, in its sole discretion, provide that any
unvested portion of the Option shall become immediately vested in full or in
part.

     4.   OPTION PRICE. The Option Price of each share of Common Stock covered
by the Option shall be $ 0.825, subject to adjustment pursuant to Section 9
below.

     5.   TERM. The Option shall expire on July 25, 2011 ("EXPIRATION DATE"), to
the extent the Executive has not exercised the Option in full before the
Expiration Date.

     6.   EXERCISE.

          6.1  EXPIRATION DATE FOR OPTION EXERCISE. The Executive may exercise
the vested portion of this Option, in full or in part, before the Expiration
Date, provided that if the Executive's employment or service with the Company or
a Parent or Subsidiary is terminated:

               (a)  by the Company, a Parent or a Subsidiary for any reason
other than death, Disability, or for Cause or by the Executive for Good Reason,
the Option shall be exercisable for a period beginning on the termination date
and ending on the earlier to occur of (i) twenty-four (24) months after the
effective date of a termination of Executive's employment or service with the
Company or a Parent or a Subsidiary or (ii) the Expiration Date;

               (b)  as a result of the Executive's death or Disability, the
Option shall be exercisable, by the Executive or the person or persons to whom
the Executive's rights under the Option pass by will or applicable law, or if no
such person has such right, the Executive's executors or administrators, for a
period beginning on the termination date and ending on the earlier to occur of
(i) twenty-four (24) months after the effective date of his termination of
employment or service with the Company or a Parent or Subsidiary or (ii) the
Expiration Date; or (c) as a result of Executive's voluntary resignation (other
than for Good Reason) or as a result of termination by the Company for Cause,
the Option shall be exercisable for a period beginning on the termination date
and ending on the earlier to occur of (i) twelve (12) months after the effective
date of a termination of Executive's employment or service with the Company or a
Parent or Subsidiary or (ii) the Expiration Date.

          6.2  NOTICE OF OPTION EXERCISE. If the Executive wants to exercise the
Option, the Executive shall give written notice, in such form as the Company may
from time to time require, to the Company at its principal office by personal
delivery, by registered or certified mail, or by such other method as the
Company may permit. At minimum, the written notice shall identify the Option
being exercised, shall state the number of shares of Common Stock with respect
to which the Option is being exercised, and shall include payment for the shares
of Common Stock with respect to which the Option is being exercised. The payment
for shares of Common Stock acquired pursuant to the exercise of the Option shall
be made at the principal office of the Company as described in SECTION 7 below.

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          6.3  ISSUANCE OF OPTION SHARES. Upon the exercise of the Option and
upon the receipt by the Company of the payment for the shares of Common Stock
pursuant to the exercise of the Option, the Company shall deliver or cause to be
delivered, within a reasonable time, to the Executive exercising the Option a
certificate or certificates for the number of shares of Common Stock with
respect to which the Option is exercised. The shares of Common Stock shall be
registered in the name of the exercising Executive or in such name jointly with
the Executive as the Executive may direct in the written notice of exercise.

     7.   PAYMENT.

          7.1  ACCEPTABLE METHODS OF PAYMENT. The Option Price of shares of
Common Stock subject to the Option and any tax withholding obligations arising
as a result of the exercise of any portion of the Option may be paid in any
combination of the following permitted forms of payment.

               (a)  in United States dollars in cash or by check made payable to
the Company;

               (b)  delivery of an irrevocable and unconditional undertaking by
a creditworthy broker to deliver promptly to the Company sufficient funds to pay
the Option Price or the amount of any applicable withholding taxes, or delivery
by the Executive to the Company of a copy of irrevocable and unconditional
instructions to a creditworthy broker to delivery promptly to the Company cash
or a check sufficient to pay the Option Price or the amount of any applicable
withholding taxes;

               (c)  by surrender of shares of Common Stock having an aggregate
Fair Market Value, as of the date of payment, equal to all or a portion of the
Option Price and the amount of any applicable withholding taxes, subject to the
terms and conditions of SECTION 7.2 below; or

               (d)  by payment of such other lawful consideration as the Board
may determine.

          7.2  SURRENDER OF SHARES. Shares of Common Stock which may be
surrendered in satisfaction of all or any portion of the Option Price or any tax
withholding obligation that results from the exercise of any portion of this
Option include shares of Common Stock covered by the portion of the Option that
is being exercised and other shares of Common Stock held by the Executive;
provided that shares of Common Stock surrendered to pay the Option Price shall
be held by the Executive for at least six months as of the date of payment.

     8.   NONTRANSFERABILITY. The Option shall not be assignable or transferable
by the Executive except by will or by the laws of descent and distribution and
during the lifetime of the Executive shall be exercisable only by the Executive,
except as provided in this Section 8. The Executive may, during his lifetime,
transfer the Option, in whole or in part, to a Permitted Transferee. The
transferred portion of the Option may be exercised only by the person or persons
who acquire a proprietary interest in the Option pursuant to the transfer. The
terms applicable to the transferred portion of the Option shall be the same as
those in effect for the Option under this Agreement immediately prior to the
transfer.

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     9.   CAPITAL ADJUSTMENTS.

          9.1  ADJUSTMENTS TO COMMON STOCK. In connection with the occurrence of
any stock split, stock dividend, recapitalization, reorganization, merger
consolidation, combination, exchange of shares, liquidation, spin-off or other
similar change in capitalization or event of the Company, or any distribution to
holders of shares of Common Stock other than a normal cash dividend, the number
and kind of shares of Common Stock issuable under this Option and the Option
Price of the portion of the Option outstanding as of such event shall be
adjusted (or substituted stock options may be made), to the extent the Board
shall determine, in good faith, that such adjustment (or substitution) is
necessary and appropriate, to reflect such event. On the occurrence of a Change
of Control described in SECTION 1.1(A) hereof (and limited to such event), the
Board may provide for the following: (i) that the unexercised portion of the
Option outstanding on the occurrence of a Change of Control described in SECTION
1.1(A) hereof shall be assumed or an equivalent Option be substituted by the
acquiring or succeeding corporation (or an affiliate thereof), or (ii) that,
upon written notice delivered to the Executive, the unexercised portion of the
Option outstanding on the occurrence of a Change of Control described in SECTION
1.1(A) shall terminate effective as of such date or as of such earlier date as
may be specified by the Board in a written notice delivered to the Executive,
provided that if the Board issues a notice regarding the termination of the
unexercised portion of the Option pursuant to this clause (ii), the effective
date of such termination shall not precede any vesting acceleration date
described in SECTION 3.2(A) hereof.

          9.2  BOARD DETERMINATIONS. To the extent that the foregoing
adjustments relate to shares of Common Stock or other securities, such
adjustments shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive; provided that if stock options granted
under the Hybridon, Inc. Amended and Restated 1997 Stock Option Plan ("Plan")
are adjusted in connection with one or more of the events described in this
SECTION 9, the Option shall be adjusted in a manner that is not less favorable
than adjustments to stock options granted under the Plan.

     10.  AMENDMENT. The Board may amend this Agreement, provided that no
amendment to this Agreement shall become effective before the Board obtains the
Executive's consent to such amendment. In order to fully protect the interests
of the Executive, the Board may correct any defect, supply any omission or
reconcile any inconsistency between the terms of this Agreement and the terms of
the Employment Agreement.

     11.  RIGHTS AS A SHAREHOLDER. Except as otherwise provided by the Board,
the Executive shall have no rights as a shareholder with respect to any shares
of Common Stock covered by this Agreement until becoming the record holder of
such shares.

     12.  NO FRACTIONAL SHARES. No fractional shares of Common Stock shall be
issued or delivered under this Agreement. Any fractional shares shall be settled
in cash, property, or other securities, as determined by the Board.

     13.  REGISTRATION OF SHARES. The Company shall take all such actions as are
necessary to ensure the unrestricted transferability of the shares of Common
Stock issuable upon the exercise, in whole or in part, of the Option, including
as may be required (i) the registration

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or qualification of the shares for sale under the federal securities laws and
applicable state securities laws, (ii) listing of the shares on any stock
exchange on which the Common Stock is listed and (iii) securing any other
necessary governmental approvals.

     14.  WITHHOLDING. The Executive shall pay to the Company, or make provision
satisfactory to the Board for payment of, any taxes required by law to be
withheld in connection with the exercise of the Option not later than the date
of the event creating the tax liability. The Company may, to the extent
permitted by law, deduct any tax obligations not provided for in the preceding
sentence, from any payment of any kind otherwise due to the Executive.

     15.  NO RIGHT TO CONTINUED EMPLOYMENT OR SERVICE. Nothing in this Agreement
shall be deemed to give the Executive any right to be retained in employment by,
or to continue to provide service to, the Company for any period of time, and no
provision of this Agreement shall be deemed to interfere with the right of the
Company to terminate the employment or service of the Executive pursuant to the
terms of the Employment Agreement or any subsequent agreement between the
Executive and the Company.

     16.  SEVERABILITY. If any provision of this Agreement is, becomes, or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to the
Executive, such provision shall be construed or deemed amended to conform with
applicable laws, or if the provision cannot be so construed or deemed amended
without, in the discretion of the Board, materially altering the intent of the
Agreement, such provision shall be severed as to the jurisdiction or the
Executive and the remainder of this Agreement shall remain in full force and
effect.

     17.  NOTICES AND PAYMENTS. Any notice required or permitted to be given to
the Executive under this Agreement shall be in writing and shall be deemed
effective upon personal delivery or upon deposit in the United States mail with
postage and fees prepaid. Any notice or communication required or permitted to
be given to the Company under this Agreement shall be in writing, addressed to
the Secretary of the Company at the Company's principal office and shall be
deemed effective upon personal delivery or upon deposit in the United States
mail with postage and fees prepaid.

     18.  HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not be deemed a part of this Agreement for purposes of
the interpretation or construction of this Agreement.

     19.  GOVERNING LAW. The validity and construction of this Agreement shall
be governed by the laws of the State of Delaware without giving effect to any
conflict of law rules that would require the application of the laws of any
jurisdiction other than the internal laws of the State of Delaware to the rights
and duties of the parties, except to the extent the laws of the State of
Delaware are preempted by federal law.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed by an officer of the Company, and the Executive has accepted and signed
this Agreement to be effective as of the Effective Date.

                                      HYBRIDON, INC.,
                                      a Delaware corporation

                                      By: /s/ Robert G. Andersen
                                         -----------------------------------
                                         Title: CFO

ACCEPTED:

/s/ Sudhir Agrawal
--------------------------------
Sudhir Agrawal

BOS1 #1262477 v1

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                                                                    Confidential

                                                                    Exhibit 10.4

                              CONSULTING AGREEMENT

         This Consulting Agreement (the "Agreement") is made effective as of
this 1st day of October, 2002, by and between HYBRIDON, INC., a Delaware
corporation with its principal place of business at 345 Vassar Street,
Cambridge, MA 02139 USA ("Hybridon"), and Pillar SA, a French Limited Liability
company with offices located at 4, Rue des Cerisoles, 75008 Paris, France
("Pillar SA"). In consideration of the mutual promises contained herein and
other good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties agree as follows:

1. ENGAGEMENT AND SERVICES. Hybridon hereby engages Pillar SA to render, and
Pillar agrees to perform, the consulting services described in EXHIBIT A
attached hereto and other such services as may be agreed to in writing by
Hybridon and Pillar SA from time to time.

2. TERM. The term of this Agreement the "Consulting Period") shall be deemed to
have commenced as of October 1, 2002 and shall continue until January 31, 2003
or upon the early termination by either party pursuant to Section 3.

3.       EARLY TERMINATION.

(a)      This Agreement may be terminated without cause by either party upon not
         less than fifteen (15) days prior written notice by either party to the
         other.

(b)      If Pillar SA ceases performing its Duties under Section 3(a), then the
         consulting fee shall cease and terminate as of such date.

(c)      Upon termination under Section 3(a), neither party shall have any
         further obligations under this Agreement, except for the obligations
         which by their terms survive this termination as noted in Section 18
         hereof. Upon termination and, in any case, upon Hybridon's request,
         Pillar SA shall return immediately to Hybridon all Confidential
         Information, as hereinafter defined, and copies thereof.

4. COMPENSATION. Hybridon shall pay to Pillar SA, monthly in arrears within
fifteen (15) days of the last day of the calendar month in which an invoice is
received from Pillar SA, a consulting fee and expenses as described and detailed
in EXHIBIT B attached hereto. Pillar SA, its employees or agents shall not be
entitled to any benefits, coverages, or privileges, including those made
available to the employees of Hybridon.

5. CONFIDENTIALITY AND ASSIGNMENT OF INVENTIONS. Pillar SA acknowledges that it
has, through its duly authorized officer, on or prior to the date of this
Agreement, executed and delivered to Hybridon Confidential Disclosure Agreement
(the "Confidentiality Agreement"); such Confidentiality Agreement is attached
hereto at EXHIBIT C. Pillar SA hereby affirms and ratifies its obligations
thereunder.

6.       NONCOMPETITION.

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(a)      During the Consulting Period, Pillar SA shall not engage in any
         consulting, employment, business, or other activity involving
         developing, producing, marketing, performing, or selling products or
         services of the kind or type contemplated (to the knowledge of Pillar
         SA), under development, produced, marketed, performed, or sold by
         Hybridon while Pillar SA during the Consulting Period, and Pillar SA
         shall not assist any other person or organization in developing,
         producing, marketing, performing, or selling such products or services
         without the prior written consent of Hybridon.

(b)      Notwithstanding any other provision of this Agreement, for a period of
         one (1) year after termination of this Agreement, Pillar SA shall not,
         directly or indirectly, employ, solicit for employment, or advise or
         recommend to any other person that such other person employ or solicit
         for employment, any person employed or under contract, whether as a
         consultant, employee or otherwise, by or to Hybridon during the period
         of such person's association with Hybridon and one year thereafter.

(c)      If any restriction set forth in this Section 5 is found by any court of
         competent jurisdiction to be unenforceable because it extends for too
         long a period of time, over too great a range of activities, in too
         broad a geographic area, or for any other reason, it shall be
         interpreted to extend only to the maximum extent, whether period of
         time, range of activities, geographic area or other term, as to which
         it may be enforceable.

7. NOTICES. All notices required or permitted under this Agreement shall be in
writing and shall be deemed effective (i) upon personal delivery, (ii) two
business days after deposit with an express courier service for delivery no
later than two business days after such deposit, addressed to the other party at
the address shown above, or at such other address or addresses as either party
shall designate to the other in accordance with this section 7, or (iii) upon
confirmation of transmittal by telecopy, with a hard copy sent in accordance
with the preceding clause (ii), to the telecopy number set forth beneath a
party's signature below or at such other telecopy number or numbers as either
party shall designate to the other in accordance with this section 7.

8. ENTIRE AGREEMENT. This Agreement, together with the Confidentiality
Agreement, constitute the entire agreement between the parties with respect to,
and supersede all prior agreements and understandings, whether written or oral,
relating to, the subject matter of this Agreement. This Agreement may be amended
only by the prior written consent of both parties.

9. REPRESENTATIONS AND WARRANTIES. Pillar SA represents and warrants (i) that
its retention as a consultant with Hybridon and its performance under this
Agreement does not, and shall not, breach any agreement, whether written or
oral, that obligates it to keep in confidence any trade secrets or confidential
or proprietary information of it or of any other party or to refrain from
competing, directly or indirectly, with the business of any other party, (ii)
that each of its officers, agents and employees who may have contact with
Confidential or proprietary information under this Agreement or who may
otherwise be involved with provision of services by Pillar SA hereunder shall be
bound by agreements relating to the nondisclosure of confidential information
and assignment on terms substantially identical to those contained in the
Confidentiality Agreement

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attached at EXHIBIT C hereto, (iii) that the performance of the Duties and
Services as defined in Exhibit A hereto, called for by this Agreement do not and
will not violate any applicable law, rule, regulation or any other proprietary
or other right of any third party, and (iv) that Pillar SA will not use in the
performance of its responsibilities under this Agreement any confidential or
proprietary information of any other person or entity.

10. INDEMNIFICATION. Pillar SA hereby indemnifies and agrees to defend and hold
harmless Hybridon, its officers and employees from and against any and all
claims, demands, and actions, and any liabilities, damages or expenses resulting
therefrom, including court costs and reasonable attorney's fees, arising out of
or relating to the Duties and Services performed by Pillar SA under this
Agreement or the representations and warranties made by Pillar SA pursuant to
Section 9 hereof. Hybridon hereby indemnifies and agrees to defend and hold
harmless Pillar SA, its officers and employees from and against any and all
claims, demands, and actions, and any liabilities, damages or expenses resulting
therefrom, including court costs and reasonable attorney's fees, arising out of
or relating to the duties under this Agreement.

11. GOVERNING LAW. This Agreement shall be construed, interpreted and enforced
in accordance with the laws of the Commonwealth of Massachusetts, United States
of America without giving effect to conflict of laws provisions, whether foreign
or domestic.

12. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, successors and
assigns. This Agreement may be assigned by Hybridon in connection with a merger
or sale of all or substantially all of its assets, and in other instances with
Pillar's SA consent which consent shall not be unreasonably withheld or delayed.
This Agreement may not be assigned by Pillar SA without Hybridon's prior written
consent.

13. NECESSARY ACTS. Pillar SA agrees to perform any further acts and execute and
deliver any documents that may be reasonably necessary to carry out the
provisions of this Agreement.

14. COMPLIANCE WITH LAW. In connection with the services and duties rendered
hereunder, Pillar SA agrees to abide by all United States federal, state and
local laws, ordinances and regulations and all other applicable laws, ordinances
and regulations.

15. REMEDY FOR BREACH. The parties agree that in the event of breach or
threatened breach of this Agreement, the damage or imminent damage to the value
and the goodwill of Hybridon's business will be immeasurable, therefore any
remedy at law or in damages may be inadequate. Accordingly, the parties agree
that Hybridon shall be entitled to, in addition to any and all remedies of law,
the right to an injunction, specific performance or other equitable relief to
prevent the violation or threatened violation of Pillar's SA obligations
hereunder.

16. WAIVER. Any waiver by either party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent breach
of the same or any other provision hereof. All waivers by shall be in writing.

                                     - 3 -
<PAGE>

17. INDEPENDENT CONTRACTOR. The relationship between Pillar SA and Hybridon
under this Agreement is that of independent contractor under a "work for hire"
relationship. All work product developed by Pillar SA shall be deemed owned and
assigned to Hybridon. This Agreement is not authority for Pillar SA to act or on
behalf of Hybridon as its agent or make commitments for Hybridon.

18. SURVIVAL. The provisions of Sections 5, 6, 9, 10, 11, 13, 14 and 15 of this
Agreement shall survive the expiration of the term or the early termination of
this Agreement. This Agreement supersedes all prior agreements, written or oral,
between Pillar SA and Hybridon relating to the subject matter of this Agreement.

19. EXECUTION AND COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original and all of which shall
be deemed a single agreement.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year set forth above.

HYBRIDON, INC.                           PILLAR SA

By: /s/ Stephen R. Seiler                By: /s/ Youssef El Zein
    ------------------------------       ----------------------------------

Name:    Stephen R. Seiler               Name:    Youssef El Zein

Title:   Chief Executive Officer         Title:   Chief Executive Officer

Telecopy: 617.679.5542                   Telecopy: 011.331.4070.8009

                                     - 4 -

<PAGE>
                                                                    Confidential
                                    EXHIBIT A

DUTIES AND SERVICES.

Hybridon's shareholder base continues to include a substantial percentage of
overseas shareholders. These shareholders have been long-term holders of
Hybridon securities and have continued to support Hybridon's business plan and
scientific discovery efforts.

          (a) Pillar's SA duties and responsibilities to Hybridon will consist
of substantial support for the International Investor Relations ("IR") efforts
of Hybridon with the purpose of:

     1.   Maintaining the continued support of the current long term
          shareholders,

     2.   Increasing the visibility of Hybridon among European institutional
          investors

     3.   Actively seeking out the interest of new investors in Hybridon.

To achieve the above purpose, Pillar SA will work closely with Hybridon
management and at the request of Hybridon on the following services over the
Consulting Period:

     1.   Advise Hybridon on the structure of a new corporate presentation to
          address the international investors of Hybridon and to continuously
          update this presentation as the developments in Hybridon dictate.

     2.   Identify the current long-term  shareholders of Hybridon, establish
          direct contact, supply them with the latest corporate information
          package approved by Hybridon and maintain a dialogue to respond to
          their queries within the FD rules and regulations and all other
          applicable securities laws.

     3.   Identify interested biotech institutional investors in Europe and
          particularly in France, Belgium Denmark and Switzerland and develop
          their interest in Hybridon through information supply and direct
          meetings.

     4.   Organize frequent (at least once a month) conference calls between
          Hybridon management and interested existing and new investors to enter
          into direct dialogues following initial contact by Pillar SA.

     5.   Organize and participate in at least two "road shows" (or equivalent
          investor presentations) over the four month period, giving Hybridon
          management the opportunity to meet with new and exiting investors and
          generally raising awareness and interest in Hybridon.

(collectively, the "Duties" or "Services").

          (b) Pillar SA agrees that during the Consulting Period it will devote
at least ten (10) days per month to its Duties. Pillar SA will supply Hybridon
management with periodic progress reports on its activities to include the
following:

     1.   Lists of the long-term shareholders that will be contacted including
          their investment history in Hybridon and their investment objective.
          These are estimated to be in excess of 40 shareholders whose current
          holdings exceed 20 million shares of the outstanding common equity of
          Hybridon, all of whom participated in the EEP in the summer of 2001.

     2.   Reactions and questions raised by these shareholders for Hybridon to
          respond to.

                                     - 5 -
<PAGE>
                                                                    Confidential

     3.  Lists of new investors contacted, including their profile and
         investment objective to allow Hybridon to position itself with these
         new investors to respond to their investment criteria.

     4.  Questions raised by the new investors for Hybridon to address in their
         periodic conference calls and road shows to be organized by Pillar SA.

Pillar SA will continue to enter into discussions with Hybridon management to
update the proposed IR campaign and to recommend IR strategy to respond to the
findings so as to render this campaign an interactive and responsive one to
ensure its success. The information supplied by Pillar SA to Hybridon during
this Consulting Period will be comprehensive to allow Hybridon to update its
data base on its investors and to give Hybridon the tools to move forward in the
future with other campaigns as it sees fit.

In addition to the above, Hybridon may periodically provide Pillar SA with a
schedule of the requested hours, responsibilities and deliverables for the
applicable period of time. The Duties will be scheduled on an as-needed basis.

         (c) Pillar SA represents and warrants to Hybridon that it is under no
contractual or other restrictions or obligations which are inconsistent with the
execution of this Agreement, or which will interfere with the performance of
his/her Duties. Pillar SA represents and warrants that the execution and
performance of this Agreement will not violate any policies or procedures of any
other person or entity for which he/she performs Services concurrently with
those performed herein.

         (d) In performing the Services, Pillar SA shall comply, to the best of
his/her knowledge, with all business conduct, regulatory and health and safety
guidelines established by Hybridon for any governmental authority with respect
to Hybridon's business.

                                     - 6 -
<PAGE>
                                                                    Confidential

                                    EXHIBIT B

CONSULTING FEES AND EXPENSES.

         (a) Subject to the provisions hereof, Hybridon will pay Pillar SA a
consulting fee of fifteen thousand (US$15,000.00) Dollars for each full month of
Duties and Services, as described in Exhibit A, provided to the Company during
the term of this Agreement (the "Consulting Fee"). Pillar SA shall submit
monthly an invoice, including a listing of hours, the Duties and Services
performed and a summary of activities. Hybridon shall pay to Pillar SA, monthly
in arrears within fifteen (15) days of the last day of the calendar month in
which an invoice is received from Pillar SA.

         (b) Pillar SA shall be entitled to reimbursement for all expenses
incurred in the performance of its Duties or Services, upon submission and
approval of written statements and receipts in accordance with the then regular
procedures of Hybridon. In accordance with expense reimbursement rates approved
by Hybridon's Board of Directors, the following limits shall be in effect under
the Agreement:

     -   Hotel - not to exceed two hundred and seventy-five (US$275.00) dollars
         per night;

     -   Meals - not to exceed one hundred and twenty-five (US$125.00) dollars
         per day;

     -   Airfare for International travel - Business Class

     -   Airfare for travel within Europe or within the US - Economy Class

     -   Total for all expenses during the term of the Agreement - not to
         exceed twenty thousand (US$20,000.00) dollars over the period of
         engagement without prior written approval.

         (c) Pillar SA agrees to pay all taxes including, self-employment taxes
and withholding taxes due in respect of the Consulting Fee and any other fees or
expenses payable hereto and to indemnify Hybridon in the event Hybridon is
required to pay any such taxes on behalf of Pillar SA.

                                     - 7 -
<PAGE>
                                                                    Confidential

                                    EXHIBIT C

[Attach executed copy of Confidential Disclosure Agreement (Confidentiality
Agreement")]

                                     - 8 -

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