Document:

Form of Stock Option Agreement

 Exhibit 10.26 
 AMENDED AND RESTATED 2003 STOCK-BASED INCENTIVE COMPENSATION PLAN 
 EMPLOYEE STOCK OPTION AGREEMENT (ANNUAL VESTING) 
 [DATE] 
 [NAME] (“Grantee”) 
 [ADDRESS]

 [ADDRESS] 
 Dear [NAME]: 

Adolor Corporation, a Delaware corporation (the “Company”), and the Grantee hereby enter into this Stock Option Agreement (the
“Agreement”), effective as of [DATE] (the “Grant Date”). 
 All capitalized terms used but not defined herein shall have the
meaning ascribed to such terms in the Adolor Corporation Amended and Restated 2003 Stock-Based Incentive Compensation Plan (the “Plan”). 
  

	1.	Grant of Option. 

 Pursuant to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants to Grantee, as of the Grant Date (the “Grant”), (i) a Non-Qualified Option to purchase
             shares of common stock of the Company, $0.0001 par value (“Common Stock”) and (ii) an Incentive Stock Option (together with the Non-Qualified Option, the
“Option”) to purchase              shares of Common Stock, each at an exercise price of $             per share.
(The shares of Common Stock subject to the Option shall be referred to herein as the “Shares.”) 
 This Grant shall
become null and void unless Grantee shall accept these terms and conditions by executing this Agreement below and returning it to the Company’s Finance Department not later than
[            ] days after the Grant Date. By accepting the Grant, Grantee agrees to be bound by the terms of the Plan and this Agreement and further agrees that all of the decisions
and determinations of the Committee (as defined in the Plan) with respect to the Option shall be final and binding.
 Unless
sooner terminated in accordance with the provisions of the Plan or this Agreement, this Option will terminate at the close of business on [EXPIRATION DATE] (the “Expiration Date”). 
  

	2.	Option Nontransferable. 

 This Option is not transferable or assignable by the Grantee other than by will or by the laws of descent and distribution, and during the lifetime of the Grantee, this Option is exercisable only by the
Grantee. Upon the death of the Grantee, the Person to whom the rights under this Option have passed by will or by the laws of descent and distribution may exercise this Option only in accordance with this Agreement and the provisions of the Plan.

  

	3.	Vesting and Exercise of Option. 

 The Option shall vest and become exercisable in equal annual installments during the period beginning on the Grant Date and ending on the fourth anniversary of the Grant Date, with the first such vesting
to occur twelve (12) months after the Grant Date. 

 The Option may be exercised, and payment in full of the aggregate Exercise Price made, by
the Grantee only by written notice to the Company specifying the number of Shares to be purchased. 
 The option price of the
shares of Common Stock issuable upon the exercise of the Option shall be paid: (i) in full in cash at the time of the exercise, (ii) with the consent of the Committee, in whole or in part in common stock held by the Grantee for at least
six months valued at Fair Market Value (as defined in the Plan) on the date of exercise, or (iii) if approved by the Committee in its discretion, by assigning to the Company a sufficient amount of the proceeds from the sale of shares of Common
Stock to be acquired pursuant to such exercise and instructing the broker or selling agent to pay that amount to the Company, which amount shall be paid in cash to the Company on the date such shares of Common Stock are issued to the Grantee. With
the consent of the Committee, payment upon the exercise of the Non-Qualified Option may be made in whole or in part by Restricted Stock that has been held by the Grantee for at least six months (based on the fair market value of the Restricted Stock
on the date the Option is exercised, as determined by the Committee). In such case, the Common Stock to which the Option relates shall be subject to the same forfeiture restrictions originally imposed on the Restricted Stock exchanged therefor.

  

	4.	Termination of Employee Status. 

 (a) Should the Grantee’s service as a employee of the Company terminate for any reason (other than Disability, Death or cause), this Option may be exercised (to the extent such Option was
exercisable at the time of termination) for a period of 90 days from the date of such termination or until the Expiration Date, whichever period is shorter. 
 (b) Disability. Should the Grantee’s service as an Employee terminate by reason of Disability, this Option may be exercised (to the extent such Option was exercisable at the time of
termination) for a period of 12 months from the date of such termination or until the Expiration Date, whichever period is shorter. 
 (c) Death. Should the Grantee die while an Employee, this Option may be exercised (to the extent such Option was exercisable at the time of death) by, where appropriate, the Grantee’s transferee or legal representative, for a
period of 12 months from the date of death or until the Expiration Date, whichever period is shorter. 
 (d) Cause.
Should the Grantee’s service as an Employee be terminated for cause (including, but not limited to, any act of dishonesty, unethical conduct, willful misconduct, fraud or embezzlement, or any unauthorized disclosure of confidential information
or trade secrets), any unexercised portion of this Option will immediately terminate and cease to be exercisable on the date of such termination. 
 (e) Continuation of Service. Notwithstanding anything to the contrary in this Agreement, Grantee’s cessation of service as an Employee (other than for cause) shall not be treated as a
termination under this Agreement if the Grantee continues without interruption to serve the Company thereafter in a material manner in one (or more) capacities (e.g., service as an consultant or member of the Board), as determined by the Committee
in its sole discretion. 
  

	5.	Privilege of Stock Ownership. 

 Until the Option has been exercised and such Shares acquired upon exercise are fully vested, Grantee shall not have any rights to vote the Shares or the right to receive any cash or other dividends
declared thereon. 
  

	6.	Certain Corporation Transactions. 

 The provisions of the Plan applicable to a Change of Control (as defined in the Plan) shall apply to this Option and, in the event of a Change of Control, this Option shall fully vest. 
  

 - 2 - 

	7.	Withholding. 

 As a condition precedent to the issuance of Shares upon exercise of the Option, Grantee shall, upon request by the Company, pay to the Company in addition to the purchase price of the shares, such amount as the Company may be required,
under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to such exercise of the Option. If Grantee shall fail
to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to Grantee. 
 Grantee may elect to satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (1) a cash
payment to the Company, (2) delivery to the Company (either actual delivery or by attestation procedures established by the Company) of shares of Common Stock having an aggregate Fair Market Value equal to the Required Tax Payments,
(3) authorizing the Company to withhold whole shares of Common Stock which would otherwise be issued to Grantee upon exercise of the Option having an aggregate Fair Market Value equal to the Required Tax Payments, (4) a cash payment by a
broker-dealer acceptable to the Company to whom Grantee has submitted an irrevocable notice of exercise or (5) any combination of (1), (2), (3) and (4). The Company shall have sole discretion to disapprove of an election pursuant to any of
clauses (2) through (5). Shares of Common Stock to be delivered or withheld may not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments. Any fraction of a share of Common Stock which would be required to
satisfy any such obligation shall be disregarded and the remaining amount due shall be paid in cash by Grantee. No certificate representing a share of Common Stock shall be issued or delivered until the Required Tax Payments have been satisfied in
full. 
  

	8.	Compliance with Laws and Regulations. 

 (a) The obligations of the Company to deliver the Shares pursuant to this Option shall be subject to the condition that if at any time the Committee shall determine, in its discretion, that the listing,
registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
issuance of such Shares, the Shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The
issuance of Shares to Grantee upon exercise of this Option is subject to applicable taxes and other laws or regulations of the United States or any state having jurisdiction thereof. 
 (b) In connection with this Grant, Grantee will execute and deliver to the Company such representations in writing as may be requested by
the Company so that it may comply with the applicable requirements of federal and state securities laws. 
 (c) Grantee agrees
to be bound by the Company’s policies regarding the transfer of shares of the Company’s Common Stock and understands that there may be certain times during the year in which Grantee will be prohibited from selling, transferring, pledging,
donating, assigning, mortgaging, hypothecating or encumbering the Shares after the Option has been exercised and the Shares have been issued to Grantee. 
  

	9.	Liability of Company. 

 (a) If as of the Grant Date the Shares exceed the number of shares that may without stockholder approval be issued under the Plan, then this Option will be void with respect to such excess shares unless
stockholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan. 
 (b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any Shares pursuant to this Option
will relieve the Company of any liability with respect to the non-issuance or sale of the Shares as to which such approval is not obtained. 
  

 - 3 - 

	10.	No Employment Contract. 

 Nothing herein or in the Plan confers upon Grantee any right to continue in the employ or service of the Company (or any subsidiary or affiliate) as an employee or otherwise or interferes with or
restricts in any way the rights of the Company (or any subsidiary or affiliate), which are hereby expressly reserved, to discharge Grantee at any time for any reason or no reason, with or without cause. Except to the extent the terms of any
employment or service contract between the Company (or any subsidiary or affiliate) and Grantee may expressly provide otherwise, neither the Company nor any of its subsidiaries or affiliates is under any obligation to continue the employment or
service of Grantee for any period of specified duration. 
  

	11.	Notices. 

 Any notice required to be given or delivered to the Company under the terms herein will be in writing and addressed to the Company, Attention: Finance, at its corporate office at 700 Pennsylvania Drive, Exton, Pennsylvania 19341. Any
notice required to be given or delivered to Grantee will be in writing and addressed to Grantee at the address provided above or such other address provided in writing by Grantee to the Company. All notices will be deemed to have been given or
delivered upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 
  

	12.	Assignment. 

 The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Grant may be assigned by the Company without
Grantee’s consent. 
  

	13.	Applicable Law. 

 The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions hereof. 

 

	14.	Construction. 

 (a) These terms and conditions and the Grant evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the express terms and provisions of the Plan, which terms are incorporated herein.

 (b) This Grant is subject to interpretations, regulations and determinations concerning the Plan established from time to
time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of
the shares, (iii) changes in capitalization of the Company, and (iv) other requirements of applicable law. The Committee shall have authority to interpret and construe the Grant pursuant to the terms of the Plan, and all decisions of
the Committee with respect to any question or issue arising under the Plan or these terms and conditions will be conclusive and binding on all persons having an interest in this Grant. 
  

	15.	Documents. 

 By signing below, you agree to be bound by the applicable terms of the Plan and acknowledge that following document have been made available to you: the Plan, the Summary of the Amended and Restated Adolor Corporation 2003 Stock-Based
Incentive Compensation Plan and the Adolor Corporation Form 10-K for Fiscal Year Ended December 31,             . 
 [SIGNATURE PAGE FOLLOWS] 
  

 - 4 - 

 IN WITNESS WHEREOF, Adolor Corporation has caused this Agreement to be executed in duplicate on its
behalf by its duly authorized officer and the Grantee has also executed this Agreement in duplicate. 
  

			
		 	ADOLOR CORPORATION
		
		 	  

		 	Michael R. Dougherty
		 	President & CEO
		
	Date:	 	  

 I hereby accept the Grant described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all of the decisions and determinations of the
Committee shall be final and binding. 
  

			
	Grantee:	 	  

		 	[NAME]
		
	Address:	 	  

		
		 	  

		
	Date:	 	  

  

 - 5 -Form of Deferred Stock Award with Annual vestings

 Exhibit 10.27 
 AMENDED AND RESTATED 2003 STOCK-BASED INCENTIVE COMPENSATION PLAN 
 EMPLOYEE DEFERRED STOCK AGREEMENT (ANNUAL VESTING) 
 [DATE] 
 [Name] (“Grantee”) 
 [Address]

 [Address] 
 Dear [Name]: 

Adolor Corporation, a Delaware corporation (the “Company”), and the Grantee hereby enter into this Deferred Stock Agreement (the
“Agreement”), effective as of [GRANT DATE] (the “Grant Date”). All capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Amended and Restated Adolor Corporation 2003 Stock-Based
Incentive Compensation Plan (the “Plan”). 
  

	1.	Grant of Deferred Stock. 

 (a) Pursuant to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants (“Grant”) to Grantee, as of the Grant Date, the right to receive from the Company
             shares of the common stock, par value $.0001 per share, of the Company (the “Deferred Stock”). The Deferred Stock underlying this Grant may not be
transferred by Grantee or subjected to any security interest until the restrictions have lapsed in accordance with the terms of the Plan and the terms and conditions of this Agreement. 
 (b) This Grant shall become null and void unless Grantee shall accept these terms and conditions by executing this Agreement below and
returning it to the Company’s Finance Department not later than forty-five (45) days after the Grant Date. By accepting the Grant, Grantee agrees to be bound by the terms of the Plan and this Agreement and further agrees that all of
the decisions and determinations of the Committee (as defined in the Plan) with respect to the Deferred Stock shall be final and binding. The Company will not issue certificates for any portion of the Deferred Stock until all of the
restrictions on that portion of the Deferred Stock have lapsed. 
  

	2.	Restrictions. 

 (a) Vesting Period. The restrictions on the Deferred Stock (described in Paragraph 2(b) below) shall lapse, and the Deferred Stock shall no longer be forfeitable (as described in Paragraph 3 below), in accordance with the
following schedule: 
  

			
	 Date
	 	 Deferred Stock Becoming
 Nonforfeitable

	[GRANT DATE+ 1 yr]	 	25% of Deferred Stock
	[GRANT DATE+ 2 yrs]	 	25% of Deferred Stock
	[GRANT DATE+ 3 yrs]	 	25% of Deferred Stock
	[GRANT DATE+ 4 yrs]	 	25% of Deferred Stock

 The
vesting of the Deferred Stock shall be cumulative, but shall not exceed 100% of the Deferred Stock. If the foregoing schedule would produce fractional Deferred Stock, the number of shares of Deferred Stock that vest shall be rounded down
to the nearest whole share of Deferred Stock, with full

 
vesting of the Deferred Stock on the 4th anniversary of the Date of Grant, if the Grantee is then employed by, or providing service to, the Company. The period during which any portion of
the Deferred Stock actually remains subject to the restrictions of Paragraph 2(b) below is referred to herein and in the Plan as the “Restriction Period” for such portion of the Deferred Stock. 
 (b) Restrictions on Transfer; Shares Subject to Forfeiture. Grantee may not sell, assign, transfer, pledge or otherwise
dispose of any portion of the Deferred Stock at any time during the Restriction Period for such Deferred Stock. Any attempt to sell, assign, transfer, pledge or otherwise dispose of the Deferred Stock contrary to the provisions hereof, and the
levy of any execution, attachment or similar process upon the Deferred Stock, shall be null, void and without effect. 
 (c) Certificates. Unless the shares of Deferred Stock are forfeited pursuant to Paragraph 3 below, at the end of the Restriction Period applicable to each portion of the Deferred Stock, Grantee will be entitled to receive
an unrestricted certificate representing that portion of the Deferred Stock (the “Unrestricted Shares”). 
  

	3.	Termination of Employment; Death. 

 (a) Should Grantee’s employment or service with the Company or one of its subsidiaries terminate for any reason other than by reason of death during the Restriction Period, Grantee will forfeit
all of the Deferred Stock as to which the Restriction Period has not expired on or before the effective date of such termination. 
 (b) Should Grantee die during the Restriction Period, all restrictions imposed under Section 2(b) above with respect to such Deferred Stock shall lapse and such shares shall become transferable and nonforfeitable. 
  

	4.	Privilege of Stock Ownership. 

 Grantee shall not have, with respect to any Deferred Stock, the right to vote the shares or the right to receive any cash or other dividends declared thereon, until the Restriction Period has expired with
respect to such Deferred Stock. 
  

	5.	Certain Corporation Transactions. 

 The provisions of the Plan applicable to a Change of Control (as defined in the Plan) shall apply to the Deferred Stock and, in the event of a Change of Control, any remaining restrictions on the Deferred
Stock (described in Paragraph 2(b) above) shall fully lapse, and the Deferred Stock shall no longer be forfeitable (as described in Paragraph 3 above). 
  

	6.	Withholding. 

 The
Grantee shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the grant or
vesting of the Deferred Stock. Grantee may make an election to satisfy any income tax withholding obligation with respect to the Deferred Stock by having shares withheld up to an amount that does not exceed Grantee’s minimum applicable
withholding tax rate for federal (including FICA), state and local tax liabilities. Such election must be in the form and manner prescribed by the Committee. If Grantee is a director or officer (within the meaning of Rule 16a-1(f)
promulgated under the Securities Exchange Act of 1934, as amended), such election must be irrevocable and must be made six months prior to the date on which all restrictions lapse with respect to such Deferred Stock. 

	7.	Compliance with Laws and Regulations. 

 (a) The obligations of the Company to deliver Unrestricted Shares pursuant to this Agreement shall be subject to the condition that if at any time the Committee shall determine, in its discretion, that
the listing, registration or qualification of the Unrestricted Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in
connection with, the issuance of such shares, the Unrestricted Shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Committee. The issuance of shares to Grantee pursuant to this Grant is subject to applicable taxes and other laws or regulations of the United States or any state having jurisdiction thereof. 
 (b) In connection with this Grant, Grantee will execute and deliver to the Company such representations in writing as may be requested by
the Company so that it may comply with the applicable requirements of federal and state securities laws. 
 (c) Grantee agrees
to be bound by the Company’s policies regarding the transfer of shares of the Company’s common stock and understands that there may be certain times during the year in which Grantee will be prohibited from selling, transferring, pledging,
donating, assigning, mortgaging, hypothecating or encumbering Unrestricted Shares after such shares have been issued to the Grantee. 
  

	8.	Liability of Company. 

 (a) If as of the Grant Date the Deferred Shares exceed the number of shares that may without stockholder approval be issued under the Plan, then this Grant will be void with respect to such excess
shares unless stockholder approval of an amendment sufficiently increasing the number of shares issuable under the Plan is obtained in accordance with the provisions of the Plan. 
 (b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to
the lawful issuance and delivery of any Unrestricted Shares pursuant to this Grant will relieve the Company of any liability with respect to the non-issuance or non-delivery of the Unrestricted Shares as to which such approval is not obtained.

  

	9.	No Employment Contract. 

 Nothing herein or in the Plan confers upon Grantee any right to continue in the employ or service of the Company (or any subsidiary or affiliate) as an employee or otherwise or interferes with or restricts in any way the rights of the
Company (or any subsidiary or affiliate), which are hereby expressly reserved, to discharge Grantee at any time for any reason or no reason, with or without cause. Except to the extent the terms of any employment or service contract between the
Company (or any subsidiary or affiliate) and Grantee may expressly provide otherwise, neither the Company nor any of its subsidiaries or affiliates is under any obligation to continue the employment or service of Grantee for any period of specified
duration. 
  

	10.	Notices. 

 Any
notice required to be given or delivered to the Company under the terms herein will be in writing and addressed to the Company, Attention: Finance, at its corporate office at 700 Pennsylvania Drive, Exton, Pennsylvania 19341. Any notice
required to be given or delivered to Grantee will be in writing and addressed to Grantee at the address provided above or such other address provided in writing by Grantee to the Company. All notices will be deemed to have been given or
delivered upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 
  

	11.	Assignment. 

 The
rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Grant may be assigned by the Company without Grantee’s consent.
This Grant is not transferable or assignable by the Grantee other than by will or by the laws of descent and distribution. 

	12.	Applicable Law. 

 The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions hereof. 

 

	13.	Construction. 

 (a) These terms and conditions and the Grant evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the express terms and provisions of the Plan, which terms are incorporated
herein. 
 (b) This Grant is subject to interpretations, regulations and determinations concerning the Plan established
from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or
listing of the shares, (iii) changes in capitalization of the Company, and (iv) other requirements of applicable law. The Committee shall have authority to interpret and construe the Grant pursuant to the terms of the Plan, and all
decisions of the Committee with respect to any question or issue arising under the Plan or these terms and conditions will be conclusive and binding on all persons having an interest in this Grant. 
  

	14.	Documents. 

 By
signing below, you agree to be bound by the applicable terms of the Plan and acknowledge that following document have been made available to you: the Plan, the Summary of the Adolor Corporation Amended and Restated 2003 Stock-Based Incentive
Compensation Plan and the Adolor Corporation Form 10-K for Fiscal Year Ended December 31,             . 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, Adolor Corporation has caused this Agreement to be executed in duplicate on its
behalf by its duly authorized officer and the Grantee has also executed this Agreement in duplicate. 
  

			
		 	ADOLOR CORPORATION
		
		 	  

		 	Michael R. Dougherty
		 	President & CEO
		
	Date:	 	  

 I hereby accept the Grant described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all of the decisions and determinations of the
Committee shall be final and binding. 
  

			
	Grantee:	 	  

		 	[Name]
		
	Address:	 	  

		
		 	  

		
	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]