Document:

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                                                                    Exhibit 10.1

                               ALSIUS CORPORATION

                            1992 INCENTIVE STOCK PLAN
                  (Amended and Restated as of November 8, 2002)

     1. Purposes of the Plan. The purposes of this Incentive Stock Plan are to
attract and retain the best available personnel, to provide additional incentive
to the Employees of Alsius Corporation (the "Company") and to promote the
success of the Company's business.

          Options granted hereunder may be either Incentive Stock Options or
Nonstatutory Stock Options, at the discretion of the Board and as reflected in
the terms of the written option agreement. The Board also has the discretion to
grant Stock Purchase Rights.

     2. Definitions. As used herein, the following definitions shall apply:

          (a) "Board" shall mean the Committee, if one has been appointed, or
the Board of Directors of the Company, if no Committee is appointed.

          (b) "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (c) "Committee" shall mean the Committee appointed by the Board of
Directors in accordance with Section 4(a) of the Plan, if one is appointed.

          (d) "Common Stock" shall mean the Common Stock of the Company.

          (e) "Company" shall mean Alsius Corporation, a California corporation.

          (f) "Consultant" shall mean any person who is engaged by the Company
or any Parent or Subsidiary to render consulting services and is compensated for
such consulting services, and any director of the Company whether compensated
for such services or not.

          (g) "Continuous Status as an Employee or Consultant" shall mean the
absence of any interruption or termination of service as an Employee or
Consultant, as applicable. Continuous Status as an Employee or Consultant shall
not be considered interrupted in the case of sick leave, military leave, or any
other leave of absence approved by the Board; provided that such leave is for a
period of not more than 90 days or reemployment upon the expiration of such
leave is guaranteed by contract or statute.

          (h) "Employee" shall mean any person, including officers and
directors, employed by the Company or any Parent or Subsidiary of the Company.
The payment of a director's fee by the Company shall not be sufficient to
constitute "employment" by the Company.

          (i) "Incentive Stock Option" shall mean an Option intended to qualify
as an incentive stock option within the meaning of Section 422 of the Code.

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          (j) "Nonstatutory Stock Option" shall mean an Option not intended to
qualify as an Incentive Stock Option.

          (k) "Option" shall mean a stock option granted pursuant to the Plan.

          (l) "Optioned Stock" shall mean the Common Stock subject to an Option.

          (m) "Optionee" shall mean an Employee or Consultant who receives an
Option.

          (n) "Parent" shall mean a "parent corporation," whether now or
hereafter existing, as defined in Section 425(e) of the Code.

          (o) "Plan" shall mean this 1992 Incentive Stock Plan.

          (p) "Purchaser" shall mean an Employee or Consultant who exercises a
Stock Purchase Right.

          (q) "Share" shall mean a share of the Common Stock, as adjusted in
accordance with Section 11 of the Plan.

          (r) "Stock Purchase Right" shall mean a right to purchase Common Stock
pursuant to the Plan or the right to receive a bonus of Common Stock for past
services.

          (s) "Subsidiary" shall mean a "subsidiary corporation," whether now or
hereafter existing, as defined in Section 425(f) of the Code.

     3. Stock Subject to the Plan. Subject to the provisions of Section 11 of
the Plan, the maximum aggregate number of Shares under the Plan is 5,100,000
shares of Common Stock. The Shares may be authorized, but unissued, or
reacquired Common Stock. The 5,100,000 share figure is comprised of (i) the
initial share reserve of 600,000 shares authorized on January 8, 1992 (which
reflects the four-for-one stock split approved on April 8, 1996), (ii) an
additional increase of 2,000,000 shares authorized on November 20, 1996, (iii)
an additional increase of 1,000,000 shares authorized on November 2, 1998, (iv)
an additional increase of 1,500,000 shares authorized on November 1, 2000 and
(v) an additional increase of 400,000 shares authorized on November 8, 2002. The
5,500,000 shares of Common Stock authorized under the Plan includes shares
issued or issuable pursuant to options or direct share grants made under the
Plan prior to the most recent increase in the size of the Plan on November 8,
2002.

          If an Option or Stock Purchase Right should expire or become
unexercisable for any reason without having been exercised in full, then the
unpurchased Shares which were subject thereto shall, unless the Plan shall have
been terminated, become available for future grant or sale under the Plan.
Notwithstanding any other provision of the Plan, Shares issued under the Plan
and later repurchased by the Company shall not become available for future grant
or sale under the Plan.

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     4. Administration of the Plan.

          (a) Procedure. The Plan shall be administered by the Board of
Directors of the Company.

               (i) The Board of Directors may appoint a Committee consisting of
not less than two members of the Board of Directors to administer the Plan on
behalf of the Board of Directors, subject to such terms and conditions as the
Board of Directors may prescribe. Once appointed, the Committee shall continue
to serve until otherwise directed by the Board of Directors. Members of the
Board who are either eligible for Options and/or Stock Purchase Rights or have
been granted Options and/or Stock Purchase Rights may vote on any matters
affecting the administration of the Plan or the grant of any Options and/or
Stock Purchase Rights pursuant to the Plan, except that no such member shall act
upon the granting of an Option and/or Stock Purchase Right to such member, but
any such member may be counted in determining the existence of a quorum at any
meeting of the Board during which action is taken with respect to the granting
of Options and/or Stock Purchase Rights to the member.

               (ii) Subject to the foregoing subparagraph (i), from time to time
the Board of Directors may increase the size of the Committee and appoint
additional members thereof, remove members (with or without cause) and appoint
new members in substitution therefore, fill vacancies however caused, or remove
all members of the Committee and thereafter directly administer the Plan.

          (b) Powers of the Board. Subject to the provisions of the Plan, the
Board shall have the authority, in its discretion: (i) to grant Incentive Stock
Options, Nonstatutory Stock Options or Stock Purchase Rights; (ii) to determine,
upon review of relevant information and in accordance with Section 7 of the
Plan, the fair market value of the Common Stock; (iii) to determine the exercise
price per Share of Options or Stock Purchase Rights, to be granted, which
exercise price shall be determined in accordance with Section 7 of the Plan;
(iv) to determine the Employees or Consultants to whom, and the time or times at
which, Options or Stock Purchase Rights shall be granted and the number of
Shares to be represented by each Option or Stock Purchase Right; (v) to
interpret the Plan; (vi) to prescribe, amend and rescind rules and regulations
relating to the Plan; (vii) to determine the terms and provisions of each Option
and Stock Purchase Right granted (which need not be identical) and, with the
consent of the holder thereof, modify or amend each Option or Stock Purchase
Right; (viii) to authorize any person to execute on behalf of the Company any
instrument required to effectuate the grant of an Option or Stock Purchase Right
previously granted by the Board; and (ix) to make all other determinations
deemed necessary or advisable for the administration of the Plan.

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          (c) Effect of Board's Decision. All decisions, determinations and
interpretations of the Board shall be final and binding on all Optionees,
Purchasers and any other holders of any Options or Stock Purchase Rights granted
under the Plan.

     5. Eligibility.

          (a) Options and Stock Purchase Rights may be granted to Employees and
Consultants, provided that Incentive Stock Options may only be granted to
Employees. An Employee or Consultant who has been granted an Option or Stock
Purchase Right may, if such Employee or Consultant is otherwise eligible, be
granted additional Option(s) or Stock Purchase Right(s).

          (b) No Incentive Stock Option may be granted to an Employee which,
when aggregated with all other incentive stock options granted to such Employee
by the Company or any Parent or Subsidiary, would result in Shares having an
aggregate fair market value (determined for each Share as of the date of grant
of the Option covering such Share) in excess of $100,000 becoming first
available for purchase upon exercise of one or more incentive stock options
during any calendar year.

          (c) Section 5(b) of the Plan shall apply only to an Incentive Stock
Option evidenced by an "Incentive Stock Option Agreement" which sets forth the
intention of the Company and the Optionee that such Option shall qualify as an
incentive stock option. Section 5(b) of the Plan shall not apply to any Option
evidenced by a "Nonstatutory Stock Option Agreement" which sets forth the
intention of the Company and the Optionee that such Option shall be a
Nonstatutory Stock Option.

          (d) The Plan shall not confer upon any Optionee or holder of a Stock
Purchase Right any right with respect to continuation of employment by or the
rendition of consulting services to the Company, nor shall it interfere in any
way with his or her right or the Company's right to terminate his or her
employment or services at any time, with or without cause.

     6. Term of Plan. The Plan shall become effective upon the earlier to occur
of its adoption by the Board of Directors or its approval by vote of the holders
of a majority of the outstanding Shares of the Company entitled to vote on the
adoption of the Plan. It shall continue in effect for a term of ten (10) years
unless sooner terminated under Section 13 of the Plan.

     7. Exercise Price and Consideration.

          (a) The per Share exercise price for the Shares to be issued pursuant
to exercise of an Option or Stock Purchase Right shall be such price as is
determined by the Board, but shall be subject to the following:

               (i) In the case of an Incentive Stock Option

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                    (A) granted to an Employee who, at the time of the grant of
such Incentive Stock Option, owns stock representing more than ten percent (10%)
of the voting power of all classes of stock of the Company or any Parent or
Subsidiary, the per Share exercise price shall be no less than 110% of the fair
market value per Share on the date of grant.

                    (B) granted to any Employee, the per Share exercise price
shall be no less than 100% of the fair market value per Share on the date of
grant.

               (ii) In the case of a Nonstatutory Stock Option

                    (A) granted to a person who, at the time of the grant of
such Option, owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or Subsidiary, the
per Share exercise price shall be no less than 110% of the fair market value per
Share on the date of the grant.

                    (B) granted to any person, the per Share exercise price
shall be no less than 85% of the fair market value per Share on the date of
grant.

               (iii) In the case of a Stock Purchase Right granted to any
person, the per Share exercise price shall be no less than 85% of the fair
market value per Share on the date of grant.

          (b) The fair market value shall be determined by the Board in its
discretion; provided, however, that where there is a public market for the
Common Stock, the fair market value per Share shall be the mean of the bid and
asked prices (or the closing price per Share if the Common Stock is listed on
the National Association of Securities Dealers Automated Quotation ("NASDAQ")
National Market System of the Common Stock for the date of grant, as reported in
the Wall Street Journal (or, if not so reported, as otherwise reported by the
NASDAQ System) or, in the event the Common Stock is listed on a stock exchange,
the fair market value per Share shall be the closing price on such exchange on
the date of grant of the Option or Stock Purchase Right, as reported in the Wall
Street Journal.

          (c) The consideration to be paid for the Shares to be issued upon
exercise of an Option or Stock Purchase Right, including the method of payment,
shall be determined by the Board and may consist of (1) cash, (2) check, (3)
promissory note, (4) other Shares which (x) in the case of Shares acquired upon
exercise of an Option, have been owned by the Optionee for more than six months
on the date of surrender, and (y) have a fair market value on the date of
surrender equal to the aggregate exercise price of the Shares as to which such
Option shall be exercised, (5) consideration received by the Company under a
cashless exercise program implemented by the Company in connection with the
Plan, or (6) any combination of the foregoing methods of payment. In making its
determination as to the type of consideration to accept, the Board shall
consider if acceptance of

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such consideration may be reasonably expected to benefit the Company (Section
315(b) of the California General Corporation Law).

     8. Options.

          (a) Term of Option. The term of each Incentive Stock Option shall be
ten (10) years from the date of grant thereof or such shorter term as may be
provided in the Incentive Stock Option Agreement. The term of each Option that
is not an Incentive Stock Option shall be ten (10) years from the date of grant
thereof or such shorter term as may be provided in the Stock Option Agreement.
However, in the case of an Incentive Stock Option granted to an Employee who, at
the time the Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent
or Subsidiary, the term of the Option shall be five (5) years from the date of
grant thereof or such shorter time as may be provided in the Stock Option
Agreement.

          (b) Exercise of Option.

               (i) Procedure for Exercise; Rights as a Shareholder. Any Option
granted hereunder shall be exercisable at such times and under such conditions
as determined by the Board, including performance criteria with respect to the
Company and/or the Optionee, and as shall be permissible under the terms of the
Plan. Except in the case of Options granted to officers, directors and
Consultants, Options shall become exercisable at a rate of no less than 20% per
year over five (5) years from the date the Options are granted.

                    An Option may not be exercised for a fraction of a Share.

                    An Option shall be deemed to be exercised when written
notice of such exercise has been given to the Company in accordance with the
terms of the Option by the person entitled to exercise the Option and full
payment for the Shares with respect to which the Option is exercised has been
received by the Company. Full payment may, as authorized by the Board, consist
of any consideration and method of payment allowable under Section 7 of the
Plan. Until the issuance (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company) of the stock
certificate evidencing such Shares, no right to vote or receive dividends or any
other rights as a shareholder shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued) such stock certificate promptly upon exercise of the Option. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the stock certificate is issued, except as provided in
Section 11 of the Plan.

                    Exercise of an Option in any manner shall result in a
decrease in the number of Shares which thereafter may be available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as
to which the Option is exercised.

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               (ii) Termination of Status as an Employee or Consultant. In the
event of termination of an Optionee's Continuous Status as an Employee or
Consultant (as the case may be), such Optionee may, but only within thirty (30)
days (or such other period of time not exceeding three (3) months in the case of
an Incentive Stock Option, as is determined by the Board, with such
determination in the case of an Incentive Stock Option being made at the time of
grant of the Option) after the date of such termination (but in no event later
than the date of expiration of the term of such Option as set forth in the
Option Agreement, exercise the Option to the extent that such Employee or
Consultant was entitled to exercise it at the date of such termination. To the
extent that such Employee or Consultant was not entitled to exercise the Option
at the date of such termination, or if such Employee or Consultant does not
exercise such Option (which such Employee or Consultant was entitled to
exercise) within the time specified herein, the Option shall terminate.

               (iii) Disability of Optionee. Notwithstanding the provisions of
Section 8(b)(ii) above, in the event of termination of an Optionee's Continuous
Status as an Employee or Consultant as a result of such Employee's or
Consultant's total and permanent disability (as defined in Section 22(e)(3) of
the Code), such Employee or Consultant may, but only within six (6) months (or
such other period of time not exceeding twelve (12) months as is determined by
the Board, with such determination in the case of an Incentive Stock Option
being made at the time of grant of the Option) from the date of such termination
(but in no event later than the date of expiration of the term of such Option as
set forth in the Option Agreement), exercise the Option to the extent such
Employee or Consultant was entitled to exercise it at the date of such
termination. To the extent that such Employee or Consultant was not entitled to
exercise the Option at the date of termination, or if such Employee or
Consultant does not exercise such Option (which such Employee or Consultant was
entitled to exercise) within the time specified herein, the Option shall
terminate.

               (iv) Death of Optionee. In the event of the death of an Optionee:

                    (A) during the term of the Option who is at the time of his
or her death an Employee or Consultant of the Company and who shall have been in
Continuous Status as an Employee or Consultant since the date of grant of the
Option, the Option may be exercised, at any time within six (6) months (or such
other period of time as is determined by the Board at the time of grant of the
Option) following the date of death (but in no event later than the date of
expiration of the term of such Option as set forth in the Option Agreement), by
the Optionee's estate or by a person who acquired the right to exercise the
Option by bequest or inheritance, but only to the extent of the right to
exercise that would have accrued had the Optionee continued living and remained
in Continuous Status as an Employee or Consultant six (6) months (or such other
period of time as is determined by the Board at the time of grant of the Option)
after the date of death, subject to the limitation set forth in Section 5(b); or

                    (B) within thirty (30) days (or such other period of time
not exceeding three (3) months as is determined by the Board, with such
determination in the case of an

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Incentive Stock Option being made at the time of grant of the Option) after the
termination of Continuous Status as an Employee or Consultant, the Option may be
exercised, at any time within six (6) months (or such other period of time as is
determined by the Board at the time of grant of the Option) following the date
of death (but in no event later than the date of expiration of the term of such
Option as set forth in the Option Agreement), by the Optionee's estate or by a
person who acquired the right to exercise the Option by bequest or inheritance,
but only to the extent of the right to exercise that had accrued at the date of
termination.

     9. Stock Purchase Rights.

          (a) Rights to Purchase. After the Board of Directors determines that
it will offer an Employee or Consultant a Stock Purchase Right, it shall deliver
to the offeree a stock purchase agreement or stock bonus agreement, as the case
may be, setting forth the terms, conditions and restrictions relating to the
offer, including the number of Shares which such person shall be entitled to
purchase, and the time within which such person must accept such offer, which
shall in no event exceed six (6) months from the date upon which the Board of
Directors or its Committee made the determination to grant the Stock Purchase
Right. The terms of the offer shall comply in all respects with Section
260.140.42 of Title 10 of the California Code of Regulations. The offer shall be
accepted by execution of a stock purchase agreement or stock bonus agreement in
the form determined by the Board of Directors.

          (b) Issuance of Shares. Forthwith after payment therefore, the Shares
purchased shall be duly issued; provided, however, that the Board may require
that the Purchaser make adequate provision for any Federal and State withholding
obligations of the Company as a condition to the Purchaser purchasing such
Shares.

          (c) Repurchase Option. Unless the Board determines otherwise, the
stock purchase agreement or stock bonus agreement shall grant the Company a
repurchase option exercisable upon the voluntary or involuntary termination of
the Purchaser's employment with the Company for any reason (including death or
disability). If the Board so determines, the purchase price for Shares
repurchased may be paid by cancellation of any indebtedness of the Purchaser to
the Company. The repurchase option shall lapse at such rate as the Board may
determine. Except with respect to Shares purchased by officers, directors and
Consultants, the repurchase option shall in no case lapse at a rate of less than
20% per year over five (5) years after the date of purchase.

          (d) Other Provisions. The stock purchase agreement or stock bonus
agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Board of Directors.

     10. Non-Transferability of Options and Stock Purchase Rights. The Options
and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Optionee or Purchaser, only by the Optionee or Purchaser.

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     11. Adjustments Upon Changes in Capitalization, Merger or Asset Sale.

          (a) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the number of Shares covered by each outstanding
Option and Stock Purchase Right, and the number of Shares which have been
authorized for issuance under the Plan but as to which no Options or Stock
Purchase Rights have yet been granted or which have been returned to the Plan
upon cancellation or expiration of an Option or Stock Purchase Right, or
repurchase of Shares from a Purchaser upon termination of employment, as well as
the price per Share covered by each such outstanding Option or Stock Purchase
Right, shall be proportionately adjusted for any increase or decrease in the
number of issued shares of Common Stock resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common Stock
of the Company or the payment of a stock dividend with respect to the Common
Stock or any other increase or decrease in the number of issued shares of Common
Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration." Such
adjustment shall be made by the Board, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of Shares
subject to an Option or Stock Purchase Right.

          (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Board shall notify each Optionee
as soon as practicable prior to the effective date of such proposed transaction.
The Board in its discretion may provide for an Optionee to have the right to
exercise his or her Option or Stock Purchase Right until fifteen (15) days prior
to such transaction as to all of the Common Stock covered thereby, including
Shares as to which the Option or Stock Purchase Right would not otherwise be
exercisable. In addition, the Board may provide that any Company repurchase
option applicable to any Shares purchased upon exercise of an Option or Stock
Purchase Right shall lapse as to all such Shares, provided the proposed
dissolution or liquidation takes place at the time and in the manner
contemplated. To the extent it has not been previously exercised, an Option or
Stock Purchase Right will terminate immediately prior to the consummation of
such proposed action.

          (c) Merger or Asset Sale. In the event of a merger of the Company with
or into another corporation, or the sale of substantially all of the assets of
the Company, each outstanding Option and Stock Purchase Right shall be assumed
or an equivalent option or right substituted by the successor corporation or a
parent or subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the Option or Stock
Purchase Right, the Optionee shall fully vest in and have the right to exercise
the Option or Stock Purchase Right as to all of the Common Stock covered
thereby, including Shares as to which it would not otherwise be vested or
exercisable. If an Option or Stock Purchase Right becomes fully vested and
exercisable in lieu of assumption or substitution in the event of a merger or
sale of assets, the Board shall notify the

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Optionee in writing or electronically that the Option or Stock Purchase Right
shall be fully exercisable for a period of fifteen (15) days from the date of
such notice, and the Option or Stock Purchase Right shall terminate upon the
expiration of such period. For the purposes of this paragraph, the Option or
Stock Purchase Right shall be considered assumed if, following the merger or
sale of assets, the option or right confers the right to purchase or receive,
for each Share subject to the Option or Stock Purchase Right immediately prior
to the merger or sale of assets, the consideration (whether stock, cash, or
other securities or property) received in the merger or sale of assets by
holders of Common Stock for each share held on the effective date of the
transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding shares);
provided, however, that if such consideration received in the merger or sale of
assets is not solely common stock of the successor corporation or its parent,
the Board may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option or Stock Purchase
Right, for each Share subject to the Option or Stock Purchase Right, to be
solely common stock of the successor corporation or its parent equal in fair
market value to the per share consideration received by holders of Common Stock
in the merger or sale of assets.

     12. Time of Grant. The date of grant of an Option or Stock Purchase Right
shall, for all purposes, be the date on which the Board makes the determination
granting such Option or Stock Purchase Right. Notice of the determination shall
be given to each Employee or Consultant to whom an Option or Stock Purchase
Right is so granted within a reasonable time after the date of such grant.

     13. Amendment and Termination of the Plan.

          (a) Amendment and Termination. The Board may amend or terminate the
Plan from time to time in such respects as the Board may deem advisable;
provided that, the following revisions or amendments shall require approval of
the shareholders of the Company in the manner described in Section 17 of the
Plan:

               (i) any increase in the number of Shares subject to the Plan,
other than in connection with an adjustment under Section 11 of the Plan; or

               (ii) any change in the designation of the class of persons
eligible to be granted Options and Stock Purchase Rights.

          (b) Shareholder Approval. If any amendment requiring shareholder
approval under Section 13(a) of the Plan is made subsequent to the first
registration of any class of equity securities by the Company under Section 12
of the Exchange Act, such shareholder approval shall be solicited as described
in Section 17 of the Plan.

          (c) Effect of Amendment or Termination. Any such amendment or
termination of the Plan shall not affect Options or Stock Purchase Rights
already granted and such Options or Stock

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Purchase Rights shall remain in full force and effect as if this Plan had not
been amended or terminated, unless mutually agreed otherwise between the
Optionee or Purchaser (as the case may be) and the Board, which agreement must
be in writing and signed by the Optionee or Purchaser (as the case may be) and
the Company.

     14. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant
to the exercise of an Option or Stock Purchase Rights unless the exercise of
such Option or Stock Purchase Rights and the issuance and delivery of such
Shares pursuant thereto shall comply with all relevant provisions of law,
including, without limitation, the Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may then be listed, and
shall be further subject to the approval of counsel for the Company with respect
to such compliance.

          As a condition to the exercise of an Option or Stock Purchase Rights,
the Company may require the person exercising such Option or Stock Purchase
Rights to represent and warrant at the time of any such exercise that the Shares
are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company,
such a representation is required by any of the aforementioned relevant
provisions of law.

     15. Reservation of Shares. The Company, during the term of this Plan, will
at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

          The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company's counsel to
be necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue or sell
such Shares as to which such requisite authority shall not have been obtained.

     16. Option, Stock Purchase and Stock Bonus Agreements. Options shall be
evidenced by written option agreements in such form as the Board shall approve.
Upon the exercise of Stock Purchase Rights, the Purchaser shall sign a stock
purchase agreement or stock bonus agreement in such form as the Board shall
approve.

     17. Shareholder Approval.

          (a) Continuance of the Plan shall be subject to approval by the
shareholders of the Company within twelve (12) months before or after the date
the Plan is adopted. If such shareholder approval is obtained at a duly held
shareholders' meeting, it must be obtained by the affirmative vote of the
holders of a majority of the outstanding shares of the Company, or if such
shareholder approval is obtained by written consent, it must be obtained by the
unanimous written consent of all shareholders of the Company; provided, however,
that approval at a meeting or by written consent may be obtained by a lesser
degree of shareholder approval, if the Board determines, in its discretion

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after consultation with the Company's legal counsel, that such a lesser degree
of shareholder approval will comply with all applicable laws and will not
adversely affect the qualification of the Plan under Section 422 of the Code.

          (b) If and in the event that the Company registers any class of equity
securities pursuant to Section 12 of the Exchange Act, any required approval of
the shareholders of the Company obtained after such registration shall be
solicited substantially in accordance with Section 14(a) of the Exchange Act and
the rules and regulations promulgated thereunder.

          (c) If any required approval by the shareholders of the Plan itself or
of any amendment thereto is solicited at any time otherwise than in the manner
described in Section 17(b) hereof, then the Company shall, at or prior to the
first annual meeting of shareholders held subsequent to the later of (1) the
first registration of any class of equity securities of the Company under
Section 12 of the Exchange Act or (2) the granting of an Option hereunder to an
officer or director after such registration, do the following:

               (i) furnish in writing to the holders entitled to vote for the
Plan substantially the same information which would be required (if proxies to
be voted with respect to approval or disapproval of the Plan or amendment were
then being solicited) by the rules and regulations in effect under Section 14(a)
of the Exchange Act at the time such information is furnished; and

               (ii) file with, or mail for filing to, the Securities and
Exchange Commission four copies of the written information referred to in
subsection (i) hereof not later than the date on which such information is first
sent or given to shareholders.

     18. Information to Optionees and Purchasers. The Company shall provide to
each Optionee and Purchaser, during the period for which such Optionee or
Purchaser has one or more Options or Stock Purchase Rights outstanding, copies
of all annual reports and other information which are provided to all
shareholders of the Company. The Company shall not be required to provide such
information if the issuance of Options or Stock Purchase Rights under the Plan
is limited to key employees whose duties in connection with the Company assure
their access to equivalent information.

                                      -12-
<PAGE>

                               ALSIUS CORPORATION

                            1992 INCENTIVE STOCK PLAN

                             STOCK OPTION AGREEMENT

     Unless otherwise defined herein, the terms defined in the Plan shall have
the same defined meanings in this Option Agreement.

I.   NOTICE OF STOCK OPTION GRANT

[NAME] __________________________________
[ADDRESS] _______________________________

     The undersigned Optionee has been granted an Option to purchase Common
Stock of the Company, subject to the terms and conditions of the Plan and this
Option Agreement, as follows:

     Grant Number __________________________

     Date of Grant _________________________

     Vesting Commencement Date _____________

     Exercise Price per Share ______________

     Total Number of Shares Granted ________

     Total Exercise Price __________________

     Type of Option:                        Incentive Stock Option
                                      -----

                                            Nonstatutory Stock Option
                                      -----

     Term/Expiration Date:            6/18/11

     Vesting Schedule:

     This Option shall be exercisable, in whole or in part, according to the
following vesting schedule:

     Twelve forty-eighths (12/48) of the Shares subject to the Option shall vest
twelve months after the Vesting Commencement Date and one forty-eighth (1/48) of
the Shares subject to the Option shall vest at the end of each full month
thereafter, until all such Shares are exercisable.

<PAGE>

     Termination Period:

     This Option shall be exercisable for thirty (30) days after the termination
of Optionee's Continuous Status as an Employee or Consultant. This Option shall
be exercisable for six (6) months after the termination of Optionee's Continuous
Status as an Employee or Consultant as a result of Optionee's death or
disability. In no event may Optionee exercise this Option after the
Term/Expiration Date as provided above.

II.  AGREEMENT

     1. Grant of Option. The Company hereby grants to the Optionee named in the
Notice of Grant (the "Optionee"), an option (the "Option") to purchase the
number of Shares set forth in the Notice of Grant, at the exercise price per
Share set forth in the Notice of Grant (the "Exercise Price"), and subject to
the terms and conditions of the Plan, which is incorporated herein by reference.
Subject to Section 13(c) of the Plan, in the event of a conflict between the
terms and conditions of the Plan and this Option Agreement, the terms and
conditions of the Plan shall prevail.

          If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option as
defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds
the $100,000 rule of Code Section 422(d), this Option shall be treated as a
Nonstatutory Stock Option ("NSO").

     2. Exercise of Option.

          (a) Right to Exercise. This Option shall be exercisable during its
term in accordance with the Vesting Schedule set out in the Notice of Grant and
with the applicable provisions of the Plan and this Option Agreement.

          (b) Method of Exercise. This Option shall be exercisable by delivery
of an exercise notice in the form attached as Exhibit A (the Exercise Notice)
which shall state the election to exercise the Option, the number of Shares with
respect to which the Option is being exercised, and such other representations
and agreements as may be required by the Company. The Exercise Notice shall be
accompanied by payment of the aggregate Exercise Price as to all Exercised
Shares. This Option shall be deemed to be exercised upon receipt by the Company
of such fully executed Exercise Notice accompanied by the aggregate Exercise
Price.

          No Shares shall be issued pursuant to the exercise of an Option unless
such issuance and such exercise complies with all relevant provisions of law and
the requirements of any stock exchange upon which the Shares may then be listed.
Assuming such compliance, for income tax purposes the Shares shall be considered
transferred to the Optionee on the date on which the Option is exercised with
respect to such Shares.

                                      -2-

<PAGE>

     3. Optionee's Representations. In the event the Shares have not been
registered under the Securities Act of 1933, as amended, at the time this Option
is exercised, the Optionee shall, if required by the Company, concurrently with
the exercise of all or any portion of this Option, deliver to the Company his or
her Investment Representation Statement in the form attached hereto as Exhibit
B.

     4. Lock-Up Period. Optionee hereby agrees that, if so requested by the
Company or any representative of the underwriters (the "Managing Underwriter")
in connection with any registration of the offering of any securities of the
Company under the Securities Act, Optionee shall not sell or otherwise transfer
any Shares or other securities of the Company during the 180-day period (or such
other period as may be requested in writing by the Managing Underwriter and
agreed to in writing by the Company) (the "Market Standoff Period") following
the effective date of a registration statement of the Company filed under the
Securities Act. Such restriction shall apply only to the first registration
statement of the Company to become effective under the Securities Act that
includes securities to be sold on behalf of the Company to the public in an
underwritten public offering under the Securities Act. The Company may impose
stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such Market Standoff Period.

     5. Method of Payment. Payment of the aggregate Exercise Price shall be by
cash or check.

     6. Restrictions on Exercise. This Option may not be exercised until such
time as the Plan has been approved by the shareholders of the Company, or if the
issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any applicable
federal or state securities or other law or regulation.

     7. Non-Transferability of Option. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Optionee only by Optionee. The terms of the
Plan and this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee.

     8. Term of Option. This Option may be exercised only within the term set
out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option.

     9. Tax Consequences. Set forth below is a brief summary as of the date of
this Option of some of the federal tax consequences of exercise of this Option
and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE
TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD CONSULT A
TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

          (a) Exercise of ISO. If this Option qualifies as an ISO, there will be
no regular federal income tax liability upon the exercise of the Option,
although the excess, if any, of the Fair Market Value of the Shares on the date
of exercise over the Exercise Price will be treated as an

                                      -3-

<PAGE>

adjustment to the alternative minimum tax for federal tax purposes and may
subject the Optionee to the alternative minimum tax in the year of exercise.

          (b) Exercise of Nonstatutory Stock Option. There may be a regular
federal income tax liability upon the exercise of a Nonstatutory Stock Option.
The Optionee will be treated as having received compensation income (taxable at
ordinary income tax rates) equal to the excess, if any, of the Fair Market Value
of the Shares on the date of exercise over the Exercise Price. If Optionee is an
Employee or a former Employee, the Company will be required to withhold from
Optionee's compensation or collect from Optionee and pay to the applicable
taxing authorities an amount in cash equal to a percentage of this compensation
income at the time of exercise, and may refuse to honor the exercise and refuse
to deliver Shares if such withholding amounts are not delivered at the time of
exercise.

          (c) Disposition of Shares. In the case of an NSO, if Shares are held
for at least one year, any gain realized on disposition of the Shares will be
treated as long-term capital gain for federal income tax purposes. In the case
of an ISO, if Shares transferred pursuant to the Option are held for at least
one year after exercise and of at least two years after the Date of Grant, any
gain realized on disposition of the Shares will also be treated as long-term
capital gain for federal income tax purposes. If Shares purchased under an ISO
are disposed of within one year after exercise or two years after the Date of
Grant, any gain realized on such disposition will be treated as compensation
income (taxable at ordinary income rates) to the extent of the difference
between the Exercise Price and the lesser of (1) the Fair Market Value of the
Shares on the date of exercise, or (2) the sale price of the Shares. Any
additional gain will be taxed as capital gain, short-term or long-term depending
on the period that the ISO Shares were held.

          (d) Notice of Disqualifying Disposition of ISO Shares. If the Option
granted to Optionee herein is an ISO, and if Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the
later of (1) the date two years after the Date of Grant, or (2) the date one
year after the date of exercise, the Optionee shall immediately notify the
Company in writing of such disposition. Optionee agrees that Optionee may be
subject to income tax withholding by the Company on the compensation income
recognized by the Optionee.

     10. Entire Agreement; Governing Law. The Plan is incorporated herein by
reference. The Plan and this Option Agreement constitute the entire agreement of
the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the
Optionee's interest except by means of a writing signed by the Company and
Optionee. This agreement is governed by the internal substantive laws but not
the choice of law rules of California.

     11. No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING SERVICE AS AN EMPLOYEE OR CONSULTANT AT THE WILL OF THE
COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR
ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE

                                      -4-

<PAGE>

TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO
NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN
EMPLOYEE OR SONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND
SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO
TERMINATE OPTIONEE'S RELATIONSHIP AS AN EMPLOYEE OR CONSULTANT AT ANY TIME, WITH
OR WITHOUT CAUSE.

     Optionee acknowledges receipt of a copy of the Plan and represents that he
or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Optionee has
reviewed the Plan and this Option in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Option and fully
understands all provisions of the Option. Optionee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the
administrator of the Plan upon any questions arising under the Plan or this
Option. Optionee further agrees to notify the Company upon any change in the
residence address indicated below.

OPTIONEE:                               ALSIUS CORPORATION

-------------------------------------   ---------------------------------------
Signature                               By

-------------------------------------   President and CEO.
Print Name                              Title

------------------------------------

------------------------------------
Residence Address

                                      -5-

<PAGE>

                                    EXHIBIT A

                               ALSIUS CORPORATION

                                 EXERCISE NOTICE

Alsius Corporation
15770 Laguna Canyon Road
Irvine, California 92618
Attention: President

     1. Exercise of Option. Effective as of today, ___________, ____, the
undersigned ("Optionee") hereby elects to exercise Optionee's option to purchase
_________ shares of the Common Stock (the "Shares") of Alsius Corporation (the
"Company") under and pursuant to the 1992 Incentive Stock Plan (the "Plan") and
the Stock Option Agreement dated ________, _____ (the "Option Agreement").

     2. Delivery of Payment. Purchaser herewith delivers to the Company the full
purchase price of the Shares, as set forth in the Option Agreement.

     3. Representations of Optionee. Optionee acknowledges that Optionee has
received, read and understood the Plan and the Option Agreement and agrees to
abide by and be bound by their terms and conditions.

     4. Rights as Shareholder. Until the issuance of the Shares (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any
other rights as a shareholder shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. The Shares shall be issued to the
Optionee as soon as practicable after the Option is exercised. No adjustment
shall be made for a dividend or other right for which the record date is prior
to the date of issuance except as provided in Section 11 of the Plan.

     5. Company's Right of First Refusal. Before any Shares held by Optionee or
any transferee (either being sometimes referred to herein as the "Holder") may
be sold or otherwise transferred (including transfer by gift or operation of
law), the Company or its assignee(s) shall have a right of first refusal to
purchase the Shares on the terms and conditions set forth in this Section (the
"Right of First Refusal").

          (a) Notice of Proposed Transfer. The Holder of the Shares shall
deliver to the Company a written notice (the "Notice") stating: (i) the Holder's
bona fide intention to sell or otherwise transfer such Shares; (ii) the name of
each proposed purchaser or other transferee ("Proposed Transferee"); (iii) the
number of Shares to be transferred to each Proposed Transferee; and (iv) the
bona fide cash price or other consideration for which the Holder proposes to
transfer the Shares (the "Offered Price"), and the Holder shall offer the Shares
at the Offered Price to the Company or its assignee(s).

<PAGE>

          (b) Exercise of Right of First Refusal. At any time within thirty (30)
days after receipt of the Notice, the Company and/or its assignee(s) may, by
giving written notice to the Holder, elect to purchase all, but not less than
all, of the Shares proposed to be transferred to any one or more of the Proposed
Transferees, at the purchase price determined in accordance with subsection (c)
below.

          (c) Purchase Price. The purchase price ("Purchase Price") for the
Shares purchased by the Company or its assignee(s) under this Section shall be
the Offered Price. If the Offered Price includes consideration other than cash,
the cash equivalent value of the non-cash consideration shall be determined by
the Board of Directors of the Company in good faith.

          (d) Payment. Payment of the Purchase Price shall be made, at the
option of the Company or its assignee(s), in cash (by check), by cancellation of
all or a portion of any outstanding indebtedness of the Holder to the Company
(or, in the case of repurchase by an assignee, to the assignee), or by any
combination thereof within 30 days after receipt of the Notice or in the manner
and at the times set forth in the Notice.

          (e) Holder's Right to Transfer. If all of the Shares proposed in the
Notice to be transferred to a given Proposed Transferee are not purchased by the
Company and/or its assignee(s) as provided in this Section, then the Holder may
sell or otherwise transfer such Shares to that Proposed Transferee at the
Offered Price or at a higher price, provided that such sale or other transfer is
consummated within 120 days after the date of the Notice, that any such sale or
other transfer is effected in accordance with any applicable securities laws and
that the Proposed Transferee agrees in writing that the provisions of this
Section shall continue to apply to the Shares in the hands of such Proposed
Transferee. If the Shares described in the Notice are not transferred to the
Proposed Transferee within such period, a new Notice shall be given to the
Company, and the Company and/or its assignees shall again be offered the Right
of First Refusal before any Shares held by the Holder may be sold or otherwise
transferred.

          (f) Exception for Certain Family Transfers. Anything to the contrary
contained in this Section notwithstanding, the transfer of any or all of the
Shares during the Optionee's lifetime or on the Optionee's death by will or
intestacy to the Optionee's immediate family or a trust for the benefit of the
Optionee's immediate family shall be exempt from the provisions of this Section.
"Immediate Family" as used herein shall mean spouse, lineal descendant or
antecedent, father, mother, brother or sister. In such case, the transferee or
other recipient shall receive and hold the Shares so transferred subject to the
provisions of this Section, and there shall be no further transfer of such
Shares except in accordance with the terms of this Section.

          (g) Termination of Right of First Refusal. The Right of First Refusal
shall terminate as to any Shares upon the first sale of Common Stock of the
Company to the general public pursuant to a registration statement filed with
and declared effective by the Securities and Exchange Commission under the
Securities Act of 1933, as amended.

     6. Tax Consultation. Optionee understands that Optionee may suffer adverse
tax consequences as a result of Optionee's purchase or disposition of the
Shares. Optionee represents

                                      -2-

<PAGE>

that Optionee has consulted with any tax consultants Optionee deems advisable in
connection with the purchase or disposition of the Shares and that Optionee is
not relying on the Company for any tax advice.

     7. Restrictive Legends and Stop-Transfer Orders.

          (a) Legends. Optionee understands and agrees that the Company shall
cause the legends set forth below or legends substantially equivalent thereto,
to be placed upon any certificate(s) evidencing ownership of the Shares together
with any other legends that may be required by the Company or by state or
federal securities laws:

          THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR
          OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL
          REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL
          SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
          TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

          THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
          RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE
          ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN
          THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH
          MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
          RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF
          THESE SHARES.

          (b) Stop-Transfer Notices. Optionee agrees that, in order to ensure
compliance with the restrictions referred to herein, the Company may issue
appropriate "stop transfer" instructions to its transfer agent, if any, and
that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records.

          (c) Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in
violation of any of the provisions of this Agreement or (ii) to treat as owner
of such Shares or to accord the right to vote or pay dividends to any purchaser
or other transferee to whom such Shares shall have been so transferred.

     8. Successors and Assigns. The Company may assign any of its rights under
this Agreement to single or multiple assignees, and this Agreement shall inure
to the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer herein set forth, this Agreement shall be binding upon
Optionee and his or her heirs, executors, administrators, successors and
assigns.

                                      -3-

<PAGE>

     9. Interpretation. Any dispute regarding the interpretation of this
Agreement shall be submitted by Optionee or by the Company forthwith to the
administrator of the plan which shall review such dispute at its next regular
meeting. The resolution of such a dispute by the administrator of the plan shall
be final and binding on all parties.

     10. Governing Law; Severability. This Agreement is governed by the internal
substantive laws but not the choice of law rules, of California.

                                      -4-

<PAGE>

     11. Entire Agreement. The Plan and Option Agreement are incorporated herein
by reference. This Agreement, the Plan, the Option Agreement and the Investment
Representation Statement constitute the entire agreement of the parties with
respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Optionee with respect to the
subject matter hereof, and may not be modified adversely to the Optionee's
interest except by means of a writing signed by the Company and Optionee.

Submitted by:                           Accepted by:

OPTIONEE:                               ALSIUS CORPORATION:

-------------------------------------   ----------------------------------------
Signature                               By

-------------------------------------   ----------------------------------------
Print Name                              Its

Address:                                Address:
-------------------------------------   15770 Laguna Canyon Road, Suite 150
                                        Irvine, California 92618
-------------------------------------
                                        ----------------------------------------
                                        Date Received

                                      -5-

<PAGE>

                                    EXHIBIT B

                       INVESTMENT REPRESENTATION STATEMENT

OPTIONEE: __________

COMPANY:  ALSIUS CORPORATION

SECURITY: COMMON STOCK

AMOUNT:   __________

DATE:     __________

In connection with the purchase of the above-listed Securities, the undersigned
Optionee represents to the Company the following:

          (a) Optionee is aware of the Company's business affairs and financial
condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Securities. Optionee is
acquiring these Securities for investment for Optionee's own account only and
not with a view to, or for resale in connection with, any "distribution" thereof
within the meaning of the Securities Act of 1933, as amended (the "Securities
Act").

          (b) Optionee acknowledges and understands that the Securities
constitute "restricted securities" under the Securities Act and have not been
registered under the Securities Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide
nature of Optionee's investment intent as expressed herein. In this connection,
Optionee understands that, in the view of the Securities and Exchange
Commission, the statutory basis for such exemption may be unavailable if
Optionee's representation was predicated solely upon a present intention to hold
these Securities for the minimum capital gains period specified under tax
statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future. Optionee further understands that the Securities must be
held indefinitely unless they are subsequently registered under the Securities
Act or an exemption from such registration is available. Optionee further
acknowledges and understands that the Company is under no obligation to register
the Securities. Optionee understands that the certificate evidencing the
Securities will be imprinted with a legend which prohibits the transfer of the
Securities unless they are registered or such registration is not required in
the opinion of counsel satisfactory to the Company, a legend prohibiting their
transfer without the consent of the Commissioner of Corporations of the State of
California and any other legend required under applicable state securities laws.

<PAGE>

          (c) Optionee is familiar with the provisions of Rule 701 and Rule 144,
each promulgated under the Securities Act, which, in substance, permit limited
public resale of "restricted securities" acquired, directly or indirectly from
the issuer thereof, in a non-public offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule
701 at the time of the grant of the Option to the Optionee, the exercise will be
exempt from registration under the Securities Act. In the event the Company
becomes subject to the reporting requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer
period as any market stand-off agreement may require) the Securities exempt
under Rule 701 may be resold, subject to the satisfaction of certain of the
conditions specified by Rule 144, including: (1) the resale being made through a
broker in an unsolicited "broker's transaction" or in transactions directly with
a market maker (as said term is defined under the Securities Exchange Act of
1934); and, in the case of an affiliate, (2) the availability of certain public
information about the Company, (3) the amount of Securities being sold during
any three month period not exceeding the limitations specified in Rule 144(e),
and (4) the timely filing of a Form 144, if applicable.

     In the event that the Company does not qualify under Rule 701 at the time
of grant of the Option, then the Securities may be resold in certain limited
circumstances subject to the provisions of Rule 144, which requires the resale
to occur not less than two years after the later of the date the Securities were
sold by the Company or the date the Securities were sold by an affiliate of the
Company, within the meaning of Rule 144; and, in the case of acquisition of the
Securities by an affiliate, or by a non-affiliate who subsequently holds the
Securities less than three years, the satisfaction of the conditions set forth
in sections (1), (2), (3) and (4) of the paragraph immediately above.

          (d) Optionee further understands that in the event all of the
applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration
exemption will be required; and that, notwithstanding the fact that Rules 144
and 701 are not exclusive, the Staff of the Securities and Exchange Commission
has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 will have a substantial burden of proof in establishing that an
exemption from registration is available for such offers or sales, and that such
persons and their respective brokers who participate in such transactions do so
at their own risk. Optionee understands that no assurances can be given that any
such other registration exemption will be available in such event.

                                        Signature of Optionee:

                                        ----------------------------------------

                                        Date:                             ,
                                              ----------------------------  ----<PAGE>

                                                                    Exhibit 10.2

================================================================================

                               ALSIUS CORPORATION

                            2004 STOCK INCENTIVE PLAN

                 ADOPTED BY THE BOARD EFFECTIVE MARCH 17, 2004

             APPROVED BY THE SHAREHOLDERS EFFECTIVE MARCH 17, 2004

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
SECTION 1. PURPOSE.......................................................     1

SECTION 2. DEFINITIONS...................................................     1
   2.1  "Board"..........................................................     1
   2.2  "Change in Control"..............................................     1
   2.3  "Code"...........................................................     2
   2.4  "Committee"......................................................     2
   2.5  "Company"........................................................     2
   2.6  "Consultant".....................................................     2
   2.7  "Disability".....................................................     2
   2.8  "Employee".......................................................     2
   2.9  "Exchange Act"...................................................     2
   2.10 "Exercise Price".................................................     2
   2.11 "Fair Market Value"..............................................     2
   2.12 "ISO"............................................................     2
   2.13 "NSO"............................................................     2
   2.14 "Option".........................................................     2
   2.15 "Optionee".......................................................     3
   2.16 "Outside Director"...............................................     3
   2.17 "Parent".........................................................     3
   2.18 "Plan"...........................................................     3
   2.19 "Purchase Price".................................................     3
   2.20 "Purchaser"......................................................     3
   2.21 "Restricted Share Agreement".....................................     3
   2.22 "Securities Act".................................................     3
   2.23 "Service"........................................................     3
   2.24 "Share"..........................................................     3
   2.25 "Stock"..........................................................     3
   2.26 "Stock Option Agreement".........................................     3
   2.27 "Subsidiary".....................................................     3
   2.28 "Ten-Percent Shareholder"........................................     4

SECTION 3. ADMINISTRATION................................................     4
   3.1  General Rule.....................................................     4
   3.2  Board Authority and Responsibility...............................     4

SECTION 4. ELIGIBILITY...................................................     4
   4.1  General Rule.....................................................     4

SECTION 5. STOCK SUBJECT TO PLAN.........................................     4
   5.1  Share Limit......................................................     4
   5.2  Additional Shares................................................     4
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>                                                                         <C>
SECTION 6. RESTRICTED SHARES.............................................     5
   6.1  Restricted Share Agreement.......................................     5
   6.2  Duration of Offers and Nontransferability of Purchase Rights.....     5
   6.3  Purchase Price...................................................     5
   6.4  Repurchase Rights and Transfer Restrictions......................     5

SECTION 7. STOCK OPTIONS.................................................     5
   7.1  Stock Option Agreement...........................................     5
   7.2  Number of Shares; Kind of Option.................................     5
   7.3  Exercise Price...................................................     5
   7.4  Term.............................................................     6
   7.5  Exercisability...................................................     6
   7.6  Repurchase Rights and Transfer Restrictions......................     6
   7.7  Transferability of Options.......................................     7
   7.8  Exercise of Options on Termination of Service....................     7
   7.9  No Rights as a Shareholder.......................................     7
   7.10 Modification, Extension and Renewal of Options...................     7

SECTION 8. PAYMENT FOR SHARES............................................     7
   8.1  General..........................................................     7
   8.2  Surrender of Stock...............................................     7
   8.3  Services Rendered................................................     8
   8.4  Promissory Notes.................................................     8
   8.5  Exercise/Sale....................................................     8
   8.6  Exercise/Pledge..................................................     8
   8.7  Other Forms of Payment...........................................     8

SECTION 9. ADJUSTMENT OF SHARES..........................................     8
   9.1  General..........................................................     8
   9.2  Dissolution or Liquidation.......................................     9
   9.3  Mergers and Consolidations.......................................     9
   9.4  Reservation of Rights............................................     9

SECTION 10. REPURCHASE RIGHTS............................................     9
   10.1 Company's Right To Repurchase Shares.............................     9

SECTION 11. WITHHOLDING TAXES............................................    10
   11.1 General..........................................................    10
   11.2 Share Withholding................................................    10
   11.3 Cashless Exercise/Pledge.........................................    10
   11.4 Other Forms of Payment...........................................    10

SECTION 12. SECURITIES LAW REQUIREMENTS..................................    10
   12.1 General..........................................................    10
   12.2 Voting and Dividend Rights.......................................    10
   12.3 Financial Reports................................................    11

SECTION 13. NO RETENTION RIGHTS..........................................    11
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                         <C>
SECTION 14. DURATION AND AMENDMENTS......................................    11
   14.1 Term of the Plan.................................................    11
   14.2 Right to Amend or Terminate the Plan.............................    11
   14.3 Effect of Amendment or Termination...............................    11

SECTION 15. EXECUTION....................................................    12
</TABLE>

                                     -iii-
<PAGE>

                               ALSIUS CORPORATION

                            2004 STOCK INCENTIVE PLAN

SECTION 1. PURPOSE.

     The Plan was adopted by the Board of Directors effective March ___, 2004.
The purpose of the Plan is to offer selected service providers the opportunity
to acquire equity in the Company through awards of Options (which may constitute
incentive stock options or nonstatutory stock options) and the award or sale of
Shares.

     The award of Options and the award or sale of Shares under the Plan is
intended to be exempt from the securities qualification requirements of the
California Corporations Code by satisfying the exemption under section 25102(o)
of the California Corporations Code. However, awards of Options and the award or
sale of Shares may be made in reliance upon other state securities law
exemptions. To the extent that such other exemptions are relied upon, the terms
of this Plan which are included only to comply with section 25102(o) shall be
disregarded to the extent provided in the Stock Option Agreement or Restricted
Share Agreement.

SECTION 2. DEFINITIONS.

2.1  "Board" shall mean the Board of Directors of the Company, as constituted
     from time to time.

2.2  "Change in Control" shall mean the occurrence of any of the following
     events:

     (a)  The consummation of a merger or consolidation of the Company with or
          into another entity or any other corporate reorganization, if persons
          who were not shareholders of the Company immediately prior to such
          merger, consolidation or other reorganization own immediately after
          such merger, consolidation or other reorganization fifty percent (50%)
          or more of the voting power of the outstanding securities of each of
          (A) the continuing or surviving entity and (B) any direct or indirect
          parent corporation of such continuing or surviving entity;

     (b)  The consummation of the sale, transfer or other disposition of all or
          substantially all of the Company's assets or the shareholders of the
          Company approve a plan of complete liquidation of the Company; or

     (c)  Any "person" (as defined below) who, by the acquisition or aggregation
          of securities, is or becomes the "beneficial owner" (as defined in
          Rule 13d-3 under the Exchange Act), directly or indirectly, of
          securities of the Company representing fifty percent (50%) or more of
          the combined voting power of the Company's then outstanding securities
          ordinarily (and apart from rights accruing under special
          circumstances) having the right to vote at elections of directors (the
          "Base Capital Stock"); except that any change in the relative
          beneficial ownership of the Company's securities by any person
          resulting solely from a reduction in the aggregate number of
          outstanding shares of Base Capital Stock, and any decrease thereafter
          in such person's ownership of securities, shall be disregarded until
          such

                                      -1-

<PAGE>

          person increases in any manner, directly or indirectly, such person's
          beneficial ownership of any securities of the Company.

For purposes of Section 2.2(c), the term "person" shall have the same meaning as
when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (1)
a trustee or other fiduciary holding securities under an employee benefit plan
maintained by the Company or a Parent or Subsidiary and (2) a corporation owned
directly or indirectly by the shareholders of the Company in substantially the
same proportions as their ownership of the Stock.

Notwithstanding the foregoing, the term "Change in Control" shall not include a
transaction the sole purpose of which is (a) to change the state of the
Company's incorporation, (b) to form a holding company that will be owned in
substantially the same proportions by the persons who held the Company's
securities immediately before such transaction; or (c) to make an initial public
offering of the Company's Stock.

2.3  "Code" shall mean the Internal Revenue Code of 1986, as amended.

2.4  "Committee" shall mean the committee designated by the Board, which is
     authorized to administer the Plan, as described in Section 3 hereof.

2.5  "Company" shall mean Alsius Corporation, a California corporation.(1)

2.6  "Consultant" shall mean a consultant or advisor who is not an Employee or
     Outside Director and who performs bona fide services for the Company, a
     Parent or Subsidiary.

2.7  "Disability" shall mean a condition that renders an individual unable to
     engage in substantial gainful activity by reason of any medically
     determinable physical or mental impairment.

2.8  "Employee" shall mean any individual who is a common-law employee of the
     Company, a Parent or a Subsidiary and who is an "employee" within the
     meaning of section 3401(c) of the Code and regulations issued thereunder.

2.9  "Exchange Act" shall mean the Securities and Exchange Act of 1934, as
     amended.

2.10 "Exercise Price" shall mean the amount for which one Share may be purchased
     upon the exercise of an Option, as specified in a Stock Option Agreement.

2.11 "Fair Market Value" means, with respect to a Share, the market price of one
     Share of Stock, determined by the Board in good faith. Such determination
     shall be conclusive and binding on all persons.

2.12 "ISO" shall mean an incentive stock option described in section 422(b) of
     the Code.

2.13 "NSO" shall mean a stock option that is not an ISO.

2.14 "Option" shall mean an ISO or NSO granted under the Plan and entitling the
     holder to purchase Shares.

----------
(1)  California corporation: change to California

                                      -2-

<PAGE>

2.15 "Optionee" shall mean an individual or estate that holds an Option.

2.16 "Outside Director" shall mean a member of the Board of the Company, a
     Parent or a Subsidiary who is not an Employee.

2.17 "Parent" shall mean any corporation (other than the Company) in an unbroken
     chain of corporations ending with the Company, if each of the corporations
     other than the Company owns stock possessing fifty percent (50%) or more of
     the total combined voting power of all classes of stock in one of the other
     corporations in such chain. A corporation that attains the status of a
     Parent on a date after the adoption of the Plan shall be considered a
     Parent commencing as of such date.

2.18 "Plan" shall mean the ALSIUS CORPORATION 2004 Stock Incentive Plan.

2.19 "Purchase Price" shall mean the consideration for which one Share may be
     acquired under the Plan (other than upon exercise of an Option).

2.20 "Purchaser" shall mean a person to whom the Board has offered the right to
     acquire Shares under the Plan (other than upon exercise of an Option).

2.21 "Restricted Share Agreement" shall mean the agreement between the Company
     and a Purchaser who acquires Shares under the Plan that contains the terms,
     conditions and restrictions pertaining to the acquisition of such Shares.

2.22 "Securities Act" shall mean the Securities Act of 1933, as amended.

2.23 "Service" shall mean service as an Employee, a Consultant or an Outside
     Director. Service shall be deemed to continue during a bona fide leave of
     absence approved by the Company in writing if and to the extent that
     continued crediting of Service for purposes of the Plan is expressly
     required by the terms of such leave or by applicable law, as determined by
     the Company. However, for purposes of determining whether an Option is
     entitled to ISO status, and to the extent required under the Code, an
     Employee's Service will be treated as terminating ninety (90) days after
     such Employee went on leave, unless such Employee's right to return to
     active work is guaranteed by law or by a contract or such Employee
     immediately returns to active work.

2.24 "Share" shall mean one share of Stock, as adjusted in accordance with
     Section 9 (if applicable).

2.25 "Stock" shall mean the common stock of the Company.

2.26 "Stock Option Agreement" shall mean the agreement between the Company and
     an Optionee which contains the terms, conditions and restrictions
     pertaining to the Optionee's Option.

2.27 "Subsidiary" means any corporation (other than the Company) in an unbroken
     chain of corporations beginning with the Company, if each of the
     corporations other than the last corporation in the unbroken chain owns
     stock possessing fifty percent (50%) or more of the total combined voting
     power of all classes of stock in one of the other corporations in

                                      -3-

<PAGE>

     such chain. A corporation that attains the status of a Subsidiary on a date
     after the adoption of the Plan shall be considered a Subsidiary commencing
     as of such date.

2.28 "Ten-Percent Shareholder" means an individual who owns more than ten
     percent (10%) of the total combined voting power of all classes of
     outstanding stock of the Company, its Parent or any of its Subsidiaries. In
     determining stock ownership for purposes of this Section 2.28, the
     attribution rules of section 424(d) of the Code shall be applied.

SECTION 3. ADMINISTRATION.

3.1  General Rule. The Plan shall be administered by the Board. However, the
     Board may delegate any or all administrative functions under the Plan
     otherwise exercisable by the Board to one or more Committees. Each
     Committee shall consist of two or more members of the Board who have been
     appointed by the Board. Each Committee shall have the authority and be
     responsible for such functions as the Board has assigned to it. If a
     Committee has been appointed, any reference to the Board in the Plan shall
     be construed as a reference to the Committee to whom the Board has assigned
     a particular function.

3.2  Board Authority and Responsibility. Subject to the provisions of the Plan,
     the Board shall have full authority and discretion to take any actions it
     deems necessary or advisable for the administration of the Plan. All
     decisions, interpretations and any other actions of the Board with respect
     to the Plan shall be final and binding on all persons deriving rights under
     the Plan.

SECTION 4. ELIGIBILITY.

4.1  General Rule. Only Employees shall be eligible for the grant of ISOs. Only
     Employees, Consultants and Outside Directors shall be eligible for the
     grant of NSOs or the award or sale of Shares.

SECTION 5. STOCK SUBJECT TO PLAN.

5.1  Share Limit. Subject to Sections 5.2 and 9, the aggregate number of Shares
     which may be issued under the Plan shall not exceed 1,800,000 Shares. The
     number of Shares which are subject to Options or other rights outstanding
     at any time shall not exceed the number of Shares which then remain
     available for issuance under the Plan. The Company, during the term of the
     Plan, shall at all times reserve and keep available sufficient Shares to
     satisfy the requirements of the Plan. Shares offered under the Plan may be
     authorized but unissued Shares.

5.2  Additional Shares. In the event that any outstanding Option or other right
     expires or is canceled for any reason, the Shares allocable to the
     unexercised portion of such Option or other right shall remain available
     for issuance pursuant to the Plan. If a Share previously issued under the
     Plan is reacquired by the Company pursuant to a forfeiture provision, right
     of repurchase or right of first refusal, then such Share shall again become
     available for issuance under the Plan.

                                      -4-

<PAGE>

SECTION 6. RESTRICTED SHARES.

6.1  Restricted Share Agreement. Each award or sale of Shares under the Plan
     (other than upon exercise of an Option) shall be evidenced by a Restricted
     Share Agreement between the Purchaser and the Company. Such award or sale
     shall be subject to all applicable terms and conditions of the Plan and may
     be subject to any other terms and conditions imposed by the Board, as set
     forth in the Restricted Share Agreement, that are not inconsistent with the
     Plan. The provisions of the various Restricted Share Agreements entered
     into under the Plan need not be identical.

6.2  Duration of Offers and Nontransferability of Purchase Rights. Any right to
     acquire Shares (other than an Option) shall automatically expire if not
     exercised by the Purchaser within thirty (30) days after the Company
     communicates the grant of such right to the Purchaser. Such right shall be
     nontransferable and shall be exercisable only by the Purchaser to whom the
     right was granted.

6.3  Purchase Price. The Purchase Price of Shares offered under the Plan shall
     not be less than eighty-five percent (85%) of the Fair Market Value of such
     Shares; provided, however, if the Purchaser is a Ten-Percent Shareholder,
     the Purchase Price shall not be less than one hundred percent (100%) of the
     Fair Market Value of such Shares. Subject to the foregoing in this Section
     6.3, the Board shall determine the amount of the Purchase Price in its sole
     discretion. The Purchase Price shall be payable in a form described in
     Section 8.

6.4  Repurchase Rights and Transfer Restrictions. Each award or sale of Shares
     shall be subject to such forfeiture conditions, rights of repurchase,
     rights of first refusal and other transfer restrictions as the Board may
     determine, subject to the requirements of Section 10. Such restrictions
     shall be set forth in the applicable Restricted Share Agreement and shall
     apply in addition to any restrictions otherwise applicable to holders of
     Shares generally.

SECTION 7. STOCK OPTIONS.

7.1  Stock Option Agreement. Each grant of an Option under the Plan shall be
     evidenced by a Stock Option Agreement between the Optionee and the Company.
     The Option shall be subject to all applicable terms and conditions of the
     Plan and may be subject to any other terms and conditions imposed by the
     Board, as set forth in the Stock Option Agreement, which are not
     inconsistent with the Plan. The provisions of the various Stock Option
     Agreements entered into under the Plan need not be identical.

7.2  Number of Shares; Kind of Option. Each Stock Option Agreement shall specify
     the number of Shares that are subject to the Option and shall provide for
     the adjustment of such number in accordance with Section 9. The Stock
     Option Agreement shall also specify whether the Option is intended to be an
     ISO or an NSO.

7.3  Exercise Price. Each Stock Option Agreement shall set forth the Exercise
     Price, which shall be payable in a form described in Section 8. Subject to
     the following requirements, the Exercise Price under any Option shall be
     determined by the Board in its sole discretion:

                                      -5-

<PAGE>

     (a)  Minimum Exercise Price for ISOs. The Exercise Price per Share of an
          ISO shall not be less than one hundred percent (100%) of the Fair
          Market Value of a Share on the date of grant; provided, however, that
          the Exercise Price per Share of an ISO granted to a Ten-Percent
          Shareholder shall not be less than one hundred ten percent (110%) of
          the Fair Market Value of a Share on the date of grant.

     (b)  Minimum Exercise Price for NSOs. The Exercise Price per Share of an
          NSO shall not be less than eighty-five percent (85%) of the Fair
          Market Value of a Share on the date of grant; provided, however, that
          the Exercise Price per Share of an NSO granted to a Ten-Percent
          Shareholder shall not be less than one hundred ten percent (110%) of
          the Fair Market Value of a Share on the date of grant.

7.4  Term. Each Stock Option Agreement shall specify the term of the Option. The
     term of an Option shall in no event exceed ten (10) years from the date of
     grant. The term of an ISO granted to a Ten-Percent Shareholder shall not
     exceed five (5) years from the date of grant. Subject to the foregoing, the
     Board in its sole discretion shall determine when an Option shall expire.

7.5  Exercisability. Each Stock Option Agreement shall specify the date when all
     or any installment of the Option is to become exercisable; provided,
     however, that no Option shall be exercisable unless the Optionee has
     delivered to the Company an executed copy of the Stock Option Agreement.
     Subject to the following restrictions, the Board in its sole discretion
     shall determine when all or any installment of an Option is to become
     exercisable and may, in its discretion, provide for accelerated
     exercisability in the event of a Change in Control or other events:

     (a)  Options Granted to Employees. An Option granted to an Optionee who is
          not a Consultant or an officer or director of the Company, a Parent or
          a Subsidiary shall be exercisable at the minimum rate of twenty
          percent (20%) per year for each of the first five (5) years starting
          from the date of grant, subject to reasonable conditions such as
          continued Service.

     (b)  Options Granted to Outside Directors, Consultants or Officers. An
          Option granted to an Optionee who is a Consultant or an officer or
          director of the Company, a Parent or a Subsidiary shall be exercisable
          at any time or during any period established by the Board, subject to
          reasonable conditions such as continued Service.

     (c)  Early Exercise. A Stock Option Agreement may permit the Optionee to
          exercise the Option as to Shares that are subject to a right of
          repurchase by the Company in accordance with the requirements of
          Section 10.1.

7.6  Repurchase Rights and Transfer Restrictions. Shares purchased on exercise
     of Options shall be subject to such forfeiture conditions, rights of
     repurchase, rights of first refusal and other transfer restrictions as the
     Board may determine, subject to the requirements of Section 10. Such
     restrictions shall be set forth in the applicable Stock Option Agreement
     and shall apply in addition to any restrictions otherwise applicable to
     holders of Shares generally.

                                      -6-

<PAGE>

7.7  Transferability of Options. During an Optionee's lifetime, his or her
     Options shall be exercisable only by the Optionee or by the Optionee's
     guardian or legal representatives, and shall not be transferable other than
     by beneficiary designation, will or the laws of descent and distribution.
     Notwithstanding the foregoing, however, to the extent that a Stock Option
     Agreement so provides, an NSO may be transferred by the Optionee to one or
     more family members or a trust established for the benefit of the Optionee
     and/or one or more family members to the extent permitted by section
     260.140.41(d) of Title 10 of the California Code of Regulations and Rule
     701 of the Securities Act.

7.8  Exercise of Options on Termination of Service. Each Option shall set forth
     the extent to which the Optionee shall have the right to exercise the
     Option following termination of the Optionee's Service. Each Stock Option
     Agreement shall provide the Optionee with the right to exercise the Option
     following the Optionee's termination of Service during the Option term, to
     the extent the Option was exercisable for vested Shares upon termination of
     Service, for at least thirty (30) days if termination of Service is due to
     any reason other than cause, death or Disability, and for at least six (6)
     months after termination of Service if due to death or Disability (but in
     no event later than the expiration of the Option term). If the Optionee's
     Service is terminated for cause, the Stock Option Agreement may provide
     that the Optionee's right to exercise the Option terminates immediately on
     the effective date of the Optionee's termination. To the extent the Option
     was not exercisable for vested Shares upon termination of Service, the
     Option shall terminate when the Optionee's Service terminates. Subject to
     the foregoing, such provisions shall be determined in the sole discretion
     of the Board, need not be uniform among all Options issued pursuant to the
     Plan, and may reflect distinctions based on the reasons for termination of
     Service.

7.9  No Rights as a Shareholder. An Optionee, or a transferee of an Optionee,
     shall have no rights as a shareholder with respect to any Shares covered by
     the Option until such person becomes entitled to receive such Shares by
     filing a notice of exercise and paying the Exercise Price pursuant to the
     terms of the Option. No adjustments shall be made, except as provided in
     Section 9.

7.10 Modification, Extension and Renewal of Options. Within the limitations of
     the Plan, the Board may modify, extend or renew outstanding Options or may
     accept the cancellation of outstanding Options (to the extent not
     previously exercised), whether or not granted hereunder, in return for the
     grant of new Options for the same or a different number of Shares and at
     the same or a different Exercise Price. The foregoing notwithstanding, no
     modification of an Option shall, without the consent of the Optionee,
     impair his or her rights or increase the Optionee's obligations under such
     Option.

SECTION 8. PAYMENT FOR SHARES.

8.1  General. The entire Purchase Price or Exercise Price of Shares issued under
     the Plan shall be payable in cash, cash equivalents or one of the other
     forms provided in this Section 8.

8.2  Surrender of Stock. To the extent that a Stock Option Agreement so
     provides, payment may be made in whole or in part by surrendering, or
     attesting to ownership of, Shares

                                      -7-

<PAGE>

     which have already been owned by the Optionee; provided, however, that
     payment may not be made in such form if such action would cause the Company
     to recognize any (or additional) compensation expense with respect to the
     Option for financial reporting purposes. Such Shares shall be surrendered
     to the Company in good form for transfer and shall be valued at their Fair
     Market Value on the date of Option exercise.

8.3  Services Rendered. As determined by the Board in its discretion, Shares may
     be awarded under the Plan in consideration of past services rendered to the
     Company, a Parent or Subsidiary.

8.4  Promissory Notes. To the extent that a Stock Option Agreement or Restricted
     Share Agreement so provides, payment may be made in whole or in part with a
     full-recourse promissory note executed by the Optionee or Purchaser;
     provided that the Optionee or Purchaser is an Employee or Outside Director.
     The interest rate payable under the promissory note shall not be less than
     the minimum rate required to avoid the imputation of income for federal
     income tax purposes. Shares shall be pledged as security for payment of the
     principal amount of the promissory note, and interest thereon, and in no
     event shall the stock certificate(s) representing such Shares be released
     to the Optionee or Purchaser until such note is paid in full. Subject to
     the foregoing, the Board shall determine the term, interest rate and other
     provisions of the note.

8.5  Exercise/Sale. To the extent that a Stock Option Agreement so provides and
     a public market for the Shares exists, payment may be made in whole or in
     part by delivery (on a form prescribed by the Company) of an irrevocable
     direction to a securities broker approved by the Company to sell Shares and
     to deliver all or part of the sale proceeds to the Company in payment of
     all or part of the Exercise Price and any withholding taxes.

8.6  Exercise/Pledge. To the extent that a Stock Option Agreement so provides
     and a public market for the Shares exists, payment may be made in whole or
     in part by delivery (on a form prescribed by the Company) of an irrevocable
     direction to a securities broker or lender approved by the Company to
     pledge Shares, as security for a loan, and to deliver all or part of the
     loan proceeds to the Company in payment of all or part of the Exercise
     Price and any withholding taxes.

8.7  Other Forms of Payment. To the extent provided in the Stock Option
     Agreement or Restricted Share Agreement, payment may be made in any other
     form that is consistent with applicable laws, regulations and rules.

SECTION 9. ADJUSTMENT OF SHARES.

9.1  General. In the event of a subdivision of the outstanding Stock, a
     declaration of a dividend payable in Shares, a declaration of an
     extraordinary dividend payable in a form other than Shares in an amount
     that has a material effect on the Fair Market Value of the Stock, a
     combination or consolidation of the outstanding Stock into a lesser number
     of Shares, a recapitalization, a spin-off, a reclassification, or a similar
     occurrence, the Board shall make appropriate adjustments to one or more of
     the following: (i) the number of Shares available for future awards under
     Section 5; (ii) the number of Shares covered by each outstanding Option; or
     (iii) the Exercise Price under each outstanding Option.

                                      -8-

<PAGE>

9.2  Dissolution or Liquidation. To the extent not previously exercised or
     settled, Options shall terminate immediately prior to the dissolution or
     liquidation of the Company.

9.3  Mergers and Consolidations. In the event that the Company is a party to a
     merger or other consolidation, outstanding Options shall be subject to the
     agreement of merger or consolidation. Such agreement may provide for one or
     more of the following: (i) the continuation of the outstanding Options by
     the Company, if the Company is a surviving corporation; (ii) the assumption
     of the Plan and outstanding Options by the surviving corporation or its
     parent; (iii) the substitution by the surviving corporation or its parent
     of options with substantially the same terms for such outstanding Options;
     (iv) immediate exercisability of such outstanding Options followed by the
     cancellation of such Options; or (v) settlement of the full value of the
     outstanding Options (whether or not then exercisable) in cash or cash
     equivalents followed by the cancellation of such Options; in each case
     without the Optionee's consent.

9.4  Reservation of Rights. Except as provided in this Section 9, an Optionee or
     offeree shall have no rights by reason of any subdivision or consolidation
     of shares of stock of any class, the payment of any dividend or any other
     increase or decrease in the number of shares of stock of any class. Any
     issuance by the Company of shares of stock of any class, or securities
     convertible into shares of stock of any class, shall not affect, and no
     adjustment by reason thereof shall be made with respect to, the number or
     Exercise Price of Shares subject to an Option. The grant of an Option
     pursuant to the Plan shall not affect in any way the right or power of the
     Company to make adjustments, reclassifications, reorganizations or changes
     of its capital or business structure, to merge or consolidate or to
     dissolve, liquidate, sell or transfer all or any part of its business or
     assets.

SECTION 10. REPURCHASE RIGHTS.

10.1 Company's Right To Repurchase Shares. The Company shall have the right to
     repurchase Shares that have been acquired through an award or sale of
     Shares or exercise of an Option upon termination of the Purchaser's or
     Optionee's Service if provided in the applicable Restricted Share Agreement
     or Stock Option Agreement. Subject to the following restrictions, the Board
     in its sole discretion shall determine when the right to repurchase shall
     lapse as to all or any portion of the Shares, and may, in its discretion,
     provide for accelerated vesting in the event of a Change in Control or
     other events. The following restrictions shall apply in the case of a
     Purchaser or Optionee who is not a Consultant or an officer or director of
     the Company, a Parent or Subsidiary:

     (a)  Repurchase Price. If the Company retains a right to repurchase the
          Shares at not less than the Fair Market Value of the Shares on the
          date that the Purchaser's Service terminates, then such repurchase
          right shall terminate when the Company's Stock becomes publicly
          traded. If the Company retains a right to repurchase the Shares at the
          original Purchase Price or Exercise Price, then such repurchase right
          shall lapse at the minimum rate of twenty percent (20%) per year over
          the five (5) year period starting on the date of the award or sale of
          Shares or grant of the Option.

                                      -9-

<PAGE>

     (b)  Exercise of Repurchase Right. The Company's right of repurchase under
          this Section 10.1 may be exercised only within ninety (90) days of the
          date on which the Purchaser's or Optionee's Service terminates or, if
          the Optionee acquired the Shares upon exercise of an Option after the
          date of termination, within ninety (90) days from the date of
          exercise.

     (c)  Payment of Repurchase Price. The Company shall pay the repurchase
          price in cash, cash equivalents or for cancellation of indebtedness
          incurred in purchasing the Shares.

SECTION 11. WITHHOLDING TAXES.

11.1 General. An Optionee or Purchaser or his or her successor shall make
     arrangements satisfactory to the Board for the satisfaction of any federal,
     state, local or foreign withholding tax obligations that may arise in
     connection with the Plan. The Company shall not be required to issue any
     Shares or make any cash payment under the Plan until such obligations are
     satisfied.

11.2 Share Withholding. The Board may permit an Optionee or Purchaser to satisfy
     all or part of his or her withholding or income tax obligations by having
     the Company withhold all or a portion of any Shares that otherwise would be
     issued to him or her or by surrendering all or a portion of any Shares that
     he or she previously acquired; provided, however, that in no event may an
     Optionee or Purchaser surrender Shares in excess of the legally required
     withholding amount. Such Shares shall be valued at their Fair Market Value
     on the date when taxes otherwise would be withheld in cash. Any payment of
     taxes by assigning Shares to the Company may be subject to restrictions,
     including any restrictions required by rules of any federal or state
     regulatory body or other authority.

11.3 Cashless Exercise/Pledge. The Board may provide that if Company Shares are
     publicly traded at the time of exercise, arrangements may be made to meet
     the Optionee's or Purchaser's withholding obligation by cashless exercise
     or pledge.

11.4 Other Forms of Payment. The Board may permit such other means of tax
     withholding as it deems appropriate.

SECTION 12. SECURITIES LAW REQUIREMENTS.

12.1 General. Shares shall not be issued under the Plan unless the issuance and
     delivery of such Shares complies with (or is exempt from) all applicable
     requirements of law, including (without limitation) the Securities Act, the
     rules and regulations promulgated thereunder, state securities laws and
     regulations, and the regulations of any stock exchange or other securities
     market on which the Company's securities may then be listed.

12.2 Voting and Dividend Rights. The holders of Shares acquired under the Plan
     shall have the same voting, dividend and other rights as the Company's
     other shareholders. A Restricted Share Agreement, however, may require that
     the holders of Shares invest any cash dividends received in additional
     Shares. Such additional Shares shall be subject to

                                      -10-

<PAGE>

     the same conditions and restrictions as the award with respect to which the
     dividends were paid.

12.3 Financial Reports. At least annually, the Company shall furnish its
     financial statements, including a balance sheet regarding the Company's
     financial condition and results of operations, to Optionees, Purchasers and
     shareholders who have received Shares under the Plan, unless such persons
     are key employees whose duties at the Company assure them access to
     equivalent information. Financial statements need not be audited.

SECTION 13. NO RETENTION RIGHTS.

     No provision of the Plan, or any right or Option granted under the Plan,
shall be construed to give any Optionee or Purchaser any right to become an
Employee, to be treated as an Employee, or to continue in Service for any period
of time, or restrict in any way the rights of the Company (or Parent or
subsidiary to whom the Optionee or Purchaser provides Service), which rights are
expressly reserved, to terminate the Service of such person at any time and for
any reason, with or without cause, without thereby incurring any liability to
him or her.

SECTION 14. DURATION AND AMENDMENTS.

14.1 Term of the Plan. The Plan, as set forth herein, shall become effective on
     the date of its adoption by the Board, subject to the approval of the
     Company's shareholders. In the event that the shareholders fail to approve
     the Plan within twelve (12) months after its adoption by the Board, any
     grants, exercises or sales that have already occurred under the Plan shall
     be rescinded, and no additional grants, exercises or sales shall be made
     under the Plan after such date. The Plan shall terminate automatically ten
     (10) years after its adoption by the Board. The Plan may be terminated on
     any earlier date pursuant to Section 14.2 below.

14.2 Right to Amend or Terminate the Plan. The Board may amend, suspend, or
     terminate the Plan at any time and for any reason. An amendment of the Plan
     shall not be subject to the approval of the Company's shareholders unless
     it (i) increases the number of Shares available for issuance under the Plan
     (except as provided in Section 9) or (ii) materially changes the class of
     persons who are eligible for the grant of Options or the award or sale of
     Shares. At least two-thirds (2/3) of the Company's Shares entitled to vote
     must affirmatively approve an increase in the number of Shares available
     for issuance if the total number of Shares that may be issued upon the
     exercise of all outstanding Options and the total number of Shares provided
     under any stock bonus or similar plan of the Company exceed thirty percent
     (30%) of all outstanding Shares of the Company.

14.3 Effect of Amendment or Termination. No Shares shall be issued or sold under
     the Plan after the termination thereof, except upon exercise of an Option
     granted prior to such termination. The termination of the Plan, or any
     amendment thereof, shall not affect any Shares previously issued or any
     Option previously granted under the Plan.

                                      -11-

<PAGE>

SECTION 15. EXECUTION.

     To record the adoption of the Plan by the Board on March 17, 2004,
effective on such date, the Company has caused its authorized officer to execute
the same.

                                        Alsius Corporation,
                                        a California corporation

                                        By /s/ William Worthen
                                           -------------------------------------
                                           William Worthen
                                           President and CEO

                                      -12-
<PAGE>

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER
THE U.S. SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN
JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED
PURSUANT TO THE RELEVANT PROVISIONS OF U.S. FEDERAL AND STATE OR APPLICABLE
FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S.
FEDERAL AND STATE OR APPLICABLE FOREIGN SECURITIES LAWS IS NOT REQUIRED.

                               ALSIUS CORPORATION
                            2004 STOCK INCENTIVE PLAN
                          NOTICE OF STOCK OPTION GRANT

     ALSIUS CORPORATION (the "Company") hereby grants you the following Option
to purchase shares of its common stock ("Shares"). The terms and conditions of
this Option are set forth in the Stock Option Agreement and the ALSIUS
CORPORATION 2004 Stock Incentive Plan (the "Plan"), both of which are attached
to and made a part of this document.

Date of Grant:            March 17, 2004

Name of Optionee:         [Name of Optionee]

Number of Option Shares:  [Number of Shares]

Exercise Price per Share: $__________

Vesting Start Date:       [Vesting Start Date]

Type of Option:           [Type of Grant: NSO/ISO]

Vesting Schedule:         [The Option vests with respect to 1/___ of the Shares
                          when the Optionee completes each full month of
                          continuous Service after the Vesting Start Date.] OR
                          [The Option vests with respect to the first 25% of the
                          Shares when the Optionee completes 12 months of
                          continuous Service after the Vesting Start Date, and
                          with respect to an additional 1/48th of the Shares
                          when the Optionee completes each full month of
                          continuous Service thereafter.]

Payment Forms:            By cash, cash equivalents, or Shares owned by
                          the Optionee for at least six months, and if the
                          Company's Shares become publicly traded, by "cashless"
                          exercise, as set forth in the Stock Option Agreement.

                               ALSIUS CORPORATION
                          NOTICE OF STOCK OPTION GRANT

                                      -1-

<PAGE>

     BY SIGNING THIS DOCUMENT, YOU ACKNOWLEDGE RECEIPT OF A COPY OF THE PLAN,
AND AGREE THAT (A) YOU HAVE CAREFULLY READ, FULLY UNDERSTAND AND AGREE TO ALL OF
THE TERMS AND CONDITIONS DESCRIBED IN THE ATTACHED STOCK OPTION AGREEMENT, THE
PLAN DOCUMENT AND "NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT" (THE
"EXERCISE NOTICE"); (B) YOU HEREBY MAKE THE PURCHASER'S INVESTMENT
REPRESENTATIONS CONTAINED IN THE EXERCISE NOTICE WITH RESPECT TO THE GRANT OF
THIS OPTION; (C) YOU UNDERSTAND AND AGREE THAT THIS STOCK OPTION AGREEMENT,
INCLUDING ITS COVER SHEET AND ATTACHMENTS, CONSTITUTES THE ENTIRE UNDERSTANDING
BETWEEN YOU AND THE COMPANY REGARDING THIS OPTION, AND THAT ANY PRIOR
AGREEMENTS, COMMITMENTS OR NEGOTIATIONS CONCERNING THIS OPTION ARE REPLACED AND
SUPERSEDED; AND (D) YOU HAVE BEEN GIVEN AN OPPORTUNITY TO CONSULT LEGAL COUNSEL
WITH RESPECT TO ALL MATTERS RELATING TO THIS OPTION PRIOR TO SIGNING THIS COVER
SHEET AND THAT YOU HAVE EITHER CONSULTED SUCH COUNSEL OR VOLUNTARILY DECLINED TO
CONSULT SUCH COUNSEL.

NAME OF OPTIONEE                        ALSIUS CORPORATION

-------------------------------------   By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                               ALSIUS CORPORATION
                          NOTICE OF STOCK OPTION GRANT

                                      -2-

<PAGE>

                               ALSIUS CORPORATION

                            2004 STOCK INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

SECTION 1. KIND OF OPTION.

     This Option is intended to be either an incentive stock option intended to
meet the requirements of section 422 of the Internal Revenue Code (an "ISO") or
a non-statutory option (an "NSO"), which is not intended to meet the
requirements of an ISO, as indicated in the Notice of Stock Option Grant. Even
if this Option is designated as an ISO, it shall be deemed to be an NSO to the
extent required by the $100,000 annual limitation under Section 422(d) of the
Code.

SECTION 2. VESTING.

     Subject to the terms and conditions of the Plan and this Stock Option
Agreement (the "Agreement"), your Option and the Shares shall vest in accordance
with the schedule set forth in the Notice of Stock Option Grant. After your
Service terminates for any reason, vesting of your Option and Shares immediately
stops and your Option expires immediately as to the number of Shares that are
not vested as of your Service termination date.

SECTION 3. TERM.

     Your Option will expire in any event at the close of business at Company
headquarters on March 17, 2014; provided, however, that if your Option is an ISO
it will expire within five (5) years of the Date of Grant if you are a
Ten-Percent Shareholder of the Company. Also, your Option will expire earlier if
your Service terminates, as described below.

SECTION 4. REGULAR TERMINATION.

     (a)  If your Service terminates for any reason except death or Disability,
          the vested portion of your Option will expire at the close of business
          at Company headquarters on the date three (3) months after your
          termination of Service. During that three (3) month period, you may
          exercise the portion of your Option that was vested on your
          termination date. Notwithstanding the foregoing, the Option may not be
          exercised after the expiration date determined under Section 3 above.

     (b)  If your Option is an ISO and you exercise it more than three months
          after termination of your Service as an Employee for any reason other
          than death or Disability expected to result in death or to last for a
          continuous period of at least twelve (12) months, your Option will
          cease to be eligible for ISO tax treatment.

     (c)  Your Option will cease to be eligible for ISO tax treatment if you
          exercise it more than three months after the 90th day of a bona fide
          leave of absence approved by

                               ALSIUS CORPORATION
                             STOCK OPTION AGREEMENT

                                      -1-

<PAGE>

          the Company, unless your right to reemployment after your leave was
          guaranteed by statute or contract.

SECTION 5. DEATH.

     If you die while in Service with the Company, the vested portion of your
Option will expire at the close of business at Company headquarters on the date
twelve (12) months after the date of your death. During that twelve (12) month
period, your estate, legatees or heirs may exercise that portion of your Option
that was vested on the date of your death. Notwithstanding the foregoing, the
Option may not be exercised after the expiration date determined under Section 3
above.

SECTION 6. DISABILITY.

     (a)  If your Service terminates because of a Disability, the vested portion
          of your Option will expire at the close of business at Company
          headquarters on the date six (6) months after your termination date.
          During that six (6) month period, you may exercise that portion of
          your Option that was vested on the date of your Disability.
          "Disability" means that you are unable to engage in any substantial
          gainful activity by reason of any medically determinable physical or
          mental impairment. Notwithstanding the foregoing, the Option may not
          be exercised after the expiration date determined under Section 3
          above.

     (b)  If your Option is an ISO and your Disability is not expected to result
          in death or to last for a continuous period of at least twelve (12)
          months, your Option will be eligible for ISO tax treatment only if it
          is exercised within three (3) months following the termination of your
          Service as an Employee.

SECTION 7. EXERCISING YOUR OPTION.

     Until your Option terminates or expires under Sections 3, 4, 5 and 6, you
may exercise it for some or all of the Shares that are vested. To exercise your
Option, you must execute the Notice of Exercise and Common Stock Purchase
Agreement (the "Exercise Notice"), attached as Exhibit A. You must submit this
form, together with full payment, to the Company. Your exercise will be
effective when it is received by the Company. If someone else wants to exercise
your Option after your death, that person must prove to the Company's
satisfaction that he or she is entitled to do so.

SECTION 8. PAYMENT FORMS.

     When you exercise your Option, you must include payment of the Exercise
Price for the Shares you are purchasing in one of the payment forms indicated in
the cover sheet. To the extent that a public market for the Shares exists and to
the extent permitted by applicable law, in each case as determined by the
Company, you also may exercise your Option by delivery (on a form prescribed by
the Company) of an irrevocable direction to a securities broker to sell Shares
and to deliver all or part of the sale proceeds to the Company in payment of the
aggregate

                               ALSIUS CORPORATION
                             STOCK OPTION AGREEMENT

                                      -2-

<PAGE>

Exercise Price. The Company will provide the forms necessary to make such a
cashless exercise.

SECTION 9. TAX WITHHOLDING AND REPORTING.

     (a)  You will not be allowed to exercise this Option unless you make
          acceptable arrangements to pay any withholding or other taxes that may
          be due as a result of the Option exercise or the sale of Shares
          acquired upon exercise of this Option.

     (b)  If you sell or otherwise dispose of any of the Shares acquired
          pursuant to an ISO on or before the later of (i) two years after the
          grant date, or (ii) one year after the exercise date, you shall
          immediately notify the Company in writing of such disposition.

SECTION 10. RIGHT OF FIRST REFUSAL.

     In the event that you propose to sell, pledge or otherwise transfer to a
third party any Shares acquired under this Agreement, or any interest in such
Shares, the Company shall have a "Right of First Refusal" with respect to such
Shares in accordance with the provisions of the Exercise Notice.

SECTION 11. RESALE RESTRICTIONS/MARKET STAND-OFF.

     In connection with any underwritten public offering by the Company of its
equity securities pursuant to an effective registration statement filed under
the U.S. Securities Act of 1933, as amended, including the Company's initial
public offering, you may be prohibited from engaging in any transaction with
respect to any of the Company's common stock without the prior written consent
of the Company or its underwriters in accordance with the provisions of the
Exercise Notice.

SECTION 12. TRANSFER OF OPTION.

     Prior to your death, only you may exercise this Option. This Option and the
rights and privileges conferred hereby cannot be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) and shall not be subject
to sale under execution, attachment, levy or similar process. For instance, you
may not sell this Option or use it as security for a loan. If you attempt to do
any of these things, this Option will immediately become invalid. You may,
however, dispose of this Option in your will. Regardless of any marital property
settlement agreement, the Company is not obligated to honor an Exercise Notice
from your spouse or former spouse, nor is the Company obligated to recognize
such individual's interest in your Option in any other way.

                               ALSIUS CORPORATION
                             STOCK OPTION AGREEMENT

                                      -3-

<PAGE>

SECTION 13. RETENTION RIGHTS.

     This Agreement does not give you the right to be retained by the Company in
any capacity. The Company reserves the right to terminate your Service at any
time and for any reason without thereby incurring any liability to you.

SECTION 14. SHAREHOLDER RIGHTS.

     Neither you nor your estate or heirs have any rights as a shareholder of
the Company until a certificate for the Shares acquired upon exercise of this
Option has been issued. No adjustments are made for dividends or other rights if
the applicable record date occurs before your stock certificate is issued,
except as described in the Plan.

SECTION 15. ADJUSTMENTS.

     In the event of a stock split, a stock dividend or a similar change in the
Company's Stock, the number of Shares covered by this Option and the Exercise
Price per share may be adjusted pursuant to the Plan. Your Option shall be
subject to the terms of the agreement of merger, liquidation or reorganization
in the event the Company is subject to such corporate activity as set forth in
the Plan.

SECTION 16. LEGENDS.

     All certificates representing the Shares issued upon exercise of this
Option shall, where applicable, have endorsed thereon the following legends:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR
     QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE
     SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND MAY BE OFFERED
     AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT
     PROVISIONS OF U.S. FEDERAL AND STATE OR APPLICABLE FOREIGN SECURITIES LAWS
     OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE
     COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL AND STATE OR
     APPLICABLE FOREIGN SECURITIES LAWS IS NOT REQUIRED.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
     TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE
     WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL
     HOLDER HEREOF. SUCH AGREEMENT PROVIDES FOR CERTAIN TRANSFER RESTRICTIONS,
     INCLUDING RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE
     SECURITIES. THE SECRETARY OF

                               ALSIUS CORPORATION
                             STOCK OPTION AGREEMENT

                                      -4-

<PAGE>

     THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO
     THE HOLDER HEREOF WITHOUT CHARGE.

     If the Option is an ISO, then the following legend should be included:

     THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN
     INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED IF THE SHARES
     SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF
     THE DATE OF GRANT OF THE OPTION OR THE ONE (1) YEAR ANNIVERSARY OF THE DATE
     ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE
     ORDINARY INCOME IF THE SHARES ARE TRANSFERRED BEFORE SUCH DATE.

SECTION 17. APPLICABLE LAW AND TAXES DISCLAIMER.

     This Agreement will be interpreted and enforced under the laws of the State
of California (without regard to their choice of law provisions). You agree that
you are responsible for consulting your own tax advisor as to the tax
consequences associated with your Option. The tax rules governing options are
complex, change frequently and depend on the individual taxpayer's situation.
Although the Company will make available to you general tax information about
stock options, you agree that the Company shall not be held liable or
responsible for making such information available to you and any tax or
financial consequences that you may incur in connection with your Option.

SECTION 18. THE PLAN AND OTHER AGREEMENTS.

     The text of the Plan is incorporated in this Agreement by reference.
Certain capitalized terms used in this Agreement are defined in the Plan. The
Notice of Stock Option Grant, this Agreement, including its attachments, and the
Plan constitute the entire understanding between you and the Company regarding
this Option. Any prior agreements, commitments or negotiations concerning this
Option are superseded.

                               ALSIUS CORPORATION
                             STOCK OPTION AGREEMENT

                                      -5-

<PAGE>

                                    EXHIBIT A

                  ALSIUS CORPORATION 2004 STOCK INCENTIVE PLAN
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

     THIS AGREEMENT is dated as of ___________, ____, between Alsius Corporation
(the "Company"), and [Name of Optionee] ("Purchaser").

                                   WITNESSETH:

     WHEREAS, the Company and Purchaser are parties to a stock option agreement
dated as of [Date] (the "Option Agreement") under which Purchaser has the right
to purchase up to [Number of Shares] shares of the Company's common stock (the
"Option Shares"); and

     WHEREAS, the Option is exercisable with respect to certain of the Option
Shares as of the date hereof; and

     WHEREAS, pursuant to the Option Agreement, Purchaser desires to purchase
shares of the Company as herein described, on the terms and conditions set forth
in this Agreement, the Option Agreement and the Alsius Corporation 2004 Stock
Incentive Plan (the "Plan"). Certain capitalized terms used in this Agreement
are defined in the Plan.

     NOW, THEREFORE, it is agreed between the parties as follows:

SECTION 1. PURCHASE OF SHARES.

     (a)  Pursuant to the terms of the Option Agreement, Purchaser hereby agrees
          to purchase from the Company and the Company agrees to sell and issue
          to Purchaser ____________ shares of the Company's common stock (the
          "Common Stock") for the Exercise Price per share specified in the
          Option Agreement payable by personal check, cashier's check, money
          order or otherwise as permitted by the Option Agreement. Payment shall
          be delivered at the Closing, as such term is defined below.

     (b)  The closing (the "Closing") under this Agreement shall occur at the
          offices of the Company as of the date hereof, or such other time and
          place as may be designated by the Company (the "Closing Date").

SECTION 2. ADJUSTMENT OF SHARES.

     Subject to the provisions of the Articles of Incorporation of the Company,
if (a) there is any stock dividend or liquidating dividend of cash and/or
property, stock split or other change in the character or amount of any of the
outstanding securities of the Company, or (b) there is any consolidation, merger
or sale of all or substantially all of the assets of the Company, then, in such
event, any and all new, substituted or additional securities or other property
to which Purchaser is entitled by reason of Purchaser's ownership of the shares
shall be immediately subject to the Right of First Refusal, as defined below,
with the same force and effect as the shares subject to

                               ALSIUS CORPORATION
                      EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                       A-1

<PAGE>

the Right of First Refusal. Appropriate adjustments shall be made to the number
and/or class of shares subject to the Right of First Refusal to reflect the
exchange or distribution of such securities. In the event of a merger or
consolidation of the Company with or into another entity or any other corporate
reorganization, the Right of First Refusal may be exercised by the Company's
successor.

SECTION 3. THE COMPANY'S RIGHT OF FIRST REFUSAL.

     Before any shares of Common Stock registered in the name of Purchaser may
be sold or transferred, such shares shall first be offered to the Company as
follows (the "Right of First Refusal"):

     (a)  Purchaser shall promptly deliver a notice ("Notice") to the Company
          stating (i) Purchaser's bona fide intention to sell or transfer such
          shares, (ii) the number of such shares to be sold or transferred, and
          the basic terms and conditions of such sale or transfer, (iii) the
          price for which Purchaser proposes to sell or transfer such shares,
          (iv) the name of the proposed purchaser or transferee, and (v) proof
          satisfactory to the Company that the proposed sale or transfer will
          not violate any applicable U.S. federal, state or foreign securities
          laws. The Notice shall be signed by both Purchaser and the proposed
          purchaser or transferee and must constitute a binding commitment
          subject to the Company's Right of First Refusal as set forth herein.

     (b)  Within thirty (30) days after receipt of the Notice, the Company may
          elect to purchase all or any portion of the shares to which the Notice
          refers, at the price per share specified in the Notice. If the Company
          elects not to purchase all or any portion of the shares, the Company
          may assign its right to purchase all or any portion of the shares. The
          assignees may elect within thirty (30) days after receipt by the
          Company of the Notice to purchase all or any portion of the shares to
          which the Notice refers, at the price per share specified in the
          Notice. An election to purchase shall be made by written notice to
          Purchaser. Payment for shares purchased pursuant to this Section 3
          shall be made within thirty (30) days after receipt of the Notice by
          the Company and, at the option of the Company, may be made by
          cancellation of all or a portion of outstanding indebtedness, if any,
          or in cash or both.

     (c)  If all or any portion of the shares to which the Notice refers are not
          elected to be purchased, as provided in subparagraph 3(b), Purchaser
          may sell those shares to any person named in the Notice at the price
          specified in the Notice, provided that such sale or transfer is
          consummated within sixty (60) days of the date of said Notice to the
          Company, and provided, further, that any such sale is made in
          compliance with applicable U.S. federal, state and foreign securities
          laws and not in violation of any other contractual restrictions to
          which Purchaser is bound. The third-party purchaser shall be bound by,
          and shall acquire the shares of stock subject to, the provisions of
          this Agreement, including the Company's Right of First Refusal.

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-2

<PAGE>

     (d)  Any proposed transfer on terms and conditions different from those set
          forth in the Notice, as well as any subsequent proposed transfer shall
          again be subject to the Company's Right of First Refusal and shall
          require compliance with the procedures described in this Section 3.

     (e)  Purchaser agrees to cooperate affirmatively with the Company, to the
          extent reasonably requested by the Company, to enforce rights and
          obligations pursuant to this Agreement.

     (f)  Notwithstanding the above, neither the Company nor any assignee of the
          Company under this Section 3 shall have any right under this Section 3
          at any time subsequent to the closing of a public offering of the
          common stock of the Company pursuant to a registration statement
          declared effective under the U.S. Securities Act of 1933, as amended
          (the "Securities Act").

     (g)  This Section 3 shall not apply to (i) a transfer by will or intestate
          succession, or (ii) a transfer to one or more members of Purchaser's
          Immediate Family (defined below) or to a trust established by
          Purchaser for the benefit of Purchaser and/or one or more members of
          Purchaser's Immediate Family, provided that the transferee agrees in
          writing on a form prescribed by the Company to be bound by all of the
          provisions of this Agreement to the same extent as they apply to
          Purchaser. The transferee shall execute a copy of the attached Exhibit
          B and file the same with the Secretary of the Company. For purposes of
          this Agreement, Immediate Family means any child, stepchild,
          grandchild, parent, stepparent, grandparent, spouse, sibling,
          mother-in-law, father-in-law, son-in-law, daughter-in-law,
          brother-in-law or sister-in-law, and shall include adoptive
          relationships.

SECTION 4. PURCHASER'S RIGHTS AFTER EXERCISE OF RIGHT OF FIRST REFUSAL.

     If the Company makes available, at the time and place and in the amount and
form provided in this Agreement, the consideration for the Common Stock to be
repurchased in accordance with the provisions of Section 3 of this Agreement,
then from and after such time the person from whom such shares are to be
repurchased shall no longer have any rights as a holder of such shares (other
than the right to receive payment of such consideration in accordance with this
Agreement). Such shares shall be deemed to have been repurchased in accordance
with the applicable provisions hereof, whether or not the certificate(s)
therefor have been delivered as required by this Agreement.

SECTION 5. LEGEND OF SHARES.

     All certificates representing the Common Stock purchased under this
Agreement shall, where applicable, have endorsed thereon the following legends
and any other legends required by applicable securities laws:

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-3

<PAGE>

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR
     QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE
     SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND MAY BE OFFERED
     AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT
     PROVISIONS OF U.S. FEDERAL AND STATE OR APPLICABLE FOREIGN SECURITIES LAWS
     OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE
     COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL AND STATE OR
     APPLICABLE FOREIGN SECURITIES LAWS IS NOT REQUIRED.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
     TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE
     WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL
     HOLDER HEREOF. SUCH AGREEMENT PROVIDES FOR CERTAIN TRANSFER RESTRICTIONS,
     INCLUDING RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE
     SECURITIES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH
     A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.

     If the Option is an ISO, then the following legend should be included:

     THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN
     INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED IF THE SHARES
     SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF
     THE DATE OF GRANT OF THE OPTION OR THE ONE (1) YEAR ANNIVERSARY OF THE DATE
     ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE
     ORDINARY INCOME IF THE SHARES ARE TRANSFERRED BEFORE SUCH DATE.

SECTION 6. PURCHASER'S INVESTMENT REPRESENTATIONS.

     (a)  This Agreement is made with Purchaser in reliance upon Purchaser's
          representation to the Company, which by Purchaser's acceptance hereof
          Purchaser confirms, that the Common Stock which Purchaser will receive
          will be acquired with Purchaser's own funds for investment for an
          indefinite period for Purchaser's own account, not as a nominee or
          agent, and not with a view to the sale or distribution of any part
          thereof, and that Purchaser has no present intention of selling,
          granting participation in, or otherwise distributing the same, but
          subject, nevertheless, to any requirement of law that the disposition
          of Purchaser's property shall at all times be within Purchaser's
          control. By executing this Agreement, Purchaser further represents
          that Purchaser does not have any contract, understanding or agreement
          with any person to sell, transfer, or grant

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-4

<PAGE>

          participation to such person or to any third person, with respect to
          any of the Common Stock.

     (b)  Purchaser understands that the Common Stock will not be registered or
          qualified under applicable U.S. federal, state or foreign securities
          laws on the ground that the sale provided for in this Agreement is
          exempt from registration or qualification under applicable U.S.
          federal, state or foreign securities laws and that the Company's
          reliance on such exemption is predicated on Purchaser's
          representations set forth herein.

     (c)  Purchaser agrees that in no event shall Purchaser make a disposition
          of any of the Common Stock (including a disposition under Section 3 of
          this Agreement), unless and until (i) Purchaser shall have notified
          the Company of the proposed disposition and shall have furnished the
          Company with a statement of the circumstances surrounding the proposed
          disposition and (ii) Purchaser shall have furnished the Company with
          an opinion of counsel satisfactory to the Company to the effect that
          (A) such disposition will not require registration or qualification of
          such Common Stock under applicable U.S. federal, state or foreign
          securities laws or (B) appropriate action necessary for compliance
          with the applicable U.S. federal, state or foreign securities laws has
          been taken or (iii) the Company shall have waived, expressly and in
          writing, its rights under clauses (i) and (ii) of this Section.

     (d)  With respect to a transaction occurring prior to such date as the Plan
          and Common Stock thereunder are covered by a valid Form S-8 or similar
          U.S. federal registration statement, this Subsection shall apply
          unless the transaction is covered by the exemption in California
          Corporations Code section 25102(o) or a similar broad-based exemption.
          In connection with the investment representations made herein,
          Purchaser represents that Purchaser is able to fend for himself or
          herself in the transactions contemplated by this Agreement, has such
          knowledge and experience in financial and business matters as to be
          capable of evaluating the merits and risks of Purchaser's investment,
          has the ability to bear the economic risks of Purchaser's investment
          and has been furnished with and has had access to such information as
          would be made available in the form of a registration statement
          together with such additional information as is necessary to verify
          the accuracy of the information supplied and to have all questions
          answered by the Company.

     (e)  Purchaser understands that if the Company does not register with the
          U.S. Securities and Exchange Commission pursuant to section 12 of the
          U.S. Securities Exchange Act of 1934, as amended, or if a registration
          statement covering the Common Stock (or a filing pursuant to the
          exemption from registration under Regulation A of the Securities Act)
          under the Securities Act is not in effect when Purchaser desires to
          sell the Common Stock, Purchaser may be required to hold the Common
          Stock for an indeterminate period. Purchaser also acknowledges that
          Purchaser understands that any sale of the Common Stock which might be

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-5

<PAGE>

          made by Purchaser in reliance upon Rule 144 under the Securities Act
          may be made only in limited amounts in accordance with the terms and
          conditions of that Rule.

SECTION 7. NO DUTY TO TRANSFER IN VIOLATION OF THIS AGREEMENT.

     The Company shall not be required (a) to transfer on its books any shares
of Common Stock of the Company which shall have been sold or transferred in
violation of any of the provisions set forth in this Agreement or (b) to treat
as owner of such shares or to accord the right to vote as such owner or to pay
dividends to any transferee to whom such shares shall have been so transferred.

SECTION 8. RIGHTS OF PURCHASER.

     (a)  Except as otherwise provided herein, Purchaser shall, during the term
          of this Agreement, exercise all rights and privileges of a shareholder
          of the Company with respect to the Common Stock.

     (b)  Nothing in this Agreement shall be construed as a right by Purchaser
          to be retained by the Company, or a parent or subsidiary of the
          Company in any capacity. The Company reserves the right to terminate
          Purchaser's Service at any time and for any reason without thereby
          incurring any liability to Purchaser.

SECTION 9. RESALE RESTRICTIONS/MARKET STAND-OFF.

     Purchaser hereby agrees that in connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act, including the Company's
initial public offering, Purchaser shall not, directly or indirectly, engage in
any transaction prohibited by the underwriter, or sell, make any short sale of,
contract to sell, transfer the economic risk of ownership in, loan, hypothecate,
pledge, grant any option for the purchase of, or otherwise dispose or transfer
for value or agree to engage in any of the foregoing transactions with respect
to any Common Stock without the prior written consent of the Company or its
underwriters, for such period of time after the effective date of such
registration statement as may be requested by the Company or such underwriters.
Such period of time shall not exceed one hundred eighty (180) days and may be
required by the underwriter as a market condition of the offering; provided,
however, that if either (a) during the last seventeen (17) days of such one
hundred eighty (180) day period, the Company issues an earnings release or
material news or a material event relating to the Company occurs or (b) prior to
the expiration of such one hundred eighty (180) day period, the Company
announces that it will release earnings results during the sixteen (16) day
period beginning on the last day of the one hundred eighty (180) day period,
then the restrictions imposed during such one hundred eighty (180) day period
shall continue to apply until the expiration of the eighteen (18) day period
beginning on the issuance of the earnings release or the occurrence of the
material news or material event; provided, further, that in the event the
Company or the underwriter requests that the one hundred eighty (180) day period
be extended or modified pursuant to then-applicable law, rules, regulations or
trading policies, the restrictions imposed during the one hundred eighty

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-6

<PAGE>

(180) day period shall continue to apply to the extent requested by the Company
or the underwriter to comply with such law, rules, regulations or trading
policies. Purchaser hereby agrees to execute and deliver such other agreements
as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect
thereto. To enforce the provisions of this Section, the Company may impose
stop-transfer instructions with respect to the Common Stock until the end of the
applicable stand-off period.

SECTION 10. OTHER NECESSARY ACTIONS.

     The parties agree to execute such further instruments and to take such
further action as may reasonably be necessary to carry out the intent of this
Agreement.

SECTION 11. NOTICE.

     Any notice required or permitted under this Agreement shall be given in
writing and shall be deemed effectively given upon the earliest of personal
delivery, receipt or the third full day following deposit in the United States
Post Office with postage and fees prepaid, addressed to the other party hereto
at the address last known or at such other address as such party may designate
by ten (10) days' advance written notice to the other party hereto.

SECTION 12. SUCCESSORS AND ASSIGNS.

     This Agreement shall inure to the benefit of the successors and assigns of
the Company and, subject to the restrictions on transfer herein set forth, be
binding upon Purchaser and Purchaser's heirs, executors, administrators,
successors and assigns. The failure of the Company in any instance to exercise
the Right of First Refusal described herein shall not constitute a waiver of any
other Right of First Refusal that may subsequently arise under the provisions of
this Agreement. No waiver of any breach or condition of this Agreement shall be
deemed to be a waiver of any other or subsequent breach or condition, whether of
a like or different nature.

SECTION 13. APPLICABLE LAW.

     This Agreement shall be governed by, and construed in accordance with, the
laws of the State of California, as such laws are applied to contracts entered
into and performed in such state.

SECTION 14. NO STATE QUALIFICATION.

     THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT
BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA,
AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE
CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE
OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF
THE CALIFORNIA CORPORATIONS CODE. THE

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-7

<PAGE>

RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

SECTION 15. NO ORAL MODIFICATION.

     No modification of this Agreement shall be valid unless made in writing and
signed by the parties hereto.

SECTION 16. ENTIRE AGREEMENT.

     This Agreement, the Option Agreement and the Plan constitute the entire
complete and final agreement between the parties hereto with regard to the
subject matter hereof.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

ALSIUS CORPORATION                      [Name of Optionee] (PURCHASER)

By:
    ---------------------------------   ----------------------------------------
Name:                                   Signature
      -------------------------------
Title:
       ------------------------------

                               ALSIUS CORPORATION
                       EXHIBIT A TO STOCK OPTION AGREEMENT
             NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      A-8

<PAGE>

                                    EXHIBIT B

                   ACKNOWLEDGMENT OF AND AGREEMENT TO BE BOUND
          BY THE NOTICE OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT
                                       OF
                               ALSIUS CORPORATION

     The undersigned, as transferee of shares of Alsius Corporation hereby
acknowledges that he or she has read and reviewed the terms of the Notice of
Exercise and Common Stock Purchase Agreement of Alsius Corporation and hereby
agrees to be bound by the terms and conditions thereof, as if the undersigned
had executed said Agreement as an original party thereto.

Dated:                       ,      .
       ----------------------  -----

-------------------------------------
(Signature of Transferee)

-------------------------------------
(Printed Name of Transferee)

                               ALSIUS CORPORATION
                      EXHIBIT B TO STOCK OPTION AGREEMENT
           ACKNOWLEDGEMENT OF AND AGREEMENT TO BE BOUND BY THE NOTICE
                OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

                                      B-1

<PAGE>

                                    EXHIBIT C

                          U.S. FEDERAL TAX INFORMATION

                           (Current as of March 2004)

     The following memorandum briefly summarizes current U.S. federal income tax
law. The discussion is intended to be used solely for general information
purposes and does not make specific representations to any participant. A
taxpayer's particular situation may be such that some variation of the basic
rules is applicable to him or her. In addition, the U.S. federal income tax laws
and regulations are revised frequently and may change again in the future. Each
participant is urged to consult a tax advisor, both with respect to U.S. federal
income tax consequences as well as any foreign, state or local tax consequences,
before exercising any option or before disposing of any shares of stock acquired
under the Plan.

INITIAL GRANT OF OPTIONS

     The grant of an option, whether a nonqualified or nonstatutory stock option
("NSO") or an incentive stock option ("ISO"), is not a taxable event for the
optionee, and the Company obtains no deduction for the grant of the option.

NONQUALIFIED OR NONSTATUTORY STOCK OPTIONS

     The exercise of an NSO is a taxable event to the optionee. The amount by
which the fair market value of the shares on the date of exercise exceeds the
exercise price (the "spread") will be taxed to the optionee as ordinary income.
The spread will also be considered "wages" for purposes of FICA taxes. The
Company will be entitled to a deduction in the same amount as the ordinary
income recognized by the optionee from the exercise of the option that is
reported to the IRS by the optionee or the Company. In general, the optionee's
tax basis in the shares acquired by exercising an NSO is equal to the fair
market value of such shares on the date of exercise. Upon a subsequent sale of
any such shares in a taxable transaction, the optionee will realize capital gain
or loss (long-term or short-term, depending on whether the shares were held for
the required holding period before the sale) in an amount equal to the
difference between his or her basis in the shares and the sale price.

     The capital gains holding periods are complex. If shares are held for more
than one year, the maximum tax rate on the gain has been reduced from twenty
percent (20%) to fifteen percent (15%) for gain recognized on or after May 6,
2003, and before January 1, 2009. Because the rules are complex and can vary in
individual circumstances, each participant should consider consulting his or her
own tax advisor.

     If an optionee exercises an NSO and pays the exercise price with previously
acquired shares of stock, special rules apply. The transaction is treated as a
tax-free exchange of the old shares for the same number of new shares, except as
described below with respect to shares acquired pursuant to ISOs. The optionee's
basis in the new shares is the same as his or her basis in the old shares, and
the capital gains holding period runs without interruption from the date

                               ALSIUS CORPORATION
                       EXHIBIT C TO STOCK OPTION AGREEMENT
                          U.S. FEDERAL TAX INFORMATION

                                      C-1

<PAGE>

when the old shares were acquired. The value of any new shares received by the
optionee in excess of the number of old shares surrendered minus any cash the
optionee pays for the new shares will be taxed as ordinary income. The
optionee's basis in the additional shares is equal to the fair market value of
such shares on the date the shares were transferred, and the capital gain
holding period commences on the same date. The effect of these rules is to defer
recognition of any gain in the old shares when those shares are used to buy new
shares. Stated differently, these rules allow an optionee to finance the
exercise of an NSO by using shares of stock that he or she already owns, without
paying current tax on any unrealized appreciation in those old shares.

INCENTIVE STOCK OPTIONS

     The holder of an ISO will not be subject to U.S. federal income tax upon
the exercise of the ISO, and the Company will not be entitled to a tax deduction
by reason of such exercise, provided that the holder is employed by the Company
on the exercise date (or the holder's employment terminated within the three (3)
months preceding the exercise date). Exceptions to this exercise timing
requirement apply in the event the optionee dies or becomes disabled. A
subsequent sale of the shares received upon the exercise of an ISO will result
in the realization of long-term capital gain or loss in the amount of the
difference between the amount realized on the sale and the exercise price for
such shares, provided that the sale occurs more than one (1) year after the
exercise of the ISO and more than two (2) years after the grant of the ISO. In
general, if a sale or disposition of the shares occurs prior to satisfaction of
the foregoing holding periods (referred to as a "disqualifying disposition"),
the optionee will recognize ordinary income and the Company will be entitled to
a corresponding deduction, generally equal to the amount of ordinary income
recognized by the optionee from the disqualifying disposition that is reported
to the IRS by the optionee or the Company.

     Favorable tax treatment is accorded to an optionee only to the extent that
the value of the shares (determined at the time of grant) covered by an ISO
first exercisable in any single calendar year does not exceed one hundred
thousand dollars ($100,000). If ISOs for shares whose aggregate value exceeds
one hundred thousand dollars ($100,000) become exercisable in the same calendar
year, the excess will be treated as NSOs.

     A special rule applies if an optionee pays all or part of the exercise
price of an ISO by surrendering shares of stock that he or she previously
acquired by exercising any other ISO. If the optionee has not held the old
shares for the full duration of the applicable holding periods, then the
surrender of such shares to fund the exercise of the new ISO will be treated as
a disqualifying disposition of the old shares. As described above, the result of
a disqualifying disposition is the loss of favorable tax treatment with respect
to the acquisition of the old shares pursuant to the previously exercised ISO.

     Where the applicable holding period requirements have been met, the use of
previously acquired shares of stock to pay all or a portion of the exercise
price of an ISO may offer significant tax advantages. In particular, a deferral
of the recognition of any appreciation in the surrendered shares is available in
the same manner as discussed above with respect to NSOs.

                               ALSIUS CORPORATION
                       EXHIBIT C TO STOCK OPTION AGREEMENT
                          U.S. FEDERAL TAX INFORMATION

                                      C-2

<PAGE>

ALTERNATIVE MINIMUM TAX

     Alternative minimum tax is paid when such tax exceeds a taxpayer's regular
U.S. federal income tax. Alternative minimum tax is calculated based on
alternative minimum taxable income, which is taxable income for U.S. federal
income tax purposes, modified by certain adjustments and increased by tax
preference items.

     The "spread" under an ISO--that is, the difference between (a) the fair
market value of the shares of stock at exercise and (b) the exercise price--is
classified as alternative minimum taxable income for the year of exercise.
Alternative minimum taxable income may be subject to the alternative minimum
tax. However, a disqualifying disposition of the shares of stock subject to the
ISO during the same year in which the ISO was exercised will generally negate
the alternative minimum taxable income generated upon exercise of the ISO.

     In general, when a taxpayer sells stock acquired through the exercise of an
ISO, only the difference between the fair market value of the shares on the date
of exercise and the date of sale is used in computing any alternative minimum
tax for the year of the sale. The portion of a taxpayer's alternative minimum
tax attributable to certain items of tax preference (including the spread upon
the exercise of an ISO) can be credited against the taxpayer's regular liability
in later years to the extent that liability exceeds the alternative minimum tax.

WITHHOLDING TAXES

     Exercise of an NSO produces taxable income which is subject to withholding.
The Company will not deliver shares to the optionee unless the optionee has
agreed to satisfactory arrangements for meeting all applicable U.S. federal,
state and local withholding tax requirements.

     U.S. federal tax law currently does not require unrecognized gain on
exercise of an ISO to be treated as "wages" for the purposes of FICA taxes;
however, this issue may be revisited in the future. If in the future U.S.
federal tax laws require that the unrecognized gain on an ISO be treated as
"wages," then you will not be able to exercise your option unless you make
acceptable arrangements with the Company to satisfy the withholding requirement.

     THIS TAX SUMMARY IS GENERAL IN NATURE AND SHOULD NOT BE RELIED UPON BY ANY
PERSON IN DECIDING WHETHER OR WHEN TO EXERCISE AN OPTION. EACH PERSON SHOULD
CONSULT HIS OR HER OWN TAX ADVISOR REGARDING THESE MATTERS.

                               ALSIUS CORPORATION
                       EXHIBIT C TO STOCK OPTION AGREEMENT
                          U.S. FEDERAL TAX INFORMATION

                                      C-3

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