Document:

Exhibit 10.10.2

 

NephroGenex, Inc. 2005 Stock
Option Plan

 

Notice
of Stock Option Grant

 

The Optionee has been granted the following
option to purchase shares of the Common Stock of NephroGenex, Inc.:

 

	Name of Optionee:	 
	 	 
	Total Number of Shares:	 
	 	 
	Type of Option:	 
	 	 
	Exercise Price per Share:	 
	 	 
	Date of Grant:	 
	 	 
	Date Exercisable:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Expiration Date:	 

 

By signing below, the Optionee and the Company
agree that this option is granted under, and governed by the terms and conditions of, the 2005 Stock Option Plan and the Stock
Option Agreement. Both of these documents are attached to, and made a part of, this Notice of Stock Option Grant. Section 13
of the Stock Option Agreement includes important acknowledgements of the Optionee.

 

	Optionee:	 	NephroGenex, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 

 

    	 

    	 

    

 

THE
OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

NephroGenex,
Inc. 2005 Stock Option Plan:

Stock
Option Agreement

 

SECTION
1.  Grant Of Option.

 

(a)       Option.
  On the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee
on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option
Grant. The Exercise Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market
Value if Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided in the Notice of Stock
Option Grant.

 

(b)       $100,000 Limitation.
  Even if this option is designated as an ISO in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the extent
(and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code.

 

(c)       Stock Plan and
Defined Terms.   This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received. The
provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 14
of this Agreement.

 

SECTION
2.  Right To Exercise.

 

(a)       Exercisability.
  Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be exercised
prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. In addition, this option shall become
exercisable in full if Section 8(b)(iv) of the Plan applies.

 

(b)       Stockholder Approval.
  Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior to the
approval of the Plan by the Company’s stockholders.

 

SECTION
3.  No Transfer Or Assignment Of Option.

 

Except as otherwise provided
in this Agreement, this option and the rights and privileges conferred hereby shall not 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.

 

SECTION
4.  Exercise Procedures.

 

(a)       Notice of Exercise.
  The Optionee or the Optionee’s representative may exercise this option by giving written notice to the Company pursuant to
Section 12(c). The notice shall specify the election to exercise this option, the number of Shares for which it is being exercised
and the form of payment. The person exercising this option shall sign the notice. In the event that this option is being exercised
by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s
right to exercise this option. The Optionee or the Optionee’s representative shall deliver to the Company, at the time of
giving the notice, payment in a form permissible under Section 5 for the full amount of the Purchase Price.

 

(b)       Issuance of Shares.
  After receiving a proper notice of exercise, the Company shall cause to be issued one or more certificates evidencing the Shares
for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this option,
(ii) in the names of such person and his or her spouse as community property or as joint tenants with the right of survivorship
or (iii) with the Company’s consent, in the name of a revocable trust. The Company shall cause such certificates to
be delivered to or upon the order of the person exercising this option.

 

(c)       Withholding Taxes.
  In the event that the Company determines that it is required to withhold any tax as a result of the exercise of this option, the
Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the Company to enable it to satisfy
all withholding requirements. The Optionee shall also make arrangements satisfactory to the Company to enable it to satisfy any
withholding requirements that may arise in connection with the disposition of Shares purchased by exercising this option.

 

SECTION
5.  Payment For Stock.

 

(a)       Cash.   All or
part of the Purchase Price may be paid in cash or cash equivalents.

 

(b)       Surrender of Stock.
  At the discretion of the Board of Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting to
the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for
transfer and shall be valued at their Fair Market Value as of the date when this option is exercised.

 

(c)       Exercise/Sale.
  All or part of the Purchase Price and any withholding taxes may be paid by the 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 sales
proceeds to the Company. However, payment pursuant to this Subsection (c) shall be permitted only if (i) Stock then is
publicly traded and (ii) such payment does not violate applicable law.

 

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SECTION
6.  Term And Expiration.

 

(a)       Basic Term.
  This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10 years
after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option
Grant and Section 3(b) of the Plan applies).

 

(b)       Termination of
Service (Except by Death).   If the Optionee’s Service terminates for any reason other than death, then this option shall
expire on the earliest of the following occasions:

 

(i)        The expiration
date determined pursuant to Subsection (a) above;

 

(ii)       The date
three months after the termination of the Optionee’s Service for any reason other than Disability; or

 

(iii)      The date
six months after the termination of the Optionee’s Service by reason of Disability.

 

The Optionee may exercise all or part of this
option at any time before its expiration under the preceding sentence, but only to the extent that this option had become exercisable
before the Optionee’s Service terminated. When the Optionee’s Service terminates, this option shall expire immediately
with respect to the number of Shares for which this option is not yet exercisable. In the event that the Optionee dies after termination
of Service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors
or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary
designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s
Service terminated.

 

(c)       Death of the Optionee.
 If the Optionee dies while in Service, then this option shall expire on the earlier of the following dates:

 

(i)        The expiration
date determined pursuant to Subsection (a) above; or

 

(ii)       The date
12 months after the Optionee’s death.

 

All or part of this option may be exercised
at any time before its expiration under the preceding sentence by the executors or administrators of the Optionee’s estate
or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but
only to the extent that this option had become exercisable before the Optionee’s death. When the Optionee dies, this option
shall expire immediately with respect to the number of Shares for which this option is not yet exercisable.

 

(d)       Part-Time Employment
and Leaves of Absence.   If the Optionee commences working on a part-time basis,
then the Company may adjust the vesting schedule set forth in the Notice of Stock Option
Grant in accordance with the Company’s part-time work

 

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policy or the terms of an
agreement between the Optionee and the Company pertaining to his or her part-time schedule.
If the Optionee goes on a leave of absence, then the Company may adjust the vesting schedule set forth in
the Notice of Stock Option Grant in accordance with the Company’s leave of absence
policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for
any purpose under this Agreement while the Optionee is on a bona fide leave of absence, if (i) such leave was approved
by the Company in writing and (ii) continued crediting of Service for such purpose is expressly required by the terms of such
leave or by applicable law (as determined by the Company). Service shall be deemed to terminate
when such leave ends, unless the Optionee immediately returns to active work.

 

(e)       Notice
Concerning ISO Treatment.   Even if this option is designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify
for favorable tax treatment as an ISO to the extent that it is exercised:

 

(i)        More than
three months after the date when the Optionee ceases to be an Employee for any reason other than death or permanent and total disability
(as defined in Section 22(e)(3) of the Code);

 

(ii)       More than
12 months after the date when the Optionee ceases to be an Employee by reason of permanent and total disability (as defined in
Section 22(e)(3) of the Code); or

 

(iii)      More than
three months after the date when the Optionee has been on a leave of absence for 90 days, unless the Optionee’s reemployment
rights following such leave were guaranteed by statute or by contract.

 

SECTION
7.  Right Of First Refusal.

 

(a)       Right of First
Refusal.   In the event that the Optionee proposes 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 the Right of First Refusal with respect to all (and
not less than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the Optionee shall
give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to
be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company
that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice
shall be signed both by the Optionee and by the proposed Transferee and must constitute a binding commitment of both parties to
the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms
of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (b)
below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice
was received by the Company.

 

(b)       Transfer of Shares.
  If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer Notice,
the Optionee may, not

 

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later than 90 days following
receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and
conditions described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and
foreign securities laws and not in violation of any other contractual restrictions to which the Optionee is bound. Any proposed
transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer
by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described
in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the
Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer
Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the
Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time
of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value
of the consideration described in the Transfer Notice.

 

(c)       Additional or Exchanged
Securities and Property.   In the event of a merger or consolidation of the Company with or into another entity, any other corporate
reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form
other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction
exchanged for, or distributed with respect to, any Shares subject to this Section 7 shall immediately be subject to the Right
of First Refusal. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made
to the number and/or class of the Shares subject to this Section 7.

 

(d)       Termination of
Right of First Refusal.   Any other provision of this Section 7 notwithstanding, in the event that the Stock is readily
tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First
Refusal, and the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

 

(e)       Permitted Transfers.
This Section 7 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a
transfer to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit
of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee
agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers
any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the
Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the Optionee.

 

(f)        Termination of
Rights as Stockholder.   If the Company makes available, at the time and place and in the amount and form provided in this Agreement,
the consideration for the Shares to be purchased in accordance with this Section 7, then after such time the person from whom
such Shares are to be purchased shall no longer have any rights as a holder of such

 

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Shares (other than the right
to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased
in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as required
by this Agreement.

 

(g)       Assignment of Right
of First Refusal.   The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.
Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights
and obligations under this Section 7.

 

SECTION
8.  Legality Of Initial Issuance.

 

No Shares shall be issued
upon the exercise of this option unless and until the Company has determined that:

 

(a)       It and the
Optionee have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration
requirements thereof;

 

(b)      Any applicable
listing requirement of any stock exchange or other securities market on which Stock is listed has been satisfied; and

 

(c)      Any other
applicable provision of federal, State or foreign law has been satisfied.

 

SECTION
9.  No Registration Rights.

 

The Company may, but shall
not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall
not be obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law.

 

SECTION
10.  Restrictions On Transfer of shares.

 

(a)       Securities Law
Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities
Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions
upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or
the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable
in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

 

(b)       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 Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall
not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract
for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage
in any of the foregoing

 

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transactions with respect
to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such
restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus
for the offering as may be requested by the Company or such underwriter. In no event, however, shall such period exceed 180 days
plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions
on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including
(without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4)
of the New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate two
years after the date of the Company’s initial public offering. In the event of the declaration of a stock dividend, a spin-off,
a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding
securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction
distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall
immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer
instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s
underwriters shall be beneficiaries of the agreement set forth in this Subsection (b). This Subsection (b) shall not
apply to Shares registered in the public offering under the Securities Act.

 

(c)        Investment Intent
at Grant.  The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof.

 

(d)       Investment Intent
at Exercise.   In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption
is available that requires an investment representation or other representation, the Optionee shall represent and agree at the
time of exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not with a view
to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company
and its counsel.

 

(e)       Legends.   All
certificates evidencing Shares purchased under this Agreement shall bear the following legend:

 

“THE SHARES REPRESENTED HEREBY
MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT
GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. THE SECRETARY OF THE COMPANY WILL
UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

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All certificates evidencing Shares purchased
under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are
required or deemed advisable under the provisions of any applicable law):

 

“THE SHARES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.”

 

(f)        Removal of Legends.
  If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under this
Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

 

(g)       Administration.
Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 10 shall
be conclusive and binding on the Optionee and all other persons.

 

SECTION
11.  Adjustment Of Shares.

 

In the event of any transaction
described in Section 8(a) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares
subject to this option and the Exercise Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the event that
the Company is a party to a merger or consolidation, this option shall be subject to the agreement of merger or consolidation,
as provided in Section 8(b) of the Plan.

 

SECTION
12.  Miscellaneous Provisions.

 

(a)       Rights as a Stockholder.
  Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect to any Shares
subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing
a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5.

 

(b)       No Retention Rights.
  Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or
retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service
at any time and for any reason, with or without cause.

 

(c)       Notice.   Any
notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery,
(ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit
with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive
office and to the Optionee at the address that he or she most recently provided to the Company in accordance with this Subsection (c).

 

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(d)       Entire Agreement.
 The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto with regard
to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and
whether express or implied) that relate to the subject matter hereof.

 

(e)       Choice of Law.
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied
to contracts entered into and performed in such State.

 

SECTION
13.  acknowledgements of the optionee.

 

(a)        Tax
Consequences.  The Optionee agrees that the Company does not have a duty to design or administer the Plan or its other compensation
programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company
or its Board of Directors, officers or employees related to tax liabilities arising from this option or the Optionee’s other
compensation. In particular, the Optionee acknowledges that this option is exempt from Section 409A of the Code only if the
Exercise Price is at least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established
securities market, the determination of their Fair Market Value is made by the Board of Directors or by an independent valuation
firm retained by the Company. The Optionee acknowledges that there is no guarantee in either case that the Internal Revenue Service
will agree with the valuation, and the Optionee shall not make any claim against the Company or its Board of Directors, officers
or employees in the event that the Internal Revenue Service asserts that the valuation was too low.

 

(b)       Electronic Delivery
of Documents.  The Optionee agrees that the Company may deliver by email all documents relating to the Plan or this option (including,
without limitation, a copy of the Plan) and all other documents that the Company is required to deliver to its security holders
(including, without limitation, disclosures that may be required by the Securities and Exchange Commission). The Optionee also
agrees that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party
under contract with the Company. If the Company posts these documents on a website, it shall notify the Optionee by email.

 

SECTION
14.  Definitions.

 

(a)       “Agreement”
shall mean this Stock Option Agreement.

 

(b)       “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time or, if a Committee has
been appointed, such Committee.

 

(c)       “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(d)       “Committee”
shall mean a committee of the Board of Directors, as described in Section 2 of the Plan.

 

(e)       “Company”
shall mean NephroGenex, Inc., a Delaware corporation.

 

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(f)        “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

 

(g)       “Date of
Grant” shall mean the date of grant specified in the Notice of Stock Option Grant, which date shall be the later of (i) the
date on which the Board of Directors resolved to grant this option or (ii) the first day of the Optionee’s Service.

 

(h)       “Disability”
shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

(i)        “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(j)        “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of this option, as specified in the Notice
of Stock Option Grant.

 

(k)       “Fair Market
Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

(l)        “Immediate
Family” shall mean 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.

 

(m)       “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code.

 

(n)       “Notice of
Stock Option Grant” shall mean the document so entitled to which this Agreement is attached.

 

(o)       “NSO”
shall mean a stock option not described in Sections 422(b) or 423(b) of the Code.

 

(p)       “Optionee”
shall mean the person named in the Notice of Stock Option Grant.

 

(q)       “Outside
Director” shall mean a member of the Board of Directors who is not an Employee.

 

(r)        “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 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

 

(s)        “Plan”
shall mean the NephroGenex, Inc. 2005 Stock Option Plan, as in effect on the Date of Grant.

 

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(t)        “Purchase
Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this option is being exercised.

 

(u)        “Right of
First Refusal” shall mean the Company’s right of first refusal described in Section 7.

 

(v)        “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(w)       “Service”
shall mean service as an Employee, Outside Director or Consultant.

 

(x)        “Share”
shall mean one share of Stock, as adjusted in accordance with Section 8 of the Plan (if applicable).

 

(y)        “Stock”
shall mean the Common Stock of the Company.

 

(z)        “Subsidiary”
shall mean 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 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

 

(aa)      “Transferee”
shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this Agreement.

 

(bb)     “Transfer
Notice” shall mean the notice of a proposed transfer of Shares described in Section 7.

 

    	11Exhibit 10.10.3

 

NephroGenex, Inc. 2005 Stock
Option Plan

 

Notice
of Stock Option Grant (With Acceleration)

 

The Optionee has been granted the following
option to purchase shares of the Common Stock of NephroGenex, Inc.:

 

	Name of Optionee:	 
	 	 
	Total Number of Shares:	 
	 	 
	Type of Option:	 
	 	 
	Exercise Price per Share:	 
	 	 
	Date of Grant:	 
	 	 
	Date Exercisable:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Expiration Date:	 

 

By signing below, the Optionee and the Company
agree that this option is granted under, and governed by the terms and conditions of, the 2005 Stock Option Plan and the Stock
Option Agreement. Both of these documents are attached to, and made a part of, this Notice of Stock Option Grant. Section 13
of the Stock Option Agreement includes important acknowledgements of the Optionee.

 

	Optionee:	 	NephroGenex, Inc.
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 

    	 

    

 

THE
OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

NephroGenex,
Inc. 2005 Stock Option Plan:

Stock
Option Agreement

 

SECTION
1.  Grant Of Option.

 

(a)       Option.
 On the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee
on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option
Grant. The Exercise Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market
Value if Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided in the Notice of Stock
Option Grant.

 

(b)       $100,000 Limitation.
 Even if this option is designated as an ISO in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the extent
(and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code.

 

(c)       Stock Plan and
Defined Terms.  This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received. The
provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 14
of this Agreement.

 

SECTION
2.  Right To Exercise.

 

(a)       Exercisability.
 Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be exercised
prior to its expiration at the time or times set forth in the Notice of Stock Option Grant.

 

(b)       Stockholder Approval.
 Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior to the
approval of the Plan by the Company’s stockholders.

 

SECTION
3.  No Transfer Or Assignment Of Option.

 

Except as otherwise provided
in this Agreement, this option and the rights and privileges conferred hereby shall not 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.

 

SECTION
4.  Exercise Procedures.

 

(a)       Notice of Exercise.
 The Optionee or the Optionee’s representative may exercise this option by giving written notice to the Company pursuant to
Section 12(c). The notice shall specify the election to exercise this option, the number of Shares for which it is being exercised
and the form of payment. The person exercising this option shall sign the notice. In the event that this option is being exercised
by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s
right to exercise this option. The Optionee or the Optionee’s representative shall deliver to the Company, at the time of
giving the notice, payment in a form permissible under Section 5 for the full amount of the Purchase Price.

 

(b)       Issuance of Shares.
 After receiving a proper notice of exercise, the Company shall cause to be issued one or more certificates evidencing the Shares
for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this option,
(ii) in the names of such person and his or her spouse as community property or as joint tenants with the right of survivorship
or (iii) with the Company’s consent, in the name of a revocable trust. The Company shall cause such certificates to
be delivered to or upon the order of the person exercising this option.

 

(c)       Withholding Taxes.
 In the event that the Company determines that it is required to withhold any tax as a result of the exercise of this option, the
Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the Company to enable it to satisfy
all withholding requirements. The Optionee shall also make arrangements satisfactory to the Company to enable it to satisfy any
withholding requirements that may arise in connection with the disposition of Shares purchased by exercising this option.

 

SECTION
5.  Payment For Stock.

 

(a)       Cash.  All or
part of the Purchase Price may be paid in cash or cash equivalents.

 

(b)       Surrender of Stock.
 At the discretion of the Board of Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting to
the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for
transfer and shall be valued at their Fair Market Value as of the date when this option is exercised.

 

(c)       Exercise/Sale.
 All or part of the Purchase Price and any withholding taxes may be paid by the 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 sales
proceeds to the Company. However, payment pursuant to this Subsection (c) shall be permitted only if (i) Stock then is
publicly traded and (ii) such payment does not violate applicable law.

 

    	2

    	 

    

 

SECTION
6.  Term And Expiration.

 

(a)       Basic Term.
 This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10 years
after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option
Grant and Section 3(b) of the Plan applies).

 

(b)       Termination of
Service (Except by Death).  If the Optionee’s Service terminates for any reason other than death, then this option shall
expire on the earliest of the following occasions:

 

(i)        The expiration
date determined pursuant to Subsection (a) above;

 

(ii)       The date
three months after the termination of the Optionee’s Service for any reason other than Disability; or

 

(iii)      The date
six months after the termination of the Optionee’s Service by reason of Disability.

 

The Optionee may exercise all or part of this
option at any time before its expiration under the preceding sentence, but only to the extent that this option had become exercisable
before the Optionee’s Service terminated. When the Optionee’s Service terminates, this option shall expire immediately
with respect to the number of Shares for which this option is not yet exercisable. In the event that the Optionee dies after termination
of Service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors
or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary
designation, bequest or inheritance, but only to the extent that this option had become exercisable before the Optionee’s
Service terminated.

 

(c)       Death of the Optionee.
 If the Optionee dies while in Service, then this option shall expire on the earlier of the following dates:

 

(i)        The expiration
date determined pursuant to Subsection (a) above; or

 

(ii)       The date
12 months after the Optionee’s death.

 

All or part of this option may be exercised
at any time before its expiration under the preceding sentence by the executors or administrators of the Optionee’s estate
or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but
only to the extent that this option had become exercisable before the Optionee’s death. When the Optionee dies, this option
shall expire immediately with respect to the number of Shares for which this option is not yet exercisable.

 

(d)       Part-Time Employment
and Leaves of Absence.  If the Optionee commences working on a part-time basis,
then the Company may adjust the vesting schedule set forth in the Notice of Stock Option
Grant in accordance with the Company’s part-time work

 

    	3

    	 

    

 

policy or the terms of an
agreement between the Optionee and the Company pertaining to his or her part-time schedule.
If the Optionee goes on a leave of absence, then the Company may adjust the vesting schedule set forth in
the Notice of Stock Option Grant in accordance with the Company’s leave of absence
policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for
any purpose under this Agreement while the Optionee is on a bona fide leave of absence, if (i) such leave was approved
by the Company in writing and (ii) continued crediting of Service for such purpose is expressly required by the terms of such
leave or by applicable law (as determined by the Company). Service shall be deemed to terminate
when such leave ends, unless the Optionee immediately returns to active work.

 

(e)       Notice
Concerning ISO Treatment.  Even if this option is designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify
for favorable tax treatment as an ISO to the extent that it is exercised:

 

(i)       More than
three months after the date when the Optionee ceases to be an Employee for any reason other than death or permanent and total disability
(as defined in Section 22(e)(3) of the Code);

 

(ii)       More than
12 months after the date when the Optionee ceases to be an Employee by reason of permanent and total disability (as defined in
Section 22(e)(3) of the Code); or

 

(iii)      More than
three months after the date when the Optionee has been on a leave of absence for 90 days, unless the Optionee’s reemployment
rights following such leave were guaranteed by statute or by contract.

 

SECTION
7.  Right Of First Refusal.

 

(a)       Right of First
Refusal.  In the event that the Optionee proposes 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 the Right of First Refusal with respect to all (and
not less than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the Optionee shall
give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to
be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company
that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice
shall be signed both by the Optionee and by the proposed Transferee and must constitute a binding commitment of both parties to
the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms
of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (b)
below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice
was received by the Company.

 

(b)       Transfer of Shares.
 If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer Notice,
the Optionee may, not

 

    	4

    	 

    

 

later than 90 days following
receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and
conditions described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and
foreign securities laws and not in violation of any other contractual restrictions to which the Optionee is bound. Any proposed
transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer
by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described
in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the
Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer
Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the
Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time
of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value
of the consideration described in the Transfer Notice.

 

(c)       Additional or Exchanged
Securities and Property.  In the event of a merger or consolidation of the Company with or into another entity, any other corporate
reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form
other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction
exchanged for, or distributed with respect to, any Shares subject to this Section 7 shall immediately be subject to the Right
of First Refusal. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made
to the number and/or class of the Shares subject to this Section 7.

 

(d)       Termination of
Right of First Refusal.  Any other provision of this Section 7 notwithstanding, in the event that the Stock is readily
tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First
Refusal, and the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

 

(e)       Permitted Transfers.
 This Section 7 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a
transfer to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit
of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee
agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers
any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the
Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the Optionee.

 

(f)        Termination of
Rights as Stockholder.  If the Company makes available, at the time and place and in the amount and form provided in this Agreement,
the consideration for the Shares to be purchased in accordance with this Section 7, then after such time the person from whom
such Shares are to be purchased shall no longer have any rights as a holder of such

 

    	5

    	 

    

 

Shares (other than the right
to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased
in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as required
by this Agreement.

 

(g)       Assignment of Right
of First Refusal.  The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.
Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights
and obligations under this Section 7.

 

SECTION
8.  Legality Of Initial Issuance.

 

No Shares shall be issued
upon the exercise of this option unless and until the Company has determined that:

 

(a)       It and the
Optionee have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration
requirements thereof;

 

(b)       Any applicable
listing requirement of any stock exchange or other securities market on which Stock is listed has been satisfied; and

 

(c)       Any other
applicable provision of federal, State or foreign law has been satisfied.

 

SECTION
9.  No Registration Rights.

 

The Company may, but shall
not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall
not be obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law.

 

SECTION
10.  Restrictions On Transfer of shares.

 

(a)       Securities Law
Restrictions.  Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities
Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions
upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or
the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable
in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

 

(b)       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 Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall
not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract
for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage
in any of the foregoing

 

    	6

    	 

    

 

transactions with respect
to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such
restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus
for the offering as may be requested by the Company or such underwriter. In no event, however, shall such period exceed 180 days
plus such additional period as may reasonably be requested by the Company or such underwriter
to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst
recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National
Association of Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor
rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public
offering. In the event of the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a
recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration,
any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject
to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off.
In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired
under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries
of the agreement set forth in this Subsection (b). This Subsection (b) shall not apply to Shares registered in the public
offering under the Securities Act.

 

(c)       Investment Intent
at Grant.  The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof.

 

(d)       Investment Intent
at Exercise.  In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption
is available that requires an investment representation or other representation, the Optionee shall represent and agree at the
time of exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not with a view
to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company
and its counsel.

 

(e)       Legends.  All
certificates evidencing Shares purchased under this Agreement shall bear the following legend:

 

“THE SHARES REPRESENTED HEREBY
MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT
GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. THE SECRETARY OF THE COMPANY WILL
UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

    	7

    	 

    

 

All certificates evidencing Shares purchased
under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are
required or deemed advisable under the provisions of any applicable law):

 

“THE SHARES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.”

 

(f)        Removal of Legends.
 If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under this
Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

 

(g)       Administration.
 Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 10 shall
be conclusive and binding on the Optionee and all other persons.

 

SECTION
11.  Adjustment Of Shares.

 

In the event of any transaction
described in Section 8(a) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares
subject to this option and the Exercise Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the event that
the Company is a party to a merger or consolidation, this option shall be subject to the agreement of merger or consolidation,
as provided in Section 8(b) of the Plan.

 

SECTION
12.  Miscellaneous Provisions.

 

(a)       Rights as a Stockholder.
 Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect to any Shares
subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing
a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5.

 

(b)       No Retention Rights.
 Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or
retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service
at any time and for any reason, with or without cause.

 

(c)       Notice.  Any
notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery,
(ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit
with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive
office and to the Optionee at the address that he or she most recently provided to the Company in accordance with this Subsection (c).

 

    	8

    	 

    

 

(d)       Entire Agreement.
 The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto with regard
to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and
whether express or implied) that relate to the subject matter hereof.

 

(e)       Choice of Law.
 This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied
to contracts entered into and performed in such State.

 

SECTION
13.  acknowledgements of the optionee.

 

(a)        Tax
Consequences.  The Optionee agrees that the Company does not have a duty to design or administer the Plan or its other compensation
programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company
or its Board of Directors, officers or employees related to tax liabilities arising from this option or the Optionee’s other
compensation. In particular, the Optionee acknowledges that this option is exempt from Section 409A of the Code only if the
Exercise Price is at least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established
securities market, the determination of their Fair Market Value is made by the Board of Directors or by an independent valuation
firm retained by the Company. The Optionee acknowledges that there is no guarantee in either case that the Internal Revenue Service
will agree with the valuation, and the Optionee shall not make any claim against the Company or its Board of Directors, officers
or employees in the event that the Internal Revenue Service asserts that the valuation was too low.

 

(b)       Electronic Delivery
of Documents.  The Optionee agrees that the Company may deliver by email all documents relating to the Plan or this option (including,
without limitation, a copy of the Plan) and all other documents that the Company is required to deliver to its security holders
(including, without limitation, disclosures that may be required by the Securities and Exchange Commission). The Optionee also
agrees that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party
under contract with the Company. If the Company posts these documents on a website, it shall notify the Optionee by email.

 

SECTION
14.  Definitions.

 

(a)       “Agreement”
shall mean this Stock Option Agreement.

 

(b)       “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time or, if a Committee has
been appointed, such Committee.

 

(c)       “Cause”
shall mean:

 

(i)       An unauthorized
use or disclosure by the Optionee of the Company’s confidential information or trade secrets, which use or disclosure causes
material harm to the Company;

 

    	9

    	 

    

 

(ii)       A material
breach by the Optionee of any agreement between the Optionee and the Company;

 

(iii)      A material
failure by the Optionee to comply with the Company’s written policies or rules;

 

(iv)      The Optionee’s
conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or
any State thereof;

 

(v)       The Optionee’s
gross negligence or willful misconduct;

 

(vi)      A continuing
failure by the Optionee to perform assigned duties after receiving written notification of such failure from the Board of Directors;
or

 

(vii)     A failure
by the Optionee to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers
or employees, if the Company has requested the Optionee’s cooperation.

 

(d)       “Change in
Control” shall mean (i) the consummation of a merger or consolidation of the Company with or into another entity
or (ii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation
of the Company shall not constitute a “Change in Control” if immediately after such merger or consolidation a majority
of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of
such continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to
such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s
capital stock immediately prior to such merger or consolidation.

 

(e)       “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(f)        “Committee”
shall mean a committee of the Board of Directors, as described in Section 2 of the Plan.

 

(g)       “Company”
shall mean NephroGenex, Inc., a Delaware corporation.

 

(h)       “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees and Outside Directors.

 

(i)        “Date of
Grant” shall mean the date of grant specified in the Notice of Stock Option Grant, which date shall be the later of (i) the
date on which the Board of Directors resolved to grant this option or (ii) the first day of the Optionee’s Service.

 

(j)        “Disability”
shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment.

 

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(k)       “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(l)        “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of this option, as specified in the Notice
of Stock Option Grant.

 

(m)       “Fair Market
Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

(n)       “Immediate
Family” shall mean 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.

 

(o)       “Involuntary
Termination” shall mean the termination of the Optionee’s Service by reason of:

 

(i)        The involuntary
discharge of the Optionee by the Company (or the Parent or Subsidiary employing him or her) for reasons other than Cause; or

 

(ii)       The voluntary
resignation of the Optionee following (A) a change in the Optionee’s position with the Company (or the Parent or Subsidiary
employing him or her) that materially reduces his or her level of authority or responsibility, (B) a reduction in the Optionee’s
base salary by more than 10% or (C) receipt of notice that the Optionee’s principal workplace will be relocated more
than 30 miles.

 

(p)       “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code.

 

(q)       “Notice of
Stock Option Grant” shall mean the document so entitled to which this Agreement is attached.

 

(r)        “NSO”
shall mean a stock option not described in Sections 422(b) or 423(b) of the Code.

 

(s)        “Optionee”
shall mean the person named in the Notice of Stock Option Grant.

 

(t)        “Outside
Director” shall mean a member of the Board of Directors who is not an Employee.

 

(u)       “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 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

 

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(v)       “Plan”
shall mean the NephroGenex, Inc. 2005 Stock Option Plan, as in effect on the Date of Grant.

 

(w)       “Purchase
Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this option is being exercised.

 

(x)       “Right of
First Refusal” shall mean the Company’s right of first refusal described in Section 7.

 

(y)        “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(z)        “Service”
shall mean service as an Employee, Outside Director or Consultant.

 

(aa)      “Share”
shall mean one share of Stock, as adjusted in accordance with Section 8 of the Plan (if applicable).

 

(bb)     “Stock”
shall mean the Common Stock of the Company.

 

(cc)      “Subsidiary”
shall mean 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 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

 

(dd)     “Transferee”
shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this Agreement.

 

(ee)      “Transfer
Notice” shall mean the notice of a proposed transfer of Shares described in Section 7.

 

    	12

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