Document:

Exhibit 10.12

 

MABVAC , INC.

EMPLOYEE
STOCK PURCHASE PLAN

 

1.                                      PURPOSE.

 

(a)                                  The
purpose of the Plan is to provide a means by which Employees of the Company and
certain designated Related Corporations may be given an opportunity to purchase
shares of the Common Stock of the Company.

 

(b)                                  The
Company, by means of the Plan, seeks to retain the services of such Employees,
to secure and retain the services of new Employees and to provide incentives
for such persons to exert maximum efforts for the success of the Company and
its Related Corporations.

 

(c)                                  The
Company intends that the Purchase Rights be considered options issued under an
Employee Stock Purchase Plan.

 

2.                                      DEFINITIONS.

 

(a)                                  “Board” means the Board of Directors of the
Company.

 

(b)                                  “Code” means the Internal Revenue Code of 1986,
as amended.

 

(c)                                  “Committee” means a committee appointed by the Board
in accordance with Section 3(c) of the Plan.

 

(d)                                  “Common Stock” means the common stock of the Company.

 

(e)                                  “Company” means MabVac, Inc., a New Jersey
corporation.

 

(f)                                    “Contributions” means
the payroll deductions, and other additional payments specifically provided for
in the Offering, that a Participant contributes to fund the exercise of a
Purchase Right. A Participant may make additional payments into his or her
account, if specifically provided for in the Offering, and then only if the
Participant has not already had the maximum permitted amount through payroll
deductions withheld during the Offering.

 

(g)                                 “Corporate Transaction” means the
occurrence, in a single transaction or in a series of related transactions, of
any one or more of the following events:

 

(i)                                    a sale, lease, license or other disposition of all or
substantially all of the consolidated assets of the Company;

 

(ii)                                a sale or other disposition of at least ninety percent (90%)
of the outstanding securities of the Company;

 

(iii)                            a merger, consolidation or similar transaction following
which the Company is not the surviving corporation; or

 

 

(iv)                               a
merger, consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately
preceding the merger, consolidation or similar transaction are converted or
exchanged by virtue of the merger, consolidation or similar transaction into
other property, whether in the form of securities, cash or otherwise.

 

(h)                                 “Director” means a member of the Board.

 

(i)                                    “Eligible Employee” means an Employee
who meets the requirements set forth in the Offering for eligibility to
participate in the Offering, provided that such Employee also meets the
requirements for eligibility to participate set forth in the Plan.

 

(j)                                    “Employee” means any person, including
Officers and Directors, who is employed for purposes of Section 423(b)(4) of the Code by the Company or a Related
Corporation.  Neither service as a
Director nor payment of a director’s fee shall be sufficient to make an
individual an Employee of the Company or a Related Corporation.

 

(k)                                “Employee Stock Purchase Plan” means a
plan that grants Purchase Rights intended to be options issued under an “employee
stock purchase plan,” as that term is defined in Section 423(b) of
the Code.

 

(l)                                    “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

(m)                              “Fair Market Value” means the value of
a security, as determined in good faith by the Board.  If the security is listed on any established
stock exchange or traded on the Nasdaq National Market or the Nasdaq SmallCap
Market, the Fair Market Value of the security, unless otherwise determined by
the Board, shall be the closing sales price (rounded up where necessary to the
nearest whole cent) for such security (or the closing bid, if no sales were
reported) as quoted on such exchange or market (or the exchange or market with
the greatest volume of trading in the relevant security of the Company) on the
relevant determination date (or if the relevant determination date does not
fall on a Trading Day, the Trading Day prior to the relevant determination
date), as reported in The Wall Street Journal or such other source as the Board
deems reliable.

 

(n)                                 “Offering” means the grant of Purchase
Rights to purchase shares of Common Stock under the Plan to Eligible Employees.

 

(o)                                  “Offering Date” means a date selected
by the Board for an Offering to commence.

 

(p)                                  “Officer” means a person who is an
officer of the Company within the meaning of Section 16 of the Exchange
Act and the rules and regulations promulgated thereunder.

 

(q)                                  “Participant” means an Eligible
Employee who holds an outstanding Purchase Right granted pursuant to the Plan.

 

(r)                                  “Plan” means this MabVac, Inc.
Employee Stock Purchase Plan.

 

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(s)                                  “Purchase Date” means one or more dates
during an Offering established by the Board on which Purchase Rights shall be
exercised and as of which purchases of shares of Common Stock shall be carried
out in accordance with such Offering.

 

(t)                                    “Purchase Period” means a period of
time specified within an Offering beginning on the Offering Date or on the next
day following a Purchase Date within an Offering and ending on a Purchase
Date.  An Offering may consist of one or
more Purchase Periods.

 

(u)                                 “Purchase Right” means an option to
purchase shares of Common Stock granted pursuant to the Plan.

 

(v)                                   “Related Corporation” means any parent
corporation or subsidiary corporation, whether now or
hereafter existing, as those terms are defined in Sections 424(e) and (f),
respectively, of the Code.

 

(w)                                “Securities Act” means the Securities
Act of 1933, as amended.

 

(x)                                  “Trading Day” means any day the
exchange(s) or market(s) on which shares of Common Stock are listed, whether it
be any established stock exchange, the Nasdaq National Market, the Nasdaq
SmallCap Market or otherwise, is open for trading.

 

3.                                      ADMINISTRATION.

 

(a)                                  The
Board shall administer the Plan unless and until the Board delegates
administration to a Committee, as provided in Section 3(c).  Whether or not the Board has delegated
administration, the Board shall have the final power to determine all questions
of policy and expediency that may arise in the administration of the Plan.

 

(b)                                  The
Board (or the Committee) shall have the power, subject to, and within the
limitations of, the express provisions of the Plan:

 

(i)                                    To
determine when and how Purchase Rights to purchase shares of Common Stock shall
be granted and the provisions of each Offering of such Purchase Rights (which
need not be identical).

 

(ii)                                To
designate from time to time which Related Corporations of the Company shall be
eligible to participate in the Plan.

 

(iii)                            To
construe and interpret the Plan and Purchase Rights, and to establish, amend
and revoke rules and regulations for the administration of the Plan.  The Board, in the exercise of this power, may
correct any defect, omission or inconsistency in the Plan, in a manner and to
the extent it shall deem necessary or expedient to make the Plan fully
effective.

 

(iv)                               To
amend the Plan as provided in Section 15.

 

(v)                                   Generally,
to exercise such powers and to perform such acts as it deems necessary or
expedient to promote the best interests of the Company and its Related
Corporations and to carry out the intent that the Plan be treated as an
Employee Stock Purchase Plan.

 

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(c)                                  The
Board may delegate administration of the Plan to a Committee of the Board
composed of one (1) or more members of the Board.  If administration is delegated to a
Committee, the Committee shall have, in connection with the administration of
the Plan, the powers theretofore possessed by the Board, subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as may be
adopted from time to time by the Board. 
The Board may abolish the Committee at any time and revest in the Board
the administration of the Plan.  If
administration is delegated to a Committee, references to the Board in this
Plan and in the Offering document shall thereafter be deemed to be to the Board
or the Committee, as the case may be.

 

4.                                      SHARES
OF COMMON STOCK SUBJECT TO THE PLAN.

 

(a)                                  Subject
to the provisions of Section 14 relating to adjustments upon changes in
securities, the shares of Common Stock that may be sold pursuant to Purchase
Rights shall not exceed in the aggregate 333,333 shares(1) of Common Stock,
plus an annual increase to be added on the date of the annual stockholders
meeting of the Company for a period of ten (10) years, commencing on the
date of the annual stockholders meeting in 2004 and ending on (and including)
the date of the annual stockholders meeting in 2013 (each such day, a “Calculation
Date”), equal to the lesser of (i) one percent (1%) of the shares of
Common Stock outstanding on each such Calculation Date (rounded down to the
nearest whole share); or (ii) 333,333 shares1 of Common
Stock.  Notwithstanding the foregoing,
the Board may act, prior to the date of the annual stockholders meeting of the
Company, to (I) increase the share reserve by such number of shares of Common
Stock as the Board shall determine, which number shall be less than each of (i) and
(ii) or (II) refrain from increasing the share reserve.  If any Purchase Right granted under the Plan
shall for any reason terminate without having been exercised, the shares of
Common Stock not purchased under such Purchase Right shall again become
available for issuance under the Plan.

 

5.                                      GRANT
OF PURCHASE RIGHTS; OFFERING.

 

(a)                                  The
Board may from time to time grant or provide for the grant of Purchase Rights
to purchase shares (including fractional shares) of Common Stock under the Plan
to Eligible Employees in an Offering (consisting of one or more Purchase
Periods) on an Offering Date or Offering Dates selected by the Board.  Each Offering shall be in such form and shall
contain such terms and conditions as the Board shall deem appropriate, which
shall comply with the requirement of Section 423(b)(5) of the Code
that all Employees granted Purchase Rights shall have the same rights and
privileges.  The terms and conditions of
an Offering shall be incorporated by reference into the Plan and treated as
part of the Plan.  The provisions of
separate Offerings need not be identical, but each Offering shall include
(through incorporation of the provisions of this Plan by reference in the
document comprising the Offering or otherwise) the period during which the
Offering shall be effective, which period shall not exceed twenty-seven (27)
months beginning with the Offering Date, and the substance of the provisions
contained in Sections 6 through 9, inclusive.

 

(1)          Reflects a 500,000-for-1
split of the Company’s Common Stock effected in April 2004
and a 1.33333-for-1 split effected in January 2005.

 

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(b)                                  If
a Participant has more than one Purchase Right outstanding under the Plan,
unless he or she otherwise indicates in agreements or notices delivered
hereunder:  (i) each agreement or
notice delivered by that Participant shall be deemed to apply to all of his or
her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower
exercise price (or an earlier-granted Purchase Right, if different Purchase
Rights have identical exercise prices) shall be exercised to the fullest
possible extent before a Purchase Right with a higher exercise price (or a
later-granted Purchase Right if different Purchase Rights have identical
exercise prices) shall be exercised.

 

6.                                      ELIGIBILITY.

 

(a)                                  Purchase
Rights may be granted only to Employees of the Company or, as the Board may
designate as provided in Section 3(b), to Employees of a Related
Corporation.  Except as provided in Section 6(b),
an Employee shall not be eligible to be granted Purchase Rights under the Plan
unless, on the Offering Date, such Employee has been in the employ of the
Company or the Related Corporation, as the case may be, for such continuous
period preceding such Offering Date as the Board may require, but in no event
shall the required period of continuous employment be greater than two (2) years.  In addition, the Board may provide that no
Employee shall be eligible to be granted Purchase Rights under the Plan unless,
on the Offering Date, such Employee’s customary employment with the Company or
the Related Corporation is more than twenty (20) hours per week and more than
five (5) months per calendar year.

 

(b)                                  The
Board may provide that each person who, during the course of an Offering, first
becomes an Eligible Employee shall, on a date or dates specified in the
Offering which coincides with the day on which such person becomes an Eligible
Employee or which occurs thereafter, receive a Purchase Right under that
Offering, which Purchase Right shall thereafter be deemed to be a part of that
Offering.  Such Purchase Right shall have
the same characteristics as any Purchase Rights originally granted under that
Offering, as described herein, except that:

 

(i)                                    the date on which such Purchase Right is granted shall be
the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

 

(ii)                                the
period of the Offering with respect to such Purchase Right shall begin on its
Offering Date and end coincident with the end of such Offering; and

 

(iii)                            the Board may provide that if such person first becomes an
Eligible Employee within a specified period of time before the end of the
Offering, he or she shall not receive any Purchase Right under that Offering.

 

(c)                                  No
Employee shall be eligible for the grant of any Purchase Rights under the Plan
if, immediately after any such Purchase Rights are granted, such Employee owns
stock possessing five percent (5%) or more of the total combined voting power
or value of all classes of stock of the Company or of any Related
Corporation.  For purposes of this Section 6(c),
the rules of Section 424(d) of the Code shall apply in
determining the stock ownership of any

 

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Employee,
and stock which such Employee may purchase under all outstanding Purchase
Rights and options shall be treated as stock owned by such Employee.

 

(d)                                  As
specified by Section 423(b)(8) of the Code, an Eligible Employee may
be granted Purchase Rights under the Plan only if such Purchase Rights,
together with any other rights granted under all Employee Stock Purchase Plans
of the Company and any Related Corporations, do not permit such Eligible
Employee’s rights to purchase stock of the Company or any Related Corporation
to accrue at a rate which exceeds twenty five thousand dollars ($25,000) of
Fair Market Value of such stock (determined at the time such rights are
granted, and which, with respect to the Plan, shall be determined as of their
respective Offering Dates) for each calendar year in which such rights are
outstanding at any time.

 

(e)                                  Officers
of the Company and any designated Related Corporation, if they are otherwise
Eligible Employees, shall be eligible to participate in Offerings under the
Plan.  Notwithstanding the foregoing, the
Board may provide in an Offering that Employees who are highly compensated
Employees within the meaning of Section 423(b)(4)(D) of
the Code shall not be eligible to participate.

 

7.                                      PURCHASE
RIGHTS; PURCHASE PRICE.

 

(a)                                  On
each Offering Date, each Eligible Employee, pursuant to an Offering made under
the Plan, shall be granted a Purchase Right to purchase up to that number of
shares of Common Stock (or fractional shares) purchasable either with a
percentage or with a maximum dollar amount, as designated by the Board, but in
either case not exceeding ten percent (10%), of such Employee’s Earnings (as
defined by the Board in each Offering) during the period that begins on the
Offering Date (or such later date as the Board determines for a particular
Offering) and ends on the date stated in the Offering, which date shall be no
later than the end of the Offering.

 

(b)                                  The
Board shall establish one (1) or more Purchase Dates during an Offering as
of which Purchase Rights granted pursuant to that Offering shall be exercised
and purchases of shares of Common Stock shall be carried out in accordance with
such Offering.

 

(c)                                  In
connection with each Offering made under the Plan, the
Board may specify a maximum number of shares of Common Stock that may be
purchased by any Participant on any Purchase Date during such Offering.  In connection with each Offering
made under the Plan, the Board may specify a maximum aggregate number of shares
of Common Stock that may be purchased by all Participants pursuant to such
Offering.  In addition, in connection
with each Offering that contains more than one Purchase Date, the Board may
specify a maximum aggregate number of shares of Common Stock that may be
purchased by all Participants on any given Purchase Date under the
Offering.  If the aggregate purchase of
shares of Common Stock issuable upon exercise of Purchase Rights granted under
the Offering would exceed any such maximum aggregate number, then, in the
absence of any Board action otherwise, a pro rata allocation of the shares of
Common Stock available shall be made in as nearly a uniform manner as shall be
practicable and equitable.

 

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(d)                                  The
purchase price of shares of Common Stock acquired pursuant to Purchase Rights
shall be not less than the lesser of:

 

(i)                                    an
amount equal to eighty-five percent (85%) of the Fair Market Value of the
shares of Common Stock on the Offering Date; or

 

(ii)                                an amount equal to eighty-five percent (85%) of the Fair
Market Value of the shares of Common Stock on the applicable Purchase Date.

 

8.                                      PARTICIPATION;
WITHDRAWAL; TERMINATION.

 

(a)                                  A
Participant may elect to authorize payroll deductions pursuant to an Offering
under the Plan by completing and delivering to the Company, within the time
specified in the Offering, an enrollment form (in such form as the Company may
provide). Each such enrollment form shall authorize an amount of Contributions
expressed as a percentage of the submitting Participant’s Earnings (as defined
in each Offering) during the Offering (not to exceed the maximum percentage
specified by the Board). Each Participant’s Contributions shall be credited to
a bookkeeping account for such Participant under the Plan and shall be
deposited with the general funds of the Company except where applicable law
requires that Contributions be deposited with a third party. To the extent
provided in the Offering, a Participant may begin such Contributions after the
beginning of the Offering.  To the extent
provided in the Offering, a Participant may thereafter reduce (including to
zero) or increase his or her Contributions.

 

(b)                                  During
an Offering, a Participant may cease making Contributions and withdraw from the
Offering by delivering to the Company a notice of withdrawal in such form as
the Company may provide.  Such withdrawal
may be elected at any time prior to the end of the Offering, except as provided
otherwise in the Offering.  Upon such withdrawal
from the Offering by a Participant, the Company shall distribute to such
Participant all of his or her accumulated Contributions (reduced to the extent,
if any, such deductions have been used to acquire shares of Common Stock for
the Participant) under the Offering, and such Participant’s Purchase Right in
that Offering shall thereupon terminate. 
A Participant’s withdrawal from an Offering shall have no effect upon
such Participant’s eligibility to participate in any other Offerings under the
Plan, but such Participant shall be required to deliver a new enrollment form
in order to participate in subsequent Offerings.

 

(c)                                  Purchase
Rights granted pursuant to any Offering under the Plan shall terminate
immediately upon a Participant ceasing to be an Employee for any reason or for
no reason (subject to any post-employment participation period required by law)
or other lack of eligibility. The Company shall distribute to such terminated
or otherwise ineligible Employee all of his or her accumulated Contributions
(reduced to the extent, if any, such deductions have been used to acquire
shares of Common Stock for the terminated or otherwise ineligible Employee)
under the Offering.

 

(d)                                  Purchase
Rights shall not be transferable by a Participant otherwise than by will or the
laws of descent and distribution, or by a beneficiary designation as provided
in Section 13 and, during a Participant’s lifetime, shall be exercisable
only by such Participant.

 

7

 

(e)                                  Unless
otherwise specified in an Offering, the Company shall have no obligation to pay
interest on Contributions.

 

9.                                      EXERCISE.

 

(a)                                  On
each Purchase Date during an Offering, each Participant’s accumulated
Contributions shall be applied to the purchase of shares of Common Stock up to
the maximum number of shares of Common Stock permitted pursuant to the terms of
the Plan and the applicable Offering, at the purchase price specified in the
Offering.  No fractional shares shall be
issued upon the exercise of Purchase Rights unless specifically provided for in
the Offering.

 

(b)                                  If
any amount of accumulated Contributions remains in a Participant’s account
after the purchase of shares of Common Stock and such remaining amount is less
than the amount required to purchase one share of Common Stock on the final
Purchase Date of an Offering, then such remaining amount shall be held in such
Participant’s account for the purchase of shares of Common Stock under the next
Offering under the Plan, unless such Participant withdraws from such next
Offering, as provided in Section 8(b), or is not eligible to participate
in such Offering, as provided in Section 6, in which case such amount
shall be distributed to such Participant after the final Purchase Date, without
interest.  If the amount of Contributions
remaining in a Participant’s account after the purchase of shares of Common
Stock is at least equal to the amount required to purchase one (1) whole
share of Common Stock on the final Purchase Date of the Offering, then such
remaining amount shall be distributed in full to such Participant at the end of
the Offering.

 

(c)                                  No
Purchase Rights may be exercised to any extent unless the shares of Common
Stock to be issued upon such exercise under the Plan are covered by an
effective registration statement pursuant to the Securities Act and the Plan is
in material compliance with all applicable federal, state, foreign and other
securities and other laws applicable to the Plan.  If on a Purchase Date during any Offering
hereunder the shares of Common Stock are not so registered or the Plan is not
in such compliance, no Purchase Rights or any Offering shall be exercised on
such Purchase Date, and the Purchase Date shall be delayed until the shares of
Common Stock are subject to such an effective registration statement and the
Plan is in such compliance, except that the Purchase Date shall not be delayed
more than twelve (12) months and the Purchase Date shall in no event be more
than twenty-seven (27) months from the Offering Date.  If, on the Purchase Date under any Offering
hereunder, as delayed to the maximum extent permissible, the shares of Common
Stock are not registered and the Plan is not in such compliance, no Purchase
Rights or any Offering shall be exercised and all Contributions accumulated
during the Offering (reduced to the extent, if any, such deductions have been
used to acquire shares of Common Stock) shall be distributed to the
Participants.

 

10.                               COVENANTS
OF THE COMPANY.

 

The Company shall seek to
obtain from each federal, state, foreign or other regulatory commission or
agency having jurisdiction over the Plan such authority as may be required to
issue and sell shares of Common Stock upon exercise of the Purchase
Rights.  If, after commercially
reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority that counsel for the Company deems necessary
for the

 

8

 

lawful issuance and sale
of shares of Common Stock under the Plan, the Company shall be relieved from
any liability for failure to issue and sell shares of Common Stock upon
exercise of such Purchase Rights unless and until such authority is obtained.

 

11.                               USE
OF PROCEEDS FROM SHARES OF COMMON STOCK.

 

Proceeds from the sale of
shares of Common Stock pursuant to Purchase Rights shall constitute general
funds of the Company.

 

12.                               RIGHTS
AS A STOCKHOLDER.

 

A Participant shall not
be deemed to be the holder of, or to have any of the rights of a holder with
respect to, shares of Common Stock subject to Purchase Rights unless and until
the Participant’s shares of Common Stock acquired upon exercise of Purchase
Rights are recorded in the books of the Company (or its transfer agent).

 

13.                               DESIGNATION
OF BENEFICIARY.

 

(a)                                  A
Participant may file a written designation of a beneficiary who is to receive
any shares of Common Stock and/or cash, if any, from the Participant’s account
under the Plan in the event of such Participant’s death subsequent to the end
of an Offering but prior to delivery to the Participant of such shares of
Common Stock or cash.  In addition, a
Participant may file a written designation of a beneficiary who is to receive
any cash from the Participant’s account under the Plan in the event of such
Participant’s death during an Offering.

 

(b)                                  The
Participant may change such designation of beneficiary at any time by written
notice to the Company.  In the event of
the death of a Participant and in the absence of a beneficiary validly
designated under the Plan who is living at the time of such Participant’s
death, the Company shall deliver such shares of Common Stock and/or cash to the
executor or administrator of the estate of the Participant, or if no such
executor or administrator has been appointed (to the knowledge of the Company),
the Company, in its sole discretion, may deliver such shares of Common Stock
and/or cash to the spouse or to any one or more dependents or relatives of the
Participant, or if no spouse, dependent or relative is known to the Company,
then to such other person as the Company may designate.

 

14.                               ADJUSTMENTS
UPON CHANGES IN SECURITIES; CORPORATE TRANSACTIONS.

 

(a)                                  If
any change is made in the shares of Common Stock, subject to the Plan, or
subject to any Purchase Right, without the receipt of consideration by the
Company (through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, stock
split, liquidating dividend, combination of shares, exchange of shares, change
in corporate structure or other transaction not involving the receipt of
consideration by the Company), the Plan shall be appropriately adjusted in the
type(s), class(es) and maximum number of shares of Common Stock subject to the
Plan pursuant to Section 4(a), and the outstanding Purchase Rights shall
be appropriately adjusted in the type(s), class(es), number of shares and
purchase limits of such outstanding Purchase Rights.  The Board shall make such adjustments, and
its determination shall be final, binding and conclusive.  (The

 

9

 

conversion
of any convertible securities of the Company shall not be treated as a “transaction
not involving the receipt of consideration by the Company.”)

 

(b)                                  In
the event of a Corporate Transaction, then: (i) any surviving or acquiring
corporation may continue or assume Purchase Rights outstanding under the Plan
or may substitute similar rights (including a right to acquire the same
consideration paid to stockholders in the Corporate Transaction) for those
outstanding under the Plan, or (ii) if any surviving or acquiring
corporation does not continue or assume such Purchase Rights or does not
substitute similar rights for Purchase Rights outstanding under the Plan, then,
the Participants’ accumulated Contributions shall be used to purchase shares of
Common Stock within five (5) business days prior to the Corporate
Transaction under the ongoing Offering, and the Participants’ Purchase Rights
under the ongoing Offering shall terminate immediately after such purchase.

 

15.                               AMENDMENT
OF THE PLAN.

 

(a)                                  The
Board at any time, and from time to time, may amend the Plan.  However, except as provided in Section 14
relating to adjustments upon changes in securities and except as to amendments
solely to benefit the administration of the Plan, to take account of a change
in legislation or to obtain or maintain favorable tax, exchange control or
regulatory treatment for Participants or the Company or any Related
Corporation, no amendment shall be effective unless approved by the
stockholders of the Company to the extent stockholder approval is necessary for
the Plan to satisfy the requirements of Section 423 of the Code or other
applicable laws or regulations.

 

(b)                                  It
is expressly contemplated that the Board may amend the Plan in any respect the
Board deems necessary or advisable to provide Employees with the maximum
benefits provided or to be provided under the provisions of the Code and the
regulations promulgated thereunder relating to Employee Stock Purchase Plans
and/or to bring the Plan and/or Purchase Rights into compliance therewith.

 

(c)                                  The
rights and obligations under any Purchase Rights granted before amendment of
the Plan shall not be impaired by any amendment of the Plan except: (i) with
the consent of the person to whom such Purchase Rights were granted, or (ii) as
necessary to comply with any laws or governmental regulations (including,
without limitation, the provisions of the Code and the regulations promulgated
thereunder relating to Employee Stock Purchase Plans).

 

16.                               TERMINATION
OR SUSPENSION OF THE PLAN.

 

(a)                                  The
Board in its discretion may suspend or terminate the Plan at any time.  Unless sooner terminated, the Plan shall
terminate at the time that all of the shares of Common Stock reserved for
issuance under the Plan, as increased and/or adjusted from time to time, have
been issued under the terms of the Plan. 
No Purchase Rights may be granted under the Plan while the Plan is
suspended or after it is terminated.

 

(b)                                  Any
benefits, privileges, entitlements and obligations under any Purchase Rights
while the Plan is in effect shall not be impaired by suspension or termination
of the Plan except (i) as expressly provided in the Plan or with the
consent of the person to whom such Purchase Rights were granted, (ii) as
necessary to comply with any laws, regulations, or listing

 

10

 

requirements,
or (iii) as necessary to ensure that the Plan and/or Purchase Rights
comply with the requirements of Section 423 of the Code.

 

17.                               EFFECTIVE
DATE OF PLAN.

 

The Plan shall become
effective as determined by the Board, but no Purchase Rights shall be exercised
unless and until the Plan has been approved by the stockholders of the Company
within twelve (12) months before or after the date the Plan is adopted by the
Board.

 

18.                               MISCELLANEOUS
PROVISIONS.

 

(a)                                  The
Plan and Offering do not constitute an employment contract.  Nothing in the Plan or in the Offering shall
in any way alter the at will nature of a Participant’s employment or  be deemed to
create in any way whatsoever any obligation on the part of any Participant to
continue in the employ of the Company or a Related Corporation, or on the part
of the Company or a Related Corporation to continue the employment of a
Participant.

 

(b)                                  The
provisions of the Plan shall be governed by the laws of the State of New Jersey
without resort to that state’s conflicts of laws rules.

 

11

 

EXHIBIT A

 

MABVAC,
INC.

EMPLOYEE
STOCK PURCHASE PLAN

ENROLLMENT/CHANGE
FORM

 

Check One:

	
  o Start Contributions

  	
   

  	
  o Change Contribution Rate

  	
   

  	
  o Stop Contributions

  

 

Personal
Information (Please Print)

For
your permanent home address, please enter the street address of the location
you consider your permanent and primary residence. This is the address in the
country where you claim to be a resident for purposes of that country’s income
tax. If you do not have a tax residence in any country, provide the address at
which you normally reside. Do not enter a post office box number, temporary
mailing address or an office address.

 

	
  Employee Name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Last)

  	
   

  	
  (First)

  	
   

  	
   

  	
   

  	
  (M.I.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Social Security Number
  or Assigned account Number:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Permanent Home Address

  	
   

  	
  City

  	
   

  	
  State/Province

  	
   

  	
  Country

  	
   

  	
  ZIP/Postal Code

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Country of Citizenship

  	
   

  	
   

  	
   

  	
  Employer and Work
  Location

  
																								

 

Contribution
Percentage

 

1.               I authorize my
employer to deduct                      %
from my paycheck each pay period for transmittal to Computershare. I understand
that Computershare will use these funds to purchase shares of the company
common stock and will allocate full and fractional shares to my account under
the Employee Stock Purchase Plan. I also understand that this deduction
authorization shall become effective as soon as possible and may be
discontinued at any time.

 

2.               I make this
authorization and appointment with the understanding that I may terminate it at
any time by written notice to the company in accordance with the procedures set
forth in the Employee Stock Purchase Plan description.

 

3.               I certify that I am
at least eighteen years of age and of legal age in my state of residence. Unless I indicate otherwise at some later date in writing. I
authorize Computershare to purchase common stock for my account with all
contributions made to my account. I appoint Computershare as the introducing
broker and recordkeeper to the plan.

 

	
   

  	
   

  	
   

  
	
  Your Signature

  	
   

  	
  Today’s Date

  

 

Privacy
Notice

With
respect to our customers, Computershare does not share nonpublic personal
information with any non-affiliated third-party as necessary to process a
transaction, service your account or as permitted by law. Our affiliates and
outside service providers with whom we share information are legally bound not
to disclose the information in any manner, unless permitted by law or other
governmental process. We strive to restrict access to your personal information
to those employees that need to know the information to provide our services to
you. Computershare maintains physical, electronic and procedural safeguards to
protect your personal information.

 

PLEASE
RETURN TO YOUR HUMAN RESOURCE DEPARTMENT

 

	
  OFFICE
  USE ONLY: Effective Date:

  	
   

  	
   

  	
  Processed By:

  	
   

  	
   

  	
  Date:

  	
   

  

 

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Exhibit 4.1  

 
 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    
    

        We consent to the incorporation by reference in the Registration Statement (Form F-80) pertaining to the Joint Management Information Circular dated
June 2, 2005 of our auditors' report dated February 3, 2005 relating to the consolidated balance sheets of Noranda Inc. as at December 31, 2004 and 2003, and the consolidated
statements of income (loss) and retained earnings (deficit) and cash flows for the years then ended. 

	 
	 	 

	
    	
 	

 
	Toronto, Canada	 	

 
	June 2, 2005	 	Chartered Accountants

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CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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