Document:

Prepared by R.R. Donnelley Financial -- Summary of He Qiao Building Lease Agreement

 EXHIBIT 10.27 
  
 Summary of He Qiao Building Lease Agreement, Effective November 28, 2003, Between Beijing Heqiao Property Administration Company and Mtone
Wireless Communication (Shanghai) Co., Ltd Beijing Branch 
  
 Lessor (Party A):
Beijing Heqiao Property Administration Company 
 Lessee (party B): Mtone Wireless Communication (Shanghai) Co., Ltd Beijing Branch 
  
 Date of Signing 
 November 28, 2003 
  
 Property Description

 Location: Room 506-507, Floor 5, He Qiao Building A, Guang Hua Lu Jia No. 8 
 Square footage: 274.97 m2 in architectural area 
 Type: office space 
  
 Term of Lease 
 Effective Period: from January 1, 2004 to December 31, 2005 (2 years) 
 Extension: Party A and Party B may reach the extension of the agreement for one year only at 3 months before the expiration. 
  
 Rental Use 
 Office use 
  
 Rent Amount 
 US $ 3,574.61 per month in total. 
  
 Major Obligations of Either Party 
 Party A shall: 
  

	1.	maintain the current furnishings of the leased rooms from the first renting day 

  

	2.	be liable to provide central air-conditioning during the normal office time; 

  

	3.	be liable for keeping the facilities in good and appropriate condition; 

  

	4.	be liable for the sanitation of public areas; 

  

	5.	notify Party B in writing at least one month in advance before modifying or terminating the administration regulations, outfitting regulations and other necessary regulations

  
 Party B shall: 
  

	1.	be liable for the payment of relevant fees and deposit under the terms and conditions of this contract; 

  

	2.	keep the leased rooms in good condition except for normal depreciation, wear and tear; 

  

	3.	use the tenement only for office use; 

  

	4.	observe Lessee Handbook, Outfitting Handbook and the Lessee Handbook Implementing Rules and Outfitting Handbook Implementing Rules given by Party A

  
 Termination Events 
  
 Party A may terminate the contract, keeping the deposit, provided any of the following
events occur caused by Party B: 
  

	(1)	Operating illegal business which against PRC laws and regulations; 

  

	(2)	Changing the leasehold’s usage without the approval of Party A, 

  

	(3)	Dose not operate the leasehold under the name of or on behalf of Party B (except Party B’s subsidiaries) without Party A’s approval, 

  

	(4)	Conveying or subleasing the leasehold totally or partially to any third party or using the leasehold with any third party (except Party B’s subsidiaries) without Party A’s
approval 

  
 Security deposit and other refundable or non-refundable
payment 
  

	1.	Deposit: US$ 13,611 (consisting of 3 months’ rent plus 3 months’ management fee) 

  

	2.	Management fees: US$ 3.5 per square meter per month 

  

	3.	Electricity fees: RMB 1 Yuan per kwh 

  

	4.	Telephone fees: RMB 6000 Yuan per line, and its service fees is RMB 120 Yuan per line 

  

	5.	Other fees for energy and car park (if applicable) 

  
 Dispute Resolution 
  
 The parties have agreed to present all their disputes to Beijing Arbitration Committee.Prepared by R.R. Donnelley Financial -- Summary of Min Fang Building Lease Contract

 EXHIBIT 10.28 
  
 Summary of Min Fang Building Lease Contract, Effective December 2003, Between Shanghai Minghong Economic Development Co., Ltd. and Mtone
Wireless Communication (Shanghai) Co., Ltd. 
  
 Lessor (Party A): Shanghai
Minghong Economic Development Co., Ltd. 
 Lessee (party B): Mtone Wireless Communication (Shanghai) Co., Ltd. 
  
 Date of Signing 
 December 2003 
  
 Property Description 

Location: Room 01, Floor 7, Min Fang Building, Fuxing Zhong Lu No. 593 
 Square footage: 224 m2 in architectural area 
 Type: office space 
  
 Term of Lease 

Effective Period: from February 6, 2004 to February 5, 2006 
 Extension:
Party A and Party B may reach the extension of the agreement only at 2 months before the expiration. 
  
 Rental Use 
 Office use 
  
 Rent Amount 
 RMB 21,513 Yuan per month in total. 
  
 Major Obligations of Either Party 
  
 Party A shall: 
  

	1.	be responsible for the maintenance of building 

  
 Party B shall: 
  

	1.	be liable for the payment of relevant fees and deposit under the terms and conditions of this contract; 

  

	2.	reasonably use and protect the leased premises and its affiliated establishments; 

  

	3.	get written approval from Party A for sublease and transfer or exchange of the renting house. 

  
 Termination Events 
  

	1.	The contract will be terminated as the following events occur (the parties will not take the mutual responsibilities): 

  

	 	(1)	The ground-using right in the house occupying space is taken back in accordance with the law; 

  

	 	(2)	The house shall be lawfully confiscated because of the public benefit or the need of city construction; 

  

	 	(3)	The house is damaged, destroyed, or judged dangerous; 

  

	 	(4)	Party A has notified Party B that the house has been mortgaged before the lease, and it is under current disposition. 

  

	2.	One party notifies the other party to cancel the contract, the breaching Party shall pay the liquidated damages: 

  

	 	(1)	Party A does not give back the house on time, and still does not give back the house within 10 days after Party B presses for it; 

  

	 	(2)	The house Party A gives back does not accord with the agreement, such that it cannot carry out the lease intention; or Party A’s house has a bug which is dangerous to Party
B’s safety; 

  

	 	(3)	Party B changed the house’s purpose, without the written agreement of Party A, which brings damage to the house; 

  

	 	(4)	The house’s main body structure is destroyed because of Party B; 

  

	 	(5)	Party B subleases, transfers and exchanges the house with others, without notifying Party A and get Party A’s agreement; 

  

	 	(6)	Party B does not pay the rent and exceeds the time limit for such payment by one month; 

  

	 	(7)	Party B does not pay the water, electricity, coal, correspondence fee, etc. and exceed the time limit for such payments by one month. 

  
 Security deposit and other refundable or non- refundable payment 
  

	1.	Deposit: RMB 43,026 Yuan. 

  

	2.	Management fees: RMB 6,720 Yuan per month in total 

  

	3.	Other fees for water, electricity, telephone and communication (if applicable). 

  
 Dispute Resolution 
  
 The parties have agreed to present all their disputes to Shanghai Arbitration Committee.Registrant's 2004 Employee Stock Purchase Plan

 EXHIBIT 10.6 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 COTHERIX,
INC. 
  
 2004 EMPLOYEE
STOCK PURCHASE PLAN 
  
 (AS ADOPTED FEBRUARY 23, 2004) 
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 SECTION 1. PURPOSE OF THE PLAN
	  	1
		
	 SECTION 2. ADMINISTRATION OF THE PLAN
	  	1
	 (a) Committee Composition
	  	1
	 (b) Committee Responsibilities
	  	1
		
	 SECTION 3. ENROLLMENT AND PARTICIPATION
	  	1
	 (a) Offering Periods
	  	1
	 (b) Accumulation Periods
	  	1
	 (c) Enrollment
	  	1
	 (d) Duration of Participation
	  	2
	 (e) Applicable Offering Period
	  	2
		
	 SECTION 4. EMPLOYEE CONTRIBUTIONS
	  	3
	 (a) Frequency of Payroll Deductions
	  	3
	 (b) Amount of Payroll Deductions
	  	3
	 (c) Changing Withholding Rate
	  	3
	 (d) Discontinuing Payroll Deductions
	  	3
	 (e) Limit on Number of Elections
	  	3
		
	 SECTION 5. WITHDRAWAL FROM THE PLAN
	  	3
	 (a) Withdrawal
	  	3
	 (b) Re-Enrollment After Withdrawal
	  	4
		
	 SECTION 6. CHANGE IN EMPLOYMENT STATUS
	  	4
	 (a) Termination of Employment
	  	4
	 (b) Leave of Absence
	  	4
	 (c) Death
	  	4
		
	 SECTION 7. PLAN ACCOUNTS AND PURCHASE OF SHARES
	  	4
	 (a) Plan Accounts
	  	4
	 (b) Purchase Price
	  	4
	 (c) Number of Shares Purchased
	  	4
	 (d) Available Shares Insufficient
	  	5
	 (e) Issuance of Stock
	  	5
	 (f) Tax Withholding
	  	5
	 (g) Unused Cash Balances
	  	5
	 (h) Stockholder Approval
	  	5
		
	 SECTION 8. LIMITATIONS ON STOCK OWNERSHIP
	  	5
	 (a) Five Percent Limit
	  	5
	 (b) Dollar Limit
	  	6

  

 i 

			
	 	  	Page

	 SECTION 9. RIGHTS NOT TRANSFERABLE
	  	6
		
	 SECTION 10. NO RIGHTS AS AN EMPLOYEE
	  	7
		
	 SECTION 11. NO RIGHTS AS A STOCKHOLDER
	  	7
		
	 SECTION 12. SECURITIES LAW REQUIREMENTS.
	  	7
		
	 SECTION 13. STOCK OFFERED UNDER THE PLAN
	  	7
	 (a) Authorized Shares
	  	7
	 (b) Anti-Dilution Adjustments
	  	7
	 (c) Reorganizations
	  	7
		
	 SECTION 14. AMENDMENT OR DISCONTINUANCE
	  	8
	 (a) General Rule
	  	8
	 (b) Impact on Purchase Price
	  	8
		
	 SECTION 15. DEFINITIONS
	  	8
	 (a) Accumulation Period
	  	8
	 (b) Board
	  	8
	 (c) Code
	  	8
	 (d) Committee
	  	8
	 (e) Company
	  	8
	 (f) Compensation
	  	8
	 (g) Corporate Reorganization
	  	9
	 (h) Eligible Employee
	  	9
	 (i) Exchange Act
	  	9
	 (j) Fair Market Value
	  	9
	 (k) IPO
	  	9
	 (l) Offering Period
	  	10
	 (m) Participant
	  	10
	 (n) Participating Company
	  	10
	 (o) Plan
	  	10
	 (p) Plan Account
	  	10
	 (q) Purchase Price
	  	10
	 (r) Stock
	  	10
	 (s) Subsidiary
	  	10

  
  

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 COTHERIX, INC. 
 2004 EMPLOYEE STOCK PURCHASE PLAN 
  
 SECTION 1. PURPOSE OF THE PLAN. 
  
 The Board adopted the Plan effective as of the date of the IPO. The purpose
of the Plan is to provide Eligible Employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing Stock from the Company on favorable terms and to pay for such purchases through payroll deductions.
The Plan is intended to qualify under section 423 of the Code. 
  
 SECTION 2.
ADMINISTRATION OF THE PLAN. 
  
 (a) Committee
Composition. The Committee shall administer the Plan. The Committee shall consist exclusively of one or more directors of the Company, who shall be appointed by the Board. 
  
 (b) Committee Responsibilities. The Committee shall interpret the Plan and make all other policy decisions relating
to the operation of the Plan. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all persons. 
  
 SECTION 3. ENROLLMENT AND PARTICIPATION. 
  
 (a) Offering Periods. While the Plan is in effect, two overlapping
Offering Periods shall commence in each calendar year. The Offering Periods shall consist of the 12-month periods commencing on each May 10 and November 10, except that the first Offering Period shall commence on the date of the IPO and end on May
9, 2005. 
  
 (b) Accumulation Periods. While the Plan is
in effect, two Accumulation Periods shall commence in each calendar year. The Accumulation Periods shall consist of the six-month periods commencing on each May 10 and November 10, except that the first Accumulation Period shall commence on the date
of the IPO and end on November 9, 2004. 
  
 (c) Enrollment.

  
 (i) At IPO. Each individual who, on the
day of the IPO, qualifies as an Eligible Employee shall automatically become a Participant on such day. Each Participant who was automatically enrolled on the day of the IPO shall file the prescribed enrollment form with the Company. The enrollment
form shall be filed at the prescribed location within 10 business days after the Company filed a registration statement on Form S-8 for the shares of Stock offered under the Plan. If a Participant who was automatically enrolled on the day of the IPO
fails to file 
  

 such form in a timely manner, then such Participant shall be deemed to have withdrawn from the Plan under
Section 5(a). A former Participant who is deemed to have withdrawn from the Plan shall not be a Participant until he or she re-enrolls in the Plan under Subsection (ii) below. Re-enrollment may be effective only at the commencement of an Offering
Period. 
  
 (ii) After IPO. In the case of
any individual who qualifies as an Eligible Employee on the first day of any Offering Period other than the first Offering Period, he or she may elect to become a Participant on such day by filing the prescribed enrollment form with the Company. The
enrollment form shall be filed at the prescribed location not later than 7 business days prior to the commencement of such Offering Period. 
  
 (d) Duration of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan until he or she ceases to be an
Eligible Employee, withdraws from the Plan under Section 5(a) or is deemed to withdraw from the Plan under Section 3(c)(i) or reaches the end of the Accumulation Period in which his or her employee contributions were discontinued under Section 4(d)
or 8(b). A Participant who discontinued employee contributions under Section 4(d) or withdrew from the Plan under Section 5(a) may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in
Subsection (c) above. A Participant whose employee contributions were discontinued automatically under Section 8(b) shall automatically resume participation at the beginning of the earliest Accumulation Period ending in the next calendar year, if he
or she then is an Eligible Employee. In all other cases, a former Participant may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Subsection (c) above. 
  
 (e) Applicable Offering Period. For purposes of calculating the
Purchase Price under Section 7(b), the applicable Offering Period shall be determined as follows: 
  
 (i) Once a Participant is enrolled in the Plan for an Offering Period, such Offering Period shall continue to apply to him or her until
the earliest of (A) the end of such Offering Period, (B) the end of his or her participation under Subsection (d) above or (C) re-enrollment for a subsequent Offering Period under Paragraph (ii), (iii) or (iv) below. 
  
 (ii) In the event that the Fair Market Value of Stock on the
last trading day before the commencement of the Offering Period for which the Participant is enrolled is higher than on the last trading day before the commencement of any subsequent Offering Period, the Participant shall automatically be
re-enrolled for such subsequent Offering Period. 
  
 (iii) If Section 14(b) applies, the Participant shall automatically be re-enrolled for a new Offering Period. 
  
 (iv) Any other provision of the Plan notwithstanding, the Company (at its sole discretion) may determine prior to the commencement of any
new 
  

 2 

 Offering Period that all Participants shall be re-enrolled for such new Offering Period.

  
 (v) When a Participant reaches the end of an
Offering Period but his or her participation is to continue, then such Participant shall automatically be re-enrolled for the Offering Period that commences immediately after the end of the prior Offering Period. 
  
 SECTION 4. EMPLOYEE CONTRIBUTIONS. 
  
 (a) Frequency of Payroll Deductions. A Participant may purchase shares
of Stock under the Plan solely by means of payroll deductions. Payroll deductions, as designated by the Participant pursuant to Subsection (b) below, shall commence as soon as reasonably practicable after the Company has received the prescribed
enrollment form. 
  
 (b) Amount of Payroll Deductions. An
Eligible Employee shall designate on the enrollment form the portion of his or her Compensation that he or she elects to have withheld for the purchase of Stock. Such portion shall be a whole percentage of the Eligible Employee’s Compensation,
but not less than 1% nor more than 15%. 
  
 (c) Changing
Withholding Rate. If a Participant wishes to change the rate of payroll withholding, he or she may do so by filing a new enrollment form with the Company at the prescribed location at any time. The new withholding rate shall be effective as soon
as reasonably practicable after the Company has received such form. The new withholding rate shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
  
 (d) Discontinuing Payroll Deductions. If a Participant wishes to
discontinue employee contributions entirely, he or she may do so by filing a new enrollment form with the Company at the prescribed location at any time. Payroll withholding shall cease as soon as reasonably practicable after the Company has
received such form. (In addition, employee contributions may be discontinued automatically pursuant to Section 8(b).) A Participant who has discontinued employee contributions may resume such contributions by filing a new enrollment form with the
Company at the prescribed location. Payroll withholding shall resume as soon as reasonably practicable after the Company has received such form. 
  
 (e) Limit on Number of Elections. No Participant shall make more than two elections under Subsection (c) or (d) above during any Accumulation
Period. 
  
 SECTION 5. WITHDRAWAL FROM THE PLAN. 
  
 (a) Withdrawal. A Participant may elect to withdraw from the Plan by
filing the prescribed form with the Company at the prescribed location at any time before the last day of an Accumulation Period. As soon as reasonably practicable thereafter, payroll deductions shall cease and the entire amount credited to the
Participant’s Plan Account shall be refunded to him or her in cash, without interest. No partial withdrawals shall be permitted. 
  

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 (b) Re-Enrollment After Withdrawal. A former Participant who has withdrawn from the Plan shall not
be a Participant until he or she re-enrolls in the Plan under Section 3(c). Re-enrollment may be effective only at the commencement of an Offering Period. 
  
 SECTION 6. CHANGE IN EMPLOYMENT STATUS. 
  
 (a) Termination of Employment. Termination of employment as an Eligible Employee for any reason, including death, shall be treated as an automatic
withdrawal from the Plan under Section 5(a). (A transfer from one Participating Company to another shall not be treated as a termination of employment.) 
  
 (b) Leave of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a sick
leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to terminate 90 days after the Participant goes on a leave, unless a contract or statute guarantees his or
her right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 
  
 (c) Death. In the event of the Participant’s death, the amount credited to his or her Plan Account shall be paid
to a beneficiary designated by him or her for this purpose on the prescribed form or, if none, to the Participant’s estate. Such form shall be valid only if it was filed with the Company at the prescribed location before the Participant’s
death. 
  
 SECTION 7. PLAN ACCOUNTS AND PURCHASE OF SHARES. 
  
 (a) Plan Accounts. The Company shall maintain a Plan Account on its
books in the name of each Participant. Whenever an amount is deducted from the Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust
funds and may be commingled with the Company’s general assets and applied to general corporate purposes. No interest shall be credited to Plan Accounts. 
  
 (b) Purchase Price. The Purchase Price for each share of Stock purchased at the close of an Accumulation Period shall be the lower of: 

 
 (i) 85% of the Fair Market Value of such share on the last
trading day in such Accumulation Period; or 
  
 (ii) 85% of the Fair Market Value of such share on the last trading day before the commencement of the applicable Offering Period (as determined under Section 3(e)) or, in the case of the first Offering Period under the Plan, 85% of the
price at which one share of Stock is offered to the public in the IPO. 
  
 (c) Number of Shares Purchased. As of the last day of each Accumulation Period, each Participant shall be deemed to have elected to purchase the number of shares of Stock calculated in accordance with this Subsection (c), unless the
Participant has previously 
  

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 elected to withdraw from the Plan in accordance with Section 5(a). The amount then in the Participant’s Plan Account
shall be divided by the Purchase Price, and the number of shares that results shall be purchased from the Company with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant shall purchase more than 1,290
shares of Stock with respect to any Accumulation Period nor more than the amounts of Stock set forth in Sections 8(b) and 13(a). The Committee may determine with respect to all Participants that any fractional share, as calculated under this
Subsection (c), shall be (i) rounded down to the next lower whole share or (ii) credited as a fractional share. 
  
 (d) Available Shares Insufficient. In the event that the aggregate number of shares that all Participants elect to purchase during
an Accumulation Period exceeds the maximum number of shares remaining available for issuance under Section 13(a), then the number of shares to which each Participant is entitled shall be determined by multiplying the number of shares available for
issuance by a fraction. The numerator of such fraction is the number of shares that such Participant has elected to purchase, and the denominator of such fraction is the number of shares that all Participants have elected to purchase. 
  
 (e) Issuance of Stock. Certificates representing the shares of Stock
purchased by a Participant under the Plan shall be issued to him or her as soon as reasonably practicable after the close of the applicable Accumulation Period, except that the Committee may determine that such shares shall be held for each
Participant’s benefit by a broker designated by the Committee (unless the Participant has elected that certificates be issued to him or her). Shares may be registered in the name of the Participant or jointly in the name of the Participant and
his or her spouse as joint tenants with right of survivorship or as community property. 
  
 (f) Tax Withholding. To the extent required by applicable federal, state, local or foreign law, a Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax
obligations that arise in connection with the Plan. The Company shall not be required to issue any shares of Stock under the Plan until such obligations are satisfied. 
  
 (g) Unused Cash Balances. An amount remaining in the Participant’s Plan Account that represents the Purchase
Price for any fractional share shall be carried over in the Participant’s Plan Account to the next Accumulation Period. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for whole shares that could
not be purchased by reason of Subsection (c) above, Section 8(b) or Section 13(a) shall be refunded to the Participant in cash, without interest. 
  
 (h) Stockholder Approval. Any other provision of the Plan notwithstanding, no shares of Stock shall be purchased under the Plan unless and until
the Company’s stockholders have approved the adoption of the Plan. 
  
 SECTION 8. LIMITATIONS ON STOCK OWNERSHIP. 
  
 (a)
Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Stock under the Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock
possessing more 
  

 5 

 than 5% of the total combined voting power or value of all classes of stock of the Company or any parent or Subsidiary of
the Company. For purposes of this Subsection (a), the following rules shall apply: 
  
 (i) Ownership of stock shall be determined after applying the attribution rules of section 424(d) of the Code; 
  
 (ii) Each Participant shall be deemed to own any stock that
he or she has a right or option to purchase under this or any other plan; and 
  
 (iii) Each Participant shall be deemed to have the right to purchase 1,290 shares of Stock under this Plan with respect to each Accumulation Period. 
  
 (b) Dollar Limit. Any other provision of the Plan notwithstanding, no Participant shall purchase Stock with a Fair
Market Value in excess of the following limit: 
  
 (i) In the case of Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Stock that the Participant previously purchased in the
current calendar year (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company). 
  
 (ii) In the case of Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall
be equal to (A) $50,000 minus (B) the Fair Market Value of the Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current
calendar year and in the immediately preceding calendar year. 
  
 For purposes of
this Subsection (b), the Fair Market Value of Stock shall be determined in each case as of the beginning of the Offering Period in which such Stock is purchased. Employee stock purchase plans not described in section 423 of the Code shall be
disregarded. If a Participant is precluded by this Subsection (b) from purchasing additional Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall resume at the beginning of the earliest
Accumulation Period ending in the next calendar year (if he or she then is an Eligible Employee). 
  
 SECTION 9. RIGHTS NOT TRANSFERABLE. 
  
 The rights of any Participant under the Plan, or any Participant’s interest in any Stock or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or involuntary
assignment or by operation of law, or in any other manner other than by beneficiary designation or the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest
under the Plan, other than by beneficiary designation or the laws of descent and distribution, then such act shall be treated as an election by the Participant to withdraw from the Plan under Section 5(a). 
  

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 SECTION 10. NO RIGHTS AS AN EMPLOYEE. 
  
 Nothing in the Plan or in any right granted under the Plan shall confer upon the Participant any right to continue in the
employ of a Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant, which rights are hereby expressly reserved by each, to
terminate his or her employment at any time and for any reason, with or without cause. 
  
 SECTION 11. NO RIGHTS AS A STOCKHOLDER. 
  
 A
Participant shall have no rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase under the Plan until such shares have been purchased on the last day of the applicable Accumulation Period. 

 
 SECTION 12.    SECURITIES LAW REQUIREMENTS. 
  
 Shares of Stock shall not be issued under the Plan unless the issuance and
delivery of such shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and
regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. 
  
 SECTION 13. STOCK OFFERED UNDER THE PLAN. 
  
 (a) Authorized Shares. The number of shares of Stock available for purchase under the Plan shall be 484,080 (subject to adjustment pursuant to this
Section 13). On January 1 of each year, commencing with January 1, 2005, the aggregate number of shares of Stock available for purchase during the life of the Plan shall automatically be increased by the lesser of (a) 263,250 shares of Stock or (b)
0.75% of the total number of shares of Stock then outstanding (subject to adjustment pursuant to this Section 13). 
  
 (b) Anti-Dilution Adjustments. The aggregate number of shares of Stock offered under the Plan, the 1,290-share limitation described in Section 7(c)
and the price of shares that any Participant has elected to purchase shall be adjusted proportionately for any increase or decrease in the number of outstanding shares of Stock resulting from a subdivision or consolidation of shares or the payment
of a stock dividend, any other increase or decrease in such shares effected without receipt or payment of consideration by the Company, the distribution of the shares of a Subsidiary to the Company’s stockholders or a similar event. 

 
 (c) Reorganizations. Any other provision of the Plan
notwithstanding, immediately prior to the effective time of a Corporate Reorganization, the Offering Period and Accumulation Period then in progress shall terminate and shares shall be purchased pursuant to Section 7, unless the Plan is continued or
assumed by the surviving corporation or its parent corporation. The Plan shall in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other reorganization.

  

 7 

 SECTION 14. AMENDMENT OR DISCONTINUANCE. 
  
 (a) General Rule. The Board shall have the right to amend, suspend or terminate the Plan at any time and without
notice. Except as provided in Section 13, any increase in the aggregate number of shares of Stock to be issued under the Plan shall be subject to approval by a vote of the stockholders of the Company. In addition, any other amendment of the Plan
shall be subject to approval by a vote of the stockholders of the Company to the extent required by an applicable law or regulation. The Plan shall terminate automatically 20 years after its adoption by the Board, unless (a) the Plan is extended by
the Board and (b) the extension is approved within 12 months by a vote of the stockholders of the Company. 
  
 (b) Impact on Purchase Price. This Subsection (b) shall apply in the event that (i) the Company’s stockholders during an Accumulation Period
approve an increase in the number of shares of Stock that may be issued under Section 13 and (ii) the aggregate number of shares to be purchased at the close of such Accumulation Period exceeds the number of shares that remained available under
Section 13 before such increase. In such event, the Purchase Price for each share of Stock purchased at the close of such Accumulation Period shall be the lower of: 
  
 (i) The higher of (A) 85% of the Fair Market Value of such share on the last trading day before the
commencement of the applicable Offering Period or, in the case of the first Offering Period under the Plan, 85% of the price at which one share of Stock is offered to the public in the IPO or (B) 85% of the Fair Market Value of such share on the
last trading day before the date when the Company’s stockholders approve such increase; or 
  
 (ii) 85% of the Fair Market Value of such share on the last trading day in such Accumulation Period. 
  
 Immediately after the close of such Accumulation Period, a new Offering Period shall commence
for all Participants. 
  
 SECTION 15. DEFINITIONS. 
  
 (a) “Accumulation Period” means a six-month period during
which contributions may be made toward the purchase of Stock under the Plan, as determined pursuant to Section 3(b). 
  
 (b) “Board” means the Board of Directors of the Company, as constituted from time to time. 
  
 (c) “Code” means the Internal Revenue Code of 1986, as
amended. 
  
 (d) “Committee” means a committee of
the Board, as described in Section 2. 
  
 (e)
“Company” means CoTherix, Inc., a Delaware corporation. 
  
 (f) “Compensation” means (i) the total compensation paid in cash to a Participant by a Participating Company, including salaries, wages, bonuses, incentive 
  

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 compensation, commissions, overtime pay and shift premiums, plus (ii) any pre-tax contributions made by the Participant
under section 401(k) or 125 of the Code. “Compensation” shall exclude all non-cash items, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or
life insurance, severance pay, fringe benefits, contributions or benefits received under employee benefit plans, income attributable to the exercise of stock options, and similar items. The Committee shall determine whether a particular item is
included in Compensation. 
  
 (g) “Corporate
Reorganization” means: 
  
 (i) The
consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization; or 
  
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets or the complete liquidation or
dissolution of the Company. 
  
 (h) “Eligible
Employee” means any employee of a Participating Company whose customary employment is for more than five months per calendar year and for more than 20 hours per week. The foregoing notwithstanding, an individual shall not be considered an
Eligible Employee if his or her participation in the Plan is prohibited by the law of any country which has jurisdiction over him or her or if he or she is subject to a collective bargaining agreement that does not provide for participation in the
Plan. 
  
 (i) “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
  
 (j) “Fair Market
Value” means the market price of Stock, determined by the Committee as follows: 
  
 (i) If the Stock was traded on The Nasdaq National Market or The Nasdaq SmallCap Market on the date in question, then the Fair Market
Value shall be equal to the last-transaction price quoted for such date by such Market; 
  
 (ii) If the Stock was traded on a stock exchange on the date in question, then the Fair Market Value shall be equal to the closing price
reported by the applicable composite transactions report for such date; or 
  
 (iii) If none of the foregoing provisions is applicable, then the Committee shall determine the Fair Market Value in good faith on such basis as it deems appropriate. 
  
 Whenever possible, the determination of Fair Market Value by the Committee shall be based on
the prices reported in The Wall Street Journal or as reported directly to the Company by Nasdaq or a stock exchange. Such determination shall be conclusive and binding on all persons. 
  
 (k) “IPO” means the initial offering of Stock to the public
pursuant to a registration statement filed by the Company with the Securities and Exchange Commission. 
  

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 (l) “Offering Period” means a 12-month period with respect to which the right to
purchase Stock may be granted under the Plan, as determined pursuant to Section 3(a). 
  
 (m) “Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 3(c). 
  
 (n) “Participating Company” means (i) the Company and (ii) each present or future Subsidiary designated by
the Committee as a Participating Company. 
  
 (o)
“Plan” means this CoTherix, Inc. 2004 Employee Stock Purchase Plan, as it may be amended from time to time. 
  
 (p) “Plan Account” means the account established for each Participant pursuant to Section 7(a). 
  
 (q) “Purchase Price” means the price at which Participants
may purchase Stock under the Plan, as determined pursuant to Section 7(b). 
  
 (r) “Stock” means the Common Stock of the Company. 
  
 (s) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each
of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  

 10

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