Document:

Exhibit 4.1

                                  OXIGENE INC.
                                  ------------

                FORM OF RESTRICTED STOCK AGREEMENT FOR EMPLOYEES
                ------------------------------------------------

            This Restricted Stock Agreement (this "Agreement") is made as of the
___ day of _______ 2002, between OXiGENE Inc., a Delaware corporation (the
"Company"), and ________ ("Grantee").

            The Company has adopted a program of restricted stock awards for
non-director executives, employees, and consultants that provides for the grant
of shares of Company common stock, par value $0.01, subject to restrictions as
set forth in this Agreement (the "Restricted Stock").

            NOW THEREFORE, in consideration of the mutual benefits hereinafter
provided, and each intending to be legally bound, the Company and Grantee hereby
agree as follows:

      1. Effect of the Agreement. Grantee will abide by, and the Restricted
Stock granted to Grantee will be subject to, all of the provisions of this
Agreement, together with all rules and determinations from time to time issued
by the Company's Compensation Committee (the "Committee") and by the Board of
Directors of the Company (the "Board"). The Company hereby reserves the right to
amend, modify, restate, or supplement this Agreement without the consent of
Grantee, so long as such amendment, modification, restatement, or supplement
shall not materially reduce the rights and benefits available to Grantee
hereunder.

      2. Grant of Restricted Stock.

      (a) Number of Shares Granted. Subject to the terms and conditions this
Agreement, the Company hereby grants to Grantee, ___________________, 2002 (the
"Grant Date"), __________ shares of Restricted Stock. Grantee agrees that the
Restricted Stock shall be subject to all of the terms and conditions set forth
in this Agreement, including, but not limited to, the forfeiture conditions set
forth in Section 3(b), the restrictions on transfer set forth in Section 3(d),
and the payment of withholding taxes as set forth in Section 6 of this
Agreement.

      (b) Company to Retain Custody of Restricted Stock Until Vesting. The
Company shall retain custody of the Restricted Stock until the Restricted Stock
has vested in accordance with Section 3 of this Agreement. Upon vesting of the
Restricted Stock, the Company shall instruct its transfer agent to deposit that
portion of the Restricted Stock which has vested and has, therefore, ceased to
be Restricted Stock (the "Common Stock") into an account designated by Grantee,
subject to payment of any amounts due to the Company in accordance with Section
6 of this Agreement.

<PAGE>

      3. Terms of the Restricted Stock.

      (a) Vesting Schedule; Service Requirement. One-third (33 and 1/3%) of the
Restricted Stock will vest on each of the first three annual anniversary dates
from the Grant Date, as set forth hereto on Schedule I (each, a "Vesting Date"),
if Grantee has been employed by or provided advisory services to the Company
continuously from the Grant Date to the applicable Vesting Date.

      (b) Conditions of Forfeiture. If Grantee's employment or service with the
Company is terminated for any reason, including, but not limited to, Grantee's
voluntary resignation or termination by the Company with or without cause,
except as provided in Sections 3(c), all Restricted Stock shall, without further
action of any kind by the Company, be forfeited. For purposes of this Agreement,
termination from employment shall be deemed to occur on the last day actually
worked by Grantee, rather than the last day that Grantee is on the payroll of
the Company. The Committee shall in good faith determine whether a leave of
absence shall constitute a termination of employment. Restricted Stock that is
forfeited shall be immediately transferred to the Company without any payment by
the Company to Grantee and the Company shall have the full right upon such
forfeiture to cancel any evidence of Grantee's ownership of such forfeited
Restricted Stock and take any other action necessary to demonstrate that Grantee
no longer owns such forfeited Restricted Stock. Following such forfeiture,
Grantee shall have no further rights with respect to such forfeited Restricted
Stock.

      (c) Immediate Vesting of All Restricted Stock. All of Grantee's Restricted
Stock shall immediately vest if:

            (i) there is a "Change of Control" of the Company, which shall be
      deemed to have occurred if:

                  (A) any "person" (as such term is used in Section 13(d) and
            14(d) of the Exchange Act), other than a trustee or other fiduciary
            holding securities under an employee benefit plan of the Company or
            a corporation owned directly or indirectly by the stockholders of
            the Company in substantially the same proportions as their ownership
            of stock of the Company, is or becomes the "beneficial owner" (as
            defined in Rule 13d-3 under the Exchange Act), directly or
            indirectly, of securities of the Company representing 40% or more of
            the total voting power represented by the Company's then outstanding
            voting securities;

                  (B) during any period of two consecutive years, individuals
            who at the beginning of such period constitute the Board and any new
            director whose election by the Board or nomination for election by
            the Company's stockholders was approved by a vote of at least
            two-thirds of the directors who either were directors at the
            beginning of the two-year period or whose election or nomination for
            election was previously so approved, cease for any reason to
            constitute a majority thereof;

                  (C) the stockholders of the Company approve a merger or
            consolidation of the Company with any other corporation or entity,
            regardless of

<PAGE>

            which entity is the survivor, other than a merger or consolidation
            which would result in the voting securities of the Company
            outstanding immediately prior thereto continuing to represent
            (either by remaining outstanding or being converted into voting
            securities of the surviving entity) at least 80% of the combined
            voting power of the voting securities of the Company or such
            surviving entity outstanding immediately after such merger or
            consolidation; or

                  (D) the stockholders of the Company approve:

                        1. a plan of complete liquidation or winding up of the
                  Company and such complete liquidation or winding up of the
                  Company is consummated, such consummation date to be
                  determined by the Committee or Board; or

                        2. an agreement for the sale or disposition by the
                  Company of all or substantially all of the Company's assets
                  and such sale or disposition of the Company is consummated,
                  such consummation date to be determined by the Committee or
                  Board;

            (ii) there is a "Strategic Reorganization" of the Company (as that
      term shall be defined in the sole good faith determination of the
      Committee or Board) and Grantee's employment or service is terminated as a
      result of such Strategic Reorganization; or

            (iii) Grantee's engagement with the Company terminates as a result
      of Grantee's death or disability.

      (d) Non-Transferability. Grantee shall not sell, transfer, assign, pledge
or otherwise encumber or dispose of, by operation of law or otherwise, this
Agreement or any Restricted Stock (each, a "Transfer"), except as may be
transferred by will or the laws of descent and distribution. References to
Grantee, to the extent relevant in the context, shall include references to
authorized transferees. Any such transfer by Grantee in violation of this
Section 3(d) shall be void and of no force or effect, and shall result in the
immediate forfeiture of all Restricted Stock.

      4. Dividend And Voting Rights. Subject to the restrictions contained in
this Agreement, Grantee shall have the rights of a stockholder with respect to
the Restricted Stock, including the right to vote all such Restricted Stock, and
to receive all dividends, cash or stock, paid or delivered thereon, from and
after the Grant Date. In the event of forfeiture of the Restricted Stock,
Grantee shall have no further rights with respect to such Restricted Stock.
However, the forfeiture of Restricted Stock shall not create any obligation to
repay dividends received as to such Restricted Stock, nor shall such forfeiture
invalidate any votes given by Grantee with respect to such Restricted Stock
prior to forfeiture.

      5. Section 83(b) Election. Under Section 83(b) of the Internal Revenue
Code of 1986, as amended (the "Code"), Grantee will recognize ordinary income
equal to the fair market value of the shares of Common Stock received upon the
date the Restricted Stock vests. However, Grantee may elect to be taxed at the
time the Restricted Stock is granted, rather than when the Restricted Stock
vests. To elect this early taxation, Grantee would need to file an election
under Section 83(b) of the Code within thirty (30) days after the Grant Date (an
"83(b)

<PAGE>

Election"). In addition, Grantee would have to make a payment to the Company, in
accordance with the procedures set forth in Section 6, to cover the withholding
taxes on the fair market value of the Restricted Stock on the Grant Date.

            GRANTEE ACKNOWLEDGES THAT HE OR SHE HAS BEEN INFORMED OF THE
      AVAILABILITY OF MAKING AN ELECTION IN ACCORDANCE WITH SECTION 83(b) OF THE
      INTERNAL REVENUE CODE OF 1986, AS AMENDED; THAT SUCH ELECTION MUST BE
      FILED WITH THE INTERNAL REVENUE SERVICE WITHIN 30 DAYS OF THE GRANT OF
      RESTRICTED STOCK TO GRANTEE; AND THAT GRANTEE IS SOLELY RESPONSIBLE FOR
      MAKING SUCH ELECTION.

            GRANTEE ACKNOWLEDGES THAT HE OR SHE IS RELYING SOLELY ON HIS OR HER
      OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
      SECTION 83(b) ELECTION. IF GRANTEE DETERMINES THAT THE ELECTION IS
      ADVISABLE, GRANTEE ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY,
      AND NOT THE COMPANY'S, TO FILE A TIMELY 83(b) ELECTION, EVEN IF GRANTEE
      REQUESTS THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THE FILING ON
      GRANTEE'S BEHALF.

6. Withholding Of Taxes. The Company's obligation to deliver Common Stock to
Grantee upon the vesting of the Restricted Stock shall be subject to the
satisfaction of all applicable federal, state and local income and employment
tax withholding requirements (the "Withholding Taxes"). In order to satisfy all
Withholding Taxes due, Grantee agrees to:

      (a) within thirty (30) days after each of the three Vesting Dates, make a
cash payment to the Company for the full amount (100%) of the Withholding Taxes
due upon the Vesting Date of the respective one-third (33 and 1/3%) portion of
the Restricted Stock; and if all of Grantee's remaining Restricted Stock has
vested pursuant to Sections 3(c) hereof, within thirty (30) days after such
date, Grantee (or Grantee's legal representative in the event of legal
incapacity) shall make a cash payment to the Company for the remaining amount of
the Withholding Taxes due upon the vesting of all remaining Restricted Stock;

      (b) make an 83(b) Election and make a cash payment to the Company within
thirty (30) days after the Grant Date for the full amount (100%) of the
Withholding Taxes due; or

      (c) make an 83(b) Election and pay the Withholding Taxes by the
presentation to the Company of executed promissory notes, which may be either
recourse or non-recourse at Grantee's election, in a form satisfactory to the
Company (the "Promissory Notes"), which Promissory Notes shall have the
following conditions incorporated by reference therein:

            (i) Amount of Promissory Notes. Grantee shall give to the Company
      Promissory Notes for the full amount (100%) of the Withholding Taxes due
      as a result of an 83(b) Election plus interest at the rate of 10% (ten
      percent) per year, compounded annually;

<PAGE>

            (ii) Maturity Dates.

                  (A) One third (33 and 1/3%) of the principal together with
            accrued interest thereon is due and shall be paid at each of the
            three Vesting Dates and not at any time prior to or after such date,
            as set forth hereto on Schedule I (each a "Maturity Date").

                  (B) Notwithstanding the due date set forth above, the full
            amount (100%) of unpaid principal and accrued interest shall become
            due and shall be paid if all of Grantee's Restricted Stock vests
            pursuant to Section 3(c) hereof or Grantee's Restricted Stock is
            forfeited pursuant to Section 3(b) or 3(d) of this Agreement and not
            at any time prior to or after such vesting event;

            (iii) Company to Possess Stock Certificates. The stock certificates
      representing the Restricted Stock shall remain in the possession of the
      Company as security for the payment of the indebtedness evidenced by the
      Promissory Notes, including both principal and accrued interest;

            (iv) Voting Shares. Restricted Stock retained by the Company
      pursuant to Section 6(c)(iv) above shall have all dividend and voting
      rights as provided in Section 4 of this Agreement except that any stock
      dividends shall remain the possession of the Company together with and be
      treated in the same manner as the certificate of shares retained for
      security for payment of the principal and accrued interest on the
      Promissory Notes; and

            (v) Satisfaction of Conditions of Note. The one-third (33 and 1/3%)
      portion of the Restricted Stock granted on the Grant Date that is to vest
      on a Vesting Date shall be forfeited in the event that, on such Vesting
      Date and associated Maturity Date, the conditions of the note have not
      been fulfilled.

      7. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given (i) when delivered
personally, (ii) when transmitted by facsimile (receipt confirmed), (iii) on the
fifth (5th) business day following mailing by registered or certified mail
(return receipt requested), or (iv) on the next business day following deposit
with an overnight delivery service of national reputation, to the parties at the
address or facsimile numbers shown beneath his, her or its respective signature
to this Agreement, or at such other address or addresses as such party shall
designate to the other in accordance with this Section 7.

      8. Governing Law. This Agreement shall be construed, interpreted and
enforced in accordance with the internal laws of the State of New York without
regard to any applicable conflicts of laws.

      9. Legends. All certificates representing the Restricted Stock shall have
endorsed thereon the following legends:

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
      REGISTERED UNDER STATE OR U.S. FEDERAL SECURITY LAWS AND MAY NOT BE
      OFFERED, SOLD, PLEDGED,

<PAGE>

      HYPOTHECATED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED, NOR MAY THESE
      SECURITIES BE TRANSFERRED ON THE BOOKS OF THE COMPANY IN THE ABSENCE OF
      SUCH REGISTRATION OR AN OPINION OF COUNSEL SATIFACTORY TO THE COMPANY THAT
      SUCH REGISTRATION IS NOT REQUIRED.

            THESE SHARES ARE SUBJECT TO A RESTRICTED STOCK AGREEMENT DATED AS OF
      __________, 2002 BY AND BETWEEN OXIGENE, INC. AND _______________,
      INCLUDING RESTRICTIONS ON PLEDGE AND TRANSFER CONTAINED THEREIN.

      10. No Right to Employment or Other Status. This Agreement shall not be
construed as giving Grantee the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any
time to dismiss or otherwise terminate its relationship with Grantee free from
any liability or claim under this Agreement, except as expressly provided in
this Agreement.

      11. Nature of Payments. Any and all grants or deliveries of Restricted
Stock hereunder shall constitute special incentive payments to Grantee and shall
not be taken into account in computing the amount of salary or compensation of
Grantee for the purpose of determining any retirement, death, or other benefits
under any retirement, bonus, life insurance, or other employee benefit plan of
the Company, or, any agreement between the Company on the one hand, and Grantee
on the other hand, except as such plan or agreement shall otherwise expressly
provide.

      12. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the Company and Grantee and their respective heirs, executors,
administrators, legal representatives, successors, and assigns subject, however,
to the limitations set forth herein with respect to the restrictions on transfer
and assignment.

      13. Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall be
severable and enforceable to the extent permitted by law.

      14. Amendment; Waiver. This Agreement may be amended or modified only by a
written instrument executed by both the Company and Grantee except as provided
in Section 1 hereof. Any provision for the benefit of the Company contained in
this Agreement may be waived, either generally or in any particular instance, by
the Committee or the Board. A waiver on one occasion shall not be deemed to be a
waiver of the same or any other breach on a future occasion.

      15. Entire Agreement. This Agreement (along with any related Promissory
Notes) embodies the entire agreement of the parties hereto with respect to the
Restricted Stock and all other matters contained herein. This Agreement
supersedes and replaces any and all prior oral or written agreements with
respect to the subject matter hereof.

<PAGE>

      IN WITNESS WHEREOF, the Company and Grantee have caused this Agreement to
be duly executed as of the date first above written.

OXIGENE, INC.

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

             -------------------------------
Fax:
             -------------------------------

GRANTEE

Name:
             -------------------------------
Address:
             -------------------------------

             -------------------------------
Fax:
             -------------------------------Exhibit 4.2

                                  OXIGENE INC.
                                  ------------

              FORM OF RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEES
              ----------------------------------------------------

            This Restricted Stock Agreement (this "Agreement") is made as of the
_____ day of __________, 2002, between OXiGENE Inc., a Delaware corporation (the
"Company"), and _______________ ("Grantee").

            The Company has adopted a program of restricted stock awards for
non-director executives, employees, and consultants that provides for the grant
of shares of Company common stock, par value $0.01, subject to restrictions as
set forth in this Agreement (the "Restricted Stock").

            NOW THEREFORE, in consideration of the mutual benefits hereinafter
provided, and each intending to be legally bound, the Company and Grantee hereby
agree as follows:

      1. Effect of the Agreement. Grantee will abide by, and the Restricted
Stock granted to Grantee will be subject to, all of the provisions of this
Agreement, together with all rules and determinations from time to time issued
by the Company's Compensation Committee (the "Committee") and by the Board of
Directors of the Company (the "Board"). The Company hereby reserves the right to
amend, modify, restate, or supplement this Agreement without the consent of
Grantee, so long as such amendment, modification, restatement, or supplement
shall not materially reduce the rights and benefits available to Grantee
hereunder.

      2. Grant of Restricted Stock.

      (a) Number of Shares Granted. Subject to the terms and conditions this
Agreement, the Company hereby grants to Grantee, effective __________, 2002 (the
"Grant Date"), __________ shares of Restricted Stock. Grantee agrees that the
Restricted Stock shall be subject to all of the terms and conditions set forth
in this Agreement, including, but not limited to, the forfeiture conditions set
forth in Section 3(b) and the restrictions on transfer set forth in Section 3(d)
of this Agreement.

      (b) Company to Retain Custody of Restricted Stock Until Vesting. The
Company shall retain custody of the Restricted Stock until the Restricted Stock
has vested in accordance with Section 3 of this Agreement. Upon vesting of the
Restricted Stock, the Company shall instruct its transfer agent to deposit that
portion of the Restricted Stock which has vested and has, therefore, ceased to
be Restricted Stock (the "Common Stock") into an account designated by Grantee,
subject to payment of any amounts due to the Company in accordance with Section
6 of this Agreement.

      3. Terms of the Restricted Stock.

      (a) Vesting Schedule; Service Requirement. One-third (33 and 1/3%) of the
Restricted Stock will vest on each of the first three annual anniversary dates
from the Grant Date,

<PAGE>

as set forth hereto on Schedule I (each, a "Vesting Date"), if Grantee has been
employed by or provided advisory services to the Company continuously from the
Grant Date to the applicable Vesting Date.

      (b) Conditions of Forfeiture. If Grantee's employment or service with the
Company is terminated for any reason, including, but not limited to, Grantee's
voluntary resignation or termination by the Company with or without cause,
except as provided in Sections 3(c), all Restricted Stock shall, without further
action of any kind by the Company, be forfeited. For purposes of this Agreement,
termination from employment shall be deemed to occur on the last day actually
worked by Grantee, rather than the last day that Grantee is on the payroll of
the Company. The Committee shall in good faith determine whether a leave of
absence shall constitute a termination of employment. Restricted Stock that is
forfeited shall be immediately transferred to the Company without any payment by
the Company to Grantee and the Company shall have the full right upon such
forfeiture to cancel any evidence of Grantee's ownership of such forfeited
Restricted Stock and take any other action necessary to demonstrate that Grantee
no longer owns such forfeited Restricted Stock. Following such forfeiture,
Grantee shall have no further rights with respect to such forfeited Restricted
Stock.

      (c) Immediate Vesting of All Restricted Stock. All of Grantee's Restricted
Stock shall immediately vest if:

            (i) there is a "Change of Control" of the Company, which shall be
      deemed to have occurred if:

                  (A) any "person" (as such term is used in Section 13(d) and
            14(d) of the Exchange Act), other than a trustee or other fiduciary
            holding securities under an employee benefit plan of the Company or
            a corporation owned directly or indirectly by the stockholders of
            the Company in substantially the same proportions as their ownership
            of stock of the Company, is or becomes the "beneficial owner" (as
            defined in Rule 13d-3 under the Exchange Act), directly or
            indirectly, of securities of the Company representing 40% or more of
            the total voting power represented by the Company's then outstanding
            voting securities;

                  (B) during any period of two consecutive years, individuals
            who at the beginning of such period constitute the Board and any new
            director whose election by the Board or nomination for election by
            the Company's stockholders was approved by a vote of at least
            two-thirds of the directors who either were directors at the
            beginning of the two-year period or whose election or nomination for
            election was previously so approved, cease for any reason to
            constitute a majority thereof;

                  (C) the stockholders of the Company approve a merger or
            consolidation of the Company with any other corporation or entity,
            regardless of which entity is the survivor, other than a merger or
            consolidation which would result in the voting securities of the
            Company outstanding immediately prior thereto continuing to
            represent (either by remaining outstanding or being converted into
            voting securities of the surviving entity) at least 80% of the

<PAGE>

            combined voting power of the voting securities of the Company or
            such surviving entity outstanding immediately after such merger or
            consolidation; or

                  (D) the stockholders of the Company approve:

                        1. a plan of complete liquidation or winding up of the
                  Company and such complete liquidation or winding up of the
                  Company is consummated, such consummation date to be
                  determined by the Committee or Board; or

                        2. an agreement for the sale or disposition by the
                  Company of all or substantially all of the Company's assets
                  and such sale or disposition of the Company is consummated,
                  such consummation date to be determined by the Committee or
                  Board;

            (ii) there is a "Strategic Reorganization" of the Company (as that
      term shall be defined in the sole good faith determination of the
      Committee or Board) and Grantee's employment or service is terminated as a
      result of such Strategic Reorganization; or

            (iii) Grantee's engagement with the Company terminates as a result
      of Grantee's death or disability.

      (d) Non-Transferability. Grantee shall not sell, transfer, assign, pledge
or otherwise encumber or dispose of, by operation of law or otherwise, this
Agreement or any Restricted Stock (each, a "Transfer"), except as may be
transferred by will or the laws of descent and distribution. References to
Grantee, to the extent relevant in the context, shall include references to
authorized transferees. Any such transfer by Grantee in violation of this
Section 3(d) shall be void and of no force or effect, and shall result in the
immediate forfeiture of all Restricted Stock.

      4. Dividend And Voting Rights. Subject to the restrictions contained in
this Agreement, Grantee shall have the rights of a stockholder with respect to
the Restricted Stock, including the right to vote all such Restricted Stock, and
to receive all dividends, cash or stock, paid or delivered thereon, from and
after the Grant Date. In the event of forfeiture of the Restricted Stock,
Grantee shall have no further rights with respect to such Restricted Stock.
However, the forfeiture of Restricted Stock shall not create any obligation to
repay dividends received as to such Restricted Stock, nor shall such forfeiture
invalidate any votes given by Grantee with respect to such Restricted Stock
prior to forfeiture.

      5. Section 83(b) Election. Under Section 83(b) of the Internal Revenue
Code of 1986, as amended (the "Code"), Grantee will recognize ordinary income
equal to the fair market value of the shares of Common Stock received upon the
date the Restricted Stock vests. However, Grantee may elect to be taxed at the
time the Restricted Stock is granted, rather than when the Restricted Stock
vests. To elect this early taxation, Grantee would need to file an election
under Section 83(b) of the Code within thirty (30) days after the Grant Date (an
"83(b) Election").

            GRANTEE ACKNOWLEDGES THAT HE OR SHE HAS BEEN INFORMED OF THE
      AVAILABILITY OF MAKING AN ELECTION IN

<PAGE>

      ACCORDANCE WITH SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986, AS
      AMENDED; THAT SUCH ELECTION MUST BE FILED WITH THE INTERNAL REVENUE
      SERVICE WITHIN 30 DAYS OF THE GRANT OF RESTRICTED STOCK TO GRANTEE; AND
      THAT GRANTEE IS SOLELY RESPONSIBLE FOR MAKING SUCH ELECTION.

            GRANTEE ACKNOWLEDGES THAT HE OR SHE IS RELYING SOLELY ON HIS OR HER
      OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
      SECTION 83(b) ELECTION. IF GRANTEE DETERMINES THAT THE ELECTION IS
      ADVISABLE, GRANTEE ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY,
      AND NOT THE COMPANY'S, TO FILE A TIMELY 83(b) ELECTION, EVEN IF GRANTEE
      REQUESTS THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THE FILING ON
      GRANTEE'S BEHALF.

      6. Taxes. The Company hereby offers to loan to Grantee such sum of money
to satisfy all applicable federal, state, and local income and employment tax
requirements arising as a result of the Restricted Stock grant (the "Grant
Taxes") by Grantee's presentation to the Company of executed promissory notes,
which may be either recourse or non-recourse at Grantee's election, in a form
satisfactory to the Company ("Promissory Notes"), which Promissory Notes shall
have the following conditions incorporated by reference therein:

      (a) Amount of Promissory Notes. Grantee shall give to the Company
Promissory Notes for the full amount (100%) of the Grant Taxes due as a result
of an 83(b) Election plus interest at the rate of 10% (ten percent) per year,
compounded annually;

      (b) Maturity Dates.

            (i) One third (33 and 1/3%) of the principal together with accrued
      interest thereon is due and shall be paid at each of the three Vesting
      Dates and not at any time prior to or after such date, as set forth hereto
      on Schedule I (each a "Maturity Date").

            (ii) Notwithstanding the due date set forth above, the full amount
      (100%) of unpaid principal and accrued interest shall become due and shall
      be paid if all of Grantee's Restricted Stock vests pursuant to Section
      3(c) hereof or Grantee's Restricted Stock is forfeited pursuant to Section
      3(b) or 3(d) of this Agreement and not any time prior to or after such
      vesting event;

      (c) Company to Possess Stock Certificates. The stock certificates
representing the Restricted Stock shall remain in the possession of the Company
as security for the payment of the indebtedness evidenced by the Promissory
Notes, including both principal and accrued interest;

      (d) Voting Shares. Restricted Stock retained by the Company pursuant to
Section 6(d) above shall have all dividend and voting rights as provided in
Section 4 of this Agreement except that any stock dividends shall remain the
possession of the Company together with and be

<PAGE>

treated in the same manner as the certificate of shares retained for security
for payment of the principal and accrued interest on the Promissory Notes; and

      (e) Satisfaction of Conditions of Note. The one-third (33 and 1/3%)
portion of the Restricted Stock granted on the Grant Date that is to vest on a
Vesting Date shall be forfeited in the event that, on such Vesting Date and
associated Maturity Date, the conditions of the note have not been fulfilled.

      7. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given (i) when delivered
personally, (ii) when transmitted by facsimile (receipt confirmed), (iii) on the
fifth (5th) business day following mailing by registered or certified mail
(return receipt requested), or (iv) on the next business day following deposit
with an overnight delivery service of national reputation, to the parties at the
address or facsimile numbers shown beneath his, her or its respective signature
to this Agreement, or at such other address or addresses as such party shall
designate to the other in accordance with this Section 7.

      8. Governing Law. This Agreement shall be construed, interpreted and
enforced in accordance with the internal laws of the State of New York without
regard to any applicable conflicts of laws.

      9. Legends. All certificates representing the Restricted Stock shall have
endorsed thereon the following legends:

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
      REGISTERED UNDER STATE OR U.S. FEDERAL SECURITY LAWS AND MAY NOT BE
      OFFERED, SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE DISTRIBUTED OR
      TRANSFERRED, NOR MAY THESE SECURITIES BE TRANSFERRED ON THE BOOKS OF THE
      COMPANY IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
      SATIFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

            THESE SHARES ARE SUBJECT TO A RESTRICTED STOCK AGREEMENT DATED AS OF
      __________, 2002 BY AND BETWEEN OXIGENE, INC. AND _______________,
      INCLUDING RESTRICTIONS ON PLEDGE AND TRANSFER CONTAINED THEREIN.

      10. No Right to Employment or Other Status. This Agreement shall not be
construed as giving Grantee the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any
time to dismiss or otherwise terminate its relationship with Grantee free from
any liability or claim under this Agreement, except as expressly provided in
this Agreement.

      11. Nature of Payments. Any and all grants or deliveries of Restricted
Stock hereunder shall constitute special incentive payments to Grantee and shall
not be taken into account in computing the amount of salary or compensation of
Grantee for the purpose of determining any retirement, death, or other benefits
under any retirement, bonus, life insurance, or other employee benefit plan of
the Company, or, any agreement between the Company on the

<PAGE>

one hand, and Grantee on the other hand, except as such plan or agreement shall
otherwise expressly provide.

      12. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the Company and Grantee and their respective heirs, executors,
administrators, legal representatives, successors, and assigns subject, however,
to the limitations set forth herein with respect to the restrictions on transfer
and assignment.

      13. Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall be
severable and enforceable to the extent permitted by law.

      14. Amendment; Waiver. This Agreement may be amended or modified only by a
written instrument executed by both the Company and Grantee except as provided
in Section 1 hereof. Any provision for the benefit of the Company contained in
this Agreement may be waived, either generally or in any particular instance, by
the Committee or the Board. A waiver on one occasion shall not be deemed to be a
waiver of the same or any other breach on a future occasion.

      15. Entire Agreement. This Agreement (along with any related Promissory
Notes) embodies the entire agreement of the parties hereto with respect to the
Restricted Stock and all other matters contained herein. This Agreement
supersedes and replaces any and all prior oral or written agreements with
respect to the subject matter hereof.

<PAGE>

      IN WITNESS WHEREOF, the Company and Grantee have caused this Agreement to
be duly executed as of the date first above written.

OXIGENE, INC.

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

             -------------------------------
Fax:
             -------------------------------

GRANTEE

Name:
             -------------------------------
Address:
             -------------------------------

             -------------------------------
Fax:
             -------------------------------

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