Document:

exv10w4

 

Exhibit 10.4

INTERMUNE, INC.

AMENDED AND RESTATED 2000 EMPLOYEE STOCK PURCHASE PLAN

Approved by the Board of Directors: January 31, 2000

Approved by Stockholders: March 20, 2000

Approved by the Board of Directors: March 15, 2006

1. PURPOSE.

     (a) The purpose of this Amended and Restated 2000 Employee Stock Purchase Plan (the
“Plan”) is to provide a means by which employees of InterMune, Inc. (the “Company”)
and its Affiliates, as defined in subsection 1(b) below, that are designated as provided in
subsection 2(b) below, may be given an opportunity to purchase Common Stock of the Company (the
“Common Stock”).

     (b) The word “Affiliate” as used in the Plan means any parent corporation or
subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f),
respectively, of the Internal Revenue Code of 1986, as amended (the “Code”).

     (c) The Company, by means of the Plan, seeks to retain the services of its 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.

     (d) The Company intends that the rights to purchase stock of the Company granted under the
Plan be considered options issued under an “employee stock purchase plan” as that term is defined
in Section 423(b) of the Code.

2. ADMINISTRATION.

     (a) The Plan shall be administered by the Board of Directors (the “Board”) of the
Company unless and until the Board delegates administration to a Committee, as provided in
subsection 2(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 shall have the power, subject to, and within the limitations of, the express
provisions of the Plan, to:

          (i) determine when and how rights to purchase stock of the Company shall be granted and the
provisions of each offering of such rights (which need not be identical);

          (ii) designate from time to time which Affiliates of the Company shall be eligible to
participate in the Plan;

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          (iii) construe and interpret the Plan and rights granted under it, and to establish, amend and
revoke rules and regulations for its administration. 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) amend the Plan as provided in Section 13;

          (v) terminate or suspend the Plan as provided in Section 15; and

          (vi) exercise such powers and to perform such acts as the Board deems necessary or expedient
to promote the best interests of the Company and its Affiliates and to carry out the intent that
the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the
Code.

     (c) The Board may delegate administration of the Plan to a Committee composed of not fewer
than two (2) members of the Board (the “Committee”). 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.

3. SHARES SUBJECT TO THE PLAN.

     (a) Subject to the provisions of Section 12 relating to adjustments upon changes in stock and
subject to the increases in the number of reserved shares described below, the stock that may be
sold pursuant to rights granted under the Plan shall not exceed in the aggregate two hundred
thousand (200,000) shares of Common Stock (the “Reserved Shares”). As of each January 1,
commencing with January 1, 2001 and including and ending with January 1, 2006, the number of
Reserved Shares will be increased automatically by the lesser of (i) one percent (1%) of the total
number of shares of Common Stock outstanding (on a fully-diluted, as converted basis) on each such
January 1, (ii) four hundred thousand (400,000) shares or (iii) a number of shares determined by
the Board prior to a January 1, which number shall be less than (i) above and also less than (ii)
above. If any right granted under the Plan shall for any reason terminate without having been
exercised, the Common Stock not purchased under such right shall again become available for the
Plan.

     (b) The stock subject to the Plan may be unissued shares or reacquired shares, bought on the
market or otherwise.

4. GRANT OF RIGHTS; OFFERING.

     The Board or the Committee may from time to time grant or provide for the grant of rights to
purchase Common Stock of the Company under the Plan to eligible employees (an “Offering”)
on a date or dates (the “Offering Date(s)”) selected by the Board or the Committee. Each
Offering shall be in such form and shall contain such

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terms and conditions as the Board or the Committee shall deem appropriate, which shall comply
with the requirements of Section 423(b)(5) of the Code that all employees granted rights to
purchase stock under the Plan 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 5 through 8, inclusive.

5. ELIGIBILITY.

     (a) Rights may be granted only to employees of the Company or, as the Board or the Committee
may designate as provided in subsection 2(b), to employees of any Affiliate of the Company. Except
as provided in subsection 5(b), an employee of the Company or any Affiliate shall not be eligible
to be granted rights under the Plan unless, on the Offering Date, such employee has been in the
employ of the Company or any Affiliate for such continuous period preceding such grant as the Board
or the Committee may require, but in no event shall the required period of continuous employment be
greater than two (2) years. In addition, unless otherwise determined by the Board or the Committee
and set forth in the terms of the applicable Offering, no employee of the Company or any Affiliate
shall be eligible to be granted rights under the Plan, unless, on the Offering Date, such
employee’s customary employment with the Company or such Affiliate is for at least twenty (20)
hours per week and at least five (5) months per calendar year.

     (b) The Board or the Committee may provide that each person who, during the course of an
Offering, first becomes an eligible employee of the Company or designated Affiliate will, on a date
or dates specified in the Offering which coincides with the day on which such person becomes an
eligible employee or occurs thereafter, receive a right under that Offering, which right shall
thereafter be deemed to be a part of that Offering. Such right shall have the same characteristics
as any rights originally granted under that Offering, as described herein, except that:

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

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

          (iii) the Board or the Committee 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 will not
receive any right under that Offering.

     (c) No employee shall be eligible for the grant of any rights under the Plan if, immediately
after any such rights are granted, such employee owns stock possessing five

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percent (5%) or more of the total combined voting power or value of all classes of stock of
the Company or of any Affiliate. For purposes of this subsection 5(c), the rules of Section 424(d)
of the Code shall apply in determining the stock ownership of any employee, and stock which such
employee may purchase under all outstanding rights and options shall be treated as stock owned by
such employee.

     (d) An eligible employee may be granted rights under the Plan only if such rights, together
with any other rights granted under “employee stock purchase plans” of the Company and any
Affiliates, as specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to
purchase stock of the Company or any Affiliate 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) for each calendar year in which such rights are outstanding at any time. For purposes
of this Plan, “Fair Market Value” means, as of the date, the value of the Common Stock of
the Company determined as follows: If the Common Stock is listed on any established stock exchange
or traded on the Nasdaq National Market system or the Nasdaq Small Cap Market, the Fair Market
Value of a share of Common Stock shall be the closing sales price for such stock (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 Common Stock) on the last market trading day prior to
the day of determination, as reported in The Wall Street Journal or such other source as the Board
deems reliable. In the absence of such markets for the Common Stock, the Fair Market Value shall
be determined in good faith by the Board.

     (e) Officers of the Company and any designated Affiliate shall be eligible to participate in
Offerings under the Plan; provided, however, that the Board may provide in an Offering that certain
employees who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the
Code shall not be eligible to participate.

6. RIGHTS; PURCHASE PRICE.

     (a) On each Offering Date, each eligible employee, pursuant to an Offering made under the
Plan, shall be granted the right to purchase up to the number of shares of Common Stock of the
Company purchasable with a percentage designated by the Board or the Committee not exceeding
fifteen percent (15%) of such employee’s Earnings (as defined in subsection 7(a)) during the period
which begins on the Offering Date (or such later date as the Board or the Committee 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. The Board or the Committee shall establish one or more dates during
an Offering (the “Purchase Date(s)”) on which rights granted under the Plan shall be
exercised and purchases of Common Stock carried out in accordance with such Offering.

     (b) In connection with each Offering made under the Plan, the Board or the Committee may
specify a maximum number of shares that may be purchased by any employee as well as a maximum
aggregate number of shares that may be purchased by all eligible employees pursuant to such
Offering. In addition, in connection with each Offering that contains more than one Purchase Date,
the Board or the Committee may

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specify a maximum aggregate number of shares which may be purchased by all eligible employees
on any given Purchase Date under the Offering. If the aggregate purchase of shares upon exercise of
rights granted under the Offering would exceed any such maximum aggregate number, the Board or the
Committee shall make a pro rata allocation of the shares available in as nearly a uniform manner as
shall be practicable and as it shall deem to be equitable.

     (c) The purchase price of stock acquired pursuant to rights granted under the Plan shall be
not less than the lesser of:

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

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

7. PARTICIPATION; WITHDRAWAL; TERMINATION.

     (a) An eligible employee may become a participant in the Plan pursuant to an Offering by
delivering a participation agreement to the Company within the time specified in the Offering, in
such form as the Company provides. Each such agreement shall authorize payroll deductions of up to
the maximum percentage specified by the Board or the Committee of such employee’s Earnings during
the Offering. “Earnings” is defined as an employee’s wages (including amounts thereof
elected to be deferred by the employee, that would otherwise have been paid, under any arrangement
established by the Company that is intended to comply with Section 125, Section 401(k), Section
402(h) or Section 403(b) of the Code or that provides non-qualified deferred compensation), which
shall include overtime pay, bonuses, incentive pay, and commissions, but shall exclude profit
sharing or other remuneration paid directly to the employee, the cost of employee benefits paid for
by the Company or an Affiliate, education or tuition reimbursements, imputed income arising under
any group insurance or benefit program, traveling expenses, business and moving expense
reimbursements, income received in connection with stock options, contributions made by the Company
or an Affiliate under any employee benefit plan, and similar items of compensation, as determined
by the Board or the Committee. The payroll deductions made for each participant shall be credited
to an account for such participant under the Plan and shall be deposited with the general funds of
the Company. A participant may reduce (including to zero) or increase such payroll deductions, and
an eligible employee may begin such payroll deductions, after the beginning of any Offering only as
provided for in the Offering. A participant may make additional payments into his or her account
only if specifically provided for in the Offering and only if the participant has not had the
maximum amount withheld during the Offering.

     (b) At any time during an Offering, a participant may terminate his or her payroll deductions
under the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal
in such form as the Company provides. Such withdrawal may be elected at any time prior to the end
of the Offering except as provided

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by the Board or the Committee 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 payroll
deductions (reduced to the extent, if any, such deductions have been used to acquire stock for the
participant) under the Offering, without interest, and such participant’s interest in that Offering
shall be automatically terminated. A participant’s withdrawal from an Offering will have no effect
upon such participant’s eligibility to participate in any other Offerings under the Plan but such
participant will be required to deliver a new participation agreement in order to participate in
subsequent Offerings under the Plan.

     (c) Rights granted pursuant to any Offering under the Plan shall terminate immediately upon
cessation of any participating employee’s employment with the Company and any designated Affiliate,
for any reason, and the Company shall distribute to such terminated employee all of his or her
accumulated payroll deductions (reduced to the extent, if any, such deductions have been used to
acquire stock for the terminated employee), under the Offering, without interest.

     (d) Rights granted under the Plan 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 14 and, otherwise during his or her lifetime, shall be exercisable only by the person to
whom such rights are granted.

8. EXERCISE.

     (a) On each Purchase Date specified therefore in the relevant Offering, each participant’s
accumulated payroll deductions and other additional payments specifically provided for in the
Offering (without any increase for interest) will be applied to the purchase of whole shares of
stock of the Company, up to the maximum number of shares 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 rights granted under the Plan. The amount, if any, of
accumulated payroll deductions remaining in each participant’s account after the purchase of shares
which is less than the amount required to purchase one share of stock on the final Purchase Date of
an Offering shall be held in each such participant’s account for the purchase of shares under the
next Offering under the Plan, unless such participant withdraws from such next Offering, as
provided in subsection 7(b), or is no longer eligible to be granted rights under the Plan, as
provided in Section 5, in which case such amount shall be distributed to the participant after such
final Purchase Date, without interest. The amount, if any, of accumulated payroll deductions
remaining in any participant’s account after the purchase of shares which is equal to the amount
required to purchase whole shares of stock on the final Purchase Date of an Offering shall be
distributed in full to the participant after such Purchase Date, without interest.

     (b) No rights granted under the Plan may be exercised to any extent unless the shares to be
issued upon such exercise under the Plan (including rights granted thereunder) are covered by an
effective registration statement pursuant to the Securities Act of 1933, as amended (the
“Securities Act”) and the Plan is in material compliance

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with all applicable state, foreign and other securities and other laws applicable to the Plan.
If on a Purchase Date in any Offering hereunder the Plan is not so registered or in such
compliance, no rights granted under the Plan or any Offering shall be exercised on such Purchase
Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective
registration statement and 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 of any Offering hereunder, as delayed to the
maximum extent permissible, the Plan is not registered and in such compliance, no rights granted
under the Plan or any Offering shall be exercised and all payroll deductions accumulated during the
Offering (reduced to the extent, if any, such deductions have been used to acquire stock) shall be
distributed to the participants, without interest.

9. COVENANTS OF THE COMPANY.

     (a) During the terms of the rights granted under the Plan, the Company shall keep available at
all times the number of shares of stock required to satisfy such rights.

     (b) 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 stock upon exercise of the rights granted under the Plan. If, after reasonable
efforts, the Company is unable to obtain from any such regulatory commission or agency the
authority which counsel for the Company deems necessary for the lawful issuance and sale of stock
under the Plan, the Company shall be relieved from any liability for failure to issue and sell
stock upon exercise of such rights unless and until such authority is obtained.

10. USE OF PROCEEDS FROM STOCK.

     Proceeds from the sale of Common Stock pursuant to rights granted under the Plan shall
constitute general funds of the Company.

11. 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, any shares subject to rights granted under the Plan unless and until the
participant’s shareholdings acquired upon exercise of rights under the Plan are recorded in the
books of the Company.

12. ADJUSTMENTS UPON CHANGES IN STOCK.

     (a) If any change is made in the stock subject to the Plan, or subject to any rights granted
under the Plan, due to a change in corporate capitalization and without the receipt of
consideration by the Company (through reincorporation, stock dividend, stock split, reverse stock
split, combination or reclassification of shares), the Plan will be appropriately adjusted in the
class(es) and maximum number of securities subject to the Plan pursuant to subsection 3(a) as well
as the number of shares set forth under (ii) of subsection 3(a), and the outstanding rights will be
appropriately adjusted in the class(es)

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and number of securities and price per share of stock subject to such outstanding rights. Such
adjustments shall be made by the Board, the determination of which shall be final, binding and
conclusive.

     (b) In the event of: (i) a dissolution, liquidation or sale of all or substantially all of the
securities or assets of the Company, (ii) a merger or consolidation in which the Company is not the
surviving corporation or (iii) a reverse merger in which the Company is the surviving corporation
but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue
of the merger into other property, whether in the form of securities, cash or otherwise, then any
surviving corporation may assume outstanding rights or substitute similar rights for those under
the Plan. In the event that no surviving corporation assumes outstanding rights or substitutes
similar rights therefore, participants’ accumulated payroll deductions shall be used to purchase
Common Stock immediately prior to the transaction described above and the participants’ rights
under the ongoing Offering shall terminate immediately following such purchase.

13. 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 12 relating to adjustments upon changes in stock, no amendment shall be
effective unless approved by the stockholders of the Company within twelve (12) months before or
after the adoption of the amendment, where the amendment will:

          (i) Increase the number of shares reserved for rights under the Plan;

          (ii) Modify the provisions as to eligibility for participation in the Plan (to the extent such
modification requires stockholder approval in order for the Plan to obtain employee stock purchase
plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3
promulgated under the Securities Exchange Act of 1934, as amended (“Rule 16b-3”)); or

          (iii) Modify the Plan in any other way if such modification requires stockholder approval in
order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code
or to comply with the requirements of Rule 16b-3, or any Nasdaq or securities exchange listing
requirements.

          It is expressly contemplated that the Board may amend the Plan in any respect the Board deems
necessary or advisable to provide eligible 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 rights granted under it into
compliance therewith.

     (b) Rights and obligations under any rights granted before amendment of the Plan shall not be
impaired by any amendment of the Plan, except with the consent of the person to whom such rights
were granted, or except as necessary to comply with any laws or governmental regulations, or except
as necessary to ensure that the Plan and/or rights granted under the Plan comply with the
requirements of Section 423 of the Code.

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14. DESIGNATION OF BENEFICIARY.

     (a) A participant may file a written designation of a beneficiary who is to receive any shares
and 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
and 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) Such designation of beneficiary may be changed by the participant at any time by written
notice. 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 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 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.

15. TERMINATION OR SUSPENSION OF THE PLAN.

     (a) The Board in its discretion, may suspend or terminate the Plan at any time. No rights may
be granted under the Plan while the Plan is suspended or after it is terminated.

     (b) Rights and obligations under any rights granted while the Plan is in effect shall not be
altered or impaired by suspension or termination of the Plan, except as expressly provided in the
Plan or with the consent of the person to whom such rights were granted, or except as necessary to
comply with any laws or governmental regulations, or except as necessary to ensure that the Plan
and/or rights granted under the Plan comply with the requirements of Section 423 of the Code.

16. EFFECTIVE DATE OF PLAN.

          The Plan shall become effective simultaneously with the effectiveness of the Company’s
registration statement under the Securities Act with respect to the initial public offering of
shares of the Company’s Common Stock (the “Effective Date”), but no rights granted under
the Plan 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, which
date may be prior to the Effective Date.

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INTERMUNE, INC.

AMENDED AND RESTATED

2000 EMPLOYEE STOCK PURCHASE PLAN OFFERING

(As Approved by the Board of Directors on March 7, 2007)

     1. GRANT; OFFERING DATE.

     (a) Effective as of March 7, 2007 (the “Effective Date”), the Board of Directors (the
“Board”) of InterMune, Inc., a Delaware corporation (the “Company”), pursuant to
the Company’s Amended and Restated 2000 Employee Stock Purchase Plan (the “Plan”), hereby
authorizes the grant of rights to purchase shares of the common stock of the Company (“Common
Stock”) to all eligible employees (an “Offering”). On and after May 1, 2007, a new
Offering shall begin on May 1st and November 1st of each calendar year and
each such Offering shall end on the day prior to the six (6) month anniversary of each such
Offering’s Offering Date, unless sooner terminated in accordance with the provisions of this
Offering or the Plan (the “Offering Period”). The first day of an Offering is that
Offering’s “Offering Date.”

     (b) Prior to the commencement of any Offering, the Board (or the Committee described in
subsection 2(c) of the Plan, if any) may change any or all terms of such Offering and any
subsequent Offerings. The granting of rights pursuant to each Offering hereunder shall occur on
each respective Offering Date unless, prior to such date (a) the Board (or the Committee, as
defined in the Plan) determines that such Offering shall not occur, or (b) no shares remain
available for issuance under the Plan in connection with the Offering.

     (c) The “Purchase Date” shall be the day prior to the six (6) month anniversary of
each such Offering’s Offering Date.

     (d) Notwithstanding any provision herein to the contrary, offerings under the Plan which were
already in progress as of the Effective Date shall continue in accordance with their original terms
and conditions.

2. ELIGIBLE EMPLOYEES.

     (a) Each employee of either the Company or its designated Affiliates (as defined in the Plan)
incorporated in the United States shall be eligible to be granted rights to purchase Common Stock
under the Offering on the Offering Date of such Offering, provided that such employee has been
continuously employed by the Company or one of its designated Affiliates throughout the ten (10)
day period immediately prior to and ending on that Offering’s Offering Date (an “Eligible
Employee”).

     (b) Notwithstanding subsection 2(a) above, the following employees shall not be Eligible
Employees or be eligible to be granted rights under an Offering: (i) part-time or seasonal
employees whose customary employment is less than twenty (20) hours per week or five (5)

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months per calendar year, or (ii) five percent (5%) stockholders (including ownership through
unexercised options) described in subsection 5(c) of the Plan.

3. RIGHTS.

     (a) Subject to the limitations contained herein and in the Plan, on each Offering Date each
Eligible Employee shall automatically be granted the right to purchase the number of shares of
Common Stock purchasable with up to fifteen percent (15%) of such Eligible Employee’s Earnings paid
during the period of such Offering beginning after such Eligible Employee first commences
participation; provided, however, that no Eligible Employee may purchase Common Stock on a
particular Purchase Date that would result in more than fifteen percent (15%) of such Eligible
Employee’s Earnings paid during the period of time measured from the later of (i) the Offering
Date, (ii) the date the Eligible Employee first commences participation in the Offering, or (iii)
the immediately preceding Purchase Date, to such Purchase Date having been applied to purchase
shares under all ongoing Offerings under the Plan and all other Company plans intended to qualify
as “employee stock purchase plans” under Section 423 of the Internal Revenue Code of 1986, as
amended (the “Code”). For purposes of an Offering, “Earnings” shall mean an
Eligible Employee’s wages (including amounts thereof elected to be deferred by the Eligible
Employee that would otherwise have been paid, under any arrangement established by the Company that
is intended to comply with Section 125, Section 401(k), Section 402(h) or Section 403(b) of the
Code or that provides non-qualified deferred compensation), which shall include overtime pay,
bonuses, incentive pay, and commissions, but shall exclude profit sharing or other remuneration
paid directly to the Eligible Employee, the cost of employee benefits paid for by the Company or an
Affiliate, education or tuition reimbursements, imputed income arising under any group insurance or
benefit program, traveling expenses, business and moving expense reimbursements, income received in
connection with stock options, contributions made by the Company or an Affiliate under any employee
benefit plan, and similar items of compensation.

     (b) Notwithstanding the foregoing, the maximum number of shares of Common Stock an Eligible
Employee may purchase on any Purchase Date in an Offering shall be such number of shares as has a
Fair Market Value (as defined in the Plan) (determined as of the Offering Date for such Offering)
equal to (x) $25,000 multiplied by the number of calendar years in which the right under such
Offering has been outstanding at any time, minus (y) the Fair Market Value (as defined in the Plan)
of any other shares of Common Stock (determined as of the relevant Offering Date with respect to
such shares) which, for purposes of the limitation of Section 423(b)(8) of the Code, are attributed
to any of such calendar years in which the right is outstanding. The amount in clause (y) of the
previous sentence shall be determined in accordance with regulations applicable under Section
423(b)(8) of the Code based on (i) the number of shares previously purchased with respect to such
calendar years pursuant to such Offering or any other Offering under the Plan, or pursuant to any
other Company plans intended to qualify as “employee stock purchase plans” under Section 423 of the
Code, and (ii) the number of shares subject to other rights outstanding on the Offering Date for
such Offering pursuant to the Plan or any other such Company plan.

     (c) The maximum aggregate number of shares available to be purchased by all Eligible Employees
under an Offering shall be the number of shares remaining available under the Plan on the Offering
Date. If the aggregate purchase of shares of Common Stock upon

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exercise of rights granted under the Offering would exceed the maximum aggregate number of
shares available, the Board shall make a pro rata allocation of the shares available in a uniform
and equitable manner.

4. PURCHASE PRICE.

     The purchase price of the Common Stock under the Offering shall be the lesser of (a)
eighty-five percent (85%) of the Fair Market Value of the Common Stock on the Offering Date
(eighty-five percent (85%) of the Fair Market Value of the Common Stock on the first day on which
the Company’s Common Stock is actively traded that immediately follows the Offering Date if an
Offering Date does not fall on a day during which the Company’s Common Stock is actively traded),
or (b) eighty-five percent (85%) of the Fair Market Value of the Common Stock on the Purchase Date
(eighty-five percent (85%) of the Fair Market Value of the Common Stock on the first day on which
the Company’s Common Stock is actively traded that immediately precedes the Purchase Date if a
Purchase Date does not fall on a day during which the Company’s Common Stock is actively traded),
in each case rounded up to the nearest whole cent per share.

5. PARTICIPATION.

     (a) Except as otherwise provided in this Section 5, an Eligible Employee may elect to
participate in an Offering prior to the Offering Date. An Eligible Employee shall become a
participant in an Offering by delivering an agreement authorizing payroll deductions to the Company
no later than ten (10) days prior to the Offering Date. Such deductions must be in whole dollars,
with a minimum dollar amount of ten dollars ($10) per pay period and a maximum amount not expected
to exceed fifteen percent (15%) of such Eligible Employee’s Earnings over the course of an
Offering, or in whole percentages, with a minimum percentage of one percent (1%) and a maximum
percentage of fifteen percent (15%) of such Eligible Employee’s Earnings over the course of an
Offering. A participant may not make additional payments into his or her account. In the absence
of the delivery of an agreement authorizing payroll deductions, a participant’s initial
participation level shall be zero, provided, however, that for a participant already enrolled in an
offering under the Plan, as of the day prior to the Offering Date of an Offering under this
offering document, the initial level of participation shall be as provided in the most recent
agreement authorizing payroll deductions from the pay of such participant that has been delivered
to the Company.

     (b) By delivering a notice to the Company on such form as the Company provides, a participant
may increase or decrease his or her participation level during the Offering Period or withdraw from
an Offering as follows: (i) a participant may increase or decrease (including to zero) his or her
participation level only once (except for a second reduction to zero) during the Offering Period,
except during the ten (10) day period immediately preceding a Purchase Date, (ii) a participant may
increase or decrease his or her participation level with such change not to take effect until after
the Purchase Date that follows the date such increase is delivered to the Company, and (iii) a
participant may withdraw from an Offering and receive all of his or her accumulated payroll
deductions (reduced to the extent, if any, such deductions have been used to acquire Common Stock
for the participant), without interest, at any time prior to the end of the Offering, excluding
only the ten (10) day period immediately preceding a Purchase Date.

3

 

6. PURCHASES.

     Subject to the limitations contained herein, on each Purchase Date, each participant’s
accumulated payroll deductions (without any increase for interest) shall be applied to the purchase
of whole shares of Common Stock, up to the maximum number of shares permitted under the Plan and
the Offering.

7. NOTICES AND AGREEMENTS.

     Any notices or agreements provided for in an Offering or the Plan shall be given in writing,
in a form provided by the Company, and unless specifically provided for in the Plan or this
Offering shall be deemed effectively given upon receipt or, in the case of notices and agreements
delivered by the Company, five (5) days after deposit in the United States mail, postage prepaid.

8. EXERCISE CONTINGENT ON STOCKHOLDER APPROVAL.

     The rights granted under an Offering are subject to the approval of any amendment to the Plan
by the stockholders as required in order to obtain or preserve treatment as a tax-qualified
employee stock purchase plan under Section 423 of the Code and as necessary to comply with the
requirements of exemption from potential liability under Section 16(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) set forth in Rule 16b-3 promulgated under the
Exchange Act.

9. OFFERING SUBJECT TO PLAN.

     Each Offering is subject to all the provisions of the Plan, and all terms and conditions of
the Plan are hereby made a part of the Offering, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the provisions of an Offering and those of the
Plan (including interpretations, amendments, rules and regulations which may from time to time be
promulgated and adopted pursuant to the Plan), the provisions of the Plan shall control.

4exv10w5

 

Exhibit 10.5

INTERMUNE, INC.

AMENDED AND RESTATED 2000 NON-EMPLOYEE DIRECTORS’

STOCK OPTION PLAN

ADOPTED FEBRUARY 8, 2000

APPROVED BY STOCKHOLDERS MARCH 20, 2000

AMENDED ON JUNE 19, 2002

AMENDED ON MARCH 5, 2003

APPROVED BY STOCKHOLDERS MAY 29, 2003

AMENDED AND RESTATED ON APRIL 2, 2004

APPROVED BY STOCKHOLDERS MAY 27, 2004

AMENDED AND RESTATED ON MAY 25, 2006

AMENDED AND RESTATED ON MARCH 7, 2007

1. Purposes.

     (a) Amendment and Restatement. The Plan amends and restates the InterMune, Inc. 2000
Non-Employee Directors’ Stock Option Plan adopted January 31, 2000 (the “Prior Plan”). All
outstanding Options granted under the Prior Plan shall remain subject to the terms of the Prior
Plan. All Options granted subsequent to the effective date of this Plan shall be subject to the
terms of this Plan (as amended and restated hereby).

     (b) Eligible Option Recipients. The persons eligible to receive Options are the Non-Employee
Directors of the Company.

     (c) Available Options. The purpose of the Plan is to provide a means by which Non-Employee
Directors may be given an opportunity to benefit from increases in value of the Common Stock
through the granting of Nonstatutory Stock Options.

     (d) General Purpose. The Company, by means of the Plan, seeks to retain the services of its
Non-Employee Directors, to secure and retain the services of new Non-Employee Directors and to
provide incentives for such persons to exert maximum efforts for the success of the Company and its
Affiliates.

2. Definitions.

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

     (b) “Annual Grant” means a Director Annual Grant or a Chairman Annual Grant.

     (c) “Annual Meeting” means the annual meeting of the stockholders of the Company.

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

     (e) “Chairman” means the Chairman of the Board, if such person is also a Non-Employee
Director. If such person is not a Non-Employee Director, then such person shall not be considered a
“Chairman” for purposes of the Plan.

     (f) “Chairman Annual Grant” shall have the meaning ascribed in Section 6(c)(i).

     (g) “Chairman Partial Grant” shall have the meaning ascribed in Section 6(c)(ii).

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

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

     (j) “Company” means InterMune, Inc., a Delaware corporation.

     (k) “Consultant” means any person, including an advisor, (i) engaged by the Company or
an Affiliate to render consulting or advisory services and who is compensated for such services or
(ii) who is a member of the Board of Directors of an Affiliate. However, the term “Consultant”
shall not include either Directors of the Company who are not compensated by the Company for their
services as Directors or Directors of the Company who are merely paid a director’s fee by the
Company for their services as Directors.

     (l) “Continuous Service” means (i) with respect to Options granted to an Optionholder
in his or her capacity as Chairman, that the Optionholder’s service as Chairman is not interrupted
or terminated; and (ii) with respect to Options granted to an Optionholder in his or her capacity
as a Director, that the Optionholder’s service with the Company or an Affiliate, whether as an
Employee, Director or Consultant, is not interrupted or terminated. Solely with respect to
subclause (ii) above, the Optionholder’s Continuous Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Optionholder renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the
Optionholder renders such service, provided that there is no interruption or termination of the
Optionholder’s service. For example, a change in status without interruption from a Non-Employee
Director of the Company to a Consultant of an Affiliate or an Employee of the Company will not
constitute an interruption of Continuous Service. The Board or the chief executive officer of the
Company, in that party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of any leave of absence approved by that party, including sick
leave, military leave or any other personal leave.

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

     (n) “Director Annual Grant” shall have the meaning ascribed in Section 6(b)(i).

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     (o) “Disability” means the permanent and total disability of a person within the
meaning of Section 22(e)(3) of the Code.

     (p) “Employee” means any person employed by the Company or an Affiliate. Mere service
as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient
to constitute “employment” by the Company or an Affiliate.

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

     (r) “Initial Grant” shall have the meaning ascribed in Section 6(a)(i).

     (s) “Fair Market Value” means, as of any date, the value of the Common Stock
determined as follows:

          (i) If the Common Stock is listed on any established stock exchange or traded on the Nasdaq
National Market or the Nasdaq SmallCap Market, the Fair Market Value of a share of Common Stock
shall be the closing sales price for such stock (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 Common Stock) on the last market trading day prior to the day of determination, as reported in
The Wall Street Journal or such other source as the Board deems reliable.

          (ii) In the absence of such markets for the Common Stock, the Fair Market Value shall be
determined in good faith by the Board.

     (t) “New Director Partial Grant” shall have the meaning ascribed in Section 6(a)(ii).

     (u) “Non-Employee Director” means a Director who is not an Employee.

     (v) “Nonstatutory Stock Option” means an Option not intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the regulations
promulgated thereunder.

     (w) “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.

     (x) “Option” means a Nonstatutory Stock Option granted pursuant to the Plan.

     (y) “Option Agreement” means a written agreement between the Company and an
Optionholder evidencing the terms and conditions of an individual Option grant. Each Option
Agreement shall be subject to the terms and conditions of the Plan.

     (z) “Optionholder” means a person to whom an Option is granted pursuant to the Plan
or, if applicable, such other person who holds an outstanding Option.

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     (aa) “Partial Grant” shall mean a New Director Partial Grant or a Chairman Partial
Grant.

     (bb) “Plan” means this InterMune, Inc. Amended and Restated 2000 Non-Employee
Directors’ Stock Option Plan.

     (cc) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor
to Rule 16b-3, as in effect from time to time.

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

3. Administration.

     (a) Administration By Board. The Board shall administer the Plan. The Board may not delegate
administration of the Plan to a committee.

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

          (i) To determine the provisions of each Option to the extent not specified in the Plan.

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

          (iii) To amend the Plan or an Option as provided in Section 12.

          (iv) To terminate or suspend the Plan as provided in Section 13.

          (v) Generally, to exercise such powers and to perform such acts as the Board deems necessary
or expedient to promote the best interests of the Company that are not in conflict with the
provisions of the Plan.

     (c) Effect Of Board‘s Decision. All determinations, interpretations and constructions made by
the Board in good faith shall not be subject to review by any person and shall be final, binding
and conclusive on all persons.

4. Shares Subject to the Plan.

     (a) Share Reserve. Subject to the provisions of Section 11 relating to adjustments upon
changes in the Common Stock, the Common Stock that may be issued pursuant to Options shall not
exceed in the aggregate one million two hundred seventy thousand (1,270,000) shares of Common
Stock.

- 4 -

 

     (b) Reversion Of Shares To The Share Reserve. If any Option shall for any reason expire or
otherwise terminate, in whole or in part, without having been exercised in full, the shares of
Common Stock not acquired under such Option shall revert to and again become available for issuance
under the Plan.

     (c) Source Of Shares. The shares of Common Stock subject to the Plan may be unissued shares or
reacquired shares, bought on the market or otherwise.

5. Eligibility.

     The Options as set forth in Sections 6(a) and 6(b) automatically shall be granted under the
Plan to all Non-Employee Directors. The Options as set forth in Sections 6(c) automatically shall
be granted under the Plan to each Chairman.

6.  Non-Discretionary Grants.

     (a) New Director Grants.

          (i) Without any further action of the Board, each person who, after the date of the Annual
Meeting in 2004, is elected or appointed for the first time to be a Non-Employee Director shall
automatically be granted, upon the date of his or her initial election or appointment to be a
Non-Employee Director, an Option to purchase thirty thousand (30,000) shares of Common Stock (an
“Initial Grant”).

          (ii) In addition to the Initial Grant, without any further action of the Board, each person
who, after the date of the Annual Meeting in 2004, is elected or appointed for the first time to be
a Non-Employee Director on a date other than an Annual Meeting date shall automatically be granted,
upon the date of his or her initial election or appointment to be a Non-Employee Director, an
Option to purchase the number of shares of Common Stock equal to the product of (A) 1,667 and
(B) the number of consecutive 30-day periods included in the period commencing on the date of such
appointment and ending on the date of the next Annual Meeting, provided, however, that if the last
consecutive 30-day period ends on a date that is not the date of the next Annual Meeting or there
are fewer than 30 days between such appointment and the date of the next Annual Meeting, then the
number of consecutive 30-day periods determined pursuant to this clause (B) shall be increased by
one (1) (a “New Director Partial Grant”). For example, if a Non-Employee Director was
appointed on April 15, 2005 and the next Annual Meeting was scheduled for May 27, 2005, the
Non-Employee Director would receive an Option to purchase 3,334 shares of Common Stock pursuant to
this Section 6(a)(ii) (1,667 shares for the 30-day period from April 15, 2005 to May 14, 2005 and
1,667 shares for the period beginning on May 15, 2005 and ending on May 27, 2005). If at the time
of the New Director Partial Grant the date of the next Annual Meeting has not been set by
resolution of the Board, the date of the next Annual Meeting shall be deemed to be the first
anniversary of the date of the immediately preceding Annual Meeting. In no event, however, shall
the maximum number of shares subject to a New Director Partial Grant exceed twenty thousand
(20,000) shares.

- 5 -

 

     (b) Director Annual Grants. Without any further action of the Board, on the day following
each Annual Meeting, commencing with the Annual Meeting in [2007], each person who is then a
Non-Employee Director shall automatically be granted an Option to purchase twelve thousand (12,000)
shares of Common Stock (a “Director Annual Grant”).

     (c) Chairman Grants.

          (i) Without any further action of the Board, on the day following each Annual Meeting,
commencing with the Annual Meeting in 2004, the Chairman shall automatically be granted, in
addition to a Director Annual Grant, an Option to purchase ten thousand (10,000) shares of Common
Stock (the “Chairman Annual Grant”).

          (ii) Additionally, without any further action of the Board, each person who, after the date of
the Annual Meeting in 2004, is appointed by the Board for the first time (and who was not Chairman
on the day following the immediately preceding Annual Meeting) shall automatically be granted, upon
the date of his or her initial appointment as Chairman, an Option to purchase the number of shares
of Common Stock equal to the product of (A) 834 and (B) the number of consecutive 30-day periods
included in the period commencing on the date of such appointment and ending on the date of the
next Annual Meeting, provided, however, that if the last consecutive 30-day period ends on a date
that is not the date of the next Annual Meeting or there are fewer than 30 days between such
appointment and the date of the next Annual Meeting, then the number of consecutive 30-day periods
determined pursuant to this clause (B) shall be increased by one (1) (a “Chairman Partial
Grant”). For example, if the Chairman was appointed on April 15, 2005 and the next Annual
Meeting was scheduled for May 27, 2005, the Chairman would receive an Option to purchase 1,668
shares of Common Stock pursuant to this Section 6(c)(ii) (834 shares for the 30-day period from
April 15, 2005 to May 14, 2005 and 834 shares for the period beginning on May 15, 2005 and ending
on May 27, 2005). If at the time of the Chairman Partial Grant the date of the next Annual Meeting
has not been set by resolution of the Board, the date of the next Annual Meeting shall be deemed to
be the first anniversary of the date of the immediately preceding Annual Meeting. In no event,
however, shall the maximum number of shares subject to a Chairman Partial Grant exceed ten thousand
(10,000) shares.

7. Option Provisions.

     Each Option shall be in such form and shall contain such terms and conditions as required by
the Plan. Each Option shall contain such additional terms and conditions, not inconsistent with the
Plan, as the Board shall deem appropriate. Each Option shall include (through incorporation of
provisions hereof by reference in the Option or otherwise) the substance of each of the following
provisions:

     (a) Term. No Option shall be exercisable after the expiration of ten (10) years from the date
it was granted.

- 6 -

 

     (b) Exercise Price. The exercise price of each Option shall be one hundred percent (100%) of
the Fair Market Value of the stock subject to the Option on the date the Option is granted.
Notwithstanding the foregoing, an Option may be granted with an exercise price lower than that set
forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution
for another option in a manner satisfying the provisions of Section 424(a) of the Code.

     (c) Consideration. The purchase price of stock acquired pursuant to an Option may be paid, to
the extent permitted by applicable statutes and regulations, in any combination of the following
methods:

          (i) By cash or check.

          (ii) Provided that at the time of exercise the Common Stock is publicly traded and quoted
regularly in THE WALL STREET JOURNAL, by delivery of already-owned shares of Common Stock either
that the Optionholder has held for the period required to avoid a charge to the Company’s reported
earnings (generally six months) or that the Optionholder did not acquire, directly or indirectly
from the Company, that are owned free and clear of any liens, claims, encumbrances or security
interests, and that are valued at Fair Market Value on the date of exercise. “Delivery” for
these purposes shall include delivery to the Company of the Optionholder’s attestation of ownership
of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing,
the Optionholder may not exercise the Option by tender to the Company of Common Stock to the extent
such tender would violate the provisions of any law, regulation or agreement restricting the
redemption of the Company’s stock.

          (iii) Provided that at the time of exercise the Common Stock is publicly traded and quoted
regularly in THE WALL STREET JOURNAL, pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in
either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to
pay the aggregate exercise price to the Company from the sales proceeds.

     (d) Transferability. An Option is transferable by will or by the laws of descent and
distribution. An Option also is transferable (i) by instrument to an inter vivos or testamentary
trust, in a form accepted by the Company, in which the Option is to be passed to beneficiaries upon
the death of the trustor (settlor) and (ii) by gift, in a form accepted by the Company, to a member
of the “immediate family” of the Optionholder as that term is defined in the general instructions
to Form S-8 (promulgated under the Securities Act). An Option shall be exercisable during the
lifetime of the Optionholder only by the Optionholder and a permitted transferee as provided
herein. However, the Optionholder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the death of the
Optionholder, shall thereafter be entitled to exercise the Option.

     (e) Exercise Schedule. An Option shall be exercisable only for whole shares and then only as
the shares of Common Stock subject to the Option vest.

- 7 -

 

     (f) Vesting Schedule. Options shall vest as follows:

          (i) An Initial Grant shall vest in consecutive monthly installments at a rate of one
thirty-sixth (1/36th) of the total number of shares subject to such Option. The first such
installment shall vest one month from the date of grant of such Option and each subsequent
installment shall vest one month from the vesting date of the prior installment until such Option
has fully vested; provided, however, that vesting shall cease on termination of the Optionholder’s
Continuous Service.

          (ii) An Annual Grant shall vest in consecutive monthly installments at a rate of one twelfth
(1/12th) of the total number of shares subject to such Option. The first such installment shall
vest one month from the date of grant of such Option and each subsequent installment shall vest one
month from the vesting date of the prior installment until such Option has fully vested; provided,
however, that vesting shall cease on termination of the Optionholder’s Continuous Service.

          (iii) A Partial Grant shall vest in consecutive monthly installments from the date of grant of
such Option. Each vesting installment shall be equal, as nearly as possible, to each other vesting
installment. The first such installment shall vest one month from the date of grant of such Option
(or on the date of the next Annual Meeting if it is to occur within one month of the date of grant)
and such vesting installments shall continue until the date of the next Annual Meeting occurring
after the date of grant of such Option, at which time such Option shall be fully vested; provided,
however, that such vesting shall cease on termination of the Optionholder’s Continuous Service.

     (g) Termination Of Continuous Service. In the event an Optionholder’s Continuous Service
terminates (other than due to the Optionholder’s death or Disability), the Optionholder may
exercise his or her Option (to the extent that the Optionholder was entitled to exercise it as of
the date of termination) but only within such period of time ending on the earlier of (i) the date
that is three (3) months following the termination of the Optionholder’s Continuous Service (or
such longer or shorter period specified in the Option Agreements either as of the date of option
grant or as amended thereafter), or (ii) the expiration of the term of the Option as set forth in
the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option
within the time specified in the Option Agreement, the Option shall terminate.

     (h) Disability Of Optionholder. In the event an Optionholder’s Continuous Service terminates
due to the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the
extent that the Optionholder was entitled to exercise it as of the date of termination), but only
within such period of time ending on the earlier of (i) the date that is twelve (12) months after
the date of such termination, or (ii) the expiration of the term of the Option as set forth in the
Option Agreement. If, after termination, the Optionholder does not exercise his or her Option
within the time specified herein, the Option shall terminate.

     (i) Death Of Optionholder. In the event (i) an Optionholder’s Continuous Service terminates as
a result of the Optionholder’s death or (ii) the Optionholder dies

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within the three-month period after the termination of the Optionholder’s Continuous Service
for a reason other than death, then the Option may be exercised (to the extent the Optionholder was
entitled to exercise the Option as of the date of death) by the Optionholder’s estate, by a person
who acquired the right to exercise the Option by bequest or inheritance or by a person designated
to exercise the Option upon the Optionholder’s death, but only within the period ending on the
earlier of (1) the date that is eighteen (18) months following the date of death or (2) the
expiration of the term of such Option as set forth in the Option Agreement. If, after death, the
Option is not exercised within the time specified herein, the Option shall terminate.

     (j) Extension Of Termination Date. If exercise of the Option following the termination of the
Optionholder’s Continuous Service would be prohibited at any time solely because the issuance of
shares would violate the registration requirements under the Securities Act, then the Option shall
terminate on the earlier of: (i) the expiration of the term of the Option set forth in subsection
7(a), or (ii) the expiration of the applicable period of time after the termination of the
Optionholder’s Continuous Service during which the exercise of the Option would not be in violation
of such registration requirements.

8. Covenants of the Company.

     (a) Availability Of Shares. During the terms of the Options, the Company shall keep available
at all times the number of shares of Common Stock required to satisfy such Options.

     (b) Securities Law Compliance. The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to grant
Options and to issue and sell shares of Common Stock upon exercise of the Options; provided,
however, that this undertaking shall not require the Company to register under the Securities Act
the Plan, any Option or any stock issued or issuable pursuant to any such Option. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency
the authority which counsel for the Company deems necessary for the lawful issuance and sale of
stock under the Plan, the Company shall be relieved from any liability for failure to issue and
sell stock upon exercise of such Options unless and until such authority is obtained.

9. Use of Proceeds from Stock.

     Proceeds from the sale of stock pursuant to Options shall constitute general funds of the
Company.

10. Miscellaneous.

     (a) Stockholder Rights. No Optionholder shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any shares subject to such Option unless and until such
Optionholder has satisfied all requirements for exercise of the Option pursuant to its terms.

- 9 -

 

     (b) No Service Rights. Nothing in the Plan or any instrument executed or Option granted
pursuant thereto shall confer upon any Optionholder any right to continue to serve the Company as a
Non-Employee Director or as Chairman or shall affect the right of the Company or an Affiliate to
terminate (i) the employment of an Employee with or without notice and with or without cause,
(ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the
Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company or
an Affiliate, and any applicable provisions of the corporate law of the state in which the Company
or the Affiliate is incorporated, as the case may be.

     (c) Investment Assurances. The Company may require an Optionholder, as a condition of
exercising or acquiring stock under any Option, (i) to give written assurances satisfactory to the
Company as to the Optionholder’s knowledge and experience in financial and business matters and/or
to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that he or she is capable of evaluating,
alone or together with the purchaser representative, the merits and risks of exercising the Option;
and (ii) to give written assurances satisfactory to the Company stating that the Optionholder is
acquiring the stock subject to the Option for the Optionholder’s own account and not with any
present intention of selling or otherwise distributing the stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (iii) the issuance of
the shares upon the exercise or acquisition of stock under the Option has been registered under a
then currently effective registration statement under the Securities Act or (iv) as to any
particular requirement, a determination is made by counsel for the Company that such requirement
need not be met in the circumstances under the then applicable securities laws. The Company may,
upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as
such counsel deems necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the stock.

     (d) Withholding Obligations. The Optionholder may satisfy any federal, state or local tax
withholding obligation relating to the exercise or acquisition of stock under an Option by any of
the following means (in addition to the Company’s right to withhold from any compensation paid to
the Optionholder by the Company) or by a combination of such means: (i) tendering a cash payment;
(ii) authorizing the Company to withhold shares from the shares of the Common Stock otherwise
issuable to the Optionholder as a result of the exercise or acquisition of stock under the Option,
provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum
amount of tax required to be withheld by law; or (iii) delivering to the Company owned and
unencumbered shares of the Common Stock.

11. Adjustments upon Changes in Stock.

     (a) Capitalization Adjustments. If any change is made in the stock subject to the Plan, or
subject to any Option, 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,

- 10 -

 

combination of shares, exchange of shares, change in corporate structure or other transaction
not involving the receipt of consideration by the Company), the Plan will be appropriately adjusted
in the class(es) and maximum number of securities subject both to the Plan pursuant to subsection
4(a) and to the non-discretionary Options specified in Section 6, and the outstanding Options will
be appropriately adjusted in the class(es) and number of securities and price per share of stock
subject to such outstanding Options. The Board shall make such adjustments, and its determination
shall be final, binding and conclusive. (The conversion of any convertible securities of the
Company shall not be treated as a transaction “without receipt of consideration” by the Company.)

     (b) Dissolution Or Liquidation. In the event of a dissolution or liquidation of the Company,
then all outstanding Options shall terminate immediately prior to such event.

     (c) Change In Control. In the event of (i) a sale, lease or other disposition of all or
substantially all of the securities or assets of the Company, (ii) a merger or consolidation in
which the Company is not the surviving corporation or (iii) a reverse merger in which the Company
is the surviving corporation but the shares of Common Stock outstanding immediately preceding the
merger are converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise, then any surviving corporation or acquiring corporation may assume
any Options outstanding under the Plan or may substitute similar Options (including an option to
acquire the same consideration paid to the stockholders in the transaction described in this
subsection 11(c)) for those outstanding under the Plan, and the vesting of Options held by
Non-Employee Directors shall accelerate in full on the date immediately preceding the date of such
event. In the event no surviving corporation or acquiring corporation assumes such Options or
substitutes similar Options for those outstanding under the Plan, then with respect to Options held
by Optionholders whose Continuous Service has not terminated, the vesting of such Options (and the
time during which such Options may be exercised) shall accelerate in full on the date immediately
preceding the date of such event, and the Options shall terminate if not exercised at or prior to
such event. With respect to any other Options outstanding under the Plan, such Options shall
terminate if not exercised prior to such event.

12. Amendment of the Plan and Options.

     (a) Amendment Of Plan. The Board at any time, and from time to time, may amend the Plan.
However, except as provided in Section 11 relating to adjustments upon changes in stock, no
amendment shall be effective unless approved by the stockholders of the Company to the extent
stockholder approval is necessary to satisfy the requirements of Rule 16b-3 or any Nasdaq or
securities exchange listing requirements.

     (b) Stockholder Approval. The Board may, in its sole discretion, submit any other amendment to
the Plan for stockholder approval.

     (c) No Impairment Of Rights. Rights under any Option granted before amendment of the Plan
shall not be impaired by any amendment of the Plan unless (i) the

- 11 -

 

Company requests the consent of the Optionholder and (ii) the Optionholder consents in
writing.

     (d) Amendment Of Options. The Board at any time, and from time to time, may amend the terms of
any one or more Options; provided, however, that the rights under any Option shall not be impaired
by any such amendment unless (i) the Company requests the consent of the Optionholder and (ii) the
Optionholder consents in writing.

13. Termination or Suspension of the Plan.

     (a) Plan Term. The Board may suspend or terminate the Plan at any time. No Options may be
granted under the Plan while the Plan is suspended or after it is terminated.

     (b) No Impairment Of Rights. Suspension or termination of the Plan shall not impair rights and
obligations under any Option granted while the Plan is in effect except with the written consent of
the Optionholder.

14. Effective Date of Plan and Amendments.

     (a) The Prior Plan became effective on March 29, 2000. The Plan (as amended and restated
hereby) became effective as of April 2, 2004.

     (b) No Option that has been granted under an amendment adopted by the Board which is subject
to stockholder approval shall be exercised unless and until such amendment has been approved by the
stockholders, which approval shall be within twelve (12) months after the date such amendment is
adopted by the Board.

15. Choice of Law.

     All questions concerning the construction, validity and interpretation of this Plan shall be
governed by the law of the State of Delaware, without regard to such state’s conflict of laws
rules.

- 12 -

 

InterMune, Inc.

2000 Non-Employee Directors’ Stock Option Plan

Notice of Grant of Stock Option and Stock Option Terms And Conditions

	 	 	 	 	 	 	 
	 	 	 	 	     
	 
	 	 	 	 	 	 
	 

	 	InterMune, Inc	 	 	 	 
	 

	 	3280 Bayshore Boulevard	 	 	 	 
	 

	 	Brisbane, CA 94005	 	 	 	 
	 

	 	(415) 466-2200	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	«First» «Middle» «Last»
	 	Social Security Number:                    «SS_No»	 	 
	 

	 	«Address»
	 	Grant Number:                                   «Grant_No»	 	 
	 

	 	«City», «State» «Zip»	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	     Date of Grant:
	 	«Date___of_Grant»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Vesting Commencement Date:
	 	«Vesting_Start_Date»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Exercise Price per Share:
	 	$«Exercise_Price»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Total Number of Shares Granted:
	 	«No_Granted»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Total Exercise Price:
	 	$«Total_Exercise_Price»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Term/Expiration Date:
	 	«Term_Date»	 	 
	 
	 	 	 	 	 	 
	 

	 	     Type of Option:
	 	Nonstatutory Stock Option	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	        Vesting Schedule:       The Shares subject to this Option shall vest according to the following schedule:	 	 
	 
	 	 	 	 
	 

	 	                                             One Thirty-Sixth (1/36) of the Shares shall vest monthly after the Vesting	 	 
	 

	 	                                             Commencement Date.	 	 
	 	 	       	 	 

	 	 	 	 
	 

	 	Optionee acknowledges and agrees
that the vesting of shares pursuant to this option (the
“Option”) is earned only by
continuing to serve as a director of InterMune, Inc. (the
“Company”) (not through the act of being elected as a
director, being granted this Option or acquiring shares hereunder). Optionee further acknowledges and agrees that
nothing in this agreement, nor in the Company’s 2000
Non-Employee Directors’ Stock Option Plan (the “Plan”), which
Plan is incorporated herein by reference, shall confer upon Optionee any right with respect to continuation of service
as a director of the Company.	 
	 
	 	 	 
	 

	 	Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and
provisions of such Plan. Optionee hereby accepts this Option subject to all of the terms and provisions hereof.
Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Company upon
any questions related to this Option or arising under the Plan. Optionee further agrees to notify the Company upon
any change in the residence address indicated above.	 
	 
	 	 	 
	 

	 	This Option is governed by the Stock Option Terms and Conditions attached hereto and incorporated herein by this
reference. By Optionee’s signature below, Optionee agrees to be bound by all of the terms and conditions of the Plan
and the Stock Option Terms and Conditions attached hereto.	 

	 	 	 	 	 	 	 
	 	 	 	 	     
	 
	 	 	 	 	 	 
	 

	 	            
                 
                 
                 
                 
	 	Date:                                                             	 	 
	 

	 	Robin Steele	 	 	 	 
	 

	 	Senior Vice President and General Counsel	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	            
                 
                 
                 
                 
	 	            
                                    
                 
     	 	 
	 

	 	           Optionee Signature
	 	Date                    	 	 

 

 

INTERMUNE, INC.

2000 NON-EMPLOYEE DIRECTORS’ STOCK OPTION PLAN

STOCK OPTION AWARD TERMS AND CONDITIONS

1. Plan Incorporated by Reference. The Option is issued pursuant to the Intermune, Inc.
2000 Non-Employee Directors’ Stock Option Plan (the “Plan”), the terms of which are hereby
incorporated by reference. Capitalized terms not otherwise defined herein shall have the meanings
given to them in the attached Notice of Grant of Stock Option and in the Plan. In the event of any
conflict between the provisions of the Option and those of the Plan, the provisions of the Plan
shall control.

2. Option Shares and Exercise Price. The Company hereby grants to the Optionee an Option
to purchase the Common Stock (the “Shares”) set forth in the Notice of Grant of Stock
Option, at the exercise price per Share set forth in the Notice of Grant of Stock Option (the
“Exercise Price”).

3. Exercisability Schedule. Provided Optionee has remained in continuous service as a
Director as of each applicable vesting date, as required by the Plan, the Option shall become
vested and exercisable in accordance with the Vesting Schedule set forth in the Notice of Grant of
Stock Option.

4. Payment of Exercise Price. Payment of the exercise price per share is due in full upon
exercise of all or any part of each installment which has accrued to Optionee. Optionee may elect,
to the extent permitted by applicable statutes and regulations, to make payment of the exercise
price under one of the following alternatives:

     (a) Payment of the exercise price per share in cash (including check) at the time of exercise;

     (b) With the consent of the Board of Directors of the Company (the “Board”), and
provided that at the time of exercise the Company’s Common Stock is publicly traded, payment by
delivery of shares of Common Stock issuable upon the exercise of the Option having a Fair Market
Value on the date of exercise equal to the aggregate exercise price of the Option or the exercised
portion of the Option and which have been held for the period sufficient to avoid a compensation
accounting charge to the Company;

     (c) Payment by delivery of a notice that Optionee has placed a market sell order with a broker
with respect to shares of the Company’s Common Stock then issuable upon exercise of the Option and
that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to
the Company in satisfaction of the aggregate exercise price of the Option or the exercised portion
of the Option; provided that payment of such proceeds is made to the Company on or before
settlement of such sale;

     (d) With the consent of the Board, payment in any other form of legal consideration that may
be acceptable to the Board; or

     (e) With the consent of the Board, payment by a combination of the methods of payment
permitted by subparagraph 4(a) through 4(d) above.

5. No Fractional Shares. The Option may not be exercised for any number of shares which
would require the issuance of anything other than whole shares.

6. Compliance with Securities Laws. Notwithstanding anything to the contrary contained
herein, the Option may not be exercised unless the shares issuable upon exercise of the Option are
then registered under the Securities Act of 1933, as amended (the “Act”) or, if such shares
are not then so registered, the Company has determined that such exercise and issuance would be
exempt from the registration requirements of the Act.

7. Option Term. The term of the Option commences on the date of grant of the Option set
forth in the Notice of Grant of Stock Option and, unless sooner terminated as set forth below or in
the Plan, terminates on the expiration date of the Option set forth in the Notice of Grant of Stock
Option (which date shall be no more than ten (10) years from the date of grant of the Option). In
no event may the Option be exercised on or after the date on which it terminates. The Option shall
terminate prior to the expiration of its term as follows: three (3) months after the termination of
Optionee’s continuous service as a Director, as determined under the Plan, for any reason or for no
reason unless:

2

 

     (a) such termination of continuous service as a Director is for Cause, in which event the
Option shall terminate upon the date of termination of continuous service as a Director;

     (b) such termination of continuous service as a Director is due to Optionee’s permanent and
total disability (within the meaning of Section 22(e)(3) of the Code), in which event the Option
shall terminate on the earlier of (i) the expiration date of the Option set forth above, or (ii)
twelve (12) months following such termination of continuous service as a Director;

     (c) such termination of continuous service as a Director is due to Optionee’s death, in which
event the Option shall terminate on the earlier of (i) the expiration date of the Option set forth
above, or (ii) eighteen (18) months after Optionee’s death; or

     (d) during any part of such three (3) month period the Option is not exercisable solely
because of the condition set forth in Section 6 above, in which event the Option shall not
terminate until the earlier of (i) the expiration date of the Option set forth above or (ii) until
the Option shall have been exercisable for an aggregate period of three (3) months after the
termination of continuous service as a Director.

     However, unless otherwise permitted by the Board, the Option may be exercised following
termination of service as a Director only as to that number of Shares which are vested and
exercisable on the date of such termination of continuous service as a Director.

     For purposes of the Option, unless otherwise defined in an employment, severance or similar
agreement between Optionee and the Company (in which case such alternate definition shall govern)
“Cause” means Optionee’s misconduct, including but not limited to: (i) Optionee’s
conviction of any felony or any crime involving moral turpitude or dishonesty, (ii) Optionee’s
participation in any fraud or act of dishonesty against the Company, (iii) Optionee’s conduct that,
based upon a good faith and reasonable factual investigation by the Company, demonstrates
Optionee’s gross unfitness to serve, or (iv) Optionee’s intentional, material violation of any
agreement or contract between the Company and Optionee or any statutory duty of Optionee to the
Company that Optionee does not correct within seven (7) days after notice to Optionee thereof.
Optionee’s medically diagnosed physical or mental disability shall not constitute “Cause” for
purposes of the Option.

8. Method of Exercise. The Option may be exercised, to the extent specified above, by
providing a notice of exercise (in a form designated by the Company) together with the exercise
price payable to the Company delivered to the administrator of the Plan or to such other person as
the Company may designate, during regular business hours, together with such additional written or
electronic documents as the Company may then require pursuant to the Plan. By exercising the
Option, Optionee agrees that the Company may require Optionee to enter into an arrangement
providing for the cash payment by Optionee to the Company of any tax withholding obligation of the
Company.

9. Withholding. Optionee hereby authorizes withholding from any amounts payable to
Optionee upon exercise of the Option and Optionee agrees to make adequate provision for any sums
required to satisfy the federal, state, local and foreign tax withholding obligations of the
Company which arise in connection with the Option.

10. Option Not Transferable. The Option is not transferable, except as set forth in the
Plan or by will or by the laws of descent and distribution, and is exercisable during Optionee’s
life only by Optionee. By delivering written notice to the Company, in a form satisfactory to the
Company, Optionee may designate a third party who, in the event of Optionee’s death, shall
thereafter be entitled to exercise the Option.

11. No Right to Service. The Option is not an employment or service contract and nothing
in the Option shall be deemed to create in any way whatsoever any obligation or right on Optionee’s
part to continue as a Director of the Company, or of the Company to continue Optionee’s service as
a Director of the Company.

12. Notices. Any notices provided for in the Option or in the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by
the Company to Optionee, five (5) days after deposit in the United States mail, postage prepaid,
addressed to Optionee at the address specified on the Notice of Grant of Stock Option or at such
other address as Optionee hereafter designates by written notice to the Company.

-3-

 

13. Section 409A. The Notice of Grant of Stock Option, this Stock Option Terms and
Conditions and the Option are intended to be exempt from the provisions of Section 409A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder, as
providing for an option to purchase service recipient stock as described in Section
1.409A-1(b)(5)(i)(A) of the Department of Treasury regulations. Notwithstanding any provision of
the Notice of Grant of Stock Option and this Stock Option Terms and Conditions to the contrary, in
the event that the Board determines that the Option may be subject to Section 409A of the Code, the
Board may adopt such amendments to the Notice of Grant of Stock Option and this Stock Option Terms
and Conditions or adopt other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions, that the Board determines are
necessary or appropriate to (a) exempt the Option from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the Option, or (b) comply with the
requirements of Section 409A of the Code and related Department of Treasury guidance and thereby
avoid the application of penalty taxes under Section 409A of the Code.

-4-

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