Document:

Form of 2002 Stock Incentive Plan Non-Statutory Stock Opt. Agmnt [Sen. Officers]

 EXHIBIT 10.5 
  
 [FORM OF] 
 STANCORP FINANCIAL GROUP, INC. 
 2002 STOCK INCENTIVE PLAN 
 NON-STATUTORY STOCK OPTION AGREEMENT 
 [SENIOR OFFICERS] 
  
 THIS AGREEMENT is made between StanCorp Financial Group, Inc., an Oregon corporation (the
“Company”), and              (the “Optionee”), pursuant to the Company’s 2002 Stock Incentive Plan (the “Plan”). The Company and the Optionee agree
as follows: 
  

	 	1.	The Company hereby grants to the Optionee on the terms and conditions of this Agreement, the right and option (the “Option”) to purchase all or any part of
                     shares (the “Shares”) of the Company’s common stock at a purchase price of
             per share. The Option is not intended to be an incentive stock option, as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and therefore is a
Non-Statutory Stock Option. 

  

	 	2.	The terms and conditions of the Plan, a copy of which is attached hereto, are hereby incorporated into and made a part of this Agreement. 

  

	 	3.	The Grant Date for this Option is             , 20    . Subject to the Expiration Date
of this Option or earlier termination as provided in the Plan, the Option may be exercised from time to time to purchase shares up to the following limits: 

  

				
	 On or After

	  	 Percentage
 Exercisable

	 
	 	  	25	%
	 	  	25	%
	 	  	25	%
	 	  	25	%

  

	 	4.	The Option shall continue in effect for ten (10) years from the Grant Date, or             , 20
     (the “Expiration Date”). 

  

	 	5.	Upon Retirement while employed by or providing service to the Company or a subsidiary, any options held by Optionee shall become fully exercisable and may be exercised at any time
prior to the expiration date of the option or the expiration of 60 months after the date of Retirement, whichever is the shorter period. Retirement with respect to an employee means voluntary retirement with the consent of the Company under any of
the Company’s retirement plans. 

  

	 	6.	The Option may not be assigned or transferred by the Optionee, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or
country of the Optionee’s domicile at the time of death. 

	 	7.	No rights or privileges of a stockholder in the Company are conferred by reason of the granting of this Option. Optionee will not become a stockholder in the Company with respect to
the Shares unless and until the Option has been properly exercised and the option price fully paid with respect to the portion of the Option exercised. 

  

	 	8.	This Agreement, together with the Plan, constitutes the complete and entire agreement concerning these Options between the parties. 

  
 The parties have executed this Agreement in duplicate as of the Grant Date. 
  
 STANCORP FINANCIAL GROUP, INC. 
  

			
	 By:
	 	  

  
 ACCEPTANCE AND
ACKNOWLEDGMENT 
  

			
	 Dated:                     ,
20    
	 	  

	 	 	Home address
		
	
	 	

	 Optionee’s signature
	 	City, State, Zip
		
	  

	 	 
	 Print name
	 	 

  
 THIS OPTION WILL
BECOME EFFECTIVE UPON RECEIPT BY THE COMPANY OF ONE FULLY EXECUTED COPY OF THIS AGREEMENT 
  
 Please return one signed copy to Human Resources, Compensation & Benefits, P2B, no later than
                    , 20    .Form of 2002 Stock Incentive Plan Non-Statutory Stock Option Agrmnt [Directors]

 EXHIBIT 10.6 
  
 [FORM OF] 
 STANCORP FINANCIAL GROUP, INC. 
 2002 STOCK INCENTIVE PLAN 
 NON-STATUTORY STOCK OPTION AGREEMENT 
 [DIRECTORS] 
  
 THIS AGREEMENT is made between StanCorp Financial Group, Inc., an Oregon corporation (the
“Company”), and              (the “Optionee”), pursuant to the Company’s 2002 Stock Incentive Plan (the “Plan”). The Company and the
Optionee agree as follows: 
  

	1.	The Company hereby grants to the Optionee on the terms and conditions of this Agreement, the right and option (the “Option”) to purchase all or any part of
             shares (the “Shares”) of the Company’s common stock at a purchase price of
             per share. The Option is not intended to be an incentive stock option, as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and therefore
is a Non-Statutory Stock Option. 

  

	2.	The terms and conditions of the Plan, a copy of which is attached hereto, are hereby incorporated into and made a part of this Agreement. 

  

	3.	The Grant Date for this Option is                     ,
20    . Subject to the Expiration Date of this Option or earlier termination as provided in the Plan, the Option may be exercised from time to time to purchase shares up to the following limits: 

 

				
	 On or After

	  	Percentage Exercisable

	 
	 	  	100	%

  

	4.	The Option shall continue in effect for ten (10) years from the Grant Date, or
                    , 20    (the “Expiration Date”). 

  

	5.	Upon Retirement while employed by or providing service to the Company or a subsidiary, any options held by Optionee shall become fully exercisable and may be exercised at any time
prior to the expiration date of the option or the expiration of 60 months after the date of Retirement, whichever is the shorter period. Retirement with respect to a director means attainment of age seventy (70) or the end of a regular term with no
renewal term thereafter. 

  

	6.	The Option may not be assigned or transferred by the Optionee, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or
country of the Optionee’s domicile at the time of death. 

  

	7.	No rights or privileges of a stockholder in the Company are conferred by reason of the granting of this Option. Optionee will not become a stockholder in the Company with respect to
the Shares unless and until the Option has been properly exercised and the option price fully paid with respect to the portion of the Option exercised. 

  

	8.	This Agreement, together with the Plan, constitutes the complete and entire agreement concerning these Options between the parties. 

  
 The parties have executed this Agreement in duplicate as of the Grant Date. 
  
 STANCORP FINANCIAL GROUP, INC. 
  

			
	 By:
	 	  

  
 ACCEPTANCE AND
ACKNOWLEDGMENT 
  

			
	 Dated:                     ,
20    
	 	  

	 	 	Home address
		
	  

	 	  

	 Optionee’s signature
	 	City, State, Zip
		
	  

	 	 
	 Print name
	 	 

  
 THIS OPTION WILL
BECOME EFFECTIVE UPON RECEIPT BY THE COMPANY OF ONE FULLY EXECUTED COPY OF THIS AGREEMENT 
  
 Please return signed copy to Government & Regulatory Affairs, P7E, no later than                     ,
20    .EXHIBIT 4.1

  
 FORM OF WARRANT

  
 THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.

  
 REGENERX BIOPHARMACEUTICALS, INC. 
  
 WARRANT TO PURCHASE
COMMON STOCK 
  

			
	 Warrant No.:             
	 	Number of Shares:             
	 Issuance Date:              200  
	 	 

  
 THIS CERTIFIES THAT, for value
received,                          or registered assigns (the “Holder”) is entitled to purchase from
RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), at any time after                      ,
200   and before the Expiration Date (defined below) at $    .     per share (the “Exercise Price”)
                         fully paid nonassessable shares of Common Stock (defined below) (the “Warrant
Shares”), all subject to adjustment and upon the terms and conditions provided herein. 
  
 Section 1. Definitions. 
  
 The following terms as used in this Warrant have the following meanings: 
  
 (a) “Business Day” means any day other than Saturday, Sunday or federal holiday.

  
 (b) “Common Stock” means (i)
the Company’s common stock, $.001 par value per share, and (ii) any capital stock into which the Common Stock is changed or any capital stock resulting from a reclassification of the Common Stock. 
  
 (c) “Exercise Price” is equal to
$    .    , subject to adjustment. 
  
 (d) “Expiration Date” means the date three years after the Issuance Date or, if such date falls on a day that is not a
Business Day or a day on which trading does not take place on the principal exchange or automated quotation system on which the Common Stock is traded (a “Holiday”), the next day that is not a Holiday. 
  
 (e) “Issuance Date” means
                     , 200  . 
  

 (f) “Person” means a natural person or company, or a government or any
division, department or agency thereof. 
  
 (g)
“Purchase Agreement” means the purchase agreement dated                      , 200   between the
Company and Holder. 
  
 (h) “Securities
Act” means the Securities Act of 1933, as amended. 
  
 (i) “Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement thereof. 
  
 Section 2. Exercise of Warrant. 
  
 (a) This Warrant may be exercised by the Holder registered on the books of the Company, in whole or in part, at any time on any Business
Day after                  , 2007 and prior to 11:59 p.m. Eastern Time on the Expiration Date by (i) delivery of a written notice, in the form attached as
Exhibit A (the “Exercise Notice”), of Holder’s election to exercise this Warrant, specifying the number of Warrant Shares to be purchased, (ii) payment to the Company of an amount equal to the Exercise Price multiplied
by the number of Warrant Shares being purchased (the “Payment”) in cash or wire transfer of immediately available funds or by means of a cashless exercise pursuant to Section 2(c) and (iii) the surrender to a common carrier for
overnight delivery to the Company, as soon as practicable following such date, of this Warrant, (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction). 
  
 The Company shall, not later than the second Business Day (the
“Delivery Date”) following receipt of an Exercise Notice, the Payment and this Warrant or an indemnification (the “Exercise Documents”), arrange for its transfer agent, on or before the Delivery Date, to issue and
surrender to a common carrier for overnight delivery to the address specified in the Exercise Notice, a certificate, registered in the name of the Holder, for the number of shares of Common Stock to which the Holder is entitled. Upon delivery of the
Exercise Notice and the Payment, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised on the Delivery Date, irrespective of the date of
delivery of the certificates evidencing the Warrant Shares. 
  
 (b) Unless the rights represented by this Warrant have expired or been fully exercised, the Company shall, as soon as practicable and in no event later than five Business Days after receipt of the Exercise Documents
and at its own expense, issue a new Warrant identical in all respects to this Warrant, except it shall represent rights to purchase the number of Warrant Shares purchasable immediately prior to exercise, less the number purchased. 
  
 (c) If, but only if, at any time after one year from the
date of issuance of this Warrant there is no effective Registration Statement registering the resale of the Warrant Shares by the Holder, this Warrant may also be exercised at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

 2 

					
	 (A)
	 	=	 	the average closing price for the five trading days immediately prior to (but not including) the date of such election;
			
	 (B)
	 	=	 	the Exercise Price of the Warrants, as adjusted; and
			
	 (X)
	 	=	 	the number of Warrant Shares issuable upon exercise of the Warrants in accordance with the terms of this Warrant.

  
 (d)
No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock issued shall be rounded up or down to the nearest whole number. 
  
 Section 3. Covenants as to Common Stock. The Company hereby covenants
and agrees as follows: 
  
 (a) This Warrant is,
and any Warrants issued in substitution for or replacement of this Warrant upon issuance will be, duly authorized, executed and delivered. 
  
 (b) All Warrant Shares upon issuance will be validly issued, fully paid and nonassessable and free from all liens and charges with respect
to the issue thereof. 
  
 (c) As long as this
Warrant may be exercised, the Company will have authorized and reserved at least the number of shares of Common Stock needed to provide for the exercise of the rights then represented by this Warrant. 
  
 Section 4. Warrant Holder Not Deemed a Shareholder. Except as
specifically provided in Section 2(a), nothing contained in this Warrant shall be construed to (a) grant the Holder any rights to vote or receive dividends or be deemed the holder of shares of the Company for any purpose, (b) confer upon the Holder
any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, or (c) impose any liabilities on the Holder to purchase any securities or as a shareholder of the Company, whether asserted by the Company or creditors of the Company, prior
to the issuance of the Warrant Shares. 
  
 Section 5.
Representations of Holder. The Holder, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant Shares for its own account for investment only and not with a view towards, or for resale in connection with, the
public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act. The Holder further represents, by acceptance hereof, that, as of this date, Holder is an “accredited
investor” as defined in Rule 501(a)(1) of Regulation D promulgated under the Securities Act (an “Accredited Investor”). Upon exercise of this Warrant, the Holder shall, if requested by the Company, confirm in writing, in a form
satisfactory to the Company, that the Warrant Shares are being acquired solely for the Holder’s own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale and that Holder is an
Accredited Investor. If Holder cannot make 

  

 3 

 
such representations because they would be factually incorrect, it shall be a condition to Holder’s exercise of this Warrant that the Company receive
such other representations as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon exercise of this Warrant shall not violate any federal or state securities laws. The Company shall not be
penalized or disadvantaged by a Holder’s inability to exercise this Warrant due to its inability to make the required representations in connection with the exercise of this Warrant. 
  
 Section 6. Ownership and Transfer. 
  
 (a) The Company shall maintain at its principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the Person in whose name this Warrant has been issued, as well as the name and address of each
transferee who has acquired this Warrant in accordance with applicable law and the terms of this Warrant. The Company may treat the Person in whose name any Warrant is registered on the register as the owner and holder thereof for all purposes,
notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this Warrant. 
  
 (b) This Warrant may be offered, sold, transferred or assigned in compliance with the Securities Act and applicable state securities laws
without the consent of the Company, except as may otherwise be required by the Purchase Agreement. 
  
 Section 7. Adjustment of Exercise Price and Number of Shares. The Exercise Price and the number of Warrant Shares shall be adjusted from time to
time as follows: 
  
 (a) Stock Splits. If
the Company subdivides (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to the subdivision will be proportionately reduced and
the number of Warrant Shares will be proportionately increased. If the Company combines (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect
immediately prior to the combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section shall become effective at the close of business on the date the subdivision
or combination becomes effective. 
  
 (b)
Stock Dividends. If the Company declares a dividend or any other distribution upon the Common Stock that is payable in shares of Common Stock or securities convertible into shares of Common Stock, the Exercise Price in effect immediately
prior to the declaration of the dividend or distribution will be reduced to the quotient obtained by dividing (i) the number of shares of Common Stock outstanding immediately prior to the declaration multiplied by the then effective Exercise Price
by (ii) the total number of shares of Common Stock outstanding immediately after the declaration. 
  
 Section 8. Purchase Rights; Reorganization, Reclassification, Consolidation, Merger or Sale. 
  
 (a) Any recapitalization, reorganization, reclassification,
consolidation, merger, sale of all or substantially all of the Company’s assets to another Person or other 

  

 4 

 
transaction in each case that is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation)
stock, securities or assets with respect to or in exchange for Common Stock is referred to herein as an “Organic Change.” Upon the consummation of any (i) sale of all or substantially all of the Company’s assets to an
acquiring Person or (ii) other Organic Change following which the Company is not a surviving entity, the Company will secure from the Person purchasing the assets or the successor resulting from the Organic Change (in each case, the
“Acquiring Entity”) a written agreement to deliver to Holder in exchange for this Warrant, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to this Warrant and
reasonably satisfactory to the Holder. Prior to the consummation of any other Organic Change, the Company shall make appropriate provision to insure that Holder will thereafter have the right to acquire and receive in lieu of the shares of Common
Stock immediately theretofore acquirable and receivable upon the exercise of this Warrant, such shares of stock, securities or assets that would have been issued or payable in the Organic Change with respect to or in exchange for the number of
Warrant Shares that would have been acquirable as of the date of the Organic Change. 
  
 Section 9. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of an indemnification undertaking reasonably satisfactory
to the Company (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed. 
  
 Section 10. Notice. Any notices, consents, waivers or other communications required or permitted to be given under
the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by fax transmittal (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and fax
numbers for communications shall be: 
  
 If to
the Company: 
  
 RegeneRx Biopharmaceuticals,
Inc. 
 3 Bethesda Metro Center, Suite 700 
 Bethesda, Maryland 20814 
 Fax: (301) 961-1991 
 Attention: President, Chief Executive Officer and Principal 

Financial Officer 
  
 With a copy to: 
  
 Patton Boggs LLP 
 2550 M Street, N.W. 
 Washington, DC 20037 
 Fax: (202) 457-6315 
 Attention: Philip G. Feigen, Esq. 
  

 5 

 If to the Holder, at the address and fax number set forth on Appendix I to the Purchase Agreement. Each party shall
provide five days’ prior written notice to the other party of any change in address or fax number. Written confirmation of receipt (A) given by the recipient of any notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s fax machine containing the time, date, recipient fax number and an image of the first page of the transmission, or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of receipt. 
  
 Section 11. Remedies, Other
Obligations, Breaches and Injunctive Relief. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the Purchase Agreement, at law or in equity (including a decree of
specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be
entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 
  
 Section 12. Amendment and Waiver. Except as otherwise provided herein,
this Warrant may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Holder. No provision hereunder may be waived other than in a written instrument executed by the waiving party. 
  
 Section 13. Governing Law. This Warrant shall be construed and
enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of California, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of California or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of California. 
  
 Section 14. Restrictive Legends. At all times this Warrant and until
such time as the Registration Statement (as defined in the Purchase Agreement) has been declared effective or the Warrant Shares may be sold pursuant to Rule 144(k) under the Securities Act without any restriction as to the number of securities that
can then be immediately sold, certificates for any Warrant Shares will, in addition to any legend required under applicable securities law, bear a restrictive legend substantially in the form first set forth above. 
  
 [Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as of
                     , 200  . 
  

					
	 REGENERX BIOPHARMACEUTICALS, INC.

		
	By:	 	 
	 	 	 Name:
	 	 J.J. Finkelstein

	 	 	 Title:
	 	 President, Chief Executive Officer and
 Principal
Financial Officer

  

  
 Exhibit A To Warrant

  
 REGENERX BIOPHARMACEUTICALS, INC. 
  
 EXERCISE NOTICE 
  
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO EXERCISE THIS WARRANT 
  
 The undersigned holder hereby exercises the right to purchase
                         shares of Common Stock (“Warrant Shares”) of RegeneRx Biopharmaceuticals, Inc.,
a Delaware corporation (the “Company”), evidenced by the attached Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

  
 1. Payment of Exercise Price (check applicable box).

  
  ̈ Payment in the sum of $                 [is enclosed] [has been wire transferred to the
Company at the following account:                 ] in accordance with the terms of the Warrant. 
  
  ̈ The cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c)of the Warrant, to exercise this Warrant with respect to the maximum number of Warrant
Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 
  
 2. Delivery of Warrant Shares. The Company shall deliver the Warrant Shares in the name of the undersigned or in such other name as is specified below in accordance with the terms of the Warrant at the
following address: 
  
 ________________ 
 ________________ 
 ________________

  
 3. Accredited Investor. The undersigned is an
“accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 
  
 Date:                          ,
             
  

			
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

  
 ACKNOWLEDGMENT

  
 The Company hereby acknowledges this Exercise Notice and
hereby directs                 . to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated
            , 200   from the Company and acknowledged and agreed to by
                . 
  

			
	 REGENERX BIOPHARMACEUTICALS, INC.

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

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