Document:

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                                                                     EXHIBIT 4.5

NEITHER THIS WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED; OR ANY APPLICABLE
STATE SECURITIES LAWS. NO SALE, TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR
SAID SHARES MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii)
RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION TO THE
EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.

Shares Issuable Upon Exercise: ___________ Shares

                               WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK
                             ----------------------

                             Expires August    , 2006

        THIS CERTIFIES THAT, for value received, __________________ (the
"Holder") is entitled to subscribe for and purchase ________________ shares (as
adjusted pursuant to the provisions hereof, sometimes referred to herein as the
"Warrant Shares"), of the fully paid and nonassessable Common Stock of Lipomed,
Inc., a Delaware corporation (the "Company") at a price per share of $0.01 (such
price and such other price as result, from time to time, from adjustments
specified herein is herein referred to as the "Warrant Price"), subject to the
provisions and upon the terms and conditions hereinafter set forth. As used
herein, the term "Grant Date" shall mean August    , 2001.

        1.   Warrant Term.
             -----------

             The purchase right represented by this Warrant is exercisable, in
whole or in part, at any time and from time to time after the Grant Date and
prior to the earlier of the fifth annual anniversary date of the Grant Date.

        2.   Method of Exercise; Net Issue Exercise.
             --------------------------------------

        2.1  Method of Exercise: Payment; Issuance of New Warrant. This Warrant
             ----------------------------------------------------
may be exercised by the Holder, in whole or in part and from time to time, by
the surrender of this Warrant (with the notice of exercise form attached hereto
as Exhibit A duly executed) at the principal office of the Company and by the
   ---------
payment to the Company by check of an amount equal to the then applicable
Warrant Price per share multiplied by the number of Warrant Shares then being
purchased. The person or persons in whose name(s) any certificate(s)
representing

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shares of Common Stock shall be issuable upon exercise of this Warrant shall be
deemed to have become the holder(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the shares represented thereby (and such
shares shall be deemed to have been issued) immediately prior to the close of
business on the date or dates upon which this Warrant is exercised. In the event
of any exercise of the rights represented by this Warrant, certificates for the
shares of stock so purchased shall be delivered to the Holder as soon as
possible and in any event within thirty days of receipt of such notice and,
unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the Warrant Shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be issued to the
holder hereof as soon as possible and in any event within such thirty-day
period.

         2.2   Net Issue Exercise.
               ------------------

               (a)  In lieu of  exercising  this  Warrant,  the Holder may elect
to receive shares equal to the value of this Warrant (or the portion thereof
being canceled) by surrender of this Warrant at the principal office of the
Company together with notice of such election, in which event the Company shall
issue to holder a number of shares of the Company's Common Stock computed using
the following formula:

                             X =    Y- (A-B)
                                    --------
                                       A

               Where         X =    the number of shares of Common Stock to be
                                    issued to Holder.

                             Y=     the number of shares of Common Stock
                                    purchasable under this Warrant.

                             A=     the fair market value of one share of the
                                    Company's Common Stock.

                             B=     Warrant Price (as adjusted to the date of
                                    such calculations).

               (b) For purposes of this Section, fair market value of the
Company's Common Stock shall mean the average of the closing bid and asked
prices of the Company's Common Stock quoted in the Over-The-Counter Market
Summary or the average closing price quoted on any exchange on which the Common
Stock is listed, whichever is applicable, as published in the Eastern Edition of
The Wall Street Journal for the fifteen (15) trading days prior to the date of
-----------------------
determination of fair market value. If the Common Stock is not traded
Over-The-Counter or on an exchange, the fair market value shall be determined in
good faith by the Board of Directors of the Company.

         2.3   Company's Option Upon Merger. In the event of (i) any
               ----------------------------
consolidation or merger of the Company with or into any other corporation, or
(ii) any sale of all or substantially all of the

                                       2

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assets of the Company, in either case in which the Company shall not be the
continuing surviving entity and immediately after which the holders of the
voting shares of the Company immediately prior to such event hold less than a
majority of the total voting power of the continuing and surviving entity, then
the Company shall have the option, at its sole discretion, to purchase this
Warrant on the closing date of such event for cash or securities in an amount
per Warrant Share equal to the excess (if any) of the Market Value (as defined
herein) of the Warrant Shares over the Warrant Price. The Market Value of each
Warrant Share shall be determined by dividing the total consideration to be
received by the Company or its stockholders in connection with such event by the
number of shares of Common Stock then outstanding, assuming that all options,
warrants and convertible securities of the Company have been converted or
exercised in full into Common Stock. Any securities to be delivered to the
Company or its security holders shall be valued as follows:

                  (A) If traded on a national securities exchange, the value
                  shall be deemed to be the average of the closing prices of the
                  securities on such exchange over the 15-day period ending five
                  (5) business days prior to the closing; and

                  (B) If traded over-the-counter, the value shall be deemed to
                  be the average closing bid and asked prices of the securities
                  over the 15-day period ending five (5) business days prior to
                  the closing; and

                  (C) If there is no public market, the value shall be the fair
                  market value thereof, as determined in good faith by the Board
                  of Directors of the Company.

              3.  Stock Fully Paid; Reservation of Shares. During the period
                  ---------------------------------------
within which the rights represented by the Warrant may be exercised, the Company
will at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number
of shares of its Common Stock to provide for the exercise of the right
represented by this Warrant.

              4.  Adjustment of Warrant Price and Number of Shares. The number
                  ------------------------------------------------
and kind of securities purchasable upon the exercise of the Warrant and the
Warrant Price shall be subject to adjustment from time to time upon the
occurrence of certain events, as follows:

                  (a) Reclassification or Merger. In case of any
                      --------------------------
reclassification, change or conversion of securities of the class issuable upon
exercise of this Warrant (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision
or combination), or in case of any merger of the Company with or into another
corporation (other than a merger with another corporation in which the Company
is a continuing corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall
execute a new Warrant providing that the holder of this Warrant shall have the
right to exercise such new Warrant and upon such exercise to receive, in lieu of
each share of Common Stock theretofore issuable upon exercise of this Warrant,
the kind and amount of shares

                                       3

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of stock and other securities, money and property receivable upon such
reclassification, change or merger by a holder of one share of Common Stock.
Such new Warrant shall provide for adjustments that shall be as nearly
equivalent as may be practicable to the adjustments provided for in this
Paragraph 4. The provisions of this subparagraph (a) shall similarly apply to
successive reclassifications, changes, mergers and transfers.

          (b)  Subdivisions or Combination of Shares. If the Company at any time
               -------------------------------------
while this Warrant remains outstanding and unexpired shall subdivide or combine
its Common Stock, the Warrant Price and the number of shares issuable upon
exercise hereof shall be proportionately adjusted.

          (c)  Stock Dividends. If the Company at any time while this Warrant is
               ----------------
outstanding and unexpired shall pay a dividend payable in shares of Common Stock
(except any distribution specifically provided for in the foregoing
subparagraphs (a) and (b), then the Warrant Price shall be adjusted, from and
after the date of determination of stockholders entitled to receive such
dividend or distribution, to that price determined by multiplying the Warrant
Price in effect immediately prior to such date of determination by a fraction
(a) the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution, assuming that
all options, warrants and convertible securities of the Company have been
converted into or exercised for Common Stock and (b) the denominator of which
shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution, assuming that all options, warrants and
convertible securities of the Company have been converted into or exercised for
Common Stock, and the number of Shares subject to this Warrant shall be
proportionately adjusted.

     5.   Fractional Share. No fractional shares of Common Stock will be issued
          ----------------
in connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Warrant
Price then in effect.

     6.   Compliance with Securities Act; Disposition of Warrant or Shares of
          -------------------------------------------------------------------
Common Stock.
------------

          (a)  Compliance with Securities Act of 1933. The holder of this
               --------------------------------------
Warrant, by acceptance hereof, represents, warrants and agrees that this Warrant
and the shares of Common Stock to be issued upon exercise hereof are being
acquired for investment and that such holder will not offer, sell or otherwise
dispose of this Warrant or any shares of Common Stock to be issued upon exercise
hereof except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended (the "1933 Act"), or any applicable state
securities laws. This Warrant and all shares of Common Stock issued upon
exercise of this Warrant shall be stamped or imprinted with a legend in
substantially the following form:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. NO SALE OR DISPOSITION
     MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED
     THERETO, (ii) AN OPINION OF

                                        4

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     COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
     REGISTRATION IS NOT REQUIRED OR (iii) RECEIPT OF A NO-ACTION LETTER FROM
     THE SECURITIES AND EXCHANGE COMMISSION TO THE EFFECT THAT REGISTRATION
     UNDER THE 1993 ACT IS NOT REQUIRED.

          (b)  Disposition of Warrant and Shares. With respect to any offer,
               ---------------------------------
sale or other disposition of this Warrant or any shares of Common Stock acquired
pursuant to the exercise of this Warrant, the holder hereof and each subsequent
holder of the Warrant agrees to give written notice to the Company prior
thereto, describing briefly the manner thereof, together with a written opinion
of such holder's counsel, if reasonably requested by the Company, to the effect
that such offer, sale or other disposition may be effected without registration
or qualification (under the 1933 Act as then in effect or any federal or state
law then in effect) of this Warrant or such shares of Common Stock and
indicating whether or not under the 1933 Act certificates for this Warrant or
such shares of Common Stock to be sold or otherwise disposed of require any
restrictive legend as to applicable restrictions on transferability in order to
ensure compliance with such registration requirements. Each certificate
representing this Warrant or the shares of Common Stock thus transferred (except
a transfer pursuant to Rule 144) shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the 1933 Act
and any applicable state securities laws, unless in the aforesaid opinion of
counsel for the holder which is acceptable to the Company or its counsel, such
legend is not required in order to ensure compliance with the 1933 Act and any
applicable state securities laws. The Company may issue stop transfer
instructions to its transfer agent in connection with the foregoing
restrictions.

     7.   No Stockholder Rights. No holder of the Warrant, as such, shall be
          ----------------------
entitled to vote or receive dividends or be deemed the holder of Common Stock or
any other securities of the Company which may at any time be issuable on the
exercise thereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to receive dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein.

     8.   Registration Rights.
          --------------------

          (a)  The Company acknowledges and agrees that with respect to the
Warrant Shares, the Holder will have the registration rights provided in Section
2 of that certain Investor Rights Agreement, dated as of December 22, 2000, by
and among the Company and certain holders of the capital securities of the
Company (the "Rights Agreement"). The Company and the Holder hereby agree that
"Registrable Securities" as defined in Section 2.1(b) of the Rights Agreement
shall include the Warrant Shares.

          (b)  Lock-up Agreement. For so long as any Holder has the right to
               ------------------
have Warrant Shares included in any registration pursuant to this Agreement, the
Holder agrees in connection with any registration of the Company's securities,
upon the request of the

                                        5

<PAGE>

underwriters managing any underwritten offering of the Company's securities, not
to sell, make any short sale of, pledge, grant any option for the purchase of or
otherwise dispose of any Warrant Shares (other than those included in the
registration) without the prior written consent of the Company or such
underwriters, as the case may be, during the seven (7) days prior to and during
the 180-day period beginning on the effective date of such registration, as the
Company or the underwriters may specify. This provision shall apply whether or
not any Warrant Shares of the Holder are included in the offering.

     9.   Modification and Waiver. This Warrant and any provision hereof may be
          -----------------------
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     10.  Notices. Any notice, request or other document required or permitted
          -------
to be given or delivered to the holder hereof of the Company shall be delivered,
or shall be sent by certified or registered mail, postage prepaid, to each such
holder at its address as shown on the books of the Company or to the Company at
the address indicated therefore on the signature page of this Warrant.

     11.  Binding Effect on Successors: This Warrant shall be binding upon any
          ----------------------------
corporation succeeding the Company merger, consolidation or acquisition of all
or substantially all of the Company's assets, and all of the obligations of the
Company relating to the Common Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant and all of the
covenants and agreements of the Company shall insure the benefit of the
successors and assigns of the holder hereof.

     12.  Lost Warrants or Stock Certificates. The Company covenants to the
          -----------------------------------
holder hereof that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction, or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity or bond reasonably satisfactory to the Company, or in
the case of any such mutilation upon surrender and cancellation of such Warrant
or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     13.  Descriptive Headings. The descriptive headings of the several
          --------------------
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

     14.  Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN
          --------------
ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF
THE STATE OF DELAWARE.

     15.  Transfers, etc.
          ---------------

          (a)  The Company will maintain a register containing the names and
addresses of the holders of this Warrant. Any holder may change its or his
address as shown on the warrant register by written notice to the Company
requesting such change.

                                        6

<PAGE>

          (b)  Subject to the provisions of Section 6 hereof, this Warrant and
all rights hereunder are transferable, in whole or in part, upon surrender of
this Warrant with a properly executed assignment (in the form of Exhibit B
                                                                 ---------
hereto) at the principal office of the Company; provided, however, that this
Warrant may not be transferred to a competitor of the Company, as determined in
good faith by the Board of Directors of the Company.

          (c)  Until any transfer of the Warrant is made in the warrant
register, the Company may treat the registered holder of this Warrant as the
absolute owner hereof for all purposes; provided, however, that if and when this
Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

                                       LIPOMED, INC.

                                       By:    __________________________________
                                              Richard A. Franco
                                              President and CEO

                                              700 Spring Forest Road, Suite 100
                                              Raleigh, NC 27609

                                       7

<PAGE>

                                                                     EXHIBIT 4.5

                                    EXHIBIT A
                                    ---------

                               Notice of Exercise

To:

     1.   The undersigned hereby elects to purchase ___________ shares of Common
Stock of LipoMed, Inc. pursuant to the terms of the attached Warrant, and
tenders herewith payment of the purchase price of such shares in full.

     2.   Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

     3.   The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.

                                              __________________________________
                                                         (Signature)

_______________________________________
               (Date)

                                       8

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                                    EXHIBIT B
                                    ---------

                                 Assignment Form

     FOR VALUE RECEIVED, __________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of stock covered thereby set forth
below, unto:

Name of Assignee            Address                        No. of Shares
----------------            -------                        -------------

_____________________       _____________________          _____________________

_____________________       _____________________          _____________________

Dated: ______________       Signature: _____________________

Dated: ______________       Witness:   ______________________

                                       9<PAGE>

                                                                    EXHIBIT 10.1

                                  LIPOMED, INC.
                                STOCK OPTION PLAN

1.   Purpose. The LipoMed, Inc. Stock Option Plan (the "Plan") is established to
     -------
     create an additional incentive for key employees, directors and consultants
     or advisors of LipoMed, Inc. and any successor corporations thereto
     (collectively referred to as the "Company"), and any present or future
     parent and/or subsidiary corporations of such corporation (all of whom
     along with the Company being individually referred to as a "Participating
     Company" and collectively referred to as the "Participating Company
     Group"), to promote the financial success and progress of the Participation
     Company Group. For purposes of the Plan, a parent corporation and a
     subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of
     the Internal Revenue Code of 1986, as amended (the "Code").

2.   Administration. The Plan shall be administered by the Board of Directors of
     --------------
     the Company (the "Board") and/or by a duly appointed committee of the Board
     having such powers as shall be specified by the Board. Any subsequent
     references herein to the Board shall also mean the committee if such
     committee has been appointed and, unless the powers of the committee have
     been specifically limited, the committee shall have all of the powers of
     the Board granted herein, other than power to terminate or amend the Plan
     as provided in section 12 hereof, subject to the terms of the Plan and any
     applicable limitations imposed by law. All questions of interpretation of
     the Plan or of any option granted under the Plan (an "Option") shall be
     determined by the Board, and such determinations shall be final and binding
     upon all persons having an interest in the Plan and/or any Option. Options
     may be either incentive stock options as defined in Section 422 of the Code
     ("Incentive Stock Options") or nonqualified stock options. Any officer of a
     Participating Company shall have the authority to act on behalf of the
     Company with respect to any matter, right, obligation, or election which is
     the responsibility of or which is allocated to the Company herein, provided
     the officer has apparent authority with respect to such matter, right,
     obligation, or election.

3.   Eligibility. The Options may be granted only to employees (including
     -----------
     officers) and directors of the Participating Company Group or to
     individuals who are rendering services as consultants, advisors or other
     independent contractors to the Participating Company Group. The Board, in
     its sole discretion, shall determine which persons shall be granted Options
     (an "Optionee"). A director of the Company shall be eligible to be granted
     only a nonqualified stock option unless the director is also an employee of
     the Company. An individual who is rendering services as a consultant,
     advisor, or other independent contractor shall be eligible to be granted
     only a nonqualified stock option. An Optionee may, if otherwise eligible,
     be granted additional Options.

4.   Shares Subject to Option. Options shall be options for the purchase of the
     ------------------------
     authorized but unissued common stock of the Company (the "Stock"), subject
     to adjustment as provided in paragraph 10 below. The maximum number of
     shares of Stock which may be issued

<PAGE>

     under the Plan shall be two hundred fifty thousand (250,000) shares. In the
     event that any outstanding Option for any reason expires or is terminated
     or cancelled and/or shares of Stock subject to repurchase are repurchased
     by the Company, the shares allocable to the unexercised portion of such
     Option, or such repurchased shares, may again be subject to an Option
     grant. It is intended that the Plan shall constitute a written compensatory
     benefit plan within the meaning of Rule 701 promulgated under the
     Securities Act of 1933, as amended ("Rule 701"), and that the Plan shall
     otherwise be administered in compliance with the requirements of Rule 701.
     To ensure such compliance, the Board shall maintain a record of shares
     subject to outstanding Options under the Plan and the exercise price of
     such Options, plus a record of all shares of Common Stock issued upon the
     exercise of such Options and the exercise price of such Options.

5.   Time for Granting Options. All Options shall be granted, if at all, within
     -------------------------
     ten (10) years from the earlier of the date the Plan is adopted by the
     Board or the date the Plan is duly approved by the shareholders of the
     Company.

6.   Terms, Conditions and Form of Options. Subject to the provisions of the
     -------------------------------------
     Plan, the Board shall determine for each Option (which need not be
     identical) the number of shares of Stock for which the Option is granted,
     whether the Option is to be treated as an Incentive Stock Option or as a
     nonqualified stock option and all other terms and conditions of the Option
     not inconsistent with the Plan. Options granted pursuant to the Plan shall
     comply with and be subject to the following terms and conditions:

     (a)  Option Price. The option price for each Option shall be established in
          ------------
          the sole discretion of the Board; provided, however, that (i) the
          option price per share for an Incentive Stock Option shall be not less
          than the fair market value of a share of Stock on the date of the
          granting of the Incentive Stock Option and (ii) the option price per
          share of an Incentive Stock Option granted to an Optionee who at the
          time the Incentive Stock Option is granted owns stock possessing more
          than ten percent (10%) of the total combined voting power of all
          classes of stock of a Participating Company within the meaning of
          section 422(b)(6) of the Code (a "Ten Percent Owner Optionee") shall
          be not less than one hundred ten percent (110%) of the fair market
          value of a share of Stock on the date the Option is granted. For this
          purpose, "fair market value" means the value assigned to the stock for
          a given day by the Board, as determined pursuant to a reasonable
          method established by the Board that is consistent with the
          requirements of sections 422 and 424 of the Code and the regulations
          thereunder (which method may be changed from time to time).
          Notwithstanding the foregoing, an Option (whether an Incentive Stock
          Option or a nonqualified stock option) may be granted by the Board in
          its discretion with an exercise price lower than the minimum exercise
          price set forth above if such Option is granted pursuant to an
          assumption or substitution for another option in a manner qualifying
          with the provisions of section 424(a) of the Code. Nothing hereinabove
          shall require that any such assumption or modification will result in
          the Option having the same characteristics, attributes or tax
          treatment as the Option for which it is substituted.

                                        2

<PAGE>

     (b)  Exercise Period of Options. The Board shall have the power to set the
          --------------------------
          time or times within which each Option shall be exercisable or the
          event or events upon the occurrence of which all or a portion of each
          Option shall be exercisable and the term of each Option; provided,
          however, that (i) no Incentive Stock Option shall be exercisable after
          the expiration of ten (10) years after the date such Incentive Stock
          Option is granted, (ii) no Incentive Stock Option granted to a Ten
          Percent Owner Optionee shall be exercisable after the expiration of
          five (5) years after the date such Incentive Stock Option is granted
          and (iii) no Incentive Stock Option shall be exercisable after the
          date the Optionee's employment with the Participating Company Group is
          terminated for cause (as determined in the sole discretion of the
          Board); and provided, further, an Option shall terminate and cease to
          be exercisable no later than three (3) months after the date on which
          the Optionee terminates employment with the Participating Company
          Group, unless the Optionee's employment with the Participating Company
          Group shall have terminated as a result of the Optionee's death or
          disability (within the meaning of Section 22(e)(3) of the Code), in
          which event the Option shall terminate and cease to be exercisable no
          later than twelve (12) months from the date on which the Optionee's
          employment terminated. For this purpose, an Optionee's employment
          shall be deemed to have terminated on account of death if the Optionee
          dies within three (3) months following the Optionee's termination of
          employment.

     (c)  Payment of Option Price. Payment of the option price for the number of
          -----------------------
          shares of Stock being purchased pursuant to any Option shall be made
          in cash, by check or cash equivalent.

     (d)  $100,000 Limitation. The aggregate fair market value, determined as of
          -------------------
          the date on which an Incentive Stock Option is granted, of the shares
          of Stock with respect to which incentive stock options (determined
          without regard to this subsection) are first exercisable during any
          calendar year (under this Plan or under any other plan of the
          Participating Company Group) by any Optionee shall not exceed
          $100,000. If such limitation would be exceeded with respect to an
          Optionee for a calendar year, the Incentive Stock Option shall be
          deemed a nonqualified stock option to the extent of such excess.

7.   Standard Form of Stock Option Agreement. All Options shall be evidenced by
     ---------------------------------------
     a written award agreement in the form of the nonqualified stock option
     agreement attached hereto as Exhibit A or the incentive stock option award
                                  ---------
     agreement attached hereto as Exhibit B, as applicable, both of which are
                                  ---------
     incorporated herein by reference (the "Standard Option Agreements").

8.   Transfer of Control. Upon a merger, consolidation, corporate
     -------------------
     reorganization, or any transaction in which all or substantially all of the
     assets of the Company are sold, leased, transferred or otherwise disposed
     of (other than a mere reincorporation transaction or one in which the
     holders of capital stock of the Company immediately prior to such merger or
     consolidations continue to hold at least a majority of the voting power of
     the surviving corporation) (a "Transfer of Control"), then any
     unexercisable portion of an outstanding

                                        3

<PAGE>

     Option shall become immediately exercisable as of a date prior to the
     Transfer of Control, which date shall be determined by the Board. The
     exercise of any Option that was permissible solely by reason of this
     paragraph 8 shall be conditioned upon the consummation of the Transfer of
     Control. The Board may further elect, in its sole discretion to provide
     that any Options which became exercisable solely by reason of this
     paragraph 8 and which are not exercised as of the date of the Transfer of
     Control shall terminate effective as of the date of the Transfer of
     Control.

9.   Authority to Vary Terms. The Board shall have the authority from time to
     -----------------------
     time to vary the terms of the Standard Option Agreements either in
     connection with the grant of an individual Option or in connection with the
     authorization of a new standard form or forms; provided, however, that the
     terms and conditions of such revised or amended standard form or forms of
     stock option agreement shall be in accordance with the terms of the Plan.
     Such authority shall include, but not by way of limitation, the authority
     to grant Options which are not immediately exercisable.

10.  Effect of Change in Stock Subject to Plan. The Board shall make appropriate
     -----------------------------------------
     adjustments in the number and class of shares of Stock subject to the Plan
     and to any outstanding Options and in the option price of any outstanding
     Options in the event of a stock dividend, stock split, reverse stock split,
     combination, reclassification or like change in the capital structure of
     the Company.

11.  Options Non-Transferable. During the lifetime of the Optionee, the Option
     ------------------------
     shall be exercisable only by the Optionee. No Option shall be assignable or
     transferable by the Optionee, except by will or by the laws of descent and
     distribution.

12.  Termination or Amendment of Plan. The Board may terminate or amend the Plan
     --------------------------------
     at any time; provided however, that without the approval of the Company's
     shareholders, there shall be (a) no increase in the total number of shares
     of Stock covered by the Plan (except by operation of the provisions of
     paragraph 10 above), (b) no change in the class of persons eligible to
     receive Incentive Stock Options, and (c) no extension of the period during
     which Incentive Stock Options may be granted beyond the date which is ten
     (10) years following the date the Plan is adopted by the Company or the
     date the Plan is approved by the shareholders of the Company. In any event,
     no amendment may adversely affect any then outstanding Option or any
     unexercised portion thereof, without the consent of the Optionee, unless
     such amendment is required to enable an Option designated as an Incentive
     Stock Option to qualify as an Incentive Stock Option.

13.  Miscellaneous
     -------------

     (a)  Nothing in this Plan or any Option granted hereunder shall confer upon
          any Optionee any right to continue in the employ of the Participating
          Company Group, or to serve as a director thereof, or interfere in any
          way with the right of a Participating Company to terminate his or her
          employment at any time. Unless specifically provided otherwise, no
          grant of an Option shall be deemed salary or compensation for the
          purpose of computing benefits under any employee benefit

                                        4

<PAGE>

               plan or other arrangement of a Participating Company for the
               benefit of its employees unless the Participating Company shall
               determine otherwise. No Optionee shall have any claim to an
               Option until it is actually granted under the Plan. To the extent
               that any person acquires a right to receive payments from the
               Company under the Plan, such right shall, except as otherwise
               provided by the Board, be no greater than the right of an
               unsecured general creditor of the Company. All payments to be
               made hereunder shall be paid from the general funds of the
               Company, and no special or separate fund shall be established and
               no segregation of assets shall be made to assure payment of such
               amounts, except as otherwise provided by the Committee.

          (b)  The Plan and the grant of Options hereunder shall be subject to
               all applicable federal and state laws, rules, and regulations and
               to such approvals by any United States government or regulatory
               agency as may be required.

          (c)  The terms of the Plan shall be binding upon the Company, and its
               successors and assigns.

          (d)  This Plan and all actions taken hereunder shall be governed by
               the laws of the State of North Carolina.

          (e)  With respect to any payments not yet made to a Optionee by the
               Company, nothing contained herein shall give any such Optionee
               any rights that are greater than those of a general creditor of
               the Company.

          (f)  If any provision of this Plan or a Standard Option Agreement is
               or becomes or is deemed invalid, illegal or unenforceable in any
               jurisdiction, or would disqualify the Plan or any Standard Option
               Agreement under any law deemed applicable by the Board, such
               provision shall be construed or deemed amended to conform to
               applicable laws or if it cannot be construed or deemed amended
               without, in the determination of the Board, materially altering
               the intent of the Plan or the Standard Option Agreement, it shall
               be stricken and the remainder of the Plan or the Standard Option
               Agreement shall remain in full force and effect.

          IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing Plan was duly adopted by the Board of Directors of the
Company on the 12/th/ day of September, 1997.

                                        LIPOMED, INC.

                                        By: /s/ James D. Otvos
                                            -----------------------------------
                                            James D. Otvos, Secretary

                                        5

<PAGE>

                                 FIRST AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS FIRST AMENDMENT of LipoMed, Inc. Stock Option Plan is dated as of May
27, 1998.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the shareholders of the Company have approved the LipoMed, Inc.
Stock Option Plan (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to amend the Plan in order to increase the maximum number of shares
issuable pursuant to options granted under the Plan from 250,000 to 450,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     1.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Four Hundred Fifty Thousand (450,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this First
Amendment was duly adopted by the Board of Directors of the Company on the
27/th/ day of May, 1998 and by the shareholders of the Company on the 27/th/ day
of May, 1998.

                                             LIPOMED, INC.
[CORPORATE SEAL]

                                             By: /s/ Richard A. Franco
                                                 ------------------------------
ATTEST:                                          Richard A. Franco
                                                 President

By: /s/ James D. Otvos
    ----------------------------
    James D. Otvos
    Secretary

                                        6

<PAGE>

                                SECOND AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS SECOND AMENDMENT of LipoMed, Inc. Stock Option Plan is dated as of
June 15, 1999.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the shareholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to amend the Plan in order to increase the maximum number of shares
issuable pursuant to options granted under the Plan from 450,000 to 550,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     2.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Five Hundred Fifty Thousand (550,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Second
Amendment was duly adopted by the Board of Directors of the Company on the
15/th/ day of June, 1999 and by the shareholders of the Company on the 15/th/
day of June, 1999.

                                           LIPOMED, INC.
[CORPORATE SEAL]

                                           By: /s/ Richard A. Franco
                                               ------------------------------
ATTEST:                                        Richard A. Franco
                                               President

By: /s/ James D. Otvos
    -----------------------------
    James D. Otvos
    Secretary

                                       7

<PAGE>

                                 THIRD AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS THIRD AMENDMENT of LipoMed, Inc. Stock Option Plan is effective as of
June 15, 2000.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to further amend the Plan in order to increase the maximum number of
shares issuable pursuant to options granted under the Plan from 1,100,000 (as
adjusted to reflect the Company's 1-for-1 stock dividend effective September 28,
1999) to 2,300,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     3.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Two Million Three Hundred Thousand (2,300,000) shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Third
Amendment was duly adopted by the Board of Directors and the Stockholders of the
Company and shall be effective as of June 15, 2000.

                                            LIPOMED, INC.
[CORPORATE SEAL]

                                            By: /s/ Richard A. Franco
                                                ------------------------------
ATTEST:                                         Richard A. Franco
                                                President

By: /s/ James D. Otvos
    --------------------------
    James D. Otvos
    Secretary

                                        8

<PAGE>

                                FOURTH AMENDMENT
                                OF LIPOMED, INC.
                                STOCK OPTION PLAN

     THIS FOURTH AMENDMENT of LipoMed, Inc. Stock Option Plan is effective as of
July 25, 2001.

     WHEREAS, the Board of Directors of LipoMed, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoMed, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, the Board of Directors deems it to be in the best interest of the
Company to further amend the Plan in order to increase the maximum number of
shares issuable pursuant to options granted under the Plan from 2,300,000 to
3,650,000.

     NOW, THEREFORE, the Plan shall be amended as follows:

     4.   The second sentence of Paragraph 4 of the Plan shall be deleted in its
entirety and the following substituted in lieu thereof:

          "The maximum number of shares of Stock which may be issued under the
          Plan shall be Three Million Six Hundred Fifty Thousand (3,650,000)
          shares."

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Third
Amendment was duly adopted by the Board of Directors and the Stockholders of the
Company and shall be effective as of July 25, 2001.

                                              LIPOMED, INC.
[CORPORATE SEAL]

                                              By: /s/ Richard A. Franco
                                                  -----------------------------
ATTEST:                                           Richard A. Franco
                                                  President

By: /s/ James D. Otvos
    ----------------------------
    James D. Otvos
    Secretary

                                        9

<PAGE>

                                 FIFTH AMENDMENT
                              OF LIPOSCIENCE, INC.
                                STOCK OPTION PLAN

     THIS FIFTH AMENDMENT of LipoScience, Inc. Stock Option Plan is effective as
of September 27, 2001.

     WHEREAS, the Board of Directors of LipoScience, Inc. (the "Company") has
adopted and the stockholders of the Company have approved the LipoScience, Inc.
Stock Option Plan, as amended (the "Plan"); and

     WHEREAS, in connection with the initial public offering of common stock
contemplated by the Company (the "IPO"), the Board of Directors has adopted and
approved a new plan, the LipoScience, Inc. 2001 Stock Incentive Plan (the "New
Plan"), such New Plan to be effective as of the effective date of the
registration statement on Form S-1 filed in connection with the IPO; and

     WHEREAS, the Board of Directors Corporation deems it to be in the best
interests of the Company to reduce the maximum number of shares of common stock
of the Company ("Common Stock") issuable under the Plan to the number of shares
issuable under the Plan as of the consummation of the IPO and to cease the
granting of any additional options under the Plan, effective as of the
consummation of the IPO and the effectiveness of the New Plan.

     1.   NOW, THEREFORE, the Plan is hereby amended so as to decrease the
maximum number of shares of Common Stock issuable under the Plan to the number
of shares (aIs appropriately adjusted to reflect stock splits and similar
events) that shall be issuable pursuant to options outstanding under the Plan
immediately prior to the closing of the IPO, with such number to be further
reduced by the number of shares subject to awards under the Plan which may
expire, terminate or be otherwise surrendered.

     2.   Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved.

     IN WITNESS WHEREOF, the undersigned hereby certifies that this Fifth
Amendment was duly adopted by the Board of Directors on September 27, 2001.

                                               LIPOSCIENCE, INC.
[CORPORATE SEAL]

                                               By: /s/ F. Ronald Stanton
                                                   ---------------------------
ATTEST:                                            F. Ronald Stanton
                                                   President

By: /s/ James D. Otvos
    -----------------------------
    James D. Otvos, Secretary

                                       10

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