Document:

Option Exchange Agreement

 Exhibit 4.1 
 OPTION EXCHANGE AGREEMENT 
 OPTION EXCHANGE AGREEMENT (this “Agreement”), made this
2nd day of March, 2006, by and among Covalent Group, Inc., a Delaware corporation (“Covalent”) and
each holder of an option, warrant or other right to purchase shares of stock of Remedium Oy, a corporation organized under the laws of Finland (“Remedium”), set forth on Exhibit A attached hereto (each an “Option
Holder” and collectively the “Option Holders”). 
 W I T N E S S E T H: 
 WHEREAS, Covalent has entered into that certain Combination Agreement of even date herewith among Covalent and the holders of shares of stock of
Remedium (the “Remedium Shareholders”) to combine the businesses of Covalent and Remedium (the “Combination Agreement”); 
 WHEREAS, pursuant to the Combination Agreement, the Remedium Shareholders have agreed to contribute, convey, transfer and assign to Covalent all of the issued and outstanding shares of capital stock of Remedium
(“Remedium Stock”), in consideration of which the Remedium shareholders will receive a combination of cash and shares of common stock of Covalent (“Covalent Stock”); 
 WHEREAS, pursuant to the Combination Agreement, the Remedium Shareholders have agreed to execute Lock-Up Agreements in substantially the form
attached hereto as Exhibit B (the “Lock-Up Agreements”); 
 WHEREAS, the Option Holders own options, warrants or
other rights to purchase shares of Remedium Stock, whether or not vested or immediately exercisable (the “Remedium Options”), with each Option Holder individually owning the Remedium Options described opposite such Option
Holder’s name on Exhibit A attached hereto; 
 WHEREAS, the Option Holders are not parties to the Combination Agreement
and therefore are not exchanging their Remedium Options for shares of Covalent Stock or any other consideration pursuant to the Combination Agreement; 
 WHEREAS, the Option Holders and Covalent have agreed that no Remedium Options will be exercised as prior to the date of the Closing under the Combination Agreement (“Closing”) and that such Remedium
Options shall remain outstanding after the Closing, with such shares of Remedium Stock issuable upon exercise of Remedium Options automatically converting into shares of Covalent Stock, in each case on the terms and conditions set forth below;

 WHEREAS, as an inducement to, and as a condition of, Covalent entering into the Combination Agreement, the Option Holders have
agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements and
covenants hereinafter set forth, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 EXERCISE OF OPTIONS 
 Section 1.01 No Exercise of Remedium Options Prior to Closing. Notwithstanding any vesting provisions set forth in the original instrument
creating a Remedium Option (the “Option Instrument”), no Option Holder may exercise a Remedium Option prior to Closing. 
  

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 Section 1.02 Exercise of Remedium Options After Closing 
 (a) Subject to the terms and conditions of this Agreement, any Remedium Option outstanding as of the date of the Closing shall thereafter remain
outstanding and exercisable in accordance with its terms. 
 (b) Subject to any vesting or other restrictions set forth in the Option
Instrument, any Option Holder may exercise a Remedium Option after the date of the Closing by giving written notice of such exercise to Covalent, and delivering therewith: (i) a duly executed instrument effecting the exercise of the Remedium Option
for the number of shares of Remedium Stock with respect to which the Remedium Option is being exercised, and (ii) payment for the purchase price payable upon such exercise of the Remedium Option. 
 (c) All shares of Remedium Stock issued upon exercise of a Remedium Option by an Option Holder after Closing shall automatically convert into that number
of Covalent shares (the “Covalent Conversion Shares”) equal to the number of shares of Remedium Stock issuable upon exercise of the Remedium Option, multiplied by a fraction, (i) the numerator of which is the sum of (A) the
aggregate final adjusted number of shares of Covalent Stock to be received by the Remedium Shareholders under the Combination Agreement, and (B) the number of shares resulting from dividing (x) the aggregate cash price to be paid to the Remedium
Shareholders under the Combination Agreement, by (y) the price per share at which Remedium Shareholders receive shares of Covalent Stock at Closing under the Combination Agreement, and (ii) the denominator of which is the number of issued and
outstanding shares of Remedium Stock at Closing; provided, however, that: 
 (i) No fractional shares of Covalent Stock shall be issued, and
any Option Holder that would otherwise be entitled to receive a fractional share of Covalent Stock (after aggregating all shares of Covalent Stock issuable to such Option Holder) shall receive an aggregate number of shares of Covalent Stock rounded
to the nearest whole number; and 
 (ii) The number of Covalent Conversion Shares shall be subject to adjustment as provided in Section
1.04 hereof; and 
 (iii) Promptly after the Closing under the Combination Agreement, Covalent shall use commercially reasonable efforts
to register the plan under which the Remedium Options are issued with the SEC in order for the Covalent Conversion Shares to be subject to an effective Registration Statement on a Form S-8 when issued. 
 Section 1.03 Lock-Up Provision. 
 To
the extent that any Remedium Options are exercised during the lock-up period specified in the Lock-Up Agreement, the Option Holder, by exercise of the Remedium Option, agrees to be bound by the restrictions set forth in the Lock-Up Agreement as if
the Option Holder were an original signatory thereto. 
 Section 1.04 Adjustment of Covalent Conversion Shares. 
 (a) Stock Dividends; Stock Splits, Reverse Stock Splits; Reclassifications. In case Covalent shall after the date hereof (i) pay a dividend or
make any other distribution with respect to Covalent Stock in shares of its capital stock, (ii) subdivide its outstanding Covalent Stock, (iii) combine its outstanding Covalent Stock into a smaller number of shares, or (iv) issue any shares of its
capital stock in a reclassification of the Covalent Stock, the number of Covalent Conversion Shares automatically converted upon exercise of a Remedium Option after Closing (“Exercise”) shall be adjusted so that the Option Holders shall
thereafter be entitled after the completion of each such event to receive upon Exercise the kind and number of shares of Covalent Stock or other securities of Covalent that the Option Holders would have owned or have been entitled to receive after
the happening of each such event, had such Exercise occurred immediately prior to the happening of each such event or any record date with respect thereto. Each adjustment made pursuant to this Section 1.04(a)(i) shall become effective
immediately after the effective date of the applicable event retroactive to the record date, if any, for such event. 
 (b) Notice of
Adjustment. Whenever the number of shares of Covalent Stock or other stock or property issuable upon any Exchange pursuant to Section 1.02 is adjusted as herein provided, Covalent shall promptly notify the Option Holders of such
adjustment or adjustments. 
  

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 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF COVALENT 
 Covalent hereby represents and warrants to each Option
Holder that the statements contained in this Article II are true and correct as of the date of this Agreement and as of the Closing. 
 Section 2.01 Organization, Good Standing and Qualification. Covalent is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority
to carry on its business as now conducted and as proposed to be conducted. Covalent and its subsidiaries are duly qualified or licensed to transact business and are in good standing in each jurisdiction where the character of the properties owned,
leased or operated by them or the nature of their business makes such qualification or licensing necessary, except where the failure to be so qualified or licensed and in good standing has not had, and could not reasonably be expected to have,
individually or in the aggregate, a material adverse effect. 
 Section 2.02 Authorization. All corporate action on the part of
Covalent and its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of this Agreement, (ii) the performance of all obligations of Covalent hereunder, and (iii) the authorization, issuance and delivery to
the Option Holders of the Covalent Stock pursuant to the terms of this Agreement has been taken or will be taken prior to the Closing. This Agreement constitutes a valid and legally binding obligations of Covalent, enforceable in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies. 
 Section 2.03 Valid Issuance. The Covalent Stock issuable
upon conversion of the Remedium Stock issuable to the Option Holders pursuant to this Agreement has been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Covalent Certificate of Incorporation, will be
duly and validly issued, fully paid and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer hereunder and under state and federal securities laws. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE OPTION HOLDERS

 Each Option Holder, severally and not jointly, hereby represents and warrants to Covalent that the statements contained in this
Article III are true and correct as of the date of this Agreement and as of the Closing: 
 Section 3.01 Authority. Such Option Holder
has all necessary power and authority to execute and deliver this Agreement and to perform all of such Option Holder’s obligations hereunder The execution and delivery of this Agreement by such Option Holder and the consummation by such Option
Holder of the transactions contemplated by this Agreement have been duly and validly authorized by all necessary action and no other proceedings on the part of such Option Holder is necessary to authorize this Agreement or to consummate the
transactions contemplated by this Agreement. This Agreement constitutes a valid and legally binding obligations of such Option Holder, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. 
 Section 3.02 Title to Shares and Remedium Options. Such Option Holder is the record or beneficial owner of the Remedium
Options set forth next to such Option Holder’s name on Exhibit A attached hereto, and such Remedium Options are (and the Remedium Stock issuable upon exercise of such options will be) free and clear 

  

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of all liens, encumbrances, claims, proxies or voting restrictions other than pursuant to this Agreement. Except for Remedium Stock set forth on Exhibit
B, the Remedium Options set forth on Exhibit A constitute all of the securities of Remedium owned, directly or indirectly, of record or beneficially by such Option Holder on the date of this Agreement. Except for the instruments creating
any such Remedium Option, such Option Holder is not a party to any currently outstanding option, warrant, right or agreement (oral or in writing) for the purchase or acquisition of securities from the Remedium, and such Option Holder has not granted
any third party any right with respect to any of the Remedium Options owned by such Option Holder. The information contained on Exhibit A with respect to the Remedium Options owned by such Option Holder is true and correct. 
 Section 3.03 No Conflicts. The execution and delivery of this Agreement by such Option Holder does not, and the consummation by such Option Holder
of the Exercise and the other transactions contemplated to be consummated by such Option Holder by this Agreement will not (i) conflict with any document, agreement or instrument to which such Option Holder is a party, (ii) conflict with or violate
any law applicable to such Option Holder or (iii) require consent or approval of, or notice to, any governmental entity or third party. 
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.01 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any such term may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of Covalent and the holders of a majority of the shares of Covalent Stock issued or issuable to Option Holders, voting together as a single group, upon Exercise. Any amendment or waiver for which such
written consent is obtained shall be binding on all parties hereto. 
 Section 4.02 Benefit; Successors and Assigns. Except as
otherwise provided herein, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing in this Agreement either express or implied is intended to confer on
any person other than the parties hereto and their respective successors and permitted assigns, any rights, remedies or obligations under or by reason of this Agreement. 
 Section 4.03 Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 
 Section 4.04 Notices. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received only when delivered
(personally, by courier service such as Federal Express, or by other messenger), when sent by electronic facsimile, or seven days following the day when deposited in the United States or Finnish mails, registered or certified air mail, postage
prepaid, return receipt requested, addressed as set forth below: 
  

	 	(i)	If to Covalent: 

 Covalent Group, Inc. 
 One Glenhardie Corporate Center 
 1275
Drummers Lane, Suite 100 
 Wayne, PA 19087 
 Attention: Kenneth M. Borow 
 Fax: (610)-975-9018 
  

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 with a copy, given in the manner prescribed above, to: 
 David Gitlin, Esquire 
 Wolf, Block, Schorr
and Solis-Cohen LLP 
 1650 Arch Street 
 Philadelphia, PA 19103 
 Telephone: 215-977-2284 
 Fax: 215-405-3884 
  

	 	(ii)	If to Option Holders: 

 to their respective addresses as
set forth 
 on Exhibit A 
 Any party may
alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this subparagraph for the giving of notice. 
 Section 4.05 Exhibits. All Exhibits attached hereto are hereby incorporated by reference into, and made a part of, this Agreement. 
 Section 4.06 Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way
the meaning or interpretation of this Agreement. 
 Section 4.07 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 Section 4.08 Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and undertakings, both written and oral, between or among Covalent and the Option Holders with respect to the subject matter hereof. 
 Section 4.09 Governing Law. This Agreement and all questions relating to its validity, interpretation, performance and enforcement (including,
without limitation, provisions concerning limitations of actions), shall be governed by and construed in accordance with the laws of the State of Delaware, notwithstanding any conflict-of-laws doctrines of such state or other jurisdiction to the
contrary, and without the aid of any canon, custom or rule of law requiring construction against the draftsman. 
 Section 4.10
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. 
 Section 4.11 Termination. This Agreement shall automatically terminate if the
Combination Agreement terminates for any reason so that there is no Closing. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed or have caused this Agreement to be executed
by its respective officers thereunto duly authorized as of the date first above written. 
  

			
	COVALENT GROUP, INC.
		
	By:	 	 /s/ Kenneth M. Borow, M.D.

		 	 Name: Kenneth M. Borow, M.D.
 Title: President/CEO

  
  

	
	OPTION HOLDERS:
	
	/s/ Kai Lindevall
	 Kai Lindevall

	
	 /s/ Petri Manninen
 Petri Manninen

	
	 /s/ Jan Quistgaard
 Jan Quistgaard

	
	 /s/ Hanna Kanerva
 Hanna Kanerva

	
	 /s/ Anna Minkkinen
 Anna Minkkinen

	
	 /s/ Annika Suni
 Annika Suni

	
	 /s/ Marketta Tuomi
 Marketta Tuomi

	
	 /s/ Atilla Yilmazkurtdag
 Atilla Yilmazkurtdag

 [END OF SIGNATURES] 
  

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 EXHIBIT A 
  

												
	 Name, Address of Remedium Option Holder
	  	Remedium
Stock
Option
program	  	Number
of Shares
Subject
to Option	  	Exercise
Price per
Remedium
share	 	 	Date Option
Exercisable/Vesting
Schedule	  	Expiration
	 Kai Lindevall, *
	  	A	  	120	  	750 	€	 	Dec. 1, 2005	  	Jan. 31, 2009
	 Petri Manninen, *
	  	A	  	120	  	750 	€	 	Dec. 1, 2005	  	Jan. 31, 2009
	 Jan Quistgaard, *
	  	A	  	120	  	750 	€	 	Dec. 1, 2005	  	Jan. 31, 2009
	 Hanna Kanerva, *
	  	B	  	60	  	750 	€	 	Dec. 1, 2006	  	Jan. 31, 2009
	 Anna Minkkinen, *
	  	B	  	60	  	750 	€	 	Dec. 1, 2006	  	Jan. 31, 2009
	 Annika Suni, *
	  	B	  	60	  	750 	€	 	Dec. 1, 2006	  	Jan. 31, 2009
	 Marketta Tuomi, *
	  	B	  	60	  	750 	€	 	Dec. 1, 2006	  	Jan. 31, 2009
	 Atilla Yilmazkurtdag, *
	  	B	  	60	  	750 	€	 	Dec. 1, 2006	  	Jan. 31, 2009
	 SUM
	  		  	660	  			 		  	

 *) C/O Remedium Oy, Keilaranta 16, FIN - 02150 Espoo

  

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 EXHIBIT B 
 Shareholder Address 
 and 
 Number of Shares of Remedium Stock Owned 
  

					
	 Name of Stockholder
	  	 Address
	  	Number of Shares Owned
	 Kai Lindevall
	  	 C/O Remedium Oy, Keilaranta 16,
 FIN – 02150
Espoo
	  	5340
			
	 Petri Manninen (through NTGLT Pharma
BVBA)
	  	 C/O Remedium Oy, Keilaranta 16,
 FIN – 02150
Espoo
	  	750

  

 - 8 -Remedium Oy Subscription Material

 Exhibit 4.2 
  

			
	 Subscription material
	  	April 16, 2004

 Remedium Oy 
 Directed Stock Options issue 
 Subscription Period: April 19, 2004 – April 30, 2004

 The Extraordinary General Meeting of Remedium Oy (the “Company”) decided to issue Stock Options (the “Issue”). The stock options
(the “Stock Options”) to be issued are offered for subscription by the personnel. The Issue forms part of the Company’s employee incentive scheme in order to increase commitment and work motivation. 
 Detailed terms and conditions of the Issue (the “Terms and Conditions”) are included in this subscription material. 
 The total number of Stock Options to be issued shall be a minimum of one (1) and a maximum of seven hundred and twenty (720). Each Stock Option entitles to
subscribe for one share. The issued Stock Options entitle to subscribe, in total, for a minimum of one (1) and maximum of seven hundred and twenty (720) shares of the Company. 
 The subscription period for the Stock Options is from April 19, 2004 to April 30, 2004. The Company shall notify in writing the persons, to whom the Stock Options are offered, of the offer to grant Stock
Options. 
 The Stock Options are issued free of charge. The share subscription price for the Stock Options is € 750. The Stock Options will be
divided into Stock Options A and B. 
 The share subscription period with the Stock Options will commence 
  

	 	•	 	with Stock Options A on December 1, 2005, 

  

	 	•	 	with Stock Options B on December 1, 2006 

 The share subscription
period will end for all Stock Options on January 31, 2009. 
 The Terms and Conditions of the Stock Options Issue are attached to this document.

 The Company’s registered domicile is Helsinki and its Company business identity code 1033494-4. The visiting address of the Company’s head
office and its mailing address is Keilaranta 16, 02150 Espoo, Finland. 

 CONTENT 
  

			
	 1. WHY A STOCK OPTION PLAN
	  	3
		
	 2. SUBSCRIPTION INSTRUCTIONS
	  	4
		
	 3. TERMS OF THE REMEDIUM STOCK OPTION ISSUE
	  	5
		
	 4. QUESTIONS AND ANSWERS
	  	9
		
	 5. TAXATION IN BRIEF
	  	12
		
	 6. SUBSCRIPTION LIST
	  	14

 This document is not an Offering Circular according to the Finnish Securities Markets Act. No securities of the
Company have been or are offered to the public, wherefore the Finnish Securities Market Act shall not apply. 
 The distribution of this material and the
offer or sale of the Shares or Stock Options is restricted by law in certain jurisdictions. Persons into whose possession this material may come are required by the Company to inform themselves about and to observe such restrictions. This material
may not be used in connection with any offer or solicitation by anyone in any jurisdiction or under any circumstances in which such an offer or solicitation is not authorized or is unlawful. This material does not constitute an offer to sell or a
solicitation of an offer to buy any of the Shares or Stock Options in any jurisdiction to any person to whom it is unlawful to make such an offer in such a jurisdiction. 
 The legislation of certain countries may set stipulations or limitations on investments made abroad. Foreign personnel should contact their own legal advisers to ascertain such regulations. The subscriber Stock
Options shall obtain the necessary authorizations or permits. 
 Stock Options are taxed differently in various countries. This material contains an account
of matters concerning taxation in Finland. Concerning their own tax treatment, subscribers should consult with taxation experts in the country where they operate as well as in their home countries. 
 Stock Options are not part of an employee’s salary or a benefit in kind, nor should they be regarded as such. 
  

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	1.	WHY A STOCK OPTION PLAN ? 

 Remedium has been able to achieve a
strong market position in northern Europe during the past few years. This is a result of our common effort. Key personnel has been committed to our growth targets and dedicated to work hard to achieve them. However, in the changing markets with the
influence of the new EU countries and greater cost constrains within the pharmaceutical industry our challenges will be even more demanding. Thus, we need to ensure that the key personnel will be genuine stakeholders in the company and keep up the
high level of motivation to work for the common future. 
 A Stock Option Plan would not have an incentive function if there would not be a plan for an exit
in place. Our explicit plan is to take Remedium to the Stock Market by the end of 2006. This will of course mean that the company must grow both in an organic way and by means of mergers and acquisitions. 
 I welcome you to share a common future with the present ownership of Remedium. 
 Espoo April 16, 2004 
 Kai Lindevall 
 President and CEO 
  

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	2.	SUBSCRIPTION INSTRUCTIONS 

 The
subscription period for the Stock Options is from April 19, 2004 to April 30, 2004. 
 On the back cover of this subscription material you will
find the number of Stock Options that are offered to you for subscription. From this material you will find the Terms and Conditions of the Stock Options, information about taxation in Finland as well as the Subscription list. 
 Main terms and conditions 
 The total number of Stock Options is a
minimum of one (1) and a maximum of seven hundred and twenty (720). Each Stock Option entitles to subscribe for one share. The issued Stock Options entitle to subscribe, in total, for a minimum of one (1) and maximum of seven hundred and
twenty (720) shares of the Company. 
 The Stock Options are issued free of charge. 
 The share subscription period for the Stock Options will commence 
  

	 	•	 	with Stock Options A on December 1, 2005, 

  

	 	•	 	with Stock Options B on December 1, 2006 

 The share subscription
period will end for all Stock Options on January 31, 2009. 
 The share subscription price for both Stock Options A and B is € 750.

 Detailed Terms and Conditions, see Terms and Conditions of Remedium Oy Stock Options. 
 Taxation in Finland 
 Employment-based benefit, conferring the right to subscribe for a company’s shares at a
lower price than the market value on the basis of the Stock Options constitutes taxable earned income. 
 Subscription list 
 The subscription of the Stock Options should be executed by filling out, and signing the subscription list on the back cover of this material. 
 Please take a copy of the subscription list, fill it out, sign it and deliver it to the Company as instructed. 
  

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	3.	TERMS OF THE REMEDIUM STOCK OPTION ISSUE 

 I. TERMS OF THE STOCK
OPTION ISSUE 
  

	1.	Number of Stock Options 

 The total number of the Stock Options to
be issued shall be a minimum of one and maximum of 720. The issued Stock Options entitle to subscribe, in total, for a minimum of one and maximum of 720 shares of the Company. 
  

	2.	Distribution of Stock Options 

 The Stock Options shall be issued to
the management and personnel of the Company and its subsidiaries as decided by the Board of Directors of the Company and to the members of the Board of Directors as decided by the General Meeting of the Company to increase their commitment and
motivation for work. 
 As the shareholders’ pre-emptive right for subscription is being deviated from since the Stock Options are intended to form a
part of the Group’s management and employee incentive program, it is considered that there exists a weighty financial reason for deviation. 
  

	3.	Subscription of Stock Options 

 The subscription period for the
Stock Options is from April 19, 2004 to April 30, 2004. The Company shall notify in writing the persons, to whom the Stock Options are offered, of the offer to grant Stock Options. 
 The Stock Options are issued free of charge. The subscription of the Stock Options will be executed as notified by the Board of Directors of the Company. 
  

	4.	Stock Options Series 

 The Stock Options will be marked with letters
A or B. Half of the Stock Options will be marked with letter A and other half with letter B. 
 II. TERMS AND CONDITIONS OF THE SHARE SUBSCRIPTION

  

	1.	Right to Subscribe for New Shares 

 Each Stock Option entitles its
holder to subscribe for one (1) share in the Company. The nominal value of one share is € 1.70. As a result of the subscriptions, the number of shares of the Company may be increased by a maximum of 720 new shares and the share
capital of the Company by a maximum of € 1,224. 
  

	2.	Share Subscriptions and Payment 

 The share subscription period with the Stock Options will commence 
  

	 	•	 	with Stock Options A on December 1, 2005; and 

  

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	 	•	 	with Stock Options B on December 1, 2006. 

 The share subscription period will end for all Stock Options on January 31, 2009. 
 The share subscription shall take place at the head office
of the Company or in another location to be determined by the Board of Directors. Payment of the subscription shall be effected on the subscription. The Board of Directors will decide on approval of subscriptions. 
  

	3.	Share Subscription Price 

 The
share subscription price for the Stock Options is € 750. 
  

	4.	Prohibition to Transfer Stock Options and Obligation to Offer Stock Options 

 The Stock Options may not be transferred to a third party or pledged without consent of the Company. The consent of the Company is given by the Board of Directors. 
 Should a Stock Option holder cease to be employed by or in the service of the Company or the subsidiary of the Company, such person will be obliged without delay to offer to the Company free of charge all Stock
Options. The Board of Directors may for especial reasons admit exemption for this. 
  

	5.	Shareholder Rights 

 Shares shall entitle to dividend, if any, for
the financial year in which the subscription takes place. Other shareholder rights shall commence when the increase of the share capital has been entered into the Finnish Trade Register. 
  

	6.	Issues of Shares, Convertible Bonds, Bond Loans with Stock Options and Stock Options Before Share Subscription 

 Should the Company, before the share subscription, increase its share capital through an issue of new shares, convertible bonds, bond loans with Stock Options or Stock
Options, a Stock Option holder shall have the same or equal right as a shareholder. Equality is reached in the manner determined by the Board of Directors of the Company by adjusting the amount of shares available for subscription, the subscription
price or both. 
 Should the Company, before the share subscription, increase its share capital by way of a bonus issue, the subscription ratio shall be
amended so that the relative proportion of shares available for subscription under the Stock Options of the entire share capital remains unchanged. 
 If the
Stock Option holder upon subscription of the shares is to receive a fraction of a share, the fraction shall be notified by lowering the share subscription price. 
  

 - 6 - 

	7.	Rights of the Holder of the Stock Options in Certain Cases 

 Should
the Company, prior to the subscription for the shares, reduce its share capital, the subscription right of the holder of the Stock Options shall be changed accordingly in the manner set out in the resolution regarding the reduction of the share
capital. If reduction is deemed not to have financial impact on the Stock Option holder, the reduction shall not affect the subscription rights pertaining to the Stock Options. Should the Company be placed in liquidation this shall not have an
effect on the Stock Option holder’s position. 
 In the event that the Company merges with another company in whatever form or demerges, the Stock
Options will be replaced by new Stock Options issued by the acquiring company entitling to subscribe shares in the acquiring company with corresponding terms and conditions. Alternatively, the Board of Directors of the Company may give the holders
of the Stock Options the opportunity to subscribe for the shares prior to the merger or demerger during a period determined by the Board of Directors, after which the right to subscribe will become void. Additionally, the Company has the right to
redeem the Stock Options for the market price before merger or demerger. If the Company is the acquiring company, share subscription terms and conditions will not be changed. 
 Should the Company acquire its own shares, this shall not have an effect on the Stock Option holder’s position. 
 Should, prior to the commence of share subscription period, 
  

	 	(i)	The shareholder according to the Chapter 14, Section 19 of the Finnish Companies Act have redemption right; 

  

	 	(ii)	The shareholder according to in Chapter 6, Section 6 of the Finnish Securities Market Act have redemption obligation to shares of other shareholders and the Securities Market
Act is applied to the Company; or 

  

	 	(iii)	The majority of the companies shares be sold and the Board decides to apply this section 

 the holders of the Stock Options will be given an opportunity to exercise their subscription rights during a period to be determined by the Board of Directors of the Company. 
 There will be no changes in the subscription terms and conditions in case the Company changes, before the end of the share subscription period with the Stock Options,
from a private limited company into a public limited company or from a public limited company into a private limited company. 
 Should the nominal value of
the shares be changed so that the share capital shall remain unchanged, the subscription terms and conditions shall be amended so that the aggregate proportion of the shares to be subscribed for of all the shares in the Company and their aggregate
subscription price will remain unchanged. 
  

 - 7 - 

	8.	Dispute Resolution 

 Disputes arising in relation to these Stock
Options shall be settled by arbitration in accordance with the Rules of the Arbitration Board of the Finnish Central Chamber of Commerce. The arbitral tribunal shall be composed of one arbitrator. 
  

	9.	Miscellaneous 

 The Board of Directors shall decide on other aspects
related to the subscription of the Stock Options and shares and allocation thereof. 
 The Stock Options, subscription and grant of them as well as these
terms and conditions shall be construed in accordance with and governed by Finnish law. These terms and conditions have been prepared in Finnish and English. In case of any discrepancy between the different texts, the Finnish text shall be decisive.

  

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	4.	QUESTIONS AND ANSWERS 

 What is a Stock Option? 

A Stock Option is a subscription right that entitles its holder to subscribe for shares of the issuing Company in the future. 
 There is no obligation to subscribe for the shares on the basis of Stock Options in the future; an employee may choose not to exercise the Stock Options at all or to
sell the Stock Options provided to him/her after Stock Options are freely transferable. 
 Why is Remedium Oy Offering Stock Options to its Employees?

 The Stock Options shall be issued to increase the employee’s commitment and motivation for work. 
 The value of the Company’s shares is expected to accrue. It is felt that individual employees will contribute to this development through their work. The objective
of the Issue is to spur the personnel towards further positive efforts, which will ensure that the shares of Remedium Oy keep appreciating in value. 
 By
subscribing for the Stock Options, employees can directly benefit from the results of their work through an increase in the share value. 
 Who is
Entitled to Participate? 
 The Stock Options shall be issued to the management and personnel of the Company and its subsidiaries as decided by the Board
of Directors of the Company and to the members of the Board of Directors as decided by the General Meeting of the Company. 
 There is no obligation to
subscribe for Stock Options; an employee may choose not to subscribe any Stock Options in this arrangement. 
 When and How will I be Informed about the
Number of Stock Options? 
 There will be a maximum of 720 Stock Options offered to the personnel. The number of the Stock Options offered to you is given
on the back cover of this subscription material. 
 The Stock Options issued will fall into series A and B. 
 How Much Do I Pay? 
 The Stock
Options are issued free of charge. 
 When Do I Subscribe Stock Options? 
 The subscription period for the Stock Options is from April 19, 2004 to April 30, 2004. 
  

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 How Do I Subscribe? 
 The Stock Options will be subscribed by copying and filling out the subscription list from the back cover of this material, signing and returning it by the end of the subscription period, i.e. April 30, 2004 to Remedium Oy, Keilaranta
16, 02150 Espoo, Finland. 
 What is the Share Subscription Price? 
 The share subscription price for the Stock Options is € 750 
 Are there any Risks Involved when Subscribing for Stock Options and Shares with the Stock Options? 
 As you don’t
pay for the Stock Options and there is no obligation to exercise the Stock Options, there is no risk involved when subscribing for the Stock Options. 
 When
subscribing for the shares you have to pay the share subscription price. There is a risk of decrease in the share value. 
 Remedium Oy has not decided to
seek public quoting for the Stock Options or for the shares subscribed for by the Stock Options or make any other arrangement to make the shares liquid. The transfer of the Stock Options is restricted as stipulated in the articles of association of
the Company. 
 Will it be Possible to Change One’s Mind? 
 No. The subscription is binding. 
 May I
Participate in and Vote at Remedium Oy Shareholder Meetings? 
 The Stock Options do not give the right to participate in
the shareholders meetings. 
 The Shares will have a voting right after the increase in share capital has been entered in
the Trade Register. 
 What will Happen if I eave the Company? 
 Should a Stock Option holder cease to be employed by or in the service of the Company or the subsidiary of the Company, such a person will be obliged without delay to offer to the Company free of charge all Stock Options. 
 How will I be taxed? 
 Employment-based benefit, conferring the right
to subscribe for a company’s shares at a lower price than the market value on the basis of the Stock Options constitutes taxable earned income. 
 See page 10 for more information about this subject. 
  

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 How will Remedium Oy use the proceeds? 
 Remedium Oy has not as yet made any decision concerning the use of the proceeds it will have from the Share subscriptions. 
 Is it common for a company to offer Stock Options to its employees? 
 Yes. Many companies, especially in the
high technology industry, offer shares or similar instruments to their employees. 
 Who should I contact if I have further questions? 
 You should contact Kai Lindevall, Remedium Oy, Keilaranta 16, 02150 Espoo, Finland, Tel + 358 20 751 8110, Fax + 358 20 751 8251. 
  

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	5.	TAXATION IN BRIEF 

 The following summary is based on the tax
legislation in force and the legal practice prevailing in Finland at the date this document was published. The summary does not deal with tax legislation in other countries. Prospective subscribers should consult their own tax advisers for more
detailed information on the subscription and on the tax consequences related to the ownership and sale of Stock Options. 
 Employee shares and Stock
Options 
 According to Section 66, Paragraph 1 of the Income Tax Act, an employment-based right to subscribe to a company’s shares at a lower
price than the market value is a benefit that constitutes employment income. Paragraph 3 of the Section states that an employment-based benefit, conferring the right to subscribe for a company’s shares at a lower price than the market value on
the basis of an issue of convertible bonds, bonds with warrants, a Stock Option or some other agreement or commitment equivalent to these, constitutes taxable earned income. These various employment-based rights of subscribing for shares are
referred to as “employee Stock Options”. A right to subscribe for shares, other than the employing company’s (for example, shares in another company belonging to the same group), is also considered to be an employee Stock Option, if
the right to subscribe is based on an employment relationship. 
 According to regulations in force at the present time, a benefit obtained on the basis of
an employee Stock Option is taxed when the Stock Option is exercised. Subscription for the share or the separate transfer of the Stock Options alone constitutes exercise of an employee Stock Option. 
 In subscribing for a share on the basis of the Stock Option, the amount of the taxable benefit or employment income is deemed to be the difference between the market
value of the share and the subscription price of the share. 
 The transfer or sale of Stock Options is also equivalent to the exercise of an employee Stock
Option. In this case, the sale price of the Stock Options is considered to be employment income for its entire amount and it is taxed as such. 
 The giving
of an employee Stock Option as a gift is not considered to constitute their exercise (transfer); accordingly, when the recipient of the gift subscribes for shares or sells employee Stock Options, the taxation of employment income applies to the
original recipient of the Stock Options. 
 Taxation of capital gains, and other taxes 
 After the shares are subscribed, they are subject to a normal capital gains tax. The amount of the taxable capital gain is calculated by subtracting the market price at the time of share subscription (price used in
taxation at the time of share subscription) from the sale price. 
 When shares are sold, a so-called assumed acquisition cost is applied to a natural
person: 20% of the sale or transfer price is always deductible as the acquisition cost of the share, even if the real 

  

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acquisition cost is smaller than this. If the shares have been owned for more than 10 years, the assumed acquisition cost is 50%. 
 If the actual acquisition cost (taxed market price at the time of shares subscription), including the expenses, exceeds the assumed acquisition cost, the actual
acquisition cost is used as the acquisition cost deductible from the transfer price, since this leads to smaller taxable capital gain. 
 Transfer of shares
as an inheritance or as a gift is liable to tax in Finland, if the person from whom the inheritance is received and/or the donator or transferee were liable to pay tax in Finland at the moment of death and/or of donation. However, Finland has given
up its right to levy tax in certain treaties concerning inheritance and gift taxes. 
 Transfer tax 
 Tax is payable on trades conducted outside Helsinki Exchanges, if either party, the seller or the buyer, is liable to pay tax in Finland. As a rule, the responsibility
for taxes is borne by the buyer, but if a share is transferred to a foreigner, the tax responsibility exceptionally follows the party responsible for withholding the tax, i. e. in this case the Finnish seller. When both parties are non-resident
taxpayers (foreigners), no transfer tax is collected in spite of the fact that the object of the trade is a Finnish security. 
 Tax credit on dividends

 As the avoir fiscal system is applied, a shareholder gaining dividend from a Finnish company is entitled to tax credit on the basis of the divided
gained during the tax year the amount of the tax credit being equal to 29/71 of the dividend. 
 The tax credit is generally not available to shareholders
that are non-resident taxpayers (foreigners). If, however, a tax treaty concluded by Finland contains provisions on the grant of tax credit, tax credit may be granted, either in part or in full, to a shareholder residing abroad. 
 However, dividends paid by company not quoted in the stock exchange and exceeding 13.5% of the mathematical value of the share stipulated in Wealth Tax Act will be taxed
as earned income. 
 Withholding tax on dividends 
 In
Finland, non-resident taxpayers are liable to pay with holding tax in Finland on dividends paid to abroad by Finnish companies. If the dividends are paid to a state with which Finland has not concluded a tax treaty, the withholding tax is
29 per cent. Finland and several countries have concluded tax treaties according to which the tax withheld from dividends paid abroad to persons mentioned in the treaty and entitled to dividends is lower than the 29 per cent. 

 

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 [Name 
 Address

 City, postal code] 
  

	6.	SUBSCRIPTION LIST 

 You have been reserved the right to subscribe
for [ ] Stock Options in Remedium Oy, as an incentive plan for the management and personnel. The Terms and Conditions can be found from this subscription material, see section “Terms of Remedium Oy Stock Option issue”. 
 The subscription place of the Stock Options is the head office of the Company. In order to subscribe for the Stock Options you have to copy and fill out this
subscription list, sign and return it to the subscription place by the end of the subscription period, i.e April 30, 2004. 
 The offer is based on the
decision by the Extraordinary General Meeting held on March 15, 2004. Copies of the decision, the Articles of Association of Remedium Oy, as well as documents referred to in Chapter 4, Section 7, paragraph 1 of the Finnish Companies Act,
are available in the office of the Company. 
 Subscription period: From April 19, 2004 to April 30, 2004. 
 I will subscribe                      units of Remedium Oy
B Stock Options. 
 I am familiar with the terms and conditions of the Remedium Oy directed Stock Option issue.

 By signing this subscription I acknowledge that I have read and understand fully the terms and conditions of the Stock Options. 
  

					
		 		 	
			
	   	 	 ,
	 	April     , 2004
	(Place and Time)	 		 	
			
	   	 		 	   
	(Signature)	 		 	(Telephone number and e-mail)

  

					
	Return to:	  	Remedium Oy	  	
		  	Kai Lindevall
Keilaranta 16
02150 Espoo,
Finland	  	

  

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