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Exhibit 10.2    
    

CYDEX, INC.  

 AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN  

SECTION 1  

 PURPOSE AND DURATION  

        1.1    Effective Date.    This Plan permits the grant of Nonqualified Stock Options and Incentive Stock Options. This
Plan became effective on January 30, 1997 and was amended and restated by the terms herein on August 5, 2004. 

        1.2    Purpose of this Plan.    This Plan is intended to attract, motivate, and retain Employees, Directors and
Consultants of the Company and its Affiliates. This Plan also is designed to further the growth and financial success of the Company and its Affiliates by aligning the interests of the Participants,
through the ownership of Shares and through other equity based incentives, with the interests of the Company's stockholders. 

SECTION 2  

 DEFINITIONS  

        The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 

        2.1   "1933 Act" means the Securities Act of 1933, as amended. Reference to a specific section of the
1933 Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation
amending, supplementing, or superseding such section or regulation. 

        2.2   "1934 Act" means the Securities Exchange Act of 1934, as amended. Reference to a specific section
of the 1934 Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or
regulation amending, supplementing, or superseding such section or regulation. 

        2.3   "Administrator" means the Board or the Committee, as the case may be, that is appointed in
accordance with Section 3.1 to administer the Plan. 

        2.4   "Affiliate" means any corporation or any other entity, including partnerships and joint ventures,
which, directly or indirectly, controls, is controlled by, or is under common control with, the Company, whether now or hereafter existing. 

        2.5   "Award" means, individually or collectively, a grant under this Plan of Nonqualified Stock
Options or Incentive Stock Options. 

        2.6   "Award Agreement" means the written agreement setting forth the terms and provisions applicable
to each Award granted under this Plan. 

        2.7   "Board" or "Board of Directors" means the Board
of Directors of the Company. 

        2.8   "Change in Control" shall have the meaning assigned to such term in Section 9.2. 

        2.9   "Code" means the Internal Revenue Code of 1986, as amended. Reference to a specific section of
the Code or regulation thereunder shall include such section or regulation, any valid 

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regulation
promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation. 

        2.10 "Committee" means the committee, if any, appointed by the Board pursuant to Section 3.1
to administer this Plan. The Committee shall consist of not less than two (2) Directors. The members of the Committee shall be appointed from time to time by, and shall serve at the direction
of, the Board of Directors. The Committee shall be comprised solely of Directors who both are (a) "disinterested persons" under Rule 16b-3, and (b) "outside directors"
under Section 162(m) of the Code. 

        2.11 "Company" means CyDex, Inc., a Delaware corporation, and any successor thereto. 

        2.12 "Consultant" means any person who is engaged by the Company or any Subsidiary or other Affiliate
of the Company to render consulting or advisory services and is compensated for such services. 

        2.13 "Director" means any individual who is a member of the Board of Directors of the Company. 

        2.14 "Disability" means a permanent and total disability within the meaning of Code
section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its sole discretion may determine whether a permanent and total disability exists
in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 

        2.15 "Employee" means any employee of the Company or of an Affiliate, whether such employee is so
employed at the time this Plan is adopted or becomes so employed subsequent to the adoption of this Plan. 

        2.16 "Exercise Price" means the price at which a Share may be purchased by a Participant pursuant to
the exercise of an Option. 

        2.17 "Fair Market Value" means the value determined in good faith by the Administrator in accordance
with uniform and nondiscriminatory standards. For federal, state and local income tax reporting purposes, fair market value shall be determined by the Administrator or its delegate in accordance with
uniform and nondiscriminatory standards adopted by it from time to time. 

        2.18 "Fiscal Year" means the fiscal year of the Company. 

        2.19 "Grant Date" means, with respect to an Award, the date that the Award was granted. 

        2.20 "Incentive Stock Option" means an Option to purchase Shares which is designated as an Incentive
Stock Option, and is intended to meet the requirements of Section 422 of the Code. 

        2.21 "Nonqualified Stock Option" means an Option to purchase Shares which is not an Incentive Stock
Option. 

        2.22 "Option" means an Incentive Stock Option or a Nonqualified Stock Option granted pursuant to this
Plan. 

        2.23 "Participant" means an Employee, Consultant or Director to whom an outstanding Award has been
granted. 

        2.24 "Plan" means the CyDex, Inc. Amended and Restated 1997 Equity Compensation Plan, as set
forth in this instrument and as hereafter further amended and/or restated from time to time. 

        2.25 "Retirement" means, in the case of an Employee, a Termination of Service by reason of the
employee's retirement at or after age sixty-five (65) or pursuant to an early retirement program instituted by the Company. 

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        2.26 "Rule 16b-3" means Rule 16b-3 promulgated under the 1934
Act, and any future regulation amending, supplementing, or superseding such regulation. 

        2.27 "Section 16 Person" means a person who, with respect to the Shares, is subject to
Section 16 of the 1934 Act. 

        2.28 "Shares" means the shares of common stock, par value $0.01, and preferred stock, par value
$0.10, of the Company. 

        2.29 "Subsidiary" means a "subsidiary corporation" as defined in Section 424(f) of the Code,
whether now or hereafter existing. 

        2.30 "Termination of Service" or "Terminates" means a
cessation of (i) the employee-employer relationship between an Employee and the Company or an Affiliate; (ii) the relationship between a Consultant and the Company or an Affiliate; or
(iii) the relationship between a Director and the Company; each for any reason, including, but not limited to, a cessation by resignation, discharge, death, Disability, Retirement or the
disaffiliation of an Affiliate, but excluding any such cessation where there is a simultaneous reemployment or reengagement, as the case may be, of such individual by the Company or by an Affiliate. 

SECTION 3  

 ADMINISTRATION  

        3.1    The Administrator.    Prior to the date, if any, upon which the Company becomes subject to the 1934 Act, the
Plan shall be administered by either the Board or the Committee. After the date, if any, upon which the Company becomes subject to the 1934 Act, the Plan and all Awards shall be administered by the
Board or the Committee, whichever is in accordance with Rule 16b-3 or its successor. 

        3.2    Authority of the Administrator.    It shall be the duty of the Administrator to administer this Plan in
accordance with the provisions hereof. The Administrator shall have all powers and discretion necessary or appropriate to administer this Plan and to control its operation, including, but not limited
to, the power to (a) determine which Employees shall be granted Awards, (b) prescribe the terms and conditions of the Awards, (c) interpret the terms and provision of this Plan
and of the Awards, (d) adopt rules for the administration, interpretation and application of this Plan, and (e) interpret, amend, or revoke any such rules. 

        3.3    Delegation by the Administrator.    The Administrator, in its sole discretion and on such terms and conditions
as it may provide, may delegate all or any part of its authority and powers under this Plan to one or more directors or officers of the Company; provided, however, that the Administrator may not
delegate its authority and powers (a) with respect to Section 16 Persons, or (b) in any way which would jeopardize this Plan's qualification under Section 162(m) of the
Code or Rule 16b-3. 

        3.4    Decisions Binding.    All determinations and decisions made by the Administrator, the Board and any delegate of
the Administrator appointed pursuant to Section 3.3 shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

SECTION 4  

 SHARES SUBJECT TO THIS PLAN  

        4.1    Number of Shares.    Subject to adjustment as provided in Section 4.3, the total number of Shares
available for grant under this Plan shall not exceed 10,000,000. Shares granted under this Plan may be either authorized but unissued Shares or treasury Shares, or any combination thereof. 

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        4.2    Lapsed Awards.    If an Award is cancelled, terminates, expires or lapses for any reason, any Shares subject to
such Award thereafter shall be available to be the subject of a subsequent Award. 

        4.3    Adjustments in Awards and Authorized Shares.    In the event of any merger, reorganization, consolidation,
recapitalization, separation, liquidation, stock dividend, stock split, Share combination, or other change in the corporate structure of the Company affecting the Shares, the Administrator shall
adjust the number and class of Shares which may be delivered under this Plan, the number, class, and price of Shares subject to outstanding Awards, and the numerical limits of Sections 4.1, and 5.1 in
such manner as the Administrator in its sole discretion shall determine to be advisable or appropriate to prevent the dilution or diminution of such Awards. Notwithstanding the preceding, the number
of Shares subject to any Award always shall be a whole number. 

SECTION 5  

 STOCK OPTIONS  

        5.1    Grant of Options.    Subject to the terms and provisions of this Plan, Options may be granted to Employees,
Consultants, and Directors at any time and from time to time as determined by the Administrator in its sole discretion. The Administrator in its sole discretion shall determine the number of Shares
subject to each Option; provided, however, that during any Fiscal Year, no Participant shall be granted Options covering more than 5,000,000 Shares. The Administrator may grant Incentive Stock
Options, Nonqualified Stock Options, or any combination thereof. 

        5.2    Award Agreement.    Each Option shall be evidenced by an Award Agreement that shall specify the Exercise Price,
the expiration date of the Option, the number of Shares and the vesting period, if any, to which the Option pertains, any conditions to exercise of the Option and such other terms and conditions as
the Administrator in its sole discretion shall determine, including, but not limited to, any limitations or restrictions necessary for the Award to qualify as an Incentive Stock Option. The Award
Agreement also shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option. 

        Each
Award Agreement may further contain or otherwise provide for conditions giving rise to the forfeiture of the Shares acquired pursuant to an Option granted hereunder or otherwise and
such restrictions on the transferability of Shares acquired pursuant to an Option granted hereunder or otherwise as the Administrator in its sole discretion shall deem proper or advisable. Such
restrictions on transferability may include, but need not be limited to, options and rights of first refusal in favor of the Company and shareholders of the Company other than the holder of such
Shares who is a party to the particular Award Agreement or a subsequent holder of the Shares who is bound by such Award Agreement. 

        5.3    Exercise Price.    Subject to the provisions of this Section 5.3, the Exercise Price per Share for each
Option shall be determined by the Administrator, in its sole discretion. 

        5.3.1    Nonqualified Stock Options.    In the case of a Nonqualified
Stock Option, the Exercise Price per Share shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date. 

        5.3.2    Incentive Stock Options.    In the case of an Incentive Stock
Option, the Exercise Price per Share shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant
Date; provided, however, that if on the Grant Date, the Employee (together with persons whose stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code) owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, the Exercise Price per Share shall be not less than one hundred ten
percent (110%) of the Fair Market Value of a Share on the Grant Date. 

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        5.3.3    Substitute Options.    Notwithstanding the provisions of
Sections 5.3.1 and 5.3.2, in the event that the Company or an Affiliate consummates a transaction described in section 424(a) of the Code (e.g., the acquisition of property or stock from an
unrelated corporation), persons who become Employees on account of such transaction may be granted Options in substitution for options granted by such former employer. If such substitute Options are
granted, the Administrator, in its sole discretion and consistent with Section 424(a) of the Code, may determine that such substitute Options shall have an Exercise Price per Share less than
one hundred (100%) of the Fair Market Value of the Shares on the Grant Date. 

        5.4    Expiration of Options.    

        5.4.1    Expiration Dates.    Each Option shall terminate upon the
earlier of the first to occur of the following events: 

        (a)   The date for termination of the Option set forth in the Award Agreement; 

        (b)   The expiration of ten (10) years from the Grant Date (except as provided in Section 5.8 regarding Incentive
Stock Options); 

        (c)   The expiration of three (3) months after the Participant's Termination of Service for any reason other than
Disability, death or Cause (as defined below), unless (a) the Participant dies during such three-month period, and (b) the Award Agreement or the Administrator permits later exercise; 

        (d)   The expiration of one (1) year after the Participant's Termination of Service on account of Disability or death,
unless (a) the Participant dies during such one-year period, and (b) the Award Agreement or the Administrator permits later exercise; or 

        (e)   Immediately upon Termination of Service if the optionee's services are terminated during the term of the Option for
Cause, as determined by the Company, in which case the option shall thereafter be void for all purposes. As used in this Section 5.4.1, "Cause" shall mean willful misconduct, a willful failure
to perform the optionee's duties, insubordination, theft, dishonesty, conviction of a felony or any other willful conduct that is materially detrimental to the Company or an Affiliate or such other
cause as the Board in good faith reasonably determines provides cause for the discharge of the optionee. 

        5.4.2    Administrator Discretion.    Subject to the limits of
Section 5.4.1, the Administrator in its sole discretion (a) shall provide in each Award Agreement when each Option expires and becomes unexercisable and (b) may, after an Option
is granted, extend the maximum term of the Option (subject to Section 5.8 regarding Incentive Stock Options), provided however, in the case of Incentive Stock Options, that the maximum term of
the Option may not be extended if the Fair Market Value per Share is greater than the Exercise Price per Share. 

        5.5    Exercisability of Options.    Options granted under this plan shall be exercisable at such times and be subject
to such restrictions and conditions as the Administrator shall determine in its sole discretion; provided however, that all Options granted under this Plan shall become immediately exercisable upon
death or Disability. After an Option is granted, the Administrator in its sole discretion may accelerate the exercisability of the Option. However, in no event may any Option granted to a
Section 16 Person be exercisable until at least six (6) months following the Grant Date or such shorter period as may be permissible while maintaining compliance with
Rule 16b-3. 

        5.6    Payment.    Options shall be exercised by the Participant's delivery of a written notice of exercise to the
Secretary of the Company or its designee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. Upon the exercise of any
Option, the Exercise Price shall be payable to the Company in full in cash or its equivalent. The Administrator in its sole discretion also may permit exercise (a) by tendering previously 

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acquired
Shares having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price, (b) by a "net exercise" of the Option (as further described below), or
(c) by any other means or combination of means which the Administrator in its sole discretion determines (i) to provide legal consideration for the Shares, and (ii) to be
consistent with the purposes of this Plan. As soon as practicable after receipt of a written notification of exercise and full payment for the Shares purchased, the Company shall deliver to the
Participant or to the Participant's designated broker, Share certificates (which may be in book entry form) representing such Shares. 

        In
the case of a "net exercise" of an Option, the Company will not require a payment of the exercise price of the Option from the Participant but will reduce the number of shares of
Common Stock issued upon the exercise by the largest number of whole shares that has a Fair Market Value that does not exceed the aggregate exercise price. With respect to any remaining balance of the
aggregate exercise price, the Company shall accept a cash payment from the Participant. The shares of Common Stock so used to pay the exercise price of an Option under a "net exercise" will be
considered to have resulted from the exercise of the Option, and accordingly, the Option will not again be exercisable with respect
to such shares, the shares actually delivered to the Participant, and any shares withheld for purposes of tax withholding. 

        5.7    Restrictions on Share Transferability.    The Administrator may impose such restrictions on any Shares acquired
pursuant to the exercise of an Option as it may deem advisable or appropriate in its sole discretion, including, but not limited to, restrictions related to applicable Federal securities laws, the
requirements of any national securities exchange or system upon which Shares are then listed or traded, and any blue sky or state securities laws. 

        5.8    Certain Additional Provisions for Incentive Stock Options.    

        5.8.1    Eligible Participants.    Incentive Stock Options may be
granted only to persons who are Employees of the Company or a Subsidiary on the Grant Date. 

        5.8.2    Exercisability.    The aggregate Fair Market Value of the
Shares (as determined on the applicable Grant Date) with respect to which Incentive Stock Options are exercisable for the first time by any Employee during any calendar year (under all plans of the
Company and its Subsidiaries) shall not exceed $100,000. 

        5.8.3    Expiration.    No Incentive Stock Option may be exercised
after the expiration of ten (10) years from the Grant Date; provided, however, that if the Option is granted to an Employee who, together with persons whose stock ownership is attributed to the
Employee pursuant to Section 424(d) of the Code, owns stock possessing more 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, the Option
may not be exercised after the expiration of five (5) years from the Grant Date. 

SECTION 6  

 MISCELLANEOUS  

        6.1    Deferrals.    The Administrator in its sole discretion may permit a Participant to defer receipt of the payment
of cash or the delivery of Shares that would otherwise be due to such Participant under an Award. Any such deferral election shall be made at least one year prior to the due date, and shall be subject
to such rules and procedures as shall be determined by the Administrator in its sole discretion. 

        6.2    No Effect on Employment or Service.    Nothing in this Plan shall interfere with or limit in any way the right
of the Company to terminate any Participant's employment or consulting arrangement at any time, with or without cause. For purposes of this Plan, transfer of employment or the use of consulting
services of a Participant between the Company and any of its Affiliates (or between 

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Affiliates)
shall not be deemed a Termination of Service. Employment with the Company and its Affiliates is on an at-will basis only, unless otherwise provided by an applicable employment
agreement between the Participant and the Company or its Affiliate, as the case may be. 

        6.3    Participation.    No Employee shall have the right to be selected to receive an Award under this Plan, or,
having been so selected, to receive a future Award. 

        6.4    Indemnification.    Each person who is or shall have been a member of the Committee or the Board shall be
indemnified and held harmless by the Company against and from (a) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or reasonably incurred by him or her
in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under
this Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company's prior written approval, or paid by him or her in satisfaction of
any judgment in any such claim, action, suit, or proceeding against him or her; provided, however, that he or she shall give the Company an opportunity, at its own expense, to handle and defend the
same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Company's Articles of Incorporation or Bylaws, by contract, as a matter of law or otherwise, or under any power that the Company may have to indemnify them or hold
them harmless. 

        6.5    Successors.    All obligations of the Company under this Plan, with respect to Awards granted hereunder, shall
be binding on any successor of the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of
the business or assets of the Company. 

        6.6    Beneficiary Designations.    If permitted by the Administrator, a Participant under this Plan may name a
beneficiary or beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant's death. Each such designation shall revoke all prior designations by the Participant,
and shall be effective only if given in a form and manner acceptable to the Administrator. In the absence of any such designation, any vested benefits remaining unpaid at the Participant's death shall
be paid to the Participant's estate and, subject to the terms of this Plan and of the applicable Award Agreement, any unexercised vested Award may be exercised by the administrator or executor of the
Participant's estate. In each case, the named beneficiary or beneficiaries or the executor of the Participant's estate, as the case may be, shall have the right to exercise, pursuant to the terms
hereof and the terms of any applicable Award Agreement, the Awards made hereunder. 

        6.7    Nontransferability of Awards.    No Award granted under this Plan may be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 6.6. All rights with respect to an Award
granted to a Participant shall be available during his or her lifetime only to the Participant. 

        6.8    No Rights as Stockholder.    No Participant nor any beneficiary thereof shall have any of the rights or
privileges of a stockholder of the Company with respect to any Shares issuable pursuant to an Award or the exercise thereof, unless and until certificates representing such Shares shall have been
issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant or his or her beneficiary. 

        6.9    Furnish Information.    Each Participant that receives an Award will furnish to the Company all information
requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation. 

        6.10    No Guarantee of Interests.    Neither the Administrator nor the Company guarantees the Shares from or against
loss or depreciation. 

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SECTION 7  

 AMENDMENT, TERMINATION AND DURATION  

        7.1    Amendment, Suspension or Termination.    The Board, in its sole discretion, may amend or terminate this Plan,
or any part thereof, at any time and for any reason; provided, however, that if and to the extent required to maintain this Plan's qualification under Rule 16b-3 or to comply with
Section 422(b)(1) of the Code, any such amendment shall be subject to stockholder approval. The amendment, suspension or termination of this Plan shall not, without the consent of the
Participant, alter or impair any rights or obligations under any Award theretofore granted to such Participant. No Award may be granted during any period of suspension or after termination of this
Plan. 

        7.2    Duration of this Plan.    This Plan shall become effective on the date specified herein, and subject to
Section 7.1, shall remain in effect thereafter; provided, however, that without further stockholder approval, no Incentive Stock Option may be granted under this Plan after the tenth
anniversary of the effective date of this Plan. 

SECTION 8  

 TAX WITHHOLDING  

        8.1    Withholding Requirements.    Prior to the delivery of any Shares or cash pursuant to an Award or the exercise
thereof, the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes,
including the Participant's Social Security or FICA tax obligations, required to be withheld with respect to such Award or the exercise thereof. 

        8.2    Withholding Arrangements.    The Administrator, in its sole discretion and pursuant to such procedures as it
may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part, by (a) electing to have the Company withhold otherwise deliverable
Shares, or (b) delivering to the Company Shares then owned by the Participant having a Fair Market Value equal to the amount required to be withheld. The amount of the withholding requirement
shall be deemed to include any amount that the Administrator agrees may be withheld at the time any such election is made, not to exceed the amount determined by using the maximum federal, state, or
local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be
withheld or delivered shall be determined as of the date that the taxes are required to be withheld. 

SECTION 9  

 CHANGE IN CONTROL  

        9.1    Change in Control.    In the event of a Change in Control of the Company, any surviving corporation or
acquiring corporation may assume or continue any or all Awards outstanding under the Plan or may substitute similar stock awards for Awards outstanding under the Plan (it being understood that similar
stock awards include, but are not limited to, awards to acquire the same consideration paid to the stockholders or the Company, as the case may be, pursuant to the Change in Control). All Awards
granted under this Plan that are not assumed or continued by the surviving or acquiring corporation or substituted for similar stock awards and are not then exercisable, or are then subject to
restrictions, shall, unless otherwise provided for in the Award Agreements applicable thereto, become immediately exercisable in full as of the date prior to the Change in Control as the Board shall
determine (or, if the Board shall not determine such a date, to the date that is five (5) days prior to the effective time of the Change in Control), and shall terminate if not exercised at or
prior to the effective time of such Change in Control; provided however, that the Board of Directors of the 

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Company
may Limit the applicability of this section with respect to that of any Award to which Section 280G of the Code is applicable. 

        9.2    Definition.    For purposes of Section 9.1 above, a Change in Control of the Company shall be deemed to
have occurred if the conditions set forth in any one or more of the following shall have been satisfied: 

        (a)   any "person" (as such term is used in Section 13(d) of the Exchange Act, but excluding the Company, any trustee or
other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company) (each an "Exchange Act Person") is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities other than by virtue of a
merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (i) on account of the acquisition of securities of the Company by
any institutional investor, or any affiliate thereof or any other Exchange Act Person that acquires the Company's securities in a transaction or series of related transactions that are primarily a
private financing transaction for the Company or (ii) solely because the level of ownership held by any Exchange Act Person (the "Subject Person") exceeds the designated percentage threshold of
the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the beneficial
owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities beneficially owned by
the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur; 

        (b)   there shall occur a merger, consolidation or similar transaction of the Company with any other person, other than
(i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities for the surviving entity) more than fifty percent
(50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (ii) a merger in which no
"person" (as defined in Section 9.2(a)) acquires more than thirty percent (30%) of the combined voting power of the Company's then outstanding securities; 

        (c)   the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company; or 

        (d)   there shall occur a sale or disposition by the Company of all or substantially all of the Company's assets or any
transaction having a similar effect, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an entity,
more than fifty percent (50%) of the combined voting power of the voting securities of which are beneficially owned by stockholders of the Company in substantially the same proportions as their
beneficial ownership of the Company immediately prior to such sale, lease, license or other disposition. 

        The
term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 

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SECTION 10  

 LEGAL CONSTRUCTION  

        10.1    Gender and Number.    Except where otherwise indicated by the context, any masculine term used herein also
shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 

        10.2    Severability.    In the event any provision of this Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

        10.3    Requirements of Law.    The grant of Awards and the issuance of Shares under this Plan shall be subject to all
applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required from time to time. 

        10.4    Securities Law Compliance.    With respect to Section 16 Persons, Awards under this Plan are intended
to comply with all applicable conditions of Rule 16b-3. To the extent any provision of this Plan, Award Agreement or action by the Administrator fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable or appropriate by the Administrator in its sole discretion. 

        10.5    Severability.    If any provision of this Plan is held to be illegal or invalid for any reason by a court of
competent jurisdiction, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if
the illegal or invalid provision had never been included herein. 

        10.6    Governing Law.    This Plan and all Award Agreements shall be construed in accordance with and by the laws of
the State of Kansas, excluding its conflict of laws provisions. 

        10.7    Captions.    Captions are provided herein for convenience of reference only, and shall not serve as a basis
for interpretation or construction of this Plan. 

10

CYDEX, INC.

STOCK OPTION GRANT NOTICE

(AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN)  

CyDex, Inc. (the "Company"), pursuant to its Amended and Restated 1997 Equity Compensation Plan (the "Plan"), hereby grants to Optionholder an
option to purchase the number of shares of the Company's Common Stock set forth below. This option is subject to all of the terms and conditions as set forth herein and in the Stock Option Agreement,
the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. 

	Optionholder:	 	 
	 	 	

	Date of Grant:	 	 
	 	 	

	Vesting Commencement Date:	 	 
	 	 	

	Number of Shares Subject to Option:	 	 
	 	 	

	Exercise Price (Per Share):	 	 
	 	 	

	Total Exercise Price:	 	 
	 	 	

	Expiration Date:	 	 
	 	 	

	Type of Grant:	 	o	Incentive Stock Option(1)	 	o	Nonstatutory Stock Option
	
Vesting Schedule:	
 	

1/4th of the shares vest one year after the Vesting Commencement Date.

1/48th of the shares vest monthly thereafter over the next three years.
	
Payment:	
 	

By one or a combination of the following items (described in the Stock Option Agreement):
	 	 	o	By cash or check
	 	 	o	Pursuant to a Regulation T Program if the Shares are publicly traded
	 	 	o	By delivery of already-owned shares if the Shares are publicly traded
	 	 	o	By deferred payment

	(1)
	If
this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than
$100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option. 

Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Stock
Option Grant Notice, the Stock Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Stock Option Agreement and the Plan
set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the
exception of (i) options previously granted and delivered to Optionholder under the Plan, and (ii) the following agreements only: 

	OTHER AGREEMENTS:	 	 
	 	 	

	

 	
 	

	
CYDEX, INC.	
 	

OPTIONHOLDER:

	By:	 	 	 	 
	 	 	
 Signature	 	
 Signature

	Title:	 	 	 	Date:	 	 
	 	 	
	 	 	 	

	Date:	 	 	 	 	 	 
	 	 	
	 	 	 	 

ATTACHMENTS: Stock Option Agreement, Amended And Restated 1997 Equity Compensation Plan and Notice of Exercise 

ATTACHMENT I  

 STOCK OPTION AGREEMENT  

   CYDEX, INC.

AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN

STOCK OPTION AGREEMENT

(INCENTIVE STOCK OPTION)  

        Pursuant to your Stock Option Grant Notice ("Grant Notice") and this Stock Option Agreement, CYDEX, INC.
(the "Company") has granted you an option under its AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN (the "Plan") to purchase the number of shares of
the Company's Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Stock Option Agreement but defined in the
Plan shall have the same definitions as in the Plan. 

        The
details of your option are as follows: 

        1.    VESTING.    Subject to the limitations contained herein, your option will vest as
provided in your Grant Notice, provided that vesting will cease upon your Termination of Service. 

        2.    NUMBER OF SHARES AND EXERCISE PRICE.    The number of shares of Common Stock subject to
your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time pursuant to Section 4.3 of the Plan. 

        3.    ISO EXERCISE LIMITATION.    

        (a)   The aggregate Fair Market Value of the shares of Common Stock with respect to which you may exercise your option for the
first time during any calendar year, when added to the aggregate Fair Market Value of the shares of Common Stock subject to any other options designated as Incentive Stock Options and granted to you
under any stock option plan of the Company or an Affiliate prior to the Grant Date with respect to which such options are exercisable for the first time during the same calendar year, shall not exceed
$100,000 (the "ISO Exercise Limitation") unless applicable law requires that your option be exercisable sooner. For purposes of this Section 3, your options designated as Incentive Stock
Options shall be taken into account in the order in which they were granted to you, and the Fair Market Value of shares of Common Stock shall be determined as of the time the option with respect to
such shares of Common Stock is granted. If Section 422 of the Code is amended to provide for a different limitation from that set forth in this provision, the ISO Exercise Limitation shall be
deemed amended effective as of the date required or permitted by such amendment to the Code. 

        (b)   Notwithstanding the provisions of Section 3(a), if the ISO Exercise Limitation would prevent you from exercising
your option as to vested shares, then the ISO Exercise Limitation shall terminate as to such vested shares as such shares vest, and you may exercise your option as to such vested shares. Upon such
termination of the ISO Exercise Limitation, your option shall be deemed a Nonstatutory Stock Option to the extent of the number of vested shares of Common Stock subject to your option that exceed the
ISO Exercise Limitation. 

        (c)   The ISO Exercise Limitation shall terminate, and you may fully exercise your option, as to all vested shares of Common
Stock subject to your option, upon the earlier of the following events: 

          (i)  the date of you Termination of Service; or 

         (ii)  the day immediately prior to the effective date of a Change in Control. 

Upon
such termination of the ISO Exercise Limitation, your option shall be deemed a Nonstatutory Stock Option to the extent of the number of shares of Common Stock subject to your option that exceed
the ISO Exercise Limitation. 

1

 

        4.    METHOD OF PAYMENT.    Payment of the exercise price is due in full upon exercise of all
or any part of your option. You may elect to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant
Notice, which may include one or more of the following: 

        (a)   In the Company's sole discretion at the time your option is exercised and provided that at the time of exercise the
Common Stock is publicly traded and quoted regularly in The Wall Street Journal, pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay
the aggregate exercise price to the Company from the sales proceeds. 

        (b)   Provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in  The Wall Street Journal, by delivery of
already-owned shares of Common Stock either that you have held for the period required to avoid a charge to the
Company's reported earnings (generally six (6) months) or that you did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or
security interests, and that are valued at Fair Market Value on the date of exercise. "Delivery" for these purposes, in the sole discretion of the Company at the time you exercise your option, shall
include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, you may not exercise your option by
tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company's stock. 

        (c)   Pursuant to the following deferred payment alternative: 

          (i)  Not less than one hundred percent (100%) of the aggregate exercise price, plus accrued interest, shall be due four
(4) years from date of exercise or, at the Company's election, upon termination of your Continuous Service. 

         (ii)  Interest shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid
(1) the treatment as interest, under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement and (2) the
treatment of the Option as a variable award for financial accounting purposes. 

       (iii)  At any time that the Company is incorporated in Delaware, payment of the Common Stock's "par value," as defined in the
Delaware General Corporation Law, shall be made in cash and not by deferred payment. 

        (iv)  In order to elect the deferred payment alternative, you must, as a part of your written notice of exercise, give notice
of the election of this payment alternative and, in order to secure the payment of the deferred exercise price to the Company hereunder, if the Company so requests, you must tender to the Company a
promissory note and a pledge agreement covering the purchased shares of Common Stock, both in form and substance satisfactory to the Company, or such other or additional documentation as the Company
may request. 

        5.    WHOLE SHARES.    You may exercise your option only for whole shares of Common Stock. 

        6.    SECURITIES LAW COMPLIANCE.    Notwithstanding anything to the contrary contained herein,
you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the 1933 Act or, if such shares of Common Stock are not then so registered, the
Company has determined that such exercise and issuance would be exempt from the registration requirements of the 1933 Act. The exercise of your option also must comply with other applicable laws 

2

 

and
regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 

        7.    TERM.    You may not exercise your option before the commencement or after the
expiration of its term set forth in Section 5.4 of the Plan. 

        8.    EXERCISE.    

        (a)   You may exercise the vested portion of your option during its term by delivering a Notice of Exercise (in a form
designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such
additional documents as the Company may then require. 

        (b)   By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to
enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise of your option, (2) the
lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such
exercise. 

        (c)   By exercising your Incentive Stock Option you agree that you will notify the Company in writing within fifteen
(15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the date of your option
grant or within one (1) year after such shares of Common Stock are transferred upon exercise of your option. 

        (d)   By exercising your option you agree that you shall not sell, dispose of, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale, any shares of Common Stock or other securities of the Company held by you, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty
(180) days) following the effective date of a registration statement of the Company filed under the 1933 Act (the "Lock Up Period"); provided,
however, that nothing contained in this section shall prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock Up Period. You further agree
to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect
thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. The
underwriters of the Company's stock are intended third party beneficiaries of this Section 9(d) and shall have the right, power and authority to enforce the provisions hereof as though they
were a party hereto. 

        9.    TRANSFERABILITY.    Your option is not transferable, except by will or by the laws of
descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may
designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 

        10.    RIGHT OF FIRST REFUSAL.    Shares of Common Stock that you acquire upon exercise of
your option are subject to any right of first refusal that may be described in the Company's bylaws in effect at such time the Company elects to exercise its right; provided,
however, that if your option is an Incentive Stock Option and the right of first refusal described in the Company's bylaws in effect at the time the Company elects to exercise
its right is more beneficial to you than the right of first refusal described in the Company's bylaws on the Grant Date, then the right of first refusal described in the Company's bylaws on the Grant
Date shall apply. The Company's right of first refusal shall expire on the Listing Date. For purposes of this Agreement, "Listing Date" shall mean the first date upon which any security of the Company
is listed (or approved for listing) upon notice of issuance on a national 

3

 

securities
exchange or on the National Market System of the Nasdaq Stock Market (or any successor to that entity). 

        11.    RIGHT OF REPURCHASE.    To the extent provided in the Company's bylaws in effect at
such time the Company elects to exercise its right, the Company shall have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to the exercise of your option. 

        12.    OPTION NOT A SERVICE CONTRACT.    Your option is not an employment or service contract,
and nothing in your option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to
continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors or Employees to continue any relationship
that you might have as a Director or Consultant for the Company or an Affiliate. 

        13.    WITHHOLDING OBLIGATIONS.    

        (a)   At the time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you
hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "cashless exercise" pursuant to a program
developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option. 

        (b)   Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable
legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock
having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to
avoid variable award accounting). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to the
preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon
such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable
to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

        (c)   You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are
satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares of
Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied. 

        14.    NOTICES.    Any notices provided for in your option or the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage
prepaid, addressed to you at the last address you provided to the Company. 

        15.    GOVERNING PLAN DOCUMENT.    Your option is subject to all the provisions of the Plan,
the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted
pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control. 

4

ATTACHMENT II  

 AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN  

   CYDEX, INC.

AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN

STOCK OPTION AGREEMENT

(NONSTATUTORY STOCK OPTION)  

        Pursuant to your Stock Option Grant Notice ("Grant Notice") and this Stock Option Agreement, CYDEX, INC.
(the "Company") has granted you an option under its AMENDED AND RESTATED 1997 EQUITY COMPENSATION PLAN (the "Plan") to purchase the number of shares of
the Company's Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Stock Option Agreement but defined in the
Plan shall have the same definitions as in the Plan. 

        The
details of your option are as follows: 

        1.    VESTING.    Subject to the limitations contained herein, your option will vest as
provided in your Grant Notice, provided that vesting will cease upon your Termination of Service. 

        2.    NUMBER OF SHARES AND EXERCISE PRICE.    The number of shares of Common Stock subject to
your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time pursuant to Section 4.3 of the Plan. 

        3.    METHOD OF PAYMENT.    Payment of the exercise price is due in full upon exercise of all
or any part of your option. You may elect to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant
Notice, which may include one or more of the following: 

        (a)   In the Company's sole discretion at the time your option is exercised and provided that at the time of exercise the
Common Stock is publicly traded and quoted regularly in The Wall Street Journal, pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay
the aggregate exercise price to the Company from the sales proceeds. 

        (b)   Provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in  The Wall Street Journal, by delivery of
already-owned shares of Common Stock either that you have held for the period required to avoid a charge to the
Company's reported earnings (generally six (6) months) or that you did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or
security interests, and that are valued at Fair Market Value on the date of exercise. "Delivery" for these purposes, in the sole discretion of the Company at the time you exercise your option, shall
include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, you may not exercise your option by
tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company's stock. 

        (c)   Pursuant to the following deferred payment alternative: 

        (i)    Not less than one hundred percent (100%) of the aggregate exercise price, plus accrued interest, shall be due four
(4) years from date of exercise or, at the Company's election, upon termination of your Continuous Service. 

        (ii)   Interest shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid
(1) the treatment as interest, under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement and (2) the
treatment of the Option as a variable award for financial accounting purposes. 

1

 

        (iii) At any time that the Company is incorporated in Delaware, payment of the Common Stock's "par value," as defined in the
Delaware General Corporation Law, shall be made in cash and not by deferred payment. 

        (iv)  In order to elect the deferred payment alternative, you must, as a part of your written notice of exercise, give notice
of the election of this payment alternative and, in order to secure the payment of the deferred exercise price to the Company hereunder, if the Company so requests, you must tender to the Company a
promissory note and a pledge agreement covering the purchased shares of Common Stock, both in form and substance satisfactory to the Company, or such other or additional documentation as the Company
may request. 

        4.    WHOLE SHARES.    You may exercise your option only for whole shares of Common Stock. 

        5.    SECURITIES LAW COMPLIANCE.    Notwithstanding anything to the contrary contained herein,
you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common Stock are not then so
registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your option must also comply with other
applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and
regulations. 

        6.    TERM.    You may not exercise your option before the commencement or after the
expiration of its term set forth in Section 5.4 of the Plan. 

        7.    EXERCISE.    

        (a)   You may exercise the vested portion of your option during its term by delivering a Notice of Exercise (in a form
designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such
additional documents as the Company may then require. 

        (b)   By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to
enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise of your option, (2) the
lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such
exercise. 

        (c)   By exercising your option you agree that you shall not sell, dispose of, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you, for a
period of time specified by the managing underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of a registration statement of the Company filed under the
1933 Act (the "Lock Up Period"); provided, however, that nothing contained in this section shall prevent the exercise of a repurchase option, if any, in
favor of the Company during the Lock Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are
consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to your shares of Common Stock until the end of such period. The underwriters of the Company's stock are intended third party beneficiaries of this Section 7(d) and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. 

2

 

        8.    TRANSFERABILITY.    Your option is not transferable, except by will or by the laws of
descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may
designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 

        9.    RIGHT OF FIRST REFUSAL.    Shares of Common Stock that you acquire upon exercise of your
option are subject to any right of first refusal that may be described in the Company's bylaws in effect at such time the Company elects to exercise its right. The Company's right of first refusal
shall expire on the Listing Date. For purposes of this Agreement, "Listing Date" shall mean the first date upon which any security of the Company is listed (or approved for listing) upon notice of
issuance on a national securities exchange or on the National Market System of the Nasdaq Stock Market (or any successor to that entity). 

        10.    RIGHT OF REPURCHASE.    To the extent provided in the Company's bylaws as amended from
time to time, the Company shall have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to the exercise of your option. 

        11.    OPTION NOT A SERVICE CONTRACT.    Your option is not an employment or service contract,
and nothing in your option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to
continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors or Employees to continue any relationship
that you might have as a Director or Consultant for the Company or an Affiliate. 

        12.    WITHHOLDING OBLIGATIONS.    

        (a)   At the time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you
hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "cashless exercise" pursuant to a program
developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option. 

        (b)   Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable
legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock
having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to
avoid variable award accounting). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to the
preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon
such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable
to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

        (c)   You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are
satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a 

3

 

certificate
for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied. 

        13.    NOTICES.    Any notices provided for in your option or the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage
prepaid, addressed to you at the last address you provided to the Company. 

        14.    GOVERNING PLAN DOCUMENT.    Your option is subject to all the provisions of the Plan,
the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted
pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control. 

4

ATTACHMENT III  

 NOTICE OF EXERCISE  

   NOTICE OF EXERCISE  

	CyDex, Inc.

10513 W. 84th Terrace

Lenexa, KS 66214 USA	 	Date of Exercise:	 
	 	 	 	

Ladies and Gentlemen: 

        This
constitutes notice under my stock option that I elect to purchase the number of shares for the price set forth below. 

	Type of option (check one):	 	Incentive o	 	Nonstatutory o
	

Stock option dated:	
 	

 	
 	

 
	 	 	
	 	 
	Number of shares as to which option is exercised:	 	 	 	 
	 	 	
	 	 
	Certificates to be issued in name of:	 	 	 	 
	 	 	
	 	 
	Total exercise price:	 	$	 	 
	 	 	
	 	 
	Cash payment delivered herewith:	 	$	 	 
	 	 	
	 	 

        By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Amended and Restated 1997 Equity Compensation Plan,
(ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and (iii) if this exercise
relates to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of this
option that occurs within two (2) years after the date of grant of this option or within one (1) year after such shares of Common Stock are issued upon exercise of this option. 

        I
hereby make the following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the "Shares"), which are being acquired
by me for my own account upon exercise of the Option as set forth above: 

        I
acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and are deemed to constitute "restricted securities" under
Rule 701 and "control securities" under Rule 144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling
said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

        I
further acknowledge that I will not be able to resell the Shares for at least ninety days (90) after the stock of the Company becomes publicly traded
(i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more
restrictive conditions apply to affiliates of the Company under Rule 144; provided, however, that my shares may be subject to further
restrictions pursuant to my Stock Option Agreement. 

        I
further acknowledge that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate legends reflecting the
foregoing limitations, as 

1

 

well
as any legends reflecting restrictions pursuant to the Company's Certificate of Incorporation, Bylaws and/or applicable securities laws. 

	 	 	Very truly yours,
	

 	
 	

2

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Exhibit 10.6    
    

EMPLOYMENT AGREEMENT  

        THIS EMPLOYMENT AGREEMENT (the "Agreement) is made as of this 21st day of
June, 2006, by and between CYDEX, INC., (the "Company"), and John M. Siebert
("Employee") (collectively, the "Parties"). 

        WHEREAS, the Company wishes to employ Employee and to assure itself of the continued services of Employee on the terms set forth herein;
and 

        WHEREAS, Employee wishes to be so employed under the terms set forth herein. 

        NOW, THEREFORE, in consideration of the promises, mutual covenants, the above recitals, and the agreements herein set forth, and for other
good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree to the following terms and conditions of the Employee's employment: 

        1)    EMPLOYMENT.    The Company will employ Employee and Employee shall serve the Company in the capacity of Chairman
of the Board of Directors, President and Chief Executive Officer. 

        2)    AT-WILL EMPLOYMENT.    It is understood and agreed by the Company and
Employee that this Agreement does not contain any promise or representation concerning the duration of Employee's
employment with the Company. Employee specifically acknowledges that his employment with the Company is at-will and may be altered or terminated by either Employee or the Company at any
time, with or without cause and/or with or without notice. The nature, terms or conditions of Employee's employment with the Company cannot be changed by any oral representation, custom, habit or
practice, or any other writing. In addition, that the rate of salary, any bonuses, paid time off, other compensation, or vesting schedules are stated in units of years or months or weeks does not
alter the at-will nature of the employment, and does not mean and should not be interpreted to mean that Employee is guaranteed employment to the end of any period of time or for any
period of time. In the event of conflict between this disclaimer and any other statement, oral or written, present or future, concerning terms and conditions of employment, the at-will
relationship confirmed by this disclaimer shall control. This at-will status cannot be altered except in writing signed by Employee and approved by the Board of Directors of the Company
(the "Board of Directors").

        3)    DUTIES.    Employee shall render exclusive, full-time services to the Company as its Chairman of the
Board of Directors, President and Chief Executive Officer. Employee shall also be a voting member of the Board of Directors and shall retain such position so long as he is the Company's Chief
Executive Officer. In the event that Employee's employment is terminated for any reason, including Employee's resignation, he shall automatically and without further action immediately be deemed to
have resigned his position as a member of the Board of Directors. Employee shall report to the Board of Directors. Employee shall perform services under this Agreement primarily at the Kansas office
of the Company, and from time to time at such other locations as is necessary to perform the duties of Chairman of the Board of Directors, President and Chief Executive Officer under this Agreement.
Employee's responsibilities, working conditions and duties may be changed, added to or eliminated during his employment at the sole discretion of the Board of Directors. During Employee's employment
with the Company, he shall devote his best efforts and his full business time, skill and attention to the performance of his duties on behalf of the Company. 

        4)    POLICIES AND PROCEDURES.    Employee agrees that he is subject to and will comply with the policies and
procedures of the Company, as such policies and procedures may be modified, added to or eliminated from time to time at the sole discretion of the Company, except to the extent any such policy or
procedure specifically conflicts with the express terms of this Agreement. Employee further 

1

 

agrees
and acknowledges that any written or oral policies and procedures of the Company do not constitute contracts between the Company and Employee. 

        5)    COMPENSATION.    For all services rendered and to be rendered hereunder, the Company agrees to pay the Employee,
and the Employee agrees to accept a salary of Three Hundred Thirty Six Thousand Dollars ($336,000) per annum effective for the 2006 fiscal year which will be paid periodically in accordance with
normal Company payroll practices and shall be subject to such deductions or withholdings as the Company is required to make pursuant to law, or by further agreement with the Employee. Employee's
salary shall be subject to annual review and upward adjustment by the Board of Directors. 

        6)    STOCK OPTIONS.    Employee has been granted the options set forth on  Exhibit A hereto (the "Options"). If a Change in
Control (as defined in the Company's Amended and Restated 1997 Equity Compensation Plan, the
"Plan") occurs and as of, or within thirteen (13) months after, the effective time of such Change in Control, a Termination of Service (as defined in the Plan) of Employee occurs due to an
involuntary termination without Cause (as defined in the Plan) or due to a voluntary termination with Good Reason (as defined below), then, as of the date of Termination of Service, the vesting and
exercisability of all stock options held by Employee shall be accelerated in full. For purposes of this Agreement, "Good Reason" means that one or more of the following are undertaken by the Company
in connection with or after a Change of Control without Employee's express written consent: (i) the assignment of any duties or responsibilities that results in a material diminution in
Employee's function as in effect immediately prior to the effective date of the Change in Control; provided, however, that a change in Employee's title
or reporting relationships shall not necessarily provide the basis for a voluntary termination with Good Reason; (ii) a reduction by the Company in Employee's annual base salary, as in effect
on the effective date of the Change in Control or as increased thereafter; provided, however, that Good Reason shall not be deemed to have occurred in
the event of a reduction in Employee's annual base salary that is pursuant to a salary reduction program affecting substantially all of the employees of the Company and that does not adversely affect
Employee to a greater extent than other similarly situated employees; (iii) any failure by the Company to continue in effect any benefit plan or program, including incentive plans or plans with
respect to the receipt of securities of the Company, in which Employee was participating immediately prior to the effective date of the Change in Control (hereinafter referred to as "Benefit Plans"),
or the taking of any action by the Company that would adversely affect Employee's participation in or reduce Employee's benefits under the Benefit Plans or deprive Employee of any fringe benefit
enjoyed immediately prior to the effective date of the Change in Control; provided, however, that Good Reason shall not be deemed to have occurred if the Company provides for your participation in
benefit plans and programs that, taken as a whole, are comparable to the Benefit Plans; (iv) a relocation of Employee's business office to a location more than twenty-five
(25) miles from the location at which Employee performed his duties as of the effective date of the Change in Control, except for required travel by Employee on the Company's business to an
extent substantially consistent with Employee's business travel obligations prior to the effective date of the Change in Control; or (v) a material breach by the Company of any provision of the
Plan or any other material agreement between Employee and the Company concerning the terms and conditions of Employee's employment. 

        7)    BONUS.    Employee shall also be eligible to participate in the Company's Bonus Plan. Employee's target bonus
payout will be Fifty Percent (50%) of Employee's Base Salary based upon the Company's achievement of certain milestones and the Employee's achievement of certain performance objectives established by
the Board of Directors. The target bonus payout may be adjusted by the Board of directors at its discretion. The Board of Directors, in its sole discretion, shall determine the extent to which the
Company and the Employee have achieved the performance targets upon which Employee's bonus is based, and the amount of bonus to be paid to Employee, if any. 

2

 

        8)    OTHER BENEFITS.    While employed by the Company as provided herein: 

        a)    Employee Benefits.    The Employee shall be entitled to all
benefits to which other executive officers of the Company are entitled, on terms comparable thereto, including, without limitation, participation in pension and profit sharing plans, 401(k) plan,
group insurance policies and plans, medical, health, vision, and disability insurance policies and plans and the like, which may be maintained by the Company for the benefit of its executives. The
Company reserves the right to alter and amend the benefits received by Employee from time to time at the Company's discretion. 

        b)    Expense Reimbursement.    The Employee shall receive, against
presentation of proper receipts and vouchers, reimbursement for direct and reasonable out-of-pocket expenses incurred by him in connection with the performance of his duties
hereunder, according to the policies of the Company. 

        c)    Paid Time Off.    The Employee shall be entitled to
twenty-five (25) days of personal time off per year, six (6) days of sick leave; and holidays designated by the Company, including one (1) floating holiday. 

        d)    Directors and Officers Insurance.    The Employee shall be
entitled to coverage and participation in the Company's Directors and Officers Insurance policy. 

        9)    CONFIDENTIAL INFORMATION, RIGHTS AND DUTIES.    

        a)    Proprietary Information.    Employee will be required as a
condition of employment to sign and abide by the Company's Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement (the "Nondisclosure Agreement"), in the form attached hereto
as Exhibit B. 

        b)    Exclusive Property.    Employee agrees that all Company-related
business procured by the Executive, and all Company-related business opportunities and plans made known to Employee while employed by the Company, are and shall remain the permanent and exclusive
property of the Company. 

        10)    TERMINATION.    Employee and the Company each acknowledge that either party has the right to terminate
Employee's employment with the Company at any time for any reason whatsoever, with or without Cause (as defined below) or advance notice pursuant to the following: 

        a)    Termination by Death or Disability.    Subject to applicable
state or federal law, in the event Employee shall die during the period of his employment hereunder or become permanently disabled, as evidenced by notice to the Company and Employee's inability to
carry out his job responsibilities for a continuous period more than three (3) months, Employee's employment and the Company's obligation to make
payments hereunder shall cease upon such termination, except the Company shall pay Employee any salary earned but unpaid prior to termination, any benefits accrued prior to termination, all accrued
but unused personal time and sick leave, and any business expenses referred to in paragraph 8(b) that were incurred but not reimbursed as of the date of termination. The Company shall provide
term life insurance for a period of five (5) years with a benefit of $1 million with the beneficiary to be designated by employee; provided
that, the premium for such policy is not more than ten thousand dollars ($10,000) per year. 

        b)    Voluntary Resignation by Employee.    In the event the Employee
voluntarily terminates his employment with the Company, the Company's obligation to make payments hereunder shall cease upon such termination, except the Company shall pay Employee any salary earned
but unpaid prior to termination, any benefits accrued prior to termination, all accrued but unused personal time and sick leave, and any business expenses referred to in paragraph 8(b) that
were incurred but not reimbursed as of the date of termination. Vesting of the Options shall cease on the date of termination. 

3

 

        c)    Termination for Cause.    In the event the Employee's employment
is terminated by the Company for Cause (as defined below), the Company's obligation to make payments hereunder shall cease upon the date of receipt by Employee of written notice of such termination
(the "Termination Date"), except the Company shall pay Employee any salary earned but unpaid prior to termination, all accrued but unused personal time and sick leave and any business expenses
referred to in paragraph 8(b) that were incurred but not reimbursed as of the date of termination. Vesting of the Options shall cease on the date of termination. For purposes of this Agreement,
"Cause" shall mean any of the following: (i) the Employee's willful violation of any reasonable rule or direct order of the Board which, after written notice to do so, the Employee fails to
make reasonable efforts to correct within a reasonable time; (ii) participation in any fraud against the Company; (iii) misappropriating, or attempting to misappropriate, any property of
the Company; or (iv) conviction of a crime, or entry of a plea of nolo contendere with regard to a crime, involving actual moral turpitude or dishonesty of or by the Employee. 

        d)    Termination by the Company without Cause.    The Company will
have the right to terminate Employee's employment with Company at any time without Cause. In the event Employee's employment is terminated without Cause during the term of this Agreement, and upon the
execution of a release by Employee in the form attached hereto as Exhibit C ("Release"), and upon the written acknowledgment of his continuing
obligations under Section 9 hereof and the Nondisclosure Agreement, Employee shall be entitled to receive the equivalent of twelve (12) months of his base salary as in effect immediately
prior to the Termination Date, paid on the same basis and at the same time as previously paid. 

        e)    Deferred Compensation.    In the event that the Company
determines that any cash severance payment benefit provided under this Section 10 fails to satisfy the distribution requirement of
Section 409A(a)(2)(A) of the Code as a result of Section 409A(a)(2)(B)(i) of the Code, then if an accelerated payment of such benefits would cause such benefit not to be subject
to the provisions of Section 409A(a)(1) of the Code, the payment of such benefits shall be accelerated to the minimum extent necessary so that the benefit is not subject to the provisions of
Section 409A(a)(1) of the Code. (The payment schedule as revised after the application of the preceding sentence shall be referred to as the "Revised Payment
Schedule.") However, in the event the accelerated payment of such benefits would not avoid the application of Section 409A(a)(1) of the Code, the payment of such
benefits shall not be made pursuant to the original payment schedule or the Revised Payment Schedule and instead the payment of such benefits shall be delayed to the minimum extent necessary so that
such benefits are not subject to the provisions of Section 409A(a)(1) of the Code. 

        12.    MISCELLANEOUS.    

        a)    Taxes.    Employee agrees to be responsible for the payment of
any taxes due on any and all compensation, stock option, or benefit provided by the Company pursuant to this Agreement. Employee agrees to indemnify the Company and hold the Company harmless from any
and all claims or penalties asserted against the Company for any failure to pay taxes due on any compensation, stock option, or benefit provided by the Company pursuant to this Agreement. Employee
expressly acknowledges that the Company has not made, nor herein makes, any representation about the tax consequences of any consideration provided by the Company to the Employee pursuant to this
Agreement. 

        b)    Modification/Waiver.    This Agreement may not be amended,
modified, superseded, canceled, renewed or expanded, or any terms or covenants hereof waives, except by a writing executed by each of the parties hereto or, in the case of a waiver, by the party
waiving compliance. Failure of any party at any time or times to require performance of any provision hereof shall in no manner affect his or its right at a later time to enforce the same. No waiver
by a party of a 

4

 

breach
of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of
agreement contained in the Agreement. 

        c)    Successors and Assigns.    This Agreement shall be binding upon
and shall inure to the benefit of any successor or assignee of the business of the Company. This Agreement shall not be assignable by the Employee. 

        d)    Notices.    All notices given hereunder shall be given by
certified mail, addressed, or delivered by hand, to the other party at his or its address as set forth herein, or at any other address hereafter furnished by notice given in like manner. Employee
promptly shall notify Company of any change in Employee's address. Each notice shall be dated the date of its mailing or delivery and shall be deemed given, delivered or completed on such date. 

        e)    Governing Law; Personal Jurisdiction and Venue.    This
Agreement and all disputes relating to this Agreement shall be governed in all respects by the laws of the State of Kansas as such laws are applied to agreements between Kansas residents entered into
and performed entirely in Kansas. The Parties acknowledge that this Agreement constitutes the minimum contacts to establish personal jurisdiction in Kansas and agree to Kansas courts' exercise of
personal jurisdiction. 

        f)    Entire Agreement.    This Agreement together with the Exhibits
A, B and C attached hereto, set forth the entire agreement and understanding of the Parties hereto with regard to the employment of the Employee by the Company and supersede any and all prior
agreements, arrangements and understandings, written or oral, pertaining to the subject matter hereof. No representation, promise or inducement relating to the subject matter hereof has been made to a
party that is not embodied in these Agreements, and no party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 

        g)    Agents.    The Employee represents and warrants that he has not
incurred any liability for any employment agency or finder's fees or commissions, or the like, in connection with the employment contemplated herein. The Employee hereby agrees to indemnify and hold
the Company harmless from and against and in respect of any claim or employment agency or finder's fees or commissions or the like relating to the employment contemplated by this Agreement. 

        h)    Representation and Warranty of the Company.    The Company
represents and warrants that it has made no misrepresentation or untrue statement of a material fact to Employee about the Company and has not omitted to disclose any material fact to Employee, the
omission of which would render misleading any statements made to Employee about the Company. 

        i)    Indemnification.    The Company hereby acknowledges and
reaffirms its obligations to indemnify Employee to the extent set forth in Article VI of the Bylaws of the Company in effect as of the Effective Date of this Agreement and any subsequent
versions thereof that are adopted during Employee's employment with the Company, which are incorporated by reference herein. 

5

 

        In Witness Whereof, the parties have each duly executed this Employment Agreement as of the day and year first above written. 

	 	 	 	CYDEX, INC.
	

 	

 	
 	

 	

 
	 	 	 	

	By: Philip L. Smith	 	 	By:
	Its: General Partner	 	 	Its:
	

/s/  PHILIP L. SMITH      
 SR ONE	

 	
 	

John M. Siebert
	

 	

 	
 	

/s/  JOHN M. SIEBERT      

6

 
EXHIBIT A  

        Options exercisable for up to 1,300,000 with an exercise price per share of $.15 granted November 2, 2004. 

        Options
exercisable for up to 1,800,000 with an exercise price per share of $.15 granted December 5, 2005. 

        Options
exercisable for up to 500,000 with an exercise price per share of $.15 granted May 24, 2006 

7

 
EXHIBIT B  

        Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement 

8

 
EXHIBIT C  

 RELEASE  

        In exchange for the consideration provided to me by this Agreement that I am not otherwise entitled to receive, I hereby generally and completely release the
Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all
claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions related to my employment with the Company or the
termination of that employment, including, but not limited to: (1) all claims related to my compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay,
expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (2) all claims for breach of contract, wrongful termination, and
breach of the implied covenant of good faith and fair dealing; (3) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(4) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys' fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) ("ADEA"), and the Kansas state law (as amended).
Notwithstanding the foregoing, nothing contained in this Release is intended to release the Company from any claim arising out of, or with regard to,: (i) any breach or alleged breach of the
Employment Agreement dated as of June    , 2006, by and between me and the Company (the "Agreement") that may occur after the date of this Release, (ii) any payment to be made to me
by the Company in connection with the termination of employment as contemplated by the Agreement, or (iii) any statutory obligation that the Company may have with regard to the continuation of
benefits. 

        ADEA Waiver and Release.    I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under
the ADEA, as amended. I also acknowledge that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled.
I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release does not apply to any rights or claims that may arise after the
execution date of this Agreement; (b) I have been advised that I have the right to consult with an attorney prior to executing this Agreement; (c) I have been given
twenty-one (21) days to consider this Agreement; (d) I have seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; and
(e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after this Agreement is executed by you, provided that the
Company has also executed this Agreement by that date ("Effective Date"). The parties acknowledge and agree that revocation by you of the ADEA Waiver and Release is not
effective to revoke your waiver or release of any other claims pursuant to this Agreement.

9

QuickLinks

Exhibit 10.6

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