Document:

Second Amendment to Shareholder Rights Agreement

 Exhibit 4.1 
  
 SECOND AMENDMENT TO 
 SHAREHOLDER RIGHTS AGREEMENT 
  
 by and between 
  
 VICURON PHARMACEUTICALS,
INC. 
  
 and 
  
 AMERICAN STOCK TRANSFER & TRUST COMPANY 
  
 THIS SECOND AMENDMENT TO SHAREHOLDER RIGHTS AGREEMENT (this
“Second Amendment”) is made and entered into as of June 15, 2005 by and between Vicuron Pharmaceuticals, Inc., a Delaware corporation (formerly Versicor Inc., the “Company”) and American Stock Transfer & Trust Company
(“Rights Agent”). 
  
 THE PARTIES ENTER THIS FIRST
AMENDMENT on the basis of the following facts, understandings and intentions: 
  
 A. The Company and Rights Agent entered into that certain Shareholder Rights Agreement dated as of June 28, 2001, as amended as of July 30, 2002 (the “Rights Agreement”) (defined terms used herein but
not otherwise defined shall have the meanings assigned to them in the Rights Agreement); 
  
 B. The Company and Rights Agent desire to amend the Rights Agreement in certain respects; and 
  
 C. Section 27 of the Rights Agreement provides that the Company and Rights Agent shall, if the Company so directs, supplement or amend any
provision of the Rights Agreement without the approval of any holders of certificates representing shares of Common Stock. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and adequacy of which is hereby acknowledged,
the parties hereby agree as follows: 
  
 1. Amendment to
Section 1(a). Section 1(a) of the Rights Agreement is hereby amended by adding the following immediately after subsection (vi) thereof: 
  
 “Notwithstanding the foregoing, none of Parent or Sub (as such terms are hereinafter defined), nor any of their respective Affiliates or Associates,
shall be deemed to be an Acquiring Person solely by reason of the approval, execution or delivery of, or consummation of the transactions contemplated under, the Agreement and Plan of Merger, dated as of June 15, 2005 (the “Merger Agreement)
between the Company, Pfizer Inc., a Delaware corporation (“Parent”), and Viper Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Parent (“Sub”), pursuant to which Sub would merge with and into the Company
and would become a subsidiary of Parent, as more fully described therein, as the Merger Agreement may be amended from time to time in accordance with its terms.” 

 2. Amendment to Section 3(a). Section 3(a) of the Rights Agreement is hereby amended by inserting
the following sentence immediately after the last sentence thereof: 
  
 “Notwithstanding anything in this Agreement to the contrary, a Distribution Date shall not be deemed to have occurred solely by reason of the approval, execution or delivery of, or consummation of the transactions contemplated by the
Merger Agreement, as the Merger Agreement may be amended from time to time in accordance with its terms” 
  
 3. Full Force and Effect. Except as amended hereby, the Rights Agreement shall remain in full force and effect and unmodified. 
  
 4. Execution. This First Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one agreement. To facilitate execution of this First Amendment, the parties may execute and exchange facsimile counterparts of the signature
pages, and facsimile counterparts shall serve as originals. 
  
 5.
Certification of Compliance. The undersigned hereby certifies that he is the duly elected and qualified President and Chief Executive Officer of the Company and that this Second Amendment to the Rights Agreement is in compliance with the
terms of Section 27 of the Rights Agreement. 

 IN WITNESS WHEREOF, the undersigned officer of the Company, being an appropriate officer of the
Company and authorized to do so by resolution of the board of directors of the Company dated as of June 15, 2005, hereby certifies to the Rights Agent that these amendments are in compliance with the terms of Section 27 of the Rights Agreement.

  

							
	 	 	 	 	VICURON PHARMACEUTICALS, INC.,
	 	 	 	 	a Delaware corporation
				
	 	 	 	 	By:	  	 /s/ George F. Horner III

	 	 	 	 	 	  	George F. Horner III
	 	 	 	 	 	  	President and Chief Executive Officer
			
	Attest:	 	 	  	 
				
	By:	 	 /s/ Peter T. Healy

	 	 	  	 
	Name:	 	Peter T. Healy	 	 	  	 
	Title:	 	Secretary	 	 	  	 
			
	 	 	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY
				
	 	 	 	 	By:	  	 /s/ Herbert J. Lemmer

	 	 	 	 	Name:	  	Herbert J. Lemmer
	 	 	 	 	Title:	  	Vice President
			
	Attest:	 	 	  	 
				
	By:	 	 /s/ Susan Silber

	 	 	  	 
	Name:	 	Susan Silber	 	 	  	 
	Title:	 	Assistant Secretary	 	 	  	 

  
 [SIGNATURE PAGE TO
SECOND AMENDMENT TO RIGHTS AGREEMENT]Form of Incentive Stock Option Grant Agreement

 EXHIBIT 10.2 
  
 INSPIRE PHARMACEUTICALS, INC. 
  

2005 EQUITY COMPENSATION PLAN 
  
 INCENTIVE STOCK OPTION 
  
 Inspire Pharmaceuticals, Inc. (the “Company”) has granted you an Incentive Stock Option (the “Option”) under the Inspire Pharmaceuticals, Inc. 2005
Equity Compensation Plan (the “Plan”). The terms of the grant are set forth in the Incentive Stock Option Grant Agreement provided to you (the “Agreement”). The following provides a summary of the key terms of the grant; however,
you should read the entire Agreement, along with the terms of the Plan, to fully understand the grant. 
  
 SUMMARY OF INCENTIVE STOCK OPTION GRANT 
  

			
	Grantee:	 	________________________________________________
		
	Date of Grant:	 	________________________________________________
		
	Vesting Schedule:	 	________________________________________________
		
	Exercise Price Per Share:	 	________________________________________________
		
	Total Number of Options Granted:	 	________________________________________________
		
	Term/Expiration Date:	 	________________________________________________

  

 INSPIRE PHARMACEUTICALS, INC. 
  
 2005 EQUITY COMPENSATION PLAN 
  

INCENTIVE STOCK OPTION GRANT AGREEMENT 
  
 This INCENTIVE STOCK OPTION GRANT AGREEMENT (the “Agreement”), dated as of
                     (the “Date of Grant”), is delivered by Inspire Pharmaceuticals, Inc. (the “Company”) to
                     (the “Grantee”). 
  
 RECITALS 
  
 A. The Inspire Pharmaceuticals, Inc. 2005 Equity Compensation Plan (the “Plan”) provides for the grant of options to purchase shares of common
stock of the Company. The Company has decided to make a stock option grant as an inducement for the Grantee to promote the best interests of the Company and its stockholders. A copy of the Plan is attached. 
  
 B. The Plan is administered by the Compensation Committee of the Board of
Directors of the Company (the “Committee”). 
  
 NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows: 
  
 1. Grant of Option. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee an Incentive Stock Option (the “Option”) to
purchase              shares of common stock of the Company (“Shares”) at an exercise price of
$             per Share. The Option shall become exercisable according to Paragraph 2 below. 
  

2. Exercisability of Option. The Option shall become exercisable in the manner provided below, if the Grantee is employed by, or providing service to,
the Employer (as defined in the Plan) on the applicable dates. For this purpose, the term “Shares” refers to the number of shares underling that portion of the Option that vests in the manner described under Vest Type and Full Vest Date.
The term “Vest Type” describes how the Option covering those shares will vest before the Full Vest Date. For example, if Vest Type is “monthly”, that Option will vest with respect to those shares on a pro rata basis on each
monthly anniversary of the Date of Grant. The term “Full Vest Date” is the date on which that portion of the Option covering all of the corresponding shares set forth in the “Shares” column will be fully vested. 
  

					
	 Shares

	 	 Vest Type

	 	 Full Vest Date

  

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 The exercisability of the Option is cumulative, but shall not exceed one hundred percent (100%) of the Shares subject to
the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for which the Option becomes exercisable shall be rounded down to the nearest whole Share. 
  
 3. Term of Option. 
  
 (a) The Option shall have a term of
[                    ] years from the Date of Grant and shall terminate at the expiration of that period, unless it is terminated at an
earlier date pursuant to the provisions of this Agreement or the Plan. 
  
 (b) Unless a later termination date is provided for in a Company-sponsored plan, policy or arrangement, or any agreement to which the Company is a party (as provided in Section 5(f)(v) of the Plan), the Option shall automatically terminate
upon the happening of the first of the following events: 
  
 (i) The expiration of the ninety (90) day period after the Grantee ceases to be employed by, or provide service to, the Employer, if the termination is for any reason other than Disability (as defined in the Plan),
death or Misconduct (as defined in the Plan). 
  
 (ii) The expiration of the one (1) year period after the Grantee ceases to be employed by, or provide service to, the Employer on account of the Grantee’s Disability. 
  
 (iii) The expiration of the one (1) year period after the Grantee ceases to be employed by, or provide
service to, the Employer, if the Grantee dies (x) while employed by, or providing service to, the Employer or (y) within ninety (90) days after the Grantee ceases to be so employed or provide such services on account of a termination described in
subparagraph (i) above. 
  
 (iv) The expiration
of the thirty (30) day period after the date on which the Grantee ceases to be employed by, or provide service to, the Employer on account of a termination by the Employer for Misconduct. In addition, notwithstanding the prior provisions of this
Paragraph 3, if the Company determines that the Grantee has engaged in conduct that constitutes Misconduct at any time while the Grantee is employed by, or providing service to, the Employer or after the Grantee’s termination of employment or
service, the Option shall terminate as of the thirtieth (30th) day after the date on which such Misconduct first
occurred. 
  
 Notwithstanding the foregoing, in no event may the Option be
exercised after the date that is immediately before the [                    ] anniversary of the Date of Grant. Any portion of the Option
that is not exercisable at the time the Grantee ceases to be employed by, or provide service to, the Employer shall immediately terminate. 
  

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 4. Exercise Procedures. 
  
 (a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or all of the exercisable Option by
giving the Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the Option is to be exercised. At such time as the Board shall determine, the Grantee shall pay the
exercise price (i) in cash, (ii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (iii) by such other method as the Company may approve. The Company may impose from time to time
such limitations as it deems appropriate on the use of Shares of the Company to exercise the Option. 
  
 (b) The obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations and such
approvals by governmental agencies as may be deemed appropriate by the Company, including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may require that the
Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee is purchasing Shares for the Grantee’s own account and not with a view to or for sale in connection with any distribution of the Shares,
or such other representation as the Company deems appropriate. 
  
 (c) All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. Subject to Committee approval, the
Grantee may elect to satisfy any tax withholding obligation of the Employer with respect to the Option by having Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state and
local tax liabilities. 
  
 5. Designation as Incentive Stock Option.

  
 (a) This Option is designated an incentive stock option under
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). If the aggregate fair market value of the stock on the date of the grant with respect to which incentive stock options are exercisable for the first time by the
Grantee during any calendar year, under the Plan or any other stock option plan of the Company or a parent or subsidiary, exceeds one hundred thousand dollars ($100,000), then the Option, as to the excess, shall be treated as a nonqualified stock
option that does not meet the requirements of Section 422. If and to the extent that the Option fails to qualify as an incentive stock option under the Code, the Option shall remain outstanding according to its terms as a nonqualified stock option.

  
 (b) The Grantee understands that favorable incentive stock
option tax treatment is available only if the Option is exercised while the Grantee is an employee of the Company or a parent or subsidiary of the Company or within a period of time specified in the Code after the Grantee ceases to be an employee.
The Grantee understands that the Grantee is responsible for the income tax consequences of the Option, and, among other tax consequences, the Grantee understands that he or she may be subject to the alternative minimum tax under the Code in the year
in which the Option is exercised. The Grantee will consult with his or her tax adviser regarding the tax consequences of the Option. 
  

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 (c) The Grantee agrees that the Grantee shall immediately notify the Company in writing if the Grantee
sells or otherwise disposes of any Shares acquired upon the exercise of the Option and such sale or other disposition occurs on or before the later of (i) two (2) years after the Date of Grant or (ii) one (1) year after the exercise of the Option.
The Grantee also agrees to provide the Company with any information requested by the Company with respect to such sale or other disposition. 
  
 6. Change in Control. The provisions of the Plan applicable to a Change in Control (as defined in the Plan) shall apply to the Option. 
  
 7. Restrictions on Exercise. Except as the Company may otherwise permit
pursuant to the Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan) solely by the legal
representatives of the Grantee, or by the person who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement. 
  
 8. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan,
the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to interpretations, regulations and determinations concerning the Plan
established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification
or listing of the Shares, (iii) changes in capitalization of the Company and (iv) other requirements of applicable law. The Committee shall have the authority to interpret and construe the Option pursuant to the terms of the Plan, and its decisions
shall be conclusive as to any questions arising hereunder. 
  
 9. No
Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be retained by or in the employ or service of the Employer and shall not interfere in any way with the right of the Employer to terminate the
Grantee’s employment or service at any time. The right of the Employer to terminate at will the Grantee’s employment or service at any time for any reason is specifically reserved. 
  
 10. No Shareholder Rights. Neither the Grantee, nor any person entitled to
exercise the Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges of a shareholder with respect to the Shares subject to the Option, until certificates for Shares have been issued upon the
exercise of the Option. 
  
 11. Assignment and Transfers. Except as
the Committee may otherwise permit pursuant to the Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the
laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy
or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Option by notice to the Grantee, and the Option and all rights hereunder shall thereupon become 

  

 - 4 - 

 
null and void. The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s
parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent. 
  
 12. Applicable Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware, without giving effect to the conflicts of laws provisions thereof. 
  
 13. Notice. Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Compensation Committee at 4222 Emperor Boulevard, Suite 200, Durham, North Carolina,
27703-8466, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Employer, or to such other address as the Grantee may designate to the Employer in writing. Any notice shall be delivered
by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 
  
 IN WITNESS WHEREOF, the Company has caused its duly authorized officer
to execute this Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant. 
  

			
	INSPIRE PHARMACEUTICALS, INC.
		
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  
 I hereby accept the Option
described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and determinations of the Committee shall be final and binding. 
  

			
		
	 Grantee: 
	 	 
		
	 Date:
	 	 

  

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