Document:

exv4w5

 

Exhibit 4.5

ACCESS PHARMACEUTICALS, INC.

2005 EQUITY INCENTIVE PLAN

Stock
Option Agreement

     This
Agreement dated as
of            ,
20    , between Access
Pharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware (the
“Company”), and the individual identified in paragraph 1 below, currently residing at the address set
out at the end of this Agreement (the “Optionee”).

     1. Grant
of Option. Pursuant and subject to the Company’s 2005 Equity Incentive Plan
(as the same may be amended from time to time, the “Plan”), the Company grants to you, the Optionee
identified in the table below, an option (the “Option”) to purchase from the Company all or any part
of a total of the number of shares identified in the table below (the “Optioned Shares”) of the
common stock, par value $.01 per share, in the Company (the
“Stock”), at the exercise price per share
set out in the table below.

	 	 	 	 	 	 	 
	

	 	 Optionee
	 	                                                            
	 	 
	 
	 	 	 	 	 	 
	

	 	 Number of Shares
	 	                                                            	 	 
	 
	 	 	 	 	 	 
	

	 	 Exercise Price Per Share
	 	                                                            	 	 
	 
	 	 	 	 	 	 
	

	 	 Grant Date
	 	                                                            	 	 
	 
	 	 	 	 	 	 
	

	 	 Expiration Date
	 	                                                            	 	 

     2. Character
of Option. This Option
     1/ intended to be treated as an
“incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended.

     3. Expiration of Option. This Option shall expire at 5:00 p.m. on Expiration Date or,
if earlier, the date specified in whichever of the following applies:

          (a) If the termination of your employment or other association is on account of
your death or disability, the first anniversary of the date your employment ends.

          (b) If the termination of your employment or other association is due to any
other reason, three (3) months after your employment or other association ends.

     4. Exercise of Option.

	 	 	1/Either “is” or “is not”, as the Committee has determined.

 

 

          (a) Until this Option expires, you may exercise it as to the number of Optioned
Shares identified in the table below, in full or in part, at any time on or after the applicable
exercise date or dates identified in the table.

	 	 	 	 	 	 	 	 
	 	Number of Shares	 	Initial Exercise Date
	 	in Each Installment	 	for Shares in Installment

     5. Transfer of Option. You may not transfer this Option except by will or the laws of
descent and distribution, and, during your lifetime, only you may exercise this Option.

     6. Incorporation of Plan Terms. This Option is granted subject to all of the applicable
terms and provisions of the Plan, including but not limited to the limitations on the Company’s
obligation to deliver Optioned Shares upon exercise set forth in
Section 10 (Settlement of Awards).

     7. Miscellaneous. This Agreement shall be construed and enforced in accordance with the
laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be
binding upon and inure to the benefit of any successor or assign of the Company and any executor,
administrator, trustee, guardian, or other legal representative of you. Capitalized terms used but
not defined herein shall have the meaning assigned under the Plan. This Agreement may be executed in
one or more counterparts all of which together shall constitute but one instrument.

     8. Tax Consequences. The Company makes no representation or warranty as to the tax
treatment to you of your receipt or exercise of this Option or upon your sale or other disposition of
the Optioned Shares. You should rely on your own tax advisors for such advice. In particular, you
acknowledge that in any event this Option will not be treated as an Incentive Option as to any shares
acquired under this Option

          (a) more than twelve months after your employment ends, if your employment ends
on account of your death or total and permanent disability, or,

          (b) more than three months after your employment ends, if your employment ends
in any other circumstance.

     In Witness Whereof, the parties have executed this Agreement as a sealed instrument as of
the date first above written.

 

 

	 	 	 
	ACCESS PHARMACEUTICALS, INC.
	 	 
	 
	 	 
	By:                                                             

	 	                                                            
	

	 	Signature of Optionee
	 
	 	 
	Title:                                                            
	 	 
	 
	

	 	Optionee’s Address:
	 
	 	 
	

	 	                                                            
	 
	 	 
	

	 	                                                            
	 
	 	 
	

	 	                                                            

 

 

ACCESS PHARMACEUTICALS, INC.

2005 EQUITY INCENTIVE PLAN

Option
Exercise Form

Access Pharmaceuticals, Inc.

2600 North Stemmons Freeway

Suite 176

Dallas, Texas 75207-2107

     Attention:
Chief Financial Officer

Dear Sir:

     In accordance with and subject to the terms and conditions of the Access Pharmaceuticals,
Inc. 2005 Equity Incentive Plan, I hereby elect to exercise my option granted under the agreement
dated ____________, to purchase _______________( ______) shares of the common
stock, par value $.01 per share, in Access Pharmaceuticals, Inc. (the
“Company”).

     Enclosed herewith is payment to the Company in the amount of _______________
Dollars ($ ____________) in full payment of the option price for said shares.

     I hereby represent and warrant that I am acquiring the shares purchased hereunder for
investment and not with a view to the sale or distribution thereof. I acknowledge I understand that
such shares have not been registered under the Securities Act of 1933, as amended (the “Act”), by
reason of their issuance in a transaction exempt from the registration requirement of the Act
pursuant to Section 4(2) thereof and that the shares may not be resold or otherwise transferred
except pursuant to a registration statement which has become effective under the Act unless the
Company determines that such resale or other transfer may be effected without registration under the
Act by virtue of an exemption therefrom.

	 	 	 
	

	 	Sincerely yours,exv4w6

 

Exhibit 4.6

ACCESS PHARMACEUTICALS, INC.

2005 EQUITY INCENTIVE PLAN

Restricted Stock Grant Agreement

     This Agreement made this ___day of ____________, ____, by and between
ACCESS PHARMACEUTICALS, INC. a corporation organized under the laws of the State of Delaware (the
“Company”), and the individual identified below, residing at the address there set out (the
“Employee”).

W I T N E S S E T H   T H A T:

     Whereas, Employee’s association with the Company or an Affiliate is considered by the
Company to be important for the growth of it and its Affiliates; and

     Whereas, the Company desires to grant to Employee shares of the Company’s common
stock, par value $.01 per share (the “Common Stock”) pursuant to the Company’s 2005 Equity
Incentive Plan (the “Plan”) according to the terms and conditions hereof;

     Now, Therefore, in consideration of the promises and mutual covenants herein set
forth, and other good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto hereby mutually covenant and agree as follows:

1. Issuance of Common Stock

     1.1. The Company hereby agrees to grants to Employee an aggregate of __________
(__________) shares of Common Stock in consideration of his performance of future services and on
the terms and conditions of this Agreement and all other applicable terms and conditions of the
Plan. For purposes of this Agreement, “Acquired Shares” means all of such shares, together with
any shares of stock or other securities issued in respect of or in replacement for the shares of
Common Stock described in preceding sentence as a result of a corporate or other action such as a
stock dividend, stock split, merger, consolidation, reorganization, or recapitalization.

     1.2. Upon receipt by the Company of a copy of this Agreement duly executed and completed by
the Employee, the Company shall issue in the name of Employee duly executed certificates evidencing
the Acquired Shares endorsed with the legend set forth in Section 7.3 below. Certificates
evidencing Acquired Shares shall be held in escrow by the Company as hereinafter provided.

2. Vesting and Forfeiture of Acquired Shares

     2.1. As of the date of this Agreement, all of the Acquired Shares shall be subject to the risk
of forfeiture in accordance with Section 2.2 (the Acquired Shares, while and to the extent so
subject to the risk of forfeiture pursuant to Section 2.2, being hereafter referred to as
“Restricted Shares”).

 

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     2.2. As of the Employee’s Termination Date, all of the then Restricted Shares shall be
forfeited by the Employee or any Permitted Transferee (as defined in Section 3.1 below). As of the
Employee’s Termination Date, and without requirement of notice or other action, the Company shall
become the legal and beneficial owner of the then Restricted Shares and all rights and interests
therein or relating thereto, and the Company shall have the right to retain and transfer to its own
name such Restricted Shares for no consideration whatsoever.

3. Restriction on Transfer

     3.1. Subject to the remaining provisions of this Section and except for the escrow described
in Section 4, none of the Restricted Shares or any beneficial interest therein shall be sold,
transferred, assigned, pledged, encumbered or otherwise disposed of in any way at any time
(including, without limitation, by operation of law) other than (i) to the Company or its assignees
or (ii), to any other person on (but only upon) death by will, bequest or operation of law OR any
“family member” as that term is defined in the Plan for no consideration and subject in each
instance to the Committee’s prior approval as provided in the Plan (a “Permitted Transferee”).

     3.2. All Permitted Transferees of Restricted Shares or any interest therein shall be required
as a condition of such transfer to agree in writing, in form satisfactory to the Company, that they
shall receive and hold such Shares or interest subject to the provisions of this Agreement,
including, without limitation, the forfeiture provisions of Section 3. Any sale, transfer,
assignment, pledge, encumbrance or other disposition of the Restricted Shares other than in
accordance with this Section shall be void. The Company shall not be required (i) to transfer on
its books any Restricted Shares sold, transferred or otherwise disposed of in violation of this
Section or (ii) to treat as owner of any Restricted Shares, or to pay dividends in respect of
Restricted Shares to, any person purporting to have acquired Restricted Shares or any beneficial
interest therein unless such Restricted Shares or interest were acquired in compliance with the
provisions of this Section.

4. Escrow of Shares

     4.1. Each Restricted Share granted pursuant to this Agreement shall be held in escrow by the
Company, as escrow holder (“Escrow Holder”), together with a stock power

 

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executed in blank by the Employee, until it shall either (a) have be forfeited to the Company
at the Employee’s Termination Date in accordance with Section 2.2 or (b) have become a Vested Share
and the Employee shall have satisfied the requirements of Section 5.1 (relating to tax
withholdings) with respect to any taxable income attributable to such Share.

     4.2. Upon the forfeiture of any Restricted Shares to the Company in accordance with Section
2.2, the Company shall have the right, as Escrow Holder, to take all steps necessary to accomplish
the transfer of such Share to it, including but not limited to presentment of certificates
representing the Restricted Shares, together with a stock power executed by or in the name of the
Employee appropriately completed by the Escrow Holder, to the Company’s transfer agent with
irrevocable instructions to register transfer of such Shares into the name of the Company. The
Employee hereby appoints the Company, in its capacity as Escrow Holder, as his or her irrevocable
attorney-in-fact to execute in his or her name, acknowledge and deliver all stock powers and other
instruments as may be necessary or desirable with respect to the Shares.

     4.3. When any portion of the Restricted Shares have become Vested Shares, upon Employee’s
request the Company, as Escrow Holder, shall promptly cause a new certificate to be issued for such
Shares and shall deliver such certificate to Employee subject, however, to the Employee’s
satisfaction of the requirements of Section 5.1 (relating to tax withholdings).

     4.4. Subject to the terms hereof, Employee shall have all the rights of a stockholder with
respect to the Acquired Shares while they are held in escrow, including without limitation, the
right to receive any dividends declared thereon. If, from time to time during the term of the
escrow, there occurs any corporate or other action giving rise to substituted or additional
securities by reason of ownership of the Shares such substituted or additional securities, with the
legend required by Section 7.3 if applicable, shall be immediately subject to this escrow and
deposited with the Escrow Holder.

5. Tax Consequences

     5.1. It is understood by the Company and Employee that the issuance of the Acquired Shares
hereunder may be deemed compensatory in purpose and in effect and that as a result the Company or
an Affiliate may be obligated to pay withholding taxes in respect of such Acquired Shares at the
time Employee becomes subject to income taxation as a result of the receipt or vesting of the
Acquired Shares hereunder. In the event that at the time the above-said withholding tax
obligations arise (i) Employee is no longer in the employ of the Company or an Affiliate or (ii)
Employee’s other cash compensation from the Company and its Affiliates is not sufficient to meet
the aforesaid withholding tax obligation, Employee hereby agrees to provide the Company or its
Affiliate with an amount sufficient to pay all withholding taxes required to be paid as and when
such taxes become payable. Employee agrees that in the event and to the extent the Company and its
Affiliates determine that they are not obligated to withhold taxes payable by Employee with respect
to Acquired Shares but the Company or an Affiliate is later held liable due to any non-payment of
taxes on the part of

 

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Employee, the Employee shall indemnify and hold the Company and its Affiliates harmless from
the amount of any payment made by them in respect of such liability.

     5.2. Employee hereby agrees to deliver to the Company (and his or her employing Affiliate, if
applicable) a signed copy of any instrument, letter or other document he or she may execute and
file with the Internal Revenue Service evidencing his or her election under Section 83(b)(2) of the
Internal Revenue Code of 1986, as amended, to treat his or her receipt of the Acquired Shares as
includible in his or her gross income in the year of receipt. Employee shall deliver the said copy
of any such instrument of election within five (5) days after the date on which any such election
is required to be made in accordance with the appropriate provisions of the Internal Revenue Code
or applicable Regulations thereunder.

6. Compliance with Law

     6.1. Employee represents and warrants, and each Permitted Transferee shall, as a condition of
transfer, represent and warrant, that he or she is acquiring the Acquired Shares for his or her own
account for the purpose of investment and not with a view to, or for sale in connection with, the
distribution of any such Acquired Shares.

     6.2. Employee acknowledges and agrees, and each Permitted Transferee shall, as a condition of
transfer, acknowledge and agree, that neither the Company nor any agent of the Company shall be
under any obligation to recognize any transfer of any of the Acquired Shares if, in the opinion of
counsel for the Company, such transfer would result in violation by the Company of any federal or
state law with respect to the offering, issuance or sale of securities.

7. General Provisions

     7.1. This Agreement shall be governed and enforced in accordance with the terms of the Plan
and the laws of the State of Delaware, without regard to the conflict of laws principles thereof,
and shall be binding upon the heirs, personal representatives, executors, administrators,
successors and assigns of the parties.

     7.2. This Agreement and the applicable terms of the Plan embody the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and thereof,
supersedes and preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in any way and may
only be modified or amended in writing signed by the Company and the Employee.

     7.3. The certificates representing the Restricted Shares shall be endorsed with the following
legend:

			
	 	The transferability of this certificate and the shares represented by this
certificate are subject to the terms and conditions (including, without limitation,
the potential forfeiture of the same) of the Access Pharmaceuticals, Inc. 2005
Equity Incentive Plan and a Restricted Stock Grant Agreement	 

 

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	 	entered into by the registered owner and Access Pharmaceuticals, Inc. Copies of
such Plan and Agreement are on file in the offices of Access Pharmaceuticals, Inc.
	 

     7.4. The rights and obligations of each party under this Agreement shall inure to the benefit
of and be binding upon such party’s heirs, legal representatives, successors and permitted assigns.
The rights and obligations of the Company under this Agreement shall be assignable by the Company
to any one or more persons or entities without the consent of the Employee or any other person.
The rights and obligations of any person other than the Company under this Agreement may only be
assigned with the prior written consent of the Company.

     7.5. No consent to or waiver of any breach or default in the performance of any obligations
hereunder shall be deemed or construed to be a consent to or waiver of any other breach or default
in the performance of any of the same or any other obligations hereunder. Failure on the part of
any party to complain of any act or failure to act of any other party or to declare any party in
default, irrespective of the duration of such failure, shall not constitute a waiver of rights
hereunder and no waiver hereunder shall be effective unless it is in writing, executed by the party
waiving the breach or default hereunder.

     7.6. If any provision of this Agreement shall be held illegal, invalid or unenforceable, such
illegality, invalidity or unenforceability shall attach only to such provision and shall not in any
manner affect or render illegal, invalid or unenforceable any other severable provisions of this
Agreement.

     7.7. The headings in this Agreement are for convenience of identification only, do not
constitute a part hereof, and shall not affect the meaning or construction hereof.

     7.8. Employee agrees upon request to execute any further documents or instruments necessary or
desirable to carry out the purposes or intent of this Agreement.

     7.9. In case of any dispute hereunder, the parties will submit to the exclusive jurisdiction
and venue of any court of competent jurisdiction sitting in the county in which the Company’s
headquarters in the State of Texas is located, and will comply with all requirements necessary to
give such court jurisdiction over the parties and the controversy. Each party hereto, in addition
to being entitled to exercise all rights granted by law including recovery of damages (but subject
to the remainder of this subsection), will be entitled to specific performance of his, her or its
rights under this Agreement. The parties hereto agree that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach of the provisions of this Agreement and
hereby agree to waive the defense in any action for specific performance that a remedy at law would
be adequate. EACH PARTY HEREBY WAIVES ANY RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE
DAMAGES. Nothing contained in this Section shall be construed to limit or otherwise interfere in
any respect with the authorities granted the Committee under the Plan, including without
limitation, its sole and exclusive discretion to interpret the Plan and all awards granted
thereunder (including pursuant to this Agreement).

 

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     7.10. Nothing contained in this Agreement shall confer upon the Employee any right with
respect to the continuation of his or her employment or other association with the Company or any
Affiliate, or interfere in any way with the right of the Company and its Affiliates, subject to the
terms of Employee’s separate employment or consulting agreement, if any, or provision of law or
corporate articles or by-laws to the contrary, at any time to terminate such employment or
consulting agreement or otherwise modify the terms and conditions of Employee’s employment or
association with the Company or an Affiliate.

     7.11. This Agreement may be executed in one or more counterparts, each of which when executed
shall be deemed an original and all of which, taken together, shall constitute one and the same
instrument. In making proof of this Agreement it shall not be necessary to produce or account for
more than one such counterpart.

     7.12. All capitalized terms used but not defined herein shall have the respective meaning
given such terms in the Plan.

Remainder Of This Page Intentionally Left Blank

 

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     In Witness Whereof, the parties have duly executed this Agreement under seal as of
the month, day and year first set forth above.

	 	 	 	 	 
	ACCESS PHARMACEUTICALS, INC.	 	EMPLOYEE
	 
	 	 	 	 
	By:
	 	 	 	 
	

	 	 

	 	 

	Title:

	 	 	 	Employee’s Name & Address:

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