Document:

<PAGE>

                                                                     EXHIBIT 4.4

                               BIOVEX GROUP, INC.

                                 BIOVEX LIMITED

                                       AND

                       THE SHAREHOLDERS OF BIOVEX LIMITED

                             SHARE CONTRIBUTION AND
                               EXCHANGE AGREEMENT

    for the acquisition of the entire issued share capital of BioVex Limited

                                 August 30, 2005

<PAGE>

THIS AGREEMENT is made as of August 30, 2005

BETWEEN:-

(1)  BIOVEX GROUP, INC., a Delaware corporation (the "NEW PARENT");

(2)  BIOVEX LIMITED, a private company limited by shares incorporated in England
     and Wales (registered number 3480520), whose registered office is at 70
     Milton Park, Abingdon, Oxfordshire, OX14 4RX ("SUBSIDIARY"); and

(3)  THE SHAREHOLDERS OF BIOVEX LIMITED whose names and addresses are set out in
     column 1 of Schedule 1 hereto (each, a "SHAREHOLDER" and together, the
     "SHAREHOLDERS").

WHEREAS:

(A)  The Shareholders together are the legal and beneficial owners of 100% of
     the issued share capital in the Subsidiary (the "SUBSIDIARY SHARES") as is
     detailed in column 2 of Schedule 1 hereto; and

(B)  Each of the Shareholders has agreed to sell and the New Parent has agreed
     to purchase the Subsidiary Shares on the terms and conditions set out in
     this Agreement (the "EXCHANGE").

NOW IT IS AGREED as follows:-

1.   SALE AND PURCHASE

1.1  The Shareholders shall sell and the New Parent shall purchase the
     Subsidiary Shares for the consideration specified in clause 2 below.

1.2  The Subsidiary Shares are sold with full title guarantee and free from any
     option, charge, lien, equity, encumbrance, rights of pre-emption or any
     other third party rights and together with all rights attached to them at
     the date of this Agreement or subsequently becoming attached to them.
     Immediately following the sale of the Subsidiary Shares contemplated
     hereby, the outstanding capitalisation of the New Parent will consist
     solely of the Consideration Shares (as defined below), the certificate of
     incorporation of the New Parent will be in the form attached hereto as
     Exhibit A, and each Shareholder shall become a party to a Stockholders'
     Agreement in the form attached hereto as Exhibit B.

2.   CONSIDERATION

     The consideration for the purchase of the Subsidiary Shares shall be
     satisfied on Completion by the issue of such number of shares of Common
     Stock, par value $0.0001 per share; Series A Preferred Stock, par value
     $0.0001 per share; Series B Preferred Stock, par value $0.0001 per share;
     Series C Preferred Stock, par value

                                       2

<PAGE>

     $0.0001 per share; Series D Preferred Stock, par value $0.0001 per share;
     and Series M Preferred Stock, par value $0.0001 per share; as is set out in
     column 3 opposite each Shareholder's respective name in Schedule 1 hereto
     (the "CONSIDERATION SHARES").

     Such Consideration Shares shall be issued in respect of the number of
     Ordinary Shares, 'A' Ordinary Shares, 'B' Ordinary Shares, 'C' Ordinary
     Shares and 'D' Ordinary Shares, together with the aggregate number of
     Deferred Shares, if any, held by each Shareholder, as indicated in column 2
     of Schedule 1 hereto.

     For the avoidance of doubt, shares of Series M Preferred Stock shall be
     issued to Merlin General Partner Limited ("MERLIN") as the Consideration
     Shares in respect of the Ordinary Shares held by Merlin in order to give
     continuing effect to the liquidation preference Merlin enjoys in respect of
     such Ordinary Shares.

3.   COMPLETION

3.1  Completion shall take place forthwith upon the signing of this Agreement by
     all the parties hereto at the offices of Wilmer Cutler Pickering Hale and
     Dorr LLP, 10 Noble Street, London EC2V 7QJ, England.

3.2  At Completion the Shareholders shall deliver or cause to be delivered to
     the New Parent duly executed transfers of the Subsidiary Shares together
     with the share certificates for them or, where the share certificates have
     been lost or are otherwise unobtainable, an indemnity in a form
     satisfactory to the New Parent.

3.3  Where facsimile copies of this Agreement or duly executed transfers of the
     Subsidiary Shares have been received by the New Parent, the relevant
     Shareholder or Shareholders warrant(s) and represent(s) that the originals
     of such documents have been sent by courier or registered post (or the
     equivalent) to the New Parent c/o Wilmer Cutler Pickering Hale and Dorr
     LLP, 10 Noble Street, London EC2V 7QJ, England, marked for the attention of
     Timothy Corbett.

3.4  Prior to Completion, the directors of Subsidiary shall have resolved to
     approve the transfers of the Subsidiary Shares and (subject to them being
     duly stamped) the registration of the New Parent as member in respect of
     the Subsidiary Shares.

4.   WARRANTIES

4.1  Each of the parties warrants and represents to the other that it has the
     full power and authority to enter into this Agreement and that this
     Agreement has been duly authorised, executed and delivered by it or on its
     behalf.

4.2  Each of the Shareholders severally warrants and represents to the New
     Parent that:

     (a)  he is the owner of the Subsidiary Shares set forth opposite his
          respective name in Schedule 1 hereto and, except for such Subsidiary
          Shares as are identified on Schedule 1 hereto, he does not own any
          shares of Subsidiary or (save for any ordinary shares issuable upon
          the conversion of such Subsidiary Shares

                                       3

<PAGE>

          that are convertible into ordinary shares) have the right to purchase
          or acquire any shares of Subsidiary through any subscription, warrant,
          option, convertible security or other right (contingent or otherwise)
          (other than pursuant to options granted under the Subsidiary's
          employee share option schemes which are listed on Schedule 2 hereto
          and which will be converted into options to purchase Common Stock of
          the New Parent as described in Section 7 hereof);

     (b)  he will at Completion have the right and power to sell and transfer or
          procure the transfer of all of such Subsidiary Shares to the New
          Parent in accordance with the provisions of this Agreement, free and
          clear of any liens, claims or other encumbrances; and

     (c)  execution and performance of the provisions of this Agreement will
          effect the transfer of good and marketable title to and the full legal
          and beneficial ownership in such Subsidiary Shares, free and clear of
          any liens, claims or other encumbrances.

4.3  Each of the Shareholders waives all restrictions on transfer (including
     pre-emption rights) and any procedural requirements not specifically
     provided for herein which may exist in relation to the sale of the
     Subsidiary Shares contemplated hereby under the articles of association of
     Subsidiary, any subscription or investment agreement relating to Subsidiary
     or otherwise.

4.4  The Subsidiary covenants to the New Parent that the Subsidiary Shares
     constitute the whole of the allotted and issued share capital of
     Subsidiary.

5.   INVESTMENT WARRANTIES

5.1  Each Shareholder severally warrants that he: (i) is an "ACCREDITED
     INVESTOR" within the meaning of Rule 501 of Regulation D of the U.S.
     Securities Act of 1933, as amended (the "SECURITIES ACT"); or (ii) is not a
     "U.S. PERSON" as such term is defined in Regulation S under the Securities
     Act ("REGULATION S"), and is not acquiring the securities for the account
     or benefit of any U.S. Person, and that he is obtaining the Consideration
     Shares in an "OFFSHORE TRANSACTION" (as such term is defined in Regulation
     S under the Securities Act) outside the United States, and that, to his
     knowledge, no "DIRECTED SELLING EFFORTS" (as such term is defined in
     Regulation S) in the United States have been made by the Company in
     connection with his acquisition of Consideration Shares.

5.2  Each Shareholder severally warrants that he is acquiring the Consideration
     Shares for his own account for investment and not with a view to, or for
     sale in connection with, any distribution thereof, nor with any present
     intention of distributing or selling the same; and such Shareholder has no
     present or contemplated agreement, undertaking, arrangement, obligation,
     indebtedness or commitment providing for the disposition thereof.

5.3  Each Shareholder severally warrants that he is familiar with the New Parent
     and Subsidiary, their business and personnel; the officers of the New
     Parent and Subsidiary have made available to such Shareholder any and all
     information which he

                                       4

<PAGE>

     has requested and have answered to such Shareholder's satisfaction all
     inquiries made by such Shareholder with respect to the New Parent and the
     Exchange; and such Shareholder has sufficient knowledge and experience in
     finance and business that he is capable of evaluating the risks and merits
     of his investment in the New Parent and such Shareholder is financially
     able to bear the risks thereof.

5.4  Each Shareholder acknowledges and understands that (i) the Consideration
     Shares have not been registered under the Securities Act and are
     "RESTRICTED SECURITIES" within the meaning of Rule 144 under the Securities
     Act, (ii) the Consideration Shares cannot be sold, transferred or otherwise
     disposed of except in accordance with Regulation S, if applicable, pursuant
     to registration under the Securities Act, or pursuant to an available
     exemption from registration; and hedging transactions involving the
     Consideration Shares may not be conducted unless in compliance with the
     Securities Act; (iii) in any event, the exemption from registration under
     Rule 144 will not be available for at least one year and even then will not
     be available unless a public market then exists for the Common Stock of the
     New Parent, adequate information concerning the New Parent is then
     available to the public, and other terms and conditions of Rule 144 are
     complied with; and (iv) there is now no registration statement on file with
     the U.S. Securities and Exchange Commission with respect to any stock of
     the New Parent and the New Parent has no obligation to register the
     Consideration Shares under the Securities Act. Consideration Shares shall
     not be sold or transferred unless either (i) they first shall have been
     registered under the Securities Act, or (ii) they shall be sold pursuant to
     a valid exemption from the registration requirements of the Securities Act.

5.5  All certificates representing Consideration Shares shall have affixed
     thereto legends in substantially the following form, in addition to any
     other legends that may be required under U.S. federal or state securities
     laws:

          "The Shares represented by this certificate have not been registered
          under the Securities Act of 1933, as amended, and may not be sold,
          transferred or otherwise disposed of except in accordance with the
          provisions of Regulation S under the Securities Act, pursuant to
          registration under the Securities Act, or pursuant to an available
          exemption from registration, and hedging transactions involving the
          Shares represented by this Certificate may not be conducted unless in
          compliance with the Securities Act."

6.   TERMINATION OF SUBSIDIARY SHAREHOLDER AGREEMENTS

     Each party agrees that each of: (i) the investment agreement dated 3
     October 2003 between Subsidiary and certain shareholders of Subsidiary
     (except for article 6 (Warranties and Indemnity) thereof); (ii) the
     subscription agreement dated 21 December 2004 between Subsidiary and
     certain shareholders of Subsidiary (except for article 5 (Warranties)
     thereof); (iii) the subscription agreement dated 26 May 2005 between
     Subsidiary and certain shareholders of Subsidiary (except for article 3
     (Warranties) thereof); and (iv) the Management Rights Letter dated 3
     October 2003 between Subsidiary and Merlin General Partner II Limited shall
     terminate in its

                                       5

<PAGE>

     entirety upon the signing of this Agreement, and each party irrevocably
     waives all rights and claims under each such agreement with effect from
     Completion, except for claims in respect of warranties as provided in each
     of the subscription agreements set forth above, upon and pursuant to the
     terms of the surviving articles thereof.

7.   SUBSIDIARY OPTIONS

7.1  As soon as reasonably practicable following Completion, the New Parent will
     extend an offer to each person identified on Schedule 2 hereto (each, an
     "OPTIONHOLDER") to exchange the option or options to purchase the number of
     Ordinary Shares in the Subsidiary set forth opposite such Optionholder's
     name on Schedule 2 hereto for an option or options to acquire an equal
     number of shares of Common Stock of the New Parent upon substantially
     equivalent terms (excluding terms which relate to the tax status of such
     options).

7.2  As soon as reasonably practicable following Completion, the New Parent, in
     its capacity as a shareholder of the Subsidiary, will amend the Articles of
     Association of the Subsidiary to provide that, immediately following any
     issue of Ordinary Shares of the Subsidiary (pursuant to the exercise of any
     employee option to purchase such shares) thereafter, the holder thereof
     will by virtue of such articles be obliged to transfer such Ordinary Shares
     of the Subsidiary to the New Parent in consideration for the issuance by
     the New Parent of an equal number of shares of Common Stock of the New
     Parent.

8.   MISCELLANEOUS

8.1  Each of the Shareholders confirms that he has no and will have no claims
     (whether statutory, contractual or otherwise) against the New Parent or
     Subsidiary or any of their subsidiaries (if any) for compensation, damages
     or otherwise in relation to the Subsidiary Shares, the Consideration
     Shares, any other ownership interest in the Subsidiary or the New Parent or
     this Agreement, and hereby waives any such claims that he may have.

8.2  In relation to its subject matter this Agreement represents the entire
     understanding and constitutes the whole agreement, and supersedes any
     previous agreement, between the parties and, save as provided in this
     Agreement, no party has relied on any representation made by any other
     party.

8.3  The Shareholders shall after completion execute all such deeds and
     documents and do all such things as the New Parent may reasonably require
     for perfecting the transactions intended to be effected under or pursuant
     to this Agreement and for vesting in the New Parent the full benefit of the
     Subsidiary Shares.

8.4  This Agreement may be executed in more than one counterpart (including
     facsimile copies), each of which shall be deemed to constitute an original,
     and shall become effective when one or more counterparts have been signed
     by all of the parties hereto and such a counterpart (so signed) has been
     delivered to each of the parties hereto.

                                       6

<PAGE>

8.5  This Agreement shall be governed by, and construed in accordance with, the
     laws of England and Wales and the parties hereby submit to the
     non-exclusive jurisdiction of the English courts.

8.6  The New Parent shall be liable for any stamp duty or stamp duty reserve tax
     arising as a result of this Agreement.

8.7  This Agreement may be amended, modified or supplemented and portions of it
     waived in writing by the New Parent, the Subsidiary and Shareholders
     holding not less than 70% of the Subsidiary Shares. Notwithstanding the
     foregoing, (a) no amendment, modification, supplement or waiver shall be
     binding against any Shareholder who has not consented in writing thereto
     unless such amendment, modification, supplement or waiver affects all
     Shareholders in the same fashion, and (b) the consent of the Shareholders
     shall not be required for any amendment to add additional Shareholders as
     parties to this Agreement or to adjust the share numbers set forth on
     Schedule A solely to reflect the issuance subsequent to the date hereof of
     additional Subsidiary Shares upon the exercise of options in the Subsidiary
     outstanding on the date hereof. Neither this Agreement nor any rights or
     obligations under this Agreement may be assigned by any party.

                                      *****

                                       7
<PAGE>

                                   SCHEDULE 1

                                  SHAREHOLDINGS

<TABLE>
<CAPTION>
                                                        COLUMN 2
                                               NUMBER OF SUBSIDIARY SHARES
                        ------------------------------------------------------------------------
       COLUMN 1                        A           B          C          D
NAME AND ADDRESS OF     Ordinary    Ordinary    Ordinary   Ordinary   Ordinary       Deferred
SHAREHOLDER              Shares      Shares      Shares     Shares     Shares         Shares
---------------------   --------   ---------   ---------   --------   ---------   --------------
<S>                     <C>        <C>         <C>         <C>        <C>         <C>
ABN Amro                                       2,655,835
Participaties B.V.
Gustav Mahlerlaan 10
1082 PP
Amsterdam

Avalon Ventures VI GP                            289,622
Fund LLC
4370 La Jolla Village
Drive
Suite 685
San Diego
CA 92122

Avalon Ventures VI LP                            975,061
4370 La Jolla Village
Drive
Suite 685
San Diego
CA 92122

Bionex Investment plc                190,437     252,937                           1,959,904,264
223a Kensington High
Street
London
W8 6SG

<CAPTION>
                                                      COLUMN 3
                                           NUMBER OF CONSIDERATION SHARES
                        -------------------------------------------------------------------
       COLUMN 1                    Series A    Series B    Series C    Series D    Series M
NAME AND ADDRESS OF      Common   Preferred   Preferred   Preferred   Preferred   Preferred
SHAREHOLDER              Stock      Stock       Stock       Stock       Stock       Stock
---------------------   -------   ---------   ---------   ---------   ---------   ---------
<S>                     <C>       <C>         <C>         <C>         <C>         <C>
ABN Amro                                      2,655,835
Participaties B.V.
Gustav Mahlerlaan 10
1082 PP
Amsterdam

Avalon Ventures VI GP                           289,622
Fund LLC
4370 La Jolla Village
Drive
Suite 685
San Diego
CA 92122

Avalon Ventures VI LP                           975,061
4370 La Jolla Village
Drive
Suite 685
San Diego
CA 92122

Bionex Investment plc               190,437     252,937
223a Kensington High
Street
London
W8 6SG
</TABLE>

                                        8

<PAGE>

<TABLE>
<CAPTION>
                                                        COLUMN 2
                                               NUMBER OF SUBSIDIARY SHARES
                        ------------------------------------------------------------------------
       COLUMN 1                        A           B          C          D
NAME AND ADDRESS OF     Ordinary    Ordinary    Ordinary   Ordinary   Ordinary       Deferred
SHAREHOLDER              Shares      Shares      Shares     Shares     Shares         Shares
---------------------   --------   ---------   ---------   --------   ---------   --------------
<S>                     <C>        <C>         <C>         <C>        <C>         <C>
Robert Stuart Coffin     237,500
Flat 4
43 Colville Gardens
London
W11 2BU

Credit Lyonnais                                1,264,683                210,515
Innovation 3 Fonds
Commun de Placement
dans L'Innovation
"CLI3"

Credit Lyonnais                                  843,122                860,256
Innovation 4 Fonds
Commun de Placement
dans L'Innovation
"CLI4"

Credit Lyonnais                                                         756,082
Innovation 5 Fonds
Commun de Placement
dans L'Innovation
"CLI5"

Credit Lyonnais                                  295,093                 49,120
Venture 1 Fonds
Commun de Placement a
Risques
"CLV1"

FCPI Poste Innovation                                                   575,819
10 rue de la Paix
75002 Paris
France

<CAPTION>
                                                      COLUMN 3
                                           NUMBER OF CONSIDERATION SHARES
                        -------------------------------------------------------------------
       COLUMN 1                    Series A    Series B    Series C    Series D    Series M
NAME AND ADDRESS OF      Common   Preferred   Preferred   Preferred   Preferred   Preferred
SHAREHOLDER              Stock      Stock       Stock       Stock       Stock       Stock
---------------------   -------   ---------   ---------   ---------   ---------   ---------
<S>                     <C>       <C>         <C>         <C>         <C>         <C>
Robert Stuart Coffin    237,500
Flat 4
43 Colville Gardens
London
W11 2BU

Credit Lyonnais                               1,264,683                 210,515
Innovation 3 Fonds
Commun de Placement
dans L'Innovation
"CLI3"

Credit Lyonnais                                 843,122                 860,256
Innovation 4 Fonds
Commun de Placement
dans L'Innovation
"CLI4"

Credit Lyonnais                                                         756,082
Innovation 5 Fonds
Commun de Placement
dans L'Innovation
"CLI5"

Credit Lyonnais                                 295,093                  49,120
Venture 1 Fonds
Commun de Placement a
Risques
"CLV1"

FCPI Poste Innovation                                                   575,819
10 rue de la Paix
75002 Paris
France
</TABLE>

                                        9

<PAGE>

<TABLE>
<CAPTION>
                                                        COLUMN 2
                                               NUMBER OF SUBSIDIARY SHARES
                        ------------------------------------------------------------------------
       COLUMN 1                        A           B          C          D
NAME AND ADDRESS OF     Ordinary    Ordinary    Ordinary   Ordinary   Ordinary       Deferred
SHAREHOLDER              Shares      Shares      Shares     Shares     Shares         Shares
---------------------   --------   ---------   ---------   --------   ---------   --------------
<S>                     <C>        <C>         <C>         <C>        <C>         <C>
FCPI Poste Innovation                                                 1,198,303
2
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                 1,715,619
3
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                 1,451,278
5
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                   434,756
6
10 rue de la Paix
75002 Paris
France

Genechem Therapeutics              1,428,275   1,897,025                          14,699,281,975
Venture Fund LP
1001 de Maisonneuve
West
Suite 920
Montreal
Quebec
H3A 3C8

<CAPTION>
                                                      COLUMN 3
                                           NUMBER OF CONSIDERATION SHARES
                        -------------------------------------------------------------------
       COLUMN 1                    Series A    Series B    Series C    Series D    Series M
NAME AND ADDRESS OF      Common   Preferred   Preferred   Preferred   Preferred   Preferred
SHAREHOLDER              Stock      Stock       Stock       Stock       Stock       Stock
---------------------   -------   ---------   ---------   ---------   ---------   ---------
<S>                     <C>       <C>         <C>         <C>         <C>         <C>
FCPI Poste Innovation                                                 1,198,303
2
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                 1,715,619
3
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                 1,451,278
5
10 rue de la Paix
75002 Paris
France

FCPI Poste Innovation                                                   434,756
6
10 rue de la Paix
75002 Paris
France

Genechem Therapeutics             1,428,275   1,897,025
Venture Fund LP
1001 de Maisonneuve
West
Suite 920
Montreal
Quebec
H3A 3C8
</TABLE>

                                       10

<PAGE>

<TABLE>
<CAPTION>
                                                        COLUMN 2
                                               NUMBER OF SUBSIDIARY SHARES
                        ------------------------------------------------------------------------
       COLUMN 1                        A           B          C          D
NAME AND ADDRESS OF     Ordinary    Ordinary    Ordinary   Ordinary   Ordinary       Deferred
SHAREHOLDER              Shares      Shares      Shares     Shares     Shares         Shares
---------------------   --------   ---------   ---------   --------   ---------   --------------
<S>                     <C>        <C>         <C>         <C>        <C>         <C>
Dr John Gordon            25,000                  42,999
Bishop Oak
Jarn Way
Old Boars Hill
Oxford
OX1 5JF

Innoven 2001 FCPI No5                                                   180,123
10 rue de la Paix
75002 Paris
France

Innoven 2002 FCPI No6                                                    67,387
10 rue de la Paix
75002 Paris
France

Innoven 2003 FCPI No7                                                    67,789
10 rue de la Paix
75002 Paris
France

J Edward Sellars                     157,614
Nominees Ltd (a/c
Technomark
Co-investment Ltd
Partnership)
503 Worle Parkway
Worle
Weston-super-Mare
BS22 0WA

<CAPTION>
                                                      COLUMN 3
                                           NUMBER OF CONSIDERATION SHARES
                        -------------------------------------------------------------------
       COLUMN 1                    Series A    Series B    Series C    Series D    Series M
NAME AND ADDRESS OF      Common   Preferred   Preferred   Preferred   Preferred   Preferred
SHAREHOLDER              Stock      Stock       Stock       Stock       Stock       Stock
---------------------   -------   ---------   ---------   ---------   ---------   ---------
<S>                     <C>       <C>         <C>         <C>         <C>         <C>
Dr John Gordon           25,000                  42,999
Bishop Oak
Jarn Way
Old Boars Hill
Oxford
OX1 5JF

Innoven 2001 FCPI No5                                                   180,123
10 rue de la Paix
75002 Paris
France

Innoven 2002 FCPI No6                                                    67,387
10 rue de la Paix
75002 Paris
France

Innoven 2003 FCPI No7                                                    67,789
10 rue de la Paix
75002 Paris
France

J Edward Sellars                   157,614
Nominees Ltd (a/c
Technomark
Co-investment Ltd
Partnership)
503 Worle Parkway
Worle
Weston-super-Mare
BS22 0WA
</TABLE>

                                       11
<PAGE>

<TABLE>
<CAPTION>
 COLUMN 1
NAME AND ADDRESS                          COLUMN 2
OF SHAREHOLDER                    NUMBER OF SUBSIDIARY SHARES
----------------  --------------------------------------------------------------------
                                 A          B          C          D
                   Ordinary   Ordinary   Ordinary   Ordinary  Ordinary     Deferred
                    Shares     Shares     Shares     Shares    Shares       Shares
                  ---------  ---------  ---------  ---------  --------  --------------
<S>               <C>        <C>        <C>        <C>        <C>       <C>
David Seymour       237,500
Latchman
9 Gresham
Gardens
London
NW11 8NX

Lion Capital                              126,468               21,051
Investissement
Fonds
Commun de
Placement a
Risques
"LCI FCPR"

Lloyds TSB                   1,667,946             2,149,961            19,601,097,004
Development
Capital Limited
45 Old Bond
Street
London
W1S 4QT

Lloyds TSB
Ventures                        39,403                63,234
Nominees Limited
(A/C LDC
Co-investment
plan 2001
"A")
45 Old Bond
Street
London
W1S 4QT

Lloyds TSB
Ventures                        39,403                63,234
Nominees Limited
(A/C LDC
Co-investment
plan 2001 "B")
45 Old Bond
Street
London
W1S 4QT

<CAPTION>
 COLUMN 1
NAME AND ADDRESS                         COLUMN 3
OF SHAREHOLDER         NUMBER OF CONSIDERATION SHARES
----------------  --------------------------------------------------------------
                            Series A   Series B   Series C   Series D  Series M
                   Common  Preferred  Preferred  Preferred  Preferred  Preferred
                    Stock    Stock      Stock      Stock      Stock      Stock
                  -------  ---------  ---------  ---------  ---------  ---------
<S>               <C>      <C>        <C>        <C>        <C>        <C>
David Seymour     237,500
Latchman
9 Gresham
Gardens
London
NW11 8NX

Lion Capital                            126,468                21,051
Investissement
Fonds
Commun de
Placement a
Risques
"LCI FCPR"

Lloyds TSB                 1,667,946             2,149,961
Development
Capital Limited
45 Old Bond
Street
London
W1S 4QT

Lloyds TSB
Ventures                      39,403                63,234
Nominees Limited
(A/C LDC
Co-investment
plan 2001
"A")
45 Old Bond
Street
London
W1S 4QT

Lloyds TSB
Ventures                      39,403                63,234
Nominees Limited
(A/C LDC
Co-investment
plan 2001 "B")
45 Old Bond
Street
London
W1S 4QT
</TABLE>

                                       12

<PAGE>

<TABLE>
<CAPTION>
 COLUMN 1
NAME AND ADDRESS                               COLUMN 2
OF SHAREHOLDER                        NUMBER OF SUBSIDIARY SHARES
----------------  --------------------------------------------------------------------
                                 A          B          C          D
                   Ordinary   Ordinary   Ordinary   Ordinary  Ordinary     Deferred
                    Shares     Shares     Shares     Shares    Shares       Shares
                  ---------  ---------  ---------  ---------  --------  --------------
<S>               <C>        <C>        <C>        <C>        <C>       <C>
Merlin Equity
Limited             225,000
33 King Street
St James's
London
SW1Y 6RJ

Merlin General               2,514,970  2,982,471                       25,883,165,669
Partner II Ltd
(as general
partner of
the Merlin
Biosciences
Fund LP)
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Merlin General                 151,143    179,237                        1,555,494,017
Partner II Ltd
(as general
partner of
the Merlin
Biosciences
Fund GbR)
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Merlin General    1,900,000    952,183                                   9,799,521,317
Partner Limited
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Mr James Noble       25,000
20 Charlbury
Road
Oxford
OX2 6UU

<CAPTION>
 COLUMN 1
NAME AND ADDRESS                            COLUMN 3
OF SHAREHOLDER                    NUMBER OF CONSIDERATION SHARES
----------------  --------------------------------------------------------------
                            Series A   Series B   Series C   Series D  Series M
                   Common  Preferred  Preferred  Preferred  Preferred  Preferred
                    Stock    Stock      Stock      Stock      Stock      Stock
                  -------  ---------  ---------  ---------  ---------  ---------
<S>               <C>      <C>        <C>        <C>        <C>        <C>
Merlin Equity
Limited           225,000
33 King Street
St James's
London
SW1Y 6RJ

Merlin General             2,514,970  2,982,471
Partner II Ltd
(as general
partner of
the Merlin
Biosciences
Fund LP)
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Merlin General               151,143    179,237
Partner II Ltd
(as general
partner of
the Merlin
Biosciences
Fund GbR)
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Merlin General          0    952,183                                   1,900,000
Partner Limited
La Motte
Chambers
St Helier Jersey
JE1 1BJ

Mr James Noble     25,000
20 Charlbury
Road
Oxford
OX2 6UU
</TABLE>

                                       13
<PAGE>

<TABLE>
<CAPTION>
                                                          COLUMN 2
                                                NUMBER OF SUBSIDIARY SHARES
                        ---------------------------------------------------------------------------
       COLUMN 1                         A            B           C           D
NAME AND ADDRESS OF      Ordinary    Ordinary    Ordinary     Ordinary    Ordinary      Deferred
SHAREHOLDER               Shares      Shares      Shares       Shares      Shares        Shares
---------------------   ---------   ---------   ----------   ---------   ---------   --------------
<S>                     <C>         <C>         <C>          <C>         <C>         <C>
Dr Timothy J Rink                                   63,234
41 Avenue Hector Otto
Apt 81
MC9800 Monaco

SEP II                                           3,017,994
17 Blythswood Square
Glasgow
G2 4AD

SEP II B                                           143,714
17 Blythswood Square
Glasgow
G2 4AD

Sitka Health Fund VCT      82,204                  739,840
Plc
23 Buckingham Gate
London
SW1E 6LB

Technomark                                                     252,937
Co-investment LP(1)
King House
5-11 Westbourne Grove
London
W2 4WA

<CAPTION>
                                                       COLUMN 3
                                            NUMBER OF CONSIDERATION SHARES
                        ----------------------------------------------------------------------
       COLUMN 1                      Series A    Series B     Series C    Series D    Series M
NAME AND ADDRESS OF       Common    Preferred   Preferred    Preferred   Preferred   Preferred
SHAREHOLDER               Stock       Stock        Stock       Stock       Stock       Stock
---------------------   ---------   ---------   ----------   ---------   ---------   ---------
<S>                     <C>         <C>         <C>          <C>         <C>         <C>
Dr Timothy J Rink                                   63,234
41 Avenue Hector Otto
Apt 81
MC9800 Monaco

SEP II                                           3,017,994
17 Blythswood Square
Glasgow
G2 4AD

SEP II B                                           143,714
17 Blythswood Square
Glasgow
G2 4AD

Sitka Health Fund VCT      82,204                  739,840
Plc
23 Buckingham Gate
London
SW1E 6LB

Technomark                                                     252,937
Co-investment LP(1)
King House
5-11 Westbourne Grove
London
W2 4WA
</TABLE>

----------
(1)  Via its nominee J. Edward Sellers Nominees Limited

                                       14

<PAGE>

<TABLE>
<CAPTION>
                                                          COLUMN 2
                                                NUMBER OF SUBSIDIARY SHARES
                        ---------------------------------------------------------------------------
       COLUMN 1                         A            B           C           D
NAME AND ADDRESS OF      Ordinary    Ordinary    Ordinary     Ordinary    Ordinary      Deferred
SHAREHOLDER               Shares      Shares      Shares       Shares      Shares        Shares
---------------------   ---------   ---------   ----------   ---------   ---------   --------------
<S>                     <C>         <C>         <C>          <C>         <C>         <C>
University College        475,000
London
Gower Street
London
WC1E 6BT

V-Sciences                            952,183    1,264,683                            9,799,521,317
Investments Pte Ltd
8 Shenton Way
#38-03 Temasek Tower
Singapore
068811

West KB -                           1,428,275    1,897,025                           14,699,281,975
Westdeutsche
Kapitalbeteiligungs-
gesellschaft mbH
Herzogstrasse 15
D-40217
Dusseldof
Germany
                        ---------   ---------   ----------   ---------   ---------   --------------
GRAND TOTAL:            3,207,204   9,521,832   18,931,043   2,529,366   7,588,098   97,997,267,538
                        =========   =========   ==========   =========   =========   ==============

<CAPTION>
                                                       COLUMN 3
                                            NUMBER OF CONSIDERATION SHARES
                        ----------------------------------------------------------------------
       COLUMN 1                      Series A    Series B     Series C    Series D    Series M
NAME AND ADDRESS OF       Common    Preferred   Preferred    Preferred   Preferred   Preferred
SHAREHOLDER               Stock       Stock        Stock       Stock       Stock       Stock
---------------------   ---------   ---------   ----------   ---------   ---------   ---------
<S>                     <C>         <C>         <C>          <C>         <C>         <C>
University College        475,000
London
Gower Street
London
WC1E 6BT

V-Sciences                            952,183    1,264,683
Investments Pte Ltd
8 Shenton Way
#38-03 Temasek Tower
Singapore
068811

West KB -                           1,428,275    1,897,025
Westdeutsche
Kapitalbeteiligungs-
gesellschaft mbH
Herzogstrasse 15
D-40217
Dusseldof
Germany
                        ---------   ---------   ----------   ---------   ---------   ---------
GRAND TOTAL:            1,307,204   9,521,832   1,8931,043   2,529,366   7,588,098   1,900,000
                        =========   =========   ==========   =========   =========   =========
</TABLE>

                                       15

<PAGE>

                                   SCHEDULE 2

                                     OPTIONS

<TABLE>
<CAPTION>
                                   NUMBER OF SHARES
                                   OF COMMON STOCK
SURNAME              FIRST NAME   UNDERLYING OPTION
-------              ----------   -----------------
<S>                  <C>          <C>
Amir                                     12,000
Anesti               Mariane             20,000
Assenberg            Magdalena           30,000
Beynon               Gareth           1,200,000
Brannan (Murray)     Helan               20,000
Brown                Jason               35,000
Brown                Alice               20,000
Bullock              Paul                80,000
Coffin               Robert           1,200,000
Davis (King)         Natalie             30,000
Davy                 Stephen             12,000
English              Christie            30,000
Evans                Victoria            10,000
Gordon               John                47,400
Groves               Natasha             30,000
Hogg                 Stuart              12,000
Justin               John                30,000
Kundra               Saptal              20,000
Liu                  Binlei              50,000
Love                 Colin              800,000
Martins              Sonia               12,000
Mason                Joanne              30,000
McGrath              Yvonne              35,000
McIntyre             Sarah                2,500
Metson               Neil                20,000
Mills                Tony               200,000
Nicholson            Paul                47,400
Pheasey              Nigel               30,000
Price                Toby                35,000
Reay                 Philip              90,000
Rink                 Tim                 47,400
Roddis               Mathew              20,000
Rust                 Mark                12,000
Shorrock             Claire              35,000
Simpson              Guy                 30,000
Sims                 Ruth                30,000
Sun                  Mei-Yi              35,000
Thomas               Suzanne             90,000
Thornton             Mark                80,000
Wakeling             Madeline            30,000
Wang                 Yibing              20,000
</TABLE>

                                       16

<PAGE>

<TABLE>
<CAPTION>
                                   NUMBER OF SHARES
                                   OF COMMON STOCK
SURNAME              FIRST NAME   UNDERLYING OPTION
-------              ----------   -----------------
<S>                  <C>          <C>
Wilcox               Sue                 25,000
Williamson           Ian                 30,000
Woodhouse (Harris)   Julie               25,000
Ziquin               Han                 30,000
                                      ---------
TOTAL:                                4,729,700
                                      =========
</TABLE>

                                       17
<PAGE>

EXECUTED as a deed on the date set out above.

                                        /s/ [signature illegible]
                                        ----------------------------------------

                                        /s/ [signature illegible]
                                        ----------------------------------------

                                        /s/ [signature illegible]
                                        ----------------------------------------

                                        /s/ H.A. Slootweg, Director
                                        ----------------------------------------

Signed for and on behalf of
ABN AMRO PARTICIPATIES B.V.

                                        /s/ Kevin J. Kinsella
                                        ----------------------------------------

Signed for and on behalf of
AVALON VENTURES VI LP by its
general partner AVALON VENTURES
VI GP FUND LLC

                                        /s/ Kevin J. Kinsella
                                        ----------------------------------------

Signed for and on behalf of
AVALON VENTURES VI GP FUND
LLC

                                        /s/ Chris Roberts
                                        ----------------------------------------

Signed for and on behalf of
BIONEX INVESTMENT PLC

                                        /s/ Philip Astley-Sparke
                                        ----------------------------------------

Signed for and on behalf of
BIOVEX GROUP, INC.

                                        /s/ Philip Astley-Sparke
                                        ----------------------------------------

Signed for and on behalf of
BIOVEX LIMITED

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed by
ROBERT STUART COFFIN

                                       18

<PAGE>

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
CREDIT LYONNAIS INNOVATION
3 FONDS COMMUN DE
PLACEMENT DANS
L'INNOVATION

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
CREDIT LYONNAIS INNOVATION
4 FONDS COMMUN DE
PLACEMENT DANS
L'INNOVATION

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
CREDIT LYONNAIS INNOVATION
5 FONDS COMMUN DE
PLACEMENT DANS
L'INNOVATION

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
CREDIT LYONNAIS VENTURE 1
FONDS COMMUN DE PLACEMENT
A RISQUES

                                        /s/ Paul Toon
                                        ----------------------------------------

FCPI POSTE INNOVATION
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ Paul Toon
                                        ----------------------------------------

FCPI POSTE INNOVATION 2
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                       19

<PAGE>

                                        /s/ Paul Toon
                                        ----------------------------------------

FCPI POSTE INNOVATION 3
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ Paul Toon
                                        ----------------------------------------

FCPI POSTE INNOVATION 5
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ Paul Toon
                                        ----------------------------------------

FCPI POSTE INNOVATION 6
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
GENECHEM THERAPEUTICS VENTURE FUND
L.P. on behalf of its General Partner
GENECHEM THERAPEUTICS INC.

                                        /s/ John Laurie Gordon
                                        ----------------------------------------

Signed by
JOHN LAURIE GORDON

                                        /s/ Paul Toon
                                        ----------------------------------------

INNOVEN 2001 FCPI No 5
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                       20
<PAGE>

                                        /s/ Paul Toon
                                        ----------------------------------------

INNOVEN 2002 FCPI No 6
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ Paul Toon
                                        ----------------------------------------

INNOVEN 2003 FCPI No 7
represented by its management company
INNOVEN PARTENAIRES SA itself
represented by Mr Paul Toon duly
authorised

                                        /s/ D.E. Babbington
                                        ----------------------------------------

Signed for and on behalf of
J EDWARD SELLARS NOMINEES LTD by its
attorney TECHNOMARK CONSULTING
SERVICES LIMITED

                                        /s/ D.S. Latchman
                                        ----------------------------------------

Signed by
DAVID SEYMOUR LATCHMAN

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
LION CAPITAL INVESTISSEMENT FONDS
COMMUN DE PLACEMENT A RISQUES

                                        /s/ Stewart Licudi
                                        ----------------------------------------

Signed for and on behalf of
LLOYDS TSB DEVELOPMENT
CAPITAL LIMITED

                                       21

<PAGE>

                                        /s/ Stewart Licudi
                                        ----------------------------------------

Signed for and on behalf of
LDC CO-INVESTMENT PLAN 2001 'B'
acting by its general partner LLOYDS
TSB VENTURES GENERAL PARTNER LIMITED

                                        /s/ Stewart Licudi
                                        ----------------------------------------

Signed for and on behalf of
LDC CO-INVESTMENT PLAN 2001 'A'
acting by its general partner LLOYDS
TSB VENTURES GENERAL PARTNER LIMITED

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
MERLIN GENERAL PARTNER LIMITED as
general partner of THE MERLIN FUND
L.P.

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
MERLIN GENERAL PARTNER II LIMITED as
Managing Partner of THE MERLIN
BIOSCIENCES GBR

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
MERLIN EQUITY LIMITED

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
MERLIN GENERAL PARTNER II LIMITED as
General Partner of THE MERLIN
BIOSCIENCES FUND L.P.

                                        /s/ James Noble
                                        ----------------------------------------

Signed by
JAMES NOBLE

                                       22

<PAGE>

                                        /s/ Timothy James Rink
                                        ----------------------------------------

Signed by
TIMOTHY JAMES RINK

                                        /s/ Richard Sparrow
                                        ----------------------------------------

Signed for and on behalf of
SCOTTISH EQUITY PARTNERS LIMITED

                                        /s/ Richard Sparrow
                                        ----------------------------------------

Signed for and on behalf of
SEP II acting by its manager SCOTTISH
EQUITY PARTNERS LIMITED

                                        /s/ Richard Sparrow
                                        ----------------------------------------

Signed for and on behalf of
SEP II B acting by its manager
SCOTTISH EQUITY PARTNERS LIMITED

                                        /s/ Louis Nisbet
                                        ----------------------------------------

Signed for and on behalf of
SITKA HEALTH FUND VCT PLC

                                        ----------------------------------------

Signed for and on behalf of
TECHNOMARK CO-INVESTMENT L.P.

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
UNIVERSITY COLLEGE LONDON

                                        /s/ [signature illegible], Director
                                        ----------------------------------------

                                        /s/ [signature illegible],
                                        Company Sec'ty
                                        ----------------------------------------

Signed for and on behalf of
V-SCIENCES INVESTMENTS PTE LTD

                                       23

<PAGE>

                                        /s/ [signature illegible]
                                        ----------------------------------------

Signed for and on behalf of
WEST KB - WESTDEUTSCHE
KAPITALBETEILIGUNGS-GESELLSCHAFT MBH

                                       24<PAGE>

                                                                  EXHIBIT 10.1.2

                               BIOVEX GROUP, INC.

                            2005 STOCK INCENTIVE PLAN

1. Purpose

     The purpose of this 2005 Stock Incentive Plan (the "PLAN") of BioVex Group,
Inc., a Delaware corporation (the "COMPANY"), is to advance the interests of the
Company's stockholders by enhancing the Company's ability to attract, retain and
motivate persons who make (or are expected to make) important contributions to
the Company by providing such persons with equity ownership opportunities and
performance-based incentives and thereby better aligning the interests of such
persons with those of the Company's stockholders. Except where the context
otherwise requires, the term "COMPANY" shall include any of the Company's
present or future parent or subsidiary corporations as defined in Sections
424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the "CODE") and any other business venture
(including, without limitation, joint venture or limited liability company) in
which the Company has a controlling interest, as determined by the Board of
Directors of the Company (the "BOARD").

2. Eligibility

     All of the Company's employees, officers, directors, consultants and
advisors are eligible to be granted options, restricted stock awards, or other
stock-based awards (each, an "AWARD") under the Plan. Each person who has been
granted an Award under the Plan shall be deemed a "PARTICIPANT".

3. Administration and Delegation

     (a) Administration by Board of Directors. The Plan will be administered by
the Board. The Board shall have authority to grant Awards and to adopt, amend
and repeal such administrative rules, guidelines and practices relating to the
Plan as it shall deem advisable. The Board has discretionary authority, subject
only to the express provisions of the Plan, to interpret the Plan and may
correct any defect, supply any omission or reconcile any inconsistency in the
Plan or any Award in the manner and to the extent it shall deem expedient to
carry the Plan into effect and it shall be the sole and final judge of such
expediency. All decisions by the Board shall be made in the Board's sole
discretion and shall be final and binding on all persons having or claiming any
interest in the Plan or in any Award. No director or person acting pursuant to
the authority delegated by the Board shall be liable for any action or
determination relating to or under the Plan made in good faith.

     (b) Appointment of Committees. To the extent permitted by applicable law,
the Board may delegate any or all of its powers under the Plan to one or more
committees or subcommittees of the Board (a "COMMITTEE"). All references in the
Plan to the "Board" shall mean the Board or a Committee of the Board to the
extent that the Board's powers or authority under the Plan have been delegated
to such Committee or executive officers.

     (c) Delegation to Executive Officers. No executive officer shall be
authorized to grant Awards, including to any "executive officer" of the Company
(as defined by Rule 3b-7

                                        1

<PAGE>

under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) or
to any "officer" of the Company (as defined by Rule 16a-1 under the Exchange
Act).

4. Stock Available for Awards. Subject to adjustment under Section 8, Awards may
be made under the Plan for an aggregate of up to 1,653,661 shares of common
stock, $0.0001 par value per share, of the Company (the "COMMON STOCK"). If any
Award expires or is terminated, surrendered or canceled without having been
fully exercised or is forfeited in whole or in part (including as the result of
shares of Common Stock subject to such Award being repurchased by the Company at
the original issuance price pursuant to a contractual repurchase right) or
results in any Common Stock not being issued, the unused Common Stock covered by
such Award shall again be available for the grant of Awards under the Plan.
Further, shares of Common Stock tendered to the Company by a Participant to
exercise an Award shall be added to the number of shares of Common Stock
available for the grant of Awards under the Plan. However, in the case of
Incentive Stock Options (as hereinafter defined), the foregoing provisions shall
be subject to any limitations under the Code. Shares issued under the Plan may
consist in whole or in part of authorized but unissued shares or treasury
shares.

5. Stock Options

     (a) General. The Board may grant options to purchase Common Stock (each, an
"OPTION") and determine the number of shares of Common Stock to be covered by
each Option, the exercise price of each Option and the conditions and
limitations applicable to the exercise of each Option, including conditions
relating to applicable federal or state securities laws, as it considers
necessary or advisable. An Option that is not intended to be an Incentive Stock
Option (as hereinafter defined) shall be designated a "NONSTATUTORY STOCK
OPTION".

     (b) Incentive Stock Options. An Option that the Board intends to be an
"incentive stock option" as defined in Section 422 of the Code (an "INCENTIVE
STOCK OPTION") shall only be granted to employees of the Company, any of the
Company's current or future parent or subsidiary corporations as defined in
Sections 424(e) or (f) of the Code, and any other entities the employees of
which are eligible to receive Incentive Stock Options under the Code, and shall
be subject to and shall be construed consistently with the requirements of
Section 422 of the Code. The Company shall have no liability to a Participant,
or any other party, if an Option (or any part thereof) that is intended to be an
Incentive Stock Option is not an Incentive Stock Option or for any action taken
by the Board pursuant to Section 9(i), including without limitation the
conversion of an Incentive Stock Option to a Non-statutory Stock Option.

     (c) Exercise Price. The Board shall establish the exercise price at the
time each Option is granted and specify it in the applicable option agreement;
provided, however, that the exercise price of each Option shall be 100% (or 110%
in the case of an Incentive Stock Option granted to a ten-percent shareholder
within the meaning of Section 422(b)(6) of the Code) of the fair market value of
the Common Stock covered by the Option, determined as of the date of grant, or
such higher amount as the Board may determine in connection with the grant.

     (d) Duration of Options. Each Option shall be exercisable at such times and
subject to such terms and conditions as the Board may specify in the applicable
option agreement.

                                        2

<PAGE>

     (e) Exercise of Option. Options may be exercised by delivery to the Company
of a written notice of exercise signed by the proper person or by any other form
of notice (including electronic notice) approved by the Board together with
payment in full as specified in Section 5(f) for the number of shares for which
the Option is exercised.

     (f) Payment Upon Exercise. Common Stock purchased upon the exercise of an
Option granted under the Plan shall be paid for as follows:

          (1) in cash or by check, payable to the order of the Company;

          (2) at such time, if any, as the Common Stock is registered under the
Exchange Act, by any broker-assisted exercise program acceptable to the Board;

          (3) to the extent permitted by the Board, in its sole discretion, by
delivery of shares of Common Stock owned by the Participant valued at their fair
market value as determined by (or in a manner approved by) the Board in good
faith ("FAIR MARKET VALUE"), provided (i) such method of payment is then
permitted under applicable law, (ii) such Common Stock, if acquired directly
from the Company, was owned by the Participant for such minimum period of time,
if any, as may be established by the Board in its discretion and (iii) such
Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting
or other similar requirements;

          (4) to the extent permitted by applicable law and by the Board, in its
sole discretion by (i) delivery of a promissory note of the Participant to the
Company on terms determined by the Board, or (ii) payment of such other lawful
consideration as the Board may determine; or

          (5) by any combination of the above permitted forms of payment.

     (g) Substitute Options. In connection with a merger or consolidation of an
entity with the Company or the acquisition by the Company of property or stock
of an entity, the Board may grant Options in substitution for any options or
other stock or stock-based awards granted by such entity or an affiliate
thereof. Substitute Options may be granted on such terms as the Board deems
appropriate in the circumstances, notwithstanding any limitations on Options
contained in the other sections of this Section 5 or in Section 2. Substitute
Options shall not count against the overall share limit set forth in Section 4,
except as may be required by reason of Section 422 and related provisions of the
Code.

6. Restricted Stock

     (a) General. The Board may grant Awards consisting of or entitling
recipients to acquire shares of Common Stock ("RESTRICTED STOCK"), subject to
the right of the Company to repurchase all or part of such shares at their issue
price or other stated or formula price (or to require forfeiture of such shares
if issued at no cost) from the recipient in the event that conditions specified
by the Board in the applicable Award are not satisfied prior to the end of the
applicable restriction period or periods established by the Board for such
Award. Instead of granting Awards for Restricted Stock, the Board may grant
Awards entitling the recipient to receive shares of Common Stock to be delivered
at the time such shares of Common Stock vest ("RESTRICTED STOCK UNITS")
(Restricted Stock and Restricted Stock Units are each referred to herein as a
"RESTRICTED STOCK AWARD").

                                        3

<PAGE>

     (b) Terms and Conditions. The Board shall determine the terms and
conditions of a Restricted Stock Award, including the conditions for repurchase
(or forfeiture) and the issue price, if any.

     (c) Stock Certificates. Any stock certificates issued in respect of a
Restricted Stock Award shall be registered in the name of the Participant and,
unless otherwise determined by the Board, deposited by the Participant, together
with a stock power endorsed in blank, with the Company (or its designee). At the
expiration of the applicable restriction periods, the Company (or such designee)
shall deliver the certificates no longer subject to such restrictions to the
Participant or, if the Participant has died, to the beneficiary designated, in a
manner determined by the Board, by a Participant to receive amounts due or
exercise rights of the Participant in the event of the Participant's death (the
"DESIGNATED BENEFICIARY"). In the absence of an effective designation by a
Participant, Designated Beneficiary shall mean the Participant's estate.

7. Other Stock-Based Awards

     Other Awards of shares of Common Stock, and other Awards that are valued in
whole or in part by reference to, or are otherwise based on, shares of Common
Stock or other property, may be granted hereunder to Participants ("OTHER STOCK
UNIT AWARDS"), including without limitation stock appreciation rights and Awards
entitling recipients to receive shares of Common Stock to be delivered in the
future. Such Other Stock Unit Awards shall also be available as a form of
payment in the settlement of other Awards granted under the Plan or as payment
in lieu of compensation to which a Participant is otherwise entitled. Other
Stock Unit Awards may be paid in shares of Common Stock or cash, as the Board
shall determine. Subject to the provisions of the Plan, the Board shall
determine the conditions of each Other Stock Unit Awards, including any purchase
price applicable thereto.

8. Adjustments for Changes in Common Stock and Certain Other Events

     (a) Changes in Capitalization. In the event of any stock split, reverse
stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization
or event, or any distribution to holders of Common Stock other than an ordinary
cash dividend, (i) the number and class of securities available under this Plan,
(ii) the number and class of securities and exercise price per share subject to
each outstanding Option, (iii) the repurchase price per share subject to each
outstanding Restricted Stock Award, and (iv) the terms of each other outstanding
Award shall be appropriately adjusted by the Company (or substituted Awards may
be made, if applicable) to the extent the Board shall determine, in good faith,
that such an adjustment (or substitution) is necessary and appropriate. If this
Section 8(a) applies and Section 8(b) also applies to any event, Section 8(b)
shall be applicable to such event, and this Section 8(a) shall not be
applicable.

     (b) Change of Control

          (1) "CHANGE OF CONTROL" shall mean any of (i) a consolidation, merger,
or similar transaction or series of related transactions, including a sale or
other disposition of stock, in which the Company is not the surviving
corporation or which results in the acquisition of all or substantially all of
the Company's then outstanding common stock by a single person or entity or by a
group of persons and/or entities acting in concert, (ii) a sale or transfer of
all or substantially all the Company's assets, or (iii) a dissolution or
liquidation of

                                        4

<PAGE>

the Company. Where a Change of Control involves a tender offer that is
reasonably expected to be followed by a merger described in (i) above (as
determined by the Board), the Change of Control shall be deemed to have occurred
upon consummation of the tender offer.

          (2) Effect on Options. Upon the occurrence of a Change of Control, or
the execution by the Company of any agreement with respect to a Change of
Control, the following provisions shall apply:

               (a) Assumption or Substitution. If the Change of Control is one
in which there is an acquiring or surviving entity, the Board may provide for
the assumption of some or all outstanding Options or for the grant of new
Options in substitution therefor by the acquiror or an affiliate of the acquiror
or survivor;

               (b) Acceleration. The Board may, upon written notice to the
Participants, provide that all then unexercised Options will automatically
become exercisable in full and will terminate immediately prior to the closing
of such Change of Control, except to the extent exercised by the Participants
before the consummation of such Change of Control; or

               (c) Cash Out. In the event of a Change of Control under the terms
of which holders of Common Stock will receive upon the closing thereof a cash
payment for each share of Common Stock surrendered pursuant to such Change of
Control (the "ACQUISITION PRICE"), then the Board may instead provide that all
outstanding Options shall terminate upon the closing of such Change of Control
and that each Participant shall receive, in exchange therefor, a cash payment
equal to the amount (if any) by which (A) the Acquisition Price multiplied by
the number of shares of Common Stock subject to such outstanding Options
(whether or not then exercisable), exceeds (B) the aggregate exercise price of
such Options.

          (3) Effect on Restricted Stock Awards. Upon the occurrence of a Change
of Control or the execution by the Company of any agreement with respect to a
Change of Control, the following provisions shall apply:

               (a) Assumption. If the Change of Control is one in which there is
an acquiring or surviving entity, the Board may provide that the repurchase and
other rights of the Company under each Restricted Stock Award shall apply to the
cash, securities or other property which the Common Stock is converted into or
exchanged for pursuant to such Change of Control in the same manner and to the
same extent as they applied to the Common Stock subject to such Restricted Stock
Award; or

               (b) Acceleration. The Board may, upon written notice to the
Participants, provide that the repurchase or other rights of the Company under
each Restricted Stock Award shall terminate as of a specified time prior to the
Change of Control.

          (4) Effect on Other Awards. The Board shall specify the effect of a
Change of Control on any other Award granted under the Plan at the time of the
grant of such Award.

9. General Provisions Applicable to Awards

                                        5

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     (a) Requirement as to listing, etc. Unless the Board specifically provide
otherwise in an Award, no Option shall be exercisable and the repurchase or
other rights of the Company shall not terminate with respect to a Restricted
Stock Award unless and until a Listing has taken effect or the Option is
exercisable or the Company's repurchase or other rights terminate as a result of
the application of Section 8(b)(2) or Section 8(b)(3) as appropriate.

     (b) Awards other than Options or Restricted Stock Awards. Unless the Board
specifically provide otherwise, all Awards under the Plan shall be subject to
restrictions similar to those imposed on Options and Restricted Stock Awards by
virtue of Section 9(a) above.

     (c) Definition of Listing. For the purposes of Awards made under the Plan
and, without limitation, Sections 9(a) and 9(b) above, "Listing" shall mean the
Company's first firm commitment underwritten public offering of its Common Stock
where the stock is subsequently primarily traded on the Nasdaq Stock Market's
National Market, the New York Stock Exchange, the London Stock Exchange, the
Alternative Investment Market or any other comparable exchange or marketplace
approved for the purposes of the Plan by the Board.

     (d) Transferability of Awards. Except as the Board may otherwise determine
or provide in an Award, Awards shall not be sold, assigned, transferred, pledged
or otherwise encumbered by the person to whom they are granted, either
voluntarily or by operation of law, except by will or the laws of descent and
distribution or, other than in the case of an Incentive Stock Option, pursuant
to a qualified domestic relations order, and, during the life of the
Participant, shall be exercisable only by the Participant. References to a
Participant, to the extent relevant in the context, shall include references to
authorized transferees.

     (e) Documentation. Each Award shall be evidenced in such form (written,
electronic or otherwise) as the Board shall determine. As determined by the
Board, each Award may contain terms and conditions in addition to those set
forth in the Plan.

     (f) Board Discretion. Except as otherwise provided by the Plan, each Award
may be made alone or in addition or in relation to any other Award. The terms of
each Award need not be identical, and the Board need not treat Participants
uniformly.

     (g) Termination of Status. The Board shall determine the effect on an Award
of the disability, death, retirement, authorized leave of absence or other
change in the employment or other status of a Participant and the extent to
which, and the period during which, the Participant, or the Participant's legal
representative, conservator, guardian or Designated Beneficiary, may exercise
rights under the Award.

     (h) Withholding. Each Participant shall pay to the Company, or make
provision satisfactory to the Board for payment of, any taxes and social
security contributions required by law or agreed to be withheld in connection
with the grant, holding, vesting or exercise of the Awards or otherwise in
connection with Awards to such Participant no later than the date of the event
creating the tax or social security liability. Except as the Board may otherwise
provide in an Award, when the Common Stock is registered under the Exchange Act,
Participants may, subject to prior approval of the Board, satisfy such tax and
social security obligations in whole or in part by delivery of shares of Common
Stock, including shares retained from the Award creating the tax or social
security obligation, valued at their Fair

                                        6

<PAGE>

Market Value. Shares surrendered to satisfy tax and/or social security
withholding requirements cannot be subject to any repurchase, forfeiture,
unfulfilled vesting or other similar requirements. The Company may, to the
extent permitted by law, deduct any such tax and/or social security obligations
from any payment of any kind otherwise due to a Participant.

     (i) Amendment of Award. The Board may amend, modify or terminate any
outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or
realization, and converting an Incentive Stock Option to a Nonstatutory Stock
Option, provided that the Participant's consent to such action shall be required
unless the Board determines that the action, taking into account any related
action, would not materially and adversely affect the Participant.

     (j) CONDITIONS ON DELIVERY OF STOCK. THE COMPANY WILL NOT BE OBLIGATED TO
DELIVER ANY SHARES OF COMMON STOCK PURSUANT TO THE PLAN OR TO REMOVE
RESTRICTIONS FROM SHARES PREVIOUSLY DELIVERED UNDER THE PLAN UNTIL (I) ALL
CONDITIONS OF THE AWARD HAVE BEEN MET OR REMOVED TO THE SATISFACTION OF THE
COMPANY; (II) IN THE OPINION OF THE COMPANY'S COUNSEL, ALL OTHER LEGAL MATTERS
IN CONNECTION WITH THE ISSUANCE AND DELIVERY OF SUCH SHARES HAVE BEEN SATISFIED,
INCLUDING ANY APPLICABLE SECURITIES LAWS AND ANY APPLICABLE STOCK EXCHANGE OR
STOCK MARKET RULES AND REGULATIONS; (III) THE PARTICIPANT HAS BECOME A PARTY TO,
AND BECOMES BOUND AS A "COMMON HOLDER" UNDER, THE COMPANY'S STOCKHOLDERS'
AGREEMENT, DATED AS OF 30 AUGUST 2005 AND AS AMENDED OR SUBSTITUTED FROM TIME TO
TIME; AND (IV) THE PARTICIPANT HAS EXECUTED AND DELIVERED TO THE COMPANY SUCH
ADDITIONAL REPRESENTATIONS OR AGREEMENTS AS THE COMPANY MAY CONSIDER APPROPRIATE
TO SATISFY THE REQUIREMENTS OF ANY APPLICABLE LAWS, RULES OR REGULATIONS.

     (k) Acceleration. The Board may at any time provide that any Award shall
become immediately exercisable in full or in part, free of some or all
restrictions or conditions, or otherwise realizable in full or in part, as the
case may be.

10. Miscellaneous

     (a) No Right To Employment or Other Status. No person shall have any claim
or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any
time to dismiss or otherwise terminate its relationship with a Participant free
from any liability or claim under the Plan, except as expressly provided in the
applicable Award or any applicable services or employment agreement.

     (b) No Rights As Stockholder. Subject to the provisions of the applicable
Award, no Participant or Designated Beneficiary shall have any rights as a
stockholder with respect to any shares of Common Stock to be distributed with
respect to an Award until becoming the record holder of such shares.
Notwithstanding the foregoing, in the event the Company effects a split of the
Common Stock by means of a stock dividend and the exercise price of and the
number of shares subject to such Option are adjusted as of the date of the
distribution of the dividend (rather than as of the record date for such
dividend), then an optionee who exercises an Option between the record date and
the distribution date for such stock dividend shall be entitled to receive, on
the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such Option exercise, notwithstanding the fact that

                                        7

<PAGE>

such shares were not outstanding as of the close of business on the record date
for such stock dividend.

     (c) Effective Date and Term of Plan. The Plan shall become effective on the
date on which it is adopted by the Board. No Awards shall be granted under the
Plan after the completion of ten years from the earlier of (i) the date on which
the Plan was adopted by the Board or (ii) the date the Plan was approved by the
Company's stockholders, but Awards previously granted may extend beyond that
date.

     (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan
or any portion thereof at any time.

     (e) Authorization of Sub-Plans. The Board may from time to time establish
one or more sub-plans under the Plan for purposes of satisfying applicable blue
sky, securities or tax laws of various jurisdictions. The Board shall establish
such sub-plans by adopting supplements to this Plan containing (i) such
limitations on the Board's discretion under the Plan as the Board deems
necessary or desirable or (ii) such additional terms and conditions not
otherwise inconsistent with the Plan as the Board shall deem necessary or
desirable. All supplements adopted by the Board shall be deemed to be part of
the Plan, but each supplement shall apply only to Participants within the
affected jurisdiction and the Company shall not be required to provide copies of
any supplement to Participants in any jurisdiction which is not the subject of
such supplement.

     (f) Compliance with Code Section 409A. No Award shall provide for deferral
of compensation that does not comply with Section 409A of the Code, unless the
Board, at the time of grant, specifically provides that the Award is not
intended to comply with Section 409A of the Code.

     (g) Governing Law. The provisions of the Plan and all Awards made hereunder
shall be governed by and interpreted in accordance with the laws of the State of
Delaware, excluding choice of law principles of the law of such state that would
require the application of the laws of a jurisdiction other than such state.

                                         Adopted by the Board of Directors
                                         on July 19, 2005

                                         Approved by the Stockholders
                                         on October 15, 2005

                                        8

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