Document:

Exhibit 10.3 

NONQUALIFIED STOCK OPTION

  non-transferable 

  GRANT TO 

                        DAVID H. BERGSTROM                    

  (the “Participant”) on December 4, 2006 

  the right to purchase ( “Option”) from NovaDel Pharma Inc. (the “Company”) 

  841,521 shares
      of its common stock, par value $0.001 per share,

  at the exercise price of $1.71 per share 

pursuant to and subject to the provisions of the 2006 NovaDel Pharma Inc. Equity Incentive Plan (the “Plan”) and to the terms and conditions set forth hereafter. By accepting the Option, the Participant, shall be
deemed to have agreed to the terms and conditions set forth in this Award Agreement and the Plan.

IN WITNESS WHEREOF, NovaDel Pharma Inc. acting by and through its duly authorized officer, has caused this Award Agreement to be executed as of the day and year first above written. 

	 	NovaDel Pharma Inc. 

      
      

      By:/s/ MICHAEL E. SPICER           

      Its: Chief Financial Officer 

      

      Accepted by the Participant: 

      
      

      /s/ DAVID H. BERGSTROM 

      David H. Bergstrom 

	
1.	
Grant of Option. The committee (the “Committee”) appointed by the Board of Directors of the Company to administer the 2006
NovaDel Pharma Inc. Equity Incentive Plan (the “Plan”), hereby grants to the Participant named above, under the Plan, a non-qualified stock option (the “Option”) to purchase from the Company, on the terms and conditions set forth
in this Award Agreement, the number of shares (“Shares’) indicated above of the Company’s $0.001 par value common stock (“Common Stock”), at the exercise price per share set forth above (the “Exercise
Price”). Unless otherwise indicated, any capitalized terms used but not defined herein shall have the meaning ascribed to such term in the Plan. By accepting the Option, the Participant is deemed to agree to comply with the terms of
the Plan, this Award Agreement and all applicable laws and regulations.	
	 
	 2.	
Tax Matters. No part of the Option granted hereunder is intended to qualify as an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”).	
	          	 
	 3.	
Vesting. The Option shall become exercisable as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a number of
Shares as provided below, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with the Plan, including, without
limitation, the filing of such written form of exercise notice, if any, as may be required by the Committee and payment in full of the Exercise Price multiplied by the number of Shares so exercised. Upon expiration of the Option, the Option shall be
cancelled and no longer exercisable. The following table indicates each date upon which the Participant shall be entitled to exercise the Option with respect to the percentage of Shares vested indicated beside that date provided that the Participant
is continuously employed at all times until the applicable vesting date:	
	 
	 	                    	Vesting Date	
    Number of Shares Vested

	 	 		
12.5% upon FDA acceptance of NDA submission for zolpidem
	
12.5% upon FDA acceptance of NDA submission for sumatriptan
	
12.5% upon Board of Directors approval and successful
implementation of portfolio plan for next generation
compounds
	
12.5% upon CEO approval and successful implementation
of organization plan to address issues in analytical,
clinical and regulatory
	
15% upon completion of a Board of Directors approved
licensing deal for zolpidem
	
15% upon completion of a Board of Directors approved
licensing deal for sumatriptan
	
20% at Board of Directors discretion upon completion
of approved licensing deal for zolpidem or sumatriptan

	 	 
	 	 There shall be no proportionate
      or partial vesting in the periods prior to each vesting date and all vesting
    shall occur only on the appropriate vesting date. 
	 	 	 	 
	4.	Option Term.
      The term of the Option shall be ten (10) years after the Grant Date, subject
      to earlier termination in the event of the Participant’s termination
    of employment or service as set forth in Section 5. 
	 

	5.	Termination.
	 	 
	          	
               a.      For
          Cause. If the Participant’s
          employment or service is terminated for Cause any unexercised Option
          shall terminate effective immediately.

               b.      On
          Account of Death. If the Participant’s
          employment or service terminates on account of death (or if the Participant
          dies within ninety (90) days following termination of employment due
          to Disability), then any unexercised Option, to the extent exercisable
          on the date of death, may be exercised, in whole or in part, within
          the first one hundred eighty (180) days (but only during the Option
          Term) after the death of the Participant by (A) his or her personal
          representative or by the person to whom the Option is transferred by
          will or the applicable laws of descent and distribution, or (B) the
          Participant’s designated beneficiary and, to the extent that any
          such Option was not exercisable on the date of death, it will immediately
          terminate.

               c.      On
          Account of Disability. If the
          Participant’s employment or service terminates on account of Disability,
          then any unexercised Option, to the extent exercisable on the date
          of such termination of employment or service due to Disability, may
          be exercised in whole or in part, within the first ninety (90) days
          after such termination of employment or service due to Disability (but
          only during the Option Term) by the Participant, or by his or her legal
          guardian or representative, and to the extent that any such Option
          was not exercisable on the date of such termination of employment due
          to Disability, it will immediately terminate.

               d.      Other.
        If (i) the Participant’s employment is terminated prior to the end
        of the term under any employment agreement between the Company and the
        Participant other than as a result of the Participant’s death or
        Disability and other than for Cause or due to a Change in Control, (ii)
        the Participant’s employment is terminated by the Participant other
        than for Good Reason, (iii) the Participant’s employment agreement
        is not renewed by the Participant at the end of its initial term, or
        (iv) the Company provides notice to the Participant that his employment
        agreement will not be renewed, any portion of the Option that has not
        vested shall expire as of the termination date or nonrenewal date, and
        any unexercised portion of a vested Option shall remain exercisable for
        a period of ninety (90) days after the termination date, the date of
    nonrenewal or the expiration of the Option, whichever is earlier.

	 	 
	
6.	
Provisions of Plan Control. This Award Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions
thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this Award
Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Award Agreement shall be deemed to be modified accordingly, provided that to the extent the Plan provides the Committee
with discretion to determine the terms of the Option, the exercise of such discretion shall not be considered to be inconsistent with the terms of the Plan. This Award Agreement contains the entire understanding of the parties with respect to the
subject matter hereof and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof.	
	 
	
7.	
Notices. All notices or other communications required or permitted to be given under this Award Agreement to the Company shall be in writing and shall be deemed to have been
duly given if delivered personally or mailed, postage pre-paid, as follows: (i) if to the Company, at its principal business address to the attention of the Secretary; and (ii) if to the Participant, at the last address of the Participant known to
the Company at the time the notice or other communication is sent.Exhibit 10.4

  RESTRICTED STOCK AWARD

  non-transferable 

  GRANT TO 

  DAVID H. BERGSTROM 

  (the “Participant”) on December 4, 2006 

    by NovaDel Pharma Inc. (the “Company”)
    of 

  100,000 shares
      of its common stock, par value $0.001 per share (the “Restricted Shares”)

pursuant to and subject to the provisions of the 2006 NovaDel Pharma Inc. Equity Incentive Plan (the “Plan”) and to the terms and conditions set forth hereafter.

IN WITNESS WHEREOF, NovaDel Pharma Inc. acting by and through its duly authorized officer, has caused this Award Agreement to be executed as of the day and year first above written. 

	 	NovaDel Pharma Inc. 
      

      By:/s/ MICHAEL E. SPICER           

      Its: Chief Financial Officer 

      
      

      Accepted by the Participant: 
      

      /s/ DAVID H. BERGSTROM           

    David H. Bergstrom 

 

 

	
1.	
Grant of Shares. The committee (the “Committee”) appointed by the Board of Directors of the Company to administer the 2006
NovaDel Pharma Inc. Equity Incentive Plan (the “Plan”), hereby grants to the Participant named above, subject to the restrictions and the other terms and conditions in the Plan and in this Award Agreement, the number of Shares indicated on
page 1 hereof (the “Restricted Shares”). Unless otherwise indicated, any capitalized terms used but not defined herein shall have the meaning ascribed to such term in the Plan. By accepting the Restricted Shares, the Participant is deemed
to agree to comply with the terms of the Plan, this Award Agreement and all applicable laws and regulations.	
	        	 	 	 
	
2.	
Restrictions. The Restricted Shares are subject to each of the following restrictions set forth in this Section. Restricted Shares may
not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. Any attempted sale, transfer, exchange, assignment, pledge, hypothecation or other encumbrance of the Restricted Shares in violation of this Award
Agreement shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions to its transfer agent. If the Participant’s employment with the
Company terminates as provided in Section 6 hereof, then the Participant shall forfeit all of the Participant’s right, title and interest in and to the Restricted Shares as of the date of termination and such Restricted Shares shall immediately
revert to the Company. The restrictions imposed under this Section shall apply to all Shares or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock
dividend or other change in corporate structure affecting the Shares.	
	 
	
3.	
Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will cumulatively expire (the period prior to such expiration being referred to herein as
the “Restricted Period”) as follows:	
	 
	 	 	 (a)  	 One Year after the Grant Date, 33% of the Restricted
      Shares shall vest; 
	 	 	 (b)	 Two Years after Grant Date, 33% of the Restricted
      Shares shall vest; 
	 	 	 (c)	 Three Years after Grant Date, 34% of the Restricted
      Shares shall vest; 
	 	 	 (d)	 Notwithstanding (a) – (c) of this Section
      3, all (100%) of the Restricted Shares shall vest upon the death or Disability
      of the Participant. 
	 	 	 	 
	
4.	
Delivery of Shares. The Restricted Shares will be registered in the name of the Participant as of the Grant Date and will be held by the Company during the Restriction Period
in certificated or uncertificated (book-entry) form. If a certificate for Restricted Shares is issued during the Restriction Period with respect to such Restricted Shares, such certificate shall be registered in the name of the Participant and shall
bear a legend delineating such restriction.	
	 
	 	
Stock certificates for the Shares with a legend shall be delivered to the Participant (or the Participant’s designee upon request of the Participant) after the expiration of the Restriction Period, but delivery may be
postponed for such period as may be required for the Company with reasonable diligence to comply if deemed advisable by the Company, with registration requirements under the 1933 Act, listing requirements under the rules of any stock exchange, and
requirements under any other law or regulation applicable to the issuance or transfer of the Restricted Shares.	
	 
	
5.	
Voting and Dividend Rights. The Participant, as beneficial owner of the Restricted Shares, shall have full voting and dividend rights with respect to the Restricted Shares from
and after the Grant Date (i.e., throughout the Restriction Period). If the Participant forfeits any rights	
	 

	 	
he or she may have under this Award Agreement in accordance with Section 6, the Participant shall no longer have any rights as a stockholder with respect to the Restricted Shares or any interest therein and the Participant
shall no longer be entitled to receive dividends on such stock.	
	 
	
6.	
Termination.	
	 
	        	          (a)      For
          Cause. If, during the Restriction
          Period as to any Restricted Shares hereunder, the Participant’s
          employment or service is terminated for Cause or by the Participant,
          then all Restricted Shares hereunder shall be forfeited. 

               (b)      Other.
        If, during the Restriction Period as to any Restricted Shares hereunder,
        (i) the Participant’s employment is terminated prior to the end
        of the term under any employment agreement between the Company and the
        Participant other than as a result of the Participant’s death or
        Disability and other than due to a Change in Control, (ii) the Participant’s
        employment agreement is not renewed by the Participant at the end of
        its initial term, or (iii) the Company provides notice to the Participant
        that his employment agreement will not be renewed, any Restricted Shares
    hereunder shall be forfeited.

	 	 
	
7.	
Provisions of Plan Control. This Award Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions
thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this Award
Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Award Agreement shall be deemed to be modified accordingly, provided that to the extent the Plan provides the Committee
with discretion to determine the terms of the Restricted Shares, the exercise of such discretion shall not be considered to be inconsistent with the terms of the Plan. This Award Agreement contains the entire understanding of the parties with
respect to the subject matter hereof and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof.	
	 
	
8.	
Amendment. The Committee may amend, modify or terminate this Award Agreement without approval of the Participant; provided, however, that such amendment, modification or
termination shall not, without the Participant’s consent, reduce or diminish the value of the award hereunder determined as if it had been fully vested (i.e., as if all restrictions on the Restricted Shares hereunder had expired) on the date of
such amendment or termination.	
	 
	
9.	
Notices. All notices or other communications required or permitted to be given under this Award Agreement to the Company shall be in writing and shall be deemed to have been
duly given if delivered personally or mailed, postage pre-paid, as follows: (i) if to the Company, at its principal business address to the attention of the Secretary; and (ii) if to the Participant, at the last address of the Participant known to
the Company at the time the notice or other communication is sent.

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