Document:

Prepared and filed by St Ives Financial

Exhibit 10.4

OPTION CERTIFICATE

This Option Certificate evidences an Option (“Option”) to purchase shares (“Option Shares”) of Common Stock, par value $0.0025, of PacificHealth Laboratories, Inc. (the “Company”) granted to MICHAEL CAHR (the “Optionee”) pursuant to the Company’s 1995 Incentive Stock Option Plan (the “Plan”), a copy of which has been furnished to the Optionee simultaneously with the delivery of this Option Certificate. The Option and Option Shares are subject to the terms, conditions, limitations and restrictions set forth in the Plan and the following terms and conditions:

a.        The effective date of the grant of the Option is February 10, 2006, and the number of Option Shares that may be purchased upon exercise of the Option is THIRTY THOUSAND (30,000) shares (the “Option Shares”).

b.        The
  Option Price shall be $0.60 per
  Option Share.

c.        The Option shall vest, subject to the provisions for early termination set forth herein and in the Plan, on February 10, 2007.

d.        The Option shall be exercisable to purchase Option Shares beginning on the date the Option vests as to such Shares, and shall terminate as to vested Option Shares on February 10, 2011, unless sooner terminated pursuant to the Plan.

e.        The Option may not be exercised as to any Option Share prior to the time that the Option becomes vested as to such Share. 

f.        The Option Price is payable at the time of exercise and shall be paid at the election of the Optionee (i) in cash; or (ii) in such other manner as may be approved by the Board of Directors or Committee of the Board then administering the Plan. 

IN WITNESS WHEREOF, this Option Certificate has been executed on behalf of the Company by a duly authorized officer effective this 23rd day of February 2006.

 

	
       
 	
       
 	
            PACIFICHEALTH  LABORATORIES, INC.
 
	
      
 
 
 	
       
 	
      By: 

    	
      
 /s/Robert Portman
 
	
       
 	
       
 	
       
 	
            

 
	
       
 	
       
 	
       
 	
      Robert Portman, PresidentPrepared and filed by St Ives Financial

Exhibit
  10.5

OPTION CERTIFICATE

This Option Certificate evidences an Option (“Option”) to purchase shares (“Option Shares”) of Common Stock, par value $0.0025, of PacificHealth Laboratories, Inc. (the “Company”) granted to STEPHEN KUCHEN (the “Optionee”) pursuant to the Company’s 1995 Incentive Stock Option Plan (the “Plan”), a copy of which has been furnished to the Optionee simultaneously with the delivery of this Option Certificate. The Option and Option Shares are subject to the terms, conditions, limitations and restrictions set forth in the Plan and the following terms and conditions:

a.        The effective date of the grant of the Option is February 10, 2006, and the number of Option Shares that may be purchased upon exercise of the Option is ONE HUNDRED THOUSAND (100,000) shares (the “Option Shares”).

b.        The
  Option Price shall be $0.60 per
  Option Share.

c.        The Option shall vest, subject to the provisions for early termination set forth herein and in the Plan, as to 33,334 shares on February 10, 2007; as to 33,333 shares on February 10, 2008; and as to 33,333 shares on February 10, 2009.

d.        The Option shall be exercisable to purchase Option Shares beginning on the date the Option vests as to such Shares, and shall terminate as to vested Option Shares on February 10, 2011, unless sooner terminated pursuant to the Plan.

e.        The Option may not be exercised as to any Option Share prior to the time that the Option becomes vested as to such Share. 

f.        The Option Price is payable at the time of exercise and shall be paid at the election of the Optionee (i) in cash; or (ii) in such other manner as may be approved by the Board of Directors or Committee of the Board then administering the Plan. 

IN WITNESS WHEREOF, this Option Certificate has been executed on behalf of the Company by a duly authorized officer effective this 23rd day of February 2006.

 

	
       
 	
       
 	
            PACIFICHEALTH  LABORATORIES, INC.
 
	
      
 
 
 	
       
 	
      By: 

    	
      
 /s/Robert Portman
 
	
       
 	
       
 	
       
 	
            

 
	
       
 	
       
 	
       
 	
      Robert Portman, PresidentPrepared and filed by St Ives Financial

Exhibit
  10.6

OPTION CERTIFICATE

This Option Certificate evidences an Option (“Option”) to purchase shares (“Option Shares”) of Common Stock, par value $.0025, of PacificHealth Laboratories, Inc. (the “Company”) granted to ROBERT PORTMAN (the “Optionee”). The Option and Option Shares are not part of or issued under any stock option plan of the Company, but all terms and conditions of the Company’s 2000 Incentive Stock Option Plan (“Plan”) which are not inconsistent with the following terms, or the relevant provisions of the Employment Agreement, are incorporated herein by reference and shall apply to the Option. The Option and Option Shares are subject to the terms, conditions, limitations and restrictions set forth in the Plan and the following terms and conditions:

a.        The effective date of the grant of the Option is February 10, 2006, and the number of Option Shares that may be purchased upon exercise of the Option is THREE HUNDRED THOUSAND (300,000) shares (the Option Shares”).

b.        The
  Option Price shall be $0.60 per
  Option Share.

c.        The
  Option shall vest as follows: 100,000 shares shall vest on February 10, 2007;
  100,000 shares shall vest on February 10, 2008; and 100,000 shares shall vest
  on February 10, 2009.

d.        The Option shall be exercisable to purchase Option Shares beginning on the date the Option vests as to such Shares, and shall terminate as to vested Option Shares on February 10, 2011, unless sooner terminated pursuant to the Plan.

e.        The Option may not be exercised as to any Option Share prior to the time that the Option becomes vested as to such Share. 

f.        The Option Price is payable at the time of exercise and shall be paid at the election of the Optionee (i) in cash; or (ii) in such other manner as may be approved by the Board of Directors or Committee of the Board then administering the Plan. 

IN WITNESS WHEREOF, this Option Certificate has been executed on behalf of the Company by a duly authorized officer effective as of the 23rd day of February 2006.

 

	
             
 	
             
 	
            PACIFICHEALTH LABORATORIES, INC.
 
	
            
 
 
 	
             
 	

        By: 

      	
            

          /s/ Stephen P. Kuchen

      
	
             
 	
             
 	
             
 	
            

 
	
             
 	
             
 	
             
 	
            Stephen P. Kuchen, CFO<PAGE>

                                                                     EXHIBIT 4.1

NUMBER

DR

(DARWIN PROFESSIONAL UNDERWRITERS, INC. LOGO)            COMMON STOCK
                                                       PAR VALUE $0.01

                                                            SHARES
                                                      CUSIP 237502 10 9
                                             SEE REVERSE FOR CERTAIN DEFINITIONS

                                              THIS CERTIFICATE IS TRANSFERABLE
                                                IN CANTON, MA, JERSEY CITY, NJ
                                                         OR NEW YORK, NY

                     DARWIN PROFESSIONAL UNDERWRITERS, INC.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS CERTIFIES THAT

IS THE OWNER OF

           FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF
                     DARWIN PROFESSIONAL UNDERWRITERS, INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed.

This certificate is not valid until countersigned and registered by the Transfer
Agent and Registrar.

Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.

Dated:

(SEAL)                    COUNTERSIGNED AND REGISTERED:

                          COMPUTERSHARE TRUST COMPANY, N.A
                          TRANSFER AGENT AND REGISTRAR

                          BY
                             -----------------------------------------
                             AUTHORIZED SIGNATURE

   ----------------------------                   ----------------------------
            President                                      Secretary
<PAGE>

     The Corporation will furnish to any stockholder, upon request and without
charge, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
therof authorized to be issued and the qualifications, limitations or
restrictions of such preferences and/or rights.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -- as tenants in common
TEN ENT -- as tenants by the entireties
JT TEN  -- as joint tenants with right
           of survivorship and not as
           tenants in common

UNIF GIFT MIN ACT -- ____________ Custodian ____________
                        (Cust)                 (Minor)
                     Under Uniform Gifts to Minors
                     Act _______________________________
                                     (State)

     Additional abbreviations may also be used though not in the above list.

     For value received, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

______________________________________

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ shares

of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

_______________________________________________________________________ Attorney

to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated ________________________________

                                                --------------------------------
                                        NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
                                                MUST CORRESPOND WITH THE NAME AS
                                                WRITTEN UPON THE FACE OF THE
                                                CERTIFICATE IN EVERY PARTICULAR,
                                                WITHOUT ALTERATION OR
                                                ENLARGEMENT OR ANY CHANGE
                                                WHATEVER.

SIGNATURE(S) GUARANTEED:

--------------------------------------
THIS SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT
TO S.E.C. RULE 17Ad-15.

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