Document:

Exhibit 4.7

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY
NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL
REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
CORPORATION HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

     This Amended and Restated Convertible Promissory Note (this "Note") amends,
restates and combines that certain Convertible Promissory Note dated December 9,
2004 in the original principal amount of $_________, issued by CepTor
Corporation to ________ and that certain Convertible Promissory Note dated
December 9, 2004 in the original principal amount of $___________, issued by
CepTor Corporation to _____________. The parties hereto agree that this Note
supercedes and replaces the above referenced notes and that such notes have been
cancelled.

                               CEPTOR CORPORATION

                AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE
                                (non-negotiable)

                                                           Hunt Valley, Maryland
$____________                                                   December 9, 2004

     FOR VALUE RECEIVED Ceptor Corporation, a Delaware corporation (the
"COMPANY"), promises to pay to _____________ (the "HOLDER"), at the office of
the Holder, the principal amount of _____________________________ dollars and
xx/100ths ($_________), or such lesser amount as shall equal the outstanding
principal amount hereof, together with simple interest from the date of this
Note on the unpaid principal balance at a rate equal to ten (10%) percent per
annum through December 8, 2005 and twelve (12%) percent per annum beginning
December 9, 2005, computed on the basis of the actual number of days elapsed and
a year of 365 days. All unpaid principal, together with any then accrued but
unpaid interest and any other amounts payable hereunder, shall be due and
payable on July 3, 2006 (the "Maturity Date").

     The following is a statement of the rights of the Holder of this Note and
the conditions to which this Note is subject, and to which the Holder, by the
acceptance of this Note, agrees:

     1. Certain Definitions.

          (a) "CONVERSION SECURITIES" means the shares of common stock, par
value $0.0001 per share (the "Common Stock"), of the Company, with such rights,
preferences, privileges and restrictions, contractual or otherwise, as shall be
set forth in the Certificate of Incorporation and bylaws of the Company.

          (b) "CONVERSION PRICE" means $0.75 per share.

          (c) "DEFAULT" means:

               i) the Company shall default in the payment of interest and/or
          principal on this Note (subject to the right of the

          Holder to convert all of the presently due and outstanding principal
          and/or interest owing under this Note into Conversion Securities upon
          which this Note shall not be deemed in Default) and such default shall
          continue for ten (10) business days after the due date thereof; or

               ii) any of the representations or warranties made by the Company
          herein or in any certificate or financial or other statements
          heretofore or hereafter furnished by or on behalf of the Company to
          Holder in connection with the execution and delivery of this Note or
          such other documents shall be false or misleading in any material
          respect at the time made; or

               iii) the Company shall fail to materially perform or observe any
          covenant or agreement in the Note Purchase Agreement, or any other
          covenant, term, provision, condition, agreement or obligation of the
          Company under this Note and such failure shall continue uncured for a
          period of ten (10) business days after notice from the Holder of such
          failure; or

               iv) the Company shall (1) become insolvent; (2) admit in writing
          its inability to pay its debts generally as they mature; (3) make an
          assignment for the benefit of creditors or commence proceedings for
          its dissolution; or (4) apply for or consent to the appointment of a
          trustee, liquidator or receiver for it or for a substantial part of
          its property or business; or

               v) a trustee, liquidator or receiver shall be appointed for the
          Company or for a substantial part of its property or business without
          its consent and shall not be discharged within thirty (30) days after
          such appointment; or

               vi) any governmental agency or any court of competent
          jurisdiction at the insistence of any governmental agency shall assume
          custody or control of the whole or any substantial portion of the
          properties or assets of the Company and shall not be dismissed within
          thirty (30) days thereafter; or

               vii) the Company shall sell or otherwise transfer all or
          substantially all of its assets; or

               viii) bankruptcy, reorganization, insolvency or liquidation
          proceedings or other proceedings, or relief under any bankruptcy law
          or any law for the relief of debt shall be instituted by or against
          the Company and, if instituted against the Company shall not be
          dismissed within thirty (30) days after such institution, or the
          Company shall by any action or answer approve of, consent

                                       -2-

          to, or acquiesce in any such proceedings or admit to any material
          allegations of, or default in answering a petition filed in any such
          proceeding; or

               ix) the Company shall be in default of any of its indebtedness,
          including but not limited to its senior lending facility, and the
          holders thereof shall have accelerated such indebtedness; or

               x) the Company shall be in material default of any of its
          indebtedness that gives the holder thereof the right to accelerate
          such indebtedness.

     2. INTENTIONALLY OMITTED.

     3. CONVERSION AT THE OPTION OF THE HOLDER. The Holder of this Note shall
have the following conversion rights:

          (a) HOLDER'S RIGHT TO CONVERT. This Note shall be convertible, in
whole or in part, at any time on or after December 1, 2005, following delivery
of notice to the Company (at the address and in the manner set forth in the Note
Purchase Agreement pursuant to which this Note is attached) of the election of
the Holder hereof, to convert the outstanding principal amount, plus interest
into fully paid, validly issued and nonassessable shares of the Conversion
Securities. If this Note is converted in part, the remaining portion of this
Note not so converted shall remain entitled to the conversion rights provided
herein.

          (b) CONVERSION PRICE FOR HOLDER CONVERTED SHARES. The Outstanding
Principal Amount of this Note and interest that is converted into Conversion
Securities at the option of the Holder shall be convertible at the Conversion
Price.

          (c) MECHANICS OF CONVERSION. In order to convert this Note (in whole
or in part) into full Conversion Securities, the Holder (i) shall give written
notice in the form of EXHIBIT A hereto (the "Conversion Notice") by facsimile to
the Company at such office that the Holder elects to convert the principal
amount (plus accrued but unpaid interest and default payments) specified
therein, which such notice and election shall be revocable by the Holder at any
time prior to its receipt of the Conversion Securities upon conversion, and (ii)
as soon as practicable after such notice, shall surrender this Note, duly
endorsed, by either overnight courier or 2-day courier, to the principal office
of the Company; PROVIDED, HOWEVER, that the Company shall not be obligated to
issue certificates evidencing the shares of the Conversion Securities issuable
upon such conversion unless either the Note evidencing the principal amount is
delivered to the Company as provided above, or the Holder notifies the Company
that such Note(s) have been lost, stolen or destroyed and promptly executes an
agreement reasonably satisfactory to the Company to indemnify the Company from
any loss incurred by it in connection with such lost, stolen or destroyed Notes.
If a Holder is converting less than the maximum number of shares it may convert
under its Note, the Company shall, upon notice received from Holder and Company
of such facts with documentary copies of all notices, Conversion Securities
issued, and cancelled notes, shall reissue the

                                       -3-

Note with the appropriate remaining principal amount as soon as practicable
after the Company shall have received the Holder's surrendered Note and copies
of all documents to its satisfaction.

     The Company shall issue and deliver within one business day of the delivery
to the Company of such Conversion Notice, to such Holder of Note(s) at the
address of the Holder, or to its designee, a certificate or certificates for the
number of shares of Conversion Securities to which the Holder shall be entitled
as aforesaid, together with a calculation of the Conversion Price and a Note for
the principal amount not submitted for conversion. The date on which the
Conversion Notice is given (the "Holder Conversion Date") shall be deemed to be
the date the Company received by facsimile the Conversion Notice, and the person
or persons entitled to receive the Conversion Securities issuable upon such
conversion shall be treated for all purposes as the record holder or holders of
such shares of Conversion Securities on such date.

     In lieu of delivering physical certificates representing the Conversion
Securities issuable upon conversion of Notes, provided the Company's transfer
agent is participating in the Depository Trust Company ("DTC") Fast Automated
Securities Transfer ("FAST") program, upon request of the Holder, the Company
shall use its best efforts to cause its transfer agent to electronically
transmit the Conversion Securities issuable upon conversion or exercise to the
Holder, by crediting the account of Holder's prime broker with DTC through its
Deposit Withdrawal Agent Commission ("DWAC") system. The time periods for
delivery described above shall apply to the electronic transmittals through the
DWAC system. The parties agree to coordinate with DTC to accomplish this
objective. The conversions shall be deemed to have been made immediately prior
to the close of business on the Holder Conversion Date. The person or persons
entitled to receive the Conversion Securities issuable upon such conversion
shall be treated for all purposes as the record holder or holders of such
Conversion Securities at the close of business on the Holder Conversion Date.

          (d) LIMITATIONS ON RIGHT TO CONVERT. In no event shall the Holder be
permitted to convert this Note in excess of that amount upon the Conversion of
which the number of Conversion Securities to be issued pursuant to such
Conversion, when added to the number of shares of Conversion Securities issued
pursuant to all prior Conversions of the Note, would exceed 19.99% of the number
of shares of Company Common Stock outstanding on the Closing Date (subject to
equitable adjustment from time to time for the events described below) (the "CAP
AMOUNT"), except that such limitation shall not apply in the event that the
Company obtains the approval of the holders of a majority of its outstanding
common stock ("STOCKHOLDER APPROVAL") for the issuance of Conversion Securities
in excess of the Cap Amount.

In the event that Stockholder Approval shall be required for the issuance of
Conversion Shares in excess of the Cap Amount, the Company may elect to prepay
this Note in full after which the Company shall not have any further obligation
with respect thereto. In the event the Company does not repay this Note in full
within two (2) business days of receipt of a Conversion Notice that requires
Stockholder Approval, the Company shall use its reasonable best efforts to
effect Stockholder Approval of the Conversion within sixty (60) days of receipt
of such Conversion Notice. The Company may at any time prior to the receipt of
Stockholder Approval, repay all of the outstanding principal and or interest
under the Note or such amount as will then result in a Conversion below the Cap
Amount, instead of obtaining a required Stockholder Approval of the Conversion.

                                       -4-

In the event the Stockholder Approval has not been obtained within the timeframe
set forth and the Company has not repaid the Note, the Note Holders shall have
the option at any time to force the Company's repayment of all of the
outstanding principal and/or interest under the Note at a sum equal to 100% of
the outstanding principal and/or interest balance then due.

     In the event Holder has given a Conversion Notice, such put into Conversion
Securities, or conversion right, shall be available to Holder for a period of
thirty (30) days following the date of the Conversion Notice following which
thirty (30) day period no further conversion of the Note into Conversion
Securities shall be permitted.

          (e) FRACTIONAL SHARES; INTEREST; NONASSESSABLE; EFFECT OF CONVERSION.
Any fractional shares to be issued upon conversion of this Note shall be rounded
to the nearest whole share. The Company covenants that the shares of Conversion
Securities issuable upon the conversion of this Note will, upon conversion of
this Note, be validly issued, fully paid and nonassessable and free from all
taxes, liens and charges in respect of the issue thereof. Upon conversion of
this Note in full and the payment of the amounts specified in this Section 3,
the Company shall be forever released from all obligations and liabilities under
this Note, although the obligations under the Note Purchase Agreement of which
this Note is a part, shall survive.

     4. MISCELLANEOUS.

          (a) LOSS, THEFT, DESTRUCTION OR MUTILATION OF NOTE. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Note and, in the case of loss, theft or destruction,
delivery of an indemnity agreement reasonably satisfactory in form and substance
to the Company or, in the case of mutilation, on surrender and cancellation of
this Note, the Company shall execute and deliver, in lieu of this Note, a new
Note executed in the same manner as this Note, in the same principal amount as
the unpaid principal amount of this Note and dated the date to which interest
shall have been paid on this Note or, if no interest shall have yet been so
paid, dated the date of this Note.

          (b) PAYMENT. All payments under this Note shall be made in lawful
tender of the United States.

          (c) WAIVERS. The Company hereby waives notice of default, presentment
or demand for payment, protest or notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

          (d) USURY. In the event that any interest paid on this Note is deemed
to be in excess of the then legal maximum rate, then that portion of the
interest payment representing an amount in excess of the then legal maximum rate
shall be deemed a payment of principal and applied against the principal of this
Note.

          (e) WAIVER AND AMENDMENT. Any provision of this Note may be amended,
waived or modified only by an instrument in writing signed by the party against
which enforcement of the same is sought.

                                       -5-

          (f) NOTICES. Any notice, request or other communication required or
permitted hereunder shall be given in accordance with the Note Purchase
Agreement.

          (g) EXPENSES; ATTORNEYS' FEES. If action is instituted to collect this
Note, the Company promises to pay all reasonable costs and expenses, including,
without limitation, reasonable attorneys' fees and costs, incurred in connection
with such action.

          (h) SUCCESSORS AND ASSIGNS. This Note may be assigned or transferred
by the Holder only with the prior written approval of the Company. Subject to
the preceding sentence, the rights and obligations of the Company and the Holder
of this Note shall be binding upon and benefit the successors, assigns, heirs,
administrators and transferees of the parties. The Company shall maintain a
registry, in accordance with U.S. Treasury Regulation Section 5f.103-1(c)(1) and
(2), evidencing its obligation to pay principal and interest to the Holder
pursuant to this Note. Such registry shall represent the record of ownership and
right to receive principal and interest pursuant to this Note. A transfer of the
right to receive principal and interest under this Note shall be transferable
only through an appropriate entry in the registry.

          (i) GOVERNING LAW. THIS NOTE SHALL BE GOVERNED IN ALL RESPECTS BY THE
LAWS OF THE STATE OF DELAWARE AS SUCH LAWS ARE APPLIED TO AGREEMENTS BETWEEN
DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE.

                                       -6-

          IN WITNESS WHEREOF, the Company has caused this Note to be executed by
its officers thereunto duly authorized.

                                           CEPTOR CORPORATION

                                           By: /s/ William H. Pursley
                                               ---------------------------------
                                               Name:   William H. Pursley
                                               Title:  Chief Executive Officer

ACKNOWLEDGED AND AGREED:

[HOLDER]

By:
   ----------------------------
   Name:
   Title:

                                       -7-

                                                                       EXHIBIT A

                              NOTICE OF CONVERSION

(To Be Executed by the Registered Holder in Order to Convert the Note)

     The Undersigned hereby irrevocably elects to convert $_____________ of the
Twelve Percent (12%) Convertible Promissory Note due July 3, 2006, into shares
of CepTor Corporation according to the terms and conditions set forth in such
Note, as of the date written below. If securities are to be issued to a person
other than the Undersigned, the Undersigned agrees to pay all applicable
transfer taxes with respect thereto. Capitalized terms set forth in this Notice
shall have the meanings set forth in the Note.

     The Undersigned represents and warrants that all transfers, assignments,
dividends, or distributions, and any and all offers and sales by the Undersigned
of the Conversion Securities shall be made pursuant to registration of the same
under the Securities Act of 1933, or pursuant to an exemption from registration
under the Securities Act of 1933. The Undersigned acknowledges that the
Conversion Securities shall if (and only if) required by law contain the legend
contained on page 1 of the Note.

Conversion Date:*
                  ---------------------

Applicable Conversion Price:
                             ---------------------------------

Holder (Print True Legal Name):
                                ------------------------------

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

(Signature of Duly Authorized Representative of Holder)

Address of Holder:
                   -----------------------------------------

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

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

* This original Notice of Conversion must be received by CepTor Corporation by
the second business day following the Conversion Date.

                                       -8-Exhibit 10.5

                               CEPTOR CORPORATION

                              AMENDED AND RESTATED

                                 FOUNDERS' PLAN

                                    ARTICLE I

                                     GENERAL

     1.1 OBJECTIVES AND PURPOSES OF THE PLAN

          The purpose of the Ceptor Corporation (the "Company") Founders' Plan
(the "Plan") is to:

          (a) Effectuate the purposes of the spin-off of the Company from Xechem
International, Inc. ("Xechem"), and consistent with the agreement of Xechem to
afford the opportunity for persons important to the Company to receive grants of
restricted stock to encourage individual effort and group teamwork toward the
accomplishment of the Company's goals;

          (b) Reward outstanding executive and managerial performance and
contributions from directors, officers, consultants, advisors, and employees to
the Company;

          (c) Provide total compensation which is competitive with the companies
comprising the industries with which the Company competes and takes into account
the Company's strategic goals and size and which is sufficient to ensure the
Company's ability to attract, retain and motivate executives, managers and
others; and

          (d) Focus the attention of participants on Company goals and on other
performance indicators which may also be used in connection with the Plan.

     1.2 ADMINISTRATION

          (a) The Plan shall be administered by the Board of Directors or by a
Committee of the Board of Directors of the Company (the "Committee") which shall
consist of two or more directors. Each member shall be a "Non-employee director"
as that term is defined by Rule 16b-3(b)(3) (or any successor rule) promulgated
under the Securities Exchange Act of 1934, as amended, and an "outside director"
as that term is referred to in Section 162(m)(4)(C)(i) of the Internal Revenue
Code of 1986, as amended, and regulations promulgated thereunder (and any
successor section or regulation). The members of the Committee shall be
appointed by the Board of Directors, and any vacancy on the Committee shall be
filled by the Board. The Committee shall select a Chairman from their number and
designate a Secretary, who need not be a member of the

Committee and who may be a participant under the Plan. The Committee described
herein may be the same Committee which administers the Company's 2004 Incentive
Stock Plan, unless otherwise determined by the Board.

          (b) The Secretary of the Committee shall keep minutes of its meetings
and of any actions taken by it without a meeting. A majority of the Committee
shall constitute a quorum and all acts of the majority shall be acts of the
Committee. Any action that may be taken at a meeting of the Committee may be
taken without a meeting if a consent or consents in writing setting forth the
action taken shall be signed by all of the members of the Committee. The
Committee shall meet at such time and place as the Chairman or, in the
Chairman's absence, any member may designate. The Committee shall make
appropriate reports to the Board concerning the operations of the Plan.

          (c) The Committee shall have full power to construe and interpret the
Plan; to determine (subject to Article II) the persons who shall participate
under the Plan and the amount of their target and actual awards; to establish
performance measures, goals and formulas in addition to the provisions of
Article III below; to review Company and individual participant performance and
make determinations on the extent to which (i) such performance meets the
Committee's established standards, (ii) awards are payable, (iii) acceleration
of vesting or adjustment to target or actual award conditions are appropriate
either on an individual participant or plan-wide basis, and to determine any and
all questions arising under the Plan. All determinations, constructions,
interpretations, rules and regulations made pursuant to this Section shall be
recorded by the Committee in its minutes, and shall be conclusive and binding
upon the Company and all participants.

     1.3 MAXIMUM NUMBER OF SHARES

          The maximum number of shares of the Company's common stock that may be
issued for all purposes under this Plan shall be 3,031,943.

                                   ARTICLE II
                             ELIGIBILITY FOR AWARDS

     2.1 GENERAL ELIGIBILITY

          The Committee, after consulting with management, shall determine and
announce the persons who shall be eligible for awards under the Plan and the
amount of such awards. Eligibility shall be limited to directors, officers,
consultants, advisors, and employees of the Company (and their designees
reasonably acceptable to the Committee) who have made or expected to make a
meaningful distribution towards the accomplishment of the Company's goals.

     2.2 OTHER ANNUAL INCENTIVE PLANS OR ARRANGEMENTS

          The existence of the Plan shall not preclude the operation of other
incentive plans or arrangements in the Company and/or its subsidiaries.

                                        2

     2.3 ELIGIBILITY

          (a) In addition to those employees who may be eligible to participate
in the Plan pursuant to Section 2.1, the following incumbent participants shall
receive awards under the Plan (provided each such individual is employed by the
Company at the time of award):

NAME                                                POSITION
----                                                --------

William H. Pursley                CEO and Chairman of the Board        1,247,428
                                  of Directors

Norman W. Barton, M.D., Ph.D.     EVP, Chief Medical Officer             454,792

Alfred Stracher, Ph.D.            SVP, Chief Scientific Officer          227,396

Leo Kesner, Ph.D.                 VP, Research                           227,396

Donald W. Fallon                  SVP, Finance & Administration,         207,905
                                  CFO, and Secretary

Leslie de Vos, RN, MSN            VP, Project Management                 100,487
                                  & Clinical Operations

Theresa Michele, M.D.             VP, Clinical Research                  100,487

Francis Zbikowski                 VP, Business & Commercial              100,487
                                   Development

Ted Carver, Ph.D.                 Director, Research                      22,000

Mary Brinker                                                              13,860

Tomoka Davidsen                                                           13,860

To be determined                                                         315,845
                                                                       ---------
                                                                       3,031,943

          Such awards shall be in the form of restricted stock or non-qualified
stock options ("Options") to acquire shares of the Company's Common Stock, par
value $0.0001 per share ("Common Stock") and shall have an exercise price equal
to the par value per share of Common Stock. All awards under the Plan shall be
fully vested options upon issuance and may be exercised only for restricted
shares of Common Stock or initially shall be issued as shares of restriced stock
in the Company containing such restrictions as the Company, in its sole
discretion, shall determine ("Restricted Stock"), and such Restricted Stock
shall, as a condition of awards hereunder and the issuance of the Option and the
Restricted Stock, continue to be subject to identical restrictions set forth in
Section 2.3(d)-(i) hereof (and any other restrictions imposed by the Committee),
and be subject in all respects to a Buy-Sell Agreement with the Company in the
form established by the Company for such

                                        3

purpose. By accepting such award, each participant agrees to such terms and
conditions and to be bound by such agreements and the terms of this Plan.
Following a Qualified Financing (as hereinafter defined) awards made under the
Plan shall only be in the form of Restricted Stock.

          (b) A change or changes in the positions held by each such incumbent
officer shall not affect the right to participate in the Plan.

          (c) The number of shares ("Number") designated for issuance under the
Plan and individually to Plan participants under paragraph 2.3(a) hereof may be
revised by the Committee without consent of any recipient of any award or Plan
participant in the event that the pre-money value per share of the Company that
is determined in connection with the Company's next round of financing, or price
per share of Common Stock indicated thereby, ("Qualified Financing") is higher
or lower than the Assumed Company Value. For the purposes hereof, "Assumed
Company Value" shall mean $16 million.

          (d) Each eligible participant under the Plan, by acceptance of any
award under the Plan, irrevocably constitutes and appoints the Committee and the
Secretary of the Company (or such other Person as is designated by the
Committee) with full power of substitution its true and lawful attorney, in his
name, place and stead, to make, execute, sign, acknowledge, record and file with
respect to the Company: (i) any certificate or other instrument which may be
required to be filed by the Company under the laws of the State of Delaware and
any other jurisdiction whose laws may be applicable which the Committee shall
deem advisable to file to effectuate the intent and purposes of this Paragraph
2.3; (ii) any and all amendments of the instruments described in the preceding
sentence, provided such amendments are either required by law to be filed, or
are consistent with this intent and purposes of this Paragraph 2.3 or have been
duly authorized by the Committee; (iii) any certificate or other instrument
which may be deemed necessary or desirable to effect the revision to the Number
or the portion of the Number of shares of the Company issued or for which a
participant under the Plan is or may become eligible for in accordance with the
terms hereof; and (iv) to indicate in the stock transfer records and other books
and records of the Company, and of any transfer agent of the Company, that the
Committee has taken such action.

          (e) The grant of authority under this Paragraph 2.3 is: (i) a special
power of attorney, coupled with an interest, is irrevocable and shall survive
the death or legal capacity of each Plan participant granting the power; (ii)
exercisable by the Committee (or the holder of such power) on behalf of each
participant by a facsimile signature or by listing all of the Plan participants
so executing any instrument with a single signature as attorney-in-fact for all
of them; and (iii) shall survive the delivery of any transfer or assignment by a
Plan participant of the whole or any portion of its interest, except that where
the assignee thereof has been approved by the Committee, the Power of Attorney
shall survive the delivery of such assignment for the sole purpose of enabling
the Committee to execute, acknowledge and file any instrument necessary to
effect such substitution, in each case, without any further action or consent of
the participant. In the event of any exercise of this power of attorney, prompt
notice shall be given the participant(s) effected by such action, but such
notice shall not be required for the effectiveness of such action.

                                        4

          (f) The Committee may place such restrictions on the shares of the
Company's common stock awarded to a Plan participant hereunder as the Committee,
in its absolute discretion, determines. In the absence of a specific
determination by the Committee, any shares of the Company's common stock issued
under the Plan shall be "restricted shares" which may not be sold, transferred,
assigned, including by court order operation of law, equitable or other
distribution after divorce or separation, settlement, exchange, waiver,
abandonment, gift, alienation, bequest or disposal, and may not be pledged
without the consent of the Committee, which shall vest and such restrictions
shall lapse, upon the filing, under the Myodur (C-101) IND, with the United
States Food and Drug Administration (FDA) for a Phase III clinical trial for the
Company's "Myodor" technology, provided that the restrictions on 10% of any
shares awarded shall lapse as to shares held by each participant or Permitted
Transferee on June 9, 2005, and 10% on December 9, 2005, provided further that
such date of lapse or removal of any such restriction is not less than six
months following the date of award, and provided that the Committee may
determine the conditions or dates of the lapse of restrictions on future awards,
if, and when, such awards are made and may modify or remove any restrictions
following award.

     In the event a participant that is an employee ceases to be an employee of
the Company prior to the date at which the restrictions lapse, all options and
shares of Restricted Stock held by such person shall revert to the Company or,
at his sole election, to William Pursley or his designee. In the event of a
Change in Control all restrictions theretofore established by the Committee in
respect of shares of the Company's common stock (other than those relating to
federal and state securities laws) or under this Plan shall immediately lapse.

     Notwithstanding the foregoing, a participant may transfer all or a portion
of an award that is then held as Restricted Stock to: (i) an Immediate Family
Member (as defined below), (ii) a trust for the exclusive benefit of the awardee
and/or one or more Immediate Family Members, (iii) a partnership in which the
awardee and/or one or more Immediate Family Members are the only partners, (iv)
such other person or entity as the Board may permit, a charitable or non-profit
organization organized as or qualified as exempt under Section 501(c)(3) of the
Internal Revenue Code (individually, a "Permitted Transferee"). For purposes of
this paragraph "Immediate Family Members" shall mean the awardees spouse, former
spouse, children or grandchildren, whether natural or adopted, aunt or uncle,
niece or nephew, parent or grandparent, and current in-laws. As a condition to
such transfer, each Permitted Transferee to whom an award or any interest
therein is transferred shall agree in writing (in a form satisfactory to the
Company and if no such writing shall be bound pursuant to the terms of the Plan)
to be bound by all of the terms and conditions of the award and any additional
restrictions or conditions as the Company may require. Following the transfer of
an award, the term "awardee" shall refer to the Permitted Transferee, except
that, with respect to any requirements of continued Service or provision for the
Company's tax withholding obligations, such term shall refer to the original
awardee. The Company shall have no obligation to

                                        5

notify a Permitted Transferee of any termination of the transferred award,
including an early termination resulting from the termination of Service of the
original awardee. A Permitted Transferee shall be prohibited from making a
subsequent transfer of a transferred award except to the original awardee or to
another permitted Transferee of the original awardee or as provided elsewhere
herein. Following vesting of any shares and lapse of restriction as to such
shares, provided there has been declared effective a registration statement
under the Securities Act of 1933, as amended, with respect to the award shares,
the restrictions on transfer contained herein shall lapse, but only as to such
shares which have vested for which the restrictions herein have lapsed.

          (g) For purposes of this Article II, "Change in Control" means and
shall be deemed to have occurred if:

               (i) the direct or indirect acquisition, whether by sale, merger,
consolidation, or purchase, of assets or stock, by any person, corporation or
other entity or group thereof, of the beneficial ownership (as that term is used
in Section 13(d)(1) of the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder) of shares of voting securities of
the Company which, when added to any other shares the beneficial ownership of
which is held by the acquirer, shall result in the acquirer's having more than
50% of the votes that are entitled to be cast at meetings of stockholders of the
Company as to matters on which all outstanding shares are entitled to be voted
as a single class; provided, however, that such acquisition shall not constitute
a Change in Control for purposes of this Plan if prior to such acquisition a
resolution declaring that the acquisition shall not constitute a Change in
Control is adopted by the Board with the support of a majority of the Board
members who either were members of the Board for at least two years prior to the
date of the vote on such resolution or were nominated for election to the Board
by at least two-thirds of the directors then still in office who were members of
the Board at least two years prior to the date of the vote on such resolution;
and provided further that neither the Company, nor any person who as of December
9, 2004 was a director or officer of the Company, nor any trustee or other
fiduciary holding securities under an employee benefit plan of the Company, nor
any corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of shares of
the Company shall be deemed to be an "acquirer" for purposes of this Article II;
or

               (ii) the individuals who, as of December 9, 2004, constitute the
Board or who thereafter are elected to the Board and whose election, or
nomination for election, to the Board was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors
as of December 9, 2004 or whose election or nomination for election was
previously so approved (the "Continuing Directors"), cease for any reason to
constitute a majority of the members of the Board; or

               (iii) the stockholders of the Company approve a merger,
consolidation, recapitalization or reorganization of the Company, a reverse
stock split of outstanding voting securities, or consummation of any such
transaction if shareholder approval is not obtained, other than any such
transaction which would result in at least 75% of the total voting power

                                        6

represented by the voting securities of the surviving entity outstanding
immediately after such transaction being Beneficially Owned by at least 75% of
the holders of outstanding voting securities of the Company immediately prior to
the transaction, with the voting power of each such continuing holder relative
to other such continuing holders not substantially altered in the transaction;
or

               (iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets;

provided, however, that an event or transaction that would otherwise be deemed a
Change in Control shall not be deemed a Change in Control if the Board adopts a
resolution approved by a vote of at least two-thirds (2/3) of the directors then
still in office who are Continuing Directors, not later than 60 days after the
Company receives notice of the event or transaction constituting a Change in
Control under (i) above and not later than the occurrence of the event or
transaction constituting a Change in Control under (iii) or (iv) above,
determining that such event or transaction should not constitute a Change in
Control for purposes of the Plan.

     For purposes of this Section 3, "Beneficial Owner," "Beneficially Owns,"
and "Beneficial Ownership" shall have the meanings ascribed to such terms for
purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

          (h) Notwithstanding anything to the contrary contained herein, all
certificates for shares of the Company's Common Stock delivered under the Plan
pursuant to any award shall be subject to such stop-transfer orders and other
restrictions as the Committee may deem advisable under federal or state
securities laws, rules and regulations thereunder, and the rules of any national
securities exchange or automated quotation system on which such shares are
listed or quoted. Shares of the Company's Common Stock subject to restrictions
may not be sold, assigned, transferred, pledged or otherwise encumbered, except
as hereinafter provided, during the restriction period. Except for such
restrictions on transfer, the participant, as owner of such shares of restricted
stock, shall have all the rights of a holder of such restricted stock including
the right to vote such shares, provided, however, such restricted stock may
contain limitations on the right to vote restricted stock or the right to
receive dividends thereon and restrictions that may lapse separately, or in
combination at such times, under such circumstances, in such installments, or
otherwise, as the Committee shall determine at the time of grant or thereafter.
The Company shall cause a legend or legends to be placed on any such
certificates to make appropriate reference to such restrictions or any other
restrictions that may be applicable to such shares, including under the terms of
the Plan. In addition, during any period in which such shares are subject to
restrictions under the terms of the Plan or during any period during which
delivery or receipt of such shares has been deferred by the Committee or a Plan
participant, the Committee may require the Participant to enter into an
agreement providing that certificates representing such shares issuable or
issued pursuant to an award shall remain in the physical custody of the Company
or such other person as the Committee may designate. At the expiration of any
such restricted period, the Company shall redeliver to the participant (or such
participant's legal or designated beneficiary) the shares deposited pursuant to
Section 3.2.

                                        7

                                   ARTICLE III

                            TIMING AND FORM OF AWARDS

     3.1 TIMING OF PAYMENT

          (a) Awards may be paid as soon as practicable after determination by
the Committee, or otherwise deferred in accordance with Section 3.1(b).

          (b) The Committee may also in its sole discretion establish terms and
conditions under which a participant may elect to defer the payment of an
incentive award in whole or in part to a period following retirement or other
termination of employment, provided that any election by an employee to defer
payment shall be irrevocably made by the participant at such time prior to
December 31 of the year preceding the Plan Year for which such incentive award
shall be made (or such other appropriate time for a deferral election as is then
appropriate under applicable law) as the Committee shall determine (provided
that if the determination of eligibility is made subsequent to December 31, a
participant must make such election within ten days of being notified he or she
is eligible to participate).

     3.2 CUSTODY

          All shares of Restricted Stock and certificates therefor issued under
the Plan shall remain in the custody of the Secretary of the Company, subject to
adjustment and replacement as provided in Section 2.3(c)-(e) hereof unless and
until the Committee directs delivery to the Plan participants, individually or
collectively, or until expiration of the restrictions thereon.

                                   ARTICLE IV

          DISTRIBUTION OR TRANSFER - WITHHOLDING OF TAX - MISCELLANEOUS

     4.1 LIMITATION ON DISTRIBUTION OR TRANSFER OF AWARDS.

          Unless otherwise determined by the Committee, no right or interest of
any participant in any awards under the Plan shall be pledged, encumbered, or
hypothecated to or in favor of any party other than the Company, or shall be
subject to any lien, obligation, or liability of such participant to any party
other than the Company. Unless otherwise determined by the Committee, no award
shall be assignable or transferable by a participant otherwise than by will or
the laws of descent and distribution and pursuant to a domestic relations order
as defined by the Internal Revenue Code of 1986, as amended, or Title I of the
Employee Retirement Income Security Act of 1974, as amended.

     4.2 NO RIGHT TO EMPLOYMENT

          Nothing contained in the Plan or any participant's participation in
the Plan shall confer, and no grant of an award shall be construed as
conferring, upon any participant, any right to continue in the employ of the
Company or to interfere in any way with the right of the Company to terminate
such participant's employment at any time or increase or decrease such
participant's compensation.

                                        8

      4.3 GOVERNING LAW

          The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with the
internal laws of the State of Delaware, without giving effect to principles of
conflicts of laws, and applicable federal law.

      4.4 WITHHOLDING OF TAXES

          The Company shall have the right to deduct from any incentive award or
other amount to be paid pursuant to this Plan, or to otherwise require a
participant to pay prior to any such payment, all Federal, State or local taxes
required by law to be withheld in respect of such payment.

     4.5 GENERAL RESTRICTIONS

          Each award of shares of the Company's common stock under the Plan
shall be subject to the condition that, if at any time the Committee shall
determine that (i) the listing, registration or qualification of the Shares upon
any securities exchange or under any state or federal law, (ii) the consent or
approval of any government or regulatory body or (iii) an agreement by the
Participant with respect thereto, is necessary or desirable, then such award
shall not be consummated, in whole or in part, unless such listing,
registration, qualification, consent, approval or agreement shall have been
effected or obtained free of any conditions not acceptable to the Committee.

     4.6 HOLDBACK

          If the Company files a registration statement in connection with an
underwritten public offering, or otherwise determines it to be in the best
interest of the Company, a holder of Restricted Stock issued under the Plan
shall not effect any sale or distribution of any shares (except pursuant to such
registration statement) of the capital stock of the Company, whether now owned
or hereafter acquired during a reasonable and customary period of time, as
agreed to by the Company and the underwriters or otherwise determined by the
Company, not to exceed 180 days, following the effective date of a registration
statement filed under the Securities Act in connection with any public offering
or sales of the Company (or its stockholders) pursuant to any registration
statement and, not to exceed 90 days, following the effective date of a
registration statement filed under the Securities Act in connection with the
next two subsequent registered offerings of the Company (other than pursuant to
form S-8 registering employee securities). In order to enforce the foregoing
covenant, the Company may impose stop-transfer instruction with respect to each
holder until the end of such reasonable and customary period.

                                        9

                                    ARTICLE V

               EFFECTIVE DATE, AMENDMENT, AND TERMINATION OF PLAN

     5.1 EFFECTIVE DATE

          The Plan shall become effective as of December 9, 2004.

     5.2 AMENDMENT, SUSPENSION AND TERMINATION OF PLAN

          The Board of Directors of the Company or the Committee may suspend or
terminate the Plan or any portion thereof at any time and may amend, subject to
obtaining requisite stockholder approval for those amendments required to
preserve the tax deductibility of compensation in excess of $1 million paid to
executives of the Company or the compliance by the Plan and transactions
occurring under the Plan with Rule 16b-3 under the Securities Exchange Act of
1934 or as may otherwise be required by law, the Plan from time to time in such
respects as the Board of Directors or the Committee may deem advisable and in
the best interest of the Company.

     5.3 RESTRICTIONS UNDER RULE 16b-3

          Unless a participant is not subject to short-swing liability under
Section 16(b) of the Securities Exchange Act of 1934 in respect of the sale or
other transfer of shares of common stock of the Company issued under the Plan,
such shares of common stock shall be held for at least six months from the date
of grant.

     5.4 COMPLIANCE WITH RULE 16b-3

          It is the intent of the Company that this Plan comply in all respects
with Rule 16b-3 under the Securities Exchange Act of 1934 (or any successor
rule) in connection with any Award granted to a person who is subject to Section
16 of the Securities Exchange Act of 1934. Accordingly, any provision of this
Plan that does not comply with the requirements of Rule 16b-3 (or any successor
rule) as then applicable to any such person shall be construed or deemed amended
to the extent necessary to conform to such requirements, except that such
automatic amendment shall not apply to any other participant who is not (at the
time of such application) subject to Section 16 of the Securities Exchange Act
of 1934.

                                         CEPTOR CORPORATION
                                         February 11, 2005

                                       10

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