Document:

Form of Inspire Pharmaceuticals Employee Stock Option Agreement

 EXHIBIT 10.56 
  
 No.                      

  
 INSPIRE PHARMACEUTICALS, INC. 
  
 EMPLOYEE STOCK OPTION AGREEMENT 
  
 Inspire Pharmaceuticals, Inc. (the “Company”), a Delaware
corporation, as an incentive and inducement to the Optionee, who is presently an employee of the Company, to devote his or her best efforts to the affairs of the Company, which incentive and inducement the Board of Directors of the Company or a
committee of the Board of Directors (either, the “Board”) has determined to be sufficient consideration for the grant of this option, hereby grants to the Optionee the right and option (the “Option”) to purchase shares of the
Company’s Common Stock, $0.001 par value per share (the “Stock”), under the following terms: 
  

					
	 Optionee:
	 	 	 	 
			
	 Grant Date:
	 	 	 	 
			
	 Vesting Commencement Date:
	 	 	 	 
			
	 Exercise Price:
	 	 	 	 
			
	 Number of Shares Available
 for Purchase (“Option Shares”):
	 	 	 	 
			
	 Expiration Date:
	 	 	 	 
			
	 Type of Stock Option:
	 	 	 	 Incentive Stock Option

	 	 	  

	 	 Non-Statutory Stock Option

  
 1. The Option shall vest and become
exercisable in installments in accordance with the following provisions: 
  

	 	(a)	The Option shall not vest and become exercisable for any shares unless and until the first anniversary of the Vesting Commencement Date; 

  

	 	(b)	Upon attainment of the first anniversary of the Vesting Commencement Date the Option shall vest and become exercisable for the number of Option Shares set forth in Appendix 1;

  

	 	(c)	 The Option shall vest and become exercisable for the remaining Option Shares in a series of successive monthly installments after the first anniversary of the
Vesting Commencement Date until fully vested. Each month, the Option shall vest and become exercisable for a number of Option Shares equal to the number (i.e. the quotient) obtained by dividing the number set forth in the “Shares” column
of Appendix 1 for the year pertaining to the applicable month (i.e. the numerator) by the number of months during such year(s) that the Option shall vest 

 
as indicated by the “Full Vest” column of Appendix 1 (i.e. the denominator). Each installment will vest on that day of each month which corresponds
to the date of the month of the Vesting Commencement Date, provided, however, if a given month does not have such a date, the monthly tranche shall vest on the last day of such month; 
  

	 	(d)	The Option shall expire and shall not be exercisable for any of the Option Shares after the Expiration Date; and 

  

	 	(e)	Notwithstanding the above, the Option shall cease vesting if the Optionee terminates employment or otherwise ceases to serve as an employee (unless the Board otherwise determines
that the circumstances warrant continuation of vesting). 

  
 2.
Optionee understands and agrees that the Option is granted subject to and in accordance with the terms of the Inspire Pharmaceuticals, Inc. Amended and Restated 1995 Stock Plan, as amended (the “Plan”). 
  
 3. The Option may be exercised at any time and from time to time, subject to the limitation
of Section 1 above, up to the aggregate number of shares specified herein; provided, however, the Option shall be exercisable only with respect to whole shares. Any fractional shares which vest during any vesting period shall be aggregated
until such time as the fractional shares shall have accumulated to equal a whole share and become exercisable. Written notice of exercise shall be delivered to the Company specifying the number of shares with respect to which the Option is being
exercised and a date not later than fifteen days after the date of the delivery of such notice as the date on which the Optionee will take up and pay for such shares. On the date specified in such notice, the Company will deliver to the Optionee a
certificate for the number of shares with respect to which the Option is being exercised against payment therefor in cash or by certified check. 
  
 4. The Optionee shall not be deemed, for any purpose, to have any rights whatever in respect of Option Shares to which the Option shall not have been exercised and
payment made as aforesaid. The Optionee shall not be deemed to have any rights to continued employment by virtue of the Option. 
  
 5. In the event that the Board, in its discretion, determines that any stock dividend, split-up, combination or reclassification of shares, recapitalization or other
similar capital change affects the Stock such that adjustment is required in order to preserve the benefits or potential benefits of the Option, the maximum aggregate number and kind of shares or securities of the Company subject to the Option, and
the Exercise Price of the Option, shall be appropriately adjusted by the Board (whose determination shall be conclusive) so that the proportionate number of Option Shares or other securities subject to the Option and the proportionate interest of
the Optionee shall be maintained as before the occurrence of such event. 
  
 6. In
the event of a Change in Control (as defined below) of the Company, the unvested portion of the Option shall become immediately vested and fully exercisable immediately prior 

  

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to a Change in Control. In addition, notwithstanding anything in the Plan or Section 8 of this Agreement to the contrary, in the event of a Change in Control
the Option shall remain exercisable for the lesser of three (3) years or the Expiration Date. 
  
 For purposes of this Agreement, a “Change in Control” shall mean a determination by the Board (which maybe made effective as of a particular date specified by the Board), made by a majority vote, that a
change in control has occurred, or is about to occur. Such a change shall not include, however, a restructuring, reorganization, merger or other change in capitalization in which the Persons who own an interest in the Company on the date hereof (the
“Current Owners”) (or any individual or entity which receives from a Current Owner an interest in the Company through will or the laws of descent and distribution) maintain more than a fifty percent (50%) interest in the resultant entity.
Regardless of the vote of the Board or whether or not the Board votes, a Change in Control will be deemed to have occurred as of the first day any one (1) or more of the following subsections shall have been satisfied: 
  
 (a) Any Person (other than the Person in control of the Company as of the
effective date of the Company’s Change in Control Severance Benefit Plan, or other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or a company owned directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company), becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than thirty-five percent (35%) of the combined
voting power of the Company’s then outstanding securities; or 
  
 (b) The stockholders of the Company approve: (i) a plan of complete liquidation of the Company; (ii) an agreement for the sale or disposition of all or substantially all of the Company’s assets; or (iii) a merger, consolidation or
reorganization of the Company with or involving any other company, other than a merger, consolidation or reorganization that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after
such merger, consolidation or reorganization. 
  
 (c) However, in
no event shall a Change in Control be deemed to have occurred, with respect to an Optionee, if the Optionee is part of a purchasing group which consummates the Change in Control transaction. An Optionee shall be deemed “part of the purchasing
group” for purposes of the preceding sentence if the Optionee is an equity participant or has agreed to become an equity participant in the purchasing company or group (except for (i) passive ownership of less than five percent (5%) of the
voting securities of the purchasing company; or (ii) ownership of equity participation in the purchasing company or group which is otherwise deemed not to be significant, as determined prior to the Change in Control by a majority of the non-employee
continuing Board). 
  
 7. During the Optionee’s lifetime, the Option shall be
exercisable only by such Optionee or, in the case of his or her legal incapacity, his or her guardian or legal representative. The Option shall be transferable by the Optionee only by will or the laws of descent and distribution. After 

  

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the Optionee’s death, the Option shall be exercisable only by the person or persons entitled to do so under the Optionee’s last will and testament
or if the Optionee fails to make a testamentary disposition of the Option or dies intestate, by the person or persons entitled to receive the Option under any applicable laws of descent and distribution. In no event shall the Option be exercisable
by any person to a greater extent than the Option could have been exercised by the Optionee immediately prior to his or her death or the effective date of his or her termination of employment due to Disability, as defined in Section 22(e)(3) of the
Code (as applicable). The Board shall have the right to require evidence to its satisfaction of the rights of any person or persons seeking to exercise the Option hereunder, e.g., an authenticated copy of the will. Any attempted assignment,
transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect. Any transferee described
above shall be treated as the Optionee for purposes of all other provisions of this agreement and the terms of the Plan. 
  
 8. If the Optionee terminates employment during any period in which the Option Shares are exercisable, but prior to the Expiration Date (the “Exercise Period”),
such period shall be adjusted as follows, except that in no event shall the Exercise Period be extended beyond the Expiration Date: 
  

	 	(a)	The Exercise Period shall end immediately upon the date of the Optionee’s breach of any agreement, covenant or representation by and between the Optionee and the Company,
including but not limited to any promise or warrant made as consideration for this agreement or the terms of any severance agreement; 

  

	 	(b)	The Exercise Period shall end immediately upon the effective date of the Optionee’s termination of employment by his or her: (i) voluntary resignation in violation of any
agreement to remain in the employ of the Company; (ii) involuntary “Discharge for Cause” for reasons which may include, without limitation, any illegal or improper conduct that injures or impairs the reputation, goodwill, or business of
the Company, involves the misappropriation of funds of the Company, or the misuse of data, information or documents acquired in connection with employment by the Company, or violates any other directive or policy promulgated by the Company; (iii)
resignation in anticipation of Discharge for Cause; or (iv) resignation accepted by the Company in lieu of a formal Discharge for Cause; 

  

	 	(c)	The Exercise Period shall end three months after the effective date of the Optionee’s termination of employment for any reason OTHER THAN: (i) by transfer to an affiliated
corporation which owns directly or indirectly 50 percent (50%) or more of the total combined voting power of the Company or in which the Company owns directly or indirectly 50 percent (50%) or more of the total combined voting power or has a
significant financial interest as determined by the Board (“Affiliate”); or (ii) any reason for which the Option would expire immediately, as described under Sections 8(a) and 8(b), or following death or disability, as described under
Section 8(d); and 

  

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	 	(d)	The Exercise Period shall end twelve months after the effective date of the Optionee’s death or termination of employment due to Disability, subject to such proof of Disability
as the Board may require. 

  

	9.	It shall be a condition of exercise hereunder that: 

  

	 	(a)	The Optionee shall execute and deliver to the Company a counterpart of any agreement and any amendment thereto or restatement or replacement thereof as the Company may reasonably
require, and such other steps, if any, the Company deems necessary to comply with any law, rule or regulation applicable to the issue of such shares by the Company; 

  

	 	(c)	The certificates representing the shares purchased under the Option may contain such legends as counsel for the Company shall deem necessary to comply with the applicable law, rule
or regulation; 

  

	 	(d)	The Optionee shall, if the Company so requests, provide payment of all state and federal taxes imposed upon the exercise of the Option and the issue of the shares covered hereby. If
the Optionee satisfies the payment of any taxes by having shares withheld at the time of exercise, then the amount of shares withheld cannot exceed the Optionee’s minimum applicable withholding tax rate for federal (including FICA), state and
local tax liabilities. 

  
 10. The Option is issued pursuant to the
terms of the Plan. This Certificate does not set forth all of the terms and conditions of the Plan, which are incorporated herein by reference. Copies of the Plan may be obtained upon written request without charge from the Treasurer of the Company.

  
 11. If the Option is intended to be treated as an Incentive Stock Option, it
shall be treated as an Incentive Stock Option to the extent permitted by applicable laws or regulations; otherwise, to the extent not so permitted, it shall be treated as a Non-Statutory Stock Option. To the extent the Option is treated as an
Incentive Stock Option: 
  

	 	(a)	The Optionee agrees to notify the Company in writing within 30 days of the disposition of one or more shares of Stock which were transferred to him or her pursuant to the exercise
of the Option if such disposition occurs within two years from the Date of Grant of the Option or within one year after the transfer of such shares. 

  
 (b) The Optionee acknowledges that: 
  

	 	(i)	In the event the Optionee terminates employment with the Company or an Affiliate for reasons other than death or Disability, the Option shall cease to be eligible for tax treatment
as an Incentive Stock Option, unless it is exercised within three months from the date of such termination; and 

  

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	 	(ii)	In the event the Optionee dies or terminates employment due to Disability, the Option shall cease to be eligible for tax treatment as an Incentive Stock Option, unless it is
exercised within twelve months from the date of death or such termination due to Disability. 

  
 12. This agreement may be amended unilaterally by the Company upon written notice to the Optionee, provided that no such amendment shall adversely impact the rights of the Optionee unless the Optionee expressly
consents to such amendment in a written document specifically referencing this paragraph. 
  
 * * * 
  
  

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 IN WITNESS WHEREOF the Company has caused the Option to be executed by its duly authorized officers on
its behalf as of                              ,
200    . 
  

			
	 INSPIRE PHARMACEUTICALS, INC.

	
	  

	 By: Barry G. Pea

	 Title: Executive Vice President of
 Corporate Development, General
 Counsel and Secretary

  

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	Appendix 1	 	 	 	Inspire Pharmaceuticals, Inc.
			
	 	 	 	 	 ID: 04-3209022

			
	 	 	 	 	 4222 Emperor Boulevard, Ste. 200

			
	 	 	 	 	 Durham, NC 27703

			
	Optionee	 	 	 	Option Number:
	Address #1	 	 	 	Plan:                         1995
	Address #2	 	 	 	ID:

  
 Effective [Insert grant date]],
you have been granted a(n) Incentive Stock Option to purchase [Insert # of Shares]shares of common stock of Inspire Pharmaceuticals at an Exercise Price of [Insert Exercise Price] per share, subject to the terms and conditions
of the Option. 
  
 The total purchase price for all of the Option Shares is
[Insert Total Exercise Price]. 
  
 The Option shall vest and become
exercisable as follows: 
  
 I. Upon attainment of the first anniversary of the
Vesting Commencement Date the Option shall vest and become exercisable for the number of Option Shares set forth below: 
  

							
	 Shares

	 	 Vest Type

	 	 Full Vest

	 	 Expiration

	 	 	On Vest Date	 	 	 	 

  
 II. The Option shall vest and become
exercisable for the remaining Option Shares in a series of successive monthly installments after the first anniversary of the Vesting Commencement Date until fully vested. Each month, the Option shall vest and become exercisable for a number of
Option Shares equal to the number obtained by dividing (i) the number set forth in the “Shares” column below for the year pertaining to the applicable month, by (ii) the number of months during such year(s) that the Option shall vest as
indicated by the “Full Vest” column. 
  

							
	 Shares

	 	 Vest Type

	 	 Full Vest

	 	 Expiration

	 	 	MonthlyForm Of Option Agreement Issued To Executive Officers

 Exhibit 10.1 
  
 EXECUTIVE FORM 
  
 GSI COMMERCE, INC. 
 1075 First Avenue

 King of Prussia, PA 19406 
  
 1996 EQUITY INCENTIVE PLAN 
 NON-INCENTIVE STOCK OPTION 
  

			
	NAME:	  	«FIRST_NAME» «MIDDLE_NAME» «LAST_NAME»
		
	ADDRESS:	  	«ADDRESS_LINE_1» «ADDRESS_LINE_2» «ADDRESS_LINE_3»
	 	  	«CITY», «STATE» «ZIP_CODE»
		
	DATE:	  	«VEST_BASE_DATE»
		
	OPTION NO:	  	«NUM»

  
 1. Option
Grant. You are hereby granted an option, effective as of the date hereof, to purchase «SHARES_GRANTED» shares of Common Stock, par value $.01 per share (“Common Stock”), of GSI COMMERCE, INC. (the “Company”), at
an exercise price of $«OPTION_PRICE» per share pursuant to the Company’s 1996 Equity Incentive Plan (the “Plan”). 
  
 2. Type of Option. It is the intention of the Company and you that this option will not be an “incentive stock option” as that term is
used in Section 422A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder. 
  
 3. Option Vesting and Exercise. 
  
 (a) On and after the date of its grant and prior to the termination of this option, this option may be exercised in accordance with the following
schedule: 
  

			
	 Exercise Date

	 	 Cumulative Percentage of
     Aggregate Number of Shares    
 of Stock
Covered by Option
 Which May be Purchased

	 Beginning
	 	%
	 Beginning
	 	%
	 Beginning
	 	%
	 Beginning
	 	%

  
 less, in the case of any exercise, the
number of shares previously purchased by exercise of this option. No fractional shares will be issued or delivered. This option will terminate after the expiration of ten years from the date of its grant, except if terminated earlier as hereafter
provided. 
  
 (b) Notwithstanding anything in the Plan to the
contrary, the Board of Directors of the Company (the “Board”) has determined that this Section 3(b) will exclusively apply in the 
  

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 event of a “Change of Control” (as defined in the Plan) of the Company. This option will automatically become
exercisable immediately prior to a Status Change referred to in (b) below for an additional number of shares of Common Stock equal to <<NUMBER OF SHARES>> if (a) a Change of Control occurs, notwithstanding any determination by the Board
under the Plan after the date hereof that a Change of Control has not occurred, and (b) you suffer a “Status Change” (as defined in the Plan) due to the Company’s termination of your employment for any reason other than for
“Cause” (as defined in any written employment agreement between the Company and you or if there is no such agreement in the Plan) or due to your termination of your employment with the Company for “Good Reason” (as defined in any
written employment agreement between the Company and you or if there is no such agreement as defined below), in either case within the twelve (12) month period after such Change of Control. “Good Reason” means (i) you are demoted, removed
or not re-elected to any of your positions or offices or there is a material diminishment of your title, position, responsibilities or authorities, (ii) there is a reduction in your base salary or a material reduction in your benefits, (iii) the
Company (or its successor) materially breaches any written employment agreement between the Company and you, or (iv) your principal place of employment with the Company (or its successor) is relocated to more than twenty-five (25) miles beyond the
border of the City of Philadelphia without your consent. 
  
 4.
Notice of Exercise and Payment. You may exercise this option by giving written notice to the Company on forms supplied by the Company at its then principal executive office, accompanied by payment of the exercise price for the total number of
shares that you specify you wish to purchase. Common Stock purchased on exercise of your option must be paid for as follows: (i) in cash or by check (acceptable to the Company in accordance with guidelines established for this purpose), bank draft
or money order payable to the order of the Company, (ii) through the delivery of shares of Common Stock which have been outstanding for at least six months and which have a “fair market value” (as defined in the Plan) on the last business
day preceding the date of exercise equal to the aggregate exercise price, (iii) by delivery of an unconditional and irrevocable undertaking by a broker to deliver promptly to the Company sufficient funds to pay the aggregate exercise price, or (iv)
by any combination of the permissible forms of payment. Any assignment of stock must be in a form and substance satisfactory to the Company, including guarantees of signature(s), if the Company deems such guarantees necessary or desirable, and
payment of all transfer taxes. 
  
 5. Termination of
Option. 
  
 (a) If you suffer a Status Change due to death or
Disability (as defined in the Plan), you or your heirs, executors, administrators or other legal or personal representatives, as the case may be, may, at any time within one year after the date of such Status Change (but in no event later than ten
years from the date this option is granted), exercise this option for the number of shares subject to this option that you had the vested right to purchase immediately prior to the date of such Status Change. This option will terminate as of the
date of such Status Change with respect to all shares subject to this option that you did not have the vested right to purchase immediately prior to the date of such Status Change. After one year after the date you suffer such Status Change, this
option will, to the extent not previously exercised, terminate and be of no further force or effect. 
  
 (b) If you suffer a Status Change due to the Company’s termination of your employment without Cause or your voluntary termination of your employment
with the Company or the termination of your employment with the Company for any reason other than as set forth 
  

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 in subsections (a) – (c) of this Section 5, you may, at any time within ninety (90) days after the date of such
Status Change (but in no event later than ten years from the date this option is granted), exercise this option for the number of shares subject to this option that you had the vested right to purchase immediately prior to the date of such Status
Change. This option will terminate as of the date of such Status Change with respect to all shares subject to this option that you did not have the vested right to purchase immediately prior to the date of such Status Change. After ninety (90) days
after the date of such Status Change, this option will, to the extent not previously exercised, terminate and be of no further force or effect. 
  
 (c) If you suffer a Status Change due to the Company’s termination of your employment for Cause, this option will, to the extent not previously
exercised, immediately terminate and be of no further force or effect as of the date you suffer such Status Change. 
  
 6. Certain Adjustments. If there is a change in the capitalization of the Company, such as by stock dividend, stock split, combination of shares,
exchange of securities, recapitalization or other event which the Board deems, in its sole discretion, to be similar circumstances, the Board will make such equitable adjustments to the number and/or kind of shares of Common Stock or other
securities subject to this option, the exercise price and any other provision of this option affected by such change, as may be necessary or appropriate under the circumstances. 
  
 7. Shareholder Status. You will not become a stockholder of the Company until (i) you make any required payments in
respect of the Common Stock issuable pursuant to this option, (ii) you furnish the Company with any required agreements, certificates, letters or other instruments, and (iii) you actually receive the shares of Common Stock. Subject to any terms and
conditions imposed by the Plan, upon the occurrence of all of the conditions set forth in the immediately preceding sentence, you will have all rights of a stockholder with respect to shares of Common Stock, including, but not limited to, the right
to vote such shares and to receive dividends and other distributions paid with respect to such shares. 
  
 8. Conditions to Delivery of Common Stock. Notwithstanding any other provision of the Plan, the Company will not be obligated to deliver any shares
of Common Stock pursuant to the Plan (i) until all conditions to this option have been satisfied, (ii) until, in the opinion of counsel to the Company, all applicable Federal and state laws and regulations have been complied with, (iii) if the
outstanding Common Stock is at the time listed on any stock exchange or included for quotation on an inter-dealer system, until the shares to be delivered have been listed or included or authorized to be listed or included on such exchange or system
upon official notice of notice of issuance, (iv) if it might cause the Company to issue or sell more shares of Common Stock than the Company is then legally entitled to issue or sell, and (v) until other legal matters in connection with the issuance
and delivery of such shares have been approved by counsel to the Company. If the sale of Common Stock has not been registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of this option, such
representations or agreements as counsel to the Company may consider appropriate to avoid violation of such Act and may require that the certificates evidencing such Common Stock bear an appropriate legend restricting transfer. If this option is
exercised by your legal or personal representative, the Company will be under no obligation to deliver Common Stock pursuant to such exercise until the Company is satisfied as to the authority of such representative. 
  

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 9. Transferability of Option. Neither this option nor any of your rights under this option or
under the Plan may be assigned or transferred in any manner other than by will or under the laws of descent and distribution. This option may be exercised only by you (or by your heirs, estate, beneficiary or personal or legal representative under
Section 5(a)). The foregoing will not, however, restrict the ability of your heirs, estate, beneficiaries, or personal or legal representatives to enforce the terms of the Plan with respect to this option. 
  
 10. Miscellaneous. This option is subject to the terms of the Plan in
effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof. In the event of any conflict between the terms of this option and the terms of the Plan in effect on the date of this option,
the terms of the Plan will govern. Capitalized terms used in this option without definition will have the meanings given to those terms in the Plan. This option constitutes the entire understanding between the Company and you with respect to the
subject matter hereof, and no amendment, modification or waiver of this option, in whole or in part, will be binding upon the Company unless in writing and signed by the Company. This option and the performances of the parties hereunder will be
construed in accordance with and governed by the laws of the State of Delaware. 
  
 Please sign the copy of this option and return it to the Company, thereby indicating your understanding of and agreement with its terms and conditions. 
  

			
	GSI COMMERCE, INC.
		
	By:	 	  

  
 I hereby
acknowledge receipt of a copy of the foregoing stock option and, having read it hereby signify my understanding of, and my agreement with, its terms and conditions. 
  
  

	
	
 «FIRST_NAME» «MIDDLE_NAME»
«LAST_NAME»

  

 4

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