Document:

exv4w3

 

Exhibit 4.3

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

CAMDEN PROPERTY TRUST

5.700% NOTE DUE 2017

			
	REGISTERED 

No.: R-1
	 	PRINCIPAL AMOUNT

$300,000,000

CUSIP No.: 133131AQ5

     CAMDEN PROPERTY TRUST, a real estate investment trust organized and existing under the laws of
the State of Texas (hereinafter called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
Co., or registered assigns, upon presentation, the principal sum of Three Hundred Million Dollars
($300,000,000) on May 15, 2017 at the office or agency of the Company referred to below, and to pay
interest thereon from May 4, 2007, or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually in arrears on May 15 and November 15 in each year
(each, an “Interest Payment Date”), commencing November 15, 2007 at the rate of 5.700% per annum
(the “Original Rate”), until the entire principal hereof is paid or duly provided for. The
interest so payable, and punctually paid or duly provided for on any Interest Payment Date will, as
provided for in the Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest which shall be May 1 or November 1 (whether or not a Business Day), as the case may be,
immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not more than 15 days and not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

 

 

     Payment of the principal of, or Make-Whole Amount, if any, and interest on, the Securities
will be made to The Depository Trust Company or its nominee in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payment of interest may be made by (i)
check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) by wire transfer of funds to an account of the Person entitled thereto
maintained within the United States.

     Securities of this series may be redeemed at any time at the option of the Company, in whole
or in part, upon notice of not more than 60 nor less than 30 days prior to the Redemption Date, at
a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Securities.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN
THIS PLACE.

     Unless the Certificate of Authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	CAMDEN PROPERTY TRUST

 	 
	Dated:  May 4, 2007 	By:  	/s/ Dennis M. Steen
 	 
	 	 	Dennis M. Steen 	 
	 	 	Senior Vice President – Finance, 

Chief Financial
Officer and Secretary 	 
	 

	 	 	 	 	 
	Attest:

 	 
	 	By:  	/s/ Terry S. McKinney
 	 
	 	 	Terry S. McKinney 	 
	 	 	Assistant Secretary 	 
	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	U.S. Bank National Association, as successor
to SunTrust Bank, as Trustee	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Patricia A. Welling
	 	 	 	Dated: May 4, 2007
	 

	 	 	 	 	 	 
	 

	 	Authorized Officer	 	 	 	 

2

 

	 	 	 	 	 

Reverse of Note

CAMDEN PROPERTY TRUST

5.700% NOTE DUE 2017

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 11, 2003, as amended by the First Supplemental Indenture, dated as of May 4, 2007 (herein
called the “Indenture”), between the Company and U.S. Bank National Association, a national banking
association organized and existing under the laws of the United States of America, as successor to
SunTrust Bank, as Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture with respect to the series of which this Security is a part), to which
Indenture and all board resolutions and indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the first page hereof.

Interest Rate Adjustments

     The interest rate payable on this Security will be subject to adjustment from time to time if
either Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Ratings Services, a
division of McGraw-Hill, Inc. (“S&P”), downgrades (or subsequently upgrades) the debt rating
applicable to this Security (a “rating”) as set forth below.

     If the rating on this Security from Moody’s is a rating set forth in the immediately following
table, the per annum interest rate on this Security will increase from the Original Rate by the
percentage set forth opposite that rating:

	 	 	 	 	 
	Rating	 	Percentage
	Ba1
	 	 	.25	%
	Ba2
	 	 	.50	%
	Ba3
	 	 	.75	%
	B1 or below
	 	 	1.00	%

     If the rating on this Security from S&P is a rating set forth in the immediately following
table, the per annum interest rate on this Security will increase from the Original Rate by the
percentage set forth opposite that rating:

	 	 	 	 	 
	Rating	 	Percentage
	BB+
	 	 	.25	%
	BB
	 	 	.50	%
	BB-
	 	 	.75	%
	B+ or below
	 	 	1.00	%

     If Moody’s or S&P subsequently increases its rating to any of the threshold ratings set forth
above, the per annum interest rate on this Security will be decreased such that the per annum
interest rate equals the Original Rate plus the percentages set forth opposite the ratings from the
tables above in effect immediately following the increase. Each adjustment required by any
decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or
S&P, shall be made independent of any and all other adjustments. In no event shall (1) the per
annum interest rate on this Security be reduced below the Original Rate, and (2) the total increase
in the per annum interest rate on this Security exceed 2.00% above the Original Rate.

     If either Moody’s or S&P ceases to provide a rating, any subsequent increase or decrease in
the interest rate of this Security necessitated by a reduction or increase in the rating by the
agency continuing to provide the rating shall be twice the percentage set forth in the applicable
table above. No adjustments in the interest rate of this

3

 

Security shall be made solely as a result of either Moody’s or S&P ceasing to provide a
rating. If both Moody’s and S&P cease to provide a rating, the interest rate on this Security will
increase to, or remain at, as the case may be, 2.00% above the Original Rate.

     Any interest rate increase or decrease, as described above, will take effect from the first
day of the interest period during which a rating change requires an adjustment to the interest rate
on this Security as described above.

Repurchase at the Option of a Holder Upon a Change of Control

     If a Change of Control Triggering Event (as defined below) occurs, unless the Company
exercised its right to redeem this Security, holders of Securities will have the right to require
the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in
excess thereof) of this Security pursuant to the offer described below (the “Change of Control
Offer”) on the terms set forth in this Security.

     In the Change of Control Offer, the Company will be required to offer payment in cash equal to
101% of the aggregate principal amount of Securities to be repurchased plus accrued and unpaid
interest on such Securities, to, but excluding, the date of repurchase (the “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event, the Company will be
required to mail a notice to Holders of Securities describing the transaction or transactions that
constitute the Change of Control Triggering Event and offering to repurchase this Security on the
date specified in the notice, which date will be no earlier than 30 days and no later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the
procedures required by this Security and described in such notice. The Company must comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the
repurchase of this Security as a result of a Change of Control Triggering Event. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control
provisions of this Security, the Company will be required to comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under the Change of
Control (as defined below) provisions of this Security by virtue of such conflicts.

     On the Change of Control Payment Date, the Company will be required, to the extent lawful, to:

	 	•	 	accept for payment all Securities or portions of Securities properly tendered
pursuant to the Change of Control Offer;
	 
	 	•	 	deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Securities or portions of Securities properly tendered; and
	 
	 	•	 	deliver or cause to be delivered to the Trustee this Security properly accepted
together with an officers’ certificate stating the aggregate principal amount of
Securities or portions of Securities being purchased.

     “Below Investment Grade Rating Event” shall mean this Security is rated below an Investment
Grade Rating (as defined below) by each of the Rating Agencies (as defined below) on any date from
the date of the public notice of an arrangement that could result in a Change of Control until the
end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of this Security is under publicly announced
consideration for possible downgrade or withdrawal by any of the Rating Agencies); provided that a
Below Investment Grade Rating Event shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes
of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the trustee in writing at the Company’s request that the reduction was the
result, in whole or in part, of any event or circumstance comprised of or arising as a result of,
or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Below Investment Grade Rating Event).

     “Change of Control” shall mean the occurrence of any of the following: (1) the direct or
indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of

4

 

related transactions, of all or substantially all of assets of the Company and its
Subsidiaries taken as a whole to any Person other than the Company or one of its Subsidiaries; (2)
the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any Person becomes the beneficial owner, directly or indirectly, of
more than 50% of the then outstanding number of shares of the Company’s Voting Stock (as defined
below); or (3) the first day on which a majority of the members of the Board of Trust Managers are
not Continuing Trust Managers (as defined below). Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (i) the Company becomes a wholly owned
Subsidiary of a holding company and (ii) the holders of the Voting Stock of such holding company
immediately following that transaction are substantially the same as the holders of the Company’s
Voting Stock immediately prior to that transaction.

     “Change of Control Triggering Event” shall mean the occurrence of both a Change of Control and
a Below Investment Grade Rating Event.

     “Continuing Trust Managers” shall mean persons who at the beginning of any period of 12
consecutive months after the date of original issuance of this Security constituted the Board of
Trust Managers, together with any new persons whose election was approved by a vote of a majority
of the persons then still comprising the Board of Trust Managers who were either members of the
Board of Trust Managers at the beginning of such period or whose election, designation or
nomination for election was previously so approved.

     “Investment Grade Rating” shall mean a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its
equivalent under any successor rating categories of S&P); and, if either of Moody’s or S&P ceases
to rate this Security or fails to make a rating of this Security publicly available, the equivalent
investment grade credit rating from a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as
certified by a resolution of the Board of Trust Managers) as a replacement organization for Moody’s
or S&P, or both, as the case may be.

     “Rating Agency” shall mean: (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P
ceases to rate this Security or fails to make a rating of this Security publicly available, a
“nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution
of the Board of Trust Managers) as a replacement organization for Moody’s or S&P, or both, as the
case may be.

     “Voting Stock” of any Person as of any date shall mean the capital stock of such Person that
is at the time entitled to vote generally in the election of the board of directors or similar
governing body of such Person.

Other Terms

     “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Security, the excess, if any, of (i) the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount
of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that
would have been payable in respect of such dollar if such redemption or accelerated payment had not
been made, determined by discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (as defined below) (determined on the third Business Day preceding the date such
notice of redemption is given or declaration of acceleration is made) from the respective dates on
which such principal and interest would have been payable if such redemption or accelerated payment
had not been made, over (ii) the aggregate principal amount of the Securities being redeemed or
paid.

     “Reinvestment Rate” means 0.20% (twenty one-hundredths of one percent) plus the arithmetic
mean of the yields under the respective headings “This Week” and “Last Week” published in the
Statistical Release (as defined below) under the caption “Treasury Constant Maturities” for the
maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the
payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to such maturity shall
be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be
interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such
relevant periods to the nearest month. For purposes of calculating the Reinvestment Rate, the most
recent Statistical Release published

5

 

prior to the date of determination of the Make-Whole Amount shall be used.

     “Statistical Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve System and which establishes yields on
actively traded United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under the Indenture, then
such other reasonably comparable index which shall be designated by the Company.

     This Security shall not be entitled to the benefits of the covenants set forth in Section
10.12 of the Indenture.

     The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of
the Company on this Security and (b) certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this Security.

     If any Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of, and the Make-Whole Amount, if any, on, the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee, offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof
(and premium or Make-Whole Amount, if any) or any interest on and any Additional Amounts in respect
thereof on or after the respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities of each series at the time Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, Make-Whole Amount, if any, on, and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where
the principal of, Make-Whole Amount, if any, on, and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or
transferees.

6

 

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this Security, or because of any indebtedness evidenced thereby, shall be had against any
promoter, as such or, against any past, present or future shareholder, officer, trust manager or
director, as such, of the Company or of any successor, either directly or through the Company or
any successor, under any rule of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Security by the Holder thereof and as part
of the consideration for the issue of the Securities of this series.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused “CUSIP” numbers to be printed on the Securities of this series
as convenience to the Holders of such Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on
the other identification numbers printed hereon.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

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ABBREVIATIONS

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

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN COMM	 	—	 	as tenants in common	 	 	 	UNIF GIFT/TRANSFER MIN ACT —
	TEN ENT

	 	—
	 	as tenants by the entireties
	 	 	 	 	 	 Custodian 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 
	JT TEN

	 	—	 	as joint tenants with right of survivorship	 	 	 	(Cust)
	 	 	(Minor)	 	 
		 	 	 	 and not as tenants in common	 	 	 	Under Uniform Gifts/Transfers to Minors Act
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(State)

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

 

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

(name and address of assignee)

the within Note and all rights thereunder, hereby
irrevocably constituting and appointing
             
                     
                               ,
attorney to transfer said Note on
the books kept for registration thereof, with full power of substitution in the premises.

Dated:

8<PAGE>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

         This employment agreement (the "Agreement") is entered into as of
February 28, 2007 between OXiGENE, Inc., a Delaware corporation ("OXiGENE"), and
John Kollins (the "Executive").

                              W I T N E S S E T H:

         WHEREAS, OXiGENE and Executive desire to enter into an employment
agreement relating to the position of OXiGENE's Senior Vice President and Chief
Business Officer.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby mutually acknowledged, OXiGENE and Executive
hereby agree as follows:

         1.       Employment

                  1.1 Executive shall serve in the capacity of Senior Vice
President and Chief Business Officer, and shall have the duties,
responsibilities and authority assigned to Executive by OXiGENE's President and
Chief Executive Officer to whom he shall report.

         Executive, so long as he is employed hereunder, (i) shall devote
substantially all of his full professional time and attention to the services
required of him as an employee of OXiGENE, except as otherwise agreed and except
as permitted in accordance with paid vacation time subject to OXiGENE's existing
vacation policy, and subject to OXiGENE's existing policies pertaining to
reasonable periods of absence due to sickness, personal injury or other
disability, (ii) shall use his best efforts to promote the interests of OXiGENE,
and (iii) shall discharge his responsibilities in a diligent and faithful
manner, consistent with sound business practices. Notwithstanding the above, the
Executive may continue to serve as a consultant / advisor for the entities
listed on Exhibit A provided that such service does not create any conflicts,
ethical or otherwise, with Executive's responsibilities to OXiGENE and further
provided that Executive's time commitments do not unreasonably interfere with
his fulfillment of his responsibilities hereunder, as determined by OXiGENE.

         2.       Term

         The term of Executive's employment under this Agreement shall commence
at a date mutually agreed upon by the parties and shall continue until
terminated by either party in accordance with Section 6 hereof (the "Employment
Term").

         3.       Base Salary; Stock Options, Sign-on Bonus

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

<PAGE>

                                                                  EXECUTION COPY

                  3.1 During the Employment Term, Executive initially shall be
paid an annual base salary in the amount of $275,000 (such amount as adjusted,
from time to time, the "Base Salary"), payable in biweekly (26) installments in
accordance with OXiGENE's payroll schedule from time to time in effect.
Executive will be eligible for consideration for 30-40% bonus on a yearly basis
(the "Annual Bonus"), based upon OXiGENE's assessment of the performance of
Executive and OXiGENE, and at sole discretion of OXiGENE.

OXiGENE shall grant to Executive, subject to approval by the Compensation
Committee of the Board, options to purchase 200,000 shares of OXiGENE's common
stock at an exercise price equal to the fair market value of such stock on the
date of grant pursuant to and in accordance with the terms of OXiGENE's 2005
Stock Plan (the "Stock Plan") and OXiGENE's standard form of option agreement.
To the extent allowed by law, the options shall be treated as incentive options.
100,000 of the options shall vest in four equal annual increments over the four
(4) year period measured from the date of grant of such options, with vesting to
begin on the one (1) year anniversary of the grant date. 100,000 of the options
(the "Contingent Options") shall vest upon execution of a major outlicensing
deal, approved by the Board of Directors, for [***] rights to one or more
indications for an OXiGENE drug candidate, provided that the deal is associated
with significant [***] terms, such as, for example, [***] upfront payment, [***]
payments, and [***].

Executive shall earn a $60,000 signing bonus, payable on the first payroll
following date of employment. If Executive's employment hereunder is terminated
either by OXiGENE for Cause or voluntarily by Executive in the absence of a Good
Reason (as defined in Section 6.6) within one (1) year of the Commencement Date,
the Employee will promptly repay a portion of the Commencement Bonus equal to
the amount of the Commencement Bonus, net of applicable taxes and deductions,
multiplied by a fraction, the numerator of which equals the number of days from
the effective date of such termination to the first anniversary of the
Commencement Date and the denominator of which will be 365.

         4.       Benefits

         Executive shall be entitled to participate in employee benefit plans
and arrangements made available by OXiGENE generally to OXiGENE employees of
comparable rank during the Employment Term.

         5.       Business Expenses & Relocation Expenses

                  5.1 The Executive shall be entitled to receive an American
Express Corporate Card (or other card should OXiGENE change to another card
issuer), for business related expenses and prompt reimbursement will be made for
all reasonable and customary expenses incurred by him in performing services
hereunder during the Employment term; provided that such expenses are incurred
and accounted for in accordance with the policies and procedures established by
OXiGENE.

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       2
<PAGE>

                                                                  EXECUTION COPY

                  5.2 If the Executive relocates, OXiGENE shall reimburse
Executive for up to $75,000 for Relocation Expenses (as defined below) relating
to such relocation so long as the Executive is employed by OXiGENE at the time
of the relocation. Such reimbursement shall be made provided that such expenses
are incurred and accounted for in accordance with the policies and procedures
established by OXiGENE. "Relocation Expenses" shall mean reasonable expenses
incurred by the Executive related to costs of the physical movement of all goods
and vehicles that are in Executive's California home, up to three round trip
airfares and hotel accommodations for "house hunting" and up to three months of
temporary housing for the Executive and the Executive's dependents. If the
Executive is terminated for Cause or voluntarily terminates his employment
within 1 year of relocation, he shall reimburse OXiGENE promptly for any
payments it has made under this section.

         6.       Termination

                  6.1 The Executive may resign from employment with OXiGENE upon
written notice to OXiGENE.

                  6.2 If the Executive's employment is terminated by OXiGENE
other than for Cause (as defined below) or the Executive's disability, then
OXiGENE shall provide to Executive the following termination compensation:

                  (a)      payments equal to Executive's then-current Base
                           Salary for a period of twelve (12) months, payable on
                           OXiGENE's normal paydays.

                  (b)      a payment equal to the portion of the Executive's
                           Base Salary that has accrued prior to any termination
                           of the Executive's employment with OXiGENE that has
                           not yet been paid;

                  (c)      to the extent required by law and OXiGENE's policy,
                           an amount equal to the value of the Executive's
                           accrued but unused vacation days;

                  (d)      the amount of any expenses properly incurred by the
                           Executive on behalf of OXiGENE prior to any
                           termination and not yet reimbursed;

                  (e)      the Annual Bonus related to the most recently
                           completed calendar year, if not already paid.

                  (f)      should Executive timely elect and be eligible for
                           COBRA coverage, payment of Executive's COBRA premiums
                           for the Executive and the Executive's immediate
                           family's medical and dental insurance coverage for a
                           period of twelve (12) months;

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       3
<PAGE>

                                                                  EXECUTION COPY

                           provided, that OXiGENE shall have no obligation to
                           provide such coverage if Executive becomes eligible
                           for medical and dental coverage with another
                           employer. Executive shall give prompt written notice
                           to the Company on attaining such eligibility.

         Notwithstanding anything to the contrary herein, OXiGENE's obligation
to provide the termination compensation described in this Section 6.2 shall be
conditional upon the Executive delivering to OXiGENE, and not thereafter
revoking, a fully executed general release, in a form satisfactory to OXiGENE,
of all claims against OXiGENE, its affiliates, and each of their officers,
directors, employees, agents and attorneys. Such payments described in Sections
6.2(a), (b), (c), (d), (e) and (f), unless otherwise required by law, shall
become due on the first payday which is at least ten (10) business days after
the Executive delivers to OXiGENE said release.

              6.3 If, following any Change in Control (as such term is defined
below) and prior to the expiration of one (1) year from the date of such Change
in Control, (1) Employee's employment is terminated (other than for Cause or the
Executive's disability) or (2) in the event of a Termination with Good Reason,
then

                  (a)      The Employee shall receive, as soon as practicable
                           after the Termination Date:

                           (i) An amount equal to twelve (12) months of
                           Executive's then current Base Salary; and (ii) the
                           termination compensation described in Sections
                           6.2(b), (c), (d), (e), (f) and (h) above.

                  (b)      All stock options, stock appreciation rights,
                           restricted stock, and other incentive compensation
                           granted to the Executive by OXiGENE, if and only to
                           the extent such instruments are outstanding on the
                           date of termination, shall vest and remain
                           exercisable in accordance with the terms of the
                           applicable stock plan and the agreement entered
                           pursuant thereto, and the Executive may exercise all
                           such vested options and rights, and shall receive
                           payments and distributions accordingly.

"Change in Control" shall mean the occurrence of any of the following events:

(i)      Ownership. Any "Person" (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) becomes the
"Beneficial Owner" (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of OXiGENE representing 50% or more of the total
voting power represented by OXiGENE's then outstanding voting securities
(excluding for this purpose any such voting securities held by OXiGENE or its
affiliates or by any employee benefit plan of OXiGENE) pursuant to a transaction
or a series of related transactions which the Board of Directors does not
approve; or

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       4

<PAGE>

                                                                  EXECUTION COPY

(ii)     Merger/Sale of Assets. (A) A merger or consolidation of OXiGENE whether
or not approved by the Board of Directors, other than a merger or consolidation
which would result in the voting securities of OXiGENE outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or the parent of
such corporation) at least 50% of the total voting power represented by the
voting securities of OXiGENE or such surviving entity or parent of such
corporation, as the case may be, outstanding immediately after such merger or
consolidation; or (B) the stockholders of OXiGENE approve an agreement for the
sale or disposition by OXiGENE of all or substantially all of OXiGENE's assets;
or

(iii)    Change in Board Composition. A change in the composition of the Board
of Directors, as a result of which fewer than a majority of the directors are
Incumbent Directors. "Incumbent Directors" shall mean directors who either (A)
are directors of OXiGENE as of the date of this Agreement, or (B) are elected,
or nominated for election, to the Board of Directors with the affirmative votes
of at least a majority of the Incumbent Directors at the time of such election
or nomination (but shall not include an individual whose election or nomination
is in connection with an actual or threatened proxy contest relating to the
election of directors to OXiGENE).

                  6.4 Except as otherwise set forth in this Section 6, all
obligations of OXiGENE under this Agreement shall cease if, during the
Employment Term, OXiGENE terminates Executive for Cause or the Executive resigns
his employment. Upon such termination, Executive shall be entitled to receive
only the termination compensation described under Sections 6.2(b), (c) and (d).

6.5      For the purposes of this Agreement, the term "Cause" shall mean any of
the following:

                  (a)      the Executive's substantial failure to perform any of
                           his duties hereunder or to follow reasonable, lawful
                           directions of the Board or any officer to whom the
                           Executive reports;

                  (b)      the Executive's willful misconduct or willful
                           malfeasance in connection with his employment; (c)
                           the Executive's conviction of, or plea of nolo
                           contendere to, any crime constituting a felony under
                           the laws of the United States or any state thereof,
                           or any other crime involving moral turpitude;

                  (d)      the Executive's material breach of any of the
                           provisions of this Agreement, OXiGENE's bylaws or any
                           other agreement with OXiGENE;

                  (e)      the Executive's engaging in misconduct which has
                           caused significant injury to OXiGENE, financial or
                           otherwise, or to OXiGENE's reputation; or

                  (f)      any act, omission or circumstance constituting cause
                           under the law governing this Agreement.

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       5
<PAGE>

                                                                  EXECUTION COPY

         If Cause arises under Section 6.5(a), (b), (d), (e), or (f), the
Executive shall be given a minimum period of thirty (30) days to reasonably cure
such Cause (if reasonably subject to cure).

                  6.6 For the purposes of this Agreement, "Good Reason" shall
mean: (i) without the Executive's express written consent, any material
reduction in Executive's title, or responsibilities compared to those prior to a
Change in Control (as such term is defined in Section 6.3); (ii) without the
Executive's express written consent, a material reduction by OXiGENE in the
Executive's total compensation as in effect on the date hereof or as the same
may be increased from time to time, provided that it shall not be deemed a
material reduction if (a) the amount of Executive's Annual Bonus is less than
the amount of any previously awarded Annual Bonuses or (b) a benefit is amended
and such amendment affects all eligible executive participants; or (iii) the
Company breaches a material term of this Agreement and such breach has remained
uncured for a minimum of thirty (30) days after Executive has notified OXiGENE
of breach. To be effective, such notice must be in writing and set forth the
specific alleged Good Reason for termination and the factual basis supporting
the alleged Good Reason.

                  6.7 The foregoing payments upon Executive's termination shall
constitute the exclusive payments due Executive upon termination of his
employment with OXiGENE under this Agreement or otherwise, provided, however
that except as stated above, such payments shall have no effect on any benefits
which may be payable to Executive under any plan of OXiGENE which provides
benefits after termination of employment.

         7.       Taxes.

         Any amounts or benefits payable or provided to the Executive hereunder
shall be paid or provided to the Executive subject to all applicable taxes
required to be withheld by OXiGENE pursuant to national and/or local law. The
Executive shall be solely responsible for all taxes imposed on the Executive by
reason of his receipt of any amounts of compensation or benefits payable
hereunder and OXiGENE makes no representation, warranty or promise regarding the
tax treatment of any payment or benefit provided to the Executive.

         8.       Non-Competition / Non-Solicitation

                  8.1 While the Executive is employed by OXiGENE and for a
period of 12 months following the termination of his employment (the
"Noncompetition Period"), the Executive shall not, for himself or on behalf of
any other person or entity, directly or indirectly, whether as principal,
partner, agent, independent contractor, stockholder, employee, consultant,
representative or in any other capacity, own, manage, operate or control, be
concerned or connected with, or employed by, , engage in or have a financial
interest in any Restricted Business (as defined in Section 8.3) anywhere in the
world (the "Restricted Territory") except that nothing in this Agreement shall
preclude the Executive from purchasing or owning securities of any such business
if such securities are publicly traded, and provided that the Executive's
holdings do not exceed two (2%)

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       6
<PAGE>

                                                                  EXECUTION COPY

percent of the issued and outstanding securities of any class of securities of
such business. OXiGENE acknowledges that as of the effective date of this
Agreement, the Executive directly owns less than two percent (2%) of the issued
and outstanding securities in the privately-held entity listed in Exhibit B that
is engaged in pharmaceutical research and development. Nothing in this Agreement
shall preclude the Executive from owning said securities or require that the
Executive divest said securities during either his employment with OXiGENE or
the Noncompetition Period.

                  8.2 In addition, during the Noncompetition Period the
Executive shall not, either individually or on behalf of or through any third
party, solicit, divert or appropriate or attempt to solicit, divert or
appropriate, for the purpose of competing with OXiGENE or any present or future
parent, subsidiary or other affiliate of OXiGENE which is engaged in the
Restricted Business, any customers, clients or vendors of OXiGENE with whom the
Executive has had contact or to whom the Executive has provided services during
the Executive's employment with OXiGENE.

                  8.3 For the purposes of this Agreement, the term "Restricted
Business" shall mean any person, partnership, corporation, business organization
or other entity (or a division or business unit of any entity) whose primary
business is the research, development, manufacture, marketing or selling of
products or services that are the same as or similar to those that OXiGENE is
researching, developing, manufacturing, marketing or selling during the
Executive's employment with OXiGENE, provided that (i) after the Executive's
employment with OXiGENE has terminated, this definition shall apply only with
respect to products and services that are the same as or similar to those that
OXiGENE was engaged in or developing during the last two (2) years of his
employment with OXiGENE; (ii) nothing in this definition shall operate to
prevent Executive from working for or with respect to any subsidiary, division
or affiliate (each, a "Unit") of an entity if that Unit is not itself a
Restricted Business, irrespective of whether some other Unit of such entity
constitutes a Restricted Business (as long as the Executive does not provide any
services for such other Unit); and (iii) Restricted Business will not include
researching, developing, manufacturing, marketing or selling products or
services other than those products or services being researched, developed,
manufactured, marketed, or sold by or on behalf of OXiGENE when the Executive's
employment with OXiGENE terminates.

                  8.4 During the Non-Competition Period, neither the Executive
nor any Executive-Controlled Person (as defined below) will, without the prior
written consent of the Board, directly or indirectly solicit for employment, or
make an unsolicited recommendation to any other person that it employ or solicit
for employment any person who is or was, at any time during the nine (9) month
period prior to the Termination date, an officer, Executive or key employee of
OXiGENE or any affiliate of OXiGENE. As used in this Agreement, the term
"Executive-Controlled Person" shall mean any company, partnership, firm or other
entity as to which Executive possesses, directly or indirectly, the power to
direct or cause the direction of the management and policies of such entity,
whether through the ownership of voting securities, by contract or otherwise.

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       7
<PAGE>

                                                                  EXECUTION COPY

Notwithstanding the forgoing, this provision shall not apply to the solicitation
of individuals who have, for at least one (1) year prior to the Termination
Date, not been employed by OXiGENE.

                  8.5 The provisions contained in this Section 8 as to the time
periods, scope of activities, persons or entities affected, and territories
restricted shall be deemed divisible so that, if any provision contained in this
Section 8 is determined to be invalid or unenforceable, such provisions shall be
deemed modified so as to be valid and enforceable to the full extent lawfully
permitted.

                  8.6 Executive agrees that the provisions of this Section 8 are
reasonable and necessary for the protection of OXiGENE and that they may not be
adequately enforced by an action for damages and that, in the event of a
material breach thereof by Executive or any Executive-Controlled Person, OXiGENE
shall be entitled to apply for and obtain injunctive relief in any court of
competent jurisdiction to restrain the breach or threatened breach of such
violation or otherwise to enforce specifically such provisions against such
violation, without the necessity of the posting of any bond by OXiGENE.
Executive further covenants under this Section 8, that OXiGENE shall be entitled
to an accounting and repayment of all profits, compensation, commissions,
remuneration or other benefits that Executive directly or indirectly has
realized and/or may realize as a result of, growing out of or in connection with
any such violation. Such a remedy shall, however, be cumulative and not
exclusive and shall be in addition to any injunctive relief or other legal
equitable remedy to which OXiGENE is or may be entitled.

         9.       Indemnification

         OXiGENE, to the extent permitted by its Articles and By Laws, shall
indemnify the Executive for all claims, losses, expenses, costs, obligations,
and liabilities of every nature whatsoever incurred by the Executive to any
third party as a result of the Executive's acts or omissions as an employee of
OXiGENE, but excluding from such indemnification any claims, losses, expenses,
costs, obligations, or liabilities incurred by the Executive as a result of the
Executive's bad faith, willful misconduct or gross negligence.

         10.      Attorney's Fees and Expenses

         OXiGENE and the Executive agree that in the event of litigation arising
out of or relating to this Agreement, the prevailing party shall be entitled to
reimbursement from the other party to the prevailing party's reasonable attorney
fees and expenses.

         11.      Amendments

         This Agreement may not be altered, modified or amended except by a
written instrument signed by each of the parties hereto.

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       8
<PAGE>

                                                                  EXECUTION COPY

         12.      Assignments

         Neither this Agreement nor any of the rights or obligations hereunder
shall be assigned or delegated by any party hereto without the prior written
consent of the other party; provided, however, that any payments and benefits
owed to Executive under this Agreement shall inure to the benefit of his heirs
and personal representatives.

         13.      Waiver

         Waiver by any party hereto of any breach or default by any other party
of any of the terms of this Agreement shall not operate as a waiver of any other
breach or default, whether similar to or different from the breach or default
waived.

         14.      Severability

         In the event that any one or more of the provisions of this Agreement
shall be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not be affected thereby.

         15.      Notices

         All notices and other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when personally
delivered or when mailed by registered mail, return receipt requested, postage
prepaid, addressed as follows:

         If to Executive, to him as follows:

         John Kollins
         1337 Third Avenue
         San Francisco, CA 94122

         If to OXiGENE, to it as follows:

         OXiGENE, Inc.
         230 Third Avenue
         Waltham, MA  02451
         Attn: Richard Chin or his successor

Or to such other address or such other person as Executive or OXiGENE shall
designate in writing in accordance with this Section 15, except that notices
regarding changes in notices shall be effective only upon receipt.

         16.      Headings

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       9
<PAGE>

                                                                  EXECUTION COPY

         Headings to Sections in this Agreement are for the convenience of the
parties only and are not intended to be a part of, or to affect the meaning or
interpretation of, this Agreement.

         17.      Governing Law; Venue; Jury Waiver

         This Agreement shall be governed by the laws of the Commonwealth of
Massachusetts without reference to the principles of conflict of laws. Each of
the parties hereto consents to the jurisdiction of the federal and state courts
of the Commonwealth of Massachusetts in connection with any claim or controversy
arising out of or connected with this Agreement, and said courts shall be the
exclusive fora for the resolution of any such claim or controversy. Service of
process in any such proceeding may be made upon each of the parties hereto at
the address of such party as determined in accordance with Section 15 of this
Agreement, subject to the applicable rules of the court in which such action is
brought. Both the Executive and OXiGENE waive any right they may have to a trial
by jury and agree that any dispute between them arising from or relating to the
Agreement or the Executive's employment shall be tried by a judge sitting
without a jury.

         18.      All Other Agreements Superseded.

         Except for Executive's Confidentiality and Inventions Agreement, which
the Executive shall sign as a condition of his employment and of the
effectiveness of this Agreement, this Agreement contains the entire agreement
between Executive and OXiGENE with respect to all matters relating to
Executive's employment with OXiGENE and, as of the date hereof, will supersede
and replace any other agreements, written or oral, between the parties relating
to the terms or conditions of Executive's employment with OXiGENE.

         IN WITNESS WHEREOF, OXiGENE and Executive have caused this Agreement to
be executed as of the date first above written.

                                       /s/ John Kollins
                                       -----------------------------------------
                                       John Kollins

                                       March 5, 2007
                                       -----------------------------------------
                                       Start Date

                                       OXiGENE, Inc.

                                       By:    /s/ Richard Chin
                                              ----------------------------------
                                       Name:  Dr. Richard Chin
                                       Title: President & CEO

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       10
<PAGE>

                                                                  EXECUTION COPY

                                    Exhibit A

CovX, Advisory Board Chairman
Ingenium Pharmaceuticals, Consultant
Entelos, Inc., Consultant

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       11
<PAGE>

                                                                  EXECUTION COPY

                                    EXHIBIT B

GTAb, Inc. (affiliate of CovX)

    PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH
      THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION
      REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                                       12

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