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                                                                   EXHIBIT 10.15

                          INVERESK RESEARCH GROUP, INC.

                           2002 NON-EMPLOYEE DIRECTORS

                                STOCK OPTION PLAN

                  Inveresk Research Group, Inc., a Delaware corporation (the
"Company"), wishes to attract persons who are not employees or affiliates of the
Company to serve on its Board of Directors, to induce such persons to continue
to serve as directors and to align their interests with the interests of the
Company's stockholders. Accordingly, the Company is providing pursuant to this
Plan for periodic, automatic grants of options to purchase shares of its common
stock as set forth below.

1.       Definitions.

                  Whenever used herein, the following terms shall have the
meanings set forth below:

                  "Award Agreement" means a written agreement entered into by
the Company and the Optionee of an Option, as provided in Section 4.

                  "Board" means the Board of Directors of the Company.

                  "Change in Control" means the occurrence of any of the
following:

                  (i) any "person," including a "group" (as those terms are used
in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any
entity controlled by or under common control with the Company, any employee
benefit plan of the Company or any such entity, and, with respect to any
particular Optionee, the Optionee and any "group" (as that term is used in
Section 13(d)(3) of the Exchange Act) of which the Optionee is a member),
becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing a majority of
either (A) the combined voting power of the Company's then outstanding
securities or (B) the Shares then outstanding (in either such case other than as
a result of an acquisition of securities directly from the Company); provided,
however, that, in no event shall a Change in Control be deemed to have occurred
(x) by reason of an increase in the percentage beneficial ownership of any
person or group that results from a reduction in the number of outstanding
Shares or (y) by reason of an increase in the beneficial ownership of a person
or group of less than 5% per year or (z) by reason of any increase in the
beneficial ownership of a person or group that on the date the Company first
became subject to the periodic reporting obligations imposed under the Exchange
Act was the beneficial owner of a majority of the Shares then outstanding; or

                  (ii) any consolidation or merger of the Company in which the
stockholders of the Company immediately prior to the consolidation or merger
would not, immediately after the consolidation or merger, beneficially own (as
that term is defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, shares representing in the aggregate 50% or more of the combined
voting power of

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the securities of the corporation issuing cash or securities in the
consolidation or merger (or of its ultimate parent corporation, if any); or

                  (iii) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as
a single plan) of all or substantially all of the assets of the Company, other
than a sale or disposition by the Company of all or substantially all of the
Company's assets to an entity, at least a majority of the combined voting power
of the voting securities of which are owned by persons in substantially the same
proportion as their ownership of the Company immediately prior to such sale, or
the approval by the Company's stockholders, in accordance with the requirements
of applicable law, of any plan or proposal for the liquidation or dissolution of
the Company.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Common Stock" means the Company's Common Stock, par value
$.01 either currently existing or authorized hereafter.

                  "Date of Grant" means, as to any Option, the date of the event
that pursuant to this Plan requires the issuance and grant of the Option.

                  "Disability" means, unless otherwise provided by the Committee
in the Optionee's Award Agreement, a disability which renders the Optionee
incapable of performing all of his or her material duties for a period of at
least 180 consecutive or non-consecutive days during any consecutive
twelve-month period.

                  "Eligible Director" shall mean a member of the Board who is
not an officer or employee of the Company or any of the Company's Subsidiaries
and is not eligible to receive option grants under the Company's 2002 Stock
Option Plan.

                  "Embedded Value" means, with respect to any Option, as of any
date, the excess of (i) the Option Price then in effect over (ii) the Fair
Market Value on that date.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Fair Market Value" means, as of any date, the value of a
Share determined as follows: (i) if the Common Stock is listed on any
established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The
Nasdaq Stock Market, the Fair Market Value of each Share shall be the closing
sales price for such stock (or the closing bid, if no sales were reported) on
such exchange or system on the last trading day preceding the date of
determination, as reported in The Wall Street Journal or such other source as
the Board deems reliable; (ii) if the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share shall be the mean between the high bid and low asked
prices for the Common Stock on the day of determination, as reported in The Wall
Street Journal or such other source as the Board deems reliable; and (iii) in
the absence of an established market for the Common Stock, the Fair Market Value
shall be determined in good faith by the Board.

                  "Option" means the right to purchase, at a price and for the
term fixed in accordance with the Plan, and subject to such other limitations
and restrictions in the Plan and the applicable Award Agreement, a number of
Shares determined hereunder. No Option shall be intended to qualify under
Section 422 of the Code.

                  "Optionee" means the holder of an Option granted pursuant to
the provisions of this Plan.

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                  "Option Price" means, with respect to any Option, the exercise
price per Share.

                  "Plan" means this 2002 Non-Employee Director Stock Option
Plan, as it may from time to time be amended.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Shares" means shares of Common Stock of the Company, which
may be, in whole or in part, authorized and unissued shares or treasury shares.

                  "Subsidiary" means any corporation (other than the Company)
that is a "subsidiary corporation" with respect to the Company under Section
424(f) of the Code. In the event the Company becomes a subsidiary of another
company, the provisions hereof applicable to subsidiaries shall, unless
otherwise determined by the Board, also be applicable to any company that is a
"parent corporation" with respect to the Company under Section 424(e) of the
Code.

                  "Successor" means, with respect to any Optionee who has died,
the executor, administrator or other legal representative of the estate of the
person or persons who acquire the right to exercise an Option by bequest or
inheritance or otherwise by operation of law.

                  2. Approval; Effective Date; Termination.

                  The effective date of the Plan is the date on which the
Company's Registration Statement on Form S-1 (File No. 333-85356) is declared
effective by the United States Securities and Exchange Commission, subject to
approval by the stockholders of the Company. The Plan shall terminate on, and no
Option shall be granted hereunder on or after, the tenth anniversary of the
effective date of the Plan; provided, however, that the Board may terminate the
Plan at any time prior to that date.

                  3. Administration of Plan.

                  To the extent, if any, that questions of administration of the
Plan arise, these shall be resolved by the Board. The Board may, in its
discretion, delegate to the Chief Executive Officer or the Chief Financial
Officer of the Company authority and responsibility to act pursuant to the Plan
with respect to ministerial administrative matters, which actions shall at all
times be subject to the supervision of the Board.

                  4. Stock Option Grants to Eligible Directors.

                  (a) Each Eligible Director automatically shall be entitled to
receive, and shall be granted, (i) on the date the Eligible Director first is
elected or appointed to the Board, an Option to purchase 7,500 shares of Common
Stock and (ii) as of the date of each annual meeting of the Company's
stockholders (each an "Annual Meeting"), an Option to purchase 5,000 shares of
Common Stock; provided, however, that, if a person first is elected or appointed
to the Board within 60 days prior to an Annual Meeting such Eligible Director
shall not be granted an Option on the date of that Annual Meeting. Each Option
shall be evidenced by an Award Agreement.

                  (b) If the Company effects a stock split, reverse split or
similar process, the number of shares of Common Stock issuable on exercise of
Options issued after that date shall be ratably adjusted.

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                  5. Option Price.

                  The Option Price in respect of each Option shall be 100% of
the Fair Market Value of the Common Stock subject to an Option on the Date of
Grant.

                  6. Term; Vesting.

                  (a) Unless earlier expired, forfeited or otherwise terminated,
each Option shall expire in its entirety upon the 10th anniversary of the Date
of Grant.

                  (b) Except as otherwise expressly provided in this Plan, each
Option first shall become exercisable one year after the Date of Grant, at which
time up to one-third of the Shares covered by that Option may be acquired upon
exercise. On each of the second and third anniversaries of issuance, the Option
shall become exercisable as to an additional one-third of the underlying Shares,
provided the Eligible Director to whom the Option was issued remains a member of
the Board on each such date. An Option may be exercised by an Eligible Director
during the period that the Eligible Director remains a member of the Board and
for a period of one year after the Eligible Director ceases to be a member of
the Board, but in no event beyond the expiration of the Option. If an Eligible
Director dies, the Option shall be exercisable only within the twelve months
next succeeding the date of death, and then only (i) by the executor or
administrator of the Eligible Director's estate or by the person or persons to
whom the Eligible Director's rights under the Option shall pass by the Eligible
Director's will or the laws of descent and distribution, and (ii) if and to the
extent that the Eligible Director was entitled to exercise the Option at the
date of the Eligible Director's death. Notwithstanding any other provision of
the Plan to the contrary, in no event shall any Option (A) that is not
exercisable at the time of the Optionee's cessation of service on the Board ever
become exercisable or (B) be exercisable more than ten years after the Date of
Grant.

                  7. Exercise of Options.

                  (a) Subject to vesting, restrictions on exercisability and
other restrictions provided for in this Plan or otherwise imposed pursuant to
this Plan, an Option may be exercised, and payment in full of the aggregate
Option Price made, by an Optionee (including any Successor) only by written
notice (in the form prescribed by the Committee) to the Company specifying the
number of Shares to be purchased.

                  (b) The aggregate Option Price shall be paid in full upon the
exercise of the Option. The specified number of Shares with respect to which an
Option is exercised will, subject to applicable tax withholding, if any, be
issued following receipt by the Company of full payment for such Shares. Payment
must be made by one of the following methods:

                  (i) a certified or bank cashier's check;

                  (ii) if approved by the Board in its discretion, Shares of
previously owned Common Stock having an aggregate Fair Market Value on the date
of exercise equal to the aggregate Option Price, which Common Stock was owned by
the Optionee at least six months prior to such delivery;

                  (iii) by surrendering Options in exchange for Shares having an
aggregate Fair Market Value on the date of surrender equal to the aggregate
Embedded Value on that date of the Options so surrendered; and

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                  (iv) by any combination of such methods of payment or any
other method approved by the Board in its discretion.

                  (c) No fractional Shares shall be issuable on exercise of an
Option and in lieu of any fractional Share that otherwise would be issuable, the
Company shall pay to the Optionee, by cash or check, an amount equal to the Fair
Market Value on the date of exercise, multiplied by the applicable fraction.

                  8. Nontransferability of Options.

                  No Option granted under the Plan shall be transferable by the
Eligible Director to whom it is issued except by will or the laws of descent and
distribution of the state in which the Eligible Director is domiciled at the
time of his or her death.

                  9. Regulations and Approvals.

                  (a) The obligation of the Company to sell Shares upon exercise
of Options granted under the Plan shall be subject to all applicable laws, rules
and regulations, including all applicable federal and state securities laws, and
the obtaining of all such approvals by governmental agencies, as may be deemed
necessary or appropriate by the Board.

                  (b) The Board may make such changes to the Plan as may be
necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain tax benefits applicable to stock options.

                  (c) Each Option is subject to the requirement that, if at any
time the Board determines, in its reasonable discretion, that the listing,
registration or qualification of Shares issuable pursuant to the Plan is
required by any securities exchange or under any state or federal law, or that
the consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with, the grant of an Option or
the issuance of Shares, no Options shall be granted or Shares issued upon
exercise, in whole or in part, unless each such listing, registration,
qualification, consent or approval has been effected or obtained in a manner
reasonably acceptable to the Board.

                  (d) In the event that the disposition of stock acquired
pursuant to the Plan is not covered by a then current registration statement
under the Securities Act, and is not otherwise exempt from such registration,
such Shares shall be restricted against transfer to the extent required under
the Securities Act and any other applicable law, and the Board may require any
individual receiving Shares pursuant to the Plan, as a condition precedent to
receipt of such Shares, to represent to the Company in writing that the Shares
acquired by such individual are acquired for investment only and not with a view
to distribution and that such Shares will be disposed of only if registered for
sale under the Securities Act or if there is an available exemption for such
disposition.

                  10. Amendments; Termination.

                  The Board may at any time terminate, suspend, modify or amend
the Plan as it shall deem advisable, except that no amendment may adversely
affect an Optionee with respect to Options previously granted unless such
amendments are for the purpose of compliance with applicable laws; provided that
the Board may not make any amendment in the Plan that would, if such amendment
were not approved by the holders of the Common Stock, cause the Plan to fail to
comply with any requirement of applicable law or regulation, unless and until
the approval of the holders of such Common Stock is obtained.

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                  11. Changes in Capital Structure.

                  (a) If (i) the Company shall at any time be involved in a
merger, consolidation, dissolution, liquidation, reorganization, exchange of
shares, sale of all or substantially all of the assets or stock of the Company
or a transaction similar thereto, (ii) any stock dividend, stock split, reverse
stock split, stock combination, reclassification, recapitalization or other
similar change in the capital structure of the Company, or any distribution to
holders of Common Stock other than cash dividends, shall occur or (iii) any
other event shall occur which in the judgment of the Board necessitates action
by way of adjusting the terms of the outstanding Options, then the Board may
forthwith take any such action as in its judgment shall be necessary to maintain
the Optionees' rights hereunder (including under the Award Agreements) so that
they are substantially proportionate to the rights existing prior to such event,
and to maintain the continuing availability of Shares under the Plan (if Shares
are otherwise then available) in a manner consistent with the intent hereof,
including, without limitation, adjustments in (x) the number and kind of shares
or other property subject to Options, (y) the Option Price, and (z) the number
and kind of shares available under the Plan. To the extent that such action
shall include an increase or decrease in the number of Shares (or units of other
property then available) subject to outstanding Options, the number of Shares
(or units) available under the Plan shall be increased or decreased, as the case
may be, proportionately, as may be provided by the Board in its discretion. The
judgment of the Board with respect to any matter referred to in this Section
11(a) shall be conclusive and binding upon each Optionee without the need for
any amendment to the Plan.

                  (b) Notwithstanding the provisions of Section 6(b) of the
Plan, if a Change in Control shall occur, each Option than outstanding
immediately and automatically shall become exercisable in full.

                  12. Notices.

                  All notices under the Plan shall be in writing, and if to the
Company, shall be delivered to the Board or mailed to its principal office,
addressed to the attention of the Board; and if to the Optionee, shall be
delivered personally, sent by facsimile transmission or mailed to the Optionee
at the address appearing in the records of the Company. Such addresses may be
changed at any time by written notice to the other party given in accordance
with this Section 12.

                  13. Rights as Stockholder.

                  Neither the Optionee nor any person entitled to exercise the
Optionee's rights in the event of death shall have any rights of a stockholder
with respect to the Shares subject to an Option, except to the extent that a
certificate for such Shares shall have been issued upon the exercise of the
Option as provided for herein.

                  14. No Right to Continued Board Membership.

                  Nothing in the Plan or any Option granted pursuant to the Plan
shall confer on an Eligible Director any right to continue as a member of the
Board, or in any way affect any right to terminate the Eligible Director's
membership on the Board under applicable law.

                  15. Exculpation and Indemnification.

                  The Company shall indemnify and hold harmless the members of
the Board from and against any and all liabilities, costs and expenses incurred
by such persons as a result of any act or omission to act in connection with the
performance of such person's duties, responsibilities and obligations under the
Plan, to the maximum extent permitted by law, other than such liabilities, costs
and

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expenses as may result from the gross negligence, bad faith, willful misconduct
or criminal acts of such persons.

                  16. Exchange Act.

                  It is the intention that the Plan at all times fully satisfy
the provisions and conditions of Rule 16b-3 applicable to a plan of this type.
Accordingly, irrespective of any rights or discretionary power which an Eligible
Director who is or becomes subject to the reporting requirements of Section 16
of the Exchange Act (a "Section 16 Reporting Person") holding a pertinent Option
otherwise would possess hereunder evidencing an Option, a Section 16 Reporting
Person shall be entitled to exercise such rights and discretion only at such
times and manner and under such other conditions as at the time are contemplated
by the applicable provisions of Rule 16b-3 and any attempt otherwise to exercise
such rights or discretion shall be void and of no effect.

                  17. Captions.

                  The use of captions in this Plan is for convenience. The
captions are not intended to and do not provide substantive rights.

                  18. Severability.

                  The invalidity or unenforceability of any provision of the
Plan shall not affect the validity or enforceability of any other provision of
the Plan, which shall remain in full force and effect.

                  19. Governing Law.

                  THE PLAN SHALL BE GOVERNED BY THE LAWS OF DELAWARE, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.

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                                                                   EXHIBIT 10.16

                          INVERESK RESEARCH GROUP, INC.

                             2002 STOCK OPTION PLAN

                  Inveresk Research Group, Inc., a Delaware corporation (the
"Company"), wishes to attract officers, employees and consultants to the Company
and its Subsidiaries and to induce officers, employees and consultants to remain
with the Company and its Subsidiaries, to encourage those persons to increase
their efforts to make the Company's business more successful, whether directly
or through its Subsidiaries, and to align their interests with the interests of
the Company's stockholders. In connection with the transaction pursuant to which
Inveresk Research Group Limited will become a wholly-owned subsidiary of the
Company, the Company also wishes to issue options to holders of options to
purchase capital stock of Inveresk Research Group Limited in consideration for
the cancellation of the options issued by Inveresk Research Group Limited.
Accordingly, the Company is providing pursuant to this Plan for grants of
options to purchase shares of its common stock as set forth below.

                  1. Definitions.

                  Whenever used herein, the following terms shall have the
meanings set forth below:

                  "Award Agreement" means a written agreement entered into by
the Company and the Optionee of an Option, as provided in Section 4.

                  "Board" means the Board of Directors of the Company.

                  "Cause" means, with respect to any Optionee, unless otherwise
provided in the Optionee's Award Agreement, conduct that is determined by the
Board in good faith to fall within one or more of the following categories: (i)
engaging in willful or gross misconduct or neglect in the conduct of the
Optionee's employment obligations, (ii) repeatedly failing to adhere to the
directions of superiors or the Board or the written policies and practices of
the Company or its Subsidiaries or its affiliates, (iii) the commission of a
felony or a crime of moral turpitude, or any crime involving the Company or its
Subsidiaries, or any affiliate thereof, (iv) fraud, misappropriation or
embezzlement, (v) a material breach of the Optionee's employment agreement (if
any) with the Company or its Subsidiaries or its affiliates, (vi) acts or
omissions constituting a material failure to perform substantially and
adequately the duties assigned to the Optionee or (vii) any illegal act
detrimental to the Company or its Subsidiaries or its affiliates.

                  "Change in Control" means the occurrence of any of the
following:

                  (i) any "person," including a "group" (as those terms are used
                  in Sections 13(d) and 14(d) of the Exchange Act, but excluding
                  the Company, any entity, controlled by or under common control
                  with the Company, any employee benefit plan of the Company or
                  any such entity, and, with respect to any particular Optionee,
                  the Optionee and any "group" (as that term is used in Section
                  13(d)(3) of the Exchange Act) of which the Optionee is a
                  member), becomes the beneficial owner (as defined in Rule
                  13d-3 under the Exchange Act), directly or indirectly, of
                  securities of the Company representing a majority of either
                  (A) the combined voting power of the Company's then
                  outstanding securities or (B) the Shares then outstanding (in
                  either such case other than as a result of an acquisition of
                  securities directly from the Company); provided, however,
                  that, in no event shall a Change in Control be deemed to have
                  occurred (x) by reason of an increase in the percentage
                  beneficial ownership of any person or group that results from
                  a reduction in the number of outstanding Shares or (y) by
                  reason of an increase in the beneficial ownership of a person
                  or group of less than 5% per year or (z) by reason of any

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                  increase in the beneficial ownership of a person or group that
                  on the date the Company first became subject to the periodic
                  reporting obligations imposed under the Exchange Act was the
                  beneficial owner of the Shares then outstanding; or

                  (ii) any consolidation or merger of the Company in which the
                  stockholders of the Company immediately prior to the
                  consolidation or merger, would not, immediately after the
                  consolidation or merger, beneficially own (as that term is
                  defined in Rule 13d-3 under the Exchange Act), directly or
                  indirectly, shares representing in the aggregate 50% or more
                  of the combined voting power of the securities of the
                  corporation issuing cash or securities in the consolidation or
                  merger (or of its ultimate parent corporation, if any); or

                  (iii) any sale, lease, exchange or other transfer (in one
                  transaction or a series of transactions contemplated or
                  arranged by any party as a single plan) of all or
                  substantially all of the assets of the Company, other than a
                  sale or disposition by the Company of all or substantially all
                  of the Company's assets to an entity, at least a majority of
                  the combined voting power of the voting securities of which
                  are owned by persons in substantially the same proportion as
                  their ownership of the Company immediately prior to such sale,
                  or the approval by the Company's stockholders, in accordance
                  with the requirements of applicable law, of any plan or
                  proposal for the liquidation or dissolution of the Company.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Committee" means the committee appointed by the Board
pursuant to Section 3.

                  "Common Stock" means the Company's Common Stock, par value
$.01, either currently existing or authorized hereafter.

                  "Company" means Inveresk Research Group, Inc., a Delaware
corporation.

                  "Disability" means, unless otherwise provided by the Committee
in the Optionee's Award Agreement, a disability which renders the Optionee
incapable of performing all of his or her material duties for a period of at
least 180 consecutive or non-consecutive days during any consecutive
twelve-month period.

                  "Embedded Value" means, with respect to any Option, as of any
date, the excess of (i) the Option Price then in effect over (ii) the Fair
Market Value on that date.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Exchange Options" means all Options granted pursuant to
Section 4(a) of the Plan.

                  "Fair Market Value" means, as of any date, the value of a
Share determined as follows: (i) if the Common Stock is listed on any
established stock exchange or a national market system, including without
limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The
Nasdaq Stock Market, the Fair Market Value of each Share shall be the closing
sales price for such stock (or the closing bid, if no sales were reported) on
such exchange or system on the last trading day preceding the date of
determination, as reported in The Wall Street Journal or such other source as
the Committee deems reliable; (ii) if the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share shall be the mean between the high bid and low asked
prices for the Common Stock on the day of determination, as reported in The Wall
Street Journal or such other source as the Committee deems reliable; and (iii)
in the absence of an established market for the Common Stock, the Fair Market
Value shall be determined in good faith by the Committee.

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                  "Incentive Stock Option" means an "incentive stock option"
within the meaning of Section 422(b) of the Code.

                  "Non-Qualified Stock Option" means an Option which is not an
Incentive Stock Option.

                  "Old Inveresk Option" means each option to subscribe for
ordinary shares or B ordinary shares of Inveresk Research Group Limited that is
outstanding immediately prior to the time Inveresk Research Group Limited
becomes a wholly-owned subsidiary of the Company.

                  "Old Inveresk Optionee" means each person who is a holder of
Old Inveresk Options immediately prior to the time Inveresk Research Group
Limited becomes a wholly-owned subsidiary of the Company.

                  "Option" means the right to purchase, at a price and for the
term fixed by the Committee in accordance with the Plan, and subject to such
other limitations and restrictions in the Plan and the applicable Award
Agreement, a number of Shares determined by the Committee.

                  "Optionee" means a person to whom an Option is granted
pursuant to the provisions of this Plan and, except where the context requires
otherwise, includes, the Successors of any such person.

                  "Option Price" means, with respect to any Option, the exercise
price per Share.

                  "Plan" means this 2002 Stock Option Plan, as it may from time
to time be amended.

                  "Retirement" means, unless otherwise provided by the Committee
in the Optionee's Award Agreement, the voluntary termination of employment (or
other termination of service, in the case of a consultant) of an Optionee on or
after the Optionee's attainment of age 65.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Shares" means shares of Common Stock of the Company.

                  "Subsidiary" means any corporation (other than the Company)
that is a "subsidiary corporation" with respect to the Company under Section
424(f) of the Code. In the event the Company becomes a subsidiary of another
company, the provisions hereof applicable to subsidiaries shall, unless
otherwise determined by the Committee, also be applicable to any company that is
a "parent corporation" with respect to the Company under Section 424(e) of the
Code.

                  "Successor" means, with respect to any Optionee who has died,
the legal representative of the estate of the person or persons who acquire the
right to exercise an Option by bequest or inheritance or otherwise by operation
of law.

                  2. Approval; Effective Date; Termination.

                  The effective date of the Plan is the date on which the
Company's Registration Statement on Form S-1 (File No. 333-85356) is declared
effective by the United States Securities and Exchange Commission, subject to
approval by the stockholders of the Company. The Plan shall terminate on, and no
Option shall be granted hereunder on or after, the tenth anniversary of the
effective date of the Plan; provided, however, that the Board may terminate the
Plan at any time prior to that date.

                  3. Administration of Plan.

                  The Plan shall be administered by the Committee appointed by
the Board. The Committee shall consist of at least two individuals each of whom
shall be a "non-employee director" as defined in Rule 16b-3 as promulgated by
the Securities and Exchange Commission ("Rule 16b-3") under

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the Exchange Act and shall, at such times as the Company is subject to Section
162(m) of the Code (to the extent relief from the limitation of Section 162(m)
of the Code is sought with respect to Options), qualify as "outside directors"
for purposes of Section 162(m) of the Code. The acts of a majority of the
members present at any meeting of the Committee at which a quorum is present, or
acts approved in writing by a majority of the entire Committee, shall be the
acts of the Committee for purposes of the Plan. If and to the extent applicable,
no member of the Committee may act as to matters under the Plan specifically
relating to such member. If no Committee is designated by the Board to act for
these purposes, the Board shall have the rights and responsibilities of the
Committee hereunder and under the Award Agreements.

                  4. Eligibility and Grant of Options; Committee Authority.

                  (a) The Company shall grant Options to each Old Inveresk
Optionee, against and in consideration of the cancellation of all Old Inveresk
Options held by such Old Inveresk Optionee. The Exchange Options so granted in
the aggregate shall confer on the Old Inveresk Optionee, to the extent
reasonably practicable in the circumstances, substantially the same economic and
other rights as were provided under the Old Inveresk Options that are so
cancelled, and otherwise shall contain provisions not inconsistent with the
Plan, all as determined by the Committee in its sole discretion.

                  (b) Subject to the provisions of the Plan, the Committee
shall, in its discretion as reflected by the terms of the Award Agreements: (i)
authorize the granting of Options to employees, officers and consultants of the
Company and its Subsidiaries; (ii) determine and designate from time to time
those employees, officers and consultants of the Company and its Subsidiaries to
whom Options are to be granted and the number of Shares to be optioned to each
employee, officer and consultant; (iii) determine whether to grant Options
intended to be Incentive Stock Options, or to grant Non-Qualified Stock Options,
or both (to the extent that any Option does not qualify as an Incentive Stock
Option, it shall constitute a separate Non-Qualified Stock Option); provided
that Incentive Stock Options may only be granted to employees; (iv) determine
the time or times when and the manner and condition on which each Option shall
be exercisable and the duration of the exercise period; and (v) determine or
impose other terms or conditions to the grant or exercise of Options under the
Plan as it may deem appropriate; provided, that, notwithstanding anything to the
contrary in the Plan, Options shall not be granted to consultants in the United
Kingdom unless the Committee expressly determines otherwise. In determining the
eligibility of an employee, officer or consultant to receive an Option, as well
as in determining the number of Shares to be optioned to any employee, officer
and consultant, the Committee may consider the position and responsibilities of
the employee, officer or consultant, the nature and value to the Company of the
employee's, officer's or consultant's services and accomplishments whether
directly or through its Subsidiaries, the employee's, officer's or consultant's
present and potential contribution to the success of the Company whether
directly or through its Subsidiaries and such other factors as the Committee may
deem relevant. The Award Agreement shall contain such other terms, provisions
and conditions not inconsistent herewith as shall be determined by the
Committee. The Optionee shall take whatever additional actions and execute
whatever additional documents the Committee may in its reasonable judgment deem
necessary or advisable in order to carry out or effect one or more of the
obligations or restrictions imposed on the Optionee pursuant to the express
provisions of the Plan and the Award Agreement. In the event that any Award
Agreement or other agreement hereunder provides (without regard to this
sentence) for the obligation of the Company or any affiliate thereof to purchase
or repurchase Shares from an Optionee or any other person, then, notwithstanding
the provisions of the Award Agreement or such other agreement, such obligation
shall not apply to the extent that the purchase or repurchase would not be
permitted under Delaware law. The Committee shall designate each Option as one
intended to be an Incentive Stock Option or as a Non-Qualified Stock Option.

                                       4
<PAGE>
                  5. Number of Shares Subject to Options.

                  (a) Subject to adjustments pursuant to Section 16, Options
with respect to an aggregate of no more than 5,365,589 Shares may be granted
under the Plan; provided, however, that Shares as to which an Option is granted
under the Plan that remains unexercised at the expiration, forfeiture or other
termination of such Option may be the subject of the grant of further Options.
Shares of Common Stock issued hereunder may consist, in whole or in part, of
authorized and unissued shares or treasury shares. The certificates for Shares
issued hereunder may include any legend which the Committee deems appropriate to
reflect any restrictions on transfer hereunder or under the Award Agreement, or
as the Committee may otherwise deem appropriate.

                  (b) The aggregate Fair Market Value, determined as of the date
an Option is granted, of the Common Stock for which any Optionee may be awarded
Incentive Stock Options which are first exercisable by the Optionee during any
calendar year under the Plan (or any other stock option plan required to be
taken into account under Section 422(d) of the Code) shall not exceed $100,000.

                  6. Option Price.

                  The Option Price in respect of each Option shall be determined
by the Committee on the date the Option is granted and reflected in the Award
Agreement in respect of that Option, as amended from time to time; provided,
however, that, unless otherwise determined by the Committee and with the
exception of Exchange Options, the Option Price with respect any particular
Award Agreement shall in no event be less than 100% of the Fair Market Value of
a Share on the day the Option is granted. Any particular Award Agreement may
provide for different exercise prices for specified amounts of Shares subject to
the Option. The Option Price with respect to each Incentive Stock Option shall
not be less than 100% (or 110%, in the case of an individual described in
Section 422(b)(6) of the Code (relating to certain 10% owners)) of the Fair
Market Value of a Share on the day the Option is granted.

                  7. Period of Option and Vesting.

                  (a) Unless earlier expired, forfeited or otherwise terminated,
each Option shall expire in its entirety upon the 10th anniversary of the date
of grant or shall have such other term (which may be shorter, but not longer, in
the case of Incentive Stock Options) as is set forth in the applicable Award
Agreement (except that, in the case of an individual described in Section
422(b)(6) of the Code (relating to certain 10% owners) who is granted an
Incentive Stock Option, the term of such Option shall be no more than five years
from the date of grant). The Option shall also expire, be forfeited and
terminate at such times and in such circumstances as otherwise provided
hereunder or under the Award Agreement.

                  (b) Each Option, to the extent that there has been no
termination of the Optionee's employment (or other service, if applicable) and
the Option has not otherwise lapsed, expired, terminated or been forfeited,
shall first become exercisable according to the terms and conditions set forth
in the Award Agreement, as determined by the Committee at the time of grant.
Unless otherwise provided in the Award Agreement or herein, no Option (or
portion thereof) shall ever be exercisable if the Optionee's employment or other
service with the Company and its Subsidiaries has terminated before the time at
which such Option would otherwise have become exercisable, and any Option that
would otherwise become exercisable after such termination shall not become
exercisable and shall be forfeited upon such termination. Notwithstanding the
foregoing provisions of this Section 7(b), Options exercisable pursuant to the
schedule set forth by the Committee at the time of grant may be fully or more
rapidly exercisable or otherwise vested at any time in the discretion of the
Committee. Upon and after the death of an Optionee, such Optionee's Options, if
and to the extent otherwise exercisable hereunder or under the applicable Award
Agreement after the Optionee's death, may be exercised by the Successors of the
Optionee.

                                       5
<PAGE>
                  8. Exercisability Upon and After Termination of Optionee.

                  (a) Unless otherwise provided in the Award Agreement, if the
Optionee's employment (or other service, if applicable) with the Company and its
Subsidiaries is terminated other than (i) by voluntary resignation of the
Optionee, (ii) by termination by the Company for Cause, or (iii) by termination
by reason of death, Retirement or Disability, the Option may be exercised (but
only to the extent the Option otherwise was exercisable on the date of
termination) until the earlier of (i) three months from the date of termination
of employment or (ii) the date on which the term of the Option expires in
accordance with Section 7.

                  (b) Unless otherwise provided in the Award Agreement, if the
Optionee's employment with the Company and its Subsidiaries terminates due to
the death, Retirement or Disability of the Optionee, the Option may be exercised
(but only to the extent the Option otherwise was exercisable on the date of
termination) until the earlier of (i) one year from the date of termination of
employment (or other service, if applicable) of the Optionee, or (ii) the date
on which the term of the Option expires in accordance with Section 7.

                  (c) Notwithstanding any other provision of this Plan, unless
otherwise specifically provided in the Award Agreement, if (i) the Optionee's
employment is terminated by the Company or any of its Subsidiaries for Cause or
(ii) the Optionee terminates his employment with the Company and its
Subsidiaries (other than on account of death, Retirement or Disability) the
Optionee's Options, to the extent then unexercised, shall thereupon cease to be
exercisable and shall be deemed cancelled.

                  9. Exercise of Options.

                  (a) Subject to vesting, restrictions on exercisability and
other restrictions provided for hereunder or otherwise imposed in accordance
herewith, an Option may be exercised, and payment in full of the aggregate
Option Price made, by an Optionee only by written notice (in the form prescribed
by the Committee) to the Company specifying the number of Shares to be
purchased.

                  (b) Without limiting the scope of the Committee's discretion
hereunder, the Committee may impose such other restrictions on the exercise of
Incentive Stock Options (whether or not in the nature of the foregoing
restrictions) as it may deem necessary or appropriate.

                  (c) If Shares acquired upon exercise of an Incentive Stock
Option are disposed of in a disqualifying disposition within the meaning of
Section 422 of the Code by an Optionee prior to the expiration of either two
years from the date of grant of such Option or one year from the transfer of
Shares to the Optionee pursuant to the exercise of such Option, or in any other
disqualifying disposition within the meaning of Section 422 of the Code, such
Optionee shall notify the Company in writing as soon as practicable thereafter
of the date and terms of such disposition and, if the Company (or any affiliate
thereof) thereupon has a tax-withholding obligation, shall pay to the Company
(or such affiliate) an amount equal to any withholding tax the Company (or
affiliate) is required to pay as a result of the disqualifying disposition.

                  (d) The aggregate Option Price shall be paid in full upon the
exercise of the Option. Payment must be made by one of the following methods:

                  (i) a certified or bank cashier's check;

                  (ii) the proceeds of a Company loan program or third-party
sale program or a notice acceptable to the Committee given as consideration
under such a program, in each case if permitted by the

                                       6
<PAGE>
Committee in its discretion, if such a program has been established and provided
the Optionee is eligible to participate therein;

                  (iii) if approved by the Committee in its discretion, Shares
of previously owned Common Stock having an aggregate Fair Market Value on the
date of exercise equal to the aggregate Option Price, which Common Stock was
owned by the Optionee at least six months prior to such delivery;

                  (iv) if approved by the Committee in its discretion, through
the written election of the Optionee to have Shares withheld by the Company from
the Shares otherwise to be received, with such withheld Shares having an
aggregate Fair Market Value on the date of exercise equal to the aggregate
Option Price;

                  (v) by surrendering Options in exchange for Shares having an
aggregate Fair Market Value on the date of the surrender equal to the aggregate
Embedded Value on that date of the Options so surrendered; or

                  (vi) by any combination of such methods of payment or any
other method as the Committee in its discretion may approve.

                  (e) The Committee, in its discretion, may also permit the
Optionee to elect to exercise an Option by delivering to the Company a
combination of Shares and cash with an aggregate Fair Market Value equal to the
applicable Option Price, as determined as of the day the Option is exercised.

                  (f) Except in the case of Options exercised by certified or
bank cashier's check, the Committee may impose limitations and prohibitions on
the exercise of Options as it deems appropriate, including, without limitation,
any limitation or prohibition designed to avoid accounting consequences which
may result from the use of Common Stock as payment upon exercise of an Option.

                  (g) The Committee may provide that no Option may be exercised
with respect to any fractional Share. Any fractional Shares resulting from an
Optionee's exercise that is accepted by the Company shall in the discretion of
the Committee be paid in cash.

                  10. Tax Withholding.

                  The Committee may, in its discretion, require the Optionee to
pay to the Company at the time of exercise of any Option the amount that the
Committee deems necessary to satisfy the Company's obligation to withhold
federal, state or local income or other taxes incurred by reason of the
exercise. Upon exercise of the Option, the Optionee may, if approved by the
Committee in its discretion, make a written election to have Shares then issued
withheld by the Company from the Shares otherwise to be received, or to deliver
previously owned Shares, in order to satisfy the liability for such withholding
taxes. In the event that the Optionee makes, and the Committee permits, such an
election, the number of Shares so withheld or delivered shall have an aggregate
Fair Market Value on the date of exercise sufficient to satisfy the applicable
withholding taxes. Where the exercise of an Option does not give rise to an
obligation by the Company to withhold federal, state or local income or other
taxes on the date of exercise, but may give rise to such an obligation in the
future, the Committee may, in its discretion, make such arrangements and impose
such requirements as it deems necessary or appropriate. Notwithstanding anything
contained in the Plan or the Award Agreement to the contrary, the Optionee's
satisfaction of any tax-withholding requirements imposed by the Committee in its
discretion shall be a condition precedent to the Company's obligation, as may
otherwise be provided hereunder, to provide Shares to the Optionee,

                                       7
<PAGE>
and the failure of the Optionee to satisfy such requirements with respect to the
exercise of an Option shall cause such Option to be forfeited.

                  11. Exercise by Successors.

                  An Option may be exercised, and payment in full of the
aggregate Option Price made, by the Successors of the Optionee only by written
notice (in the form prescribed by the Committee) to the Company specifying the
number of Shares to be purchased. Such notice shall state that the aggregate
Option Price will be paid in full, or that the Option will be exercised as
otherwise provided hereunder, in the discretion of the Company or the Committee,
if and as applicable.

                  12. Nontransferability of Option.

                  Each Option granted under the Plan shall be nontransferable by
the Optionee except by will or the laws of descent and distribution of the state
wherein the Optionee is domiciled at the time of his death; provided, however,
that the Committee may (but need not) permit other transfers, where the
Committee concludes that such transferability (i) does not result in accelerated
income taxation, (ii) does not cause any Option intended to be an Incentive
Stock Option to fail to be described in Section 422(b) of the Code, and (iii) is
otherwise appropriate and desirable.

                  13. Regulations and Approvals.

                  (a) The obligation of the Company to sell Shares with respect
to Options granted under the Plan shall be subject to all applicable laws, rules
and regulations, including all applicable federal and state securities laws, and
the obtaining of all such approvals by governmental agencies as may be deemed
necessary or appropriate by the Committee.

                  (b) The Committee may make such changes to the Plan as may be
necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain tax benefits applicable to stock options.

                  (c) Each Option is subject to the requirement that, if at any
time the Committee determines, in its discretion, that the listing, registration
or qualification of Shares issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with, the grant of an Option or the issuance of
Shares, no Options shall be granted or payment made or Shares issued, in whole
or in part, unless listing, registration, qualification, consent or approval has
been effected or obtained free of any conditions in a manner acceptable to the
Committee.

                  (d) In the event that the disposition of stock acquired
pursuant to the Plan is not covered by a then current registration statement
under the Securities Act, and is not otherwise exempt from such registration,
such Shares shall be restricted against transfer to the extent required under
the Securities Act and any other applicable law, and the Committee may require
any individual receiving Shares pursuant to the Plan, as a condition precedent
to receipt of such Shares, to represent to the Company in writing that the
Shares acquired by such individual are acquired for investment only and not with
a view to distribution and that such Shares will be disposed of only if
registered for sale under the Securities Act or if there is an available
exemption for such disposition.

                  14. Administrative Rules; Interpretation.

                  The Committee may make such rules and regulations and
establish such procedures for the administration of the Plan as it deems
appropriate. Without limiting the generality of the foregoing,

                                       8
<PAGE>
the Committee may (i) determine (A) the conditions under which an Optionee will
be considered to have retired or become disabled and (B) whether any Optionee
has done so; (ii) establish or assist in the establishment of a program (which
need not be administered in a nondiscriminatory or uniform manner) under which
the Company or a third party may make bona-fide loans on arm's-length terms to
any or all Optionees to assist such Optionees with the satisfaction of any or
all of the obligations that such Optionees may have hereunder or under which
third-party sales may be made for such purpose (including, without limitation, a
loan program under which the Company or a third party would advance the
aggregate Option Price to the Optionee and be repaid with Option stock or the
proceeds thereof and a sale program under which funds to pay for Option stock
are delivered by a third party upon the third party's receipt from the Company
of stock certificates); (iii) determine the extent, if any, to which Options or
Shares shall be forfeited (whether or not such forfeiture is expressly
contemplated hereunder); (iv) interpret the Plan and the Award Agreements
hereunder, with such interpretations to be conclusive and binding on all persons
and otherwise accorded the maximum deference permitted by law, and (v) take any
other actions and make any other determinations or decisions that it deems
necessary or appropriate in connection with the Plan or the administration or
interpretation thereof. In the event of any dispute or disagreement as to the
interpretation of the Plan or of any rule, regulation or procedure, or as to any
question, right or obligation arising from or related to the Plan, the decision
of the Committee shall be final and binding upon all persons. Unless otherwise
expressly provided hereunder, the Committee, with respect to any Option, may
exercise its discretion hereunder at the time of the award or thereafter.

                  15. Amendments.

                  The Board may amend the Plan as it shall deem advisable,
except that no amendment may adversely affect an Optionee with respect to
Options previously granted unless such amendments are in connection with
compliance with applicable laws; provided that the Board may not make any
amendment in the Plan that would, if such amendment were not approved by the
holders of the Common Stock, cause the Plan to fail to comply with any
requirement of applicable law or regulation, unless and until the approval of
the holders of such Common Stock is obtained. Without limiting the generality of
the foregoing, the Committee may (subject to such considerations as may arise
under Section 15 of the Exchange Act, or under other corporate, securities or
tax laws) take any steps it deems appropriate, that are not inconsistent with
the purposes and intent of the Plan, to take into account the provisions of
Section 162(m) of the Code.

                  16. Changes in Capital Structure.

                  (a) If (i) the Company shall at any time be involved in a
merger, consolidation, dissolution, liquidation, reorganization, exchange of
shares, sale of all or substantially all of the assets or stock of the Company
or a transaction similar thereto, (ii) any stock dividend, stock split, reverse
stock split, stock combination, reclassification, recapitalization or other
similar change in the capital structure of the Company, or any distribution to
holders of Common Stock other than cash dividends, shall occur or (iii) any
other event shall occur which in the judgment of the Committee necessitates
action by way of adjusting the terms of the outstanding Options, then the
Committee may forthwith take any such action as in its judgment shall be
necessary to maintain the Optionees' rights hereunder (including under the Award
Agreements) so that they are substantially proportionate to the rights existing
prior to such event, and to maintain the continuing availability of Shares under
Section 5 (if Shares are otherwise then available) in a manner consistent with
the intent hereof, including, without limitation, adjustments in (x) the number
and kind of shares or other property subject to Options, (y) the Option Price,
and (z) the number and kind of shares available under Section 5. To the extent
that such action shall include an increase or decrease in the number of Shares
(or units of other property then available) subject to outstanding Options, the
number of Shares (or units) available under Section 5 shall be increased or
decreased, as the case may be, proportionately, as may be provided by Committee
in its discretion.

                                       9
<PAGE>
                  (b) If a Change in Control shall occur, then the Committee as
constituted immediately before the Change in Control may make such adjustments
as it, in its discretion, determines are necessary or appropriate in light of
the Change in Control (including, without limitation, the substitution of stock,
cash or other property for the Shares otherwise issuable on exercise of Options,
the acceleration of the exercisability of Options or substitution of cash or
other property for any Option).

                  (c) The judgment of the Committee with respect to any matter
referred to in this Section 16 shall be conclusive and binding upon each
Optionee without the need for any amendment to the Plan.Notices.

                  17. Notices

                  All notices under the Plan shall be in writing, and if to the
Company, shall be delivered to the Board or mailed to its principal office,
addressed to the attention of the Board; and if to the Optionee, shall be
delivered personally, sent by facsimile transmission or mailed to the Optionee
at the address appearing in the records of the Company. Such addresses may be
changed at any time by written notice to the other party given in accordance
with this Section 17.

                  18. Rights as Stockholder.

                  Neither the Optionee nor any person entitled to exercise the
Optionee's rights in the event of death shall have any rights of a stockholder
with respect to the Shares subject to an Option, except to the extent that a
certificate for such Shares shall have been issued upon the exercise of the
Option as provided for herein.

19. Rights to Employment. Nothing in the Plan or in any Option granted pursuant
to the Plan shall confer on any individual any right to continue in the employ
or other service of the Company or its Subsidiaries or interfere in any way with
the right of the Company or its Subsidiaries to terminate the individual's
employment or other service at any time.

                  20. Exculpation and Indemnification.

                  The Company shall indemnify and hold harmless the members of
the Board and the members of the Committee from and against any and all
liabilities, costs and expenses incurred by such persons as a result of any act
or omission to act in connection with the performance of such person's duties,
responsibilities and obligations under the Plan, to the maximum extent permitted
by law, other than such liabilities, costs and expenses as may result from the
gross negligence, bad faith, willful misconduct or criminal acts of such
persons.

                  21. Non-U.S. Employees

                  Without amending the Plan, the Committee may grant Options to
eligible employees and consultants who are foreign nationals on such terms and
conditions different from those specified in this Plan as may in the judgment of
the Committee be necessary or desirable to foster and promote achievement of the
purposes of the Plan, and, in furtherance of such purposes the Committee may
make such modifications, amendments, procedures, subplans and the like as may be
necessary or advisable to comply with provisions of laws in other countries in
which the Company or its Subsidiaries operates or has employees.

                                       10
<PAGE>
                  22. Captions.

                  The use of captions in this Plan is for convenience. The
captions are not intended to and do not provide substantive rights.

                  23. Severability.

                  The invalidity or unenforceability of any provision of the
Plan shall not affect the validity or enforceability of any other provision of
the Plan, which shall remain in full force and effect.

                  24. Governing Law.

                  THE PLAN SHALL BE GOVERNED BY THE LAWS OF DELAWARE, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.

                                       11

<PAGE>
C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP
C H A N C E

                  THE INVERESK APPROVED EXECUTIVE SHARE OPTION
                                     SCHEME

     A sub-plan of the Inveresk Research Group, Inc. 2002 Stock Option Plan

                                                     IR Reference:
                                                     Date Approved:
<PAGE>
                                    CONTENTS

<TABLE>
<CAPTION>
RULE                                                                        PAGE
<S>                                                                         <C>
1.     Definitions And Interpretation..................................        1

2.     Eligibility.....................................................        2

3.     Grant Of Options................................................        3

4.     Limits..........................................................        3

5.     Exercise Of Options.............................................        4

6.     Takeover, Reconstruction, Winding-Up, Demerger Etc..............        5

7.     Adjustment Of Options...........................................        6

8.     Alterations.....................................................        7

9.     Miscellaneous...................................................        7
</TABLE>
<PAGE>
1.       DEFINITIONS AND INTERPRETATION

1.1      In this Scheme, unless the context otherwise requires:-

         "AWARD AGREEMENT" means a written agreement entered into by the Company
         and the Participant recording the terms on which an option has been
         granted;

         "THE BOARD" means the board of directors of the Company or a committee
         appointed by them;

         "CAUSE" means, with respect to any Participant, unless otherwise
         provided in the Participant's Award Agreement, conduct that is
         determined by the Board in good faith to fall within one or more of the
         following categories: (i) engaging in wilful or gross misconduct or
         neglect in the conduct of the Participant's employment obligations,
         (ii) repeatedly failing to adhere to the directions of superiors or the
         Board or the written polices and practices of the Company or its
         Subsidiaries or its affiliates, (iii) the commission of a felony or a
         crime of moral turpitude, or any crime involving the Company or its
         Subsidiaries, or any affiliate thereof, (iv) fraud, misappropriation or
         embezzlement, (v) a material breach of the Participant's employment
         agreement (if any) with the Company or its Subsidiaries or its
         affiliates, (vi) acts or omissions constituting a material failure to
         perform substantially and adequately the duties assigned to the
         Participant or (vii) any illegal act detrimental to the Company or its
         Subsidiaries or its affiliates.

         "THE COMPANY" means Inveresk Research Group, Inc., a Delaware
         corporation;

         "DISABILITY" means, unless otherwise provided by the Board in the
         Participant's Award Agreement, a disability which renders the
         Participant incapable of performing all of his or her material duties
         for a period of at least 180 consecutive or non-consecutive days during
         any consecutive twelve-month period;

         "THE GRANT DATE" in relation to an option means the date on which the
         option was granted;

         "GROUP MEMBER" means:

         1.1.1    a Participating Company or a body corporate which is (within
                  the meaning of section 736 of the U.K. Companies Act 1985) the
                  Company's holding company or a subsidiary of the Company's
                  holding company;

         1.1.2    a body corporate which is (within the meaning of section 258
                  of the U.K. Companies Act of 1985) a subsidiary undertaking of
                  a body corporate within paragraph 1.1.1 above and has been
                  designated by the Board for this purpose; or

         1.1.3    any other body corporate in relation to which a body corporate
                  within paragraph 1.1.1 or 1.1.2 above is able (whether
                  directly or indirectly) to exercise 20% or more of its equity
                  voting rights and has been designated by the Board for this
                  purpose.

         "PARTICIPANT" means a person who holds an option granted under this
         Scheme;
<PAGE>
         "PARTICIPATING COMPANY" means the Company or any Subsidiary;

         "PLAN" means the Inveresk Research Group, Inc. 2002 Stock Option Plan;

         "RETIREMENT" means, unless otherwise provided by the Board in the
         Participant's Award Agreement, the voluntary termination of employment
         of a Participant on or after the Participant's attainment of age 65;

         "SCHEDULE 9" means Schedule 9 to the Taxes Act 1988;

         "SUBSIDIARY" means any corporation (other than the Company) that is a
         "subsidiary" corporation with respect to the Company under Section
         424(f) of the U.S. Internal Revenue Code of 1986 as amended and of
         which the Company has control (within the meaning of section 840 of the
         Taxes Act 1988);

         "THE TAXES ACT 1988" means the U.K. Income and Corporation Taxes Act
         1988;

         and expressions not otherwise defined in this Scheme have the same
         meanings as they have in Schedule 9, and if not defined in Schedule 9,
         the same meanings as they have under the Plan.

1.2      Any reference in this Scheme to any enactment includes a reference to
         that enactment as from time to time modified, extended or re-enacted.

1.3      Expressions in italics are for guidance only and do not form part of
         this Scheme.

2.       ELIGIBILITY

2.1      Subject to Rule 2.3, a person is eligible to be granted an option if
         (and only if) he is a full-time director or qualifying employee of a
         Participating Company. An option may not be granted to a consultant of
         a Participating Company.

2.2      For the purposes of Rule 2.1:

         2.2.1    a person shall be treated as a FULL-TIME DIRECTOR of a
                  Participating Company if he is obliged to devote to the
                  performance of the duties of his office or employment with
                  that and any other Participating Company not less than 25
                  hours a week;

         2.2.2    a QUALIFYING EMPLOYEE, in relation to a Participating Company,
                  is an employee of the Participating Company (other than one
                  who is a director of a Participating Company).

2.3      A person is not eligible to be granted an option at any time when he is
         not eligible to participate in this Scheme by virtue of paragraph 8 of
         Schedule 9 (material interest in a close company).

                                       2
<PAGE>
3.       GRANT OF OPTIONS

3.1      Subject to Rules 3.4 and 4, the Board may grant (by executing the Award
         Agreement) an option to acquire shares in the Company which satisfy the
         requirements of paragraphs 10 to 14 of Schedule 9 (fully paid up,
         unrestricted, ordinary share capital), upon the terms set out in this
         Scheme and upon such other objective terms as the Board may specify, to
         any person who is eligible to be granted an option in accordance with
         Rule 2; and for this purpose an option to acquire includes an option to
         purchase and an option to subscribe.

3.2      The price at which shares may be acquired by the exercise of an option
         shall be determined by the Board before its grant, but shall not be
         less than:

         3.2.1    the market value (within the meaning of Part VIII of the U.K.
                  Taxation of Chargeable Gains Act 1992) of shares of that
                  class, as agreed in advance for the purposes of this Scheme
                  with the Shares Valuation Division of the Inland Revenue, on
                  the Grant Date (or such other day as may be agreed with the
                  Inland Revenue);

         3.2.2    100% of the Fair Market Value on the day the option is
                  granted; and

         3.2.3    in the case of an option to acquire shares only by
                  subscription, the par value of those shares.

3.3      Subject to Rule 3.4, an option may only be granted at any time
         permitted under the Plan but not later than the tenth anniversary of
         the effective date of the Plan.

3.4      An option granted to any person:

         3.4.1    shall not, except as provided in Rule 5.4, be capable of being
                  transferred by him; and

         3.4.2    shall lapse forthwith if he is adjudged bankrupt.

3.5      The Award Agreement shall specify the time or times when the option
         shall be exercisable and contain such other terms as shall be
         determined by the Board.

4.       LIMITS

4.1      No person shall be granted options which would, at the time they are
         granted, cause the aggregate market value of the shares which he may
         acquire in pursuance of options granted to him under this Scheme or
         under any other share option scheme, not being a savings-related share
         option scheme, approved under Schedule 9 and established by the Company
         or by any associated company of the Company (and not exercised) to
         exceed or further exceed L30,000 (or such other limit as may from time
         to time be imposed by Schedule 9).

4.2      For the purposes of this Rule 4, the market value of the shares in
         relation to which an option was granted shall be calculated:

                                       3
<PAGE>
         4.2.1    in the case of an option granted under this Scheme, as on the
                  day by reference to which the price at which shares may be
                  acquired by the exercise of that option was determined in
                  accordance with Rule 3.2;

         4.2.2    in the case of an option granted under any other approved
                  scheme, as at the time when it was granted or, in a case where
                  an agreement relating to the shares has been made under
                  paragraph 29 of Schedule 9, such earlier time or times as may
                  be provided in the agreement; and

         4.2.3    in the case of any other option, as on the day or days by
                  reference to which the price at which shares may be acquired
                  by the exercise of that option was determined.

4.3      Any option granted under this Scheme shall be limited and take effect
         so that the above limits are complied with.

5.       EXERCISE OF OPTIONS

5.1      The exercise of any option shall be effected in the form and manner
         prescribed by the Board and, unless the Board determines otherwise, any
         notice of exercise shall take effect only when received by the Company
         together with the relevant exercise monies or an agreement to provide
         such monies pursuant to arrangements acceptable to the Company.

5.2      Each option, to the extent that there has been no termination of the
         Participant's employment and the option has not otherwise lapsed,
         expired, terminated or been forfeited, shall first become exercisable
         according to the terms and conditions set forth in the Award Agreement,
         as determined by the Board at the time of grant. Unless otherwise
         provided in the Award Agreement or herein, no option (or portion
         thereof) shall ever be exercisable if the Participant's employment with
         a Group Member terminated before the time at which such option would
         otherwise have become exercisable, and any option that would otherwise
         become exercisable after such termination shall not become exercisable
         and shall be forfeited upon such termination. Upon and after the death
         of a Participant, such Participant's options, if and to the extent
         otherwise exercisable hereunder or under the applicable Award Agreement
         after the Participant's death, may be exercised by the personal
         representatives of the Participant.

5.3      Unless otherwise provided in the Award Agreement, if the Participant's
         employment with a Group Member is terminated other than (i) by
         voluntary resignation of the Participant, (ii) by termination by the
         Company for Cause, or (iii) by termination by reason of death,
         Retirement or Disability, the option may be exercised (but only to the
         extent the option otherwise was exercisable on the

                                       4
<PAGE>
         date of termination) until the earlier of (i) three months from the
         date of termination of employment or (ii) the date on which the term of
         the option expires in accordance with this Rule.

5.4      Unless otherwise provided in the Award Agreement, if the Participant's
         employment with a Group Member terminates due to the death, Retirement
         or Disability of the Participant, the option may be exercised (but only
         to the extent the option otherwise was exercisable on the date of
         termination) until the earlier of (i) one year from the date of
         termination of employment of the Participant, or (ii) the date on which
         the term of the option expires in accordance with this Rule.

5.5      Notwithstanding any other provision of this Scheme, unless otherwise
         specifically provided in the Award Agreement, if (i) the Participant's
         employment is terminated by a Group Member for Cause or (ii) the
         Participant terminates his employment with a Group Member (other than
         on account of death, Retirement or Disability) the Participant's
         options, to the extent then unexercised, shall thereupon cease to be
         exercisable and shall be deemed cancelled.

5.6      Notwithstanding any provision of this Scheme, an option may not be
         exercised after the expiration of the period of 10 years (or such
         shorter period as the Board may have determined before the grant of
         that option) beginning with the Grant Date.

5.7      If at any time the shares subject to an option cease to satisfy the
         requirements of paragraphs 10 to 14 of Schedule 9:

         5.7.1    for the avoidance of doubt, an option may be exercised
                  notwithstanding that fact (but subject to the other provisions
                  of this Scheme); and

         5.7.2    the Company shall forthwith notify the Inland Revenue (which
                  may withdraw the Scheme's approval under Schedule 9).

5.8      A Participant shall not be eligible to exercise an option at any time
         when he is not eligible to participate in this Scheme by virtue of
         paragraph 8 of Schedule 9 (material interest in close company).

5.9      Within 30 days after an option has been exercised by any person, the
         Board shall issue to him (or a nominee for him) or, as appropriate,
         procure the transfer to him (or a nominee for him) of the number of
         shares in respect of which the option has been exercised.

5.10     All shares issued under this Scheme shall rank equally in all respects
         with the shares of the same class then in issue except for any rights
         attaching to such shares by reference to a record date prior to the
         date of the issuance.

6.       TAKEOVER, RECONSTRUCTION, WINDING-UP, DEMERGER ETC

6.1      If any person obtains control of the Company (within the meaning of
         section 840 of the Taxes Act 1988) as a result of making a general
         offer to acquire shares in the Company, or having obtained control
         makes such an offer or there is a merger of the Company with another
         company, the Board shall within 7 days of becoming aware of such event
         notify every Participant of it and, subject to Rules 5.2, 5.3, 5.4, 5.5
         and 5.6, any option may be exercised (but only to the extent the option
         otherwise was exercisable on the date of such event) within one month
         (or such longer period as the Board may permit) of such notification,
         but to the extent it is not exercised during that period shall
         (notwithstanding any other provision of this Scheme) lapse on the
         expiration of that period.

                                       5
<PAGE>
6.2      If any company ("the acquiring company"):

         6.2.1    obtains control of the Company as a result of making:

                  (a)      a general offer to acquire the whole of the issued
                           ordinary share capital of the Company which is made
                           on a condition such that if it is satisfied the
                           person making the offer will have control of the
                           Company, or

                  (b)      a general offer to acquire all the shares in the
                           Company which are of the same class as the shares
                           which may be acquired by the exercise of options
                           granted under this Scheme, or

         6.2.2    obtains control of the Company in pursuance of a compromise or
                  arrangement sanctioned by the court under a statutory
                  procedure, or

         6.2.3    becomes bound or entitled to acquire shares in the Company
                  under statutory compulsory acquisition provisions,

                  any Participant may at any time within the appropriate period
                  (which expression shall be construed in accordance with
                  paragraph 15(2) of Schedule 9), by agreement with the
                  acquiring company, release any option which has not lapsed
                  ("the old option") in consideration of the grant to him of an
                  option ("the new option") which (for the purposes of that
                  paragraph) is equivalent to the old option but relates to
                  shares in a different company (whether the acquiring company
                  itself or some other company falling within paragraph 10(b) or
                  (c) of Schedule 9).

6.3      The new option shall not be regarded for the purposes of Rule 6.2 as
         equivalent to the old option unless the conditions set out in paragraph
         15(3) of Schedule 9 are satisfied, but so that the provisions of this
         Scheme shall for this purpose be construed as if:

         6.3.1    the new option were an option granted under this Scheme at the
                  same time as the old option;

         6.3.2    except for the purposes of the definitions of "Group Member",
                  "Participating Company" and "Subsidiary" in Rule 1.1 and the
                  reference to "the Board" in Rule 5.6, the expression "the
                  Company" were defined as "a company whose shares may be
                  acquired by the exercise of options granted under this
                  Scheme".

7.       ADJUSTMENT OF OPTIONS

7.1      Subject to Rule 7.3, in the event of any variation of the share capital
         of the Company, the Board may make such adjustments as it considers
         appropriate under Rule 7.2.

7.2      An adjustment made under this Rule shall be to one or more of the
         following:

         7.2.1    the number of shares in respect of which any option may be
                  exercised;

         7.2.2    the price at which shares may be acquired by the exercise of
                  any option;

                                       6
<PAGE>
         7.2.3    where any option has been exercised but no shares have been
                  issued or transferred pursuant to such exercise, the number of
                  shares which may be so issued or transferred and the price at
                  which they may be acquired.

7.3      At a time when this Scheme is approved by the Inland Revenue under
         Schedule 9, no adjustment under Rule 7.2 shall be made without the
         prior approval of the Inland Revenue.

8.       ALTERATIONS

8.1      The Board may at any time alter this Scheme, or the terms of any option
         granted under it (having regard to the fact that, if an alteration is
         made at a time when this Scheme is approved by the Inland Revenue under
         Schedule 9, the approval will not thereafter have effect unless and
         until the Inland Revenue have approved the alteration).

9.       MISCELLANEOUS

9.1      The rights and obligations of any individual under the terms of his
         office or employment with any Group Member shall not be affected by his
         participation in this Scheme or any right which he may have to
         participate in it, and an individual who participates in it shall waive
         any and all rights to compensation or damages in consequence of the
         termination of his office or employment for any reason whatsoever
         insofar as those rights arise or may arise from his ceasing to have
         rights under or be entitled to exercise any option under this Scheme as
         a result of such termination.

9.2      In the event of any dispute or disagreement as to the interpretation of
         this Scheme, or as to any question or right arising from or related to
         this Scheme, the decision of the Board shall be final and binding upon
         all persons.

9.3      Any notice or other communication under or in connection with this
         Scheme may be given either:

         9.3.1    by personal delivery or by sending the same by post, in the
                  case of a company to its registered office, and in the case of
                  an individual to his last known address, or, where he is a
                  director or employee of a Group Member, either to his last
                  known address or to the address of the place of business at
                  which he performs the whole or substantially the whole of the
                  duties of his office or employment; or

         9.3.2    in an electronic communication to an address for the time
                  being notified for the purpose to the person giving the
                  notice.

9.4      This Scheme and all options granted under it shall be governed by and
         construed in accordance with the law of Scotland.

                                       7

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