Amendment to Access Pharmaceuticals, Inc. 1995 Stock Option Plan (May 21, 2001)

Summary

Access Pharmaceuticals, Inc. has amended its 1995 Stock Option Plan to change how stock options are granted to non-employee directors. Starting May 21, 2001, each non-employee director will automatically receive an option to buy 10,000 shares at each annual stockholder meeting, and new non-employee directors will receive an option to buy 20,000 shares when they join the board. This amendment was approved and signed by the company's President and CEO.

EX-10.25 3 r10k-003.txt STOCK PLAN AMENDMENT EXHIBIT 10.25 ACCESS PHARMACEUTICALS, INC. 1995 Stock Option Plan Amendment Access Pharmaceuticals, Inc. (the "Company"), pursuant to authority reserved in Section 21 of the 1995 Stock Option Plan of the Company, as amended (the "1995 Plan"), hereby amends the 1995 Plan as follows: Effective as of May 21, 2001, Section 10.1 of the 1995 Plan is deleted in its entirety and is replaced with the following: 10.1. Automatic Grants. On the date of each Annual Meeting of the Stockholders of Company, each Non-Employee Director (as defined below) serving as such on such date shall receive a Nonstatutory Option for the purchase of 10,000 shares of Stock. On the date that a Non- Employee Director is initially elected or appointed by the Board of Directors such Non-Employee Director shall receive a Nonstatutory Option to purchase 20,000 shares of Stock. IN WITNESS WHEREOF, the Company has adopted this Amendment as of the 21st day of May, 2001. ACCESS PHARMACEUTICALS, INC. By: /s/ Kerry P. Gray ----------------- Kerry P. Gray President and Chief Executive Officer