BIOSANTE PHARMACEUTICALS, INC.

DEFERRED COMPENSATION PLAN

 

TABLE OF CONTENTS

 

ARTICLE 1. NAME, PURPOSES, BACKGROUND
1.1.	Plan Name
1.2.	Plan Purposes
1.3.	Plan Type
1.4.	Plan Background
1.5.	Applicability
ARTICLE 2. PARTICIPATION
2.1.	Eligibility for Participant Deferral Credits
2.2.	Loss of Eligibility For Participant Deferral Credits
2.3.	Transfer Among Participating Employers
2.4.	Multiple Employment
2.5.	Conditions of Participation
2.6.	Termination of Participation
ARTICLE 3. BENEFITS
3.1.	Participant Stock Accounts
3.2.	Participant Deferral Credits
3.3.	Earnings Credits
ARTICLE 4. DISTRIBUTION
4.1.	Distribution to Participant Before Severance or Disability
4.2.	Distribution to Participant After Severance or Disability
4.3.	Distribution to Beneficiary
4.5.	Payment in Event of Incapacity
4.6.	Suspension
ARTICLE 5. SOURCE OF PAYMENTS; NATURE OF INTEREST
5.1.	Establishment of Trust
5.2.	Source of Payments
5.3.	Status of Plan
5.4.	Non-assignability of Benefits
ARTICLE 6. ADOPTION, AMENDMENT, TERMINATION
6.1.	Adoption
6.2.	Amendment
6.3.	Termination of Participation
6.4.	Termination
ARTICLE 7. CONSTRUCTION, INTERPRETATION AND DEFINITIONS
7.1.	Cross Reference
7.2.	Governing Law
7.3.	Headings

 

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7.4.	Number and Gender
7.5.	Definitions
ARTICLE 8. ADMINISTRATION
8.1.	Administrator
8.2.	Plan Rules
8.3.	Administrators Discretion
8.4.	Specialists Assistance
8.5.	Indemnification
8.6.	Benefit Claim Procedure
8.7.	Disputes
ARTICLE 9. MISCELLANEOUS
9.1.	Withholdings and Offsets
9.2.	Other Benefits
9.3.	No Warranties Regarding Tax Treatment
9.4.	No Rights to Continued Service Created
9.5.	Special Provisions
9.6.	Successors

 

 

BIOSANTE PHARMACEUTICALS, INC.

DEFERRED COMPENSATION PLAN

 

 

BIOSANTE PHARMACEUTICALS, INC.

DEFERRED COMPENSATION PLAN

 

ARTICLE 1.
NAME, PURPOSES, BACKGROUND

 

1.1.                            Plan Name.  The name of the Plan is the BioSante Pharmaceuticals, Inc. Deferred Compensation Plan.

 

1.2.                            Plan Purposes.  The purposes of the Plan are to:

 

(a)                                  assist the Participating Employers in attracting and retaining key executives,

 

(b)                                 provide an employer-sponsored tax-deferred capital accumulation vehicle for key executives and members of the Companys board of directors, and

 

(c)                                  encourage additional retirement savings by eligible executives and directors.

 

1.3.                            Plan Type.  The Plan is an unfunded plan maintained primarily for the purpose of providing deferred compensation for non-employee, independent directors and a select group of management or highly compensated employees of the Company.  It is intended that, with respect to participation by Qualified Directors, ERISA will not apply to the Plan and that, with respect to participation by Qualified Employees, the Plan is exempt from the provisions of Parts 2, 3 and 4 of Subtitle B of Title I of ERISA by operation of sections 201(2), 301(a)(3) and 401(a)(4) thereof, respectively, and from the provisions of Title IV of ERISA, to the extent otherwise applicable, by operation of section 4021(b)(6) thereof.  The Plan is also intended to be unfunded for tax purposes.  The Plan will be construed and administered in a manner that is consistent with and gives effect to the foregoing.

 

1.4.                            Plan Background.  The Company adopted the Plan effective as of June 1, 2003.

 

1.5.                            Applicability.  The terms of the Plan apply only to a Participant who elects deferrals pursuant to Section 3.2 for a Plan Year beginning after June 1, 2003.

 

ARTICLE 2.
PARTICIPATION

 

2.1.                            Eligibility for Participant Deferral Credits.

 

(a)                                  First Day of Plan Year.

 

(i)                                     Qualified Employee.  An individual who is a Qualified Employee on the first day of a Plan Year is eligible to defer his or her Annual Stock Bonus pursuant to Section 3.2(a) with respect to the Plan Year.

 

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