X0101 4 2003-05-05 0 0001040416 INSPIRE PHARMACEUTICALS INC ISPH 0001230708 STAAB THOMAS R II 0 1 0 0 Chief Financial Officer Employee Stock Option (Right to Buy) 14.71 2003-05-05 4 A 0 50000 0.00 A 2004-05-05 2013-05-05 Common Stock 50000 50000 D Exercisable as to 12,500 shares on May 5, 2004 and as to 1/48 on the last day of each month thereafter until fully vested. Thomas R. Staab, II 2003-05-07