Exhibit 10.15

NONQUALIFIED STOCK OPTION AGREEMENT

PURSUANT TO

K-V PHARMACEUTICAL COMPANY

2001 INCENTIVE STOCK OPTION PLAN

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NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) made as of the      day of             , 20    , (the “Grant Date”) between K-V PHARMACEUTICAL COMPANY, a Delaware corporation (the “Company”), and                     , a member of the Company’s Board of Directors (the “Optionee”).

W I T N E S S E T H:

WHEREAS, the Company desires, by affording the Optionee an opportunity to purchase shares of its Class A Common Stock, $.01 par value per share (the “Common Stock”), as hereinafter provided, to carry out the purpose of the Company’s 2001 Incentive Stock Option Plan (the “Plan”):

NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, the parties hereto mutually covenant and agree as follows:

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly exercised by its officer thereunto duly authorized, and the Optionee has hereunto set his or her hand all as of the day and year first above written.

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EXHIBIT A

TO

NONQUALIFIED STOCK OPTION AGREEMENT

The Option is exercisable during its term only in accordance with the provisions of the Agreement, including the following:

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EXHIBIT B

TO

NONQUALIFIED STOCK OPTION AGREEMENT

A “Change of Control” shall mean the occurrence of any of the following:

(1) an acquisition by any individual, entity or group (within the meaning of Section 13d-3 or 14d-1 of the Securities Exchange Act of 1934, as amended (the “Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of more than 50% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors to the Board (the “Outstanding Company Voting Securities”); provided, however, that “Change of Control” shall not include (i) the acquisition by any corporation pursuant to a reorganization, merger, consolidation or similar corporate transaction (in each case, a “Corporate Transaction”) if, pursuant to such Corporate Transaction, the conditions described in (A) and (B) of clause (3) below are satisfied, and (ii) for the avoidance of doubt, any acquisition after the Grant Date by any Person who beneficially owned 50% or more of the combined voting power of the Outstanding Company Voting Securities prior to the Grant Date;

(2) a change in the composition of the Board such that the individuals who, as of the Grant Date, constitute the Board (the Board as of the Grant Date shall be hereinafter referred to as the (“Incumbent Board”)) cease for any reason to constitute at least a majority of the Board; provided that, for purposes of this clause (2), any individual who becomes a member of the Board subsequent to the Grant Date and whose election, or nomination for election by the Company’s stockholders, was approved by a majority of the members of the Board who also are members of the Incumbent Board (or so deemed to be pursuant to this proviso) shall be deemed a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office is in connection with a Change of Control described in clause (1), (3) or (4) or whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so deemed a member of the Incumbent Board; or

(3) the consummation of a Corporate Transaction; excluding, however, such a Corporate Transaction pursuant to which (A) the beneficial owners of the outstanding shares of the Company’s common stock, par value of $.01 per share (the “Shares”) and Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than fifty-one percent (51%) of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction and the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors, in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the outstanding Shares and Outstanding Company Voting Securities, as the case may be, and (B) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

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(4) the approval of the stockholders of the Company of (A) a complete liquidation or dissolution of the Company or (B) the sale or other disposition of all or substantially all the assets of the Company; excluding, however, such a sale or other disposition to a corporation with respect to which, following such sale or other disposition, (y) more than fifty-one percent (51%) of the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors will be then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the outstanding Shares and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the outstanding Shares and Outstanding Company Voting Securities, as the case may be, and (z) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of such corporation.

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