FORM OF STOCK OPTION AGREEMENT

Exhibit 10.1

VISKASE COMPANIES, INC.

FORM OF STOCK OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (the “Agreement”) is made by and between Viskase Companies, Inc., a Delaware corporation (the “Company”), and [Name], an officer or employee of the Company or a subsidiary of the Company (the “Participant”) effective as of January 13, 2005.

     In consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the Company and the Participant hereby agree as follows:

     1.  Grant of Option . The Company hereby irrevocably grants to the Participant the option (the “Option”) to purchase [Total Shares] shares (the “Option Shares”) of common stock, par value $.01 per share, of the Company (the “Common Stock”). This Option is granted pursuant to and is subject to the terms and conditions of the Viskase Companies, Inc. 2005 Stock Option Plan (the “Plan”). A copy of the Plan is attached as an exhibit hereto and the terms and conditions thereof are incorporated herein by this reference and are expressly made part of this Agreement. All terms used herein and defined in the Plan shall, unless otherwise defined herein, have the same means herein as they have in the Plan. The Option granted hereby is non-transferable except as otherwise permitted under the Plan.

     2.  Option Price . The Option price (the “Option Price”) with respect to the Option Shares shall be $2.90 per share without commission or other charge.

     3.  Exercisability . This Option shall become exercisable as follows: