EXHIBIT
        10.22


        
        EXECUTIVE TERMINATION AGREEMENT AND GENERAL RELEASE


        
        This EXECUTIVE TERMINATION AGREEMENT AND GENERAL RELEASE (“Executive
        Termination Agreement” or “Agreement”) is entered into between Michael A.
        Martino (“Executive”) and Sonus Pharmaceuticals, Inc. (to be renamed
        “OncoGenex Pharmaceuticals, Inc.”) (“Sonus” or
        “Employer”).


        
        WHEREAS, both parties to this Agreement wish to clearly set forth the terms
        of Executive’s termination for “Good Reason” from employment with
        Employer.


        
        Now, THEREFORE, in exchange for the severance pay and other benefits
        described in this Agreement, Executive and Employer agree as follows:


        
        1.      
        As a result of the restructuring of Employer’s operations,
        Executive’s employment with Employer shall terminate effective as of the date set out
        in the written notice from Sonus to Executive (“Termination Date”), which
        notice is attached hereto as Exhibit A, and be deemed a termination for “Good
        Reason.”


        
        2.         Executive represents
        and agrees that, with the exception of the compensation and benefits to be provided to
        Executive pursuant to the terms of the January 4, 2008 Letter Agreement signed by Executive
        and Sonus, a copy of which is attached hereto as Exhibit B (“January 2008 Severance
        Agreement”), he has received all compensation owed to him by Employer through his
        Termination Date, including any and all wages, bonuses, commissions, earned but unused
        vacation, reimbursable business expenses, incentives, stock options, and any other
        payments, benefits, or other compensation of any kind to which he was entitled from
        Employer.


        
        3.         In reliance on
        Executive’s promises, representations, and releases in this Agreement, after
        Employer’s receipt of this executed Executive Termination Agreement and provided that
        Executive does not revoke this Agreement pursuant to Paragraph 7, Employer will provide to
        Executive all compensation and benefits set out in the January 2008 Severance Agreement. A
        severance payout of $1,125,376.20, plus accrued vacation and executive life and disability
        premium reimbursement, will be made on August 29, 2008.


        
        4.         In exchange for the
        consideration provided to Executive as set forth above, Executive agrees to waive and
        release all claims, known and unknown, which he has or might otherwise have had against
        Employer, on behalf of itself and all of its past or present parent, subsidiaries, and
        related entities, employer-sponsored employee benefit and/or welfare plans, and all of
        their past and present officers, directors, shareholders, executives, managers,
        supervisors, agents, employees, trustees, representatives, affiliates and successors
        (hereinafter collectively referred to as “the Released Parties”), arising prior
        to the date he/she signs this Agreement, including without limitation, any and all claims
        regarding any aspect of his/her employment, compensation, or the termination of his/her
        employment with Employer, the Age Discrimination in Employment Act of 1967, the Americans
        with Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, 42 U.S.C. section
        1981, the Fair Labor Standards Acts, the WARN Act, all Washington anti-discrimination
        statutes and labor laws, the Employee Retirement Income Security Act, 29 U.S.C. section
        1001, et
        seq., all as amended, any other federal, state
        or local law, regulation or ordinance or public policy, contract, tort or property law
        theory, or any other cause of action whatsoever that arose on or before the date Executive
        signs this Agreement.


         


        
        


        
            	
                        
                        DOCSOC/1298181v2/019324-0071

                    	
                        
                        

                    


        


        
         


        
         


        
            
                

            

        


        
         


        
        5.         It is further
        understood and agreed that as a condition of this Agreement, all claims against the
        Released Parties, known and unknown, are expressly waived by Executive. Thus, for the
        purpose of implementing a full and complete release and discharge of the Released Parties,
        Executive expressly acknowledges that this Agreement is intended to include and does
        include in its effect, without limitation, all claims which Executive does not know or
        suspect to exist in his favor against the Released Parties at the time of execution hereof,
        and that this Agreement expressly contemplates the extinguishment of all such
        claims.


        
        6.         Executive agrees to
        withdraw with prejudice all complaints or charges, if any, he has filed against any of the
        Released Parties with any agency or court. Executive agrees that hereafter he will never
        file any lawsuit, complaint, or charge against any Released Party based on the claims
        released in this Executive Termination Agreement.


        
        7.         The release in this
        Agreement includes, but is not limited to, claims arising under federal, state or local law
        for age, race, sex or other forms of employment discrimination and retaliation. In
        accordance with the Older Workers Benefit Protection Act, Executive acknowledges and agrees
        that:


        
        (a)       Executive has read and
        understands this Agreement in its entirety;


        
        (b)       Executive has been advised by
        this writing to consult with an attorney concerning this Agreement before signing
        it;


        
        (c)       Executive has forty-five (45)
        calendar days after receipt of this Agreement to consider its terms before signing
        it;


        
        (d)       Executive has the right to
        revoke this Agreement in full within seven (7) calendar days of signing it by notifying
        Employer in writing of such revocation, and none of the terms and provisions of this
        Agreement shall become effective or be enforceable until such revocation period has
        expired;


        
        (e)       Employer has provided Executive
        with information in writing (see Exhibit “D” attached hereto) describing
        (1) the eligibility factors for receipt of benefits, (2) the group of executives,
        including the job title and age of each, eligible to receive benefits, (3) the ages of all
        individuals in the same job classification or organizational unit who are not eligible to
        receive benefits, and (4) any time limit applicable to the availability of such
        benefits;


        
        (f)        Nothing contained in this
        Agreement waives any claim that may arise after the date of its execution; and


        
        (g)       Executive executes this
        Agreement knowingly and voluntarily, without duress or reservation of any kind, and after
        having given the matter full and careful consideration.


        
        8.         Executive, Employer
        and the Releasing Parties agree that they will not disparage or talk negatively about each
        other to anyone.


        
        9.         Executive
        understands and acknowledges the significance and consequences of this Agreement. Executive
        acknowledges that it is voluntary and he has not signed it as a result of any coercion.
        Executive acknowledges that he/she was given sufficient time to consider this Agreement,
        and that he has signed it only after giving careful consideration to its terms.


        
         


        
            


            
            DOCSOC/1298181v2/019324-0071

        


        
         


        
            
                

            

        


        
         


        
        10.       Executive further acknowledges
        that during his employment, he has executed Insider Trading and Confidentiality Agreements
        attached hereto as Exhibit C. Executive understands and agrees that these agreements shall
        remain in full force and effect after Executive’s termination. Executive further
        acknowledges, understands and agrees that Executive has continuing obligations to the
        Company under these Insider Trading and Confidentiality Agreements, and that the severance
        consideration outlined in this Executive Termination Agreement would not have been provided
        to Executive without his/her express agreement to continue to comply with the terms and
        conditions of all such Insider Trading and Confidentiality Agreements.


        
        11.       Executive has returned or will
        return to Employer prior to the payment of severance pursuant to this Agreement, all of the
        Company’s property and documents in his possession or under his control, including,
        without limitation, all keys and card key badges to company buildings or property, all
        company owned equipment, and all reports, documents, software, manuals, controls,
        equipment, files, materials, data, trade secrets, confidential or proprietary information,
        passwords, employee information, any other Company information in his/her possession and
        any and all copies thereof in whatever form, whether hard copies, electronic or
        otherwise.


        
        12.       This Executive Termination
        Agreement shall not be construed against any party merely because that party drafted or
        revised the provision in question, and it shall not be construed as an admission by any of
        the Released Parties of any improper, wrongful, or unlawful actions, or any other
        wrongdoing against Executive, and the Released Parties specifically disclaim any liability
        to or wrongful acts against Executive.


        
        13.       Executive acknowledges that the
        Released Parties have made no promises to him/her other than those set forth in the January
        2008 Severance Agreement, and this Executive Termination Agreement. Executive further
        acknowledges and agrees that he/she is not entitled to receive, and will not claim, any
        right, benefit, compensation, or relief other than what is expressly set forth herein in
        this Executive Termination Agreement. This Agreement may be modified only by written
        agreement signed by both parties.


        
        14.       This Agreement is entered into
        without reliance on any promise or representation, written or oral, other than those
        expressly contained herein. It supersedes any other such promises or representations, other
        than the January 2008 Severance Agreement and the Insider Trading Agreements and
        Confidentiality Agreements executed by Executive during his/her employment which agreements
        remain in full force and effect. This Agreement shall bind the heirs, personal
        representatives, successors and assigns of both Executive and Employer. If any provision of
        this Agreement is determined to be invalid or unenforceable, in whole or in part, this
        determination will not affect any other provision of this Agreement and the provision in
        question shall be modified by the court so as to be rendered enforceable. This Agreement
        shall be deemed to have been entered into and shall be construed and enforced in accordance
        with the laws of the State of Washington as any action for breach of this Agreement may
        only be filed in federal or state courts applicable to King County, Washington.


        
        15.       This Executive Termination
        Agreement, the January 2008 Severance Agreement and all previously executed Insider Trading
        Agreements and Confidentiality Agreements, which are incorporated herein by this reference
        and remain in full force and effect, contain the entire agreement between the parties
        regarding the subject matter hereof, and supersede any and all prior and


        
         


        
            


            
            DOCSOC/1298181v2/019324-0071

        


        
         


        
            
                

            

        


        
         


        
        contemporaneous oral and written agreements.


        
         


        
        EXECUTIVE


        
            	
                        
                        Dated:

                    	
                        
                        August 21, 2008

                    	
                        
                        /s/ Michael A.
                        Martino     

                    


        


        
        Executive Signature


        
         


        
            	
                        
                         

                    	
                        
                        Michael A.
                        Martino          

                    


        


        
        Executive


        
        SONUS PHARMACEUTICALS


        
            	
                        
                        Dated:   August 19,
                        2008

                    	
                        
                        /s/ Robert E.
                        Ivy          

                    


        


        
        Robert Ivy


        
        Chairman of the Board of Directors


        
         


        
            


            
            DOCSOC/1249949v4/019324-007


            
            1249949.4

        


        
         


        
            
                

            

        


        
         


        
        EXHIBIT A


        
         


        
        Notice of Termination


        
         


        
            


            
            DOCSOC/1298181v2/019324-0071

        


        
         


        
            
                

            

        


        
         


        
        SONUS PHARMACEUTICALS,
        INC.


        
        22026 20TH Avenue, Suite 201


        
        Bothell, Washington, 98021


        
         


        
        August 19,2008


        
         


        
         


        
        Mr. Michael A. Martino


        
        c/o SONUSPharmaceuticals, Inc.


        
        220226 20th Avenue, Suite 201


        
        Bothell, Washington 98021


        
         


        
        Please be advised that pursuant to
        Section 1 of your
        Severance/Change in Control Agreement dated January 4, 2008 (the
        “Agreement”), the Board of Directors has determined that your
        employment with Sonus Pharmaceuticals, Inc. will terminate effective
        immediately prior to the Effective Time of the Arrangement, as such
        terms are defined in the Arrangement Agreement, dated May 27,2008,
        between Sonus Pharmaceuticals, Inc. and OncoGenex Technologies, Inc.


        
         


        
        We thank you for your sustained
        and dedicated service to the Company over the
        past several years and wish you the best in your
        future endeavors.


        
         


        
            	
                        
                        Sincerely,


                        
                         


                        
                        SONUS PHARMACEUTICALS, INC.


                        
                         


                        
                        /s/ Robert E. Ivy


                        
                        Robert E. Ivy


                        
                        Chairman of the Board

                    


        


        
         


        
         


        
         


        
         


        
            


            
            DOCSOC/1298224v1/019324-007

        


        
         


        
            
                

            

        


        
         


        
        EXHIBIT B


        
         


        
        Severance Agreement


        
         


        
         


        
         


        
            


            
            DOCSOC/1298181v2/019324-0071

        


        
         


        
            
                

            

        


        
         


        
        EXHIBIT C


        
         


        
        Insider Trading and Confidentiality Agreements


        
            


            
            DOCSOC/1298181v2/019324-0071

        


        
         


        
            
                

            

        


        
        

        


        
         


        
            
            Employee Agreement Regarding Confidential Information And
            Intellectual Property

        


        
         


        
        In consideration of my employment, compensation and benefits with SONUS
        Pharmaceuticals, Inc. (SONUS) and for other valuable consideration, I
        agree as follows:


        
         


        
            	
                        
                        1.

                    	
                        
                        I will not, without SONUS's prior written permission,
                        disclose to anyone outside of SONUS, or use in any other than SONUS's
                        business, either during or after my employment, any confidential
                        information or material of SONUS, or any information or
                        material of SONUS, or any information or material received in confidence
                        from third parties by SONUS. If I leave the employ of SONUS, I
                        will return all property of SONUS in my possession,
                        including but not limited to, all office equipment, and the original and
                        copies of all files, records, or other documents (whether stored on paper
                        or electronically) as well as all confidential information or material in
                        any forms.

                    


        




            	
                        
                        2.

                    	
                        
                        I will not, without SONUS's prior written permission, either
                        during or after my employment, solicit, recruit or induce SONUS employees
                        or consultants to leave the company to accept employment or consultancy
                        with another organization.

                    






        
            	
                        
                        3.

                    	
                        
                        Confidential Information or material of SONUS is any
                        information or material:

                        

                    


        



        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        generated or collected by, or utilized in the operations of
                        SONUS that relate to the actual or anticipated business or research and
                        development of SONUS; or

                    


        


        
         


        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        suggested by or resulting from any task assigned to me, or
                        work performed by me for or on behalf of SONUS, and which has not been made
                        available generally to the public.

                    


        


        
         


        
            	
                        
                         

                    	
                        
                        (c)

                    	
                        
                        Confidential Information shall include, but not be limited
                        to, SONUS information encompassed in all drawings, designs,
                        drugs, medical devices, formulations, test data or
                        results, original writings, soflware in various stages of
                        development (source code, object code, documentation,
                        diagrams and flow charts), plans, proposals, marketing and sales
                        plans, financial information, cost or pricing information,
                        and customer lists.

                    


        


        
        


        
        


        
            

        


        
            	
                        
                        4.

                    	
                        
                        I will not disclose to SONUS, use in its business, bring on
                        to SONUS premises or cause SONUS to use, any information or material which
                        is confidential to others.

                    


        


        
         


        
            	
                        
                        5.

                    	
                        
                        I will comply, and do all things necessary for SONUS to
                        comply with, the laws and regulations of all governments under which SONUS
                        does business, and with provisions of contracts between any such government
                        or its contractors and SONUS that relate to the intellectual property or to
                        the safeguarding of information.

                    


        


        
         


        
         


        
            


            
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                        6.

                    	
                        
                        I agree that the fruits of my labor as an employee shall
                        belong solely to SONUS. To the full extent provided by law, any inventions
                        or original works of authorship I conceive or create in the course of my
                        employment shall be considered "works for hire" and shall belong solely and
                        exclusively to SONUS. In addition, I will communicate to SONUS promptly and
                        fully, and hereby assign to SONUS, my entire right, title and interest in
                        any idea, invention, discovery, concept, including, but not limited to,
                        drugs, medical devices, hardware and apparatuses, processes and
                        methods, formulas, computer programs and techniques,
                        and any other work of authorship (all hereinafter
                        called "Developments"), and patent applications filed and
                        patents granted thereon, including those in foreign
                        countries, which are hereafter made or conceived solely or jointly by me,
                        or created wholly or in part by me, whether or not
                        such Developments are patentable, copyrightable, or susceptible to other
                        forms of protection, provided that the Developments:

                    


        


        
        


        
        


        
             
        


        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        relate to the actual or anticipated business or research or
                        development of SONUS; or

                    


        


        
         


        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        are suggested by or result from any task assigned to me or
                        work performed by me for or on behalf of
                        SONUS.

                    


        


        
         


        
        The foregoing paragraph does not apply to any invention for which no
        equipment, supplies, facilities, or trade secrets of SONUS were used
        and which was developed entirely on my own time, unless the invention
        relates directly to the business of SONUS or results from any work performed
        by me for SONUS. However, I agree to disclose inventions being developed for
        the purposes of determining employer or employee rights in accordance
        with paragraph 7 below and Washington Statute §14.05.


        
         


        
            	
                        
                        7.

                    	
                        
                        In connection with any of the Developments assigned by
                        paragraph 6:

                    


        


        
         


        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        I will promptly communicate and disclose them to SONUS;
                        and

                    


        


        
         


        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        I will, on SONUS's request, promptly execute any documents
                        necessary to effectuate the assignment of all rights to
                        SONUS, and do anything else reasonably necessary to enable
                        SONUS to secure a patent, mask work right, copyright or
                        other form of protection therefor in the United
                        States and in any other foreign country.

                    


        


        
        


        
        


        
             
        


        
            	
                        
                        8.

                    	
                        
                        SONUS and its licensees (direct or indirect) are not
                        required to designate me as the author or inventor of
                        any development assigned in paragraph 6 when distributed publicly or
                        otherwise, nor to make any distribution. I waive and
                        release to the extent permitted by law all of my rights to the
                        foregoing.

                    


        


        
        


        
        


        
             
        


        
            	
                        
                        9.

                    	
                        
                        I have identified on Schedule 1 hereof all Developments not
                        assigned by paragraph 6 in which I have any right, title or
                        interest, and which were previously made or conceived solely or jointly
                        by me, or written wholly or in part by me; and which
                        relate to the actual or anticipated business or
                        research or development of SONUS, but neither published nor
                        filed in any patent office. If I do not have any to
                        identify, I have written "none" on this line:
                        None.

                    


        


        
         


        
            	
                        
                        10.

                    	
                        
                        For purposes of enforcing this Agreement, I hereby consent
                        to jurisdiction in the Superior Court of Washington for the County of
                        King.

                    


        


        
         


        
            


            
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                        11.

                    	
                        
                        If any legal action is necessary to enforce this Agreement,
                        the prevailing party shall be entitled to recover attorneys'
                        fees.

                    


        


        
         


        
            	
                        
                        12.

                    	
                        
                        This Agreement does not guarantee me any term of employment,
                        or limit SONUS's right to terminate my employment at any time with or
                        without cause.

                    


        


        
         


        
            	
                        
                        13.

                    	
                        
                        This Agreement represents the full and complete
                        understanding between me and SONUS with respect to the
                        matters set forth herein and supersedes all prior representations
                        and understandings, whether oral or written. My
                        obligations under this Agreement shall be binding
                        upon my heirs, executors, administrators or other legal
                        representatives or assigns, and this Agreement shall
                        inure to the benefit of SONUS, its successors and assigns. This Agreement
                        may not be modified, released or terminated, in whole
                        or in part, except by an instrument signed in writing by an officer of
                        Sonus.

                    


        


        
        


        
        


        
            

            

        


        
            	
                        
                        Signed: /s/ Michael A.
                        Martino

                    	
                        
                        Dated: May 6, 1999

                    


        


        
         


        
         


        
            	
                        
                        SONUS PHARMACEUTICALS, INC.

                    


        


        
            	
                        
                        

                        Signed: /s/ Steven D. Quay, M.D., Ph.D.

                    	
                        
                        

                        Dated: May 21, 1999

                    
	
                    


        


        
            	
                        
                        Its:

                    	
                        
                        Chairman and CEO

                    


        


        
         


        
            


            
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        SCHEDULE 1


        
        Excluded Prior Developments Which
        Relate


        
        To the Actual or Anticipated
        Business or


        
        Research or Development of
        SONUS


        
            


            
            c:\work\Inteprop.doc revised April 30, 1999

        


        
         


        
            
                

            

        


        
         


        
        RECEIPT AND ACKNOWLEDGMENT


        
         


        
        I, Michael A. Martino, hereby acknowledge that I have received and read a
        copy of the "Procedures and Guidelines Governing Insider
        Trading and Tipping" and agree to comply with its terms. I
        understand that violation of insider trading or tipping laws or regulations may subject me
        to severe civil and/or criminal penalties, and that violation of the terms of the
        above-titled policy may subject me to discipline by the Company up to and including
        termination for cause.


        
         


        
            	
                        
                        /s/ Michael A. Martino

                    	
                        
                        1/27/00

                    


        


        
            	
                        
                        Signature

                    	
                        
                        Date

                    


        


        
         


        
        Print Name Michael A. Martino


        
         


        
            


             


            
            Procedures and Guidelines Governing Insider Training and
            Tipping


            Page
            10


            Updated
            01/26/00

        


        
         


        
            
                

            

        


        
         


        
        EXHIBIT D


        
         


        
        Supplemental Older Workers Benefit Protection Act Notice


        
         


        
        The following supplemental information is provided to employees age 40 or
        older pursuant to the federal Older Workers Benefit Protection Act:


        
        A.        The employees
        affected/covered by this termination consists of the following: current CEO and current
        CFO.


        
        B.        The eligibility factors
        for this termination are: The Company has considered all appropriate facts and
        circumstances in making the decision to reorganize, reduce its workforce, and eliminate job
        positions, including the Company’s current and anticipated financial condition,
        business plans, operational needs, and personnel levels needed to perform necessary current
        and reasonably anticipated future work, and the skills, versatility and work record of its
        employees.


        
        C.        The time limits for this
        reduction in force are: The termination is expected to be carried out on August 20,
        2008.


        
            	
                        
                         

                    	
                        
                        D.

                    	
                        
                        The job titles and ages for all employees selected for
                        layoff are as follows:


                        
                         


                        
                        Title                                                                             
                        Age


                        
                         


                        
                        Chief Executive
                        Officer                                             
                        52


                        
                        Chief Financial
                        Officer                                              
                        52

                    


        


        
               E.        The ages
            of the employees in your same job classification or organizational unit who were not
            selected for layoff are as follows: None.
        


        
         


        
         


        
            


            
            DOCSOC/1298181v2/019324-0071