EXHIBIT 10.36


  





AMENDED AND
RESTATED EMPLOYMENT AGREEMENT


 


THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is by and between Peregrine Pharmaceuticals, Inc., a Delaware
corporation (“Employer” or the “Company”) and Shelley P.M. Fussey, Ph.D. (“Executive”).


 


WHEREAS,
the Company and Executive are parties to that certain Employment Agreement (the “Original Agreement”) effective as
of March 18, 2009 (the “Original Effective Date”);


 


WHEREAS,
the Company and Executive desire to amend and restate the Original Agreement on the terms and conditions set forth below.


 


NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein, and for other good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:


 


1.        
Employment. Upon the terms and conditions hereinafter set forth, Employer hereby agrees to continue to employ
Executive as the Vice President, Intellectual Property of the Company (“VP”), and Executive hereby accepts such continued
employment under the terms and conditions set forth herein.


 


2.        
Effective Date. The effective date of the Agreement shall be December 27, 2012 (the “Effective Date”).
The employment relationship pursuant to this Agreement shall be for an initial one-year period commencing on the Original
Effective Date (“Initial Term”), unless sooner terminated in accordance with paragraph 7 below. On each anniversary
of the Original Effective Date, the term of this Agreement will automatically be extended for an additional one (1) year period
(in each instance, as so extended, the “Subsequent Term”), unless either party gives to the other written notice at
least ninety (90) days prior to the expiration of the then current year period, of such party’s intent not to extend
this Agreement.


 


3.        
Duties. Executive shall perform such duties as are customarily performed by a Vice President, Intellectual
Property, and such other duties and responsibilities that may be assigned to her by the Chief Executive Officer (“CEO”).
Specifically, Executive shall manage the Company’s intellectual property portfolio, and perform such duties and responsibilities
as set forth in the VP’s job description.


 


Executive
shall report to the CEO and have such authority as is delegated by the CEO. Executive shall be governed by the policies and practices
established by the Company. Employer requires that: (i) Executive will devote her utmost knowledge and best skill to the performance
of her duties; (ii) Executive shall devote her full business time (not less than 40 hours per week) to the rendition of such
services, subject to absences for customary vacations and for temporary illness; and (iii) Executive will not engage in any
other gainful occupation which requires her personal attention and/or creates a conflict of interest with her job responsibilities
under this Agreement without the prior written consent of the Board of Directors of the Company, with the exception that Executive
may personally trade in stock, bonds, securities, commodities or real estate investments for her own benefit to the extent permitted
by the provisions herein and applicable law.


 






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Executive’s
job performance will be reviewed annually. Executive acknowledges and understands that performance reviews do not necessitate or
correlate with salary increases and that a favorable performance review neither guarantees continued employment nor increased compensation.


 


4.        
At-Will Employment. Executive and Employer agree that Executive’s employment may be terminated by Executive
or by Employer, with or without cause in accordance with paragraph 7 of this Agreement. Executive and Employer expressly agree
that this provision is intended by Executive and Employer to be the complete and final expression of their understanding regarding
the terms and conditions under which Executive’s employment may be terminated. Executive and Employer further understand
and agree that no representation contrary to this provision is valid, and that this provision may not be augmented, contradicted
or modified in any way, except in writing signed by Executive and Chairperson of the Compensation Committee.


 


5.     
Compensation.


 


5.1        
Base
Salary. Effective as of the Effective Date, Executive’s annual base salary shall be increased, retroactive to May 1,
2012, to Two Hundred Ninety-One Thousand Seven Hundred Twenty Dollars ($291,720), payable according to Employer's payroll schedule
and subject to applicable state and federal withholdings and other payroll deductions; provided, however, that the amount of the
retroactive increase shall be paid with the Employer’s next regularly scheduled pay period following the Effective Date.


 


5.2        
Annual
Bonus. In addition to Executive’s base salary, Executive may be eligible to receive an additional discretionary bonus
of up to thirty percent (30%) of her then in effect base salary, as determined by the Board of Directors in their sole discretion
(“Target Bonus”). Executive acknowledges that although a discretionary bonus may be provided by the Company, any such
bonus is neither required nor guaranteed by this Agreement.


 


5.3        
Stock
Options. Executive may also be eligible to receive stock options as determined by the Board of Directors in their sole discretion.
Any such stock option will be granted pursuant to, and will be subject to the terms of the Company’s Stock Option Plans.


 


5.4        
Stay
Bonus.


 


5.4.1       
In order to induce Executive to remain employed with Company until at least December 31, 2013, Company hereby agrees
to pay Executive a retention bonus (the “Stay Bonus”) in the amount of twenty-five percent (25%) of Executive’s
fiscal year 2013 annual base salary. The Stay Bonus shall be payable to Executive on the first bi-weekly pay period following December
31, 2013, provided Executive has been continuously employed by Company through December 31, 2013, except as provided in paragraph
5.4.2 below.


 






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5.4.2       
Except as set forth below, in the event that Executive terminates her employment prior to December 31, 2013, Executive
shall not be entitled to the Stay Bonus. In the event that (i) Executive terminates her employment with the Company for “Good
Reason” (as defined below), (ii) her employment with the Company is terminated for any reason within six (6) months following
a “Change in Control” (as defined below), or (iii) her employment is terminated by the Company without cause, then
Executive shall be entitled to receive 100% of the Stay Bonus pursuant to paragraph 5.4.1 above. Notwithstanding the foregoing,
in the event that the Company terminates Executive’s employment for “Cause” (as defined below) prior to December
31, 2013, or Executive delivers to Company, prior to January 1, 2014, notice of voluntary resignation pursuant to paragraph 7.5,
then in either instance Executive shall not be entitled to the Stay Bonus.


 


6.     
Fringe Benefits.


 


6.1        
Benefits.
Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate
in benefits under any Company benefit plan or arrangement which may be in effect from time to time and made available to its executive
management employees.


 


6.2        
Paid-Time-Off
(PTO). Executive shall earn and accrue paid-time-off covering vacation and sick time benefits at the rate of twenty (20) days
per year for employment periods of up to five years of service. The PTO accrual rate shall automatically increase by five (5)
additional days for each additional 5 years of service up to maximum of thirty (30) days per year after 10 years of service. For
example, after five years of service, the annual PTO accrual rate shall increase to twenty-five (25) days. Unused PTO shall carry
over to the next year, but Executive shall cease accruing further PTO at any time Executive has accrued two times her annual accrual
rate. Accrued and unused PTO days which are not in excess of two-times the annual accrual rate shall be paid in a cash lump sum
payment promptly after Executive’s termination of employment.


 


6.3        
Expenses. Employer shall reimburse Executive on the 1st and 15th of each month for receipts
Executive submits for all reasonable and necessary travel and other business expenses incurred by Executive in the performance
of Executive’s duties hereunder, consistent with Employer’s normal expense reimbursement policy.


 


7.        
Termination.


 


7.1        
Termination
With Cause. If Executive (a) breaches in any material respect or fails to fulfill in any material respect fiduciary duty
owed to Employer; (b) breaches in any material respect this Agreement or any other confidentiality or non-solicitation, non-competition
agreement between Employer and Executive; (c) pleads guilty to or is convicted of a felony; (d) is found to have engaged
in any reckless, fraudulent, dishonest or grossly negligent misconduct, (e) fails to perform her duties to the Company, provided
that Executive fails to cure any such failure within thirty (30) days after written notice from Employer of such failure, provided
further, however, that such right to cure shall not apply to any repetition of the same failure previously cured hereunder; or
(f) violates any material rule, regulation or policy of the Company that may be established and made known to Employer's
employees from time to time, including without limitation, the Company Employee Handbook, a copy of which has been provided to
Executive, Employer may terminate immediately her employment and Executive shall have no right to receive any compensation or
benefit hereunder after such termination other than base salary and PTO earned or accrued but unpaid as of the date of termination
(collectively “Standard Entitlements”). Notwithstanding the foregoing, Executive shall not be terminated for Cause
pursuant to paragraph 7.1, unless and until Executive has received written notice of the proposed termination for Cause, including
details of the bases for such termination, and Executive has had an opportunity to be heard before at least a majority of the
Board. Executive shall be deemed to have had such an opportunity if written notice is given to her at least ten (10) days
in advance of a meeting and Executive has the actual opportunity to be heard, at that meeting, by no less than a majority of the
Board on the issues of her proposed termination. Executive shall not be entitled to any bonus, or proration thereof, if terminated
under this paragraph.


 






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7.2        
Termination
Without Cause. As stated in paragraph 4 of this Agreement, Executive or the Company may at any time terminate Executive’s
employment with or without cause. If the Company terminates Executive’s employment within the Initial or Subsequent Terms
and such termination is not a Termination With Cause as defined above, the Company shall continue to pay Executive’s base
salary then in effect as of the date of such termination on a pro-rated basis according to Employer’s payroll schedule and
subject to applicable withholdings for a period of twelve months (collectively “Severance”), provided only if Executive
signs a general release. Such Severance shall include the payment by Company of group insurance benefits for Executive and family,
including health and dental insurance during the Severance period and the payment of the proration of any Target Bonus. In addition,
Executive shall have up to twelve months from the date of Termination to exercise any vested and outstanding stock options, not
to exceed the original expiration date of the option agreement.


 


In
order to be entitled to the Severance reflected herein, Executive must sign a general release of all claims known and unknown,
against Employer, its officers and directors, agents and employees and any related entities or persons. Nothing herein will be
construed to limit or modify the duty of Executive to mitigate Executive’s damages in the event Employer terminates Executive’s
employment without Cause.


 


7.3        
Termination
Upon Death or Disability. Executive’s employment shall terminate upon her death or disability ("disability"
being defined as any mental or physical condition which, in the reasonable opinion of a mutually agreed upon licensed physician
and/or psychiatrist (as the case may be), renders Executive unable or incompetent to carry out Executive's duties under this Agreement,
with or without reasonable accommodation, for a period of at least six months). In the event of a termination of Executive’s
employment for death or disability, Executive shall have no right to receive any further compensation or benefit hereunder after
such termination other than payment by Company of group insurance benefits previously provided to Executive, and where applicable, Executive’s spouse and eligible dependents, for a period of nine
months, and base salary and PTO earned or accrued but unpaid as of the date of termination.


 


7.4        
Change
of Control. In the event of any merger, acquisition or consolidation of the Company where the Company is not the surviving
or resulting corporation, or upon transfer of all or substantially all of the assets of the Company, and whereby Executive is
terminated within three (3) months prior to or twenty-four (24) months after the aforementioned events in this paragraph 7.4,
or if Executive’s position is not in a substantially similar position or position satisfactory to Executive, at Executive’s
sole discretion, or if Executive’s then current Base Salary and related benefits are reduced or negatively impacted in any
material respect, or if Company relocates Executive’s principal place of work to a location more than fifty (50) miles from
the original location, without Executive’s prior written approval (“Change of Control”), then if Executive,
within twelve (12) months after an event constituting a Change of Control, elects to resign her employment with the Corporation,
Executive shall be paid a lump sum amount equivalent to twenty-four months of Executive’s base salary then in effect plus
100% of her Target Bonus upon the execution of a general release, which amount is due and payable within ten (10) business days
of Executive notice under this paragraph 7.4. Such lump sum payment shall be considered to be in full and complete satisfaction
of any and all rights which Executive may enjoy under the terms of this Agreement, except that any and all of Executive’s
unvested stock options shall become fully vested and exercisable and the exercise period shall be extended for twenty-four months
from the date of the Change of Control, not to exceed the original expiration date of the option grant. In addition, Severance
shall include the payment by Company of group insurance benefits for Executive and family, including health and dental insurance
during the entire twelve month Severance period.


 






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7.5        
Voluntary
Resignation or Resignation For Good Reason. Other than pursuant to the circumstances of a Change of Control, as defined in
paragraph 7.4, in which case paragraph 7.4 shall apply, Executive may voluntarily resign Executive’s position
with Company, at any time, on thirty (30) days advance written notice to Company and Company shall pay Executive her Base Salary
during the minimum 30 day notice period plus any accrued and unpaid benefits as of the termination date. Provided Executive shall
have been employed with the Company for a period of at least five years, in the event Executive provides ninety (90) days advance
written notice (“Extended Notice Period”) to Company, Company shall pay Executive her Base Salary then in effect and
shall continue to provide other contractual benefits including group insurance benefits during the Extended Notice Period and
for a period of six (6) months after the Extended Notice Period provided Executive makes herself telephonically available to the
Board of Director and the executive team for up to 2 hours per week. If, within ninety (90) days of the initial existence
of the condition(s) that constitute Good Reason, Executive:(a) provides written notice to the Board of her intention to resign
her employment for Good Reason; (b) provides written notice to the Board of the grounds that Executive believes she has to
resign for Good Reason and within thirty (30) days of receipt of such written notice, the Board has not cured by eliminating
the condition(s) that constitute Good Reason; and (c) Executive actually terminates her employment within 12 months following
the initial existence of the Good Reason condition, then Executive shall be entitled to receive the Standard Entitlements to the
date of resignation plus the Severance described in paragraph 7.2 above, provided Executive complies with the conditions
in paragraph 7.2 above. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated
and completely extinguished. Executive will be deemed to have resigned with “Good Reason” in the following circumstances:
(a) Company relocates Executive’s principal place of work to a location more than fifty (50) miles from the original
location, without Executive’s prior written approval; (b) Executive’s position and/or duties are modified so
that Executive’s duties are no longer consistent with the position of Vice President, Intellectual Property; (c) Executive’s
Base Salary and related benefits as set forth in paragraph 5.1, as adjusted from time to time, are reduced without Executive’s
written authorization.


 


8.        
Trade Secrets, Confidential Information and Inventions.


 


8.1        
Trade
Secrets In General. During the course of Executive's employment, Executive will have access to various trade secrets, confidential
information and inventions of Employer as defined below.


 






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(i)        
“Confidential
Information” means all information and material which is proprietary to the Company, whether or not marked as “confidential”
or “proprietary” and which is disclosed to or obtained from the Company by the Executive, which relates to the Company’s
past, present or future research, development or business activities. Confidential Information is all information or materials
prepared by or for the Company and includes, without limitation, all of the following: designs, drawings, specifications, techniques,
models, data, source code, object code, documentation, diagrams, flow charts, research, development, processes, systems, methods,
machinery, procedures, “know-how”, new product or new technology information, formulas, patents, patent applications,
product prototypes, product copies, cost of production, manufacturing, developing or marketing techniques and materials, cost
of production, development or marketing time tables, customer lists, strategies related to customers, suppliers or personnel,
contract forms, pricing policies and financial information, volumes of sales, and other information of similar nature, whether
or not reduced to writing or other tangible form, and any other Trade Secrets, as defined by subparagraph (iii), or non-public
business information. Confidential Information does not include any information which (1) was in the lawful and unrestricted
possession of the Executive prior to its disclosure by the Company, (2) is or becomes generally available to the public by
acts other than those of the Executive after receiving it, (3) becomes generally available to the public by acts of the Executive
necessary to performing duties associated with their job description or (4) has been received lawfully and in good faith
by the Executive from a third party who did not derive it from the Company.


 


(ii)        
“Inventions”
means all discoveries, concepts and ideas, whether patentable or not, including but not limited to, processes, methods, formulas,
compositions, techniques, articles and machines, as well as improvements thereof or “know-how” related thereto, relating
at the time of conception or reduction to practice to the business engaged in by the Company, or any actual or anticipated research
or development by the Company.


 


(iii)        
“Trade
Secrets” shall mean any scientific or technical data, information, design, process, procedure, formula or improvement that
is commercially available to the Company and is not generally known in the industry.


 


This
paragraph includes not only information belonging to Employer which existed before the date of this Agreement, but also information
developed by Executive for Employer or its employees during her employment and thereafter.


 


8.2        
Restriction
on Use of Confidential Information. Executive agrees that her use of Trade Secrets and other Confidential Information is subject
to the following restrictions during the term of the Agreement and for an indefinite period thereafter so long as the Trade Secrets
and other Confidential Information have not become generally known to the public.


 


8.2.1        
Non-Disclosure. Except as required by the performance of the Executive’s services to the Company under
the terms of this Agreement, neither the Executive nor any of her agents or representatives, shall, directly or indirectly, publish
or otherwise disclose, or permit others to publish, divulge, disseminate, copy or otherwise disclose the Company’s Trade
Secrets, Confidential Information and/or Inventions as defined above.


 






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8.2.2        
Use
Restriction. Executive shall use the Trade Secrets, other Confidential Information and/or Inventions only for the limited
purpose for which they were disclosed. Executive shall not disclose the Trade Secrets, other Confidential Information and/or Inventions
to any third party without first obtaining written consent from the Board of Directors and shall disclose the Trade Secrets, other
Confidential Information and/or Inventions only to Employer's own employees having a need know. Executive shall promptly notify
the Board of Directors of any items of Trade Secrets prematurely disclosed.


 


8.2.3        
Surrender Upon Termination. Upon termination of her employment with Employer for any reason, Executive will
surrender and return to Employer all documents and materials in her possession or control which contain Trade Secrets, Inventions
and other Confidential Information. Executive shall immediately return to the Company all lists, books, records, materials and
documents, together with all copies thereof, and all other Company property in her possession or under her control, relating to
or used in connection with the past, present or anticipated business of the Company, or any affiliate or subsidiary thereof. Executive
acknowledges and agrees that all such lists, books, records, materials and documents are the sole and exclusive property of the
Company.


 


8.2.4        
Prohibition
Against Unfair Competition. At any time after the termination of her employment with Employer for any reason, Executive will
not engage in competition with Employer while making use of the Trade Secrets of Employer.


 


8.2.5        
Patents
and Inventions. The Executive agrees that any inventions made, conceived or completed by her during the term of her service,
solely or jointly with others, which are made with the Company’s equipment, supplies, facilities or Confidential Information,
or which relate at the time of conception or reduction to purpose of the invention to the business of the Company or the Company’s
actual or demonstrably anticipated research and development, or which result from any work performed by the Executive for the
Company, shall be the sole and exclusive property of the Company. The Executive promises to assign such inventions to the Company.
The Executive also agrees that the Company shall have the right to keep such inventions as trade secrets, if the Company chooses.
The Executive agrees to assign to the Company the Executive’s rights in any other inventions where the Company is required
to grant those rights to the United States government or any agency thereof. In order to permit the Company to claim rights to
which it may be entitled, the Executive agrees to disclose to the Company in confidence all inventions which the Executive makes
arising out of the Executive’s service and all patent applications filed by the Executive within one year after the termination
of her service.


 


The
Executive shall assist the Company in obtaining patents on all inventions, designs, improvements and discoveries patentable by
the Company in the United States and in all foreign countries, and shall execute all documents and do all things necessary to obtain
letters patent, to vest the Company with full and extensive title thereto.


 






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9.        
Solicitation of Employees or Customers.


 


9.1        
Information
About Other Employees. Executive will be called upon to work closely with employees of Employer in performing services under
this Agreement. All information about such employees which becomes known to Executive during the course of her employment with
Employer, and which is not otherwise known to the public, including compensation or commission structure, is a Trade Secret of
Employer and shall not be used by Executive in soliciting employees of Employer at any time during or after termination of her
employment with Employer.


 


9.2        
Solicitation of Employees Prohibited. During Executive’s employment and for one year following the termination
of Executive’s employment, Executive shall not, directly or indirectly ask, solicit or encourage any employee(s) of Employer
to leave their employment with Employer. Executive further agrees that she shall make any subsequent employer aware of this non-solicitation
obligation.


 


9.3        
Solicitation
of Customers Prohibited. For a period of one year following the termination of Executive’s employment, Executive shall
not, directly or indirectly solicit the business of any of Employer's customers in any way competitive with the business or demonstrably
anticipated business of the Company. Executive further agrees that she shall make any subsequent employer aware of this non-solicitation
obligation.


 


10.        
Non-Competition.
During the course of Executive’s employment with the Company, Executive shall not directly or indirectly own any interest
in (other than owning less than 5% of a publicly held company), manage, control, participate in (whether as an officer, director,
employee, partner, agent, representative, volunteer or otherwise), consult with, render services for or in any manner engage (whether
or not during business hours) anywhere in the Restricted Territories (as defined below) in any business activity that is in any
way competitive with the business or demonstrably anticipated business of the Company. Further, Executive will not during the
course of her employment with the Company assist any other person or organization in competing or in preparing to compete with
any business or demonstrably anticipated business of the Company anywhere in the Restricted Territories.


 


"Restricted
Territories" shall mean any county in the State of California or any other state or territory in the United States or any
other similar political subdivision in any state or foreign country in which the Company has done business or has actually investigated
doing business or where its products are sold or distributed whether or not for compensation.


 


11.        
Unfair
Competition, Misappropriation of Trade Secrets and Violation of Solicitation/Noncompetition Clauses. Executive acknowledges
that unfair competition, misappropriation of trade secrets or violation of any of the provisions contained in paragraphs 8
through 10 would cause irreparable injury to Employer, that the remedy at law for any violation or threatened violation thereof
would be inadequate, and that Employer shall be entitled to temporary and permanent injunctive or other equitable relief without
the necessity of proving actual damages.


 


12.          
Representation Concerning Prior Agreements. Executive represents to Employer that she is not bound by any
non-competition and/or non-solicitation agreement that would preclude, limit or in any manner affect her employment with Employer.
Executive further represents that she can fully perform the duties of her employment without violating any obligations she may
have to any former employer, including but not limited to, misappropriating any proprietary information acquired from a prior employer.
Executive agrees that she will indemnify and hold Employer harmless from any and all liability and damage, including attorneys’
fees and costs, resulting from any breach of this provision.


 






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13.          
Personnel Policies and Procedures. The Employer shall have the authority to establish from time to time personnel
policies and procedures to be followed by its employees. Executive agrees to comply with the policies and procedures of the Employer.
To the extent any provisions in Employer's personnel policies and procedures differ with the terms of this Agreement, the terms
of this Agreement shall apply.


 


14.          
Amendments. No amendment or modification of the terms or conditions of this Agreement shall be valid unless
in writing and signed by the parties hereto.


 


15.          
Successors and Assigns. The rights and obligations of the Employer under this Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of Employer. Executive shall not be entitled to assign any of her
rights or obligations under this Agreement.


 


16.          
Governing Law. This Agreement shall be interpreted, construed, governed and enforced in accordance with the
laws of the State of California.


 


17.          
Severability. Each term, condition, covenant or provision of this Agreement shall be viewed as separate and
distinct, and in the event that any such term, covenant or provision shall be held by a court of competent jurisdiction to be invalid,
the remaining provisions shall continue in full force and effect.


 


18.          
Survival. The provisions in paragraphs 8 through 11, 14 through 23, inclusive, of this Agreement shall
survive termination of Executive's employment, regardless of who causes the termination and under what circumstances.


 


19.          
Waiver. Neither party's failure to enforce any provision or provisions of this Agreement shall be deemed or
in any way construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and
every provision of this Agreement. A waiver by either party of a breach of provision or provisions of this Agreement shall not
constitute a general waiver, or prejudice the other party's right otherwise to demand strict compliance with that provision or
any other provisions in this Agreement.


 


20.          
Notices. Any notice required or permitted to be given under this Agreement shall be sufficient, if in writing,
sent by mail to Executive's residence in the case of Executive, or hand delivered to the Executive, and, in the case of Employer,
to the Board of Directors at the principal corporate office.


 


21.          
Arbitration. The parties agree that disputes concerning the terms of this Agreement and Executive's employment
under this Agreement are subject to arbitration in accordance with the Employee Arbitration Agreement attached hereto as Exhibit "A"
and incorporated by this reference as though fully set forth herein.


 






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22.          
Entire Agreement. Executive acknowledges receipt of this Agreement and agrees that this Agreement represents
the entire agreement with Employer concerning the subject matter hereof, and supersedes any previous oral or written communications,
representations, understandings or agreements with Employer or any officer or agent thereof through the date the Agreement is executed
by the parties, except the Employee Arbitration Agreement which is incorporated herein as set forth in paragraph 21 of this
Agreement and attached hereto as Exhibit "A." Executive understands that no representative of the Employer has been
authorized to enter into any agreement or commitment with Executive which is inconsistent in any way with the terms of this Agreement.


 


23.          
Construction. This Agreement shall not be construed against any party on the grounds that such party drafted
the Agreement or caused it to be drafted.


 


24.          
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall
be deemed to be an original, but all of which together shall constitute one and the same instrument. Further, facsimiles of signatures
may be taken as the actual signatures, and each party agrees to furnish the other with documents bearing the original signatures
within ten days of the facsimile transmission.


 


25.          
Acknowledgment. Executive acknowledges that she has been advised by Employer to consult with independent counsel
of her own choice, at her expense, concerning this Agreement, that she has had the opportunity to do so, and that she has taken
advantage of that opportunity to the extent that she desires. Executive further acknowledges that she has read and understands
this Agreement, is fully aware of its legal effect, and has entered into it freely based on her own judgment.


 


IN
WITNESS HEREOF, the parties have executed this Agreement as of the date set forth below.


 








	 	EXECUTIVE
	 	 
	Dated: December 27, 2012	/s/ Shelley
P.M. Fussey, Ph.D.
	 	Shelley
P.M. Fussey, Ph.D.
	 	 
	 	 
	 	 
	 	 
	 	 
	 	PEREGRINE PHARMACEUTICALS, INC.
	 	 
	 	 
	Dated: December 27, 2012	By: /s/ Steven W. King
	 	Name:Steven W. King
	 	Title: President
and Chief Executive Officer




 






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EXHIBIT A


 


EXECUTIVE ARBITRATION
AGREEMENT


 


THIS
ARBITRATION AGREEMENT (“Agreement”) is made by and between Peregrine Pharmaceuticals, Inc. (“Employer”)
and Shelley P.M. Fussey, Ph.D. (“Executive”).


 


The
purpose of this Agreement is to establish final and binding arbitration for all disputes arising out of Executive’s relationship
with Employer, including without limitation Executive’s employment or the termination of Executive’s employment. Executive
and Employer desire to arbitrate their disputes on the terms and conditions set forth below to gain the benefits of a speedy, impartial
dispute-resolution procedure. Executive and Employer agree to the following:


 


1.             Claims Covered by the Agreement. Executive and Employer mutually consent to the resolution by final and binding arbitration
of all claims or controversies (“claims”) that Employer may have against Executive or that Executive may have against
Employer or against its officers, directors, partners, employees, agents, pension or benefit plans, administrators, or fiduciaries,
or any subsidiary or affiliated company or corporation (collectively referred to as “Employer”), relating to, resulting
from, or in any way arising out of Executive’s relationship with Employer, Executive’s employment relationship with
Employer and/or the termination of Executive’s employment relationship with Employer, to the extent permitted by law. The
claims covered by this Agreement include, but are not limited to, claims for wages or other compensation due; claims for breach
of any contract or covenant (express or implied); tort claims; claims for unfair competition, misappropriation of trade secrets,
breach of fiduciary duty, usurpation of corporate opportunity or similar claims; claims for discrimination and harassment (including,
but not limited to, race, sex, religion, national origin, age, marital status or medical condition, disability, sexual orientation,
or any other characteristic protected by federal, state or local law); claims for benefits (except where an employee benefit or
pension plan specifies that its claims procedure shall culminate in an arbitration procedure different from this one); and claims
for violation of any public policy, federal, state or other governmental law, statute, regulation or ordinance.


 


2.             Required Notice of Claims and Statute of Limitations. Executive may initiate arbitration by serving or mailing a
written notice to the Board of Directors. Employer may initiate arbitration by serving or mailing a written notice to Executive
at the last address recorded in Executive’s personnel file. The written notice must specify the claims asserted against the
other party. Notice of any claim sought to be arbitrated must be served within the limitations period established by applicable
federal or state law.


 


3.             Arbitration
Procedures.


 


a.             After demand for arbitration has been made by serving written notice under the terms of paragraph 2 of this Agreement,
the party demanding arbitration shall file a demand for arbitration with the American Arbitration Association (“AAA”)
in Orange County.


 






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b.             Except as provided herein, all rules governing the arbitration shall be the then applicable rules set forth by the AAA.
If the dispute is employment-related, the dispute shall be governed by the AAA’s then current version of the national rules
for the resolution of employment disputes. The AAA’s then applicable rules governing the arbitration may be obtained from
the AAA’s website which currently is www.adr.org.


 


c.             The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state in which the claim
arose, or federal law, or both, as applicable to the claim(s) asserted. The arbitrator shall have exclusive authority to resolve
any dispute relating to the interpretation, applicability, enforceability or formation of this Agreement, including but not limited
to any claim that all or any part of this Agreement is void or voidable.


 


d.             Either party may file a motion for summary judgment with the arbitrator. The arbitrator is entitled to resolve some or all
of the asserted claims through such a motion. The standards to be applied by the arbitrator in ruling on a motion for summary judgment
shall be the applicable laws as specified in paragraph 4(c) of this Agreement.


 


e.             Discovery shall be allowed and conducted pursuant to the then applicable arbitration rules of the AAA. The arbitrator is
authorized to rule on discovery motions brought under the applicable discovery rules.


 


4.             Application
for Emergency Injunctive and/or Other Equitable Relief. Claims by Employer or Executive for emergency injunctive and/or other
equitable relief relating to unfair competition and/or the use and/or unauthorized disclosure of trade secrets or confidential
information shall be subject to the then current version of the AAA’s Optional Rules for Emergency Measures of Protection
set forth within the AAA’s Commercial Dispute Resolution Procedures. The AAA shall appoint a single emergency arbitrator
to handle the claim(s) for emergency relief. The emergency arbitrator selected by the AAA shall be either a retired judge or an
individual experienced in handling matters involving claims for emergency injunctive and/or other equitable relief relating to
unfair competition and the use or unauthorized disclosure of trade secrets and/or confidential information.


 


5.             Arbitration Decision. The arbitrator’s decision will be final and binding. The arbitrator shall issue a written
arbitration decision revealing the essential findings and conclusions upon which the decision and/or award is based. A party’s
right to appeal the decision is limited to grounds provided under applicable federal or state law.


 


6.             Place
of Arbitration. The arbitration will be at a mutually convenient location that must be within 50 miles of Executive’s
last company employment location. If the parties cannot agree upon a location, then the arbitration will be held at the AAA’s
office nearest to Executive’s last employment location.


 


7.             Administrative
Agencies. Nothing in this Agreement is intended to prohibit Employee from filing a claim or communicating with the United
States Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”) or
the California Department of Fair Employment and Housing (“DFEH”).


 






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8.             Construction. Should any portion of this Agreement be found to be unenforceable, such portion will be severed from
this Agreement, and the remaining portions shall continue to be enforceable.


 


9.             Representation,
Fees and Costs. Each party may be represented by an attorney or other representative selected by the party. Except as otherwise
provided for by statute, the arbitrator shall award reasonable attorneys’ fees and costs (including without limitation,
costs for depositions, experts, etc.) to Executive provided Executive is the prevailing party except that Employer shall be responsible
for the arbitrator’s fees and costs, or any fees or costs charged by the AAA, to the extent they exceed any fee or cost
that Executive would be required to bear if the action were brought in court. In no event shall Executive be responsible for attorneys’
fees and costs of Employer.


 


10.             Waiver
of Jury Trial/Exclusive Remedy. EXECUTIVE AND EMPLOYER KNOWINGLY AND VOLUNTARILY WAIVE ANY CONSTITUTIONAL RIGHT TO HAVE ANY
DISPUTE BETWEEN THEM DECIDED BY A COURT OF LAW AND/OR BY A JURY IN COURT.


 


11.             Sole
and Entire Agreement. This Agreement expresses the entire Agreement of the parties and shall supersede any and all other agreements,
oral or written, concerning arbitration. This Agreement is not, and shall not be construed to create, any contract of employment,
express or implied.


 


12.             Requirements
for Modification or Revocation. This Agreement to arbitrate shall survive the termination of Executive’s employment.
It can only be revoked or modified by a writing signed by the Chairperson of the Compensation Committee of the Board
of Directors of Employer and Executive that specifically states an intent to revoke or modify this Agreement.


 


13.             Voluntary
Agreement. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT, UNDERSTANDS ITS TERMS, AND AGREES THAT
ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN EMPLOYER AND EXECUTIVE RELATING TO THE SUBJECTS COVERED IN THE AGREEMENT ARE CONTAINED
IN IT. EXECUTIVE HAS KNOWINGLY AND VOLUNTARILY ENTERED INTO THE AGREEMENT WITHOUT RELIANCE ON ANY PROVISIONS OR REPRESENTATIONS
BY EMPLOYER, OTHER THAN THOSE CONTAINED IN THIS AGREEMENT.


 






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EXECUTIVE
FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH EXECUTIVE’S PRIVATE LEGAL
COUNSEL AND EXECUTIVE HAS UTILIZED THAT OPPORTUNITY TO THE EXTENT DESIRED.


 


	
        EXECUTIVE:

         

         

        _____________________________________

        Shelley P.M. Fussey,
        Ph.D.
	
        EMPLOYER:

         

        PEREGRINE PHARMACEUTICALS,
        INC., a Delaware corporation

         

         

        By:_______________________________

        Name:_____________________________

        Title:______________________________



 


 


 


 


 




 


 


 


 


 


 


 


 


 


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