Document:

Exhibit 4.1

 Exhibit 4.1 
  
 CHASE ISSUANCE TRUST 
 as Issuer 
  
 CLASS
B(2005-2) TERMS DOCUMENT 
 dated as of July 29, 2005 
  
 to 
  
 AMENDED AND RESTATED 
 CHASESERIES
INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
  
 to 
  
 AMENDED AND RESTATED 
 INDENTURE

 dated as of October 15, 2004 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	ARTICLE I Definitions and Other Provisions of General Application
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Governing Law	  	3
	Section 1.03	  	Counterparts	  	3
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
	
	ARTICLE II The Class B(2005-2) Notes
			
	Section 2.01	  	Creation and Designation	  	5
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
	Section 2.03	  	Interest Payment	  	6
	Section 2.04	  	Payments of Interest and Principal	  	6
	Section 2.05	  	Form of Delivery of Class B(2005-2) Notes; Depository; Denominations	  	7
	Section 2.06	  	Delivery and Payment for the Class B(2005-2) Notes	  	7
	Section 2.07	  	Supplemental Indenture	  	7
	Section 2.08	  	Appointment of co-Paying Agent and co-Transfer Agent	  	7

 THIS CLASS B(2005-2) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of July 29, 2005. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall
create a new Tranche of CHASEseries Class B Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular; 
  
 (2) all other terms used herein which are
defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the
respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions
contained in this Terms Document or in any such certificate or other document shall control; 
  
 (4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular
provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term
“including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; references to any Person include that
Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

 (5) the event that any term or provision contained herein shall conflict with or be inconsistent with any
term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
  
 (6) each capitalized term defined herein shall relate only to the Class B(2005-2) Notes and no other Tranche of CHASEseries
Notes issued by the Issuer. 
  
 “Asset Pool
Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, by and among the Issuer, the Indenture Trustee and the
Collateral Agent. 
  
 “BDL” means Banque de
Luxembourg. 
  
 “Beneficiary” means Chase Bank
USA, National Association, in its capacity as beneficial owner of the Issuer. 
  
 “Class B(2005-2) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class B(2005-2) Notes, (b) an Event of Default and acceleration of the
Class B(2005-2) Notes or (c) the Class B Usage of the Class C Required Subordinated Amount for the Class B(2005-2) Notes becomes greater than zero. 
  
 “Class B(2005-2) Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein
as a Class B(2005-2) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class B(2005-2) Noteholder” means a Person in whose name a Class B(2005-2) Note is registered in the Note Register. 
  
 “Class B(2005-2) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2005-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article V thereof. 
  
 “Class B Required Subordinated
Amount of Class C Notes” is defined in Section 2.02. 
  
 “Controlled Accumulation Amount” means $50,000,000; provided, however, if the Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement,
the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class B(2005-2) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
  
 “Indenture” means the Amended and Restated Indenture, dated
as of October 15, 2004, between the Issuer and the Indenture Trustee. 
  

 2 

 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement,
dated as of October 15, 2004, among the Issuer, the Indenture Trustee and the Collateral Agent. 
  
 “Initial Dollar Principal Amount” means $600,000,000. 
  
 “Interest Payment Date” means August 15, 2005 and the 15th day of each month thereafter, or if such 15th
day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance
Date) to but excluding such Interest Payment Date. 
  
 “Issuance Date” means July 29, 2005. 
  
 “Legal Maturity Date” means December 15, 2010. 
  
 “Note Interest Rate” means a rate per annum equal to 4.52%. 
  
 “Paying Agent” means Wells Fargo Bank, National Association. 
  
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be
deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
  
 “Scheduled Principal Payment Date” means October 15, 2008. 
  
 “Stated Principal Amount” means $600,000,000. 
  
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03 Counterparts. This Terms Document may be executed in any
number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  

 3 

 Section 1.04 Ratification of Indenture and Indenture Supplement. As supplemented by this Terms
Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by
this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 4 

 ARTICLE II 
  
 The Class B(2005-2) Notes 
  
 Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class B Notes to be issued pursuant to the Indenture and
the Indenture Supplement to be known as the “CHASEseries Class B(2005-2) Notes.” 
  
 Section 2.02 Specification of Required Subordinated Amount and Other Terms. For the Class B(2005-2) Notes, for any date of determination, the Class B Required Subordinated Amount of Class C Notes will be an
amount equal to: 
  
 (a) for any date of determination prior to
the occurrence of a Class B(2005-2) Adverse Event, the product of 
  
 (1) the sum of 
  
 (i) a fraction (x) the numerator of which is equal to the sum of the Class A Required Subordinated Amount of Class C Notes on such date of determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A
Required Subordinated Amount of Class B Notes on such date of determination is greater than zero and (y) the denominator of which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding
CHASEseries Class B Notes (including the Class B(2005-2) Notes), and 
  
 (ii) the product of (x) 7.23861% and (y) a fraction (A) the numerator of which is equal to (1) the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B
Notes (including the Class B(2005-2) Notes) minus (2) the Class A Required Subordinated Amount of Class B Notes on such date of determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A Required Subordinated
Amount of Class B Notes is greater than zero; provided, however, that such numerator shall not be less than zero and (B) the denominator of which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of
determination of all outstanding CHASEseries Class B Notes (including the Class B(2005-2) Notes), and 
  
 (2) the Adjusted Outstanding Dollar Principal Amount on such date of determination of the Class B(2005-2) Notes; and 
  
 (b) for any date of determination on and after the date on which a Class
B(2005-2) Adverse Event shall have occurred, the greater of (1) the amount determined in subsection 2.02(a) for such date of determination and (2) the amount determined in subsection 2.02(a) for the date immediately prior to the date on which such
Class B(2005-2) Adverse Event shall have occurred. 
  

 5 

 The Issuer may change the percentage set forth in subsection 2.02(a)(1)(ii)(x), above, or the formula set
forth in clause (a), above, without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the CHASEseries that the change in such percentage or
formula will not result in a Ratings Effect with respect to any Outstanding Class B(2005-2) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 2.03 Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect
to the Class B(2005-2) Notes shall be an amount equal to one-twelfth the product of (i) the Note Interest Rate, times (ii) the Outstanding Dollar Principal Amount of the Class B(2005-2) Notes determined as of the close of business on the
Interest Payment Date preceding the related Note Transfer Date for the Class B(2005-2) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class B(2005-2) Notes is
$1,205,333.33. Interest on the Class B(2005-2) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
  
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class B(2005-2) Notes, the Indenture Trustee
shall deposit into the Class B(2005-2) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class B(2005-2) Notes. 
  
 Section 2.04 Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class B(2005-2) Note which is punctually paid or duly
provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class B(2005-2) Note (or one or more Predecessor Notes) is
registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the
third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with
respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class B(2005-2) Noteholders to receive payments from
the Issuer will terminate on the first Business Day following the Class B(2005-2) Termination Date. 
  

 6 

 Section 2.05 Form of Delivery of Class B(2005-2) Notes; Depository; Denominations. 
  
 (a) The Class B(2005-2) Notes shall be delivered in the form of a global
Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class B(2005-2) Notes shall be The Depository Trust Company, and the Class B(2005-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class B(2005-2) Notes will be issued in minimum denominations of
$1,000 and integral multiples of that amount. 
  
 Section 2.06
Delivery and Payment for the Class B(2005-2) Notes. The Issuer shall execute and deliver the Class B(2005-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2005-2) Notes when
authenticated, each in accordance with Section 3.03 of the Indenture. 
  
 Section 2.07 Supplemental Indenture. The Issuer may enter into a supplemental indenture with respect to the Class B(2005-2) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental
indenture which provides for an additional or alternative form of credit enhancement for the Class B(2005-2) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies
that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
  
 Section 2.08 Appointment of co-Paying Agent and co-Transfer Agent. BDL
is appointed as co-paying agent and as co-transfer agent in Luxembourg with respect to the Class B(2005-2) Notes for so long as the Class B(2005-2) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the
Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise.

  
 [END OF ARTICLE II] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	 CHASE BANK USA, NATIONAL
 ASSOCIATION, as Beneficiary
and not in
 its individual capacity

		
	By:	 	 /s/ Keith Schuck

	Name:	 	Keith Schuck
	Title:	 	President

  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as
Indenture Trustee and
 Collateral Agent

		
	By:	 	 /s/ Cheryl Zimmerman

	Name:	 	Cheryl Zimmerman
	Title:	 	Assistant Vice PresidentExhibit 10.2

 Exhibit 10.2 
  
 STOCK OPTION AGREEMENT 
 (Non-Qualified Stock Option) 
  
 THIS STOCK
OPTION AGREEMENT (this “Agreement”) is made effective as of July 29, 2005 (the “Effective Date”), by and between Celsion Corporation, a Delaware corporation (the “Company”) and Lawrence Olanoff, M.D., Ph.D. (the
“Optionee”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company and the Optionee are parties to that certain Employment Agreement,
effective as of July 29, 2005 (the “Employment Agreement”); 
  
 WHEREAS,
pursuant to Section 3(c) of the Employment Agreement, the Company has agreed to issue an option (the “Inducement Option”) to purchase Six Million, Four Hundred Forty Thousand (6,440,000) shares (the “Shares”) of the common stock,
par value $0.01 per share, of the Company (the “Common Stock”), subject to the terms and conditions of the Employment Agreement; and 
  
 WHEREAS, as contemplated by such Section 3(c), the Company and the Employee desire to evidence the terms and conditions relating to the grant of the Inducement Option;

  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration the receipt and sufficiency of which is acknowledged by each of the parties hereto, such parties, intending legally to be bound, hereby agree as follows: 
  
 1. Defined Terms. When used in this Agreement, the following capitalized terms have the respective meanings set forth in this Section
1: 
  

	 	(a)	“Administrator” means the Company’s Board of Directors or the Compensation Committee of the Company’s Board of Directors if the Board of Directors has delegated
to the Compensation Committee as such, or a subcommittee of the Compensation Committee if so designated. 

  

	 	(b)	“Agreement” has the meaning ascribed thereto in the Introductory Paragraph of this Agreement. 

  

	 	(c)	“Applicable Laws” means the statutes, laws, ordinances, including the rules and regulations promulgated thereunder, governing the administration of stock options under
U.S. state corporate laws, U.S. federal and state securities laws, the Code and any U.S. stock exchange, market or quotation system on which the Common Stock is listed or quoted. 

  

	 	(d)	“Cause” has the meaning ascribed thereto in the Employment Agreement. 

  

	 	(e)	“Change in Control” has the meaning ascribed thereto in the Employment Agreement. 

  

	 	(f)	“Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto, including the rules and regulations promulgated thereunder as in effect from time to
time. 

  

	 	(g)	“Common Stock” has the meaning ascribed thereto in the Recitals to this Agreement 

	 	(h)	“Company” has the meaning ascribed thereto in the Introductory Paragraph of this Agreement. 

  

	 	(f)	“Disability” has the meaning ascribed thereto in the Employment Agreement. 

  

	 	(g)	“Effective Date” has the meaning ascribed thereto in the Introductory Paragraph to this Agreement. 

  

	 	(h)	“Employment Agreement” has the meaning ascribed thereto in the Recitals to this Agreement. 

  

	 	(i)	“Fair Market Value” means, on a given day, the closing sale price for the Common Stock as reported on the principal securities exchange, market or quotation system on
which the Common Stock may be listed or quoted on such date or, if no such sale occurred on that date, then for the next preceding date on which a sale was made. If the Common Stock should not be listed or quoted on a securities exchange, market or
quotation system, Fair Market Value shall be determined in good faith by the Board of Directors of the Company. 

  

	 	(j)	“Inducement Option” has the meaning ascribed thereto in the Recitals to this Agreement. 

  

	 	(k)	“Installment” has the meaning ascribed thereto in Section 3(b) of this Agreement. 

  

	 	(l)	“Optionee” has the meaning ascribed thereto in the Introductory Paragraph of this Agreement. 

  

	 	(m)	“Option Price” has the meaning ascribed thereto in Section 3(a) of this Agreement. 

  

	 	(n)	“Option Term” has the meaning ascribed thereto in Section 3(b) of this Agreement. 

  

	 	(o)	“Shares” has the meaning ascribed thereto in the Recitals to this Agreement. 

  

	 	(p)	“Vested Portion” has the meaning ascribed thereto in Section 3(b) of this Agreement. 

  
 2. Grant and Nature. Subject to the terms and conditions hereof and of the Employment Agreement including, without limitation,
adjustment pursuant to Section 4 of this Agreement, the Company hereby grants to the Optionee the Inducement Option to purchase the Shares, consisting of Six Million Four Hundred Forty Thousand (6,440,000) shares of Common Stock. The Inducement
Option is intended to be a nonqualified stock option, and is not intended to qualify as an incentive stock option under Section 422 of the Code. 
  
 3. Terms and Conditions. 
  
 (a) Option Price. The purchase price (the “Option Price”) to be paid by the Optionee to the Company upon the exercise of the Inducement
Option shall be the closing price of the Common Stock on the American Stock Exchange on the Effective Date, subject to adjustment as provided in Section 4 of this Agreement. 
  
 (b) Vesting. 
  
 (i) The Inducement Option shall vest and become exercisable in four (4) equal installments of the Inducement Option to purchase 1,610,000 Shares on the
first, second, 
  

 2 

 third and fourth anniversaries of the Effective Date (each, an “Installment”) subject to accelerated vesting
and forfeiture as otherwise provided herein, provided that, if the Optionee’s employment is terminated by the Company prior to the first anniversary of the Effective Date other than pursuant to Section 6 of the Employment Agreement
(death, Disability or termination for “Cause”), the first installment of Inducement Option shall vest on the date of such termination and the remainder of the Inducement Option shall not vest and shall be forfeited and further provided
that, if the Optionee is not employed by the Company on the second, third or fourth anniversary of the Effective Date, the installments vesting on and after any such anniversary shall not vest and the Inducement Option included therein shall be
forfeited. The portion of the Inducement Option which has become vested and exercisable pursuant to this Section 3 is hereinafter referred to as the “Vested Portion.” The Inducement Option shall be exercisable, once vested, for a period
ending on the tenth anniversary of the Effective Date (the “Option Term”), subject to earlier termination as provided herein. 
  
 (ii) In the event of the death of the Optionee, any portion of the Inducement Option that is vested and fully exercisable at the time of death shall
remain fully exercisable, by the Optionee’s legal representatives, for a period of one hundred eighty (180) days from the date of death, at which time any Vested Portion of the Inducement Option not exercised automatically shall be forfeited.
Any portion of the Inducement Option that has not vested prior to the date of death shall be forfeited. 
  
 (iii) In the event of the physical or mental Disability of the Optionee, as defined in the Employment Agreement, any portion of the Inducement Option that
is vested and fully exercisable at the time of Disability shall remain fully exercisable, by the Optionee or his legal representatives, should he have such, for a period of one hundred eighty (180) days from the date of Disability, at which time any
Vested Portion of the Inducement Option not exercised automatically shall be forfeited. Any portion of the Inducement Option that has not vested prior to the date of Disability shall be forfeited. 
  
 (iv) In the event that the Optionee’s employment with the Company is
terminated for “Cause” as defined in the Employment Agreement, or that the Optionee voluntarily terminates his employment other than pursuant to Section 7 or Section 8 of the Employment Agreement, except as otherwise provided in subsection
(i) of this Section 3(b), any portion of the Inducement Option that is vested and fully exercisable at the time of such termination may be exercised by the Optionee for a period of ninety (90) days after the date of termination, at which time any
Vested Portion of the Inducement Option not exercised automatically shall be forfeited. Any portion of the Inducement Option that has not vested prior to the date of termination shall be forfeited. 
  
 (v) In the event that the Optionee’s employment with the Company is
terminated by the Company other than pursuant to Section 6 of the Employment Agreement (death, Disability, or “Cause”) or is terminated by the Optionee pursuant to Section 7 of the Employment Agreement (for a material breach by the
Company), and such termination does not occur within two (2) years following a Change in Control, any portion of the Inducement Option that is vested and fully exercisable at the time of termination shall remain fully exercisable for a period of one
hundred eighty (180) days after the date of termination, at which time any Vested Portion of the Inducement Option not exercised automatically shall be forfeited. Any portion of the Inducement Option that has not vested prior to the date of
termination shall be forfeited. 
  
 (vi) In the event that the
Optionee’s employment with the Company is terminated by the Company other than pursuant to Section 6 of the Employment Agreement (death, Disability or “Cause”) or is terminated by the Optionee pursuant to Section 7 (for a material
breach by the Company) or Section 8 (following a Change in Control) and such termination occurs within two (2) years following a Change in Control, any portion of the Inducement Option not vested shall vest as of immediately prior to the
effectiveness of such Change in Control and shall become and remain fully exercisable, along with any portion theretofore vested, through the Option Term and otherwise in accordance with the respective original terms, as if no Change in Control had
occurred. 
  

 3 

 (c) Effect on Employment Rights. The grant of the Inducement Option neither confers upon the
Optionee any right to continue in the employment of the Company nor, subject to the provisions of the Employment Agreement, limits in any way the right of the Company to terminate the employment of the Optionee at any time. 
  
 (d) Method of Exercise and Payment. At any time prior to the
expiration thereof in accordance with the terms of this Agreement, the Optionee may exercise all or a portion of the Vested Portion of the Inducement Option by delivering written notice of exercise to the Company, together with payment in full for
the Shares being acquired, in an amount equal to the product of the Option Price multiplied by the number of Shares to be acquired. Such payment may be made (i) by delivery to the Company of cash or a check to the order of the Company in an amount
equal to the purchase price of such Shares, (ii) subject to the consent of the Company, by delivery to the Company of shares of Common Stock of the Company owned by the Optionee for a period of at least six months prior to the exercise date having a
Fair Market Value, on the exercise date, equal in amount to the purchase price of such Shares, (iii) by any other means which the Board of Directors determines are appropriate and consistent with Applicable Laws (including, without limitation, the
provisions of Rule 16b-3 under the Securities Exchange Act of 1934 and Regulation T promulgated by the Federal Reserve Board), or (iv) by any combination of such methods of payment. 
  
 (e) Tax Withholding. The Company shall be entitled to withhold (or secure payment from the Optionee in lieu of
withholding) the amount of any withholding or other payment required under the tax withholding provisions of the Code, any applicable jurisdiction’s income tax act or any other applicable law with respect to any Shares issuable under the
exercised portion of the Inducement Option. 
  
 4. Adjustments in and Changes
to the Shares. 
  
 (a) General. If the Company shall
at any time after the date hereof (i) declare a dividend on its Common Stock payable in shares of its capital stock (of any class), (ii) subdivide its outstanding shares of Common Stock, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares, or (iv) issue any shares of its capital stock in connection with a consolidation or merger in which it is the continuing corporation, the Option Price in effect on the record date for that dividend, or the effective date of
that subdivision, combination or merger, and/or the number and kind of shares of capital stock on that date subject to the Inducement Option shall be proportionately adjusted so that the Optionee shall be entitled to receive the aggregate number and
kind of shares of capital stock which, if the Inducement Option had been exercised immediately prior to that date, the Optionee would have owned and been entitled to receive by virtue of that subdivision, combination or merger. The foregoing
adjustment shall be made successively whenever any event listed above shall occur. 
  
 (b) No Restrictions on Company. The grant of the Inducement Option alone shall not affect in any way the right of the Company to adjust, reclassify, reorganize, or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
  
 5. Non-Assignability. Unless otherwise permitted by the Administrator, the Inducement Option shall not be assignable or otherwise transferable by the Optionee
except by will or by the laws of descent and distribution. The Inducement Option may not be exercised during the lifetime of the Optionee except by him, his guardian or legal representative. 
  

 4 

 6. Restrictions on Transfers of Shares. 
  
 (a) Initial Issuance. Anything contained in this Agreement or in the Employment Agreement notwithstanding, the
Company may postpone the issuance and delivery of any Shares upon any exercise of the Inducement Option in whole or in part until completion of any stock exchange or market listing or registration or other qualification of such Shares under any
state or federal law, rule or regulation as the Company may consider appropriate; and may require the Optionee, when exercising the Inducement Option, to make such representations and furnish such information as the Company may consider appropriate
in connection with the issuance of the Shares in compliance with applicable legal requirements. 
  
 (b) Post-Issuance Transfers. Shares issued and delivered upon exercise of the Inducement Option shall be subject to such restrictions on trading,
including appropriate legending of certificates to that effect, as the Company, in its discretion, shall determine are necessary to satisfy applicable legal requirements and obligations. 
  
 7. Conditions Upon Issuance of Shares. 
  
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of the Inducement Option unless the exercise of such Option and the
issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  
 (b) Investment Representations. As a condition to the exercise of the Inducement Option, the Administrator may
require the person exercising the Inducement Option to represent and warrant at the time of any such exercise that the Shares issuable upon such exercise are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a representation is necessary. 
  
 8. Rights of Optionee. The Optionee shall have no rights as a stockholder of the Company with respect to any of the Shares until (a) the Optionee has given written notice of exercise of the Inducement Option,
(b) the Optionee has paid the aggregate Option Price in full for such Shares and, if applicable, satisfied any other conditions imposed by the Company or Administrator and (c) the date of issuance of a certificate to the Optionee evidencing such
Shares. 
  
 9. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland without regard to the principles of conflicts of laws thereof. 
  
 10. Rights and Remedies Cumulative. All rights and remedies of the Company and of the Optionee enumerated in this Agreement shall be cumulative and, except as
expressly provided otherwise in this Agreement, none shall exclude any other rights or remedies allowed by law or in equity, and each of said rights or remedies may be exercised and enforced concurrently. 
  
 11. Notices. All notices, requests, consents and other communications required or
permitted to be given hereunder or contemplated or in connection herewith shall be in writing and shall be deemed to have been duly given if sent by private overnight mail service (delivery confirmed by such service), registered or certified mail
(return receipt requested and received), facsimile (confirmed receipt by return fax from the receiving party) or if delivered personally, as follows (or to such other address as either party shall designate by notice in writing to the other in
accordance herewith): 
  

 5 

 If to the Company: 
  
 Celsion Corporation 
 10220-L Old Columbia Road 
 Columbia, Maryland 21046 
 Attention: Chairman of the Compensation Committee 
 Telephone: (410) 290-5390 
 Fax: (410) 290-5394 
  
 If to the Optionee: 
  
 Lawrence
Olanoff, M.D., Ph.D. 
 9 Rippling Brook Way 
 Randolph, NJ 07869 
 Telephone: (973) 361-5226 
 Fax: (973) 328-4254 
  
 12. Severability. In the event that any one or more of the provisions contained in
this Agreement, or the application thereof to any person(s) or under any circumstance(s), shall, for any reason, be found by a court or regulatory agency or tribunal of competent jurisdiction to be invalid, illegal or unenforceable, such court,
agency or tribunal shall have the power, and hereby is directed, to substitute for or limit such provision(s) in order as closely as possible to effectuate the original intent of the parties with respect to such invalid, illegal or unenforceable
provision(s) and this Agreement generally and so to enforce such substituted provision(s). Subject to the foregoing, the invalidity, illegality or unenforceability of any one or more of the provisions contained herein shall not affect the validity
of any other provision of this Agreement. 
  
 13. Entire Agreement. This
Agreement and the Employment Agreement constitute the entire agreement between the Company and the Optionee in respect of the subject matter of this Agreement and supersede any and all prior agreements, understandings, negotiations and discussions,
whether written or oral, between the parties with respect to such subject matter. In the event of any conflict between the provisions of this Agreement and the terms of the Employment Agreement, the terms of this Agreement will control. 

 
 14. Amendment; Waiver. This Agreement may be amended, modified, superseded,
canceled, renewed or extended, and the terms or covenants hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of a party at any time or times to
require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same. No officer, employee or other servant or agent of the Company, and no servant or agent of the Optionee is authorized to make any
representation, warranty or other promise not contained in this Agreement. No waiver by a party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, or any one or more or continuing waivers of any such
breach, shall constitute a waiver of the breach of any other term or covenant contained in this Agreement. 
  
 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the legal representatives, heirs, distributees, successors and permitted assigns of the parties hereto. The Company
may not assign its rights and obligations under this Agreement without the prior written consent of the Optionee, except to a successor to substantially all the Company’s business that expressly assumes the Company’s obligations hereunder
in writing. For purposes of this Agreement, “successors” shall mean any successor, whether direct or indirect, by way of share exchange, merger, consolidation, reorganization or similar transaction, or the sale of all or substantially all
of the assets of the Company. 
  

 6 

 16. Captions and Headings. Captions to and headings of the various provisions hereof are solely for the
convenience of the parties hereto, are not a part of this Agreement, and shall not be used for the interpretation, or determination of the validity, of this Agreement or any term or provision hereof. 
  
 17. Gender and Number. As the context requires, any term used herein in the singular
shall extend to and include the plural, any term used in the plural shall extend to and include the singular and any term used in either gender or the neuter shall extend to and include each gender or be neutral. 
  
 18. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same instrument. Facsimile versions of original signatures of this Agreement shall be considered original signatures. 
  
 19. Recitals. The Recitals appearing at the beginning of this Agreement are
incorporated herein by reference and made a part hereof as fully as if set forth in full herein. 
  
 20. Advice of Counsel. The Optionee has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of
this Agreement. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement. 
  
 [Signature Page follows.] 
  

 7 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement effective as of the date first above written.

  

			
	 Celsion Corporation

		
	 By:
	 	  

	 Print Name:
	 	  

	 Title:
	 	  

	
	

	 Lawrence Olanoff, M.D., Ph.D.

  

 8

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