Document:

Exhibit 10.6

 

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”), effective as of April 16, 2013, is made and entered into by and between Global Eagle
Acquisition Corp. II, a Delaware corporation (the “Company”), and each of the parties set forth on the signature page
hereto under “Buyers” (“Buyers”).

 

RECITALS:

 

WHEREAS, the
Buyers wish to purchase from the Company an aggregate of 10,000,000 shares of the Company’s Common Stock (as defined below)
(the “Shares”); and

 

WHEREAS, the
Buyers wish to purchase the Shares from the Company and the Company wishes to sell the Shares to the Buyers on the terms and subject
to the conditions set forth in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

ARTICLE I.

DEFINITIONS

 

The terms defined in
this Article I shall have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Buyers”
shall have the meaning set forth in the preamble to this Agreement.

 

“Closing”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Closing Date”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Common Stock”
shall mean the Common Stock, $0.0001 par value per share, of the Company.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement.

 

“Consent”
means any consent, approval, notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental
Body” shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar
recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized
organization or body exercising similar powers or authority.

 

    	 

    	 

    

 

“Law” shall
mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority
enacted, adopted, promulgated or applied by any Governmental Body.

 

“Lien”
shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise,
including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security
agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or
other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and
the filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory,
mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred
but not yet due.

 

“Order”
shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under
the supervision of any Governmental Body or arbitrator.

 

“Permit”
shall mean a permit, license, certificate, waiver, notice or similar authorization to which a Buyer is a party or by which such
Buyer is bound or any of its assets are subject.

 

“Purchase Price”
shall have the meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall
mean the United States Securities and Exchange Commission.

 

“Securities Act”
shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and
regulations promulgated and in effect from time to time thereunder.

 

“Shares”
shall have the meaning set forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section 2.1 Purchase
and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations and warranties
of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and
deliver to the Buyers, and the Buyers shall purchase from the Company, the Shares set forth opposite such Buyer’s name on
Exhibit A to this Agreement, in consideration of the payment of the Purchase Price noted herein.

 

Section 2.2 Purchase
Price. As payment in full for the Shares being purchased under this Agreement and against delivery of the certificates therefor,
simultaneous with the execution hereof, the Buyers shall pay the amounts set forth opposite such Buyer’s name on Exhibit
A to this Agreement, to the Company by wire transfer ($1,000 of which, in the aggregate, shall be purchase price and $24,000
of which, in the aggregate, shall be additional paid-in capital) of immediately available funds or by such other method as may
be reasonably acceptable to the Company (the “Purchase Price”).

 

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Section 2.3 Closing.
The closing of the purchase and sale of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing
Date”) at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York 10173, or such other place
as may be agreed upon by the parties hereto.

 

Section 2.4 Closing
Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer Deliveries.
At the Closing the Buyers shall deliver to the Company the Purchase Price.

 

(b) Company Deliveries.
At the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after Closing, the Company
shall deliver to the Buyers the certificates representing the Shares.

 

Section 2.5 Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as any
party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend.
Each certificate evidencing the Shares and each certificate issued in exchange for or upon the transfer of any Shares shall be
stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND
THE SPONSOR.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS
WITHOUT CHARGE.”

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

Each Buyer represents
and warrants solely as to such Buyer that the statements contained in this ARTICLE III are correct and complete as of the
date of this Agreement.

 

Section 3.1 Organization
and Good Standing. If such Buyer is not an individual, such Buyer is a limited liability company duly organized, validly existing,
and in good standing under the laws of the state of Delaware.

 

Section 3.2 Power
and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of such Buyer, enforceable
against such Buyer in accordance with its terms. Such Buyer has full entity power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. Such Buyer has taken all actions necessary to authorize the execution and delivery of
this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This
Agreement has been duly authorized, executed and delivered by, and is enforceable against, such Buyer.

 

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Section 3.3 Investment
Representations.

 

(a) Such Buyer
is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

 

(b) Such Buyer
has received, has thoroughly read, is familiar with and understands the contents of this Agreement.

 

(c) Such Buyer
hereby acknowledges that an investment in the Shares involves certain significant risks. Such Buyer acknowledges that there is
a substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk
of such investment for an indefinite period of time. Such Buyer has no need for liquidity in its investment in the Shares for the
foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer understands that there
presently is no public market for the Shares and none is anticipated to develop in the foreseeable future. Such Buyer’s present
financial condition is such that such Buyer is under no present or contemplated future need to dispose of any portion of the Shares
subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. Such Buyer’s overall commitment
to investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company will
not cause such overall commitment to become excessive.

 

(d) Such Buyer
acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and
are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except
those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where applicable,
is predicated in part on the accuracy of such Buyer’s representations and warranties set forth herein. Such Buyer acknowledges
and hereby agrees that the Shares will not be transferable under any circumstances unless such Buyer either registers the Shares
in accordance with federal and state securities laws or finds and complies with an available exemption under such laws. Accordingly,
such Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the Company.

 

(e) There are
substantial risk factors pertaining to an investment in the Company. Such Buyer acknowledges that it has read the information set
forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation,
risks arising from the fact that the Company is an entity with limited operating history and financial resources; and such Buyer
is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof.

 

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(f) Such Buyer
has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives
concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain
any additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to
assist such Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. Such Buyer further
represents and warrants that, prior to signing this Agreement, it has asked such questions, received such answers and obtained
such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an
investment in the Company. Such Buyer is not relying on any oral representation made by any person as to the Company or its operations,
financial condition or prospects.

 

(g) Such Buyer
understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating
to the merits of an investment in the Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Section 4.1 Organization
and Good Standing. The Company is a corporation duly organized, validly existing, and in good standing under the laws of the
State of Delaware.

 

Section 4.2 Power
and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable
against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the execution and delivery of
this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This
Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company.

 

Section 4.3 No
Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the consummation or
performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time,
constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance
of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or
any of its assets are subject, or any provision of the Company’s organizational documents as in effect on the Closing Date,
(b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any
Consent under any contract or organizational document to which the Company is a party or by which it is bound; or (d) require
any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other
filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval
of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first
refusal, preferential purchase or similar rights with respect to any of the Shares.

 

Section 4.4 Authorization
of the Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be
duly and validly issued, fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims,
other than restrictions on transfer imposed by the Securities Act and applicable state securities laws.

 

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ARTICLE V

MISCELLANEOUS

 

Section 5.1 Entire
Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant
hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

Section 5.2 Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors.

 

Section 5.3 Assignments.
Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other parties. Any purported assignment in violation of this Section 5.3
shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

Section 5.4 Waiver
of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS
AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 5.5 Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

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Section 5.6 Headings.
The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement.

 

Section 5.7 Governing
Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of Delaware, without giving effect to its choice of laws principles.

 

Section 5.8 Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

Section 5.9 Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance
with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have
the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific
words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

Section 5.10 Expenses.
Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection
with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby,
including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 5.11 Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

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Section 5.12 Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	GLOBAL EAGLE ACQUISITION CORP. II
	 	 	 
	 	By:	/s/ James A. Graf
	 	 	Name: James A. Graf
	 	 	Title: Vice President
	 	 	 
	 	BUYERS:
	 	 
	 	GLOBAL EAGLE ACQUISITION LLC
	 	 	 
	 	By:	/s/ James A. Graf
	 	 	Name: James A. Graf
	 	 	Title: Vice President
	 	 	 
	 	/s/ Dennis A. Miller
	 	Dennis A. Miller

 

[Signature
Page to Securities Purchase Agreement]

 

    	 

    	 

    

 

Exhibit A

 

	Name	 	Number of Shares	 	 	Purchase Price	 
	Global Eagle Acquisition LLC	 	 	9,500,000	 	 	$	23,750	 
	Dennis Miller	 	 	500,000	 	 	$	1,250June 19, 2013

 

 

SEPARATION AND MUTUAL RELEASE AGREEMENT

 

This SEPARATION AND MUTUAL RELEASE AGREEMENT
(the “Agreement”) is hereby made and entered into as of the last date on the parties’ signature page below, by
and between Adherex, Inc., a Delaware corporation with its principal place of business in Durham County, North Carolina (along
with its affiliate British Columbia Company, Adherex Technologies Inc., referred to together in this Agreement as the “Company”),
and the undersigned employee (referred to in this Agreement as “you” or “ Dr. Spector”). (The Company and
you are sometimes collectively referred to hereinafter as the “Parties.”)

 

The Company currently employs you as Chief
Scientific Officer. The Parties desire to conclude the employment relationship, effective as of June 19, 2013 (the “Termination
Date”), on mutually agreeable terms and to avoid all litigation relating to the employment relationship and its termination.
Accordingly, the Parties have agreed upon the terms described herein.

 

In consideration of the above and the mutual
promises and good and valuable consideration set forth below, the sufficiency of which is acknowledged by the Parties, you and
the Company agree as follows:

 

1. Separation. Except as set out
in this Agreement, as provided by the specific terms of a benefit plan or as required by law, upon the termination of your employment
with the Company, effective as of the Termination Date, all of your employee benefits with the Company will be terminated. You
also are resigning as an employee of the Company effective as of the Termination Date. You also hereby represent that you will
promptly return to the Company all Company-owned equipment, keys or passes, software, files, materials, programs and documents,
including any copies (other than any non-material or non-substantive items), in the same condition as when provided to you (reasonable
wear and tear excepted), and that you have no right, title or interest in any intellectual property of the Company. You hereby
agree not to seek reemployment by the Company. In addition, upon receipt of your Benefits Pay and Separation Pay from the Company,
you agree and acknowledge that you will have been paid by the Company for all of the time that you worked for the Company through
the Termination Date.

 

2.Separation Duties. For a period
of eighteen (18) months following the Termination Date, you hereby agree that you will cooperate with and assist the Company
with any questions on work or communications you performed during your employment period. The Company will pay you for your time
and assistance under the terms of a separate consulting agreement (“Spector Consulting Agreement”) to be executed in
conjunction with this Agreement.

 

3. Separation Benefits. The benefits
provided to you by the Company as described in this Section 3 are collectively referred to in this Agreement as the “Separation
Benefits.”

  

    	 

    	 

    

 

(a) Benefits Pay. In
addition, if you execute and do not revoke this Agreement, the Company agrees that it will pay you $2,000, being an amount equal
to the estimated cost of securing equivalent dental coverage to that in effect during your employment for a period of twelve (12)
months (the “Benefits Pay”). You will receive the Benefits Pay on the Company’s next regular payday following
the expiration of the “Revocation Period” as defined in Section 9 below and be personally responsible for the
payment of all applicable federal, state and local taxes, and other withholdings required by law.

 

(b) Separation Pay. If you
execute and do not revoke this Agreement, the Company agrees that it will pay you an amount equal to TWENTY  EIGHT THOUSAND
DOLLARS and 00/100 ($28,000.00) (the “Separation Pay”). You will receive the Separation Pay on
the Company’s next regular payday following the expiration of the “Revocation Period” as defined in Section
9 below.

 

For the avoidance of doubt, you will
receive one (1) lump sum payment of $30,000.00 which includes the Benefits Pay and Separation Pay and you shall be personally responsible
for the payment of all applicable federal, state and local taxes, and other withholdings required by law, and this shall be the
only payment made by the Company. 

 

(d) Stock Options. If you
execute and do not revoke this Agreement, pursuant to the Company’s Stock Option Plan and prior resolutions of the
Board of Directors to this effect, you will have  three (3) years following the Termination Date to exercise any vested
but unexpired and unexercised stock options. The remaining terms of any stock option agreement and the Stock Option Plan will
remain in full force and effect. You should consult with your own financial advisor regarding any tax or other financial
implications with respect to the above.

 

If you do not sign this Agreement and
return it to the Company within twenty-one (21) days, or if you sign this Agreement and revoke it, you will not be entitled
to receive the Separation Benefits described above. 

 

4. Release of Claims. In exchange
for the Company’s providing you with the Separation Benefits described in Section 2, above, by signing this Agreement,
you release and forever discharge the Company, as well as its parent companies, affiliates, subsidiaries, divisions, officers,
directors, stockholders, employees, agents, representatives, attorneys, lessors, lessees, licensors and licensees, and their respective
successors, assigns, heirs, executors and administrators (collectively, the “the Company Parties”), from any and all
claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued, contingent
or potential, which you ever had or now have, including but not limited to any claims arising out of or related to your employment
with the Company and the termination thereof (except and to the extent that such a release is expressly prohibited or made void
by law). The release includes, without limitation, your release of the Company Parties from any claims by you for lost wages or
benefits, termination or severance pay, stock options, compensatory damages, punitive damages, attorneys’ fees and costs,
equitable relief or any other form of damages or relief. In addition, this release is meant to release the Company Parties from
all common law claims, including claims in contract or tort, including, without limitation, claims for breach of contract, wrongful
or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference
with contract or prospective economic advantage, invasion of privacy, defamation, negligence or breach of any covenant of good
faith and fair dealing. You also specifically and forever release the Company Parties (except and to the extent that such a release
is expressly prohibited or made void by law) from any claims based on unlawful employment discrimination or harassment, including
the Federal Age Discrimination in Employment Act (29 U.S.C. § 621 etseq.).

 

By signing this Agreement, you agree and acknowledge that you
have no cause to believe there has been any violation of any local, state, or federal law that has occurred with respect to your
employment or separation of employment from the Company. You acknowledge that this release applies both to known and unknown claims
that may exist between you and the Company and the Company Parties. You expressly waive and relinquish all rights and benefits
which you may have under any state or federal statute or common law principle that would otherwise limit the effect of this Agreement
to claims known or suspected prior to the date you execute this Agreement, and do so understanding and acknowledging the significance
and consequences of such specific waiver. Provided, however, that nothing in this Agreement extinguishes (i) any
claims you may have against the Company for breach of this Agreement; or (ii) any claim for indemnity arising under law or
under any agreement between you and the Company; or (iii) any claim against any policy of insurance maintained by the Company
that would provide coverage to you in the absence of this Agreement (including without limitation any “D&O policy”).

 

	Spector Separation Agreement	Page 2 of 5

 

    	 

    	 

    

 

5. No Admissions. The Parties hereby
acknowledge and agree that the releases set out above in Section 3 of this Agreement constitute final compromises of any potential
claims by one Party against the other in connection with your employment by the Company and otherwise, and are not an admission
by any Party that any such claims exist or that either Party is liable for any such claims. Unless prohibited by applicable law
or regulation, the Parties further agree not to hereafter, directly or indirectly, sue, assist in or be a voluntary party to any
litigation against the other for any claims relating to events occurring prior to or simultaneously with the execution of this
Agreement, including but not limited to the termination of your employment with the Company.

 

Notwithstanding the foregoing, nothing in this Agreement prohibits
you from filing a charge with, or participating in any investigation or proceeding conducted by, the U.S. Equal Employment Opportunity
Commission or a comparable state or federal fair employment practices agency; provided, however, that this Agreement fully and
finally resolves all monetary matters between you and the Company and the Company Parties, and by signing this Agreement, you are
waiving any right to monetary damages, attorneys’ fees and/or costs related to or arising from any such charge, complaint
or lawsuit filed by you or on your behalf, individually or collectively.

 

6. No Disparagement; Cooperation.

 

(a) No Disparagement. Both Parties
agree that they will not denigrate, defame, disparage or cast aspersions upon the other Party, their respective products, services,
business and manner of doing business, except if testifying truthfully under oath pursuant to a lawful court order or subpoena
or as otherwise required by law. The Company also will use its reasonable best efforts to prevent any of its officers and directors
from engaging in such activity. Upon inquiry from any third party, the Company will release only your dates of employment and positions
held with the Company.

 

(b) Cooperation. For a period of
six (6) months following the Termination Date, you (Dr. Spector) hereby agree that you will cooperate with and assist the
Company in any dispute, grievance, litigation, or administrative claim involving any matters that were Dr. Spector's direct responsibilities
relating to the period of time Dr. Spector was employed by the Company.

 

7. Relief and Enforcement. You understand
and agree that any breach of this Agreement by you will relieve the Company of its obligation to provide any unpaid Separation
Benefits as set out in Section 2 above. Both Parties understand and agree that if one Party violates the terms of Section 5
of this Agreement, such Party will cause injury to the other Party that will be difficult to quantify or repair, so that the injured
Party will have no adequate remedy at law. Accordingly, each Party agrees that if it violates Section 5 of this Agreement,
the other Party will be entitled as a matter of right to obtain an injunction from a court of law, restraining the breaching Party
from any further violation of this Agreement. The right to an injunction is in addition to and not in lieu of any other remedies
either Party has at law or in equity.

 

8. No Modifications; Governing Law;
Entire Agreement. This Agreement cannot be changed or terminated orally, and no modification or waiver of any of the provisions
of this Agreement is effective unless in writing and signed by all of the Parties hereto. The Parties agree that this Agreement
is to be governed by and construed in accordance with the laws of the State of North Carolina, and that any suit, action or charge
arising out of or relating to this Agreement will be adjudicated in the state or federal courts in Wake County, North Carolina.
This Agreement sets forth the entire and fully integrated understanding between the Parties, and there are no representations,
warranties, covenants or understandings, oral or otherwise, that are not expressly set out herein.

 

9. Right to Revoke. ONCE SIGNED
BY YOU, THIS AGREEMENT IS REVOCABLE IN WRITING FOR A PERIOD OF SEVEN (7) DAYS (THE “REVOCATION PERIOD”). IN ORDER
TO REVOKE YOUR ACCEPTANCE OF THIS AGREEMENT, YOU MUST DELIVER WRITTEN NOTICE TO ROSTISLAV RAYKOV OF ADHEREX TECHNOLOGIES, INC.
AND SUCH WRITTEN NOTICE MUST ACTUALLY BE RECEIVED WITH THE SEVEN (7) DAY REVOCATION PERIOD.

 

10. Voluntary Execution. By signing
below, you acknowledge that you have read this Agreement, that you understand its contents and that you have relied upon or had
the opportunity to seek the legal advice of your attorney, who is the attorney of your own choosing. You further acknowledge and
agree that the Company advised you in writing to consult with any attorney before executing this Agreement.

 

	Spector Separation Agreement	Page 3 of 5

 

    	 

    	 

    

 

11. Miscellaneous.

 

(a) Should any portion, term or provision
of this Agreement be declared or determined by any court to be illegal, invalid or unenforceable, the validity or the remaining
portions, terms and provisions shall not be affected thereby, and the illegal, invalid or unenforceable portion, term or provision
shall be deemed not to be part of this Agreement.

 

(b) The Parties agree that the failure
of a Party at any time to require performance of any provision of this Agreement shall not affect, diminish, obviate or void in
any way the Party’s full right or ability to require performance of the same or any other provision of this Agreement at
any time thereafter.

 

(c) This Agreement shall inure to the
benefit of and shall be binding upon you, your heirs, administrators, representatives, executors, successors and assigns and upon
the successors and assigns of the Company.

 

(d) The headings of the paragraphs of
this Agreement are for convenience only and are not binding on any interpretation of this Agreement. This Agreement may be executed
in counterparts.

 

YOU HEREBY ACKNOWLEDGE THAT YOU HAVE BEEN GIVEN A PERIOD
OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER WHETHER TO EXECUTE THIS AGREEMENT. YOU ALSO ACKNOWLEDGE THAT YOU WERE ADVISED
BY THE COMPANY IN WRITING TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. 

 

[Signature page follows.]

  

	Spector Separation Agreement	Page 4 of 5

 

    	 

    	 

    

  

	 	EMPLOYEE:
	 	 
	 	ss// Thomas Spector
	 	(Signature)
	 	 
	 	Thomas Spector
	 	 
	 	Date:	June 19, 2013
	 	 
	 	ADHEREX TECHNOLOGIES INC.
	 	 	 
	 	By:	ss/ Rosty Raykov
	 	Name:	Rostislav Raykov
	 	Title:	Chief Executive Officer
	 	Date:	June 19, 2013
	 	 
	 	ADHEREX, INC.
	 	 	 
	 	By:	ss/ Rosty Raykov
	 	Name:	Rostislav Raykov
	 	Title:	Chief Executive Officer
	 	Date:	June 19, 2013

 

	Spector Separation Agreement	Page 5 of 5

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