Document:

exhibit-10_2.htm

     

     

     

    Exhibit 10-2

    
 

    
      CONVERTIBLE  PROMISSORY
NOTE

      

      

      
        	
                Four
      Hundred Thousand Dollar ($400,000.00)  9% Per Annum

                 

              	
                Issue
      Date:  May 7,   2008

              
	
                 

                Maturity
      Date:  December 1, 2009

              

      

      

      FOR VALUE RECEIVED, Cellceutix
Corporation, a publicly owned Nevada corporation with offices at 187 Ballardvale
St, Suite A225, Wilmington, Massachusetts 01887 (the "Maker"), promises to pay
to the order of Putnam Partners, White Star LLC and Dahlia Nordlicht, having an
address at _________________________ (the "Holder") or its successor or assigns,
in lawful money of the United States of America, the principal sum of Four
Hundred Thousand  Dollars ($400,000.00) (the “Principal Amount”),
together with interest on the unpaid Principal Amount at the rate of Nine
Percent (9%) per annum.  The Maker and the Holder are sometimes
hereinafter individually referred to as a “Party” and collectively as the
“Parties”.

      

      1.           Payment.  The full
principal amount of this Note, together with any unpaid interest shall be due
and payable at the offices of the Holder on the first day of the nineteenth
month (the “Due Date”).

      

      2.           Waiver of Presentment, Etc.
The Maker of this Note hereby waives presentment of payment, demand, notice of
non-payment and dishonor, protest and notice of protest; and waives trial by
jury in any action or proceeding arising on, out of, under or by reason of this
Note.  The rights and remedies of the Holder under this Note shall be
deemed cumulative, and the Holder’s exercise of any right or remedy hereunder
shall not be regarded as barring any other right or remedy that the Holder may
have in law or in equity. The institution of any action or recovery of any
portion of the indebtedness evidenced by this Note shall not be deemed a waiver
of any other right of the Holder hereto.

      

      3.           Conversion.

      

      A.           Conversion.  At
any time and at the Holder’s sole discretion, the Holder may convert all or any
portion of the outstanding principal amount due under the Note to be paid at
maturity into a number of shares of the Maker’s common stock, par value $0.001
(the “Common Stock”) equal to any and all unpaid principal and interest on the
Note divided by the price of $1.50 per share of Common Stock (the “Conversion
Price”).

      

      B.           Manner of
Conversion.  Holder shall give Maker five (5) days prior
written notice of its election to convert (the “Notice of Conversion”) any
portion of principal due under this Note into shares of the maker’s Common Stock
(the “Convertible Shares”).  In the Notice of Conversion, the Holder
shall specify the amount of principal sought to be converted together with the
number and denomination of certificates, if more than one, to be prepared and
delivered representing the Convertible Shares. The Maker shall, within five
business (5) days of its receipt of the Notice of Conversion, cause its transfer
agent to transfer and deliver to the Holder of such certificate or
certificates.

      

      C.           Reservation of Common
stock.  The Maker shall take or has taken all steps necessary
to reserve a sufficient number of its authorized but unissued shares of common
stock for issuance of the Convertible Shares upon conversion of this
Note.

      

      D.           Adjustment of Conversion
Rate.  The rate at
which each Convertible Share may be converted into common stock of the Maker
(hereinafter called the “Conversion Rate”) shall be subject to the following
adjustments:

      

      (i)  Any dividend to holders
of Common Stock in shares of Common Stock shall be considered a subdivision of
the outstanding shares of common stock and an adjustment in the Conversion Rate
shall be made with respect to the subdivision of outstanding shares of common
stock; and

      

      (ii)  In case the Maker
shall be reorganized or recapitalized or shall be consolidated with or merged
into another Maker, or shall sell or transfer its property and assets as, or
substantially as, an entirety, proper provisions shall be made as part of the
terms of such reorganization, recapitalization, consolidation, merger, sale or
transfer whereby the holder of any Convertible Shares outstanding immediately
prior to such event shall thereafter be entitled to such conversion rights with
respect to securities of the Maker resulting from such reorganization,
recapitalization, consolidation or merger, or to which such sale or transfer
shall be made, as shall be substantially equivalent to the conversion rights
provided for herein with respect to such Convertible Shares;

      

      E.           Limitation on
Conversions.

      

      (i)           Notwithstanding
anything to the contrary set forth in this Note, at no time may the Holder
convert all or a portion of this Note if the number of shares of Common Stock to
be issued pursuant to such conversion would exceed, when aggregated with all
other shares of Common Stock owned by the Holder at such time, the number of
shares of Common Stock which would result in the Holder beneficially owning (as
determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and
the rules thereunder) more than 4.99% of all of the Common Stock outstanding at
such time; provided, however, that upon
the Holder providing the Maker with sixty-one (61) days advance written notice
(the “Waiver
Notice”) that the Holder would like to waive this Section 3(E)(i) with
regard to any or all shares of Common Stock issuable upon conversion of this
Note, this Section 3(E)(i) will be of no force or effect with regard to all or a
portion of the Note referenced in the Waiver Notice.

      

      (b)           Notwithstanding
anything to the contrary set forth in this Note, at no time may the Holder
convert all or a portion of this Note if the number of shares of Common Stock to
be issued pursuant to such conversion, when aggregated with all other shares of
Common Stock owned by the Holder at such time, would result in the Holder
beneficially owning (as determined in accordance with Section 13(d) of the
Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and
outstanding shares of Common Stock outstanding at such time; provided, however, that upon
the Holder providing the Maker with a Waiver Notice, sixty-one (61) days in
advance, that the Holder would like to waive Section 3(E)(ii) of this Note with
regard to any or all shares of Common Stock issuable upon conversion of this
Note, this Section 3(E)(ii) shall be of no force or effect with regard to all or
a portion of the Note referenced in the Waiver Notice.

      

      4.  Events of
Default.   If one or more of the following events shall
occur:

      

                            A.           
The Maker shall fail to pay any installment of principal or interest due under
this Note; or

      

      B.           Any
change in control of the Maker as construed by the Federal securities laws;
or

      C.           The
making of a general assignment for the benefit of creditors by the Maker,
Cellceutix Delaware or any guarantor; or

      

      D.           The
filing of any petition or the commencement of any proceeding by or against the
Maker, Cellceutix Delaware or any guarantor for any relief under any bankruptcy,
or insolvency laws or any laws related to the relief of debtors, readjustment of
indebtedness, reorganizations, compositions or extensions; or

      

      E.           The
appointment of a receiver of or the issuance of making of a writ or order of
attachment or garnishment against, a majority of the property or assets of the
Maker, Cellceutix Delaware or any guarantor; or

      

      F.           The
filing of a tax lien or warrant or judgment in favor of the United States of
America or the State of Nevada in an amount in excess of Ten Thousand ($10,000)
Dollars where said lien or judgment is not satisfied and discharged within ten
(10) days from the date of such filing;

      

      G.           The
Maker or any guarantor shall have breached any of its obligations under the
Security Agreement (the “Security Agreement”), dated as of the date hereof,
among the Maker, Cellceutix Pharma, Inc., a Delaware corporation (“Cellceutix
Delaware”), and the Holder or Cellceutix Delaware shall have breached its
obligations under the Guarantee, dated as of the date hereof, delivered to the
Holder; or

      

      H.           (i)
The Maker or Cellceutix Delaware shall default on any of its respective
obligations under any mortgage, credit agreement, indenture, note or other
agreement under which there may be issued, or by which there may be secured or
evidenced, any indebtedness for borrowed money or money due under any long term
leasing or factoring arrangement that involves an obligation in excess of Fifty
Thousand Dollars ($50,000) or (ii) any monetary judgment, writ or similar final
process shall be entered or filed against the Maker or Cellceutix Delaware or
any of their respective properties or assets for more than Fifty Thousand
Dollars ($50,000), and such judgment, writ or similar final process shall remain
unvacated, unbonded or unstayed for a period of 20 calendar days.

      

      then and
in such event (an “Event of Default”), the Maker will be deemed to have
defaulted under this Note and the Holder may exercise any and all rights and
remedies granted hereunder and under law, including, without limitation, at the
Holder’s election, acceleration of all outstanding principal and interest due
hereunder.

      

      5.           Holder’s Investment Intent.
The Holder has been advised, and by the acceptance of this Note, hereby agrees,
accepts and acknowledges:

      

      A.           That
neither this nor any of the Convertible Shares to be delivered hereunder shall
have been registered under the Securities Act of 1933, as amended (the
“Securities Act”) or under state securities law, and that both the Maker and its
present management are relying upon an exemption from registration based upon
the investment and other representations of the Holder;

      

      B.           The
Holder, upon exercise of the conversion privileges of this Note, will be
acquiring the Convertible Shares for investment purposes and without any view to
the transfer or resale thereof and that such Convertible Shares shall not be
sold, transferred, assigned, pledged or hypothecated in any violation of the
Securities Act, or the applicable securities laws of any state;

      

      C.           The
Holder further covenant and agree that the certificates representing all of the
Convertible Shares shall be the subject of a stop transfer order on the books
and records of the Maker or its transfer agent and shall bear a restrictive
legend in substantially the following form:

      

      "The
shares represented by this certificate have not been registered under the
Securities Act of 1933 as amended. They may not be sold, assigned or transferred
in the absence of an effective registration statement for the Shares under the
said Securities Act, receipt of a 'no action' letter from the Securities and
Exchange Commission or an opinion of counsel satisfactory to the Corporation
that registration is not required under said Securities Act."

      

      6.           Notices.  Any notice
required or contemplated by this Note shall be deemed sufficiently given if
delivered in person or sent by registered or certified mail or priority
overnight package delivery service to the principal office of the Party entitled
to notice or at such other address as the same may designate in a notice for
that purpose.  All notices shall be deemed to have been made upon
receipt, in the case of mail or personal delivery, or on the next business day,
in the case of priority overnight package delivery service.

      

      7.           Attorneys Fees. The Maker
hereby agrees to pay the Holder’s attorneys fees, disbursements and expenses
incurred by the Holder in connection with the enforcement of the Holder’s rights
under this Note.

      

      8.           Headings.  The
headings in this Note are solely for convenience of reference and shall not
affect its interpretation.

      

      9.           Laws of the State of New
York.  This Note shall be deemed to be made, executed and
delivered in, governed by and interpreted under and construed in all respects in
accordance with the laws of the State of New York, irrespective of the place of
domicile or residence of the Maker. In the event of controversy arising out of
the interpretation, construction, performance or breach of  this Note,
the Parties hereby agree and consent to the jurisdiction and venue of the
Supreme Court of the State of New York, New York County; or the United States
District Court for the Southern District of New York, and further agree and
consent that personal service or process in any such action or proceeding
outside of the State of New York and in New York County shall be tantamount to
service in person or within the State of New York and in New York County and
shall confer personal jurisdiction and venue on either of the said
courts.

      

      10.           Prepayment.  The
Maker shall have the right to prepay the Note on 30 days prior written notice to
the Holder without penalty.

      

      11.           Notices of Record Date, Etc. in the
Event of Certain Events.  The Maker shall furnish the Holder
with 30 days advance written notice of any of the following action:

      

      A.  Any
capital reorganization of the Maker, any reclassification or recapitalization of
the capital stock of the Maker or any transfer of all or substantially all of
the assets of the Maker to any other person or any consolidation or merger
involving the Maker; or

      

      B.  Any
voluntary or involuntary dissolution, liquidation or winding-up of the Maker. In
such event, the Maker will mail to the Holder at least 30 days prior to the
earliest date specified in the legal document filed with a court of competent
jurisdiction and/or any governmental authority, a notice
specifying:

      

      (i) The date on which any
such record is to be taken for the purpose of such dividend, distribution or
right, and the amount and character of such dividend, distribution or right;
and

      

      (ii) The
date on which any such reorganization, reclassification, transfer,
consolidation, merger, dissolution, liquidation or winding-up is expected to
become effective and the record date for determining stockholders entitled to
vote thereon; or

      

      C. Any
taking by the Maker of a record of the holders of any class of securities of the
Maker for the purpose of determining the holders thereof who are entitled to
receive any dividend (other than a cash dividend payable out of earned surplus
at the same rate as that of the last such cash dividend theretofore paid) or
other distribution, or any right to subscribe for, purchase or otherwise acquire
any shares of stock of any class or any other securities or property, or to
receive any other right.

      

      12.           Assignment and Binding
Effect.  This Note is binding upon and shall inure to the
benefit of the Parties hereto and their respective successors and assigns.
Notwithstanding the foregoing, neither the Maker nor the Holder shall assign or
transfer any rights or obligations hereunder, except that: (a) the Maker may
assign or transfer this Note to a successor corporation in the event of a
merger, consolidation or transfer or sale of all or substantially all of the
assets of the Maker, provided (i) that no such assignment shall relieve the
Maker from liability for the obligations assumed by it hereunder and (ii) the
assignee or transferee shall specifically assume in writing all of the
obligations of the Maker set forth in this Note; and (b) on ten days advance
written notice to the Maker, the Holder may assign this Note to an entity
controled by or under common control of the Holder or any parent or affiliate
thereof..

      

      13.             Loss, Theft, Destruction or
Mutilation.  In case this Note shall become mutilated or
defaced or be destroyed, lost or stolen,  the Maker shall execute and
deliver a new Note in exchange for and upon surrender and cancellation of such
mutilated or defaced Note or in lieu of and in substitution for such Note so
destroyed, lost or stolen, upon the Holder of such Note filing with the Maker
evidence reasonably satisfactory to  the Maker that such Note has been
so mutilated, defaced, destroyed, lost or stolen and of the ownership thereof by
the Holder as may be necessary; provided, however, that the Maker shall be
entitled, as a condition to the execution and delivery of such new Note, to
demand indemnity satisfactory to it and payment of reasonable expenses and
charges incurred in connection with the delivery of such new Note.

      

      14.             Captions.  The
captions herein are included for convenience of reference and shall be ignored
in the construction or interpretation hereof.

      

      15.             Entire
Agreement.  Each of the Parties hereby covenants that this Note
is intended to and does contain and embody herein all of the understandings and
agreements, both written or oral, of the Parties hereby with respect to the
subject matter of this Note, and that there exists no oral agreement or
understanding, express or implied liability, whereby the absolute, final and
unconditional character and nature of the Note shall be in any way invalidated,
empowered or affected.  There are no provisions affecting or
interpreting this Note other than those set forth herein.

      

      

      CELLCEUTIX
CORPORATION

      

      

      By: /s/
George W. Evans

      George W.
Evans, Chief Executive Officerexhibit-10_3.htm

    Exhibit  10-3

     

    
 

    
      GUARANTY

      

      GUARANTY (the “Guaranty”),
dated as of May 7 , 2008, by Cellceutix Pharma, Inc., a Delaware
corporation with an address of 187 Ballard St., Suite A225, Wilmington, MA 01887
(the “Guarantor”), in favor of   Putnam Partners, White Star LLC
Dahlia Nordlicht  (the “Secured Parties”).

       

      

      WHEREAS, the Guarantor is a subsidiary
or affiliate of Cellceutix Corporation (the “Borrower”); and

      

      WHEREAS, in accordance with a certain
convertible promissory note, dated as of the date hereof (the “Note”), executed
by the Borrower, and certain related agreements between the Borrower and the
Secured Party (collectively, as amended, restated, or extended from time to
time, the “Loan Documents”), the Secured Party has agreed to loan to the
Borrower up to Four Hundered Thousand  Dollars ($400,000.00)] (the “Loan”);
and

      

      WHEREAS, the Secured Party’s
willingness to extend the loan is conditioned upon the Guarantor executing and
delivering this Guaranty; and

      

      WHEREAS, the aforesaid Loan will be
beneficial to the Guarantor inasmuch as the proceeds of the Loan to the Borrower
will indirectly benefit the Guarantor;

      

      NOW, THEREFORE, in order to induce the
Secured Party to make the Loan to the Borrower pursuant to the Loan Documents,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by the Guarantor, the Guarantor hereby agrees as
follows:

      

      1.           Guaranty of Payment and
Performance.  The Guarantor hereby guarantees to the Secured
Party the full and punctual payment when due (whether at maturity, by
acceleration or otherwise), and the performance, of all liabilities, agreements
and other obligations of the Borrower to the Secured Party, whether direct or
indirect, absolute or contingent, due or to become due, secured or unsecured,
now existing or hereafter arising or acquired (whether by way of discount,
letter of credit, lease, loan, overdraft or otherwise), including without
limitation all obligations under the Loan Documents (collectively, the
“Obligations”).  This Guaranty is an absolute, unconditional and
continuing guaranty of the full and punctual payment and performance of the
Obligations and not of their collectibility only and is in no way conditioned
upon any requirement that the Secured Party first attempt to collect any of the
Obligations from the Borrower or resort to any security or other means of
obtaining their payment.  Should the Borrower default in the payment
or performance of any of the Obligations, the obligations of the Guarantor
hereunder shall become immediately due and payable to the Secured Party, without
demand or notice of any nature, all of which are expressly waived by the
Guarantor.  Payments by the Guarantor hereunder may be required by the
Secured Party on any number of occasions.

      

      2.           Guarantor’s Agreement to
Pay.  The Guarantor further agrees, as the principal obligor
and not as a guarantor only, to pay to the Secured Party, on demand, all
reasonable costs and expenses (including court costs and reasonable legal
expenses) incurred or expended by the Secured Party in connection with
enforcement of this Guaranty,  together with interest on amounts
recoverable under this Guaranty from the time such amounts become due under this
Guaranty until payment, at the rate per annum equal to the default rate set
forth in the Notes; provided that if such interest exceeds the maximum amount
permitted to be paid under applicable law, then such interest shall be reduced
to such maximum permitted amount.

      

      3.           Unlimited
Guaranty.  The liability of the Guarantor hereunder shall be
unlimited to the extent of the Obligations and the other obligations of the
Guarantor hereunder (including, without limitation, under Section 2
above).

      

      4.           Waivers by Guarantor; Secured Party’s
Freedom to Act.  The Guarantor agrees that the Obligations will
be paid and performed strictly in accordance with their respective terms
regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Secured Party with
respect thereto.  The Guarantor waives presentment, demand, protest,
notice of acceptance, notice of Obligations incurred and all other notices of
any kind, all defenses which may be available to Borrower by virtue of any
valuation, stay, moratorium law or other similar law now or hereafter in effect,
any right to require the marshalling of assets of the Borrower, and all
suretyship defenses generally. Without limiting the generality of the foregoing,
the Guarantor agrees to the provisions of any instrument evidencing, securing or
otherwise executed in connection with any Obligation and agrees that the
obligations of the Guarantor hereunder shall not be released or discharged, in
whole or in part, or otherwise affected by (i) the failure of the Secured
Party to assert any claim or demand or to enforce any right or remedy against
the Borrower; (ii) any extensions or renewals of any Obligation;
(iii) any rescissions, waivers, amendments or modifications of any of the
terms or provisions of any agreement evidencing, securing or otherwise executed
in connection with any Obligation (provided, that, the obligations of the
Guarantor hereunder shall be appropriately modified to reflect any amendment or
modification of the Obligations); (iv) the substitution or release of any
entity primarily or secondarily liable for any Obligation; (v) the adequacy
of any rights the Secured Party may have against any collateral or other means
of obtaining repayment of the Obligations; (vi) the impairment of any
collateral securing the Obligations, including without limitation the failure to
perfect or preserve any rights the Secured Party might have in such collateral
or the substitution, exchange, surrender, release, loss or destruction of any
such collateral; or (vii) any other act or omission which might in any
manner or to any extent vary the risk of the Guarantor or otherwise operate as a
release or discharge of any other guarantor, all of which may be done without
notice to the Guarantor.

      

      5.           Unenforceability of Obligations
Against Borrower.  If for any reason the Borrower has no legal
existence or is under no legal obligation to discharge any of the Obligations,
or if any of the Obligations have become irrecoverable from the Borrower by
operation of law or for any other reason, this Guaranty shall nevertheless be
binding on the Guarantor to the same extent as if the Guarantor at all times had
been the principal obligor on all such Obligations. In the event that
acceleration of the time for payment of the Obligations is stayed upon the
insolvency, bankruptcy or reorganization of the Borrower, or for any other
reason, all such amounts otherwise subject to acceleration under the terms of
any agreement evidencing, securing or otherwise executed in connection with any
Obligation shall be immediately due and payable by the Guarantor.

      

      6.           Subrogation;
Subordination.  Until the payment and performance in full of
all Obligations, the Guarantor shall not exercise any rights against the
Borrower arising as a result of payment by any Guarantor hereunder, by way of
subrogation or otherwise, and will not prove any claim in competition with the
Secured Party or its affiliates in respect of any payment hereunder in
bankruptcy or insolvency proceedings of any nature; the Guarantor will not claim
any set-off or counterclaim against the Borrower in respect of any liability of
the Guarantor to the Borrower; and the Guarantor waives any benefit of and any
right to participate in any collateral which may be held by the Secured
Party.  The payment of any amounts due with respect to any
indebtedness of the Borrower now or hereafter held by the Guarantor is hereby
subordinated to the prior payment in full of the Obligations.  The
Guarantor agrees that after the occurrence of any default in the payment or
performance of the Obligations, after the expiration of any applicable cure
period, it will not demand, sue for or otherwise attempt to collect after such
time any such indebtedness of the Borrower to the Guarantor until the
Obligations shall have been paid in full. If, notwithstanding the foregoing
sentence, the Guarantor shall collect, enforce or receive any amounts in respect
of such indebtedness, such amounts shall be collected, enforced and received by
the Guarantor as trustee for the Secured Party and be paid over to the Secured
Party on account of the Obligations without affecting in any manner the
liability of the Guarantor under the other provisions of this
Guaranty.

      

      7.           Further
Assurances.  The Guarantor agrees to do all such things and
execute all such documents, as the Secured Party may consider reasonably
necessary or desirable to give full effect to this Guaranty and to perfect and
preserve the rights and powers of the Secured Party hereunder.

      

      8.           Termination;
Reinstatement.  This Guaranty shall remain in full force and
effect until the earlier of: (i) the Obligations are paid in full or otherwise
satisfied (including by the conversion in full of the Notes) (other than
contingent indemnity obligations), and not subject to any recapture or
preference in bankruptcy or similar proceedings, and the Secured Party has no
further commitment to extent credit to the Borrower or (ii) the Secured Party is
given written notice of the Guarantor’s intention to discontinue this Guaranty,
notwithstanding any intermediate or temporary payment or settlement of the whole
or any part of the Obligations.  No such notice under (ii) above shall
be effective unless received and acknowledged by an officer of the Secured Party
at its head office.     No notice under (ii) above
shall affect any rights of the Secured Party or of any affiliate hereunder with
respect to any Obligations incurred prior to such notice.  This
Guaranty shall continue to be effective or be reinstated, notwithstanding any
notice or termination, if at any time any payment made or value received with
respect to an Obligation is rescinded or must otherwise be returned by the
Secured Party upon the insolvency, bankruptcy or reorganization of the Borrower,
or otherwise, all as though such payment had not been made or value
received.

      

      9.           Successors and
Assigns.  This Guaranty shall be jointly and severally binding
upon the Guarantor, its successors and assigns, and shall inure to the benefit
of and be enforceable by the Secured Party and their successors, transferees and
assigns.  Without limiting the generality of the foregoing sentence,
the Secured Party may assign or otherwise transfer any agreement or any note
held by it evidencing, securing or otherwise executed in connection with the
Obligations, or sell participations in any interest therein, to any other person
or entity, and such other person or entity shall thereupon become vested, to the
extent set forth in the agreement evidencing such assignment, transfer or
participation, with all the rights in respect thereof granted to the Secured
Party herein.

      

      10.                      Amendments and
Waivers.  No amendment or waiver of any provision of this
Guaranty nor consent to any departure by the Guarantor therefrom shall be
effective unless the same shall be in writing and signed by the Secured
Party.  No failure on the part of the Secured Party to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other
right.

      

      11.                      Notices.  All
notices and other communications called for hereunder shall be made in writing
and, unless otherwise specifically provided herein, shall be deemed to have been
duly made or given when delivered by hand or mailed first class mail postage
prepaid or, in the case of telegraphic or telexed notice, when transmitted,
answer back received, addressed as follows: if to the Guarantor, at the address
set forth above, and if to the Secured Party, to:
___________________________________________________________________________________________________________________________________________________________.

      

      12.                      Governing Law; Consent to
Jurisdiction.  This Guaranty shall be governed by, and
construed in accordance with, the laws of the State of New York without
reference to its conflicts of laws provisions.  The Guarantor agrees
that any suit for the enforcement of this Guaranty may be brought in the courts
of the State of New York or any federal court sitting therein and consents to
the non-exclusive jurisdiction of such court and to service of process in any
such suit being made upon the Guarantor by mail at the address specified in
Section 11 hereof.  The Guarantor hereby waives any objection that it
may now or hereafter have to the venue of any such suit or any such court or
that such suit was brought in an inconvenient court.  Any enforcement
action relating to this Guarantee may be brought by motion for summary judgment
in lieu of a complaint pursuant to Section 3213 of the New York Civil Practice
Law and Rules.

      

      13.                      WAIVER
OF JURY TRIAL. THE GUARANTOR AND, BY THEIR ACCEPTANCE OF THIS GUARANTY, THE
SECURED PARTY, HEREBY WAIVES TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH
RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF: (A) THIS GUARANTY OR ANY
OTHER INSTRUMENT OR DOCUMENT DELIVERED IN CONNECTION WITH THE OBLIGATIONS;
(B) THE VALIDITY, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF; OR
(C) ANY OTHER CLAIM OR DISPUTE HOWEVER ARISING BETWEEN THE GUARANTOR AND
THE SECURED PARTY.

      

      14.                      Certain
References.  All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person, persons, entity or entities may require.  The
terms “herein”, “hereof” or “hereunder” or similar terms used in this Guaranty
refer to this entire Guaranty and not only to the particular provision in which
the term is used.

      

      15.                      Miscellaneous.  This
Guaranty, together with the Security Agreement, delivered by the Guarantor as of
the date hereof to the Secured Party, constitutes the entire agreement of the
Guarantor with respect to the matters set forth herein.  The rights
and remedies herein provided are cumulative and not exclusive of any remedies
provided by law or any other agreement, and this Guaranty shall be in addition
to any other guaranty of the Obligations.  The invalidity or
unenforceability of any one or more sections of this Guaranty shall not affect
the validity or enforceability of its remaining provisions. Captions are for the
ease of reference only and shall not affect the meaning of the relevant
provisions.  The meanings of all defined terms used in this Guaranty
shall be equally applicable to the singular and plural, masculine, feminine and
generic forms of the terms defined.

      

      

      

      IN WITNESS WHEREOF, the
Guarantor has caused this Guaranty to be executed and delivered as of the date
appearing in the introductory paragraph of this Guaranty.

      

      

      
        	
                CELLCEUTIX
      PHARMA, INC.

                 

                 

              
	
                By
      /s/ George W. Evans 

                     Name:  George
      W. Evans

                     Title:  Chief
      Executive Officer

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