Document:

Exhibit 10.4

Exhibit 10.4

THIRD AMENDMENT TO 

PURCHASE AND SALE AGREEMENT 

THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of
September 30, 2008, between 180 N. LASALLE II, L.L.C., a Delaware limited liability company
(“Seller”), and YOUNAN PROPERTIES, INC., a California corporation (“Buyer”).

WITNESSETH:

WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement dated as of
August 12, 2008 (the “Original Agreement”), as amended by that certain First Amendment to Purchase
and Sale Agreement dated as of August 29, 2008 (the “First Amendment”) and that certain Second
Amendment to Purchase and Sale Agreement dated as of September 3, 2008 (the “Second Amendment”; the
Original Agreement, as amended by the First Amendment and the Second Amendment, is hereinafter
referred to as the “Agreement”), relating to the purchase and sale of certain property commonly
known as 180 North LaSalle Street, Chicago, Illinois, and more particularly described in the
Agreement (the “Property”); and

WHEREAS, Seller and Buyer desire to amend certain terms and conditions of the Agreement as set
forth herein;

AGREEMENT:

NOW, THEREFORE, in consideration of the foregoing recitals, the agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the Seller and Buyer hereby agree to amend and modify the Agreement as follows:

1. Capitalized Terms. All capitalized terms not separately defined in this Amendment
bear the respective meanings given to such terms in the Agreement.

2. Additional Credit. In addition to the credits granted to Buyer in the Second
Amendment, at Closing Seller shall provide Buyer a further credit against the Purchase Price in the
amount of Five Hundred Thousand Dollars ($500,000.00).

3. Earnest Money.

a. Contemporaneously with the execution of this Amendment, Buyer shall deposit with
Escrow Agent the sum of One Million Dollars ($1,000,000.00) in good funds, by federal wire
transfer (the “Second Additional Deposit”). The Second Additional Deposit, together with
all interest earned on such sum, shall be deemed to be part of the Earnest Money and shall
be held by the Escrow Agent in the same interest-bearing strict joint order escrow account
in which the Initial Deposit and the Additional
Deposit is currently being held, to be distributed as Earnest Money in accordance with
the terms of the Agreement.

 

 

 

b. Contemporaneously with the execution of this Amendment, Seller and Buyer shall
jointly direct the Escrow Agent to release One Million Dollars ($1,000,000.00) (the
“Released Portion”) of the Earnest Money directly to Seller, to such account as Seller may
direct. The Released Portion shall be credited against the Purchase Price at Closing but is
hereby deemed earned by Seller and shall be non-refundable to Purchaser for any reason
whatsoever except in the event of a default by Seller of Seller’s obligations to close the
sale or a failure of a condition to Purchaser’s obligation to close the sale.

4. Estoppels. Buyer acknowledges that Seller has heretofore delivered the Required
Percentage of Acceptable Estoppels and that, accordingly, Buyer’s right to terminate the Agreement
pursuant to Section 5.4(d) of the Agreement is hereby waived. Buyer further acknowledges and
agrees that there shall be no reduction of or credits against the Purchase Price as a result of any
matters disclosed in the estoppel certificates delivered to Buyer, all of which estoppel
certificates are herby deemed to be Acceptable Estoppels, and all of which matters contained in
such estoppel certificates are hereby accepted by Buyer.

5. MarketForward Estoppel. Without limiting the foregoing, the signed
MarketForward Corporation (“Tenant”) estoppel delivered by Seller to Buyer is accepted by
Buyer as is; provided that the Seller shall either in Seller’s discretion: (i) deliver to the Buyer
prior to Closing a replacement estoppel from Tenant in the same form as the one previously
delivered except modified to show that there is a $200,000 security deposit (which may be deposited
in cash and delivered to Buyer at closing), or (ii) the Seller will fund to Buyer $200,000 of
Seller’s cash at closing as security for the Tenant’s lease that will “burn-off” and be returned by
Buyer to Seller post-Closing pursuant to the same schedule as set forth in the Tenant’s Lease,
subject to the application by Buyer to cure any defaults by Tenant. If Seller elects to proceed
under the foregoing clause (ii), this paragraph will survive the Closing and delivery of the deed
to Buyer.

6. Energon Contract. Seller and Buyer agree that that certain Gas Sales and
Administration Contract between Energon, Inc. and 180 N. LaSalle II, L.L.C. dated as of December
10, 2003, as amended by that certain Contract Amendment and Contract Extension dated as of July 6,
2006 (the “Energon Contract”) will not be terminated by Seller and that Buyer will assume
the Energon Contract at Closing as a Service Contract under the Agreement.

7. Full Force and Effect. Each party acknowledges that to its knowledge as of the
date of this Amendment there are no defaults on the part of the other party which would entitle it
to fail to close or to be entitled to a further adjustment of the Purchase Price. The Agreement,
as supplemented and amended by this Amendment, remains in all respects in full force and effect.
In the event of a conflict between the provisions of the Agreement and the provisions of this
Amendment, the provisions of this Amendment shall be controlling. Additionally, all references in
the Agreement or this Amendment to the Agreement (including references to “herein” or “therein”)
shall mean and refer to the Agreement as modified hereby.

 

2

 

8. Counterparts. This Amendment may be executed in any number of counterparts, each
of which will be deemed to be an original and all of which, taken together, shall constitute one
and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BUYER:	 	YOUNAN PROPERTIES, INC.,

a California corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Zaya S. Younan	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Zaya S. Younan	 	 
	 	 	 	 	Title:	 	President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	180 N. LASALLE II, L.L.C.,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,

a Delaware limited liability company, 

its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited

liability company, its administrative

member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,

a Delaware limited partnership,
its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a

Maryland real estate

investment trust, its sole

general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	By:	 	/s/ James F. Hoffman	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name:
	 	James F. Hoffman	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:
	 	Senior Executive V.P.	 	 

 

3Exhibit 10.24

Exhibit 10.24

CONFIDENTIAL SEPARATION AGREEMENT

AND GENERAL RELEASE OF ALL CLAIMS

This Confidential Separation Agreement and General Release of All Claims (“Separation
Agreement”) is made by and between ADVENTRX Pharmaceuticals, Inc. (“ADVENTRX”) and Joan Robbins
(“Employee”) with respect to the following facts:

A. Employee is currently employed by ADVENTRX.

B. ADVENTRX is restructuring and is terminating Employee’s employment. As a result,
Employee’s employment with ADVENTRX will terminate effective October 14, 2008 (“Separation Date”),
though Employee will be paid through October 17, 2008. ADVENTRX wishes to reach an amicable
separation with Employee and assist Employee’s transition to other opportunities.

C. The parties desire to settle all claims and issues that have, or could have, been raised in
relation to Employee’s employment with ADVENTRX and arising out of or in any way related to the
acts, transactions or occurrences between Employee and ADVENTRX to date, including, but not limited
to, Employee’s employment with ADVENTRX and the termination of that employment, on the terms set
forth below.

THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, it is
agreed by and between the undersigned as follows:

1. Severance Package. ADVENTRX agrees to provide Employee with the following payments
and benefits (“Severance Package”) to which Employee is not otherwise entitled. Employee
acknowledges and agrees that this Severance Package constitutes adequate legal consideration for
the promises and representations made by Employee in this Separation Agreement.

1.1 Severance Payment. ADVENTRX agrees to provide Employee with a severance payment
of $123,615, less all applicable taxes and withholdings (“Severance Payment”). Assuming this
Severance Agreement is timely signed and delivered and not revoked, the Severance Payment (other
than the final installment) will be made in 11 substantially equal installments payable over a
period of 5.5 months in accordance with the Company’s standard payroll practices, beginning the
first payday following the Effective Date as described below in paragraph 10 (“Severance Period”).

1.2 Health Benefit Allowance. ADVENTRX agrees to provide Employee with a health
benefit allowance of $8,309, which the Employee may use, at Employee’s discretion, to pay the
premiums required to continue Employee’s group health care coverage under the applicable provisions
of the Consolidated Omnibus Budget Reconciliation act of 1985 (“COBRA”) or any other health
care-related expenses. This health benefit allowance will be paid in the same manner as the
Severance Payment and will be subject to all applicable taxes and withholdings.

2. Transition Assistance. During the Severance Period, Employee agrees to make
herself/himself available, as needed, without any additional compensation, to answer
business-related questions by telephone or in person as deemed reasonably necessary by ADVENTRX.
Employee acknowledges and agrees that failure to provide this transition assistance is a material
breach of this Separation Agreement and ADVENTRX shall immediately cease
providing the payments and benefits in the Separation Package to the extent those payments and
benefits have not yet been made provided to Employee.

 

 

 

3. General Release. Employee unconditionally, irrevocably and absolutely releases and
discharges ADVENTRX, and any parent and subsidiary corporations, divisions and affiliated
corporations, partnerships or other affiliated entities of ADVENTRX, past and present, as well as
ADVENTRX’s employees, officers, directors, agents, successors and assigns (collectively, “Released
Parties”), from all claims related in any way to the transactions or occurrences between them to
date, to the fullest extent permitted by law, including, but not limited to, Employee’s employment
with ADVENTRX, the termination of Employee’s employment, and all other losses, liabilities, claims,
charges, demands and causes of action, known or unknown, suspected or unsuspected, arising directly
or indirectly out of or in any way connected with Employee’s employment with ADVENTRX. This
release is intended to have the broadest possible application and includes, but is not limited to,
any tort, contract, common law, constitutional or other statutory claims, including, but not
limited to alleged violations of the California Labor Code or the federal Fair Labor Standards Act,
Title VII of the Civil Rights Act of 1964 and the California Fair Employment and Housing Act, the
Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, as amended, and
all claims for attorneys’ fees, costs and expenses. Employee expressly waives Employee’s right to
recovery of any type, including damages or reinstatement, in any administrative or court action,
whether state or federal, and whether brought by Employee or on Employee’s behalf, related in any
way to the matters released herein. However, this general release is not intended to bar any
claims that, by statute, may not be waived, such as claims for workers’ compensation benefits,
unemployment insurance benefits, statutory indemnity and any challenge to the validity of
Employee’s release of claims under the Age Discrimination in Employment Act of 1967, as amended, as
set forth in this Separation Agreement.

4. California Civil Code Section 1542 Waiver. Employee expressly acknowledges and
agrees that all rights under Section 1542 of the California Civil Code are expressly waived. That
section provides:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

5. Representation Concerning Filing of Legal Actions. Employee represents that, as of
the date of this Separation Agreement, Employee has not filed any lawsuits, charges, complaints,
petitions, claims or other accusatory pleadings against ADVENTRX or any of the other Released
Parties in any court or with any governmental agency.

6. Nondisparagement. Employee agrees that Employee will not make any voluntary
statements, written or oral, or cause or encourage others to make any such statements that defame,
disparage or in any way criticize the personal and/or business reputations, practices or conduct of
ADVENTRX or any of the other Released Parties.

 

2

 

7. Confidentiality and Return of ADVENTRX Property; Surviving Obligations. Employee
understands and agrees that as a condition of receiving the Severance Package described in
paragraph 1, all ADVENTRX property must be returned to ADVENTRX. By signing
this Separation Agreement, Employee represents and warrants that Employee has returned to
ADVENTRX all ADVENTRX property, data and information belonging to ADVENTRX and agrees that Employee
will not use or disclose to others any confidential or proprietary information of ADVENTRX or any
of the other Released Parties. Employee further agrees to comply with the continuing obligations
set forth in the surviving provisions of ADVENTRX’s Confidential Information, Non-Solicitation and
Invention Assignment Agreement for Employees, the Code of Business Conduct and Ethics, the Policies
and Procedure Manual, as updated from time to time, and the Insider Trading and Disclosure Policy,
each as previously executed by Employee (collectively, “Employment Documents”). In addition,
Employee agrees to keep the terms of this Separation Agreement confidential between Employee and
ADVENTRX, except that Employee may tell, in confidence, Employee’s immediate family and attorney or
accountant, if any, as needed, but in no event should Employee discuss this Separation Agreement or
its terms with any current or prospective employee of ADVENTRX.

8. Section 16 Reporting. Employee understands that ADVENTRX is required to disclose
in its annual proxy statement information regarding Section 16 reporting delinquencies by its
directors and officers that occurred during the prior fiscal year. To assist ADVENTRX in meeting
such disclosure requirements, Employee hereby (a) certifies that all reportable transactions in
ADVENTRX securities through the Separation Date have been reported on a Form 4, and (b) agrees to
execute and deliver to ADVENTRX promptly after December 31, 2008, but no later than January 30,
2009, the “no filing due” certification in the form attached hereto as Appendix A.

9. No Admissions. By entering into this Separation Agreement, the Released Parties
make no admission that they have engaged, or are now engaging, in any unlawful conduct. The
parties understand and acknowledge that this Separation Agreement is not an admission of liability
and shall not be used or construed as such in any legal or administrative proceeding.

10. Older Workers’ Benefit Protection Act. This Separation Agreement is intended to
satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).
Employee is advised to consult with an attorney before executing this Separation Agreement.

10.1 Acknowledgments/Time to Consider. Employee acknowledges and agrees that
(a) Employee has read and understands the terms of this Separation Agreement; (b) Employee has been
advised in writing to consult with an attorney before executing this Separation Agreement;
(c) Employee has obtained and considered such legal counsel as Employee deems necessary;
(d) Employee has been given forty-five (45) days to consider whether or not to enter into this
Separation Agreement (although Employee may elect not to use the full 45-day period at Employee’s
option); and (e) by signing this Separation Agreement, Employee acknowledges that Employee does so
freely, knowingly, and voluntarily. If the signed Agreement is not received by Pamela Lopez, Human
Resources, by 5:00 p.m. Pacific Time on November 28, 2008, ADVENTRX will assume Employee is not
interested in the Severance Package, and the offer will be automatically withdrawn.

 

3

 

10.2 Revocation/Effective Date. This Separation Agreement shall not become effective
or enforceable until the eighth day after Employee signs and delivers to ADVENTRX this Separation
Agreement. In other words, Employee may revoke Employee’s acceptance of this Separation Agreement
within seven (7) days after the date Employee signs and delivers it to ADVENTRX. Employee’s
revocation must be in writing and received by Pamela Lopez, Human Resources, by 5:00 p.m. Pacific
Time on the seventh day in order to be effective. If
Employee does not revoke acceptance within the seven (7) day period, Employee’s acceptance of
this Separation Agreement shall become binding and enforceable on the eighth day (“Effective
Date”). The Severance Package will become due and payable in accordance with paragraph 1 above and
its subparts after the Effective Date, provided Employee does not revoke.

10.3 Preserved Rights of Employee. This Separation Agreement does not waive or
release any rights or claims that Employee may have under the Age Discrimination in Employment Act
of 1967, as amended, that arise after the execution of this Separation Agreement. In addition,
this Agreement does not prohibit Employee from challenging the validity of this Separation
Agreement’s waiver and release of claims under the Age Discrimination in Employment Act of 1967, as
amended.

10.4 Required Disclosures. Employee further acknowledges that Employee has been
advised of the following information: (i) all employees working for ADVENTRX were considered for
lay off in connection with the reduction-in-force implemented October 14, 2008; (ii) ADVENTRX used
the following criteria in selecting employees for lay-off: whether the employee’s position and
duties are essential to the ongoing or anticipated near-term business operations of ADVENTRX,
whether the employee’s duties are duplicative and/or transferable, and the employee’s skill set and
past and anticipated performance; (iii) all employees whose employment is being terminated as a
result of the reduction-in-force implemented October 14, 2008 are eligible for severance pay and
other consideration; (iv) all selected employees age 40 or over will have forty-five (45) days
within which to consider whether to accept a separation agreement; (v) all selected employees under
age 40 will have seven (7) days within which to consider whether to accept a separation agreement;
(vi) the job titles and ages of all employees eligible or selected for this program in the same job
classification or organizational unit as Employee are listed in part A to Exhibit 1 of this
Separation Agreement; and (vii) employees in the same job classification or organizational unit as
Employee who are not eligible or selected for this program are listed in part B to Exhibit 1 of
this Separation Agreement.

11. Severability. In the event any provision of this Separation Agreement shall be
found unenforceable, the unenforceable provision shall be deemed deleted and the validity and
enforceability of the remaining provisions shall not be affected thereby.

12. Full Defense. This Separation Agreement may be pled as a full and complete
defense to, and may be used as a basis for an injunction against, any action, suit or other
proceeding that may be prosecuted, instituted or attempted by Employee in breach hereof.

13. Applicable Law. The validity, interpretation and performance of this Separation
Agreement shall be construed and interpreted according to the laws of the United States of America
and the State of California.

14. Entire Agreement; Modification. This Separation Agreement, including the
surviving provisions of the Employment Documents, all of which are herein incorporated by
reference, is intended to be the entire agreement between the parties and supersedes and cancels
any and all other and prior agreements, written or oral, between the parties regarding this subject
matter. This Separation Agreement may be amended only by a written instrument executed by all
parties hereto.

 

4

 

THE PARTIES TO THIS SEPARATION AGREEMENT HAVE READ THE FOREGOING SEPARATION AGREEMENT AND FULLY
UNDERSTAND EACH AND EVERY PROVISION
CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS SEPARATION AGREEMENT ON THE DATES
SHOWN BELOW.

	 	 	 	 	 
	Dated: November 25, 2008 	By:  	/s/ Joan Robbins
 	 
	 	 	Joan Robbins 	 

	 	 	 	 	 
	 	Adventrx Pharmaceuticals, Inc.

 	 
	Dated: October 14, 2008 	By:  	/s/ Patrick L. Keran
 	 
	 	 	Patrick L. Keran 	 
	 	 	Vice President and General Counsel 	 

 

5

 

EXHIBIT 1

The Older Workers’ Benefit Protection Act requires that ADVENTRX provide the following
information to you:

Eligibility Criteria:

ADVENTRX used the following criteria in selecting employees for lay-off: whether the
employee’s position and duties are essential to the ongoing or anticipated near-term business
operations of ADVENTRX, whether the employee’s duties are duplicative and/or transferable, and the
employee’s skill set and past and anticipated performance.

	 	A.	 	Individuals selected for the reduction-in-force implemented October 14, 2008
(within the same job classification or organizational unit as Employee) who are
eligible for this program are listed below by job title and age:

	 	 	 	 	 
	JOB TITLE	 	AGE	 
	AP Accountant
	 	 	45	 
	Associate Director R&D
	 	 	43	 
	Clinical Project Manager
	 	 	48	 
	RAIII
	 	 	34	 
	Receptionist & Admin. I
	 	 	35	 
	Sr. Manager QA
	 	 	43	 
	Sr. Vice President & CSO
	 	 	48	 
	Vice President Medical Affairs
	 	 	55	 
	Vice President R&D
	 	 	38	 

	 	B.	 	Individuals not selected for the reduction-in-force announced on October 14,
2008 (within the same job classification or organizational unit as Employee) are listed
below by job title and age:

	 	 	 	 	 
	JOB TITLE	 	AGE	 
	Accounting Manager
	 	 	27	 
	Assistant Counsel
	 	 	25	 
	Associate Director QA
	 	 	48	 
	CEO and President
	 	 	43	 
	Clinical Assistant
	 	 	52	 
	CRAI
	 	 	32	 
	CRAII
	 	 	32	 
	Director Clinical Operations
	 	 	34	 
	Director Investor Relations
	 	 	28	 
	Director Manufacturing
	 	 	56	 
	Director Project Management
	 	 	48	 
	Executive Vice President & CFO
	 	 	51	 
	Manager Business Development
	 	 	28	 
	Office Manager
	 	 	55	 
	Regulatory Document Specialist
	 	 	33	 
	Regulatory Operations Manager
	 	 	49	 
	Senior Clinical Project Manager
	 	 	36	 
	Senior Director Analytical R&D
	 	 	56	 
	Senior VP & CBO
	 	 	37	 
	Vice President & General Counsel
	 	 	37	 
	Vice President Commercialization
	 	 	44	 
	Vice President Finance
	 	 	35	 
	Vice President Manufacturing
	 	 	57	 
	Vice President Regulatory Affairs & QA
	 	 	45	 

 

6

 

APPENDIX A

CERTIFICATE

I am aware that, as a “Section 16 officer” of ADVENTRX Pharmaceuticals, Inc. during the fiscal
year ended December 31, 2008, I must file a Form 5 with the Securities and Exchange Commission
within 45 days after the end of the fiscal year, unless I have previously reported all transactions
and holdings otherwise reportable on such Form 5.

After reviewing my records, I hereby certify to ADVENTRX that I am not required to file a
Form 5 for the fiscal year ended December 31, 2008.

	 	 	 	 	 
	 	 	 
	Date:                	By:  	 	 
	 	 	Name:  	 	 

 

7

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