Document:

Termination of Securities Purchase Agreement, Midsummer Investment, Ltd.

 Exhibit 10.44 
 TERMINATION AGREEMENT 
 This Termination Agreement (“Agreement”) is made and entered
into as of March 5, 2009 by and between Cell Therapeutics, Inc., a Washington corporation (the “Company”) and Midsummer Investment, Ltd., a Bermuda corporation (“Purchaser”). The Company and Purchaser are each
referred to herein individually as a “Party” and collectively as the “Parties”. 
 R E C I T A L S 

 WHEREAS, the Company and Purchaser are parties to that certain Securities Purchase Agreement dated as of July 29, 2008, as amended by
that certain Amendment Agreement dated as of August 6, 2008 (the “Purchase Agreement”); 
 WHEREAS, each of the Company
and Purchaser desire to terminate the Purchase Agreement as more fully set forth herein. 
 NOW, THEREFORE, in consideration of the above and
of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 
 TERMINATION

 1.1 Termination. The Parties hereby agree that the Purchase Agreement shall be terminated and of no further effect as of the date hereof.

 1.2. Effect on Purchase Agreement. Notwithstanding the foregoing, the Parties hereby agree that Section 4.1 (Furnishing of Information),
Section 4.3(a) (Securities Laws Disclosure; Publicity), Section 4.6 (Indemnification of Purchaser) and Section 4.13 (Registration Statement Indemnification) of the Purchase Agreement shall continue in full force and effect in
accordance with the respective terms of such provisions after the execution of this Agreement. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 2.1.
Representations and Warranties of the Company. The Company hereby makes the representations and warranties as follows to Purchaser that as of the date of its execution of this Agreement: The Company has the requisite corporate power and
authority to enter into and consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection therewith. This Agreement has been duly
executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company 

 
enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 2.2 Representations and
Warranties of Purchaser. Purchaser hereby makes the representations and warranties as follows to the Company that as of the date of its execution of this Agreement: Purchaser has the requisite corporate power and authority to enter into and
consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by Purchaser and the consummation by it of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of Purchaser and no further action is required by Purchaser, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by Purchaser and, when
delivered in accordance with the terms hereof will constitute the valid and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 ARTICLE III 
 MISCELLANEOUS 
 3.1 Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed to have been duly given only if done in one or more of the following ways: (a) on the day of delivery if delivered
personally; (b) two days after the date of mailing if mailed by certified or registered first class mail, postage prepaid; (c) the next business day after deposit with an overnight air courier company guaranteeing the next day delivery; or
(d) when sent by facsimile (with a copy simultaneously sent by personal delivery or by registered or certified mail, return receipt requested) at the following address and/or facsimile telephone number (or to such person or persons or such
other address and addresses or facsimile telephone number or numbers as a Party may specify by notice pursuant to this provision): 
 If to the
Company: 
 501 Elliot Avenue West, Suite 400 
 Seattle,
Washington 98119 
 Facsimile: (206) 272-4302 
 Attention:
James A. Bianco, M.D., Chief Executive Officer 
  

 2 

 With a copy to (which shall not constitute notice): 
 Orrick, Herrington & Sutcliffe LLP 
 The Orrick Building 
 405 Howard Street 
 San Francisco, CA 94105 
 Facsimile: (415) 773-5759 
 Attention: Karen Dempsey, Esq. 
 If to Purchaser: 
 295 Madison Avenue, 38th Floor 
 New York, New York 10017 
 Facsimile: (212) 624-5040 
 Attention: Scott Kaufman 
 With a copy to (which shall not constitute
notice): 
 Feldman Weinstein & Smith LLP 
 420
Lexington Avenue, Suite 2620 
 New York, New York 10170 
 Facsimile: (212) 401-4741 
 Attention: Robert Charron, Esq. 
 3.2 Survival. All representations and warranties (as of the date such representations and warranties were made) made herein shall be considered to have been relied upon by the Parties. This Agreement shall
inure to the benefit of and be binding upon the successors and permitted assigns of each of the Parties. 
 3.3 Execution. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other Party, it being understood
that both Parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of
the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof. 
 3.4
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired
thereby and the Parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 3.5 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and enforced in
accordance with the internal laws of the State of New York, without regard to the principles of conflicts of laws thereof. 
 3.6 Entire Agreement.
This Agreement constitutes the entire understanding of the Parties with respect with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters. 
  

 3 

 3.7 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and
shall not be deemed to limit or affect any of the provision hereof. The language used in this Agreement shall be deemed to be the language chose by the Parties to express their mutual intent, and no rules of strict construction will be applied
against any Party. 
 [Signature Page Follows] 
  

 4 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first above written.

  

			
	CELL THERAPEUTICS, INC.
		
	By:	 	/s/ James A. Bianco, M.D.
	Name: James A. Bianco, M.D.
	Title: Chief Executive Officer
	
	MIDSUMMER INVESTMENT, LTD.
		
	By:	 	/s/ Joshua Thomas
	Name: Joshua Thomas
	 Title: Managing Director
 Midsummer Capital, LLC
 Acting Investment Manager of Midsummer Investment, Ltd.First Amendment to Asset Purchase Agreement, Biogen Idec Inc.

 Exhibit 10.48 
 EXECUTION VERSION 
 FIRST AMENDMENT TO 
 ASSET PURCHASE AGREEMENT 
 This
First Amendment to Asset Purchase Agreement (this “Amendment”), dated as of December 9, 2008 (the “Effective Date”), is made by and between CELL THERAPEUTICS, INC., a Washington
corporation (“Buyer”), and BIOGEN IDEC INC., a Delaware corporation (“Seller”), with reference to the following facts: 
 A. Buyer and Seller are parties to that certain Asset Purchase Agreement, dated
August 15, 2007, relating to the pharmaceutical product currently marketed and sold as ZEVALIN® (Ibritumomab Tiuxetan) (the “Agreement”). 
 B. Buyer anticipates receiving approval from the FDA to expand the labeling for the Product with respect to an indolent non-Hodgkin’s
lymphoma indication (the “Indolent Milestone Event”) during calendar year 2009. 
 C. Unless otherwise
defined herein, any capitalized terms used herein shall have their respective meanings as set forth in the Agreement. 
 NOW, THEREFORE,
Buyer and Seller agree as follows: 
 1.    Modification of Indolent Milestone Payment. Subject to the terms and
conditions set forth herein, as of the Effective Date, for purposes of the Ten Million Dollar ($10,000,000) Milestone Payment referred to in Section 3.3 of the Agreement that is triggered by the Indolent Milestone Event (the “Indolent
Milestone Payment”), the obligation of Buyer with respect to the Indolent Milestone Payment shall be deleted in its entirety and replaced with and modified as follows: 
 (a) Buyer shall pay to Seller the amount of Two Hundred Thousand Dollars ($200,000) (the “First Payment”) concurrent with
the execution of this Amendment (i.e., as of the Effective Date). 
 (b) Buyer shall pay to Seller the amount of Two
Million Dollars ($2,000,000) (the “Second Payment”) upon the earlier of (i) sixty (60) days after the Effective Date (i.e., February 7, 2009) or (ii) the closing of a joint venture or other similar transaction between
Buyer and Spectrum Pharmaceuticals, Inc., a Delaware corporation, relating to the Product. 
 (c) Buyer shall, within thirty
(30) days after the Indolent Milestone Event, pay to Seller an amount (the “Third Payment”) determined as follows: 
  

	 	•	 	 if the Indolent Milestone Event occurs during calendar year 2008 or 2009, the Third Payment shall be in the amount of Five Million Five Hundred Thousand Dollars
($5,500,000); provided, however, that such Third Payment shall be Six Million Dollars ($6,000,000) if Buyer elects, in its sole discretion but upon written notice to Seller within ten (10) days of the Indolent Milestone Event, to make
such Third Payment on January 1, 2010; 

	 	•	 	 if the Indolent Milestone Event occurs during calendar year 2010, the Third Payment shall be in the amount of Seven Million Dollars ($7,000,000);

  

	 	•	 	 if the Indolent Milestone Event occurs during calendar year 2011, the Third Payment shall be in the amount of Nine Million Dollars ($9,000,000); and

  

	 	•	 	 if the Indolent Milestone Event occurs during calendar year 2012 or thereafter, the Third Payment shall be in the amount of Ten Million Dollars ($10,000,000).

 Notwithstanding any provision herein to the contrary: (i) each of the First Payment, the Second Payment and the Third Payment shall, when
made, be fully earned, non-refundable and not creditable for any other purpose; and (ii) in the event that Buyer does not make payment of the Second Payment when due, then any restructuring or modification of the obligation of Buyer with respect to
the Indolent Milestone Payment (i.e., as represented by this Amendment) shall be void ab initio and of no further force or effect. 
 2.    No Other Changes. Buyer and Seller acknowledge that: (i) except as provided in Section 1, there are no changes to the Agreement made by this Amendment (including, without
limitation, any change regarding the Ten Million Dollar ($10,000,000) Milestone Payment referred to in Section 3.3 of the Agreement that is triggered by approval from the FDA to expand the labeling for the Product with respect to an aggressive
non-Hodgkin’s lymphoma indication); and (ii) the Agreement, as amended by this Amendment, remains in full force and effect. 
 3.    Miscellaneous. This Amendment will be deemed to have been made in the State of California and its form, execution, validity, construction and effect will be determined in accordance with the laws of the
State of California, without giving effect to the principles of conflicts of law thereof. This Amendment shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. This Amendment may be executed in
separate counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures on counterparts of this Amendment transmitted by facsimile or e-mail shall be deemed effective for
all purposes. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by their respective
representatives thereunto duly authorized, all as of the Effective Date. 
  

			
	 BIOGEN IDEC INC.

		
	By:	 	 /s/ Paul J. Clancy

		 	Name: Paul J. Clancy
		 	Title: Chief Financial Officer
	
	CELL THERAPEUTICS, INC.
		
	By:	 	 /s/ James A. Bianco

		 	James A. Bianco, M.D.
		 	Chief Executive Officer

 [SIGNATURE PAGE TO FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT]

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