Document:

Exhibit 10.9 DEED OF NOVATION

Exhibit 10.9

DATED ______________________________________________________________2010

(1) CHROMA THERAPEUTICS LIMITED

- and -

(2) VALIRX PLC

- and -

(3) VALIBIO SA

- and -

(4) SINGAPORE VOLITION PTE. LIMITED

___________________________________________

DEED OF NOVATION

___________________________________________

Messrs. Rooks Rider

Solicitors,

Challoner House,

19 Clerkenwell Close,

London, EC1R 0RR.

Dx. Box No: 53324, Clerkenwell

Tel. No: +44 (0)207 689 7000

Fax. No: +44(0)207 689 7001

Email: lawyers@rooksrider.co.uk

Ref: [*]

THIS DEED is made the 22 day of September 2010

BETWEEN:

(1)

CHROMA THERAPEUTICS LIMITED incorporated and registered in England and Wales with company number 4066289 whose registered office is at 93 Milton Park, Abingdon, Oxfordshire OX14 4RY (the “Chroma”);

(2)

VALIRX PLC incorporated and registered in England and Wales with company number 3916791 whose registered office is at 24 Greville Street, London EC1N 8SS (“ValiRx”); 

(3)

VALIBIO SA incorporated and registered in Belgium with company number 0891.006.861 whose registered office is at 25 Georges Lemaitre, B-6041 Gosselies, Belgium (“ValiBio”) and

(4)

SINGAPORE VOLITION PTE. LIMITED incorporated and registered in Singapore with company number 201016543R whose registered office is at 165 Gangsa Road, Unit 01-70, Singapore 670165 (“Volition”).

BACKGROUND:

(A)

Chroma and ValiRx are party to Patent Licence Agreement dated 3 October 2007 (“Licence”), a copy of which is annexed to this deed.

(B)

ValiRx and ValiBio are party to Patent Licence Agreement dated 8 March 2010 (“Sub-Licence”), a copy of which is annexed to this deed.

(C)

ValiRx has agreed to transfer its shares in ValiBio SA to Volition pursuant to the terms of a Sale and Purchase Agreement dated the same date as this deed (“SPA”). As part of the share transfer, ValiRx wishes to transfer all its rights, obligations and liabilities under the Licence to Volition and terminate the Sub-Licence.

(D)

The parties have agreed that ValiRx's rights, obligations and liabilities under the Licence shall be novated to Volition on the terms of this deed.

IT IS HEREBY AGREED as follows:

1.

Consideration

1.1

Volition and ValiRx agree that 5% of each payment of the consideration due under clauses 4.1 and 4.2 of the SPA shall be paid by Volition direct to Chroma.

2.

Novation

2.1

ValiRx transfers all its rights and obligations under the Licence to Volition. Volition shall enjoy all the rights and benefits of ValiRx under the Licence, and all references to ValiRx in the Licence shall be read and construed as references to Volition.

2.2

Volition agrees to perform the Licence and be bound by its terms in every way as if it were the original party to it in place of ValiRx.

2.3

Chroma agrees to perform the Licence and be bound by its terms in every way as if Volition were the original party to it in place of ValiRx.

3.

Release of obligations and liabilities

3.1

Chroma and ValiRx release each other from all future obligations to the other under the Licence. 

3.2

Each of Chroma and ValiRx releases and discharges the other from all claims and demands under or in connection with the Licence, whether arising before, on, or after the date of this deed.

3.3

Each of Chroma and Volition will have the right to enforce the Licence and pursue any claims and demands under the Licence against the other with respect to matters arising before, on or after the date of this deed as though Volition were the original party to the Licence instead of ValiRx.

3.4

Each of ValiRx and ValiBio agree that the Sub-Licence is hereby terminated with immediate effect releases and discharges the other from all claims and demands under or in connection with the Sub-Licence.

- 2 -

4.

Indemnity

4.1

Volition agrees to indemnify ValiRx against any losses, damages or costs ValiRx suffers or incurs under or in connection with the Licence as a result of Volition's failure to perform or satisfy its assumed obligations under the Licence.

4.2

ValiRx agrees to indemnify Volition against any losses, damages or costs Volition suffers or incurs under or in connection with the Licence as a result of ValiRx's failure to perform or satisfy its obligations under the Licence before the date of this deed.

5.

Governing law and jurisdiction

5.1

This deed and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law.

5.2

The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of, or in connection with, this deed or its subject matter or formation (including non-contractual disputes or claims).

THIS DEED has been executed and delivered by or on behalf of each of the parties on the date at the top of page 1

		
	Executed as a deed by CHROMA THERAPEUTICS LIMITED acting by

a director and

a director or its secretary

	

/s/ Ian Nicholson

Ian Nicholson

Director

/s/ Richard Bungay

Richard Bungay

Secretary

	Executed as a deed by VALIRX PLC acting by

a director and

a director or its secretary

	

/s/ Nicholas Thorniley

Nicholas Thorniley

Director

/s/ George Morris

George Morris

Director

	

Executed as a deed by VALIBIO SA acting by

a director and

a director or its secretary

	

/s/ Jacob Micallef

Jacob Micallef

Director

/s/ Satu Vainikka

Satu Vainikka

Director

	

Executed as a deed by SINGAPORE VOLITION PTE. LIMITED acting by

a director and

a director or its secretary

	

/s/ Cameron Reynolds

Cameron Reynolds

Director

/s/ Laith Reynolds

Laith Reynolds

Director

- 3 -Exhibit 10.10 Appointment as Non Executive Director

Exhibit 10.10

SINGAPORE VOLITION PTE. LIMITED

		
	

	Registered Office

165 Gangsa Road

Unit 01-70

Singapore, 670165

Email: info@volitionrx.com

Satu Vainikka

43a St John’s Grove

London, N19 5RP

22 September 2010

Dear Ms. Vainikka

Appointment as Non Executive Director

I am writing to confirm the terms of your appointment as a non-executive director of Singapore Volition Pte. Limited (the “Company”). Your appointment commenced on 11 October 2010

This letter sets out the main terms of your appointment. It is agreed between us that this is a contract for services and is not a contract of employment.

By accepting this appointment, you confirm that you are not subject to any restrictions which prevent you from holding office as a director.

The terms of the directorship are as follows:

1.

In addition to the normal duties imposed by law on Non Executive Directors, we would expect you to discharge the following functions and duties:

a.

to attend regular/scheduled board meetings at the Company’s registered office, either in person or via telephone conference, or such other place and on dates to be notified to you at least 10 business days in advance;

b.

to serve on the committee or committees of the Board as required and attend all committee meetings;

c.

to attend the Company’s annual general meeting, either in person or via telephone conference, to be held each year;

d.

to attend whether in person or via telephone conference any extraordinary general meetings or emergency board meetings which might be called from time to time;

e.

to engage in international travel, as required according to the needs of the Company and the direction of the Board of Directors.

f.

to carry out such other functions and duties as may be required of you.

2.

Director’s fees of US$6,250 per quarter (the “Fees”) shall be paid directly into your nominated bank account at the end of each calendar quarter with Fees to begin accruing following the admission of the Company’s shares to a recognised exchange upon the listing, merger or reverse takeover of the Company,  plus:

a.

you will be entitled to be reimbursed for any reasonable and agreed expenses incurred in the performance of your duties as a Director of the Company subject to the production of receipts or other appropriate evidence of payment and compliance with the Company’s Travel and Expenses Policy (as amended from time to time) a copy of which will be provided;

b.

you will be entitled to a daily allowance of US$500.00 for specific duties above those normally expected of a Non Executive Director as agreed to with the Managing Director; and

c.

you will be entitled to an Option Package to be decided by the Board in its absolute discretion following the admission of the Company’s shares to a recognised exchange upon the listing, merger or reverse takeover of the Company.

3.

The Company will not be responsible for the deduction of income tax and national insurance or similar contributions in respect of your Fees or expenses payable as a result of your appointment and service as a Director

4.

The Company also agrees to consider any request made by you for reimbursement of any reasonable legal fees incurred by you in relation to your position as Director (and for which you are not entitled to be indemnified pursuant to paragraph 5 below).  You will use reasonable efforts to make such request in writing prior to any such fees being incurred.  The Company agrees to reimburse such fees if the board in its absolute discretion decides that the legal advice sought was reasonably necessary in the proper discharge of your duties and it was not appropriate to obtain it from the professional advisors to the Company or any Committee.

5.

The Company will indemnify you to the fullest extent permitted by law against all costs, charges, losses, damages and liabilities incurred by you in relation to any liability incurred defending any proceedings (whether civil or criminal) which relate to anything done or omitted or alleged to have been done or omitted by you as a director of the Company. To the extent that the Company’s memorandum and articles of association are or become inconsistent with this paragraph as a result of a change in Singaporean law, the Company agrees to propose, at the next annual or extraordinary general meeting of the shareholders of the Company, an amendment to the memorandum and articles of association to remove such inconsistency (any such amendment to be subject to approval by the shareholders at the relevant meeting).  The indemnity contained in this paragraph shall be without prejudice to any other indemnity to which you may be otherwise entitled.

6.

For the avoidance of doubt, you are not required under the Company’s articles of association to hold any qualification shares.

7.

Your appointment is subject to the articles of association of the Company, as amended from time to time and, subject to the terms of the Share Purchase Agreement between the Company and ValiRx PLC will continue until terminated by either party by giving to the other not less than 2 months’ prior written notice.  Your appointment will automatically terminate if you are removed from office by a resolution of the shareholders or if your office is vacated as set out in paragraph 8 and you will not be entitled to compensation in these events.

8.

Your office as a director of the Company shall be immediately vacated in any of the following events:

a.

if you become prohibited by law from acting as director;

b.

if you resign in writing or if you offer to resign and the directors resolve to accept such offer;

c.

if you have a receiving order made against you or if you compound with your creditors generally;

d.

by reason of mental incapacity, more particularly described in the Company’s articles of association;

e.

if you shall be in breach of any terms set out in this letter which in the case of a breach capable of remedy is not remedied by you within 21 days of receipt by you of a notice from the Company specifying the breach and requiring its remedy;

f.

if you shall be incompetent, guilty of gross misconduct and/or any serious or persistent negligence or misconduct in respect of your obligations under this letter,

g.

if you fail or refuse after a written warning to carry out the duties reasonably and properly required of you under this letter;

h.

or as otherwise provided for under the company’s Articles of Association

9.

In the course of your appointment and in the performance of your duties you will have access to and be entrusted with information (whether oral, written or any other form) containing or consisting of material of a technical, operational, administrative, economic, marketing, planning, business or financial nature or in the nature of intellectual property of any kind and relating to the Company and its parent or subsidiaries (the “Group”) (“Confidential Information”).  In connection with any Confidential Information:

2

a.

you will at all times use Confidential Information for the purpose only of the proper discharge of your duties and will not disclose or permit to be disclosed to any person, firm or organisation outside the Group any Confidential Information or copies, summaries or reproductions of it in any form save if, and in so far as, you will be required so to do by law or by any competent regulatory authority.  If any proceedings are commenced or action taken which could result in you becoming compelled to disclose Confidential Information, you will immediately notify the Company in writing of such proceedings or action and, provided that you are first indemnified by the Company for any costs reasonably incurred in doing so, will take all available steps to resist or avoid such proceedings or action, including all steps that the Company may reasonably request and keep the Company fully and promptly informed of all matters and developments relating to it.  If you are obliged to disclose Confidential Information to any third party you will disclose only to that third party and you will seek to disclose only the minimum amount of Confidential Information consistent with your satisfying your obligations under this letter.  Furthermore, so far as is reasonably practicable, you will give the Company prior written notice of the Confidential Information you propose to disclose, the notice also containing a confirmation that your legal advisers’ opinion is that such disclosure is required, and you will give the Company an opportunity to discuss the relevant notice prior to the disclosure; and

b.

at the expiration or sooner determination of your appointment you will surrender and deliver up to the Company all Confidential Information, provided that you may keep one copy of any Confidential Information for the sole purpose of defending any allegations or proceedings against you which relate to your appointment and service as a director of the Company.  For the avoidance of doubt, the undertakings in this paragraph 9 shall be unlimited in time and shall survive the termination of this agreement.

10.

You shall not at any time (for whatever reason) use to the detriment or prejudice of the Company’s customers, suppliers or industry partners or of the Company or, except in the proper course of your duties under this letter of engagement, divulge to any person, firm or company information identifying in relation to the Company’s customers, suppliers or industry partners or their affairs or relating to the Company’s own affairs, which may come to your knowledge.

11.

We can confirm that the appropriate filings and notifications in connection with your appointment have been made with ACRA within the relevant time limits and that the Company secretary will supply you with a copy of the Company’s memorandum of association and any other information you may require.

12.

It is accepted and acknowledged that you have business interests other than those of the Company and have declared any conflicts that are apparent at present.  In the event that you become aware of any potential conflicts of interest, these should be disclosed to the chairman and company secretary as soon as apparent.

13.

It is the intention of the Company to take out directors’ and officers liability insurance following the intended listing of the company’s shares on a recognised exchange upon the listing, merger or reverse takeover of the Company.

14.

This letter, together with any documents referred to in this letter sets out the entire agreement and understanding between the parties and supersedes all prior agreements, understandings or arrangements (oral or written) in respect of your engagement by the Company.

15.

This letter shall be governed by and construed in accordance with Singapore law and the Singaporean courts shall have exclusive jurisdiction for all matters arising under it.

Please sign and return the enclosed duplicate of this letter indicating your acceptance of these terms.

Yours sincerely

/s/ Singapore Volition Pte. Limited

For and on behalf of

Singapore Volition Pte. Limited

The above terms and conditions of appointment are hereby acknowledged and agreed this 26 day of October 2010.

/s/ Satu Vainikka                              

Satu Vainikka

3

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