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Exhibit 10.3    
  

 
 

LOAN MODIFICATION AGREEMENT    
  

        This Loan Modification Agreement is entered into as of July 29, 2002 by and between Maxim Pharmaceuticals, Inc. (the "Borrower") and Silicon Valley
Bank ("Bank"). 

1.    DESCRIPTION OF EXISTING INDEBTEDNESS:    Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted
to Bank pursuant to, among other documents, a Loan and Security Agreement, dated on or about October 9, 2000, as may be amended from time to time (the "Loan Agreement"). The Loan Agreement
provided for, among other things, a Committed Term Line in the original principal amount of Four Million Dollars ($4,000,000). The Loan Agreement has been modified pursuant to a Loan Modification
Agreement dated March 21, 2001, pursuant to which, among other things, the original principal amount of the Committed Term Line decreased to Three Million Two Hundred Thousand Dollars
($3,200,000). Defined terms used but not otherwise defined herein shall have the same meanings as in the Loan Agreement. 

Hereinafter,
all indebtedness owing by Borrower to Bank shall be referred to as the "Indebtedness." 

2.    DESCRIPTION OF COLLATERAL AND GUARANTIES.    Repayment of the Indebtedness is secured by the Collateral as described in the
Loan Agreement. 

Hereinafter,
the above-described security documents and guaranties, together with all other documents securing repayment of the Indebtedness shall be referred to as the "Security Documents".
Hereinafter, the Security Documents, together with all other documents evidencing or securing the Indebtedness shall be referred to as the "Existing Loan Documents". 

3.    DESCRIPTION OF CHANGE IN TERMS.

	A.
	Modification(s) to Loan Agreement.

	1.
	The
following defined term set forth in Section 1.1 entitled "Definitions" is hereby amended to read as follows: 

"Committed
Term Line" means a credit extension of up to Three Million Eight Hundred Thousand and 00/00 Dollars ($3,800,000) with One Million Nine Hundred Eighty Nine Thousand and 00/100
($1,989,000.00) currently amortizing and up to Six Hundred Thousand and 00/100 Dollars ($600,000.00) in the aggregate available to Borrower for Term Loans (the "Additional Term Loan"). 

	2.
	The
defined term "Term Availability End Date" as defined in sub-section (a) of Section 2.1.2 entitled "Term Loans Etc." is hereby amended to mean
September 30, 2002 as to an Additional Term Loan(s).

	3.
	Sub-section (b)
under Section 2.2.1 entitled "Term Loans: Etc." is hereby amended in part to provide that the Additional Term Loan shall accrue interest at a
per annum rate equal to 0.75% above the Prime Rate (the "Prime Option Rate"). On the Term Loan Availability Date, Borrower shall elect either the Prime Option Rate or the Fixed Option Rate (as defined
therein).

	4.
	Sub-section (d)
under Section 2.2.1 entitled "Term Loans: Etc." is hereby amended in part to provide that the Term Loan payment shall begin on
November 1, 2002 and a final payment will be due no later than April 1, 2006 as to the Additional Term Loan. 

1

 

	5.
	Notwithstanding
the terms and conditions contained in paragraph "(f)" under Section 2.2.1 entitled "Term Loans, etc.", the prepayment fee as to the Additional Term Loan (should
Borrower elect the Fixed Option Rate) are as follows: 

From
October 1, 2002 through September 30, 2003: 3%;

From October 1, 2003 through September 30, 2004: 2%;

From October 1, 2004 through September 30, 2005: 1%;

From October 1, 2005 through April 1, 2006: 0%. 

	6.
	Section 6.7
entitled "Principal Depository" is hereby amended in its entirety to read as follows: 

Borrower
shall maintain its principal depository and operating accounts with Bank, including but not limited to general checking, money market and/or investment accounts maintained with Bank's
Investment Products and Services Department, and shall maintain a minimum aggregate balance of $3,500,000 in such accounts at all times. In the event such minimum aggregate balance is not maintained,
Borrower agrees to pay to Bank a fee in the amount of $2,500 quarterly in arrears. 

	7.
	Section 6.9
"Financial Covenant" is hereby amended to read as follows: 

Borrower
will maintain at all times a Remaining Months Liquidity of at least 3 months, to be tested quarterly. 

4.    CONSISTENT CHANGES.    The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described
above. 

5.    NO DEFENSES OF BORROWER.    Borrower (and each guarantor and pledgor signing below) agrees that, as of the date hereof, it has
no defenses against the obligations to pay any amounts under the Indebtedness. 

6.    CONTINUING VALIDITY.    Borrower (and each guarantor and pledgor signing below) understands and agrees that in modifying the
existing Indebtedness, Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications to the existing Indebtedness pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Indebtedness. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No
maker, endorser, or guarantor will be released by virtue of this Loan Modification Agreement. The terms of this paragraph apply not only to this Loan Modification Agreement, but also to all subsequent
loan modification agreements. 

        This
Loan Modification Agreement is executed as of the date first written above. 

	BORROWER:	 	BANK:
	

MAXIM PHARMACEUTICALS, INC.	
 	

SILICON VALLEY BANK
	

By:	
 	

/s/  LARRY G. STAMBAUGH      	
 	

By:	
 	

/s/  SUSAN L. WORSHAM      
	

Name:	
 	

Larry G. Stambaugh	
 	

Name:	
 	

Susan L. Worsham
	

Title:	
 	

President and CEO	
 	

Title:	
 	

Vice President

2

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Exhibit 10.3

LOAN MODIFICATION AGREEMENTQuickLinks
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Exhibit 10.4    
  

 
 

AMENDMENT TO ASSIGNMNENT OF DEPOSIT ACCOUNT    
  

        This
Amendment To Assignment of Deposit Account (this "Amendment") is made as of July 23, 2002, by and between Maxim Pharmaceuticals, Inc. ("Pledgor") and Silicon Valley
Bank ("Lender"). 

RECITALS 

        A    Geffrey
B. Altman ("Borrower") has obtained credit from Bank in the original principal amount of $300,000.00 (the "Loan"). The Loan has been increased to $360,000.00
pursuant to Change in Terms Agreement dated July 23, 2002. As security for repayment of the Loan and for all indebtedness owing by Borrower to Lender, Pledgor has granted to Lender a security
interest in the Certificate of Deposit Account Number XXXXXX3215, pursuant to the Assignment of Deposit Account agreement dated April 11, 2001 (the "Pledge Agreement"). 

        B.    Grantor
and Lender desire to modify the Pledge Agreement, in accordance with the terms of this Amendment. 

        NOW
THEREFORE, Borrower and Lender agree as follows: 

        1.    The
term Collateral is hereby amended in part to mean Certificate of Deposit Account Number XXXXXX3215 issued by Lender in an amount not less than $1,800,000.00 with
respect to Borrower's Loan in the principal amount of $360,000. 

        2.    Unless
otherwise defined, all capitalized terms in this Amendment shall have the meanings assigned in the Pledge Agreement. Except as amended, the Pledge Agreement
remains in full force and effect. 

        3.    This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

        4.    This
Amendment amends certain terms of the Pledge Agreement. Except as amended hereby, the Pledge Agreement remains in full force and effect. This Amendment, together
with the Pledge Agreement and any documents executed in connection with the Pledge Agreement, constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede
all prior agreements and negotiations. 

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

	Pledgor:	 	Lender:
	

MAXIM PHARMACEUTICALS, INC.	
 	

SILICON VALLEY BANK
	

By:	
 	

/s/  LARRY G. STAMBAUGH      	
 	

By:	
 	

/s/  DEE HOUSE      
	

Name:	
 	

Larry G. Stambaugh	
 	

Name:	
 	

Dee House
	

Title:	
 	

President and CEO	
 	

Title:	
 	

Director of Private Banking

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Exhibit 10.4

AMENDMENT TO ASSIGNMNENT OF DEPOSIT ACCOUNTQuickLinks
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Exhibit 10.5    
  

 
 

AMENDMENT TO ASSIGNMNENT OF DEPOSIT ACCOUNT    
  

        This Amendment To Assignment of Deposit Account (this "Amendment") is made as of July 23, 2002, by and between Maxim Pharmaceuticals, Inc.
("Pledgor") and Silicon Valley Bank ("Lender"). 

RECITALS

        A.    Kurt
R. Gehlsen ("Borrower") has obtained credit from Bank in the original principal amount of $750,000.00 (the "Loan"). The Loan has been increased to $1,260,000.00
pursuant to Change in Terms Agreement dated July 23, 2002. As security for repayment of the Loan and for all indebtedness owing by Borrower to Lender, Pledgor has granted to Lender a security
interest in the Certificate of Deposit Account Number XXXXXX3215, pursuant to the Assignment of Deposit Account agreement dated April 11, 2001 (the "Pledge Agreement"). 

        B.    Grantor
and Lender desire to modify the Pledge Agreement, in accordance with the terms of this Amendment. 

        NOW
THEREFORE, Borrower and Lender agree as follows: 

        1.    The
term Collateral is hereby amended in part to mean Certificate of Deposit Account Number XXXXXX3215 issued by Lender in an amount not less than $1,800,000.00 with
respect to Borrower's Loan in the principal amount of $1,260,000. 

        2.    Unless
otherwise defined, all capitalized terms in this Amendment shall have the meanings assigned in the Pledge Agreement. Except as amended, the Pledge Agreement
remains in full force and effect. 

        3.    This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

        4.    This
Amendment amends certain terms of the Pledge Agreement. Except as amended hereby, the Pledge Agreement remains in full force and effect. This Amendment, together
with the Pledge Agreement and any documents executed in connection with the Pledge Agreement, constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede
all prior agreements and negotiations. 

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

	Pledgor:	 	Lender:
	

MAXIM PHARMACEUTICALS, INC.	
 	

SILICON VALLEY BANK
	

By:	
 	

/s/  LARRY G. STAMBAUGH      	
 	

By:	
 	

/s/  DEE HOUSE      
	

Name:	
 	

Larry G. Stambaugh	
 	

Name:	
 	

Dee House
	

Title:	
 	

President and CEO	
 	

Title:	
 	

Director of Private Banking

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Exhibit 10.5

AMENDMENT TO ASSIGNMNENT OF DEPOSIT ACCOUNT

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