Document:

Exhibit
        10.3

       

      ADVENTRX
        Pharmaceuticals, Inc.

       

      2005
        Employee Stock Purchase Plan

       

      1.    Purpose.
        The
        purpose of the 2005 Employee Stock Purchase Plan (the “Plan”)
        of
        ADVENTRX Pharmaceuticals, Inc., a Delaware corporation (the “Company”)
        is to
        provide employees of the Company and its Designated Subsidiaries with an
        opportunity to purchase Common Stock. The Company intends to have the Plan
        qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code. The
        provisions of the Plan shall, accordingly, be construed so as to extend and
        limit participation in a manner consistent with the requirements of that
        section
        of the Code.

       

      2.    Definitions.
        As
        used
        in the Plan, the terms set forth below shall have the meanings set forth
        below:

       

      2.1    Acquisition
        means a
        merger or consolidation of the Company with and into another person or the
        sale,
        transfer, or other disposition of all or substantially all of the Company’s
        assets to one or more persons (other than any wholly-owned subsidiary of
        the
        Company) in a single transaction or series of related transactions.

       

      2.2    Board
        means
        the Board of Directors of the Company.

       

      2.3    Code
        means
        the Internal Revenue Code of 1986, as amended.

       

      2.4    Common
        Stock
        means
        the Common Stock, par value $0.001 per share, of the Company.

       

      2.5    Compensation
        means
        all regular, straight-time compensation, including commissions, but not payments
        for overtime, shift premium, incentive compensation, incentive payments,
        bonuses
        and other irregular or infrequent compensation or benefits.

       

      2.6    Continuous
        Status as an Employee
        means
        the absence of any interruption or termination of service as an Employee.
        Continuous Status as an Employee shall not be considered interrupted in the
        case
        of (i) sick leave; (ii) military leave; (iii) any other leave of absence
        approved by the Administrator, provided,
        that
        such leave is for a period of not more than 90 days, unless reemployment
        upon
        the expiration of such leave is guaranteed by contract or statute, or unless
        provided otherwise pursuant to Company policy adopted from time to time;
        or
        (iv) in the case of transfers between locations of the Company or
        between
        the Company and its Designated Subsidiaries. 

       

      2.7    Contributions
        means
        all amounts credited to the account of a participant pursuant to the
        Plan.

       

      2.8    Designated
        Subsidiaries
        means
        the Subsidiaries which have been or will be designated by the Board from
        time to
        time in its sole discretion as eligible to participate in the Plan.

       

      2.9    Employee
        means
        any person, including an Officer, who is customarily employed for at least
        20
        hours per week and more than five months in a calendar year by the Company
        or
        one of its Designated Subsidiaries.

       

      2.10    Exchange
        Act means
        the
        Securities Exchange Act of 1934, as amended.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      2.11    Initial
        Offering Period means
        the
        first Offering Period of the Plan.

       

      2.12    Offering
        Commencement Date means
        the
        first business day of each Offering Period of the Plan.

       

      2.13    Offering
        Period means
        any
        of the periods, generally of six months duration, as set forth in Section
        4.

       

      2.14    Officer
        means
        a
        person who is an officer of the Company within the meaning of Section 16
        of the
        Exchange Act and the rules and regulations promulgated thereunder.

       

      2.15    Offering
        Termination Date means
        the
        last business day of each Offering Period of the Plan.

       

      2.16    Parent
        means
        a
        parent corporation of the Company, whether now or hereafter existing, as
        defined
        by Section 424(a) of the Code.

       

      2.17    Purchase
        Price means
        with respect to an Offering Period an amount equal to 85% of the Fair Market
        Value (as defined in Section 7.2) of a Share on the Offering Commencement
        Date
        or on the Offering Termination Date, whichever is lower; provided,
        however,
        that
        (i) if there is an increase in the number of Shares available for
        issuance
        under the Plan as a result of a stockholder-approved amendment to the Plan,
        (ii) all or a portion of such additional Shares are to be issued with
        respect to the Offering Period underway at the time of such increase
        (“Additional
        Shares”),
        and
        (iii) the Fair Market Value of a Share of Common Stock on the date
        of such
        increase (the “Approval
        Date Fair Market Value”)
        is
        higher than the Fair Market Value on the Offering Commencement Date for such
        Offering Period, then in such instance the Purchase Price with respect to
        Additional Shares shall be 85% of the Approval Date Fair Market Value or
        the
        Fair Market Value of a Share of Common Stock on the Offering Termination
        Date,
        whichever is lower.

       

      2.18    Securities
        Act means
        the
        Securities Act of 1933, as amended.

       

      2.19    Share
        means
        a
        share of Common Stock, as adjusted in accordance with Section 18.

       

      2.20    Subsidiary
        means
        a
        subsidiary corporation of the Company, whether now or hereafter existing,
        as
        defined in Section 424(f) of the Code.

       

      The
        terms
        set forth below have the meanings ascribed to them in the following
        sections:

       

      
         

        
          	Term	 	 	
                  Section

                	 
	
                  Administrator

                	 	 	
                  13.2

                	 
	
                  AMEX

                	 	 	
                  7.2

                	 
	
                  Company

                	 	 	
                  1

                	 
	
                  Fair
                    Market Value

                	 	 	
                  7.2

                	 
	
                  New
                    Offering Termination Date

                	 	 	
                  18.2

                	 
	
                  Plan

                	 	 	
                  1

                	 
	
                  Reserves

                	 	 	
                  18.1

                	 
	 	 	 	 	 

      

       

      
        
           

        

        
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      3.    Eligibility.

       

      3.1    Eligible
        Persons.
        Any
        person who is an Employee as of the Offering Commencement Date of a given
        Offering Period shall be eligible to participate in such Offering Period
        under
        the Plan, subject to the requirements of Sections 5.1 and the limitations
        imposed by Section 423(b) of the Code. 

       

      3.2    Certain
        Restrictions.
        Any
        provisions of the Plan to the contrary notwithstanding, no Employee shall
        be
        granted an option under the Plan (i) if, immediately after the grant,
        such
        Employee (taking into account stock which would be attributed to such Employee
        pursuant to Section 424(d) of the Code) would own capital stock of the Company
        or hold outstanding options to purchase stock possessing five percent or
        more of
        the total combined voting power or value of all classes of stock of the Company
        or of any Parent or Subsidiary of the Company, or (ii) if such option
        would
        permit such Employee’s rights to purchase an aggregate of stock under all
        employee stock purchase plans (described in Section 423 of the Code) of the
        Company and its Parent or Subsidiaries with a Fair Market Value in excess
        of
        Twenty-Five Thousand Dollars ($25,000) (determined at the time such option
        is
        granted) for each calendar year in which such option is outstanding at any
        time.

       

      4.    Offering
        Periods.
        Each
        Offering Period will begin on January 1 or July 1 and end on the next following
        June 30 or December 31, respectively. The Initial Offering Period shall commence
        on July 1, 2005. At any time and from time to time, the Board may change
        the
        duration or the frequency of Offering Periods with respect to future Offering
        Periods or suspend operation of the Plan with respect to Offering Periods
        not
        yet commenced.

       

      5.    Participation

       

      5.1    Subscription
        Agreement.
        An
        eligible Employee may become a participant in the Plan by completing a
        subscription agreement on the form provided by the Company and filing it
        with
        the Company’s payroll office at least five business days prior to the applicable
        Offering Commencement Date, unless a later time for filing the subscription
        agreement is set by the Board for all eligible Employees with respect to
        a given
        Offering Period. The subscription agreement shall set forth the percentage
        of
        the participant’s Compensation (subject to Section 6.1) to be paid as
        Contributions pursuant to the Plan.

       

      5.2    Timing
        of Payroll Deductions.
        Payroll
        deductions shall commence on the first payroll following the Offering
        Commencement Date and shall end on the last payroll paid on or prior to the
        Offering Termination Date of the Offering Period to which the subscription
        agreement is applicable, unless sooner terminated by the participant as provided
        in Section 10.

       

      5.3    Tax
        Withholding.
        Each
        participant who purchases Shares under the Plan shall thereby be deemed to
        have
        agreed that the Company or the Subsidiary that employs the participant shall
        be
        entitled to withhold, from any other amounts that may be payable to the
        participant at or around the time of the purchase, such federal, state, local
        and foreign income, employment and other taxes which may be required to be
        withheld under applicable laws. In lieu of such withholding, the Company
        or such
        Subsidiary may require the participant to remit such taxes to the Company
        or
        such Subsidiary as a condition of the purchase.

       

      6.    Method
        of Payment of Contributions

       

      6.1    Election.
        A
        participant shall elect to have payroll deductions made on each payday during
        the Offering Period in an amount not less than one percent and not more than
        10
        percent (or such other percentage as the Board may establish from time to
        time
        before an Offering Commencement Date) of such participant’s Compensation on each
        payday during the Offering Period. All payroll deductions made by a participant
        shall be credited to such participant’s account under the Plan. A participant
        may not make any additional payments into such account.

       

      
        
           

        

        
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      6.2    Discontinuation;
        Changes.
        A
        participant may discontinue participation in the Plan as provided in Section
        10.
        In addition, if the Board has so announced to Employees at least five days
        prior
        to the scheduled beginning of the next Offering Period to be affected by
        the
        Board’s determination, a participant may change the rate of such participant’s
        Contributions with respect to the Offering Period by completing and filing
        with
        the Company a new subscription agreement authorizing a change in the payroll
        deduction rate. If otherwise permitted, no such change shall enable a
        participant to resume Contributions other than as of an Offering Commencement
        Date, following a withdrawal of Contributions during an Offering Period pursuant
        to Section 10. Any such change in rate shall be effective as of the
        first
        payroll period following the date of filing of the new subscription agreement,
        if the agreement is filed at least 10 business days prior to such period
        and, if
        not, as of the second following payroll period.

       

      6.3    Reductions.
        Notwithstanding the foregoing, to the extent necessary to comply with Section
        423(b)(8) of the Code and Section 3.2, a participant’s payroll deductions may be
        decreased during any Offering Period scheduled to end during the current
        calendar year to 0%. Payroll deductions reduced to 0% in compliance with
        this
        Section 6.3 shall re-commence automatically at the rate provided in such
        participant’s subscription agreement at the beginning of the first Offering
        Period which is scheduled to end in the following calendar year, unless
        terminated by the participant as provided in Section 10.

       

      7.    Grant
        of Option.

       

      7.1    Number
        of Shares.
        On the
        Offering Commencement Date of each Offering Period, each eligible Employee
        participating in such Offering Period shall be granted an option to purchase
        on
        the Offering Termination Date of that Offering Period a number of Shares
        determined by dividing such Employee’s Contributions accumulated during such
        Offering Period prior to such Offering Termination Date and retained in the
        participant’s account as of the Offering Termination Date by the applicable
        Purchase Price. However, the Board may determine from time to time, prior
        to the
        applicable Offering Period, the maximum number of Shares an Employee may
        purchase during each such Offering Period, provided
        that any
        such purchase shall be subject to the limitations set forth in Sections 3.2
        and
        12.

       

      7.2    Fair
        Market Value.
        The
        fair market value of the Common Stock on a given date (the “Fair
        Market Value”)
        shall
        be (i) the closing sales price on the American Stock Exchange (“AMEX”),
        or any
        national securities exchange or other established market on which the Common
        Stock is then listed (or, in the event that the Common Stock is not traded
        on
        such date, on the immediately preceding trading date) or (ii) determined
        by
        the Board in its discretion based on the closing sales price of the Common
        Stock
        for such date (or, in the event that the Common Stock is not traded on such
        date, on the immediately preceding trading date), as reported by AMEX or
        other
        such exchange or market, or (iii) if the closing sales price is not
        reported, the mean of the bid and asked prices per share of the Common Stock
        as
        reported by AMEX or other such exchange. 

       

      
        
           

        

        
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      8.    Exercise
        of Option.
        Unless
        a
        participant withdraws from the Plan as provided in Section 10, such
        participant’s option for the purchase of Shares will be exercised automatically
        on the Offering Termination Date of an Offering Period, and the maximum number
        of full Shares subject to the option will be purchased at the applicable
        Purchase Price with the accumulated Contributions in such participant’s account.
        No fractional Shares shall be issued. The Shares purchased upon exercise
        of an
        option hereunder shall be deemed to be transferred to the participant on
        the
        Offering Termination Date. A participant’s option to purchase Shares hereunder
        shall be exercisable only by such participant during such participant’s
        lifetime.

       

      9.    Delivery.
        As
        promptly as practicable after each Offering Termination Date of each Offering
        Period, the Company shall arrange the delivery to or for the benefit of each
        participant, as appropriate, of a certificate representing the Shares purchased
        upon exercise of such participant’s option. Any payroll deductions accumulated
        in a participant’s account which are not sufficient to purchase a full Share
        shall be retained in the participant’s account for the subsequent Offering
        Period, subject to earlier withdrawal by the participant as provided in Section
        10. Any other amounts left over in a participant’s account after an Offering
        Termination Date shall be returned to the participant.

       

      10.    Voluntary
        Withdrawal; Termination of Employment.

       

      10.1    Withdrawal
        of Contributions.
        A
        participant may withdraw all but not less than all of the Contributions credited
        to such participant’s account under the Plan at any time prior to each Offering
        Termination Date by giving written notice to the Company. All of the
        participant’s Contributions credited to such participant’s account will be paid
        to such participant promptly after receipt of such participant’s notice of
        withdrawal and such participant’s option for the current Offering Period will be
        automatically terminated, and no further Contributions for the purchase of
        Shares will be made during the Offering Period.

       

      10.2    Termination
        of Employment.
        Upon
        termination of the participant’s Continuous Status as an Employee prior to the
        Offering Termination Date of an Offering Period for any reason, including
        retirement or death, the Contributions credited to such participant’s account
        will be returned to such participant or, in the case of such participant’s
        death, to the person or persons entitled thereto under Section 14, and such
        participant’s option will be automatically terminated.

       

      10.3    Automatic
        Withdrawal from Plan.
        In the
        event an Employee fails to remain in Continuous Status as an Employee of
        the
        Company for at least 20 hours per week during the Offering Period in which
        the
        Employee is a participant, such participant will be deemed to have elected
        to
        withdraw from the Plan and the Contributions credited to such participant’s
        account will be returned and such participant’s option terminated.

       

      10.4    Effect
        of Withdrawal from Plan.
        A
        participant’s withdrawal during an Offering Period will not have any effect upon
        such participant’s eligibility to participate in a succeeding Offering Period or
        in any similar plan which may hereafter be adopted by the Company.

       

      11.    Interest.
        No
        interest shall accrue on the Contributions of a participant in the
        Plan.

       

      
        
           

        

        
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      12.    Stock.

       

      12.1    Maximum
        Number of Shares.
        Subject
        to adjustment as provided in Section 18, the maximum number of Shares which
        shall be made available for sale under the Plan shall be 1,000,000 Shares,
        plus
        an annual increase to be added on the first day of the Company’s fiscal year
        beginning in 2006 and on each anniversary of that date thereafter equal to
        the
        lesser of (i) one percent of the number of outstanding shares of Stock on
        such
        day, (ii) 750,000 and (iii) such other amount as the Board may specify prior
        to
        the date such annual increase is to take effect. If the Board determines
        that, on a given Offering Termination Date, the number of shares with respect
        to
        which options are to be exercised may exceed (i) the number of Shares
        that
        were available for sale under the Plan on the Offering Commencement Date,
        or
        (ii) the number of shares available for sale under the Plan on such
        Offering Termination Date, the Board may in its sole discretion provide that
        the
        Company shall make a pro rata allocation of the Shares available for purchase
        on
        such Offering Commencement Date or Offering Termination Date, as applicable,
        in
        as uniform a manner as shall be practicable and as it shall determine in
        its
        sole discretion to be equitable among all participants exercising options
        to
        purchase Common Stock on such Offering Termination Date. The Company may
        make
        pro rata allocation of the Shares available on the Offering Commencement
        Date of
        the applicable Offering Period pursuant to the preceding sentence,
        notwithstanding any authorization of additional Shares for issuance under
        the
        Plan by the Company’s stockholders subsequent to such Offering Commencement
        Date.

       

      12.2    No
        Interest or Voting Right.
        The
        participant shall have no interest or voting right in Shares covered by such
        participant’s option until such option has been exercised.

       

      12.3    Registration
        of Shares.
        Shares
        to be delivered to a participant under the Plan will be registered in the
        name
        of the participant or in the name of the participant and such participant’s
        spouse, as directed by the participant. 

       

      13.    Administration.

       

      13.1    Board
        Authority.
        The
        Board, or a committee named by the Board, shall supervise and administer
        the
        Plan and shall have full power to adopt, amend and rescind any rules deemed
        desirable and appropriate for the administration of the Plan and not
        inconsistent with the Plan, to construe and interpret the Plan, and to make
        all
        other determinations necessary or advisable for the administration of the
        Plan.
        The Board’s determinations made in good faith on matters referred to in this
        Plan shall be final, binding and conclusive on all persons having or claiming
        any interest under this Plan.

       

      13.2    Designation
        of Administrator.
        The
        Board may from time to time designate an employee or retain a third party
        to
        address routine administrative matters. Any employee or third party so
        designated may be referred to herein as the “Administrator.”

       

      14.    Designation
        of Beneficiary.

       

      14.1    Designation.
        A
        participant may file a written designation of a beneficiary who is to receive
        any Shares and cash, if any, from the participant’s account under the Plan in
        the event of such participant’s death subsequent to the end of an Offering
        Period but prior to delivery to such participant of such Shares and cash.
        Any
        such beneficiary shall also be entitled to receive any cash from the
        participant’s account under the Plan in the event of such participant’s death
        prior to the Offering Termination Date of an Offering Period. 

       

      14.2    Changes
        to Designation; Lack of Designation.
        Such
        designation of beneficiary may be changed by the participant at any time
        by
        written notice. In the event of the death of a participant and in the absence
        of
        a beneficiary validly designated under the Plan who is living at the time
        of
        such participant’s death, the Company shall deliver such Shares or cash to the
        executor or administrator of the estate of the participant, or if no such
        executor or administrator has been appointed (to the knowledge of the Company),
        the Company, in its discretion, may deliver such Shares or cash to the spouse
        or
        to any one or more dependents or relatives of the participant, or if no spouse,
        dependent or relative is known to the Company, then to such other person
        as the
        Company may designate.

       

      
        
           

        

        
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      15.    Transferability
        of Options and Shares.

       

      15.1    Restrictions
        on Transfer.
        Neither
        Contributions credited to a participant’s account nor any rights with regard to
        the exercise of an option or to receive Shares under the Plan may be assigned,
        transferred, pledged or otherwise disposed of in any way (other than by will,
        the laws of descent and distribution, or as provided in Section 14) by the
        participant. Any such attempt at assignment, transfer, pledge or other
        disposition shall be without effect, except that the Company may treat such
        act
        as an election to withdraw funds in accordance with Section 10. In addition,
        if
        the Board has so announced to Employees at least five days prior to the
        scheduled beginning of the next Offering Period to be affected by the Board’s
        determination, any Shares acquired on the Offering Termination Date of such
        Offering Period may be subject to restrictions specified by the Board on
        the
        transfer of such Shares.

       

      15.2    Notice
        of Transfer.
        Any
        participant selling or transferring any or all of such participant’s Shares
        purchased pursuant to the Plan must provide written notice of such sale or
        transfer to the Company within five business days after the date of sale
        or
        transfer. Such notice to the Company shall include the gross sales price,
        if
        any, the Offering Period during which the Shares being sold were purchased
        by
        the participant, the number of Shares being sold or transferred and the date
        of
        sale or transfer.

       

      16.    Use
        of Funds.
        All
        Contributions received or held by the Company under the Plan may be used
        by the
        Company for any corporate purpose and shall be subject to claims by creditors
        of
        the Company, and the Company shall not be obligated to segregate such
        Contributions from its other assets. The Company shall not pay any interest
        on
        any Contributions.

       

      17.    Reports.
        Individual
        accounts will be maintained for each participant in the Plan. Statements
        of
        account will be given to participating Employees at least annually, which
        statements will set forth the amounts of Contributions, the per Share Purchase
        Price, the number of Shares purchased and the remaining cash balance, if
        any.

       

      18.    Adjustments
        Upon Changes in Capitalization; Acquisitions.

       

      18.1    Adjustment.
        Subject
        to any required action by the stockholders of the Company, the number of
        shares
        covered by each option under the Plan which has not yet been exercised and
        the
        number of Shares which have been authorized for issuance under the Plan but
        have
        not yet been placed under option (collectively, the “Reserves”),
        as
        well as the maximum number of Shares which may be purchased by a participant
        in
        an Offering Period, the number of Shares set forth in Section 12.1, and the
        price per Share of Common Stock covered by each option under the Plan which
        has
        not yet been exercised, shall be proportionately adjusted for any increase
        or
        decrease in the number of the Company’s issued Shares resulting from a stock
        split, reverse stock split, stock dividend, combination or reclassification
        of
        the Common Stock (including any such change in the number of Shares effected
        in
        connection with a change in domicile of the Company), or any other increase
        or
        decrease in the number of Shares effected without receipt of consideration
        by
        the Company; provided,
        however,
        that
        conversion of any convertible securities of the Company or the “cashless” or
“net” exercise of any derivative securities of the Company shall not be deemed
        to have been “effected without receipt of consideration.” Such adjustment shall
        be made by the Board, whose determination in that respect shall be final,
        binding and conclusive. 

       

      
        
           

        

        
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      18.2    Acquisitions.
        In the
        event of a dissolution or liquidation of the Company, the Offering Period
        then
        in progress will terminate immediately prior to the consummation of such
        action,
        unless otherwise provided by the Board. In the event of an Acquisition, each
        option outstanding under the Plan shall be assumed or an equivalent option
        shall
        be substituted by the successor corporation or a parent or Subsidiary of
        such
        successor corporation. In the event that the successor corporation refuses
        to
        assume or substitute for outstanding options, the Offering Period then in
        progress shall be shortened and a new Offering Termination Date shall be
        set
        (the “New
        Offering Termination Date”),
        as of
        which date the Offering Period then in progress will terminate. The New Offering
        Termination Date shall be on or before the date of consummation of the
        transaction and the Board shall notify each participant in writing, at least
        ten
        days prior to the New Offering Termination Date, that the Offering Termination
        Date for such participant’s option has been changed to the New Offering
        Termination Date and that such participant’s option will be exercised
        automatically on the New Offering Termination Date, unless prior to such
        date
        such participant has withdrawn from the Offering Period as provided in Section
        10. For purposes of this Section 18, an option granted under the Plan shall
        be
        deemed to be assumed, without limitation, if, at the time of issuance of
        the
        stock or other consideration upon an Acquisition, each holder of an option
        under
        the Plan would be entitled to receive upon exercise of the option the same
        number and kind of shares of stock or the same amount of property, cash or
        securities as such holder would have been entitled to receive upon the
        occurrence of the transaction if the holder had been, immediately prior to
        the
        transaction, the holder of the number of Shares covered by the option at
        such
        time (after giving effect to any adjustments in the number of Shares covered
        by
        the option as provided for in this Section 18); provided,
        however,
        that if
        the consideration received in the transaction is not solely common stock
        of the
        successor corporation or its parent (as defined in Section 424(e) of the
        Code),
        the Board may, with the consent of the successor corporation, provide for
        the
        consideration to be received upon exercise of the option to be solely common
        stock of the successor corporation or its parent equal in Fair Market Value
        to
        the per Share consideration received by holders of Common Stock in the
        transaction.

       

      18.3    Other
        Adjustments.
        The
        Board may, if it so determines in the exercise of its sole discretion, also
        make
        provision for adjusting the Reserves, as well as the price per Share of Common
        Stock covered by each outstanding option, in the event that the Company effects
        one or more reorganizations, recapitalizations, rights offerings or other
        increases or reductions of Shares of its outstanding Common Stock, and in
        the
        event of the Company’s being consolidated with or merged into any other
        corporation.

       

      19.    Amendment
        or Termination.

       

      19.1    Amendment
        or Termination by the Board.
        The
        Board may at any time and for any reason terminate or amend the Plan. Except
        as
        provided in Section 18, no such termination of the Plan may affect options
        previously granted, provided
        that the
        Plan or an Offering Period may be terminated by the Board on an Offering
        Termination Date or by the Board’s setting a new Offering Termination Date with
        respect to an Offering Period then in progress if the Board determines that
        termination of the Plan or the Offering Period is in the best interests of
        the
        Company and its stockholders or if continuation of the Plan or the Offering
        Period would cause the Company to incur adverse accounting charges as a result
        of the Plan. Except as provided in Section 18 and in this Section 19, no
        amendment to the Plan shall make any change in any option previously granted
        which adversely affects the rights of any participant. 

       

      19.2    Other
        Powers of the Board.
        Without
        stockholder consent and without regard to whether any participant rights
        may be
        considered to have been adversely affected, the Board (or its committee)
        shall
        be entitled to change the Offering Periods, limit the frequency or number
        of
        changes in the amount withheld during an Offering Period, establish the exchange
        ratio applicable to amounts withheld in a currency other than U.S. dollars,
        permit payroll withholding in excess of the amount designated by a participant
        in order to adjust for delays or mistakes in the Company’s processing of
        properly completed withholding elections, establish reasonable waiting and
        adjustment periods or accounting and crediting procedures to ensure that
        amounts
        applied toward the purchase of Common Stock for each participant properly
        correspond with amounts withheld from the participant’s Compensation, and
        establish such other limitations or procedures as the Board (or its committee)
        determines in its sole discretion advisable which are consistent with the
        Plan.

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      20.    Notices
        and Other Communications.
        Any
        notice, demand, request or other communication hereunder to any party shall
        be
        deemed to be sufficient if contained in a written instrument delivered in
        person
        or duly sent by first class registered, certified or overnight mail, postage
        prepaid, or telecopied with a confirmation copy by regular, certified or
        overnight mail, addressed or telecopied, as the case may be, (i) if
        to the
        recipient of an Award, at such participant’s residence address last filed with
        the Company and (ii) if to the Company, at its principal place of
        business,
        addressed to the attention of its Treasurer, or to such other address or
        telecopier number or electronic mail address, as the case may be, as the
        addressee may have designated by notice to the addressor. All such notices,
        requests, demands and other communications shall be deemed to have been
        received: (i) in the case of personal delivery, on the date of such
        delivery; (ii) in the case of mailing, when received by the addressee;
        (iii) in the case of facsimile transmission, when confirmed by facsimile
        machine report; and (iv) in the case of electronic mail, when directed
        to
        an electronic mail address at which the receiving party has consented to
        receive
        notice, provided,
        that
        such consent is deemed revoked if the sender is unable to deliver by electronic
        transmission two consecutive notices and such inability becomes known to
        the
        secretary or assistant secretary of the corporation or to the transfer agent,
        or
        other person responsible for giving notice.

       

      21.    Conditions
        to Issuance of Shares.

       

      21.1    Compliance
        with Securities Laws.
        Shares
        shall not be issued with respect to an option unless the exercise of such
        option
        and the issuance and delivery of such Shares pursuant thereto shall comply
        with
        all applicable provisions of law, domestic or foreign, including, without
        limitation, the Securities Act, the Exchange Act, the rules and regulations
        promulgated thereunder, applicable state securities laws and the requirements
        of
        any stock exchange upon which the Shares may then be listed, and shall be
        further subject to the approval of counsel for the Company with respect to
        such
        compliance.

       

      21.2    Purchaser
        Representation.
        As a
        condition to the exercise of an option, the Company may require the person
        exercising such option to represent and warrant at the time of any such exercise
        that the Shares are being purchased only for investment and without any present
        intention to sell or distribute such Shares if, in the opinion of counsel
        for
        the Company, such a representation is required by any of the aforementioned
        applicable provisions of law.

       

      22.    Term
        of Plan; Effective Date.
        The Plan
        shall be in effect for a term of ten years beginning on May 24, 2005, the
        date
        the requisite number of stockholders of the Company approved the Plan, unless
        earlier terminated pursuant to Section 19.

       

       

      
        
           

        

          -9-Exhibit
        10.4

       

      ADVENTRX
        Pharmaceuticals, Inc.

       

      2005
        Employee Stock Purchase Plan

       

      Subscription
        Agreement

       

      New
        Election ___

       

      Change
        of
        Election ___

       

      1.    I,
        __________________, hereby elect to participate in ADVENTRX Pharmaceuticals,
        Inc.’s (the “Company”)
        2005
        Employee Stock Purchase Plan (the “Plan”)
        for the
        Offering Period __________ to ______________, and subscribe to purchase shares
        of Common Stock of the Company (“Common
        Stock”)
        in
        accordance with this Subscription Agreement and the Plan. Capitalized terms
        used
        but not defined in this Subscription Agreement shall have the meaning ascribed
        to them in the Plan.

       

      2.    I
        elect
        to have Contributions in the amount of _____% of my Compensation applied
        to this
        purchase. I understand that this amount must not be less than 1% and not
        more
        than 10% of my Compensation during the Offering Period. (Please note that
        no
        fractional percentages are permitted).

       

      3.    I
        hereby
        authorize payroll deductions from each paycheck during the Offering Period
        at
        the rate stated in Item 2 of this Subscription Agreement. I understand that
        all
        payroll deductions made by me shall be credited to my account under the Plan
        and
        that I may not make any additional payments into such account. I understand
        that
        all payments made by me shall be accumulated, without interest or earnings,
        for
        the purchase of Shares at the applicable purchase price determined in accordance
        with the Plan. I further understand that, except as otherwise set forth in
        the
        Plan, shares will be purchased for me automatically on the Offering Termination
        Date of each Offering Period unless I otherwise withdraw from the Plan by
        giving
        written notice to the Company for such purpose in accordance with the
        Plan.

       

      4.    I
        understand that I may discontinue at any time prior to the Offering Termination
        Date my participation in the Plan as provided in Section 10 of the Plan.
        I
        acknowledge that, unless I discontinue my participation in the Plan as provided
        in Section 10 of the Plan, my election will continue to be effective for
        each
        successive Offering Period.

       

      5.    I
        have
        received a complete copy of the Plan. I understand that my participation
        in the
        Plan is in all respects subject to the terms of the Plan.

       

      6.    Shares
        purchased for me under the Plan should be issued in the name(s) of (name
        of
        employee or employee and spouse only):

       

      
        
          

        

      

       

      
        
          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      7.    In
        the
        event of my death, I hereby designate the following as my beneficiary(ies)
        to
        receive all payments and shares due to me under the Plan:

       

      
        	NAME:
                (Please print)	    

	 	
                (First)                   
                  (Middle)                   
                  (Last)

              
	 	 
	 	    

	 	(Address)
	 	
              
	 	    

	 	 
	 	     

	 	(Relationship)
	 	 

      

       

      8.    I
        understand that if I dispose of any shares received by me pursuant to the
        Plan
        within two years after the Offering Commencement Date (the first day of the
        Offering Period during which I purchased such shares) or within one year
        after
        the Offering Termination Date, I will be treated for federal income tax purposes
        as having received ordinary compensation income at the time of such disposition
        in an amount equal to the excess of the fair market value of the shares on
        the
        Offering Termination Date over the price which I paid for the shares, regardless
        of whether I disposed of the shares at a price less than their fair market
        value
        at the Offering Termination Date. The remainder of the gain or loss, if any,
        recognized on such disposition will be treated as capital gain or
        loss.

       

      I
        hereby
        agree to notify the Company in writing within 30 days after the date of any
        such
        disposition, and I will make adequate provision for federal, state or other
        tax
        withholding obligations, if any, which arise upon the disposition of the
        Common
        Stock. The Company may, but will not be obligated to, withhold from my
        compensation the amount necessary to meet any applicable withholding obligation
        including any withholding necessary to make available to the Company any
        tax
        deductions or benefits attributable to the sale or early disposition of Common
        Stock by me.

       

      9.    If
        I
        dispose of such shares at any time after expiration of the two-year and one-year
        holding periods, I understand that I will be treated for federal income tax
        purposes as having received compensation income only to the extent of an
        amount
        equal to the lesser of (1) the excess of the fair market value of the shares
        at
        the time of such disposition over the purchase price which I paid for the
        shares
        under the option, or (2) 15% of the fair market value of the shares on the
        Offering Commencement Date. The remainder of the gain or loss, if any,
        recognized on such disposition will be treated as capital gain or
        loss.

       

      I
        understand that this tax summary is only a summary and is subject to change.
        I
        further understand that I should consult a tax advisor concerning certain
        tax
        implications of the purchase and sale of stock under the Plan.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      10.    I
        hereby
        agree to be bound by the terms of the Plan. The effectiveness of this
        Subscription Agreement is dependent upon my eligibility to participate in
        the
        Plan.

       

       

      
        	Signature:__________________________________________	 	Date:_____________________________________
	
              	 	 
	Social Security
                Number:________________________________	 	 

      

                

       

      
        
          
          

        

        -3-

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