Document:

Employment Agreement

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT
made as of the 10th day of February 2009, by and between UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a Delaware corporation (the
“Company”), and William W. Beible Jr. (the “Executive”). 
 WITNESSETH: 
 In consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the Company and Executive agree as follows:

 Article 1. - Employment 
 1.1. Employment. The Company agrees to employ Executive, and Executive agrees to serve the Company, for the period stated in Article 2 hereof (the “Term of Employment”) and upon the other terms and conditions herein
provided. 
 1.2. Position and Responsibilities. The Company employs Executive, and Executive agrees to serve as Senior Vice President
of Operations, of the Company and to accept such other responsibilities as may be assigned to Executive by the Company from time to time during the Term of Employment. 
 1.3. Duties. During the Term of Employment, Executive shall devote all of his business time, attention, skill and efforts to the faithful performance of his duties hereunder. 
 Article 2. - Term 
 The Term of Employment shall commence as of the 11th day of February 2009 (the “Effective Date”), and shall continue until the 10th day of February 2010 (the “Initial Term”). Thereafter, subject to the termination provisions of this Agreement, this Agreement will be automatically extended for successive one year terms unless either party provides written
notice to the other party on or before November 1st of any year, of his or its election not to extend the term of this Agreement. 

Article 3. - Compensation 
 3.1. Salary. As compensation to the Executive for the performance of services hereunder, the Company shall pay to the Executive a base annual salary (the “Salary”) of $230,000.00. Installments of the Salary shall be paid to
the Executive in accordance with the standard procedure of the Company, which at the present time is once every two weeks. During the period of this Agreement, Executive’s salary shall be reviewed at least annually and may be increased if the
Board of Directors of the Company (the “Board”) acting after approval of the Compensation Committee (the “Compensation Committee”), determines that an increase is appropriate on the basis of the types of factors it generally
takes into account in increasing the salaries of employees similarly situated in the Company. 
 3.2. Reimbursement of Expenses. The
Company will reimburse the Executive for those customary and necessary business expenses incurred by him in the performance of his duties and activities on behalf of the Company. Except as provided in this Agreement, such expenses will be reimbursed
only on presentation by the Executive of appropriate documentation to substantiate such expenses pursuant to the policies and procedures of the Company governing reimbursement of business expenses to its executives. 
 3.3. Participation in Plans. The Executive shall be entitled to participate in any life, medical, dental, health, hospitalization, travel,
accident and/or disability insurance plans and in any sick leave and/or salary continuation plan, vacation (which shall not be less than three (3) weeks per year), holiday pay, retirement or employee benefit plan or program generally offered by
the Company to its salaried employees. In addition, Executive shall be entitled to participate in the variable incentive compensation plan and the perquisites described on Schedule A attached hereto. 
 Article 4. - Termination of Employment 
 4.1. Definitions. For the purposes hereof: 
 (a) “Disability” shall be deemed to have occurred when the
Executive is eligible, due to a health condition, to collect benefits under the Company’s short term disability plan and has been determined by the Board of Directors to be unable to perform substantially the duties associated with the
Executives position for a period of three months. 
  

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 (b) “Cause” shall mean any of the following: (i) Executive’s personal
dishonesty or willful misconduct; (ii) Executive’s willful violation of any law or material rule or regulation, provided that such violation is demonstrably injurious to the assets, operations or business prospects of the Company;
(iii) the conversion or embezzlement for the personal benefit of the Executive of corporate funds or property or a material business opportunity of the Company; (iv) the misuse by the Executive for his personal benefit of any trade secrets
or other information of the Company in violation of the provisions of Article 7 of this Agreement; or (v) Executive’s material breach of any other provision of this Agreement which is not cured within thirty (30) days of receipt of
notice of such breach from Company. 
 (c) “Good Reason” shall, absent the Executive’s consent to such action, mean
the occurrence of any one of the following: (i) following a Change of Control, the removal of the Executive as Senior Vice President of Operations, (by reason other than death, Disability or Cause); (ii) any breach by the Company of a
material obligation under this Agreement; (iii) a substantial and material alteration in the nature or status of Executive’s duties and responsibilities that renders the Executive’s position to be of substantially less responsibility
or scope; (iv) a material reduction by the Company in the Executive’s Salary, except for proportional across-the-board salary reductions similarly affecting all senior executives of the Company; or (v) any material reduction by the
Company of the benefits, taken as a whole, enjoyed by the Executive on the date of this Agreement under any savings, life insurance, medical, health and accident, disability or other employee welfare benefit plans or programs, including vacation
programs, provided that this paragraph (v) shall not apply to any proportional across the board reduction or action similarly affecting all senior executives of the Company. 
 Notwithstanding the foregoing, no event of “Good Reason” shall be deemed to have occurred unless Executive provides to the Chairman of the Compensation Committee of the Board of Directors of the Company
written notice of the facts and circumstances which Executive believes constitutes Good Reason under this Section 4.1(c) within 30 days of such initial occurrence and such facts and circumstances are not corrected or otherwise cured by the
Company within thirty (30) days of receipt thereof. Termination by Executive for Good Reason must occur within 90 days of the initial occurrence of the Good Reason event. 
 For purposes of this Agreement, a Change of Control shall be deemed to have occurred on the earlier of (x) if, in any transaction or series of related transactions consummated in a ninety day period, more than
fifty percent (50%) of the then outstanding voting common stock of the Company is sold to a person or group; (y) a merger or consolidation of the Company and another entity in which the Company is not the surviving corporation or in which
more than fifty percent(50%) of the equity ownership of the Company changes, or (z) the sale of 50% or more of all of the assets of the Company. 
 (d) “Notice of Termination” shall mean written notice which shall indicate the specific termination or resignation provisions in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for such termination or resignation under the provision so indicated and the Company shall submit to the Executive a certified statement signed by the Chairman of the Compensation Committee of the
Board of Directors of the Company approving such termination in the case of a Termination by the Company for Cause or Without Cause. 
 (e)
“Date of Termination” shall mean the date specified in the Notice of Termination as the effective date the Executive’s employment is terminated for any reason or the Executive’s effective date of resignation, which ever is
earlier. 
 Article 5. - Compensation Upon Termination 
 5.1. Death. If the Executive’s employment hereunder terminates by reason of his death, his beneficiaries shall be entitled to receive from
the Company such amounts as are then provided pursuant to plans, programs or arrangements currently in effect or as approved from time to time by the Board of Directors. 
 5.2. Disability. If the Executive’s employment hereunder terminates by reason of his Disability, the Executive shall be entitled to receive such amounts as are then provided pursuant to Company’s then
existing disability plans, programs or arrangements. Notwithstanding any provisions herein to the contrary, the Executive shall be entitled to receive all benefits to which the Executive is entitled as a terminated employee under the terms of any of
the Company’s qualified employee benefit plans and any other plan, program or arrangement relating to retirement or other benefits including, without limitation, any employee stock ownership plan or any plan now in effect or which is
established (with approval of the Board of Directors) as a supplement to any of the forenamed plans, except as otherwise provided in such plans as a result of the Executive’s termination of employment. 
 5.3. Cause. If the Executive’s employment hereunder is terminated by the Company for Cause, the Company shall pay to the Executive his full
base Salary through the Date of Termination but at a rate no greater than that in effect at the time Notice of Termination is given, and the Company shall have no further obligations to the Executive under this Agreement. 
  

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 5.4. By the Company Without Cause or by the Executive by Resignation for Good Reason. If the
Executive’s employment hereunder is terminated by the Company without Cause or is terminated by the Executive pursuant to his resignation for Good Reason, then the Executive shall be entitled to the benefits provided below, which shall
constitute complete satisfaction of the obligations of the Company to the Executive under this Agreement: 
 (a) The Company shall pay the
Executive his full annual base Salary through the Date of Termination at the rate in effect at the time Notice of Termination is given. 
 (b) Subsequent to the Date of Termination, the Company shall pay as severance pay to the
Executive, a lump sum severance payment equal to twelve months of the Executive’s base monthly Salary at the rate in effect at the time Notice of Termination is given. Such payment shall be less applicable taxes and mandatory deductions,
paid on or before the 30th calendar day after the Date of Termination. 
 (c) The Company will provide health care benefits under the group policies covering the other corporate employees covering Medical, Dental, Vision and
Prescription Drugs, subject to any changes made to the group policies, as provided prior to the Date of Termination for the Executive and eligible dependents, that were covered prior to any Date of Termination, for a period of twelve months at no
cost to the Executive. This period will not reduce the eligible COBRA period. 
 (d) The Executive shall not be required to mitigate the
amount of any payments provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Agreement be reduced by any compensation earned by the Executive as the result of employment by
another employer, or otherwise. 
 (e) Notwithstanding any provisions herein to the contrary, the Executive shall be entitled to receive all
benefits to which the Executive is entitled as a terminated employee under the terms of any of the Company’s qualified employee benefit plans and any other plan, program or arrangement relating to retirement or other benefits including, without
limitation, any employee stock ownership plan or any plan now in effect or which is established (with approval of the Board of Directors) as a supplement to any of the forenamed plans, except as otherwise provided in such plans as a result of the
Executive’s termination of employment. 
 Article 6. - Duties of Executive After Termination of Employment 
 Following any termination of Executive’s employment and for a period of ninety (90) days thereafter, the Executive shall fully cooperate with
the Company in all matters relating to the winding up and orderly transfer of the Executive’s work on behalf of the Company. Not later than the effective date of any termination of the employment, the Executive will immediately deliver to the
Company any and all of the Company’s property of any kind or nature whatsoever in the Executive’s possession, custody or control, including, without limitation any and all Confidential Information as that term is defined in Section 7
of this Agreement. 
 Article 7. - Confidential Information; Invention Assignment 
 7.1. Confidential Relationship. Executive understands and agrees that all company manuals, company policies, marketing plans and surveys, product
designs, schematics, specifications and product location and installation data, formulae, processes, methods, machines, compositions, customer information, ideas, inventions, financial information and plans of the Company and all records,
correspondence, files, customer lists, data and other information pertaining to or concerning the Company, its principals, vendors and customers (collectively the “Confidential Information”) contain valuable confidential information
that is owned by the Company, and, therefore, that during the period of employment hereunder and at all times thereafter, Executive shall not utilize such Confidential Information for his own benefit or for the benefit of any person or entity other
than the Company, nor shall he divulge or communicate any such Confidential Information to any person or entity without the express authorization of the Company. Confidential Information shall not include any information that is or becomes generally
available to the public other than as a result of a disclosure by Executive. The Executive agrees that, on the termination of his employment, he will immediately surrender to the Company any and all Confidential Information in his possession
pertaining to the Company and its business. 
 7.2. Assignment of Rights. All inventions, discoveries, designs, developments,
technology, computer programs, writings and reports that are made or conceived of by the Executive in the course of his employment with the Company, whether or not patentable or copyrightable, shall become and remain the sole property of the Company
without additional compensation to Executive. The Executive recognizes that all such works shall be considered works-for-hire and hereby transfers and assigns any right, title, copyright and interest that Executive acquires in such works to the
Company and will, from time to time, give the Company all reasonable assistance, execute all papers and do all things that may reasonably be required to protect and preserve the rights of the Company in such works. 
  

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 7.3. No Breach of Other Obligations. The Executive represents that, in the course of performing
services for the Company, he will not breach any agreement he may have with others with respect to confidential information, and will not bring to the Company or use in any way any materials or documents obtained from others under an agreement of
confidentiality. 
 Article 8. - Source of Payments 
 All payments provided for under this Agreement shall be paid in cash from the general funds of the Company and no special or separate fund shall be
established and no other segregation of assets shall be made to assure payment. No trust or fiduciary relationship with respect to payments shall be deemed created hereby and, to the extent that any person acquires a right to receive payments
hereunder, such right shall be no greater than the rights of a general creditor of the Company. 
 Article 9. - Miscellaneous 

 9.1. Indulgences, Etc. Neither the failure nor any delay on the part of either party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. 
 9.2. Indemnification. The company extends to Executive all rights and protection with regards indemnification and hold harmless provisions, to the
fullest extent permitted by applicable law as it presently exists or may hereafter be amended, as provided for in the Company’s by-laws as amended from time including any Insurance maintained by the Company that may be applicable to any action,
suit or proceeding, whether civil, criminal, administrative or investigative (a “proceeding”) by reason of the fact that he, or a person for whom he is the legal representative, is or was an officer of the Corporation, including service
with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred by Executive. 
 9.3. Notices. All notices or communications hereunder shall be in writing, addressed as follows: 
 To
the Company: 
 Dennis M. Oates, President and CEO 
 Universal Stainless & Alloy Products, Inc. 
 600 Mayer Street 
 Bridgeville, PA 15017 
 To the Executive:

 William W. Beible Jr. 
  
  
  
  
 Any such notice or communication shall be sent
by certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in writing from time to time), and the actual date of receipt, as shown by the receipt therefore,
shall determine the time at which notice was given. 
 9.4. Assignment; Agreement. This Agreement shall be binding upon and inure to
the benefit of the heirs and personal representatives of the Executive and the successors and assigns of the Company, but neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive.

 9.5. Entire Agreement; Amendment. This Agreement represents the entire agreement of the parties with respect to the subject matter
hereof. This Agreement may be amended or any provision hereof waived at any time only by written agreement of the parties hereto. 
 9.6.
Governing Law. This Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the Commonwealth of Pennsylvania, other than the conflict of laws provisions of such laws. 
 9.7. Severability. If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of
this Agreement not held so invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way
affect the remainder of such provision that is not held so invalid, and the remainder of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect.

  

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 9.8. Headings. The Article and Section headings in this Agreement are for convenience of reference
only; they form no part of this Agreement and shall not affect its interpretation. 
 9.9. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement as of the day and year first written above. 
  

			
	 UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

		
	By:	 	 /s/ Dennis M. Oates

		 	 Dennis M. Oates

		
	Title:	 	 President and CEO

	
	EXECUTIVE
	
	 /s/ William W. Beible Jr.

	 William W. Beible Jr.

 Schedule A 
 Incentive Compensation And Perquisites 
 1. Incentive Compensation. Executive will be entitled to participate
in the Company’s variable incentive compensation plan. The maximum award under such plan for the Executive shall be 100% of his annual base Salary. A guaranteed minimum incentive compensation award for 2009 based on continued employment for
Executive shall be $135,000.00. The payments of the guaranteed variable incentive compensation shall be subject to the terms and conditions of variable incentive compensation plan. 
 2. Stock Options. Executive shall be granted 15,000 stock options pursuant to the Company’s stock option plan. The exercise price of the stock options will be the closing price of the Company’s common
stock on the Effective Date. One forth of the stock options will vest on each of the first four anniversaries of the Effective Date. All stock options shall be subject to the terms and conditions of a separate stock option agreement to be entered
into by Executive and the Company. 
 3. Automobile. The Company shall provide the Executive with a monthly car allowance of $550.00 per month.

 4. Moving Expenses. A moving and relocation allowance will be provided as follows: $100,000.00 (subject to mandatory withholdings) to be paid upon
Executive’s closing on a residence in the Greater Pittsburgh metropolitan area. 
 The relocation allowance amount of $100,000.00 is subject to your
agreeing to work for Universal Stainless & Alloy Products, Inc., as the Senior Vice President of Operations, for a period of at least two (2) years. Should you terminate your employment before that time, the relocation allowance amount
of $100,000.00 is to be returned to Universal Stainless & Alloy Products, Inc. 
 5. Temporary Living Expense. For a period of three
(3) months starting with the commencement of employment the Company shall reimburse Executive for the cost of local extended stay hotel expenses and a per diem of $25.00 for meals. 
  

 5Termination Agreement

 Exhibit 10.24 
 EXECUTION COPY 
 TERMINATION AGREEMENT 
 This Termination Agreement (“Termination Agreement”) is made and dated as of November 19 2008 by and between AstraZeneca UK
Limited, a company incorporated under the laws of England and Wales with offices at 15 Stanhope Gate, London W1K 1LN, England (“AstraZeneca”), and Abraxis Bioscience, LLC (“Abraxis”), a Delaware limited liability
company with offices at 11755 Wilshire Boulevard, Suite 2000, Los Angeles, California 90025, U.S.A., as successor-in-interest to Abraxis BioScience, Inc. (“ABI”). Each of AstraZeneca and Abraxis is a “Party” to this
Termination Agreement. 
 BACKGROUND 
 AstraZeneca and Abraxis are parties to that certain Co-Promotion and Strategic Marketing Services Agreement, dated April 26, 2006 (the “Co-Promotion Agreement”). 
 Abraxis Bioscience, Inc. (formerly New Abraxis, Inc.) (“ABBI”) is the parent company and controlling member of Abraxis. 
 The Parties are entering into this Termination Agreement in order to terminate the Co-Promotion Agreement and to take certain other actions set forth
herein. 
 AGREEMENT 
 In consideration of
the mutual covenants and promises contained in this Termination Agreement, the Parties agree as follows: 
  

	1.	Definitions. 

 Capitalized terms not otherwise
defined in this Termination Agreement shall have the meaning given to them in the Co-Promotion Agreement. 
  

	2.	Termination. 

 Notwithstanding anything to the
contrary in Sections 21.1 and 21.2 of the Co-Promotion Agreement, the Co-Promotion Agreement shall be terminated effective on and as of the date, not sooner than January 1, 2009 and not later than January 5, 2009, on which AstraZeneca
shall have received written notice in the form attached hereto as Exhibit A (“Approval Notice”) stating that the Board of Directors of ABBI has voted to approve the termination of the Co-Promotion Agreement (the “Termination
Date”). From and after the Termination Date, except as specifically set forth herein, neither Party shall have any further rights, responsibilities, obligations or duties, financial or otherwise, under the Co-Promotion Agreement. In
furtherance of the foregoing, Abraxis agrees (i) to cause a meeting of the Board of Directors of ABBI to be convened no sooner than January 1, 2009 and no later than January 5, 2009 for the purpose of considering the termination of
the Co-Promotion Agreement as described in the first sentence of this Section 2 and (ii) that in the event the Board of Directors of ABBI shall have approved such termination of the Co-Promotion Agreement, then Abraxis shall promptly, and
in no event later than January 5, 2009 deliver the Approval Notice to AstraZeneca. In the event AstraZeneca does not receive the Approval Notice on or before January 5, 2009, the Co-Promotion Agreement shall not be terminated, and the
provisions of Sections 14 and 15(k) of this Termination Agreement shall apply. 
  

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	3.	Payments to AstraZeneca. 

  

	 	a)	Termination Fee. Abraxis shall pay to AstraZeneca a termination fee in the amount of Two Hundred Sixty-Eight Million United States Dollars (US$268,000,000) (the
“Termination Fee”) on or before March 31, 2009 no later than 1:30 PM New York time (but in no event earlier than the Termination Date) by wire transfer of immediately available funds pursuant to wiring instructions set forth on
Exhibit B attached hereto, which wiring instructions may be modified at any time by AstraZeneca upon forty-eight (48) hours prior written notice thereof to Abraxis. If Abraxis in good faith determines that it is required under U.S. tax rules
and regulations (and interpretations thereof) to withhold an amount from the Termination Fee for income or other taxes, then Abraxis shall withhold such required amount and provide AstraZeneca appropriate documentation to facilitate AstraZeneca
obtaining a full foreign or other tax credit for such withheld amount. 

  

	 	b)	Letters of Credit. To secure the obligation of Abraxis to pay the Termination Fee and the Final Compensation Payment, Abraxis shall provide to AstraZeneca on the date of this
Termination Agreement two (2) irrevocable standby letters of credit issued by JPMorgan Chase Bank, N.A., in the aggregate stated amount of US$286,000,000, as follows: (1) the first such letter of credit (the “Termination Fee
LOC”) shall be in the stated amount of US$268,000,000, shall be scheduled to expire on the close of business on April 7, 2009, shall provide for payment to AstraZeneca as beneficiary of the Termination Fee LOC of the sum of
US$268,000,000 at any time on or after 1:31 PM New York time on March 31, 2009 and shall be in the form attached to this Termination Agreement as Exhibit C; and (2) the second such letter of credit (the “Final Payment
LOC”) shall be in the stated amount of US$18,000,000, shall be scheduled to expire on the close of business on April 7, 2009, shall provide payment to AstraZeneca as beneficiary of the Final Payment LOC of the sum of US$18,000,000 at
any time on or after 1:31 PM New York time on March 31, 2009 and shall be in the form attached to this Termination Agreement as Exhibit D. The Termination Fee LOC and the Final Payment LOC are sometimes hereinafter referred to collectively as
the “Letters of Credit” or individually as a “Letter of Credit”. The delivery of the Letters of Credit to AstraZeneca shall not be deemed to satisfy or release the obligation of Abraxis to pay the Termination Fee or
Final Compensation Payment when due in accordance with the terms of this Termination Agreement. However, AstraZeneca agrees that the amount drawn by AstraZeneca under each of the Termination Fee LOC and the Final Payment LOC shall be applied to the
Termination Fee and the Final Compensation Payment, respectively. Abraxis shall pay all fees and expenses necessary to cause JPMorgan Chase Bank, N.A. to issue the Letters of Credit pursuant to the terms of this Termination Agreement. AstraZeneca
will surrender for cancellation the original Termination Fee LOC and the original Final Payment LOC to JPMorgan Chase Bank, N.A. promptly upon confirmation of receipt of payment in full by Abraxis of the Termination Fee and the Final Compensation
Payment, respectively. 

  

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	 	c)	Substitute Letters of Credit. Abraxis agrees that in the event the rating from Moody’s Investors Service (“Moody’s”) of the long-term debt
obligations of JPMorgan Chase Bank, N.A. shall fall from the Moody’s rating now in effect (Aaa) to a rating below Aa2, then and in such event Abraxis shall, upon AstraZeneca’s written request and at AstraZeneca’s sole expense, use its
commercially reasonable efforts to promptly obtain substitute irrevocable standby letters of credit to replace each of the Letters of Credit (each a “Substitute Letter of Credit” and collectively “Substitute Letters of
Credit”). Each Substitute Letter of Credit must (1) be an irrevocable standby letter of credit from a commercial banking institution reasonably satisfactory to AstraZeneca whose debt obligations have at least a rating of Aa2 from
Moody’s, (2) have a term that continues in effect until the close of business on April 7, 2009 and (3) be in the same stated amount and on terms no less favorable to AstraZeneca than the Letter of Credit being replaced. The
Letters of Credit being replaced shall in no event be terminated or released until the Substitute Letters of Credit, in form and substance reasonably satisfactory to AstraZeneca, have been delivered to AstraZeneca and are in full force and effect.

  

	 	d)	 Final Compensation Payment. Notwithstanding anything to the contrary herein or in the provisions of Section 9.2 of the Co-Promotion Agreement, the
Calendar Quarter ended December 31, 2008 shall, for purposes of computing AstraZeneca’s final Compensation payable under Section 9.2 of the Co-Promotion Agreement after the Termination Date (“Final Compensation
Payment”), be deemed the final Calendar Quarter of the Term (the “Final Calendar Quarter”), and after the Termination Date, Abraxis shall pay AstraZeneca final Compensation in the amount of twenty-two percent (22%) of
Net Sales of the Product in the Territory recognized by Abraxis during the Final Calendar Quarter, and such final Compensation shall be paid by Abraxis to AstraZeneca on or before March 31, 2009 no later than 1:30 PM New York time. The
provisions of Section 9.2 of the Co-Promotion Agreement providing for the payment of Compensation to AstraZeneca for the final Calendar Quarter of the Term based on Average Final Net Sales, payable sixty (60) days after the end of the
first Calendar Quarter beginning after the Term, is superceded by the provisions of this Section 3(d). In the event AstraZeneca draws upon the Final Payment LOC, and the amount so paid to AstraZeneca (1) is less than the actual amount of
the Final Compensation Payment as determined in accordance with this Section 3(d), then Abraxis shall promptly and in any event no later than April 1, 2009 pay to AstraZeneca the amount by which such Final Compensation Payment exceeds the
amount paid to AstraZeneca under the Final Payment LOC or (2) exceeds the actual amount of the Final Compensation Payment as determined in accordance with this Section 3(d), AstraZeneca shall promptly and in any event no later than
April 1, 2009 pay to Abraxis the amount by which the amount paid to AstraZeneca under the Final Payment LOC exceeds 

  

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the Final Compensation Payment. If Abraxis in good faith determines that it is required under U.S. tax rules and regulations (and interpretations thereof) to
withhold an amount from the Final Compensation Payment for income or other taxes, then Abraxis shall withhold such required amount and provide AstraZeneca appropriate documentation to facilitate AstraZeneca obtaining a full foreign or other tax
credit for such withheld amount. 

  

	4.	Representations and Warranties of AstraZeneca. 

 AstraZeneca represents and warrants to Abraxis as follows: 
  

	 	a)	AstraZeneca has the power and authority and the legal right to enter into this Termination Agreement; 

  

	 	b)	AstraZeneca has taken all necessary action on its part to authorize the execution and delivery of this Termination Agreement and the performance of its obligations hereunder; and

  

	 	c)	This Termination Agreement has been duly executed and delivered on behalf of AstraZeneca and constitutes a legal, valid, binding obligation, enforceable against AstraZeneca in
accordance with its terms. 

  

	5.	Representations and Warranties of Abraxis. 

 Abraxis
hereby represents and warrants to AstraZeneca as follows: 
  

	 	a)	Abraxis is the successor-in-interest to all or substantially all of the business of ABI relating to the Co-Promotion Agreement, and all of the rights and obligations of ABI under
the Co-Promotion Agreement have been validly assigned and delegated to Abraxis by ABI in compliance with the provisions of Section 28 of the Co-Promotion Agreement. Pursuant to the provisions of Section 28 of the Co-Promotion Agreement,
ABI has ceased to be a party to the Co-Promotion Agreement and has ceased to have any rights or obligations under the Co-Promotion Agreement. 

  

	 	b)	Abraxis has the power and authority and the legal right to enter into this Termination Agreement and to perform its obligations hereunder; 

  

	 	c)	Abraxis has taken all necessary action on its part to authorize the execution and delivery of this Termination Agreement and the performance of its obligations hereunder; and

  

	 	d)	This Termination Agreement has been duly executed and delivered on behalf of Abraxis and constitutes a legal, valid, binding obligation, enforceable against Abraxis in accordance
with its terms. 

  

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	6.	Notice of Waiver of Right to Receive Residual Compensation. 

 Notwithstanding anything to the contrary contained in the Co-Promotion Agreement, AstraZeneca hereby notifies Abraxis in accordance with Section 14.1.2 of the Co-Promotion Agreement that upon the Termination Date AstraZeneca hereby
elects to forgo, and surrenders, any rights it may have to receive Residual Compensation pursuant to Section 9.5 of the Co-Promotion Agreement. Abraxis hereby acknowledges receipt and sufficiency of such notice and hereby releases AstraZeneca
of any obligations under Sections 14.1.2, 14.1.4 and 14.1.5 of the Co-Promotion Agreement from and after the Termination Date. AstraZeneca hereby releases Abraxis of any obligations under Section 14.1.4 of the Co-Promotion Agreement from and
after the Termination Date. 
  

	7.	Surviving Provisions. 

 From and after the
Termination Date, Section 21.5 of the Co-Promotion Agreement, and all sections referred to therein, shall survive termination of the Co-Promotion Agreement; provided, however, that notwithstanding anything herein or in the Co-Promotion
Agreement to the contrary, Sections 9.5, 12.5.2, 14.1.2, 14.1.4 and 14.1.5 shall not survive termination of the Co-Promotion Agreement. 
  

	8.	AstraZeneca Release of Abraxis. 

 Effective on and
after the Termination Date, AstraZeneca hereby irrevocably waives, relinquishes and forever releases and discharges the following (collectively, the “Released AstraZeneca Claims”): any rights, suits, claims, actions, causes of
action, arbitrations, losses, costs, expenses, liabilities or damages of whatever kind or nature, whether now known or unknown, liquidated or unliquidated, matured or unmatured (collectively “Claims”) that AstraZeneca and any of its
past, present and future parents, stockholders, affiliates, subsidiaries, officers, directors, employees, agents, attorneys, successors and assigns (collectively, the “AstraZeneca Entities”), ever had, now has, or may have in the
future against Abraxis and any of its past, present and future parents, stockholders, affiliates, subsidiaries, officers, directors, employees, agents, attorneys, successors and assigns (collectively, the “Abraxis Entities”) arising from
or under or relating to the Co-Promotion Agreement, other than any Claims arising from or under (a) any of the surviving provisions of the Co-Promotion Agreement referred to in Section 7 hereof or (b) any breach by Abraxis of its
representations, warranties and covenants set forth in this Termination Agreement. 
  

	9.	Abraxis Release of AstraZeneca. 

 Effective on and
after the Termination Date, Abraxis hereby irrevocably waives, relinquishes and forever releases and discharges the following (collectively, the “Released Abraxis Claims”): any Claims that the Abraxis Entities ever had, now has, or
may have in the future against any of the AstraZeneca Entities arising from or under or relating to the Co-Promotion Agreement, other than any Claims arising from or under (a) any of the surviving provisions of the Co-Promotion Agreement
referred to in Section 7 hereof or (b) any breach by AstraZeneca of its representations, warranties and covenants set forth in this Termination Agreement. 
  

 5 

	10.	AstraZeneca Covenant Not to Sue. 

 Effective on and
after the Termination Date, AstraZeneca agrees that none of the AstraZeneca Entities will, either individually or in concert with another, maintain, cause to be maintained, or voluntarily assist in maintaining any demand, action, claim, lawsuit,
arbitration, or similar proceeding, in any capacity whatsoever, against any of the Abraxis Entities based upon any of the Released AstraZeneca Claims. 
  

	11.	Abraxis Covenant Not to Sue. 

 Effective on and
after the Termination Date, Abraxis agrees that none of the Abraxis Entities will, either individually or in concert with another, maintain, cause to be maintained, or voluntarily assist in maintaining any demand, action, claim, lawsuit,
arbitration, or similar proceeding, in any capacity whatsoever, against any of the AstraZeneca Entities based upon any of the Released Abraxis Claims. 
  

	12.	AstraZeneca Indemnification. 

 AstraZeneca agrees to
indemnify the Abraxis Entities against and shall hold each of them harmless from any and all damage, loss, liability, fines, penalties and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses in
connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the Parties) incurred or suffered by the Abraxis Entities arising out of any misrepresentation or breach of warranty or breach of covenant
or agreement (including, but not limited to, the covenant not to sue contained in Section 10 hereof) made or to be performed by AstraZeneca pursuant to this Termination Agreement. 
  

	13.	Abraxis Indemnification. 

 Abraxis agrees to
indemnify the AstraZeneca Entities against and shall hold each of them harmless from any and all damage, loss, liability, fines, penalties and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses
in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between the Parties) incurred or suffered by the AstraZeneca Entities arising out of any misrepresentation or breach of warranty or breach of
covenant or agreement (including, but not limited to, the covenant not to sue contained in Section 11 hereof) made or to be performed by Abraxis pursuant to this Termination Agreement. 
  

	14.	Amendment to Section 9.2 of the Co-Promotion Agreement. 

 In the event the Termination Date fails to occur on or before January 5, 2009, then and in such event the provisions of Section 9.2 of the Co-Promotion Agreement shall automatically be amended, effective
January 6, 2009, to change the Compensation of AstraZeneca for all purposes under the Co-Promotion Agreement from twenty-two percent (22%) of Net Sales of the Product in the Territory to fifty percent (50%) of Net Sales of the Product
in the Territory, and the Co-Promotion Agreement, as so amended, shall remain in full force and effect until terminated in accordance with the terms thereof. 
  

 6 

	15.	Miscellaneous. 

 a) No Modification. This
Termination Agreement may be changed, amended or modified only by a writing signed by the Parties. 
 b) Headings. The headings
contained in this Termination Agreement are for convenience of reference only and shall not be considered in construing this Termination Agreement. 
 c) Waiver. Any waiver by either Party of a breach or a default of any provisions of this Termination Agreement by the other Party shall not be effective unless in writing and shall not be construed as a waiver of any succeeding
breach of the same or any other provision, nor shall any delay or omission on the part of either Party to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any right, power, or
privilege by such Party. 
 d) Successors and Assigns. This Termination Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their successors and permitted assigns, and neither this Termination Agreement nor any of the rights, interests or obligations hereunder of the Parties hereto may be assigned or delegated by any of the Parties hereto without the
prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed. 
 e) Counterparts. This
Termination Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 f) Applicable Law. This Termination Agreement shall in all events and for all purposes be governed by, and construed in accordance with, the law of
The State of Delaware without regard to any choice of law principle that would dictate the application of the law of another jurisdiction. 
 g) Entire Agreement. This Termination Agreement constitutes the entire agreement of the Parties with respect to the subject matter of this Termination Agreement and shall supercede all prior discussions, negotiations, correspondence,
documents or agreements, whether written or oral, with respect to the subject matter of this Termination Agreement. 
 h) Jurisdiction;
Waiver of Jury Trial. The Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of state and federal courts located in the State of Delaware for any claim, action, suit or proceeding arising out of or relating to
this Termination Agreement, and agree not to commence any action, suit or proceeding related thereto except in such courts. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION,
SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS TERMINATION AGREEMENT. 
  

 7 

 i) Severability. To the fullest extent permitted by applicable law, the Parties waive any
provision of law that would render any provision in this Termination Agreement invalid, illegal or unenforceable in any respect. If any provision of this Termination Agreement is held to be invalid, illegal or unenforceable, in any respect, then
such provision will be given no effect by the Parties and shall not form part of this Termination Agreement. To the fullest extent permitted by applicable law and if the rights or obligations of any Party will not be materially and adversely
affected, all other provisions of this Termination Agreement shall remain in full force and effect and the Parties will use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable that is
consistent with applicable law and achieves, as nearly as possible, the original intention of the Parties. 
 j) Publicity. The Parties
agree that, except as otherwise required by applicable law as determined in good faith such Party in consultation with outside counsel, no press releases or other public announcements or disclosures regarding this Termination Agreement or any of the
terms and provisions hereof shall be issued or made by any Party until the Termination Date shall have occurred; provided, that prior to any such disclosures, the disclosing Party shall furnish the proposed disclosure in advance to the other Party
with reasonable opportunity for such receiving Party to seek a protective order or confidential treatment of such disclosure. 
 k) Failure
of Termination Date. In the event the Termination Date fails to occur on or before January 5, 2009, then and in such event this Termination Agreement shall automatically terminate and be of no further force and effect, except that
Section 14 of this Termination Agreement shall survive. 
 l) Notices Requirements. Any notice, request, demand, waiver, consent,
approval or other communication permitted or required under this Termination Agreement shall be in writing, shall refer specifically to this Termination Agreement and shall be deemed given only if delivered by hand or sent by facsimile transmission
(with transmission confirmed) or by internationally recognized overnight delivery service that maintains records of delivery, addressed to the Parties at their respective addresses specified below or to such other address as the Party to whom notice
is to be given may have provided to the other Party in accordance with this Section 15(l). Such Notice shall be deemed to have been given as of the date delivered by hand or transmitted by facsimile (with transmission confirmed) or on the
second Business Day (at the place of delivery) after deposit with an internationally recognized overnight delivery service. 
  

			
	 For Notices to:
	  	AstraZeneca UK Limited
	 Address:
	  	 15 Stanhope Gate
 London, England W1K
1LN

	 Facsimile:
	  	+44 207-304-5196
	 For the attention of:
	  	General Counsel
		
	 With a copy to:
	  	AstraZeneca Pharmaceuticals LP
	 Address:
	  	 1800 Concord Pike
 Wilmington, DE
19803

	 Facsimile:
	  	302-886-2459
	 For the attention of:
	  	General Counsel

  

 8 

			
	 With a copy to:
	  	V.P. Deal Management, North America
	 For Notices to:
	  	Abraxis Bioscience, LLC.
	 Address:
	  	 11755 Wilshire Boulevard, Suite 2000
 Los Angeles, CA
90025

	 Facsimile:
	  	310-998-8553
	 For the attention of:
	  	Chief Executive Officer
		
	 With a copy to:
	  	Abraxis Bioscience, LLC.
	 Address:
	  	 11755 Wilshire Boulevard, Suite 2000
 Los Angeles, CA
90025

	 Facsimile:
	  	310-998-8553
	 For the attention of:
	  	General Counsel

 [Signature page follows] 
  

 9 

 IN WITNESS WHEREOF, each of AstraZeneca and Abraxis has caused this Termination Agreement to be executed
and delivered by its duly authorized representative. 
  

			
	ASTRAZENECA UK LIMITED
		
	By:	 	/s/ GHR Musker
	Name: GHR Musker
	Title: Company Secretary
	
	ABRAXIS BIOSCIENCE, LLC
		
	By:	 	/s/ Bruce Wendel
	Name: Bruce Wendel
	Title: EVP, Corporate Operations & Development

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