Document:

EXHIBIT 4.5

April 8, 2003

Mr. Anthony Deasey
Executive Vice President
Finance and Administration
Chief Financial Officer
CELSION CORPORATION
10220-I Old Columbia Road
Columbia, MD 21046

Dear Tony:

         This letter will serve as an agreement between Celsion Corporation (the
"Company") and Strategic Growth International, Inc. ("SGI") pursuant to which
the Company will, on the terms and conditions set forth herein, retain SGI to
serve as an investor relations consultant for the Company and SGI will serve in
such capacity for the Company.

1.       DUTIES:
         -------

         (a) As an investor relations consultant, SGI will:

             (i) Consult with the management of the Company from time to time,
as members of such management reasonably shall request, on investor relations
aspects of shareholder communications, arrange and conduct meetings with members
of the professional investment community (including, without limitation,
securities analysts and the financial press) and investor groups, communicate
the Company's corporate message, as the same shall be approved in advance by the
Company, to such audiences as the Company shall direct, and enhance the
Company's relations with the professional investment community (including,
without limitation, securities analysts and the financial press).

             (ii) Assist the Company in developing and implementing a
comprehensive Investor Relations Program. The program will be designed to
achieve results-oriented goals and objectives.

             (iii) Provide professional staff services as may be reasonably
required to help the Company carry out its investor relations programs and
objectives under the direction and subject to ultimate control and approval by
the Company, including, without limitation, providing services with respect to
the following:

<PAGE>

                   (1)  Developing a coordinated package of financial public
                        relations materials, including PowerPoint, fact sheet,
                        press releases, corporate package, etc.;

                   (2)  Reviewing and advising on features and functionality of
                        the Company's website;

                   (3)  Immediately introducing the Company to investment
                        business firms with the goal of fulfilling the Company's
                        financial needs;

                   (4)  Assisting the Company in increasing the liquidity of the
                        Company's common stock, par value $0.01 per share
                        ("Common Stock"), with the goal of co-ordinating with
                        the Amex Specialist and introducing the Company to
                        professionals in the investment community;

                   (5)  Developing and encouraging institutional ownership in
                        the Common Stock;

                   (6)  Assisting in initiating research coverage from reputable
                        institutional sales boutiques and small cap research
                        analysts;

                   (7)  Creating financial media opportunities for the Company
                        as appropriate;

                   (8)  Obtaining invitations for the Company to, and
                        coordinating participation by the Company in, financial
                        industry conferences;

                   (9)  Coordinating all day-to-day investor relations
                        activities including, without limitation, press
                        releases, dissemination of information, earnings
                        conference calls, etc.; and

                   (10) Assisting the Company in creating, enhancing and
                        sustaining interest in the Common Stock in European
                        markets.

                                       2
<PAGE>

         (b) Anything to the contrary contained herein notwithstanding, SGI
shall not have the authority to obligate or commit the Company in any manner
whatsoever and shall not hold itself out as having any other relationship with
the Company other than as a consultant for the limited purposes set forth
herein.

         (c) SGI confirms that it and each of its officers, employees, agents
and affiliates will perform investor relations services as outlined above for
the Company which shall, at no time necessitate any such officer, employee,
agent or affiliate holding licenses and authorizations, including, without
limitation, licensure as a broker-dealer, finder, investment adviser or
otherwise, under and of the various state and federal securities or "blue sky"
laws.

2.       CONFIDENTIALITY; LIMITATION ON LIABILITY
         ----------------------------------------

         (a) Except as required by applicable law, SGI shall keep confidential
any and all material non-public information provided to it by or on behalf of
the Company, and shall not disclose such information to any third party, other
than such of its employees, affiliates, agents and advisors as SGI reasonably
determines to have a need to know in order to permit SGI to discharge its
obligations hereunder. Notwithstanding the expiration or termination of this
Agreement, SGI shall continue to keep confidential any and all material
non-public information or data about the Company that it learns during the
course of its engagement hereunder.

         (b) The Company shall indemnify and hold harmless SGI from and against
any and all losses, claims, damages, expenses or liabilities which SGI may
reasonably and actually incur and which are proximately related to the use, by
SGI, of information, representations, reports or data furnished by the Company
to the extent that such information, representations, reports or data is
furnished or prepared by the Company and its use is specifically approved by the
Company in advance of such use. Without limiting the generality of the
foregoing, the Company shall have no indemnification obligation, and SGI shall
have no right to indemnification, in the event of any losses, claims, damages,
expenses or liabilities incurred thereby and which are related to the selective
use of any upon information, representations, reports or data furnished or
prepared by the Company. SGI shall indemnify and hold harmless the Company from
and against all losses, claims, damages, expenses or liabilities which the
Company may reasonably and actually incur which are proximately related to use,
by SGI, of information, representation reports or data furnished or prepared by
the Company other than as expressly permitted by this Section 2(b).

                                       3
<PAGE>

3.       OUT-OF-POCKET-EXPENSES
         ----------------------

         The Company will reimburse SGI for all reasonable out-of-pocket
disbursements, including travel expenses, meals with the professional investment
community, graphic design and printing, postage and long distance telephones
calls, made in the performance of its duties under this Agreement; provided,
however, that, any expenditure in excess of $250 shall be subject to
reimbursement only if approved, in writing in advance, by the Company and
provided further that the Company shall be obligated to make reimbursement only
upon receipt of documentation reasonably acceptable to it evidencing the
expenses for which reimbursement is sought.

4.       RECORDS AND RECORDING-KEEPING
         -----------------------------

         SGI will maintain accurate and complete records of all (a) expenditures
made; (b) time expended; and (c) all activities undertaken and contacts made, on
behalf of the Company. Without limiting the generality of the foregoing or of
Section 3 hereof, the Company shall seek prior written authorization for any and
all projects and operating activities on behalf of the Company.

5.       COMPENSATION AND RELATED MATTERS
         --------------------------------

         (a) Subject to early termination of this Agreement pursuant to Section
7 and to the provisions of Section 8(b) hereof, commencing on April 8, 2003 (the
"Commencement Date") and continuing until October 8, 2004, the Company will pay
SGI a monthly retainer fee of $10,000.00 (the "Retainer Fee") for services under
this Agreement.

         (b) In addition, the Company shall grant SGI warrants (the "Warrants")
to purchase up to 850,000 shares of the Company Common Stock (the "Warrant
Shares") at an exercise price of $0.44 per share. Such Warrants to purchase
350,000 Warrant Shares (the "Commencement Warrants") shall fully vest on the
Commencement Date, and Warrants to purchase 250,000 Warrant Shares (the
"Follow-On Warrants") shall vest on each of the nine (9) month anniversary
(January 8, 2004) and the fifteen month (15) anniversary (July 8, 2004) of the
Commencement Date. Notwithstanding the foregoing and subject to Section 7 and
Section 8(b) hereof, (i) in the event that the Company shall issue notice of its
intent to terminate this Agreement pursuant to Section 7 hereof on or after
October 1, 2003 but no later than January 8, 2004, then the Follow-On Warrants
to purchase 500,000 Warrant Shares shall not vest and all such Follow-On
Warrants shall be null and void and the Company shall have no further obligation
with respect thereto and (ii) in the event that the Company shall issue notice
of its intent to terminate this

                                       4
<PAGE>

Agreement on or after January 8, 2004 but no later than July 8, 2004, then the
Follow-On Warrants to purchase 250,000 Warrant Shares that otherwise would vest
on the fifteen (15) month anniversary of the Commencement Date shall not vest
and such Follow-On Warrants shall be null and void and the Company shall have no
further obligation with respect thereto. All Warrants shall have a term of five
(5) years from the Commencement Date. The Warrants Shares shall be subject to
piggyback registration rights for a period of six (6) years from the
Commencement Date, which piggyback registration rights shall be on customary
terms and subject to customary conditions and limitations and such Warrant
Shares shall be transferable and assignable by SGI, provided that, prior to any
such assignment or transfer, and as a condition precedent thereto, SGI shall
provide to the Company an opinion of counsel reasonably acceptable to the
Company, which opinion shall be in form and substance reasonable acceptable to
the Company, to the effect that such assignment or transfer conforms to the
registration requirements of the Securities Act of 1933, as amended, and any
applicable state securities or "blue sky" laws or is being made pursuant to
valid exemptions therefrom. In the event of a stock dividend, stock split or
reverse stock split, the number of shares of Common Stock underlying the
Warrants shall be adjusted proportionately.

         (c) SGI will not, and will ensure that any permitted transferee of any
Warrants or Warrant Shares will not, during the term of this Agreement, or
within the thirty (30) day period prior to any exercise of a Warrant (whether or
not during the term of this Agreement), sell, offer to sell, solicit offers to
buy, dispose of, loan, pledge, or grant any right with respect to (such acts
being referred to collectively as a "Disposition") any Common Stock of the
Company, nor will SGI engage, or permit any permitted transferee to engage, in
any hedging or other transaction which is designed to or could reasonably be
expected to lead to or result in a Disposition of Common Stock of the Company by
the SGI, such permitted transferee or any other person or entity. Such
prohibited hedging or other transactions would include, without limitation,
effecting any short sale or having in effect any short position (whether or not
such sale or position is against the box and regardless of when such position
was entered into) or any purchase, sale or grant of any right (including without
limitation any put or call option) with respect to the Common Stock of the
Company or with respect to any security (other than a broad-based market basket
or index) that includes, relates to or derives any significant part of its value
from the Common Stock of the Company. Anything herein to the contrary
notwithstanding, any Disposition by SGI or any permitted transferee shall comply
in all respects with the requirements and limitations imposed by the Securities
Exchange Act of 1934, as amended and the rules and regulations promulgated
thereunder.

                                       5
<PAGE>

6.       TERMS OF PAYMENT
         ----------------

         SGI shall bill monthly, in advance, for the Retainer Fee due pursuant
to Section 4(a) hereof. Expenses, together with supporting documentation
therefor, shall be billed in the calendar month following the month in which
such expenses are incurred. Billed amounts shall be due within ten (10) days
following receipt of the invoice with respect thereto.

7.       TERM AND TERMINATION

         The term of this Agreement shall commence on the date hereof and shall
continue for a period of eighteen (18) months thereafter. Notwithstanding the
foregoing, from and after October 1, 2003, the Company has the right to
terminate this Agreement upon ninety (90) days prior written notice to SGI,
subject to the provisions of Section 5(b) hereof, concerning vesting and
cancellation of Follow-On Warrants.

8.       OTHER TERMS OF THE AGREEMENT
         ----------------------------

         (a) Any notice or other communication between parties hereto shall be
sufficiently given if delivered by hand, sent by certified or registered mail,
postage prepaid or by reputable overnight delivery service, or faxed and
confirmed, if to the Company, addressed to it at Celsion Corporation, 10220-I
Columbia Road, Columbia, MD 21046, or if to SGI, addressed to it at Strategic
Growth International, Inc. 150 East 52nd Street, 22nd Floor, New York, New York
10022. Such notice or other communication shall be deemed to be given, if
delivered by hand or sent by facsimile, on the day of such delivery or facsimile
transmission, if sent by overnight delivery service, on the business day next
succeeding the date of dispatch and, if sent by certified or registered mail, on
the fifth (5th) business day following the date of dispatch.

         (b) If SGI shall cease to do business, the provisions hereof relating
to duties thereof and compensation thereof by the Company shall thereupon cease
to be in effect, except for the Company's obligation of payment for services
rendered prior thereto. Without limiting the generality of the foregoing, upon
such a cessation of business, any Warrants not yet vested shall be null and void
and the Company shall have no further obligation with respect thereto.

         (c) This Agreement and the rights of either party hereunder may not be
assigned, including without limitation assignments by operation of law or
otherwise, without the written consent of the other party and shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
permitted assigns.

                                       6
<PAGE>

         (d) This Agreement shall be construed and interpreted in accordance
with the laws of the State of Maryland, without giving effect to principles of
conflicts of laws thereof.

         (e) Nothing contained in this Agreement shall be construed to
constitute or render SGI as a partner, employee or agent of the Company, it
being intended that SGI is, and shall remain, an independent contractor.

         (f) This Agreement and the rights hereunder may not be assigned by
either party (except by operation of law) and shall be binding upon and inure to
the benefit of the parties and their respective successors, assigns and legal
representatives.

         (g) In the event that any one or more of the provisions contained in
this Agreement, or the application thereof to any person(s) or in any
circumstance(s), shall, for any reason, be found by a court of competent
jurisdiction to be invalid, illegal or unenforceable, such court shall have the
power, and hereby is directed, to substitute for or limit such provision(s) in
order as closely as possible to effectuate the original intent of the parties
with respect to such invalid, illegal or unenforceable provision(s) and to
enforce such substituted provision(s) or, if such substitution or limitation is
not possible, to deem such provision(s) to be deleted from this Agreement as if
never included herein. Subject to the foregoing, the invalidity, illegality or
unenforceability of any one or more of the provisions contained herein shall not
affect the validity of any other provision of this Agreement.

         (h) None of the terms of this Agreement shall be deemed to be waived or
modified except by an express agreement in writing signed by each of the parties
hereto. The failure of either party at any time to require performance by the
other party of any provision hereof shall, in no way, affect the full right to
require such performance at any time thereafter and the waiver by either party
of a breach of any provision hereof shall not be deemed or to be a waiver of any
succeeding breach of such provision or as a waiver of the provision itself.

         (i) As the context requires, any word used herein in the singular shall
extend to and include the plural, any word used herein in the plural shall
extend to and include the singular, and any word used in either gender or in the
neuter shall extend to and include the other gender or be neutral.

                                       7
<PAGE>

         (j) The headings contained in this Agreement are for convenience of
reference of the parties only, shall not be deemed to be a part of this
Agreement and shall not be referred to in connection with the construction or
interpretation of this Agreement.

         (k) This Agreement may be executed in counterparts, each of which when
executed and delivered shall be deemed to be an original and all of which
counterparts taken together shall constitute but one and the same instrument.
This Agreement shall become binding when one or more counterparts taken together
shall have been executed and delivered (which deliveries may be by facsimile) by
all of the parties.

         (l) This Agreement embodies the entire agreement and understanding
between the Company and SGI with respect to the subject matter hereof and
supersedes any and all negotiations, prior discussions and preliminary and prior
agreements and understandings related to such subject matter.

                                    * * * * *

                                       8
<PAGE>

         Please confirm agreement to the above by endorsing all three (3) copies
and returning two (2) copies to SGI.

AGREED TO AND ACCEPTED BY:

ATTEST:                                         STRATEGIC GROWTH INTERNATIONAL,

                                                By: /s/ Richard C. Cooper
------------------------------------               --------------------------
                  [SEAL]                        Print Name: Richard C. Cooper
                                                            -----------------
                                                Title: Chairman
                                                       ----------------------

ATTEST:                                         CELSION CORPORATION

                                                By: /s/Anthony P. Deasey
-------------------------------------              ----------------------------
                   [SEAL]                       Print Name: Anthony P. Deasey
                                                            -------------------
                                                Title: Executive Vice President
                                                       ------------------------

                                       9EXHIBIT 4.6

                        GOLDPAC INVESTMENT PARTNERS LTD.

June 1, 2003

Celsion Corporation
102201 Old Columbia Road
Columbia MD USA 210411

Attention:     Dr. Augustine Y.  Cheung
                   President and Chief Executive Officer

         RE:   CELSION CORPORATION--INTRODUCTION OF
               STRATEGIC CANADIAN AND HONG KONG INVESTORS

Dear Sir:

We refer to the various discussions with you recently and propose to act as an
advisor to Celsion Corporation (the "COMPANY") in respect of the introduction of
strategic investors in Canada and Hong Kong (the "ENGAGEMENT") on the terms and
conditions set forth in this letter agreement (this "AGREEMENT").

1. BACKGROUND INFORMATION

        Based on our various discussions, we understand the following:

           (A)    The Company is a research and development company dedicated to
                  commercializing medical treatment systems, for cancer and
                  other diseases using focused heat technology delivered by
                  patented microwave technology,

           (B)    The Company currently is seeking US$6-US$9 million through one
                  or more private placements either within the United States or
                  abroad to fund its further development and the
                  commercialization of certain of its products (collectively,
                  the "FINANCING").

           (C)    The Company has retained Sterling Financial Investment Group,
                  Inc. ("STERLING") to serve as placement agent with respect to
                  effecting the Financing with investors within the United
                  States and, in consultation with STERLING, has developed a
                  package of information to be utilized in connection with the
                  Financing (the "PRIVATE PLACEMENT PACKAGE").

2. SCOPE OF SERVICES

        Goldpac Investment Partners Ltd., a British Virgin Islands corporation
("GOLDPAC") shall act as an advisor to the Company with respect to potential
participation in the Financing by one or more investors in Canada and/or Hong
Kong. In its role as advisor, Goldpac will, at the request and subject to the
control of the Company, identify, on a "best efforts" basis, investors who are
residents of Canada and/or Hong Kong (or otherwise are non-resident aliens in
the United States) willing to make an aggregate investment of up to US$3.0
million pursuant to the Financing and facilitate meetings between such potential
investors and Company representatives. In addition, to the extent that the
Company deems necessary and appropriate and so directs Goldpac, Goldpac will
arrange road shows in Hong Kong and/or Canada for such potential investors. All
activities of Goldpac will be conducted outside of the United States and all
investors

<PAGE>

identified or contacted by Goldpac will be either individuals who are neither
U.S. citizens, nor resident aliens of the U.S. or who are foreign (non-U.S.)
corporations or other entities not engaged in any U.S. trade or business
("PERMITTED INVESTORS"). Anything to the contrary contained herein
notwithstanding, Celsion shall have the right, in its sole and absolute
discretion, to reject any proposed investment from any Permitted Investor for
any reason or for no reason.

3.      FEE STRUCTURE

        As compensation for its services hereunder, Celsion shall compensate
Goldpac as follows:

           (A) The Company shall pay to Goldpac a Success Fee, in U.S.
               dollars, in an amount equal to seven and one half percent (7.5%)
               of the purchase price of any securities of Celsion purchased by
               Permitted Investors introduced to the Company by Goldpac.

           (B) The Company will grant to Goldpac common stock purchase
               warrants ("WARRANTS"), exercisable for a period of five (5) years
               from the date of the final closing of the Financing, at an
               exercise price equal to the price per common share paid by the
               Permitted Investors. Goldpac shall be entitled to receive
               Warrants to purchase nine (9) shares of the Company's Common
               Stock, par value $0.01 per share, for each 100 shares acquired in
               the Financing by each Permitted Investor introduced to the
               Company by Goldpac pursuant hereto. Additionally, Goldpac shall
               be entitled to receive Warrants to purchase nine (9) shares of
               the Company's Common Stock, par value $0.01 per share, for each
               warrant to purchase100 shares acquired by each Permitted Investor
               introduced to the Company by Goldpac pursuant hereto.

4.       TERM AND TERMINATION OF ENGAGEMENT

           (A) Subject to Section 4(B) below, the Engagement will be for a
               period of three (3) months commencing with the date of this
               Agreement and will be subject to extension or renewal upon mutual
               agreement by the parties.

           (B) The Engagement may be terminated by the Company or by Goldpac
               at any time, for any reason, upon written notice to that effect
               to Goldpac or the Company, as the case may be; provided, however,
               that Sections 3(A), 3(B), 7, 8 and 9 under this Agreement shall
               survive any such termination and shall remain in full force and
               effect.

5.        RESPONSIBILITIES OF THE COMPANY

        In agreeing to the terms of this letter, the Company undertakes to:

           (A) Bear and pay all of its own professional fees and
               out-of-pocket expenses, such as the fees of legal and other
               financial advisors and the expenses such as printing,
               translation, photocopying and issuance of press releases, if any;

           (B) Provide Goldpac with, and allow Goldpac to disclose to
               potential Permitted Investors, the same information that the
               Company makes available to Sterling, including, without
               limitation, such number of copies of the Private Placement
               Package prepared in connection with the Financing as Goldpac
               reasonably may request; and

           (C) Accept full responsibility for the accuracy of all information
               and facts provided by the Company to Goldpac pursuant to clause
               (B) above, and promptly notify Goldpac of any of any  material

<PAGE>

               events or developments relating to the Company's financial
               condition, business operation or prospects that have not been
               previously disclosed to Goldpac.

6.         REPRESENTATIONS AND WARRANTIES

           (A) The Company hereby represents and warrants to Goldpac that, as of
               the date hereof:

                  (1)      The Company is a corporation duly organized, validly
                           existing and in good standing under the laws of the
                           State of Delaware. The Company has all necessary
                           corporate power and authority to own its assets and
                           to carry on its business as now being conducted and
                           presently proposed to be conducted. The Company is
                           duly qualified to do business as a foreign
                           corporation and is in good standing in each
                           jurisdiction in which its ownership or leasing of
                           assets, or the conduct of its business, makes such
                           qualification necessary, except where the failure to
                           be so qualified or in good standing would not have a
                           material adverse effect on the Company.

                  (2)      The Company has all necessary corporate power and
                           authority to execute, deliver and carry out the terms
                           of this Agreement. All corporate action on the part
                           of the Company required for the lawful execution and
                           delivery of this Agreement has been taken. Upon
                           execution and delivery, this Agreement constitutes a
                           valid and binding obligation of the Company,
                           enforceable in accordance with its terms, except as
                           enforcement may be limited by insolvency and similar
                           laws affecting the enforcement of creditors' rights
                           generally and equitable; remedies, and except as the
                           indemnity Provisions or Section 7 this Agreement may
                           be limited by law.

<PAGE>

                  (3)      Neither the execution and delivery of, nor the
                           consummation by the Company of any transaction or
                           execution of any instrument contemplated by, this
                           Agreement has constituted or resulted in, or will
                           constitute or result in, a material default under or
                           breach or violation of any term or provision of the
                           Company's Bylaws, Certificate of Incorporation or of
                           any material contracts with third parties.

           (B) Goldpac hereby represents and warrants to the Company that, as of
               the date hereof:

                  (1)      Goldpac is a corporation duly organized, validly
                           existing and in good standing under the laws of the
                           British Virgin Islands. Goldpac has all necessary
                           corporate power and authority to own its assets and
                           to carry on its business as now being conducted and
                           presently proposed to be conducted. Goldpac is duly
                           qualified to do business as a foreign corporation and
                           is in good standing in each jurisdiction in which its
                           ownership or leasing of assets, or the conduct of its
                           business, makes such qualification necessary, except
                           where the failure to be so qualified or in good
                           standing would not have a material adverse effect on
                           Goldpac.

                  (2)      Goldpac has all necessary corporate power and
                           authority to execute, deliver and carry out the terms
                           of this Agreement. All corporate action on the part
                           of Goldpac required for the lawful execution and
                           delivery of this Agreement has been taken. Upon
                           execution and delivery, this Agreement constitutes a
                           valid and binding obligation of Goldpac, enforceable
                           in accordance with its terms, except as enforcement
                           may be limited by insolvency and similar laws
                           affecting the enforcement of creditors' rights
                           generally and equitable remedies, and except as the
                           indemnity provisions of Section 7 of this Agreement
                           may be limited by law.

<PAGE>

                  (3)      Neither the execution and delivery of, nor the
                           consummation by Goldpac of any transaction or
                           execution of any instrument contemplated by, this
                           Agreement, has constituted or resulted in, or will
                           constitute or result in, a material default under or
                           breach or violation of any term or provision of
                           Goldpac's Bylaws, Certificate of Incorporation, other
                           constitutive documents, or material contracts with
                           third parties, or of the laws of the United States or
                           any jurisdiction thereof or of any non-U.S.,
                           jurisdiction or any rules or regulations thereunder.
                           Without limiting the generality of the foregoing,
                           Goldpac acknowledges and agrees that it is
                           responsible for compliance with all securities laws,
                           rules and regulations applicable to it or to the
                           Company or to the Company's securities by virtue of
                           the Financing, this Agreement or any agreement with
                           Permitted Investors entered into pursuant to or in
                           connection with this Agreement and Goldpac's
                           activities pursuant hereto and to the Engagement,
                           such rules and regulations to include, without
                           limitation any registration requirements applicable
                           to brokers, dealers, finders, issuer's agents or
                           others acting in a similar capacity.

7. INDEMNIFICATION AND CONTRIBUTION

                (A) The Company will indemnify Goldpac and its officers,
                    directors, employees, authorized agents and representatives
                    (collectively, "Goldpac Representatives") against all
                    claims, damages, liability and litigation expenses
                    (including Goldpac's reasonable attorney fees and expenses)
                    arising out of the Company's activities hereunder, except as
                    provided in Section 7(B) below and to the extent that any
                    claims, damages, liability or expenses are found in a final
                    judgment by a court of competent jurisdiction to have
                    resulted from Goldpac's misconduct or negligence in
                    performing the services described above. The indemnity
                    provisions contained in this Section 7(A) will remain in
                    full force and effect regardless of any termination of this
                    Agreement or the Engagement.

                (B) Goldpac will indemnify the Company and its officers,
                    directors, employees, authorized agents and representatives
                    (collectively, "Company Representatives") against all
                    claims, damages, liability rind litigation expenses
                    (including the Company's reasonable attorney fees and
                    expenses) arising out of Goldpac's activities hereunder
                    including, without limitation, (i) any untrue statement or
                    alleged untrue statement of a material fact, made either
                    orally or in writing or any omission or alleged omission to
                    state a material fact by Goldpac or any Goldpac
                    Representative in connection with this Agreement or the
                    Engagement, (ii) the failure of Goldpac to comply with any
                    laws of any jurisdiction applicable to it by virtue of its
                    activities pursuant this Agreement or the Engagement or
                    otherwise as contemplated by Section 6(B)(3) hereof, or
                    (iii) any violation of any securities laws, rules and
                    regulations applicable to Goldpac, to the Company or to the
                    Company's securities by virtue of this Agreement or any
                    agreement with any Permitted Investor entered into pursuant
                    to or in connection with this Agreement. The indemnity
                    provisions contained in this Section 7(B) will remain in
                    full force and effect regardless of any termination of this
                    Agreement or the Engagement.

                (C) If for any reason the foregoing indemnity is unavailable
                    to Goldpac and the Goldpac Representatives on the one hand,
                    or to the Company and the Company Representatives on the
                    other (each, an "Indemnified Person") or is insufficient to
                    hold the Indemnified Person harmless, then the party
                    required to provide indemnification hereunder (the
                    "Indemnifying Person") shall contribute to the amount paid
                    or payable to the Indemnified Person as a result of such
                    claims, liability, loss or damage in such proportion as is
                    appropriate to reflect not only the relative benefits
                    received by the Indemnifying Person on the

<PAGE>

                    one hand and the Indemnified Person on the other, but also
                    the relative fault of the Indemnifying Person on the one
                    hand, and Indemnified Person on the other, that result in
                    such losses, claims, damages or liability, as well as any
                    relevant suitable considerations. The contribution
                    provisions contained in this Section shall remain in full
                    force and effect regardless of the termination of this
                    Agreement or the Engagement.

8.      CONFIDENTIALITY

        All information and documents received by Goldpac or Goldpac
Representatives shall be used by Goldpac solely for the purposes described in
this Agreement and in furtherance of the Engagement shall be held in the
strictest confidence, except for such information and documents that are
available to the general public through no act or omission of Goldpac or the
Goldpac Representatives or are required to be disclosed by applicable law. With
respect to disclosures required by law, prior to making any such disclosure
Goldpac will provide the Company with a written opinion of Goldpac's counsel to
the effect that such disclosure is required and will use its best efforts to
provide the Company with sufficient time to seek a protective order or otherwise
preserve the confidentiality of the subject information. In all events, Goldpac
shall disclose only such information as its counsel advises it, in a written
opinion, is legally required to be disclosed. If the Engagement is terminated,
Goldpac, upon written request of the Company, shall return to the Company all
documents concerning the Company received by Goldpac or the Goldpac
Representatives or developed or created by Goldpac or the Goldpac
Representatives on the basis of or containing information obtained from the
Company, except for documents that are or solely contain information then
available to the general public through no act of Goldpac or the Goldpac
Representatives.

9.            GENERAL

            A) This Agreement shall be governed by the laws of the State of
               Maryland governing contracts made and to be performed in such
               state without giving effect to the principles of conflicts of
               law.

            B) This Agreement shall be assignable by either party only upon
               the prior written consent of the other party. Subject to the
               foregoing, this Agreement shall be binding upon, and shall inure
               to the benefit of, the parties hereto and their respective
               representatives and permitted successors and assignees.

           (C) In the event that any one or more of the provisions contained
               in this Agreement, or the application thereof to any person(s) or
               under any circumstance(s), shall, for any reason, be found by a
               regulatory body or court of competent jurisdiction to be invalid,
               illegal or unenforceable, such regulatory body or court shall
               have the power, and hereby is directed, to substitute for or
               limit such provision(s) in order as closely as possible to
               effectuate the original intent of the parties with respect to
               such invalid, illegal or unenforceable provision(s) and this
               Agreement generally and to so enforce such substituted
               provision(s). Subject to the foregoing, the invalidity,
               illegality or unenforceability of any one or more of the
               provisions contained herein shall not affect the validity of any
               other provision of this Agreement.

           (D) This Agreement represents the entire understanding of the
               parties pertaining to the subject matter hereof and supersedes
               any and all prior agreements, understandings, negotiations and
               discussions, whether written or oral, between the parties with
               respect to such subject matter.

           (E) No amendment, supplement, modification, waiver, termination,
               rescission, discharge or cancellation of this Agreement or any
               provision hereof shall be binding unless in writing and executed
               by each of the parties hereto. No waiver of any provision hereof
               or any default hereunder shall be deemed to be, or shall
               constitute, a waiver of any other such provision or default
               (whether or not similar) and no such. waiver shall constitute a
               continuing waiver unless expressly so provided.

<PAGE>

           (F) Captions to and headings of the various provisions hereof are
               solely .for the convenience of the parties, are not a part of
               this agreement, and shall not be used for the interpretation of
               or determination of the validity of this Agreement or any term or
               provision hereof.

           (G) Notices or other communications required or contemplated
               hereby or in connection herewith shall be deemed adequately given
               if in writing and delivered in person or by recognized
               international courier for first possible delivery or facsimile
               transmission (in the case of courier, notice to be deemed
               received on the date following the date of delivery contracted
               for and in the case of facsimile transmission on the date
               following confirmation of successful transmission) or mailed by
               certified mail, postage prepaid and return receipt requested
               (such notice to be deemed received on the earlier of the date of
               actual receipt or the fifth (5th) business day following
               dispatch) as follows:

                     CELSION CORPORATION

                     Celsion Corporation
                     102201 Old Columbia Road
                     Columbia, MD USA 21046
                     Attention: Chief Financial Officer
                     Facsimile No.  (410) 290-5394

                     GOLDPAC:

                     Goldpac Investment Partners Ltd.
                     Suite 630, 1090 West Pender Street
                     Vancouver, B.C. V6E 2N7 Canada
                     Attention: Mr. Joseph Tai
                     Facsimile No. 604 488 0868

               or any other addresses of which either party shall notify the
               other party in writing in accordance with the terms hereof.

           (H) As the context requires, any term used herein in the singular
               shall extend to and include the plural, any term used in the
               plural shall extend to and include the singular and any term used
               in either gender or the neuter shall extend to and include each
               gender or be neutral.

           (I) This Agreement may be executed in counterparts, each of which
               when so executed and delivered shall constitute an original, but
               all of such counterparts taken together shall constitute one and
               the same instrument.

        We very much look forward to being of service to you and should be
grateful if you could signify your agreement and acceptance of the above terms
of Engagement by signing and returning the enclosed copy of this letter to us.
Should you have any queries or require any further explanation, please do not
hesitate to contact the undersigned at 604-483-8878.

Yours faithfully,

<PAGE>

Yours faithfully                                     Agreed and accepted by:
For and on behalf of                                 For and on behalf of
Goldpac Investment Partners Ltd.                     Celsion Corporation

/s/ Joe Tai                                          /s/ Anthony P. Deasey
--------------------------------------------         ---------------------
Signature                                            Signature

Joe Tai                                              Anthony P. Deasey
--------------------------------------------         ------------------
Print Name                                           Print Name

President                                            Executive Vice President
Title                                                Title

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