Document:

Exhibit 4.2

 

 

THIS WARRANT
AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED, OR BE THE SUBJECT
OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS
WARRANT OR SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF COMMENCEMENT
OF SALES OF THE OFFERING, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

CELATOR PHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No. ____	Original Issue Date: October __, 2014

 

CELATOR PHARMACEUTICALS,
INC., a Delaware corporation (the “Company”), hereby certifies that, for value received, _________________ or
its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of _____________
shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $3.58 (as adjusted
from time to time as provided in Section 9 herein, the “Exercise Price”), at any time and from time to time on or after
the Original Issue Date and through and including 5:00 P.M., New York City time, on the fifth anniversary of the Original Issue
Date (the “Expiration Date”), subject to the following terms and conditions:

 

This Warrant (this “Warrant”)
is one of a series of similar warrants issued to the underwriters in connection with the closing of the issuance and sale of Common
Stock and warrants to purchase Common Stock (the “Offering”) pursuant to that certain underwriting agreement dated
as of October __, 2014 between the Company and Roth Capital Partners, LLC and National Securities Corporation, as the underwriters
(the “Underwriting Agreement”). All such warrants are referred to herein, collectively, as the “Warrants.”

 

1.           Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms shall have the following meanings:

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

 

“Person” means an individual,
a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other
entity and a government or any department or agency thereof.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

 

    	 

    	 

    

  

2.           Registration
of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the case
may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company may deem
and treat the registered Holder as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

3.           Transfers.
The registered Holder of this Warrant agrees by his, her or its acceptance hereof, that neither this Warrant nor any
Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this
Warrant or any Warrant Shares by any Person for a period of one hundred and eighty (180) days immediately following the date of
commencement of sales of the Offering, except as provided for in FINRA Rule 5110(g)(2). On or after the one hundred and eighty
(180) day anniversary of the date of commencement of sales of the Offering, transfers of this Warrant may be made, subject to
the restrictions on transfer set forth in this Warrant and compliance with all applicable securities laws and the Company shall
register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the
Form of Assignment (an “Assignment”) attached as Exhibit A hereto duly completed and signed, to the Company
at its address specified in Section 13. No ink original of any Assignment shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Assignment be required. Upon any such registration or transfer, a new warrant
to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing
the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion
of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the
transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a Holder of a Warrant.

 

4.           Exercise
and Duration of Warrant. 

 

(a)          All
or any part of this Warrant shall be exercisable, in whole or in part, by the registered Holder at any time and from time to time
on or after the Original Issue Date and through and including 5:00 p.m., New York City time, on the Expiration Date. At 5:00 p.m.,
New York City time, on the Expiration Date, this Warrant shall be terminated and no longer outstanding; provided, however that,
notwithstanding the foregoing, without any further action by or on behalf of the Holder, this Warrant shall automatically be deemed
to be exercised in full pursuant to the net exercise provisions of Section 10 effective immediately prior to such termination.

 

(b)          The
Holder may exercise this Warrant, not later than 5:00 p.m., New York City time, on any Business Day following the Original Issue
Date and prior to the Expiration Date, by delivering to the Company (i) an exercise notice, in the form attached as Exhibit
B hereto (the “Exercise Notice”), appropriately completed and duly signed and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10),
and the date such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise
Date.” If the Exercise Notice is received by the Company after 5:00 p.m., New York City time, on the specified Exercise Date,
this Warrant will be deemed to be received and exercised on the Trading Day next succeeding the Exercise Date. The Holder shall
not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise
Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to
purchase the remaining number of Warrant Shares. No ink original of any Exercise Notice shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Exercise Notice be required.

 

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5.           Delivery
of Warrant Shares. 

 

(a)          Upon
exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days (as defined below) after the
Exercise Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name
or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends,
unless the Warrant Shares are not freely transferable under FINRA Rule 5110(g)(1). The Holder, or any Person permissibly so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date. If the Warrant Shares are to be issued free of all restrictive legends, in lieu of delivering physical certificates representing
the Warrant Shares issuable upon exercise, provided the Company’s transfer agent is participating in The Depository Trust
Company’s Fast Automated Securities Transfer program, upon the written request of the Holder, the Company shall use its commercially
reasonable efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through The Depository Trust Company
or another established clearing corporation performing similar functions, if available. “Trading Day” means any day
on which the Common Stock are traded on the NASDAQ Stock Market, or, if the NASDAQ Stock Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock are then traded;
provided that “Trading Day” shall not include any day on which the Common Stock are scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

(b)          If
by the close of the third Trading Day after delivery of a properly completed Exercise Notice (and any other documents required
pursuant to Section 5(a)), the Company fails to deliver to the Holder the required number of Warrant Shares in the manner required
pursuant to Section 5(a), and if on or after the Trading Day immediately following such third Trading Day and prior to the receipt
of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall, within three Trading Days after the Holder’s request and in the Holder’s sole discretion, either
(i) pay in cash to the Holder an amount equal to the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to
deliver such certificate (and to issue such Warrant Shares) shall terminate or (ii) promptly honor its obligation to deliver to
the Holder Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product
of (A) such number of Warrant Shares, times (B) the Closing Sales Price (as defined below) on the date of receipt of a properly
completed Exercise Notice.

 

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(c)          To
the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof
are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any
setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person
of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective
of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of Warrant Shares. Nothing herein shall limit the Holder’s right to pursue any other remedies available to the Holder hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

 

6.           Charges,
Taxes and Expenses.  Issuance
and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder
for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay
any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or
Warrants in a name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.           Replacement
of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction (in such case) and, in each case, a customary and reasonable indemnity (which shall not include a surety bond),
if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and
procedures. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated
Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.           Reservation
of Warrant Shares.  The Company covenants that it will reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, one hundred percent (100%) of the number
of Warrant Shares that are issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any
other contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section
9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable
Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The
Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation
system upon which the Common Stock may be listed.

 

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9.           Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise
of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding,
(i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares, or (iii) combines
its outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied
by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event
and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this Section
9(a) shall become effective immediately after the effective date of such subdivision or combination.

 

(b)          Pro
Rata Distributions.  If the Company, at any time while this Warrant is outstanding,
distributes to all holders of Common Stock (i) evidences of its indebtedness, (ii) any security (other than a distribution of
Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv)
any other asset (in each case, “Distributed Property”), then, upon any exercise of this Warrant that occurs after
the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be entitled to
receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that
such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder
of such Warrant Shares immediately prior to such record date.

 

(c)          Fundamental
Transactions.  If, at any time while this Warrant is outstanding (i) the Company effects
any merger or consolidation of the Company with or into another Person, in which the Company is not the survivor and the stockholders
of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least fifty percent (50%)
of the voting securities of the surviving entity, (ii) the Company effects any sale of all or substantially all of its assets
or at least a majority of its Common Stock is acquired by a third party, in each case, in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially
all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or
(iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 9(a)) (in any such case, a “Fundamental Transaction”),
then the Holder shall thereafter receive, upon exercise of this Warrant, in lieu of any Warrant Shares, the same amount and kind
of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction
if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon
exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”).
The Company shall not affect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof,
any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with
the foregoing provisions, the Holder may be entitled to purchase and/or receive (as the case may be), and the other obligations
under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous to a Fundamental
Transaction.

 

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(d)          Number
of Warrant Shares.  Simultaneously with any adjustment to the Exercise
Price pursuant to paragraph (a) and (e) of this Section, the number of Warrant Shares that may be purchased upon exercise of this
Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder
for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately
prior to such adjustment.

 

(e)          Calculations.
 All calculations under this Section 9 shall be made to the nearest cent
or the nearest share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the sale or issuance of any such shares shall be considered an issue or
sale of Common Stock.

 

(f)          Notice
of Adjustments.  Upon the occurrence of each adjustment pursuant to this
Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith,
in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant
(as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment
is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s
transfer agent.

 

(g)          Notice
of Corporate Events.  If, while this Warrant is outstanding, the Company
(i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including,
without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction
or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice
and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder
a notice describing the material terms and conditions of such transaction at least five Trading Days prior to the applicable record
or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction,
and the Company will take all steps reasonably necessary in order to ensure that the Holder is given the practical opportunity
to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however,
that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to
be described in such notice.

 

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10.          Payment
of Exercise Price.  The Holder shall pay the Exercise Price in immediately available
funds; provided, however, that the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through
a “cashless exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the
Holder.

 

Y = the total number of Warrant Shares with respect
to which this Warrant is being exercised in accordance with the terms of this Warrant if such exercise were by means of a cash
exercise rather than a cashless exercise.

 

A = the average of the Closing Sale Prices of the shares
of Common Stock (as reported by Bloomberg Financial Markets) for the five Trading Days ending on the date immediately preceding
the Exercise Date.

 

B = the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing
Sale Price” means, for any security as of any date, the last trade price for such security on the principal trading market
of the security, as reported by Bloomberg Financial Markets, or, if the principal trading market of the security begins to operate
on an extended hours basis and does not designate the last trade price then the last trade price of such security prior to 4:00
p.m., New York City Time, as reported by Bloomberg, Financial Markets, or if the foregoing do not apply, the last trade price of
such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial
Markets, or, if no closing bid price is reported for such security by Bloomberg Financial Markets, the average of the bid prices
and asked prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale
Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder in good
faith. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Company shall, within
two business days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment
bank selected by the Company and approved by the Holder (which approval shall not be unreasonably withheld, conditioned or delayed)
or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside accountant. The Company
shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations
and notify the Company and the Holder of the results no later than ten business days from the time it receives the disputed determinations
or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be
binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during the applicable calculation period.

 

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11.          Beneficial
Ownership.  The Company shall not effect the exercise of this Warrant, and the
Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Person
(together with such Person’s affiliates) would beneficially own in excess of 19.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock which would be issuable upon (a) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by such Person and its affiliates and (b) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such Person and its affiliates (including, without limitation,
any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in the most recent of (i) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Securities and Exchange Commission, as the case may be, (ii) a more recent public announcement by the Company or (iii)
any other notice by the Company or the transfer agent setting forth the number of shares of Common Stock outstanding. For any
reason at any time, upon the written or oral request of the Holder, the Company shall within two business days confirm to the
Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. For purposes of
this Warrant, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

12.          No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any
exercise of this Warrant. In lieu of any fractional shares which would, otherwise be issuable, the number of Warrant Shares to
be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based
on the Closing Sale Price) for any such fractional shares.

 

13.          Notices.
 All notices, requests, consents and other communications under this Warrant shall be
in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service:
(i) if to the registered Holder of this Warrant, to the address of such Holder as shown on the Warrant Register, or (ii) if to
the Company to the following address or to such other address as the Company may designate by notice to the Holder(s):

 

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Celator Pharmaceuticals, Inc.

200 PrincetonSouth Corporate Center

Suite 180

Ewing, New Jersey 08628

 

With a copy (which shall not constitute notice)
to:

 

Duane Morris LLP

30 South 17th Street

Philadelphia, PA 19103

Attention: Kathleen M. Shay, Esq.

 

14.          Warrant
Agent. The Company shall initially serve as warrant agent under this Warrant. Upon
thirty days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or
any new warrant agent may be merged or any entity resulting from any consolidation to which the Company or any new warrant agent
shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate
trust or stockholders services business shall be a successor warrant agent under this Warrant without any further act. Any such
successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15.          Miscellaneous.

 

(a)          No
Rights as a Stockholder. The Holder, solely in such Person's capacity as a holder of
this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any
purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity
as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 16(a), the Company shall provide the Holder with copies of the same
notices and other information given to the stockholders of the Company, contemporaneously with the giving thereof to the stockholders.

 

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(b)          Successors
and Assigns.  Subject to compliance with applicable securities laws, this
Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a
Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective
successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other
than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. Any attempted assignment
in violation of this Section 15(b) shall be null and void.

 

(c)          Amendment
and Waiver.  The Warrants, including this Warrant, may be amended, modified or supplemented,
and waiver or consents to departures from the provisions of the Warrants may be given, if the Company and the holders of outstanding
Warrants representing at least a majority of the shares of Common Stock purchasable under the outstanding Warrants consent to
such amendment, modification, supplement, waiver or consent. Such consent may be effected by any available legal means, including
without limitation at a special or regular meeting, by written consent or otherwise.

 

(d)          Registration
of Common Stock.  The Company will use its reasonable best efforts to maintain the effectiveness of the Registration
Statement (as defined in the Underwriting Agreement), or a new registration statement, for the registration under the Securities
Act of the Common Stock issuable upon exercise of this Warrant and ensure that a prospectus is available for delivery to the Holder
until the expiration of this Warrant; provided, however, that in no event shall the Holder have the right to net settle this Warrant
for cash irrespective of whether an effective registration statement is then in effect.

 

(e)          Non-circumvention.
 The Company hereby covenants and agrees that the Company will not, by amendment of
its corporate charter, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement,
dissolution, issue or sale of securities or any other voluntary action, seek to avoid the observance or performance of any of
the terms of this Warrant and will at all times in good faith carry out all the provisions of this Warrant. Without limiting the
generality of the foregoing, the Company shall not increase the par value of any shares of Common Stock receivable upon exercise
of this Warrant above the Exercise Price then in effect.

 

(f)          Governing
Law; Jurisdiction.  ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT
AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE state and federal courts sitting in the City of New York, Borough of
Manhattan, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED
HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY
WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION
OF ANY SUCH COURT. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY
SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE
OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER SECTION 13 AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE
GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT
TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. 

 

    	10

    	 

    

 

(g)          Headings.
 The headings herein are for convenience only, do not constitute a part of this Warrant
and shall not be deemed to limit or affect any of the provisions hereof.

 

(h)          Severability.
 In case any one or more of the provisions of this Warrant shall be invalid
or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby, and the parties will attempt in good faith to agree upon a valid and enforceable provision
which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision
in this Warrant.

 

(Signature page follows.)

 

    	11

    	 

    

  

IN WITNESS
WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated
above.

 

	 	CELATOR PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

  

EXHIBIT
A

 

Form
of Assignment

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 

 

	Holder’s Address:	 	 

 

    	 

    	 

    

  

EXHIBIT B

 

Form of Exercise Notice

 

(To be executed by the Holder to purchase
shares of Common Stock

under the foregoing Warrant)

 

Ladies and Gentlemen:

 

(1)         The
undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Celator Pharmaceuticals, Inc., a Delaware
corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings
set forth in the Warrant.

 

(2)         The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)         The
Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with the terms of the Warrant.

 

(5)         Pursuant
to this Exercise Notice, the Company shall deliver to the Holder _____________ Warrant Shares in accordance with the terms of the
Warrant and, after delivery of such Warrant Shares, _____________ Warrant Shares remain subject to the Warrant.

 

	Dated:	 	 

 

	Name of Holder:	 	 

	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

(Signature must conform in all respects to name of

Holder as specified on the face of the Warrant)2014 Q3 Ex 10.1 Brock Contract

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”), entered into as of 
October 21, 2014, between Coca-Cola Enterprises, Inc., a Delaware corporation (the “Company”), and John F. Brock (the “Executive”).  This Agreement amends and restates the employment agreement between the Company and the Executive dated September 10, 2012, and the amendment thereto, dated October 22, 2013 (together, the “Prior Agreement”).  The Company and the Executive may be referred to herein collectively as the “Parties,” or individually as a “Party.”

WHEREAS, the Parties wish to amend and restate the Prior Agreement to reflect the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement, the Parties agree as follows:

1.    Employment; Employment Term.  The Company agrees to continue to employ the Executive as the Chairman of the Board of Directors and Chief Executive Officer of the Company and any successor thereto, and the Executive agrees to continue to be employed by the Company, subject to the terms and provisions of this Agreement.  The term of employment under this Agreement shall expire on December 29, 2016 (the “Term”); provided that the term of this Agreement may be extended by mutual written agreement between the Executive and the Company.  If the Parties agree to any such extension, the Parties shall specify the terms and conditions of the Executive’s continuing employment, and the provisions of this Agreement that applied during the Continued Term shall not apply during any extension period except as explicitly provided under this Agreement or by the Parties in connection with the extension.

2.     Duties.  During the Term, the Company and the Executive agree that the Executive shall have all responsibilities and authorities and perform such duties that are usually incident to his positions with the Company as provided in the Company’s Certificate of Incorporation, By-Laws, and written policies together with such other duties and responsibilities as may be assigned to him from time to time by the Board of Directors (the “Board”) of the Company.  During his employment hereunder, the Executive shall devote his entire time, energy, and skill during regular business hours (other than during periods of illness, vacation, and other approved absences) to the Company and its Affiliates, and the Executive shall render his services solely and exclusively for the Company and its Affiliates, provided that (i) exceptions to such exclusivity in effect on the date hereof shall continue in effect, subject to the discretion of the Board to withdraw such exception if such exception involves a conflict of interest or materially interferes with the Executive’s ability to perform his duties, and (ii) the Board shall grant additional exceptions to such exclusivity upon request unless such exceptions involve a conflict of interest or materially interfere with the Executive’s ability to perform his duties with the Company.
    
For purposes of this Agreement, “Affiliate” means a company that would be considered a single employer together with the Company under Sections 414(b) or 414(c) of the Internal Revenue Code (the “Code”).

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3.    Location of Executive’s Principal Office.  During the Term, the Executive’s principal office shall be in the Company’s headquarters office which shall be based in the Atlanta, Georgia metropolitan area, unless mutually agreed otherwise by the Executive and the Company.

4.    Base Salary.  During the Term, the Company shall pay the Executive a Base Salary at an annual rate of not less than $1,200,000.  The Base Salary shall be subject to review and possible increase, but not decrease, by the Human Resources and Compensation Committee of the Board (the “HRCC”) each February, and any increases shall be effective the following April 1.  Adjustments to the Base Salary shall be based on the Executive’s performance and other factors that the HRCC deems appropriate.  Following each adjustment, the term Base Salary shall thereafter refer to the adjusted amount.  

5.    Annual Incentive.  The Executive shall have the opportunity to receive an annual incentive award in accordance with the terms of the Executive Management Incentive Plan (the “MIP Award”).  During the Term, the Executive’s annual target MIP Award shall be at least 150% of his annual Base Salary, payable upon the achievement of goals established and approved by the HRCC.  The MIP Award shall be payable in a single lump-sum payment in March following the end of the applicable performance period.

6.    Long-Term Incentive Awards.  During the Term, the Executive shall receive two annual long-term incentive awards, each with a target award value of at least $7,000,000 (each, an “LTIP Award”), provided that the Executive is employed by the Company at the time such award is to be granted.  The LTIP Awards may be delivered in one or more forms, including but not limited to stock options, restricted stock units (“RSUs”), restricted stock, or performance stock units (“PSUs”).  The 2014 LTIP Award may be made at any time during the remainder of 2014 or the first quarter of 2015, and the 2015 LTIP Award may be made at any time in 2015 or the first quarter of 2016, provided that the vesting schedule shall be no less favorable than if the LTIP Awards had been made in November 2014 and November 2015, respectively.  The target award value shall be determined (i) for stock options, based on the grant date fair value using the valuation methodology applied for Company financial reporting purposes and (ii) for stock units or restricted stock, based on the number of shares subject to the award (determined at target for PSUs) multiplied by the fair market value of Company stock at grant.

Vesting for each type of LTIP Award shall be as follows.  Stock options granted in 2014 shall vest 1⁄2 on the first anniversary of the grant date in 2015 and 1⁄2 on the second anniversary of the grant date in 2016.  Stock options granted in 2015 shall vest 1⁄2 on the first anniversary of the grant date in 2016 and 1⁄2 on the second anniversary of the grant date in 2017.  Stock options shall have a 10-year term.  PSUs granted in 2014 shall have service-based cliff vesting requiring service through December 29, 2016, and PSUs, RSUs, and restricted stock granted in 2015 shall have service-based cliff vesting requiring service through December 29, 2017.  In addition, PSUs granted in 2014 and 2015 shall have a performance-vesting requirement based on such metrics as are established by the HRCC.  PSUs (if and to the extent vested) shall be paid after vesting on the following basis:  PSUs granted in 2014 shall be paid on or about April 30, 2018, and PSUs granted in 2015 shall be paid on the date specified by the HRCC, which date shall not be later than on or about April 30, 2019.  With respect to each LTIP Award made in 2014 and 2015, the service-based vesting condition shall take into account service as an employee and as a consultant following the Executive’s termination of employment in accordance with the Sections 9(a) and 9(b), as applicable, 

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as well as Section 10(i).  Such continued vesting shall apply as long as the Executive is willing and available to provide the consulting services during the twelve month period specified in Section 10(i), without regard to whether the Company utilizes such services or terminates the consulting relationship, provided that if the Company terminates the consulting relationship for Cause, the continued vesting shall cease to apply.

    
7.    Benefits.  During the Term, the Executive shall be entitled to participate in any employee benefit plans or programs for which he is eligible that are provided by the Company to its management employees based in the United States, such as retirement, health, life insurance, and disability plans, vacation and sick leave policies, business expense reimbursement policies, and international assignment programs that the Company has in effect from time to time.  All prior service recognized by Coca-Cola Enterprises Inc., the Company’s predecessor, (“Legacy CCE”) for benefit plan purposes as of the Closing shall be recognized by the Company for benefit plan purposes. The Company retains the right to terminate or alter the terms of any benefit programs that it may establish, provided that no such termination or alteration shall adversely affect any vested benefit under any benefit program.

9.    Indemnification.  During the Executive’s employment and thereafter for the period during which the Executive may be subject to liability relating to his services as an officer or director of the Company or any of its Affiliates, the Company will maintain a directors and officers liability policy, and the Executive shall be covered by such directors and officers liability policy at the same level as applicable to the Company’s other directors and officers, and the Executive shall be indemnified to the fullest extent permitted by law and by the Company’s Certificate of Incorporation and By-Laws.  Furthermore, the Executive shall be entitled to indemnification with respect to his services at Legacy CCE. 

9.    Payments upon Termination of Employment.  

(a)      Voluntary Termination by the Executive.  If the Executive voluntarily terminates employment with the Company during the Term, the Company shall pay the Executive any earned but unpaid Base Salary and any amounts to which the Executive is legally entitled under the generally applicable terms of pension, savings, disability, or other programs.  Any MIP Award that is already fully earned by service through the end of the applicable measurement period but not yet paid shall be payable in accordance with its terms, but the Company shall not be under any obligation to make payment with respect to MIP Award measurement periods that have not been completed.  The Company shall also not be under any obligation to make payment with respect to any unvested LTIP Awards or, except that if the Executive’s termination of employment occurs on or after the first day of November following the grant of the 2014 or 2015 equity award, the consulting services to be credited under Section 6, above, shall be included for purposes of satisfying the service-vesting requirements of such awards.  Payments of earned but unpaid Base Salary under this Section 9(a) shall be made as soon as administratively practicable following the Executive’s termination of employment, but no later than 60 days following the Executive’s termination of employment.

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(b)      Termination by the Company for Reasons Other Than for Cause.  If the Company terminates the Executive’s employment for reasons other than for Cause during the Term, the Executive shall be entitled to the payments and rights described in this Section 9(b).

Provided the Executive is in compliance with the requirements of Section 10 at the time of the relevant payment, the Company shall make the following lump-sum cash payments to the Executive: (i) the amounts described in Section 9(a), (ii) a pro rata MIP Award based on actual results for the year of the Executive’s termination of employment and the number of months of the Executive’s employment in the year, and (iii) an amount equal to the Executive’s annual Base Salary plus the amount of the Executive’s most recent target MIP Award.   Payments made under clauses (i), (iii) and (iv) of this paragraph shall be made as soon as administratively practicable following the Executive’s termination of employment, but no later than 60 days following the Executive’s termination of employment, subject to any different payment schedule required pursuant to Section 13.  Payment under clause (ii) of this paragraph shall be made in March of the year following the year of the Executive’s termination of employment.

In addition, provided the Executive complies with the requirements of Section 10, (A) the service-vesting conditions for 2014 LTIP Award shall be waived on a pro rata basis, which pro rata determination will be made by dividing the number of months of service between the grant date and the date of the Executive’s termination of employment plus the number of months of consulting services credited under Section 6, above, by the number of months of service that would have been required to vest in such award (not to exceed 100% vesting); and (B) the service-vesting conditions for 2015 LTIP Awards shall be waived on a pro rata basis , which pro rata determination will be made by dividing the number of months of service between the grant date and the Executives termination date plus the number of months of consulting services provided under Section 6, above, by the number of months of service that would have been required to vest in such an award. In addition, if the Executive is at least age 55 and has at least five years of service with the Company and Legacy CCE as of the termination date, the months of service used in the numerator for the pro rata determination of the 2014 and 2015 LTIP Awards shall be increased by 12 (not to exceed 100% vesting).  Notwithstanding the foregoing, PSUs granted in either 2014 or 2015 shall not automatically satisfy the performance condition to vesting as a result of this paragraph, but must satisfy the performance condition on the basis of actual performance in accordance with the terms of the awards.  All option awards that are vested shall remain exercisable for the balance of the original term of the grant.

          (c)      Termination by the Company for Cause.  If the Company terminates the Executive’s employment for Cause during the Term, the Company shall pay the Executive only any earned but unpaid Base Salary and any amounts to which the Executive is legally entitled under the generally applicable terms of pension, savings, disability, or other programs.  Payments of earned but unpaid Base Salary shall be made as soon as administratively practicable, but no later than 60 days following the Executive’s termination of employment.

For purposes of this Agreement, “Cause” means (i) willful or gross misconduct by the Executive that is materially detrimental to the Company or an Affiliate, including but not limited to a willful violation of the Company’s trading policy or code of business conduct that is materially detrimental to the Company or an Affiliate, (ii) acts of personal dishonesty or fraud by the Executive toward the Company or an Affiliate, (iii) the Executive’s conviction of a felony, except for a 

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conviction related to vicarious liability based solely on his or her position with the Company or an Affiliate, provided that the Executive had no involvement in actions leading to such liability or had acted upon the advice of the Company’s or an Affiliate’s counsel, or (iv) the Executive’s refusal to cooperate in an investigation of the Company of an Affiliate if requested to do so by the Board.  For purposes of this definition of Cause, no act or failure to act by the Executive shall be considered “willful” unless it occurs without the Executive’s good faith belief that such act or failure to act was in, or not contrary to, the best interests of the Company. Before the Executive may be terminated for Cause he shall be given 30 days to cure his misconduct, if cure is possible.

(d)      Termination Due to Death. In the event of the Executive’s death during the Term, the Executive’s estate shall receive a payment of the Executive’s MIP Award for the full year of his death, based on actual performance results.  Such payment shall be made in March of the year following the year of the Executive’s death.  

In addition, in the event of the Executive’s Death during the Term of the Agreement, the Company shall fully vest all of the Executive’s outstanding equity grants, with the performance vesting of any PSUs based on actual results for performance periods that have concluded and based on target award levels for performance periods in progress.  All option awards that are vested shall remain exercisable for the lesser of 60 months following termination of employment or the balance of the original term of the grant.  

(e)     Termination Due to Disability.  In the event that the Executive’s employment is terminated due to Disability, the Company shall make the payments to the Executive set forth in Section 9(d), substituting references to the Executive’s Disability for references to the Executive’s death.

For purposes of this Agreement, “Disability” means the Executive’s inability by reason of a medically determinable physical or mental impairment, to engage in the ordinary duties of his position with the Company, which condition, in the opinion of a doctor mutually agreed upon by the Executive and the Company, is expected to have a duration of not less than one year.

(f)     Termination Following Change in Control.  If a Change in Control of the Company occurs and, within 24 months following such Change in Control, the Company terminates the Executive’s employment for reasons other than for Cause or the Executive terminates employment for Good Reason, the Company or its successor shall provide to the Executive the following payments and benefits, subject to the requirements of Section 10: (i) the amounts described in Section 9(a), (ii) a pro rata MIP Award based on actual results for the year of the Executive’s termination of employment and the number of months of the Executive’s employment in the year, (iii) an amount equal to the Executive’s annual Base Salary plus the most recent target MIP Award multiplied by 1.5, and (iv) full vesting of all outstanding equity grants.  

For purposes of the Agreement, “Change in Control” shall have the meaning specified in the Company’s 2010 Incentive Award Plan; and “Good Reason” means (A) a material diminution of duties, responsibilities or authority or a material adverse change in the scope of authority, as measured from the Executive’s first role with the Company following the execution of this Agreement, (B) a reduction in Base Salary or annual target MIP Award opportunity, or (C) a change from the work location specified in this Agreement that was not mutually agreed upon in 

5

writing by the Executive and the Company, provided, however, that (I) the Executive does not consent in writing to such event, (II) the Executive gives written notice to the Company within 60 days of the date on which the Executive first receives notice of  the circumstances giving rise to the event, (III) the Company has not remedied the matter within 30 days, and (IV) if the matter is not remedied, the Executive actually separates from service.

(g)    No Duty to Seek New Employment in Mitigation of Damages.  In the event of termination of the Executive’s employment with the Company for any reason, the Executive shall be under no duty to seek new employment or otherwise seek to mitigate damages arising from termination in order to be eligible for the provisions of this Section 9.  In the event that the Executive does obtain new employment there shall be no reduction or offset to payments made under this Section 9 on account of such employment.

10.    Executive’s Obligations.  

(a)    General.  All payments and benefits provided under this Agreement are expressly conditioned on the Executive’s compliance with the obligations contained in Sections 10(b) through 10(i).  If the Executive violates any of the obligations set forth in this Section 10 in the 36 months following his termination of employment, the Executive shall forfeit any remaining payments, any unvested or unpaid restricted stock or stock units, and any outstanding stock options (whether or not vested).

(b)    Mutual Release of Claims.  All payments and benefits provided under Sections 9(b), (e) and (f) of  this Agreement are subject to the Executive’s execution and delivery of a mutual release of claims waiving any and all claims, except for those reserved in the form of release, that the Executive may have against the Company and its Affiliates, and vice-versa.  Such release shall be in the form attached hereto as Exhibit A and must be signed by the Executive and returned to the Company no later than 45 days after the Executive’s separation from service with the Company.  If the Company has executed and delivered the mutual release of claims to the Executive and has not revoked such release, but the Executive fails to execute and deliver such release, or the Executive revokes such release as provided therein, then the Executive shall not be entitled to further payments or benefits under this Agreement, and the Executive must reimburse the Company for any such payments made in anticipation of the execution and non-revocation of the release.

(c)    Noncompetition.  Provided the Company is not in breach of its obligations to make any of the payments or provide any of the benefits provided in Sections 4 through 9 of this Agreement, during the period beginning with the Executive’s termination of employment during the Term for any reason and ending on the 12-month anniversary of the Executive’s termination of employment (hereinafter be referred to as the “Restricted Period”), the Executive (i) shall not accept a position on the board of any business entity without the approval of the HRCC, which approval shall not be unreasonably withheld and (ii) shall not directly or indirectly, on the Executive’s own behalf or on behalf of any person or entity, compete with the Company by performing activities or duties substantially similar to the activities or duties performed by the Executive for the Company during the year preceding the Executive’s termination of employment for any business entity that is a Direct Competitor of the Company within the Restricted Area.

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A “Direct Competitor” of the Company is any business or operations in direct competition with the Company within the Restricted Area owned or operated by (i) PepsiCo, Inc.; (ii) Dr. Pepper Snapple Group, Inc.; (iii) if PepsiCo, Inc. or Dr. Pepper Snapple Group, Inc. do not have the highest or next highest market share among the producers and distributors of non-alcoholic beverages within the Restricted Area at the time the Executive’s employment terminates, then any company that has the highest or next highest market share among the producers and distributors of non-alcoholic beverages within the Restricted Area at the time the Executive’s employment with the Company terminates; or (iv) any company that provides bottling operations to the companies listed in subparts (i), (ii), and (iii) within the Restricted Area.  The “Restricted Area” is any geographic area within the scope of the Executive’s management authority.  The Executive expressly acknowledges and agrees that, because of the nature of the services the Executive has provided to the Company, the Executive has provided services throughout the Restricted Area and, therefore, the Restricted Area is reasonably defined to protect the Company’s legitimate business interests.

(d)    Nonsolicitation.  The Executive shall not, during the Restricted Period, directly or indirectly, on his own behalf or on behalf of any person or entity, solicit, divert, or appropriate to any non-alcoholic beverage business or operations, any person who transacted business with the Company or its Affiliates during the year preceding the date of the Executive’s termination of employment, provided that such person or entity is a person or entity with whom the Executive has had direct contact or has been a party to marketing or sales strategies with regard to.

The Executive further shall not, during the Restricted Period, directly or indirectly, on his own behalf or on behalf of any person or entity, solicit, divert, or hire away, or attempt to solicit, divert, or hire away to any person or entity, any person employed by the Company or an Affiliate on the date of the Executive’s termination of employment or at any time during the one-year period preceding the Executive’s termination of employment.  Notwithstanding the foregoing, the Executive may provide an employment reference setting forth his personal views about any former non-executive employee of the Company at the unsolicited request of such former employee or any third party.     

(e)    Confidentiality and Non-Disclosure.  Except as required by law or pursuant to the order of a Court or government entity or in any legal proceeding to enforce this Agreement, the Executive shall not knowingly use, reveal, disclose, or divulge to any entity other than the Company without the express written authorization of the Company (i) any trade secrets of the Company for so long as they remain trade secrets and (ii) any Confidential Information after the Executive’s termination of employment, provided that the Executive knew at the time that such information was a trade secret or Confidential Information of the Company and provided that such information has not otherwise been disclosed to the public or is not otherwise in the public domain.

“Confidential Information” means any data or information with respect to the business conducted by the Company or its Affiliates that is not generally known to the public and that is a valuable asset to the Company, including, but not limited to, sales reports, product pricing, sales materials, selling procedures, marketing agreements and programs, customer lists, customer requirements, specifications for new products, sources of supply for ingredients, packaging, and other materials used in the Company’s products, and the business plans and financial data of the Company, except to the extent that any such information is readily available in the public domain through no fault of the Executive.

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(f)    Nondisparagement.  The Executive shall not disparage the Company, its Affiliates, or their employees, products, or services in any form or fashion that would cause any third party to lower its perception about the integrity, public or private image, professional competence, or quality of products or service of said entities or persons following the Executive’s termination of employment.  The Company agrees that it will not, and it will instruct its officers and directors not to, disparage the Executive in any form or fashion that would cause any third party to lower its perception about the integrity, public or private image, professional competence, or quality of the Executive.  Notwithstanding the foregoing, nothing contained herein shall prevent any person from (i) responding publicly to incorrect, disparaging or derogatory public statements to the extent reasonably necessary to correct or refute such public statements or (ii) making any truthful statement to the extent necessary to enforce this Agreement or required by law or by any court, arbitrator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order such person to disclose or make accessible such information.   

(g)    Records/Company Property.  The Executive shall, following his termination of employment, return to the Company all documents (including copies and computer records thereof) of any nature that relate to or contain proprietary or confidential information concerning the Company, its Affiliates, its customers, or employees (except for documents describing or relating to the Executive’s employment terms, compensation or employee benefits and awards), and any and all property of the Company in his possession, including, but not limited to, computers, electronic recording media, business records, papers, documents, and other Company property.

(h)    Cooperation.  The Executive shall cooperate with the Company and its counsel in any litigation or human resources matters in which he may be a witness or potential witness or have knowledge of the relevant facts or evidence by making himself available ( on reasonable notice and consistent with the Executive’s other reasonable commitments) to testify at the request of the Company or Affiliate in any action, suit or proceeding, whether civil, criminal, administrative or investigative, and otherwise to assist the Company in any such action, suit or proceeding by providing information and meeting and consulting with members of management of, or other representatives of, or counsel to, the Company as reasonably requested in relation to a matter of which the Executive had knowledge or for which he was responsible before termination of employment.  The Company shall promptly reimburse the Executive for reasonable and necessary expenses incurred in the course of complying with this provision, including, but not limited to, reasonable attorney’s fees in the event that the Executive reasonably desires to be represented in such matters by independent counsel.  If such cooperation requires the Executive to commit more than 5 days (8 hours per day) within a 30 day rolling period, the Company will pay the Executive a per diem amount equal to the daily amount of the Executive’s final annual Base Salary from the Company.
(i)    Consulting Services.  For a period of 12 months following the date of the Executive’s voluntary termination for any reason or involuntary termination without Cause, the Executive agrees to provide the Company with a minimum of 10 hours per month of consulting services regarding corporate strategy and other business affairs of the Company, as requested by the Chief Executive Officer or the Board of Directors.  The Company shall reimburse the Executive for all out-of-pocket expenses incurred by the Executive in providing such consulting services, provided such expenses are approved in advance by a senior officer of the Company.

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(j)    Repayment of Benefits in Certain Cases.  If a two-thirds majority of the independent members of the Board, after permitting the Executive to respond on his own behalf or through counsel to all charges against him, determines (i) within two years of the Executive’s termination of employment that the Executive could have been terminated for Cause, (ii) that the Executive has violated any of the obligations of Section 10(c) or (d), or (iii) that the Executive engaged in fraud or ethical misconduct that resulted in or directly contributed to the restatement of the Company’s financial results, then (A) such event shall be treated as a violation of the obligations of this Section 10 and the forfeitures described in Section 9(a) shall be applicable, and (B) the Executive shall promptly repay to the Company an amount equal to the sum of all payments provided under Section 9(b) other than those payments that would have been provided under Section 9(c) and all gains from the vesting of Company restricted stock and restricted or performance stock units and upon the exercise of Company stock options occurring upon or subsequent to separation from service with the Company.  If clause (iii) is applicable, the Board may also require the Executive to repay some or all of the Executive’s incentive compensation for the year or years affected by the restatement and gains from the vesting of Company restricted stock and stock units and upon the exercise of Company stock options occurring in or after the year or years affected by the restatement.  Any dispute regarding this Section 10(j), including, without limitation, a dispute regarding whether the Executive could have been terminated for Cause, shall be subject to the arbitration provisions of Section 12.
(k)    Remedies with Respect to Covenants.  In the event of any breach by the Executive of the covenants and representations contained in this Section 10 (a “Breach”), or threatened Breach, the Company shall be entitled, in addition to any other remedies and damages available, to an injunction to restrain such Breach or threatened Breach.  Any member of an Affiliate for which the Executive performs services may enforce this Agreement, and any injunction or other remedy under this Section 10(k) shall be enforceable in the United States and any other jurisdiction.

11.    Notices.  All notices and demands shall be deemed given when mailed and addressed as follows:

(a)    if to the Company:

Corporate Secretary
Coca-Cola Enterprises, Inc.
2500 Windy Ridge Parkway
Atlanta, GA  30339
        
(b)    if to the Executive:

88 West Paces Ferry Road NW
Atlanta, GA 30305
        
12.    Arbitration.  Any dispute regarding the terms of this Agreement shall be resolved through binding arbitration before a sole arbitrator in Atlanta, Georgia, administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules then in effect.  Judgment upon any award rendered by the arbitrator, including any injunctive relief, may be entered 

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in any court having jurisdiction thereof.  Each Party shall pay its own expenses, including but not limited to attorneys’ fees, of the arbitration or of any litigation arising out of this employment agreement, provided, however, that the arbitrator shall have the authority to award attorneys’ fees to the prevailing party.  Notwithstanding the foregoing, any dispute regarding the terms of a plan or arrangement referenced in this Agreement shall be resolved as specified in such plan or arrangement.  For the avoidance of doubt, any dispute regarding the noncompetition and non-solicitation provisions set forth in Sections 10(c) and (d) shall not be subject to arbitration, but shall be brought in a court of competent jurisdiction. 

13.      Compliance with Section 409A.  This Agreement is intended to comply with Section 409A of the Code and shall be interpreted, administered and operated in a manner consistent with that intent.  Notwithstanding anything herein to the contrary, if at the time of the Executive’s separation from service with the Company the Executive is a “specified employee” as defined in Section 409A of the Code (and the regulations thereunder) and any payments or benefits otherwise payable hereunder as a result of such separation from service are subject to Section 409A of the Code, then the Company shall defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided) until the date that is six months following the Executive’s separation from service with the Company (or the earliest date as is permitted under Section 409A of the Code), and the Company shall pay any such delayed amounts in a lump sum at such time.  If, in order to comply with Section 409A of the Code and Treas. Reg. §1.409A-3(f), some or all of the payments described in Section 9(b)(iii) are required to be paid in installments in the manner set forth in the CCE Executive Severance Plan as in effect on the date of the Closing, then such amounts shall be paid in such installments rather than in a lump sum.  If any payments or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax.  Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code.  References to “termination of employment” and similar terms used in this Agreement are intended to refer to “separation from service” within the meaning of Section 409A of the Code to the extent necessary to comply with Section 409A of the Code.  

14.    Section 280G Payments.  Notwithstanding anything herein to the contrary, to the extent that any severance pay, Retention Award, stock option, restricted stock, RSUs, or other equity awards or benefits paid to, distributed to, or vested in the Executive pursuant to this Agreement or any other agreement or arrangement between the Company and the Executive (collectively, the “280G Payments”) (a) constitute a “parachute payment” within the meaning of Section 280G of the Code and (b) but for this Section 14 would be subject to the excise tax imposed by Section 4999 of the Code, then the 280G Payments shall be payable either (i) in full or (ii) in such lesser amount which would result in no portion of such 280G Payments being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state, and local income or excise taxes (including the excise tax imposed by Section 4999) results in the Executive’s receipt on an after-tax basis, of the greatest amount of benefits under this Agreement, notwithstanding that all or a portion of such benefits may be taxable under Section 4999 of the Code.

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All calculations required by this Section 14 shall be made in good faith by the Company or such third party designated by the Company. Such calculations shall be provided to the Executive in writing as soon as practicable and shall be subject to the Executive’s review and comment, which the Company shall consider in good faith.  Following the Executive’s comment, such calculations shall be conclusive and binding on the Parties for purposes of this Section 14.   Notwithstanding the foregoing, if the calculations indicate that the Executive’s 280G Payments would be reduced pursuant to the preceding paragraph, the Executive may elect that an independent third party jointly designated by the Executive and the Company verify the calculations.  If the Executive and the Company cannot agree on an independent third party, each shall designate an independent third party and the two designated parties shall choose a third party.  The third party’s calculations shall be provided to the Executive and the Company in writing as soon as practicable and shall be subject to the Executive’s and Company’s review and comment, which the third party shall consider in good faith.  Following the Executive’s and Company’s comment, such third party calculations shall be conclusive and binding on the Parties for purposes of this Section 14.

The reduction in any 280G Payments, if applicable, shall be effected in the following order:  (i) any cash payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c); (ii) any equity awards that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c); (iii) any cash payments that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c), in order of the cash payments with the largest 280G Payment value; (iv) acceleration of vesting of any stock options subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) for which the exercise price exceeds the then fair market value of the underlying stock, in order of the option tranches with the largest 280G Payment value; (v) acceleration of vesting of any equity award subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) that is not a stock option, in order of the equity tranches with the largest 280G Payment value; and (vi) acceleration of vesting of any stock options subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) for which the exercise price is less than the fair market value of the underlying stock in such manner as would net the Executive the largest remaining spread value if the options were all exercised as of the Code Section 280G event.

15.    Miscellaneous.

(a)    Entire Agreement.  This Agreement sets forth the entire and final agreement and understanding of the Parties and contains all of the agreements made between the Parties with respect to the subject matter hereof.  This Agreement supersedes any and all other agreements in effect as of the date hereof, either oral or in writing, between the Parties hereto, with respect to the subject matter hereof, including, without limitation, the Prior Agreement. 

(b)    Amendments.  This Agreement may not be amended or modified other than by a written agreement signed by the Parties to this Agreement or their respective successors and legal representatives.

(c)    Headings.  The headings in this Agreement are inserted for convenience only and are not to be considered a construction of the provisions hereof.

(d)    Severability.  If any provision of this Agreement is held to be invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of the 

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Agreement, and the Agreement shall be construed and enforced as if such provision had not been included.   

(e)    Survival.  The respective rights and obligations of the Parties under Sections 6 through 15 shall survive any termination or expiration of this Agreement and shall continue to apply upon any extension of the term of this Agreement.

(f)    Assignment and Successors.  This Agreement shall be binding upon and shall inure to the benefit of any successors or assigns to the Company.  The Executive may not assign any of his rights, except to his beneficiaries or heirs in accordance with the terms of an equity award or benefit plan, or delegate any of his duties or obligations under this Agreement or any portion hereof.  If the Company changes its name, then references in this Agreement to the Company’s new name shall be deemed to be substituted for references to the Company’s prior name.

(g)    Governing Law. This Agreement is intended to be governed by the laws of the state of Delaware, without regard for any choice of law principles of any jurisdiction. 

 (h)           Consent to Jurisdiction.  With respect to disputes regarding matters that are expressly excluded from the mandatory arbitration provision set forth in Section 12 of this Agreement, the following provisions apply:

(i)              Each of the parties consents to the exclusive jurisdiction of the Chancery Courts of the State of Delaware and the United Sates District Court for the District of Delaware, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the purpose of any suit, action or other proceeding arising out of, or in connection with, this Agreement. 

(ii)             Each party expressly waives any and all rights to bring any suit, action or other proceeding in or before any court or tribunal other than the Courts described above and covenants that it shall not seek in any manner to resolve any dispute other than as set forth in this Section 15(h) or to challenge or set aside on the basis of lack of jurisdiction, inconvenient venue, or improper forum any decision, award or judgment obtained in accordance with the provisions of this Agreement.   

(iii)           Each of the parties expressly waives any and all objections it may have to venue, including, without limitation, the inconvenience of such forum, in any of such courts.  In addition, each of the Parties consents to the service of process by personal service or any manner in which notices may be delivered in accordance with Section 11 of this Agreement.

(i)    Withholding.  The Company shall be entitled to withhold or cause to be withheld from amounts to be paid to the Executive under this Agreement any federal, state, or local withholding or other taxes or amounts that it is from time to time required to withhold. 

(j)    Waiver.  Waiver by any Party hereto of any breach or default by the other Party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived.  No waiver of any 

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provision of this Agreement shall be implied from any course of dealing between the Parties hereto or from any failure by either Party hereto to assert its or his rights hereunder on any occasion or series of occasions.

IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the day and year first above written.

COCA-COLA ENTERPRISES, INC.

By: /s/ Pamela O. Kimmet            Date:    October 21, 2014        
    Pamela O. Kimmet
    Senior Vice President, Human Resources

JOHN F. BROCK

/s/ John F. Brock            Date:    October 21, 2014        

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EXHIBIT A

FORM OF MUTUAL RELEASE AGREEMENT

THIS MUTUAL RELEASE AGREEMENT (“Release”), entered into as of the date(s) indicated below, between Coca-Cola Enterprises, Inc., a Delaware corporation (the “Company”), and ________________ (the “Executive”).  

WHEREAS, the Company and the Executive have entered into an Employment Agreement dated ______________, 2014 (“Agreement”); and 

WHEREAS, the Executive will separate or has separated from service with the Company effective __________.

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in the Agreement and releases contained in this Release, the Company and the Executive agree as follows:

1.    Executive Release.  The Executive agrees, for himself, his spouse, heirs, executor or administrator, assigns, insurers, attorneys and other persons or entities acting or purporting to act on his behalf, to irrevocably and unconditionally release, acquit and forever discharge the Company, its affiliates, subsidiaries, directors, officers, employees, shareholders, partners, agents, representatives, predecessors, successors, assigns, insurers, attorneys, benefit plans sponsored by the Company and said plans’ fiduciaries, agents and trustees (collectively, “Company Parties”), from any and all actions, cause of action, suits, claims, obligations, liabilities, debts, demands, contentions, damages, judgments, levies and executions of any kind, whether in law or in equity, known or unknown, which the Executive has, or has had, against any of the Company Parties as of the date of execution of this Release arising out of or relating to the Executive’s employment or separation from service with the Company.  This Release specifically includes without limitation any claims arising in tort or contract, any claim based on wrongful discharge, any claim based on breach of contract, any claim arising under federal, state or local law prohibiting race, sex, age, religion, national origin, handicap, disability or other forms of discrimination, any claim arising under federal, state or local law concerning employment practices, and any claim relating to compensation or benefits.  This specifically includes, without limitation, any claim which the Executive has or has had under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, the Americans with Disabilities Act, as amended, and the Employee Retirement Income Security Act of 1974, as amended.  Nothing herein shall release the Company from any claims or damages based on (i) any right the Executive may have to enforce this Release or the Agreement, (ii) any right or claim that arises after the date of this Release, (iii) any right the Executive may have to benefits or entitlements under any applicable plan, agreement, program, award, policy or arrangement of the Company, (iv) the Executive’s eligibility for indemnification in accordance with the certificate of incorporation and by-laws of the Company, or any applicable insurance policy, with respect to any liability the Executive incurs or incurred as an employee or officer of the Company, or (v) any right the Executive may have to obtain contribution as permitted by law in the event of entry of judgment against the Executive as a result of any act or failure to act for which the Executive and the Company are jointly liable.

2.    Company Release.  The Company agrees, for itself and its successors and assigns, to irrevocably and unconditionally release, acquit and forever discharge the Executive, his spouse, heirs, executor or administrator (collectively, “Executive Parties”) from any and all actions, cause of action, suits, claims, obligations, liabilities, debts, demands, contentions, damages, judgments, levies and executions of any kind, whether in law or in equity, known or unknown, which the Company has, or has had, against the Executive Parties as of the date of execution of this Release arising out of or relating to the Executive’s employment or separation from service with the Company including but not limited to any claim, demand, obligation, liability or cause of action arising under any federal, state, or local employment law or ordinance, tort, contract, or 

1

breach of public policy theory, or alleged violation of any other legal obligation.  Nothing herein shall release the Executive from any claims or damages based on (i) any right the Company may have to enforce this Release or the Agreement, including, but not limited to, claims for reimbursement of payments made under Section 11(b) of the Agreement in the event of revocation of the Release and any rights or claims that arise under Section 11(j) of the Agreement, (ii) any right or claim that arises after the date of this Release, (iii) any right the Company may have to obtain contribution as permitted by law in the event of entry of judgment against it as a result of any act or failure to act for which the Company and the Executive are jointly liable, and (iv) any claims the Company is required to pursue under applicable federal or state law, including, but not limited to, the Sarbanes-Oxley Act of 2002.  

3.    Age Discrimination Claims.  As part of this Release, the Executive understands that he is waiving all claims for age discrimination under the Age Discrimination in Employment Act.  The Executive represents and acknowledges that he has carefully read and understands all of the provisions of this Release, and that he is voluntarily entering into this Release.  The Executive represents and acknowledges that he has been advised in writing to, and has been afforded the right and opportunity to, consult with an attorney prior to executing this Release.  The Executive has [twenty-one (21)] [forty-five (45)] days within which to consider this Release, and seven (7) days following its execution to revoke this Release by written notice to the Company.    

THIS RELEASE CONTAINS A WAIVER AND GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  THE EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ AND UNDERSTANDS THIS RELEASE, AND THAT HE HAS HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING THIS RELEASE.

IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Release on the date(s) indicated below.

COCA-COLA ENTERPRISES, INC.

By:            Date:                    
[NAME]
[TITLE]

[EXECUTIVE]
Date:                    
[NAME]

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