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                                                                   EXHIBIT 10.18

                              CONSULTING AGREEMENT

            This Consulting Agreement ("Agreement") is entered into on April 11,
2005 by Greg Cobb ("Cobb") and ImaRx Therapeutics, Inc. ("ImaRx" or the
"Company").

                                    RECITALS

            A. ImaRx has offered and Cobb has accepted the position of Chief
Financial Officer of ImaRx.

            B. Cobb is scheduled to begin his assignment as CFO on April 27,
2005 (the "Start Date").

            C. ImaRx wishes to retain Cobb as a consultant until the Start Date
to assist with analysis of various financing options among other finance related
tasks in preparation for Cobb's transition to the CFO position.

                                   AGREEMENTS

            In consideration of the mutual releases and promises set forth below
and other valuable consideration, the sufficiency of which is hereby
acknowledged, the parties agree as follows:

      1.    Scope of Services

            Cobb agrees to help analyze various financing options for ImaRx as
well as other finance related tasks in preparation for Cobb's transition to the
CFO position (the "Services"). The scope of these Services shall include:

      2.    Location of Services

            Services shall be provided at locations deemed appropriate by the
parties. If Services are to be provided at ImaRx's place of business, ImaRx
shall supply Cobb with suitable office or meeting space, telephone service, and
support services as reasonable and necessary to the performance of Services.

      3.    Compensation

            A. Consulting Fees. ImaRx shall pay Cobb a consulting fee of $70.00
per hour for each hour expended performing the Services ("Consulting Fees").
During the Term of this Agreement, Cobb shall be responsible for all payroll and
other employment taxes related to consulting fees.

      4.    Expenses

            ImaRx shall reimburse Cobb for its reasonable out-of-pocket expenses
incurred in the performance of this Agreement, including but not limited to
airfare, ground transportation,

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parking, lodging, meals, long distance telephone, postage, overnight mail, and
the like ("Expenses").

      5.    Payment

            Invoices for Consulting Fees and Expenses, inclusive of reasonable
supporting documentation, shall be remitted by Cobb monthly and shall be payable
within 10 days.

      6.    Limitation of Liability

            In no event shall Cobb be liable to ImaRx or any third party for any
indirect, special, incidental, or consequential damages, including but not
limited to loss of profits, loss of data, or loss of good will, even if such
party has been informed of the possibility of such damages. This limitation of
liability shall survive the expiration or any termination of this agreement. In
no event will Cobb be liable to ImaRx for damages, whether based in contract,
tort, negligence, strict liability or otherwise, exceeding the amount payable
hereunder for the Services giving rise to such liability, or $5,000, whichever
is less.

      7.    Indemnification

            If Cobb becomes involved in any action, proceeding or investigation
(other than an action between Cobb and ImaRx) regarding any matter in this
Agreement, ImaRx will indemnify Cobb against any claims, liabilities or expenses
to which Cobb may become subject (including reasonable legal and other expenses)
unless such claims, liabilities or damages resulted from Cobb's gross
negligence, recklessness, bad faith or willful misconduct as finally determined
by a court of competent jurisdiction. ImaRx agrees that this indemnification
shall apply whether or not Cobb is a formal party to such actions, claims or
proceedings and that Cobb is entitled to separate counsel at ImaRx's expense in
connection with any of these matters. The parties further agree that Cobb shall
have indemnification rights under the ImaRx's Directors and Officers Insurance
Coverage and/or Articles of Incorporation.

      8.    Confidentiality and Nondisclosure

            Both parties acknowledge that each may gain access to confidential
and proprietary information of the other which is not publicly known and which
is designated as confidential or proprietary at the time of disclosure
("Proprietary Information"). ImaRx and Cobb agree that a party receiving
Proprietary Information ("Receiving Party") from the other party ("Disclosing
Party") will maintain same in confidence and not use such Proprietary
Information for any purpose outside the scope of this Agreement during the term
of this Agreement and for a period of two (2) years following expiration or
termination of this Agreement for any reason. The Receiving Party agrees to use
at least the same degree of care with Proprietary Information of the Disclosing
Party as it uses with its own. For purposes of this Agreement, Proprietary
Information does not include Information which: (a) is known to the Receiving
Party on a non-confidential basis prior to disclosure by the Disclosing Party;
(b) is or hereafter becomes publicly known without breach of this Agreement or
fault of the Receiving Party; (c) is disclosed to the Receiving Party by a third
party without restriction on disclosure and without breach of any nondisclosure
obligation; (d) is independently developed by Receiving

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Party without use of Proprietary Information of the Disclosing Party; or (e) is
received by the Receiving Party after the effective date of termination of this
Agreement.

      9.    Term

            The term of this Agreement shall commence on the above date and
expire upon the earlier of (a) written notice of either party or (b) the Start
Date (the "Term"). The Term may be extended by mutual agreement of the parties
in writing.

      10.   Severability

            In the event that any portion of this Agreement is found to be
unenforceable for any reason whatsoever, the unenforceable provision shall be
considered to be severable, and the remainder of this Agreement shall continue
in full force and effect.

      11.   Subsequent Modifications

            The terms of this Agreement may be altered or amended, in whole or
in part, only upon the written consent of all parties to this Agreement. No oral
agreement may modify any term of this Agreement.

      12.   Binding Effect

            This Agreement shall be binding upon and operate to the benefit of
the parties to this Agreement, the Released Parties and their successors and
assigns.

      13.   Entire Agreement

            This Agreement constitutes the sole and entire agreement of the
parties with respect to the subject matter hereof, and supersedes any and all
prior and contemporaneous agreements, promises, representations, negotiations,
and understandings of the parties, whether written or oral.

      14.   Governing Law

            This Agreement shall be governed by and construed in accordance with
the laws of the State of Arizona.

      15.   Waiver

            No waiver of any of the terms of this Agreement shall constitute a
waiver of any other terms, whether or not similar, nor shall any waiver be a
continuing waiver. No waiver shall be binding unless executed in writing by the
party making the waiver. Any party may waive any provision of this Agreement
intended for its benefit, but such waiver shall in no way excuse the other party
from the performance of any of its obligations under this Agreement.

      16.   Attorneys' Fees

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            In the event of litigation involving this Agreement, the
unsuccessful party agrees to pay the prevailing party's reasonable attorneys'
fees and costs.

IN WITNESS WHEREOF, the parties have entered into this Consulting Services
Agreement as of the Effective Date above written.

IMARX                                       COBB
ImaRx Therapeutics, Inc.

By:  /s/ Evan Unger                         By:    /s/ Greg Cobb
    ------------------------------              -----------------------------

Name: Evan Unger                            Name: Greg Cobb

Title: CEO

Date: 04-11-05                              Date: 4/11/05

                                       4exv10w19

 

Exhibit 10.19

AMENDED EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AMENDED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered
into as of February 1, 2007 by and between ImaRx Therapeutics, Inc.,  a Delaware
corporation (the “Company”), and Greg Cobb (“Executive”) and replaces the Executive Employment
Agreement between the parties dated April 27, 2005 (the “Original Agreement”).

     WITNESSETH:

     WHEREAS, the Company desires to retain the services of Executive, and Executive desires to
be employed by the Company, on the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
set forth herein, the Company and Executive, intending to be legally bound, hereby agree as
follows:

     1. Employment. The Company agrees to employ Executive as
Chief Financial Officer, Secretary and Treasurer of the Company, and Executive accepts
such employment and agrees to perform full-time employment services for the Company, subject to
Section 3.2 and the Fourth Amended and Restated Certificate of incorporation and Amended and
Restated Bylaws of the Company, as amended from time to time (the “Organizational Documents”),
and the resolutions of the Board of Directors of the Company (the “Board”), for the period and
upon the other terms and conditions set forth in this Agreement.

     2. Term. The term of Executive’s employment hereunder (the “Term”)
commenced upon the date of execution of the Original Agreement and shall continue until this
Agreement is terminated as set forth in Section 5 below.

     3. Position and Duties.

          3.1 Service with the Company. During the Term of this Agreement, Executive agrees to
perform the duties of the Chief Financial Officer, Secretary and Treasurer as may be set forth in
the Organizational Documents and such other duties as the Board may from time to time prescribe
that are consistent with the duties of a Chief Financial Officer, Secretary and
Treasurer of a company of the size and nature of the Company.

          3.2 No Conflicting Duties. Executive hereby confirms that he is under no contractual
commitments inconsistent with his obligations set forth in this Agreement, and that during the
Term of this Agreement, he will not render or perform services, or enter into any contract to do
so, for any other corporation, firm, entity or person that are inconsistent with the
provisions of this Agreement or Executive’s fiduciary obligations to the Company. Except as
otherwise provided herein, Executive shall not serve as a director of any other corporation
(except nonprofit organizations to the extent such service does not materially affect Executive’s
performance of his duties for the Company) without the prior approval of the Board of Directors.

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     4. Compensation and Benefits.

          4.1 Base Salary. (a) As compensation for all services to be rendered
by Executive under this Agreement, the Company shall pay to Executive during the Term an annual
salary of $175,000 (the “Base Salary”). Subject to Section 4.l(b), the Base Salary shall be
reviewed at least annually and changed at the discretion of the Board (or its Compensation
Committee), provided, however, that the Base Salary may not be decreased without the written
consent of the Executive. The Company shall pay the Base Salary to Executive in
accordance with the Company’s normal payroll procedures and policies.

     (b) If Executive’s Base Salary is increased at any time, it shall not thereafter be
decreased during the Term of this Agreement, unless such decrease is the result of a general
reduction (on the same percentage basis) affecting the base salaries of all other executive
officers of the Company and such decrease does not result in a Base Salary of less
than $140,000.

          4.2 Annual Bonus. With respect to each full fiscal year until the Termination Date,
Executive shall be eligible to receive bonus awards aggregating up to 50% of Base Salary
annually, payable periodically based on the achievement of pre-determined milestones established
from time to time by the Board (or its Compensation Committee) pursuant to the Company’s
Executive Bonus Plan (as such plan may be amended from time to time by the Board, in
its sole discretion).

          4.3 Stock Options. (a) The company has previously granted to
Executive various stock options to purchase                      shares of the Company’s common stock
(the “Shares”), pursuant to the Company’s 2000 Stock Plan (the “Plan”). As a result of the
foregoing grants, and vesting that has occurred thereunder to the date of this Agreement, the
options currently held by Executive are as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Tax	 	No. of	 	Exercise	 	Vesting	 	Vesting	 	Expiration
	Date	 	Character	 	Shares	 	Price	 	Status	 	Schedule	 	Date
	4-27-05
	 	 	ISO	 	 	 	90,000	 	 	$	5.00	 	 	29,250 Vested	 	20,250 on 4-27

 of 2007, 2008

 and 2009	 	 	4-27-15	 
	12-14-05
	 	 	ISO	 	 	 	27,000	 	 	$	6.67	 	 	6,750 Vested	 	6,750 on 12-14 

of 2007, 2008 

and 2009	 	 	12-14-15	 
	5-16-06
	 	 	ISO	 	 	 	36,000	 	 	$	8.33	 	 	None Vested	 	9,000 on 5-16 

of 

2007, 2008, 2009 

and 2010	 	 	5-16-16	 
	12-12-06
	 	 	ISO	 	 	 	12,000	 	 	$	5.00	 	 	None Vested	 	3,000 on 12-12 

of 

2007, 2008, 2009 

and 2010	 	 	12-12-16	 

     (b) In addition to the foregoing outstanding options, the Company has also agreed to grant
to Executive the additional stock options described on Exhibit A hereto, pursuant to the

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terms of the 2000 Stock Plan, and in each case subject to satisfaction of the respective
milestones specified on Exhibit A and Executive’s being employed hereunder at the time the Board
determines that such milestone has been satisfied. Such additional options shall be exercisable
at a price equal to the fair market value of the Company’s common stock as determined by the
Board on such date.

     (c) If the Company’s common stock is registered under Section 12 of the Securities Exchange
Act of 1934 (the “Exchange Act”), the Company shall use its good faith efforts to
register under the Securities Act of 1933 on Form S-8 (or any successor form) all
common stock issued and/or issuable under the 2000 Stock Plan, including the Shares subject to
the options described above and all other stock options granted or awarded to Executive under
this Agreement or otherwise under the 2000 Stock Plan; and shall use its good faith efforts to
qualify such common stock for sale under such state securities or ‘blue sky’ laws as
the Company shall determine are required to issue the shares of common stock under the
2000 Stock Plan and for the resale of such shares by the recipients thereof, provided that the
Company shall have no obligation to qualify such stock in any particular jurisdiction in which
the Company would be required to execute a general consent to service of process in
effecting such qualification, unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act.

          4.4 Participation in Benefit Plans. Executive shall be included to the extent
eligible thereunder in any and all plans of the Company providing general benefits
for the Company’s executive employees, including, without limitation, medical, dental, vision,
short and long tern disability insurance, life insurance, 401(k) plan, sick days, vacation, and
holidays, to the extent the Company makes such plans or benefits available to its executive
employees generally. Executive’s participation in any such plan or program shall be subject to
the provisions, rules, and regulations applicable thereto. In addition, during the Term of this
Agreement, Executive shall be eligible to participate in all non-qualified deferred compensation
and similar compensation, incentive, bonus, profit sharing and stock plans offered, sponsored or
established by Company on substantially the same or a more favorable basis as any other employee
of Company.

          4.5 Business Expenses. In accordance with the Company’s policies
established from time to time, the Company will pay or reimburse Executive for all reasonable and
necessary out-of-pocket expenses incurred by him in the performance of his duties under this
Agreement, subject to the presentment of appropriate supporting documentation. During the Term of
this Agreement, the Company shall at its expense provide Executive with reasonable office space
and furnishings (including without limitation desk and lap top computers) at the Company’s
principal executive offices, and a cell telephone.

          4.6 Key Man Life Insurance. During the Term of this Agreement, the
Company shall have the option of purchasing and paying the premiums for a “Key Man” life
insurance policy relating to Executive in a coverage amount determined by the Company, and the
Company shall be named as the beneficiary of such policy. Executive represents and warrants that
he currently is insurable for such policy on an unrated basis and agrees to fully cooperate with the Company in obtaining the policy.

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     5. Termination.

          5.1 Disability. At the Company’s election, Executive’s employment and this
Agreement shall terminate upon Executive’s becoming totally or permanently disabled for a
period of ninety (90) days or more in any twelve (12) month period. For purposes of
this Agreement, the term “totally or permanently disabled” or “total or permanent disability”
means Executive’s inability on account of sickness or accident, whether or not job-related, to
engage in regularly or to perform adequately his assigned duties under this Agreement and
Executive is qualified and eligible to receive disability benefits under the disability
policies maintained by the Company for Executive.

          5.2 Death of Executive. Executive’s employment and this Agreement shall terminate
immediately upon the death of Executive.

          5.3 Termination for Cause. The Company may terminate Executive’s employment and
this Agreement at any time for “Cause” (as hereinafter defined) immediately upon written notice
to Executive. As used herein, the term “Cause” shall mean that Executive shall have: (i) been
convicted of a felony; or (ii) committed an act of fraud, embezzlement, or breach of trust; or
(iii) committed an act of willful misconduct or gross negligence resulting in a material loss to
the Company; or (iv) materially violated any material written Company policy or rules of the
Company, unless cured by Executive within 30 days following written notice thereof to Executive;
or (v) refused to follow the reasonable written directions given by the Board or
its designee or materially breached any covenant or obligation under this Agreement or other
agreement with the Company, unless cured by Executive within 30 days following written notice
thereof to Executive.

          5.4 Resignation. Executive’s employment and this Agreement shall
terminate on the earlier of the date that is one (1) month following the written submission of
Executive’s resignation to the Company or the date such resignation is accepted by the Company.

          5.5 Termination Without Cause. The Company may terminate Executive’s employment and
this Agreement without cause upon written notice to Executive. Termination “without cause” shall
mean termination of employment on any basis (including no reason or no cause) other than
termination of Executive’s employment hereunder pursuant to Sections 5.1, 5.2, 5.3, or 5.4.

          5.6 Surrender of Records and Property. Upon termination of his employment with the
Company, Executive shall deliver promptly to the Company all credit cards, computer equipment,
cellular telephone, records, manuals, books, blank forms, documents, letters, memoranda, notes,
notebooks, reports, data, tables, calculations or copies thereof, that are the property of the
Company and that relate in any way to the business, strategies, products, practices, processes,
policies or techniques of the Company, and all other property, trade secrets and confidential
information of the Company, including, but not limited to, all documents that in whole or in part
contain any trade secrets or confidential information of the Company that in any of these cases
are in his possession or under his control, and Executive shall also remove all such information
from any personal computers that he owns or controls.

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     6. Compensation Upon the Termination of Executive’s Employment.

          6.1 In the event that Executive’s employment and this Agreement are terminated
pursuant to Section 5.1 (Disability), 5.3 (Cause), or 5.4 (Resignation), then
Executive shall be entitled to receive Executive’s then current Base Salary through the date his
employment is terminated, and such other amounts that accrued prior to the
termination date and are required to be paid to him pursuant to any employee benefit plan
in accordance with such plan and/or by law, but no other compensation of any kind or amount.

          6.2 In the event Executive’s employment and this Agreement are terminated
pursuant to Section 5.2 (Death), Executive’s beneficiary or a beneficiary designated
by Executive in writing to the Company, or in the absence of such beneficiary, Executive’s
estate, shall be entitled to receive Executive’s then current Base Salary through the end of the
month in which his death occurs, and such other amounts that accrued prior to the termination
date and are required to be paid to him pursuant to any employee benefit plan in
accordance with such plan and/or by law, but no other compensation of any kind or amount.

          6.3 Unless Section 7 applies, in the event Executive’s employment
and this Agreement are terminated by the Company pursuant to Section 5.5 (Without Cause) or by
Executive for “Good Reason” (as defined below), (A) the Company shall pay to Executive, as a
severance allowance, his then current monthly Base Salary for the six (6) month
period following the date of termination, paid on the Company’s regular paydays throughout that
6-month period, and such other salary that accrued prior to the termination date and amounts
required to be paid to him pursuant to any employee benefit plan in accordance with such plan
and/or by law; and (B) Executive shall receive accelerated vesting for twelve (12)
months from the date of Executive’s termination for all stock options granted by the Company to
Executive before or after the Commencement Date, and extension of the option exercise period for
an additional twelve (12) months beyond the period set forth in the
governing option documents for such exercise, provided, however, that the period for exercise of
such stock options shall not be extended beyond the date on which they would have terminated had
Executive continued to be employed by the Company; but no other compensation or benefits of any
kind. Executive shall be entitled to receive these benefits and payments only if he complies with
his continuing obligations to the Company as set forth in this Agreement,
provided, however, that the Company shall not deny any such benefits unless it has provided
written notice to Executive of any claimed breach of such continuing obligations,
and Executive has failed to cure each such breach within fifteen days after receipt
of such written notice of breach; and the exercise period of any such options shall be tolled
during such fifteen (15) day period or any longer period required to resolve any disputed claim
of breach of such continuing obligations, provided, that such stock options shall not
be extended beyond the date on which they would have terminated had Executive continued to be
employed by the Company.

          6.4 The provisions of this Section 6 shall not affect Executive’s
participation in or terminating distributions and vested rights under, any pension, profit
sharing, insurance or other employee benefit plan of the Company to which Executive is entitled
pursuant to the terms of such plans.

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     7. Change in Control. In the event a Change in Control (as defined
below) occurs and, in the twelve month period preceding or following the Change in
Control, Executive’s employment and this Agreement are terminated by the Company or its successor,
assigns or transferee pursuant to Section 5.5 (Without Cause) or by Executive for “Good Reason” (as
defined below), then the Company shall, within thirty (30) days after occurrence of the last of
these conditions (the “Trigger Date”), pay Executive a lump sum amount equal to fifty percent (50%)
of Executive’s then current annual Base Salary (less applicable withholdings). In addition, one
hundred percent (100%) of Executive’s unvested options (whether granted before or after the
Commencement Date) as of the Trigger Date, shall automatically vest as of the Trigger Date and the
exercise period for all such stock options shall be extended an additional twelve (12)
months (but in any case not beyond the date on which they would have terminated had
Executive continued to be employed by the Company).

          7.1 Definition of Change in Control. For purposes of this Agreement, a “Change in
Control” shall be deemed to have occurred if, at any time during the Term, any of
the following events occurs:

               7.1.1 if the Company does not have a class of securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”):

               7.1.1.1 any person, as that term is used in Section 13(d) and Section 14(d)(2) of
the Exchange Act, becomes a beneficial owner (as defined in Rule 13d-3 under
the Exchange Act or any successor rule or regulation), directly or indirectly, of
securities of the Company representing 50% or more of the combined voting
power of the Company’s then outstanding Voting Stock, as defined below, provided,
however, that for purposes of this paragraph, the term “person” shall exclude (A) a
trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any of its subsidiaries, (B) a person who beneficially
owns 25% or more of the Company’s outstanding Voting Stock on the Effective Date, or (C)
any person who becomes such a beneficial owner in connection with a bona fide financing
transaction.

               7.1.1.2 the Company is merged, consolidated or reorganized into
or with another corporation or other legal person (an “Acquiring Person”) or
securities of the Company are exchanged for securities of an Acquiring Person, and as a
result of such merger, consolidation, reorganization or exchange less than a majority of
the combined voting power of the then outstanding securities of the Acquiring Person
immediately after such transaction is held, directly or indirectly, in the aggregate by
the holders of securities entitled to vote generally in the election of directors
(“Voting Stock”) of the Company immediately prior to such transaction;

               7.1.1.3 the Company, in any transaction or series of related transactions, sells or
otherwise transfers, directly or indirectly, all or substantially all of its assets, on a
consolidated basis, to an Acquiring Person, and less than a majority of the combined
voting power of the then outstanding securities of the Acquiring Person
immediately after such sale or transfer is held, directly or
indirectly, in the aggregate by the holders of Voting Stock of the Company
immediately prior to such sale or transfer; or

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               7.1.1.4 during any period of two consecutive years, individuals who at the beginning
of any such period constitute the directors of the Company cease for any reason to
constitute at least a majority thereof, unless the election, or the nomination for
election by the Company’s stockholders, of each director of the Company first elected
during such period was approved by at least a majority vote of the directors of the
Company then still in office who were directors of the Company at the beginning of any
such period;

          or

          7.1.2 if the Company has a class of securities registered under Section 12 of the Exchange
Act:

               7.1.2.1 any person, as that term is used in Section 13(d) and Section 14(d)(2) of the
Exchange Act, becomes, is discovered to be, or files a report on Schedule 13D or 14D-1 (or
any successor schedule, form or report) disclosing that such person is, a beneficial owner
(as defined in Rule 13d-3 under the Exchange Act or any successor rule or
regulation), directly or indirectly, of securities of the Company representing 25% or more
of the combined voting power of the Company’s then outstanding Voting Stock, provided,
however, that for purposes of this paragraph, the term “person” shall exclude (A)
a trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its subsidiaries, (B) a person who becomes such a
beneficial owner in connection with the Company’s initial public offering of common stock
or (C) any person who was a shareholder of the Company immediately prior to
the Company’s initial public offering of common stock; or

               7.1.2.2 any of the events described in Sections 7.1.1.2, 7.1.1.3 or 7.1.1.4 (the
latter being modified to refer to such a change of a majority of the Board of Directors
during any one year period).

Notwithstanding the foregoing, a transaction shall not constitute a Change in Control if its
sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction.

          7.2
Definition of Good Reason. As used in this Agreement, “Good Reason” means any of the
following: (i) a material reduction in Executive’s title, status, authority, or responsibility at
the Company, provided that elimination of Executive’s title, authority and responsibilities as
either or both Secretary or Treasurer of the Company shall not alone constitute Good Reason; or
(ii) a material reduction in the salary or other benefits in effect for the Executive, provided
comparable reductions have not been made in the salary or other benefits of the other members of
senior management of the Company; or (iii) except with Executive’s prior written consent,
relocation of Executive’s principal place of employment to a location more than 25
miles from the Company’s executive offices in Tucson, Arizona; or (iv) )
any breach by the Company of its material obligations under this Agreement unless such
breach is cured within 30 days after written notice of breach from Executive.

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     8. Release. As a condition precedent to the Company’s obligation to
provide Executive with the amounts set forth in Section 6.3 or Section 7,
Executive must first execute and deliver to the Company a mutual legal release
in the form attached hereto as Exhibit B, with such changes as the Company deems necessary in order to maintain the breadth of such release in the event
of changes in applicable laws, rules or regulations, it being the intent of the parties
that the release be as broad as possible.

     9. Ventures. If, during the Term of this Agreement, Executive is engaged in or
associated with the planning or implementing of any project, program, or venture involving the
Company and a third party or parties, all rights in the project, program, or venture shall
belong to the Company and shall constitute a corporate opportunity belonging exclusively to the
Company. Except as approved in writing by the Board, Executive shall not be entitled to any
interest in such project, program, or venture or to any commission, finder’s fee, or other
compensation in connection therewith other than the Base Salary to be paid to Executive
as provided in this Agreement.

     10. Restrictions.

          10.1 Definitions. For purposes of this Agreement, the following terms
shall have the following meanings:

               10.1.1 “Trade Secrets” means information that is not generally known about the
Company or its business, including without limitation about its products, recipes,
projects, designs, developmental or experimental work, computer programs, data. bases,
know-how, processes, business partners, manufacturers, customers, suppliers, business plans,
marketing plans and strategies, financial or personnel information, and information obtained from
third parties under confidentiality agreements. “Trade Secrets” also means formulas, patterns,
compilations, programs, devices, methods, techniques, or processes that derive independent
economic value, actual or potential, from not being generally known to the public or to other
persons who can obtain economic value from its disclosure or use, and is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy. In particular, the parties
agree and acknowledge that the following list, which is not exhaustive and is to be broadly
construed, enumerates some of the Company’s Trade Secrets, the disclosure of which would be
wrongful and would cause irreparable injury to the Company: (i) pharmaceutical manufacturing; (ii)
formulation technology; (iii) pricing information; (iv) product development, marketing, sales,
customer, manufacturer and supplier information related to any Company product or service
available commercially or in any stage of development during Executive’s employment with the
Company; and (v) Company marketing and business strategies, ideas, and concepts. Executive
acknowledges that the Company’s Trade Secrets were and are designed and developed by the Company
at great expense and over lengthy periods of time, are secret, confidential, and unique, and
constitute the exclusive property of the Company.

               10.1.2 “Restricted Field” means the business of developing,
manufacturing, licensing and selling (i) treatment of vascular thrombosis comprising
thrombolytic drugs with or without bubbles and ultrasound, and (ii) oxygen
delivery with bubbles or fluorocarbon emulsions.

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               10.1.3 “Non-Competition Period” means a period of 12 months after the termination
of Executive’s employment with the Company unless a court of competent jurisdiction determines
that that Period is unenforceable under applicable law because it is too long, in which case the
Non-Competition Period shall be for the longest of the following periods that the court
determines is reasonable under the circumstances: 11 months, 10 months, 9 months, 8
months, 7 months, or 6 months after the termination of Executive’s employment with
the Company.

               10.1.4 “Business Territory” means the entire United States, unless a court of
competent jurisdiction determines that that geographic scope is unenforceable under applicable
law because it is too broad, in which case the Business Territory shall be amended by eliminating
geographical areas and states from the following list until the Business Territory is determined
to be reasonable: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut,
Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North
Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota,
Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington, District of Columbia,
West Virginia, Wisconsin, Wyoming, Pima County, Arizona, Maricopa County, Arizona, Tucson,
Arizona, Phoenix, Arizona. The parties acknowledge and agree that if any of the geographic areas
or States listed above are required by law to be eliminated, it would be fair and
appropriate to do so in the inverse order of the volume of revenue received or
projected to be received by the Company from such area or State at the time of determination.

               10.1.5 “Non-solicitation Period” means a period of 12
months after the termination of Executive’s employment with the Company.

          10.2 Non-Disclosure Obligations. Executive shall not at any time during the period
specified in Section 4.A. of the Invention and Confidential Information Agreement
attached hereto as Exhibit C, without the express written consent of a superior officer or the
Board of the Company, publish, disclose, or divulge to any person, firm or corporation, or use
directly or indirectly for the Executive’s own benefit or for the benefit of any person, firm,
corporation or entity other than the Company, any Trade Secrets of the Company.

          10.3 Non-Competition Obligations. Executive acknowledges the
substantial amount of time, money, and effort that the Company has spent and will spend in
developing its products and other strategically important information (including Trade Secrets),
and agrees that during Executive’s employment with the Company hereunder and during the
Non-Competition Period, Executive will not, alone or with others, directly or indirectly, as an
employee, agent, consultant, advisor, owner, manager, lender, officer, director, employee,
partner, stockholder, or otherwise, engage in any Restricted Field activities in the Business
Territory, nor have any such relationship with any person or entity that engages in Restricted
Field activities in the Business Territory; provided, however, that
nothing in this Agreement will prohibit Executive from owning a passive investment of less
than one percent of the outstanding equity securities of any company listed on any national
securities exchange or traded actively in any national over-the-

9

 

counter market so long as Executive has no other relationship with such company in
violation of this Agreement. The Non-Competition Period set forth in this Section 10.3 shall be
tolled during any period in which the Executive is in breach of the restriction set forth in
this Section 10.3.

          10.4 Agreement Not to Solicit Customers. Executive agrees that during Executive’s
employment with the Company hereunder and during the Non-Solicitation Period, Executive will
not, either directly or indirectly, on Executive’s own behalf or in the service or on behalf of
others, solicit, divert, or appropriate, or attempt to solicit, divert, or appropriate, to any
business that engages in Restricted Field activities in the Business Territory (i) any person or
entity whose account with the Company was sold or serviced by or under the supervision of
Executive during the twelve (12) months preceding the termination of such employment, or (ii)
any person or entity whose account with the Company has been directly solicited at least twice
by the Company within the year preceding the termination of Executive’s employment (the
“Customers”). The Non-Solicitation Period set forth in this Section 10.4 shall be tolled during
any period in which the Executive is in breach of the restriction set forth in this Section
10.4.

          10.5 Agreement Not to Solicit Employees. Executive agrees that during Executive’s employment
with the Company hereunder and during the Non-Solicitation
Period, Executive will not, either directly or indirectly, on Executive’s own behalf or in the
service or on the behalf of others solicit, divert, or hire away, or attempt to solicit, divert,
or hire away any person then employed by the Company, nor encourage anyone to leave the Company’s employ.
The Non-Solicitation Period set forth in this Section l0.5 shall be tolled during any
period in which the Executive is in breach of the restriction set forth in this
Section 10.5.

          10.6 Defamatory Statements. Executive agrees that during Executive’s employment
with the Company hereunder and thereafter, he will not, either directly or indirectly, defame
the reputation; character, or image of the Company or its products, services, employees,
directors, or officers.

          10.7 Reasonableness. Executive and the Company agree that the covenants set forth in
this Agreement are appropriate and reasonable when considered in light of the nature and extent
of the Company’s business. Executive further acknowledges and agrees that: (i) the
Company has a legitimate interest in protecting the Company’s business activities and its
current, pending, and potential Trade Secrets; (ii) the covenants set forth herein are not
oppressive to Executive and contain reasonable limitations as to time, scope, geographical area,
and activity; (iii) the covenants do not harm in any manner whatsoever the public interest; (iv)
Executive’s chosen profession, trade, or business is in manufacturing, developing,
and marketing pharmaceutical drugs, products and devices (the “Profession”); (v) the Restricted
Field is only a very small or limited part of the Profession, and Executive can work in many
different jobs in Executive’s Profession besides those in the Restricted Field; (vi) the
covenants set forth herein do not completely restrain Executive from working in
Executive’s Profession, and Executive can earn a livelihood in Executive’s
Profession without violating any of the covenants set forth herein; (vii) Executive has
received and will receive substantial consideration for agreeing to such covenants, including
without limitation the consideration to be received by Executive under this Agreement; (viii) if
Executive were to work for a competing company that engages in activities in the Restricted
Field, there would be a substantial risk that Executive would

10

 

inevitably disclose Trade Secrets to that company; (ix) the Company competes with
other companies that engage in Restricted Field activities in the Business Territory, and if
Executive were to engage in prohibited activities in the Restricted Field within the Business
Territory, it would harm the Company; (x) the Company expends considerable resources on hiring,
training, and retaining its employees and if Executive were to engage in prohibited activities
during the Non-Solicitation Period, it would harm the Company; and (xi) the Company expends
considerable resources acquiring, servicing, and retaining its Customers and if
Executive were to engage in prohibited activities during the Non-Solicitation Period, it would
harm the Company.

     11. Other Agreements. Executive reaffirms Executive’s obligations set forth in the
Invention and Confidential Information Agreement attached hereto as Exhibit C, which Executive
has executed and delivered herewith. Executive further acknowledges and agrees that he will
comply with all other Company policies and procedures.

     12. Assignment. This Agreement shall not be assignable, in whole or in
part, by either party without the written consent of the other party, except that the Company
may, without the consent of Executive, assign its rights and obligations under this Agreement to
any corporation, firm or other business entity (i) with or into which the Company may merge or
consolidate, (ii) to which the Company may sell or transfer all or substantially all of its
assets or (iii) of which at least a majority of the equity investment and of the voting control
is owned, directly or indirectly, by, or is under common ownership with, the Company. Upon such
assignment by the Company, the Company shall exercise commercially reasonable efforts to obtain
the assignees’ written agreement enforceable by Executive to assume and perform, from and after
the date of such assignment, the terms, conditions, and provisions imposed by this Agreement
upon the Company.

     13. Other Provisions.

          13.1 Governing Law. This Agreement is made under and shall be governed by and
construed, in accordance with the laws of the State of Arizona without reference to conflicts of
law provisions thereof.

          13.2 Injunctive Relief. Executive agrees that it would be difficult to compensate
the Company fully for damages for any violation of the provisions of this Agreement. Accordingly,
Executive specifically agrees that the Company shall be entitled to temporary and permanent
injunctive relief to enforce the provisions of this Agreement. This provision with respect to
injunctive relief shall not, however, diminish the right of the Company to claim and
recover damages in addition to injunctive relief.

          13.3 Prior Agreements. This Agreement and its exhibits contain the entire agreement
of the parties relating to the subject matter hereof and supersedes all prior
agreements and understandings with respect to such subject matter, including prior option
agreements relative thereto, and the parties hereto have made no agreements, representations, or
warranties relating to the subject matter of this Agreement which are not set forth herein.

          13.4 Withholding Taxes and Right of Offset. The Company may withhold from all
payments and benefits under this Agreement all federal, state, city, or other taxes as

11

 

shall be required pursuant to any law or governmental regulation or ruling. Executive
agrees that the Company may offset any payments owed to Executive pursuant to this Agreement by
any amounts owed by Executive to the Company.

          13.5 Amendments. No amendment or modification of this Agreement shall
be deemed effective unless made in writing signed by Executive and the Company.

          13.6 No Waiver. No term or condition of this Agreement shall be deemed
to have been waived nor shall there be any estoppel to enforce any provisions of this Agreement,
except by a statement in writing signed by the party against whom enforcement of the waiver or
estoppel is sought. Any written waiver shall not be deemed a continuing waiver unless
specifically stated, shall operate only as to the specific term or condition waived, and shall
not constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived.

          13.7 Severability. To the extent any provision of this Agreement shall be invalid or
unenforceable, it shall be considered deleted from this Agreement and the remainder of such
provision and of this Agreement shall be unaffected and shall continue in full force and effect.

          13.8 Indemnification. Executive shall be entitled as an officer and
director to be indemnified by the Company under the Organizational Documents, as set forth
therein, and to receive the benefits, if any, of any director and officer liability insurance
obtained by the Company in its discretion from time to time, subject to the terms,
provisions and conditions of any such insurance.

          13.9 Headings. The headings in this Agreement are included solely for
reference purposes and shall not be considered in the interpretation or construction of this
Agreement.

          13.10 Notices. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be delivered personally, by overnight courier or similar
means, by United States certified or registered mail, return receipt requested, postage prepaid,
or sent by facsimile transmission with written confirmation of receipt, at the addresses
specified below or such other addresses as the parties may designate by like notice. Any such
notice shall be effective upon receipt if delivered personally, by overnight courier or by
United States certified or registered mail, or on the next business day following transmittal if
sent by facsimile transmission.

	 	 	 	 	 	 	 
	 

	 	If to the Company:
	 	ImaRx Therapeutics, Inc.
	 	 
	 

	 	 	 	1635 East 18th Street	 	 
	 

	 	 	 	Tucson, AZ 85719	 	 
	 

	 	 	 	Attn: Chairman of the Board	 	 
	 

	 	 	 	Telephone: 520-770-1259	 	 
	 

	 	 	 	Facsimile: 520-791-2437	 	 

12

 

	 	 	 	 	 	 	 
	 

	 	copy to:
	 	DLA Piper	 	 
	 

	 	 	 	701 Fifth Ave., Suite 7000
	 	 
	 

	 	 	 	Seattle, Washington 98104	 	 
	 

	 	 	 	Attn: John M. Steel, Esq.	 	 
	 

	 	 	 	Telephone: (206) 839-4800	 	 
	 

	 	 	 	Facsimile: (206) 839-4801	 	 
	 
	 	 	 	 	 	 
	 

	 	If to Executive:
	 	Greg Cobb	 	 
	 

	 	 	 	1104 W. Saddlehorn Place	 	 
	 

	 	 	 	Oro Valley, AZ 85704	 	 
	 

	 	 	 	Telephone (520) 256-5206	 	 

          13.11 No Mitigation Obligation. It will be difficult, and may be
impossible, for Executive to find reasonably comparable employment following the termination of
Executive’s employment with the Company, and the noncompetition covenant contained in Section
10.1 hereof will further limit the employment opportunities for Executive. Accordingly, the
parties hereto expressly agree that the payments provided for in Section 6.3 and Section 7
by the Company to Executive will be liquidated damages, and that Executive shall not be
required to seek other employment, or otherwise, to mitigate any payment provided for hereunder.

          13.12 Remedies Cumulative. Remedies under this Agreement of either party hereto are
in addition to any remedy or remedies to which such party is entitled
or may become entitled at
law or in equity.

          13.13 Attorneys’ Fees. In the event suit is brought to enforce the
terms of this Agreement or to collect any moneys due hereunder, or to collect money damages for
breach hereof, the prevailing party shall be entitled to recover, in addition to any other
remedy, reimbursement for reasonable attorneys’ fees, court costs, costs of investigation and
other related expenses incurred in connection therewith.

          13.14 Counterparts. This Agreement may be executed in any number of counterparts,
all such counterparts shall be deemed to constitute one and the same instrument, and each of
said counterparts shall be deemed an original hereof.

          13.15 Survivability. Sections 4.3, 6, 7, 8, 10 and 13 of this Agreement
shall survive the termination of this Agreement and the termination of Executive’s employment
with the Company.

13

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first set forth above.

	 	 	 	 	 	 	 
	 	 	“Company”:	 	ImaRx Therapeutics, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Thomas W. Pew
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Thomas W. Pew
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Compensation Committee Member
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	“Executive”:	 	/s/ Greg Cobb
	 	 	 	 	 
	 	 	 	 	Greg Cobb

14

 

Exhibit A

Executive Option Grant Milestones

	 	 	 	 	 	 	 	 	 	 	 
	Grant Milestones	 	Shares
	Clinical: Completion of enrollment in the SonoLysis Combo-therapy
(with tPA) Phase 1 -2 Trial by 12/31/2007 (the “Clinical Target Date”)	 	 	50,000	 
	 
	 	 	 	 	 	 	 	 	 	 
	If completed after the Clinical Target Date but before 3/31/2008 (the
“Clinical Secondary Date”), a prorated number of options will be granted
as determined by multiplying 50,000 by a fraction, the numerator of which
is the number of days remaining between the actual completion date and
the Clinical Secondary Date, and the denominator of which is 91 (being
the number of days between the Clinical Target Date and the Clinical
Secondary Date). If completed after the Clinical Secondary Date, no
options will be granted for this Milestone.	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Business Development: Close a SonoLysis development partnership that
the Board (in its discretion) considers significant enough to satisfy this
Milestone, by 6/30/2007 (the “BusDev Target Date”).	 	 	50,000	 
	 
	 	 	 	 	 	 	 	 	 	 
	If the closing of a partnership that the Board determines satisfies this
Milestone occurs after the BusDev Target Date but before 8/31/2007 (the
“BusDev Secondary Date”), a prorated number of options will be granted
as determined by multiplying 50,000 by a fraction, the numerator of which
is the number of days remaining between the actual closing and the
BusDev Secondary Date, and the denominator of which is 62 (the number
of days between the BusDev Target Date and the BusDev Secondary
Date). If the closing date is after the BusDev Secondary Date, no options
will be granted for this Milestone.	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Finance: Achieve either of the following:	 	 	 	 
	 

	 	 	1	)	 	By 7/31/2007, obtain capital sufficient (in the judgment of the
Board) to fund the Company’s cash flow needs until
12/31/2008; or
	 	 	50,000	 
	 

	 	 	2	)	 	Complete an IPO by 4/1/2008	 	 	 	 

 

 

Exhibit B

Form of Release

 

 

IMARX THERAPEUTICS, INC.

AGREEMENT FOR THE RESOLUTION OF ALL DISPUTES

ARISING FROM THE EMPLOYMENT RELATIONSHIP

THROUGH MEDIATION AND ARBITRATION

I.
SUBJECT AND SCOPE OF AGREEMENT

In order to expedite the resolution of employment related disputes and to minimize the
expense of such disputes for both ImaRx Therapeutics, Inc. (the Company) and Greg Cobb (the employee), thereby mitigating the disruption of work and workplace morale which
accompanies such disputes, it is hereby agreed that all disputes, controversies, claims and
matters in question arising out of or relating to the employment relationship between the Company
and the employee which are not resolved through the “grievance procedure” stated in the Company’s
Employee Handbook, shall be subject to the exclusive, final, binding, speedy, inexpensive and
impartial conditions and procedures stated herein. To the extent permitted by applicable law,
these procedures shall constitute the sole and exclusive method for the resolution of any claim
between the Company and any employee, arising out of the employment relationship and there shall be
no recourse to court with or without a jury trial. The parties agree to promptly move to
dismiss any such court proceeding if commenced.

Claims covered by this Agreement include claims based on alleged breach of any employment agreement
or promise, breach of implied covenants of

Page 1 

 

good faith and fair dealing, alleged discrimination or harassment and/or alleged breach of any
public policy; wrongful discharge under statutory law and common law; employment discrimination
and/or violations based on federal, state and local statutes, ordinances or governmental
regulations including, but not limited to those based on Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act (ADA), the
Age Discrimination in Employment Act (ADEA), the Family and Medical Leave Act (FMLA), the Workers
Adjustment and Retraining Notification Act (WARN); retaliatory discharge or other action, tortious
conduct; contractual violations; other statutory claims and disputes. This Agreement also
applies to any claims or counterclaims that the Company may have against the employee.

II.  PROCEDURES — MEDIATION 

The party initiating these procedures shall be referred to herein as “the claimant or grievant.”

	 	1.	 	The claimant shall, within seven (7) days of the specific
incident or situation giving rise to the dispute, submit to his/her supervisor or
to the Human Resources Manager if the claimant is an employee, or to the employee
involved if the claimant is the Company, in writing, the subject of the dispute

Page 2 

 

	 	 	 	and his/her contentions with respect to it. A written response
shall be provided within three (3) days.1

	 	2.	 	If the response is unsatisfactory, the claimant shall,
within three (3) days
of receipt of the written response or of the default, demand in
writing that
the dispute be submitted to nonbinding mediation. If the dispute involves
termination of employment, the claimant shall have the option to proceed
directly to arbitration. (See III below).
	 
	 	3.	 	The mediation conference(s) shall be held before a mediator
selected from a list of five mediators provided by the Lex Mundi College of
Mediators, or by any other entity agreed upon by the parties and completed
within thirty (30) days of the demand. Within two (2) days of receipt of a
timely written demand for mediation, (or within two (2) days of
its issuance of such demand when the company is the claimant) the Company
shall request a list of five mediators who reside within 1000 miles of the
situs of the dispute from Lex Mundi

 

			
	1	 	Unless otherwise specified, “days” herein means calendar days. A
document is deemed delivered by the sender and received by the addressee at the time it is
postmarked or hand-delivered to the addressee’s workstation. The time limits established in this
policy are to be strictly enforced. However, any deadline may be extended by written agreement of
the grievant and the Company.

Page 3 

 

	 	 	 	College of Mediators or from any other entity agreed upon by the
parties. The parties shall select a mediator from the list provided by Lex
Mundi, by each alternatively striking 2 names from said list.
The remaining mediator shall mediate the dispute. The parties shall execute
the mediation agreement required by the mediator selected.
	 
	 	4.	 	At the mediation conference(s) the spokesperson for the Company will be an
attorney or other person designated by the Company. The claimant’s spokesperson will be
either himself or herself or an attorney employed by the claimant for that purpose.
	 
	 	5.	 	The claimant and his or her supervisor will normally attend the
mediation conference(s).Attendance by others at the mediation conference(s) shall be
limited to those people actually involved in the mediation process.
	 
	 	6.	 	All written material presented to the mediator or to the other party
shall be returned to the party presenting the material at the termination of the mediation
conference(s).
	 
	 	7.	 	Proceedings before the mediator shall be informal in nature. The issue mediated
will be the same as the issue the parties

Page 4 

 

	 	 	 	have failed to resolve through this process. The rules of evidence will not
apply, and no record of the mediation conference(s) shall be made, except
that the mediator may make notes for the purpose of aiding the mediation
process.
	 
	 	8.	 	The mediator may meet separately with the parties during the mediation
conference(s) but will not have the authority to compel the resolution of the
dispute.
	 
	 	9.	 	The Company and the employee at the mediation conference(s) may accept the
resolution proposed by the mediator and if accepted at the conference(s) such
settlement or any settlement resulting from the conference(s) shall be in
writing and binding upon the parties and dispose of the entire dispute but
shall not be precedent setting.
	 
	 	10.	 	If no settlement is reached during the mediation conference(s),
the mediator shall provide the parties with an immediate oral advisory
opinion, unless both parties agree that no opinion shall be provided. The
mediator shall state the basis for his or her advisory opinion.
	 
	 	11.	 	The Company shall bear up to $400.00 of compensation and expenses of the mediator
and the general administrative

Page 5 

 

	 	 	 	expenses of the mediation conference(s). Expenses in excess of this shall be divided
equally between the parties.

111. PROCEDURES - ARBITRATION

1. Submission to Arbitration 

If the mediation does not resolve the dispute or, in cases of termination of
employment, if the claimant elected to bypass the mediation process, either party may
submit the dispute to arbitration, if further relief is sought. Such submission shall be
in writing, within ten (10) days of the last mediation
conference or of the claimant’s election to bypass the mediation, and shall state with
specificity the issues to be submitted to arbitration and the relief sought. Copies of the
submission and demand for arbitration shall be served by registered mail on the other
party to the dispute and simultaneously upon the local office of the Federal Mediation and
Conciliation Service (FMCS), or at the requesting party’s option, upon
the local office of the American Arbitration Association (AAA).

2. Selection of Arbitrator

With the submission, the FMCS or AAA shall be requested by the
party seeking arbitration to provide a list of five arbitrators. Unless the parties can
otherwise agree to appoint an arbitrator, the arbitrator shall be selected no later than
five days after receipt by the parties of the list in the same method used for
the selection of the mediator.

Page 6 

 

3. Arbitration Process 

The arbitration process shall be under the provisions of the current American
Arbitration Association, National Rules for the Resolution of Employment Disputes in effect at the
time of the submission or under such procedures as are determined by the arbitrator. Copies of the
pertinent procedural rules shall be obtained by the party submitting the dispute to arbitration and
provided to the other party. Should a discrepancy arise between said procedural rules and the
provisions herein, the latter shall prevail. At the hearing, all witnesses shall testify under oath
and the hearing and record or the proceeding shall be confidential and not open to the public
except to the extent that; (a) the parties otherwise agree in writing, and (b) may be appropriate
in subsequent proceedings between the parties. A record of the hearing shall be made at
the election of either party and at the Company’s expense by verbatim transcription. The arbitrator
shall maintain possession of the record for at least two years after issuing the award. No person
serving as a mediator between the parties may serve as arbitrator. Neither party may at the
arbitration hearing refer to presentations made by the other at the mediation
conference(s), the fact that such conference(s) were held, or any statements made by the mediator.
Any such references shall be disregarded by the arbitrator. Intentional or repeated references to
matters disclosed only during mediation shall constitute cause for the arbitrator, in his or her
discretion, to summarily find against the party making such references.

Page 7 

 

4. Representation at Hearing and Evidence

Any such party to the arbitration may be represented by counsel during the
arbitration proceedings. The order of presentation and any disputes that may arise with
respect to the relevance and materiality of the evidence offered shall be resolved by the
arbitrator. Conformity with the rules of evidence shall not be required.

5. Arbitrator’s Discretion 

The arbitrator may, in his/her discretion, confer with any party or person and
otherwise conduct his/her own investigation outside the hearing process for the purpose of
obtaining written or oral information. The hearing may be reopened on the arbitrator’s
initiative or upon application of a party, at any time before the award is made. The
arbitration shall have thirty (30) days from the closing of the hearing within
which to render the award. The arbitrator shall have no authority to add to, subtract
from, nor modify the policies describing the employment relationship. The relief awardable
by the arbitrator shall, except where he/she finds a statutory violation, be limited to
reinstatement, if the claimant is an employee who had been terminated and the
earnings that said claimant would otherwise have earned (back-pay), less any unemployment
compensation or other compensation for services that the claimant may have received from
any source during the period. In cases where the Company had terminated the relationship,
if the claimant had failed thereafter to make diligent efforts to apply or look for a

Page 8 

 

position which would provide compensation for his services, no back-pay shall be
awarded for that period of time. Where the arbitrator finds a statutory violation, the
remedy shall be limited to those provided for in the pertinent statute.

6. Time Limitations 

The time limitations imposed in this Article shall be strictly complied with, unless the
parties agree, in writing, to extend them. Failure to comply with the time limitations
shall operate as a waiver by the party responsible for such failure.

7.
Allocation of Expenses, Fees and Costs 

The expenses of witnesses for either side shall be paid by the party producing such
witnesses. The arbitrator’s fees and any other expenses of the arbitrator including
required travel of the arbitrator and the cost of any evidence or proof produced at the
direction of the arbitrator are apportionable and shall be borne by the party (s)
designated by the arbitrator.

8. Finality and Enforcement of Award 

All decisions of arbitrators pursuant to this Article shall be final, valid, irrevocable
and conclusively binding upon the parties to the dispute. The award may be entered as a
judgment in any court of competent jurisdiction and the parties agree to stipulate to
entry of judgment.

Page 9 

 

IV.
CONSIDERATION FOR AGREEMENT 

An employee’s acceptance of an offer of employment or of continued employment by
the Company after notice of this agreement manifest his or her assent to its terms. Such
employment and the Company’s commitments contained in this Agreement constitute part of the
consideration he or she receives in exchange for foregoing any and all right to litigate employment
related disputes in a court of law.

	 	 	 	 	 
	/s/ Greg Cobb

	 	 	 	/s/ Evan Unger
	 

	 	 	 	 
	EMPLOYEE

	 	 	 	ImaRx Therapeutics, Inc.
	 
	 	 	 	 
	4/27/05

	 	 	 	6-7-05
	 

	 	 	 	 
	DATE:

	 	 	 	DATE:

Page 10 

 

Exhibit C

Invention and Confidential Information Agreement

 

 

ImaRx Therapeutics. Inc.

INVENTION AND CONFIDENTIAL INFORMATION

AGREEMENT 

with

Greg Cobb

Dated: 4/27/2005

 

 

INVENTION AND CONFIDENTIAL INFORMATION AGREEMENT 

          This
INVENTION AND CONFIDENTIAL INFORMATION AGREEMENT is made between Greg
Cobb, sometimes hereinafter referred to as “Employee,” and ImaRx
Therapeutics, Inc., hereinafter referred to as “Company,” effective as of the first day of
employment by the Company of the Employee.

          In consideration of: (1) any compensation paid to me by the Company; (2) my employment as
employee, consultant and /or independent contractor, and continuing employment by
the Company; and (3) my access to Confidential Information (as hereinafter defined)
of the Company, I, the undersigned Employee, hereby agree as follows:

     1. DEFINITIONS.

	 	A.	 	“Agreement Field” refers to the field of imaging pharmaceuticals related to
diagnostic imaging techniques of computed tomography, magnetic resonance,
ultrasound and nuclear medicine as well as therapeutic techniques or products
related to the disciplines (e.g. therapeutic ultrasound and hyperthermia,
radiation therapy and lasers) and drug and gene delivery.
	 
	 	B.	 	“Confidential Information” refers to any information acquired,
developed, owned or controlled by the Company concerning the Company and its
products and technology which the Company treats as confidential, including
without limitation, any and all patents and patent rights, copyrights,
discoveries, inventions, improvements, knowledge, know-how, models, manufacturing
or other techniques, specifications, ideas, technical data, engineering data,
formulae, recipes, plans, processes, and any other information in the
Agreement Field, whether or not patentable, copyrightable or otherwise
protectable, which are made, discovered, conceived, developed or otherwise
acquired by the Company. Confidential Information also includes names of
customers and dealers, personal records, financial projections and other
financial information
relating to Company’s businesses; technological product information, training and
operational manuals and other things which constitute the property of the
Company. The term “Confidential Information” shall not include information which:

	 	(i)	 	is in or becomes available to the public domain, other
than through an act or failure to act of one of the parties, contrary to
the terms of this Agreement; or

1

 

	 	(ii)	 	can be shown to have already been known to the Employee and which has not been transferred
to Company prior to the date of this Agreement; or
	 
	 	(iii)	 	has been disclosed by a third party, as a matter of right, without restrictions
on disclosures and use.

In the event Employee asserts that any information is not Confidential Information by reason of
(i), (ii), or (iii) above, the Employee shall have the burden of proving the information
disclosed is within the terms of such provisions.

	 	C.	 	“Inventions” refers to all discoveries, inventions, improvements, processes,
plans, designs, specifications, ideas, recipes, models, manufacturing or other techniques
or know-how, whether or not patentable, copyrightable or otherwise protectable, which are
made, discovered, conceived, or developed, by Employee in the Agreement Field either alone
or jointly with others.

     2. ASSIGNMENT OF INVENTIONS. During the term of my employment and for a period
of one year thereafter, I agree to disclose to the Company fully and promptly, and
to assign to the Company, and I do hereby assign to the Company all right, title and
interest to and in, all Inventions made, discovered, conceived, or developed by me,
either alone or jointly with others, during the period of my employment by the Company,
whether or not during normal working hours, and including during any periods of leaves of
absence, which relate in any way to the Agreement Field or which result in any way
from the use of the Company’s premises, time, facilities or Confidential
Information.

     3. PATENTS. I agree that the Company shall have the right to apply for and use patents,
copyrights, trademarks, or other statutory or common law protections for the Inventions in all
countries; and that I will assist the Company in every lawful way (at
the Company’s expense) to obtain, and from time to time enforce patents, copyrights, trademarks,
trade secrets, and other statutory and common law protections for the Inventions, including but
not limited to the execution of documents, and the giving of testimony during and after my
employment by the Company.

     4. CONFIDENTIAL INFORMATION.

	 	A.	 	I agree that during the period of my employment by the Company,
and during the period extending three years after termination of such employment
(or for a longer period not to exceed five years after such termination in the
case of such Confidential Information which the Company may specifically
designate for this purpose), I will not, without written authorization from the
Company, directly or indirectly use Confidential Information belonging to
the Company for any purpose other than pursuant to my employment by the
Company, and that I will not

2

 

	 	 	 	disclose such Confidential Information to any person without the express
written authorization of the Company,

	 	B.	 	I agree that I will submit in advance to an officer designated by
the Company (other than myself) all matters proposed to be published or printed
for any use other than a confidential communication to an authorized
recipient,
	 
	 	C.	 	I agree that upon termination of my employment by the Company for any reason
whatsoever, I will promptly deliver to the Company all Confidential
Information, including any and all notes, memoranda, writings, drawings, or other
materials embodying or containing Confidential Information, however reproduced or
recorded (and including any and all copies thereof), which are in my possession,
custody or control.

     5 . MODIFICATIONS. This Agreement may be modified only by a duly authorized and
executed writing.

     6. SUCCESSORS AND ASSIGNS. This Agreement shall be binding on, and shall inure
to the benefit of the Company, its affiliates, and their respective successors and assigns, and
the Employee, his heirs, personal representatives and assigns.

     7. ARBITRATION. Any and all disputes between the parties hereto concerning the
negotiation, interpretation, performance or termination of this Agreement, shall be resolved
through amicable discussion between the parties. Failing resolution of the issues in
dispute in such discussion, any party may, thirty (30) days after initiation of such
discussions, refer the issue for final resolution by binding arbitration pursuant to
the then-existing rules of the American Arbitration Association. Any party may apply
to any court of competent jurisdiction for injunctive relief or other interim
measures. Any application to a court for such interim measures shall not be deemed incompatible
with this agreement to arbitrate or as a waiver of this agreement. The arbitration shall be
conducted by a single arbitrator, who shall be a lawyer familiar with technology development and
transfer issues, and shall be held, absent agreement to the contrary, in Tucson, Arizona. In
making his award, the arbitrator shall be guided, in descending priority, by the terms of this
Agreement, the terms of the Research Joint Venture Agreement, the usages of the trade in the
place where the party charged with an act or failure to act is principally
located, and by what he deems just and equitable under the circumstance without
reference to the law of any jurisdiction. The award of the arbitrator shall be final
and binding, and not subject to judicial review. Enforcement of the award may
be sought in any court of competent jurisdiction over the parties or their assets.

     8. WAIVER. Failure by either Party to exert all or any of its rights upon breach
of this Agreement shall not be deemed a waiver of such rights either with respect to that breach
or any subsequent breach.

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     9. SEVERABILITY. The invalidity or unenforceability of any provisions of this
Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all
respects as if said invalid or unenforceable provisions were not contained herein. The parties
agree to cooperate in any revisions or amendments of this Agreement which may be
necessary to effect the intent of the parties in the event that any provision of this
Agreement is deleted as herein provided.

Signed in
Tucson, Arizona this
27th day of April, 2005.

	 	 	 	 	 
	 	ImaRx Therapeutics, Inc.

 	 
	 	/s/
Evan Unger
 	 
	 	President and CEO 	 
	 	 	 
	 

Signed in Tucson, Arizona this 27th day of April, 2000.

	 	 	 	 	 
	 	 	 
	 	/s/ Greg Cobb
 	 
	 	Employee

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