Document:

Exhibit 10.9

Exhibit 10.9

March 28, 2011

R. Martin Emanuele

4406 Maroon Circle

Broomfield, CO 80023

Dear Marty:

ADVENTRX Pharmaceuticals, Inc. (the “Company”) offers to employ you on a full-time basis on the
terms and conditions stated in this letter agreement. This letter agreement will become effective
upon the closing of the Merger (as defined in that certain Agreement And Plan Of Merger by and
among Adventrx Pharmaceuticals, SRX Acquisition Corporation, SynthRx, Inc. and R. Martin Emanuele,
as Stockholders Agent, dated February 12, 2011 (the “Agreement”)). Your starting date will be
April 27, 2011.

The Company will employ you as Senior Vice President, Development reporting to the Company’s Chief
Executive Officer (the “CEO”), Brian M. Culley. You acknowledge that, in this position, you may
become a “Section 16 reporting person,” which means the Company would be required to disclose
certain personal information about you in its filings with the U.S. Securities and Exchange
Commission and its other public disclosures, and you agree and consent to the Company’s disclosure
of such information. Subject to oversight and approval by the CEO and the Company’s Board of
Directors, you will be responsible for planning and directing the development and regulatory
approval of purified P188, including the design and execution of clinical trials, providing support
to other functional areas in connection with the P188 program and for such other responsibilities
that are consistent with your position and title as may be assigned to you from time to time by the
CEO and/or the Company’s Board of Directors. The Company understands and agrees that you have
substantial prior experience with the P188 compound and, during the first 12 months of your
employment with us, as part of decision-making with respect to CMC and regulatory matters, will
request the leadership of its CMC and regulatory functional areas to give your viewpoints due
consideration in light of your background.

Your initial annual base salary shall be $275,000, less standard payroll deductions and
withholding, which would be payable in accordance with our standard payroll policies.

You will be eligible for an incentive award payable in cash or stock, the target amount of which
will be 30% of base salary earned in calendar year 2011, based on the Company’s achievement of
corporate goals determined from time to time by our Board of Directors (or a committee thereof)
and/or your achievement of personal goals determined from time to time by you and Mr. Culley. In
the event the Company adopts a short-term incentive/bonus plan in the future, subject to the
foregoing, this incentive award will be granted subject to, but you will otherwise participate as
set forth in, such plan on the same terms and conditions generally applicable to other similarly
situated employees of the Company.

If your employment with the Company terminates at any time as a result of an Involuntary
Termination (as defined below), and you deliver (and do not revoke) the Release (as defined below),
then you shall receive the following severance benefits:

(a) An amount payable by the Company to you equal to (i) the difference, if positive, between
$275,000 and the actual amount of base salary paid to you while a Company employee plus, (ii) nine
(9) months (the “Benefit Period”) of your then-current base salary, less standard
withholdings, which amount shall be payable in a lump-sum on the date determined as described
below.

 

 

 

R. Martin Emanuele

March 28, 2011

Page 2 of 4

(b) An amount payable by the Company to you equal to the estimated cost of continuing your
health care coverage and the coverage of your dependents who are covered at the time of the
Involuntary Termination under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended, for a period equal to the Benefit Period, which amount shall be payable in a lump-sum on
the date determined as described below.

As a condition of receiving the foregoing benefits, you must execute and not revoke a general
release of claims, which will also confirm any post-termination obligations and/or restrictions
applicable to you (the “Release”), such that the Release becomes effective no later than 60 days
following the Termination Date (as defined below) (the “Release Deadline”). Such benefits shall be
paid on the date the Release is effective; provided, however, that, in the event your
separation occurs at a time during the calendar year where it would be possible for the Release to
become effective in the calendar year following the calendar year in which your separation occurs,
any severance that would be considered deferred compensation (as defined in Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”)) will be paid within fifteen (15) days
following the Release Deadline.

“Termination Date” shall mean the effective date of your “separation from service” within the
meaning of Section 409A (the “Separation from Service”). If upon the Termination Date you are a
“specified employee” (as defined in Section 409A), then solely to the extent necessary to comply
with Section 409A and avoid the imposition of taxes under Section 409A, the Company shall defer
payment of any deferred compensation (as defined in Section 409A) which is payable as a result of
and within six (6) months following the Separation from Service until the earlier of: (a) the first
business day of the seventh month following the Separation from Service, or (b) ten (10) days after
the Company receives written notification of your death. All such delayed payments shall be made
without accrual of interest.

“Cause” shall mean (i) any significant act of personal dishonesty by you in connection with
your responsibilities as an employee; (ii) acts or omissions constituting recklessness or willful
misconduct on your part with respect to your obligations or otherwise relating to the business of
the Company; (iii) any material breach or continued willful violations by you of your obligations
to the Company, including under any offer letter, confidentiality and inventions assignment
agreement or other agreement by and between you and the Company (other than in your capacity as a
signatory to the Agreement in your capacity as Stockholders’ Agent), which is not cured during a
period of thirty (30) days after written notice from the Company; (iv) your conviction (including
any plea of guilty or nolo contendere) of any felony or other criminal act involving dishonesty or
moral turpitude; or (v) any material failure by you to comply with written policies of the Company

 

 

 

R. Martin Emanuele

March 28, 2011

Page 3 of 4

“Involuntary Termination” shall mean (i) without your express written consent, a material
reduction or alteration of your duties, position or responsibilities relative to your duties,
position or responsibilities in effect immediately prior to such reduction or alteration, or your
removal from such position, duties or responsibilities; (ii) without your express written consent,
a material reduction by the Company of your base salary as in effect immediately prior to such
reduction; (iii) without your express written consent, the relocation of your principal place of
employment with the Company by more than fifty (50) miles and (iv) any termination of your
employment by the Company without Cause. Except in the case of a termination of you by the Company
without Cause, an “Involuntary Termination” shall not be deemed to occur until the Company has
received written notice from you of the occurrence of an Involuntary Termination and had thirty
(30) days after the Company’s receipt of such notice to cure or remedy such Involuntary Termination
(the “Remedy Period”). Any such notice provided by you shall indicate the specific termination
provision relied upon, shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination under the provision so indicated, and shall specify the Termination
Date. In order to be effective, a resignation for Involuntary Termination must occur within ten
(10) business days after the end of the Remedy Period in which the Company failed to cure or remedy
the Involuntary Termination and you must have provided the foregoing written notice of the
occurrence of an Involuntary Termination event to the Company within ninety (90) days of your
awareness of the initial existence of the applicable Involuntary Termination event. The items
referenced above constitute the exclusive list of the reasons that shall be considered “Involuntary
Termination” for the termination of your employment by you as an Involuntary Termination.

As our employee, you would be entitled to participate in our employee benefit programs, including
our medical, dental, life insurance and 401(k) programs, on the same terms as our other full-time
employees. These programs, as well as other employee benefits and policies, are described in
further detail in our Policies and Procedures Manual. We reserve the right to modify or amend at
our sole discretion the terms of any and all employee benefit programs from time to time without
advance notice to our employees. Notwithstanding our employee vacation policy set forth in the
Policies and Procedures Manual, you will be entitled to 20 vacation days per year, which will
accrue in accordance with our general vacation accrual policy, including any maximum accrual limits
set forth therein.

Your employment with us will be “at will” and not for a specified term. We make no express or
implied commitment that your employment will have a minimum or fixed term, that we may take adverse
employment action only for cause or that your employment is terminable only for cause. We may
terminate your employment with or without cause and with or without advance notice at any time and
for any reason. Any contrary representations or agreements that may have been made to you are
superseded by this letter agreement. The at-will nature of your employment described in this
letter agreement shall constitute the entire agreement between you and ADVENTRX concerning the
nature and duration of your employment. Although your job duties, title and compensation and
benefits may change over time, the at-will nature of your employment with us can only be changed in
a written agreement signed by you and our Chief Executive Officer or President.

Our proprietary rights and confidential information are among our most important assets. In
addition to signing this letter agreement, as a condition to your employment you must also sign the
Confidential Information, Non-Solicitation and Invention Assignment Agreement for Employees
presented to you concurrently herewith (the “Company Confidentiality Agreement”). As more fully
described in the Company Confidentiality Agreement, we require that, in the course of your
employment with us, you not use or disclose to us any confidential information, including trade
secrets, of any former employer or other person to whom you have an obligation of confidentiality.
Rather, you will be expected to use only that information which is generally known and used by
persons with training and experience comparable to your own, which is common knowledge in the
industry or otherwise legally in the public domain, or which is otherwise provided or developed by
us. During our discussions about your proposed job duties, you assured us that you would be able
to perform those duties within the guidelines just described. Accordingly, you further agree that
you will not bring on to our premises any unpublished documents or property belonging to any former
employer or other person to whom you have an obligation of confidentiality.

 

 

 

R. Martin Emanuele

March 28, 2011

Page 4 of 4

In addition, as an employee, we require that you comply with all of our policies and procedures,
including, without limitation, our Policies and Procedures Manual, Code of Business Conduct and
Ethics and our Insider Trading and Disclosure Policy, copies of which will, at your request, be
provided to you prior to your beginning work with us. You may be required to sign certain
documents acknowledging your receipt and understanding of these and other documents. Violation of
any or our policies or procedures would be cause for disciplinary action including termination.

Your employment with us is also conditioned upon your ability to provide adequate documentation of
your legal right to work in the United States. If you make any misrepresentations to us or omit to
state a material fact necessary in order to make another statement made not misleading in
connection therewith, we may void this letter agreement or, if you are already employed, terminate
your employment.

This letter agreement and documents attached hereto, if any, or referenced herein shall be governed
pursuant to the laws of the State of California as applied to agreements between California
residents entered into to be performed entirely within California.

If any portion of this letter agreement shall, for any reason, be held invalid or unenforceable, or
contrary to public policy or any law, the remainder of this letter agreement shall not be affected
by such invalidity or unenforceability, but shall remain in full force and effect, as if the
invalid or unenforceable term or portion thereof had not existed within this letter agreement.

If you accept and agree with the terms and conditions set forth in this letter agreement, please so
indicate by countersigning below. Please sign below to accept the terms and conditions set forth
herein and return the fully executed letter to me by April 5, 2011. You should keep one copy of
this letter agreement for your own records.

Sincerely,

	 	 	 	 	 
	ADVENTRX Pharmaceuticals, Inc.

	 	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	/s/ Brian M. Culley
 

Brian M. Culley

	 	/s/ R. Martin Emanuele
 

R. Martin Emanuele
	 	 
	Chief Executive Officer
	 	 	 	 
	 

	 	Date: April 5, 2011Exhibit 10.10

Exhibit 10.10

ADVENTRX PHARMACEUTICALS, INC.

DIRECTOR COMPENSATION POLICY

(adopted March 16, 2011)

Non-employee members of the board of directors (the “Board”) of ADVENTRX Pharmaceuticals, Inc.
(the “Company”) shall, beginning January 1, 2011, be eligible to receive cash and equity
compensation as set forth in this Director Compensation Policy. The cash compensation described in
this Director Compensation Policy shall be paid or be made, as applicable, automatically and
without further action of the Board or any committee of the Board, to each member of the Board who
is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee
Director”) who may be eligible to receive such cash compensation, unless such Non-Employee Director
declines the receipt of such cash compensation by written notice to the Company. The option grants
described in this policy shall be approved by the Board at the time of grant in such amounts and
otherwise on the terms and conditions as set forth herein. This Director Compensation Policy shall
remain in effect until it is revised or rescinded by further action of the Board. This Director
Compensation Policy shall be administered and interpreted by the Board, in its sole and absolute
discretion, and the Board retains full discretion to modify its terms or cancel it at any time.

1. Cash Compensation.

(a) Quarterly Retainers.

(i) Each Non-Employee Director shall be eligible to receive a quarterly retainer of $5,000, or
$20,000 per year, for service on the Board. In addition,

(A) a Non-Employee Director serving as Lead Independent Director or, if there is no Lead
Independent Director, a Non-Employee Director serving as Chair of the Board shall be eligible to
receive an additional quarterly retainer of $5,000, or $20,000 per year, for service as Lead
Independent Director or Chair of the Board, as applicable;

(B) a Non-Employee Director serving as Chair of the Board’s Audit Committee shall be eligible
to receive an additional quarterly retainer of $1,875, or $7,500 per year, for service as Chair of
the Audit Committee;

(C) a Non-Employee Director serving as Chair of any committee of the Board other than the
Board’s Audit Committee, compensation for which is addressed in Section 1(a)(i)(B) above, including
its Compensation Committee, its Nominating and Governance Committee, its Research and Development
Committee and other ad hoc committees, shall be eligible to receive an additional quarterly
retainer of $875, or $3,500 per year, for service as Chair of such committee.

(b) Meeting Stipends. Each Non-Employee Director shall be eligible to receive a
$1,000 stipend for each Board meeting attended (whether in person or by telephone, videoconference
or other comparable communication device) and each Non-Employee Director who serves on a committee
of the Board shall be eligible to receive a $1,000 stipend for each meeting of each such committee
that such Non-Employee Director attends (whether in person or by telephone, videoconference or
other comparable communication device).

 

-1-

 

(c) New Directors; Departing Directors; Change in Status. A person (i) who is
initially elected or appointed to the Board or as Lead Independent Director or as Chair of the
Board or Chair of a committee of the Board following March 16, 2011 and who is a Non-Employee
Director at the time of such initial election or appointment or (ii) whose service on the Board as
a Non-Employee Director or as Lead Independent Director or as Chair of the Board or Chair of a
committee of the Board begins or ends prior to the end of the applicable quarter, shall receive a
pro-rated portion of the quarterly fees described above based on (x) the number of (full or
partial) days for which the person served on the Board as a Non-Employee Director or as Lead
Independent Director or as Chair of the Board or Chair of a committee of the Board and (y) a 90-day
quarter. For clarity, each such person shall be immediately eligible for meeting stipends.

(d) Payment. All quarterly retainers and meeting stipends shall be payable in arrears
following the end of each calendar quarter.

2. Equity Compensation.

(a) Definitions. For purposes of this Section 2, the following terms shall have the following
meanings:

(i) “Current Allocation” shall mean the product of (A) 0.0396%, multiplied by (B) the number
of shares of common stock issued and outstanding as of the applicable date. For clarity, (X) the
applicable date for each newly elected/appointed director shall be the Appointment Date and (Y) the
applicable date for each Annual Option shall be the date of the applicable annual meeting of
stockholders.

(ii) “Make-Up Amount” shall mean the difference between (A) the Current Allocation as of the
date of the current-year annual meeting of stockholders, minus (B) the Current Allocation
applicable to the prior
year’s annual meeting of stockholders (or, for Non-Employee Directors who were not
Non-Employee Directors at the time of the prior year’s annual meeting of stockholders, the Current
Allocation as of the date of such Non-Employee Director’s Appointment Date (as defined in Section
2(c))).

(b) 2008 Plan. Anything in this Director Compensation Policy to the contrary
notwithstanding, the options described in this Director Compensation Policy shall be granted under
and shall be subject to the terms and provisions of the Company’s 2008 Omnibus Incentive Plan, as
amended and/or restated from time to time (the “2008 Plan”), and shall be granted subject to the
execution and delivery of option agreements, including attached exhibits, if any, in substantially
the same forms previously approved by the Board or a committee of the Board, setting forth the
vesting schedule applicable to such options and such other terms as may be required by the 2008
Plan. In addition, the approval and granting of the options described below shall be subject to
and contingent upon the Company’s compliance with, or the waiver thereof, of any contractual
obligations applicable to the Company’s approval or granting of such options (all as determined by
the Company in its sole and absolute discretion).

 

-2-

 

(c) New Non-Employee Directors. Each newly elected or appointed Non-Employee Director
or member of the Board who becomes a Non-Employee Director(each, a “New Non-Employee Director”)
shall be eligible to receive, in connection with such New Non-Employee Director’s election or
appointment to the Board or change in status (the “Appointment Date”), the following:

(i) a non-qualified stock option (each, an “Inducement Option”) to purchase such number of
shares of common stock as is equal to the Current Allocation (subject to adjustment as provided in
the 2008 Plan); and

(ii) provided the New Non-Employee Director was not initially elected at an annual meeting of
stockholders and such New Non-Employee Director’s Appointment Date is more than 30 days before the
date of the next annual meeting of stockholders, a non-qualified stock option (each, a “Pro-Rated
Annual Option”) to purchase that number of shares of common stock as is equal to (A) x (B), where:

	 	(A)	=   	the quotient of (I) the Current
Allocation, divided by (II) 12; subject to adjustment as provided in
the 2008 Plan; and

	 	(B)	=   	The number of full 30-day periods between
such New Non-Employee Director’s Appointment Date and the date of the
next annual meeting of stockholders (or, if, on the Appointment Date,
the date of the next annual meeting of stockholders has not been set by
the Board, the one-year anniversary of the prior year’s annual meeting
of stockholders) (such number of 30-day periods, the “Number of Months
Until Meeting”).

(d) Annual Options. In connection with each annual meeting of stockholders, each
Non-Employee Director shall be eligible to receive a non-qualified stock option (each, an “Annual
Option”) to purchase such number of shares of common stock as is equal to the Current Allocation
(subject to adjustment as provided in the 2008 Plan), plus, if applicable, the Make-Up Amount.

The “Make-Up Amount” shall be included in the Annual Option for a Non-Employee Director only
if: (i) the Make-Up Amount with respect to such Non-Employee Director exceeds 20% of the Current
Allocation as of the date of the current-year annual meeting of stockholders; (ii) the Company’s
market capitalization (shares outstanding multiplied by stock price) has not exceeded $100 million
for a sustained period (e.g., 20 trading days), as determined unanimously by the Board; and (iii)
the Board unanimously determines to include the Make-Up Amount in such Annual Option.

(e) Termination of Employment of Employee Directors. Members of the Board who are
employees of the Company or any parent or subsidiary of the Company who subsequently terminate
their employment with the Company and any parent or subsidiary of the Company and remain on the
Board will, to the extent that they are otherwise eligible, be eligible to receive, after
termination from employment with the Company and any parent or subsidiary of the Company, an
Inducement Option, a Pro-Rated Annual Option and an Annual Option, all as described in this Section
2.

 

-3-

 

(f) Terms of Options Granted to Non-Employee Directors.

(i) Exercise Price. The per share exercise price of each option granted to a
Non-Employee Director shall equal 100% of the Fair Market Value (as defined in the 2008 Plan) of a
share of common stock on the date the option is granted.

(ii) Vesting.

(A) Each Inducement Option granted to a New Non-Employee Director shall become vested and
exercisable in thirty-six substantially equal monthly installments of 1/36th of the
shares subject to such option at the end of each successive month following the Appointment Date of
such New Non-Employee Director, subject to such director’s continuing service (as defined in the
2008 Plan) through such dates.

(B) Each Pro-Rated Annual Option granted to a New Non-Employee Director shall become vested
and exercisable in such number of substantially equal monthly installments (which number shall be
equal to the Number of Months Until Meeting) of such fraction of the shares subject to such option
(which fraction shall be equal to 1/the Number of Months Until Meeting) at the end of each
successive month following the Appointment Date of such New Non-Employee Director, subject to such
director’s continuing service (as defined in the 2008 Plan) through such dates.

(C) Each Make-Up Option granted to a Non-Employee Director shall become vested and exercisable
in twelve substantially equal monthly installments of 1/12 of the shares subject to such option at
the end of each successive month following June 3, 2009, subject to such director’s continuing
service (as defined in the 2008 Plan) through such dates.

(D) Each Annual Option granted to a Non-Employee Director shall become vested and exercisable
in twelve substantially equal monthly installments of 1/12th of the shares subject to
such option at the end of each successive month following the date of applicable annual meeting of
stockholders, subject to such director’s continuing service (as defined in the 2008 Plan) through
such dates.

(iii) Term. The term of each option granted to a Non-Employee Director shall be the
shorter or (x) ten years from the date the option is granted and (y) three years from the date such
Non-Employee Director ceases to provide Services (as defined in the 2008 Plan) for any reason other
than such Non-Employee Director’s death or disability.

 

-4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]