Document:

EXHIBIT 10.23

 

The Company has entered
into the attached form of Key Executive Change of Control Agreement with the
following executive officers as of the following dates:

 

	
  Name

  	
   

  	
  Date

  
	
  Linda T. Findlay

  	
   

  	
  10/30/2001

  
	
  Neile A. Grayson

  	
   

  	
  10/30/2001

  
	
  Richard G. Ghalie

  	
   

  	
  10/30/2001

  
	
  Melinda G. Kile

  	
   

  	
  10/30/2001

  
	
  Leslie J. Sabo

  	
   

  	
  10/30/2001

  

 

All of the agreements,
except that of Ms. Grayson, provide for severance pay equal to 50% of the
executive’s then current annual base salary. 
Ms. Grayson’s agreement provides for severance payments equal to 75% of
her current annual base salary, and bonus, if employment is terminated during
the Initial Term of her agreement.

 

 

NEORX
CORPORATION

CHANGE
OF CONTROL AGREEMENT (VP)

 

This Change of Control
Agreement (VP) (this “Agreement”), dated as of               , 20     , is
entered into by and between NEORX CORPORATION, a Washington corporation (as
supplemented by Section 13, the “Company”), and              (the “Executive”).

 

The Board of Directors of
the Company (the “Board”) has determined that
it is in the best interests of the Company and its shareholders to ensure that
the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control
(as defined in Section 1 hereof) of the Company.  The Board believes it is imperative to diminish the inevitable
distraction of

 

 

the Executive
arising from the personal uncertainties and risks created by a pending or
threatened Change of Control, to encourage the Executive’s full attention and
dedication to the Company currently and in the event of any threatened or
pending Change of Control, and to provide the Executive with reasonable
compensation and benefit arrangements upon a Change of Control.

 

In order to accomplish
these objectives, the Board has caused the Company to enter into this
Agreement.

 

1.             Definitions

 

1.1           “Change of Control”
shall have the definition set forth in Appendix A hereto, which is hereby
incorporated by reference.

 

1.2           “Change of Control Date”
shall mean the first date on which a Change of Control occurs.

 

1.3           “Employment Period”
shall mean the two (2) year period commencing on the Change of Control Date and
ending on the second anniversary of such date.

 

1.4           “Severance Agreement”
shall mean the Key Executive Severance Agreement, dated as of the date hereof,
between the parties, as it may be amended from time to time, that provides for
certain benefits related to termination of the Executive’s employment that are
unrelated to a Change of Control.

 

2.             Term

 

The initial term of this
Agreement (“Initial Term”)
shall be for a period of one (1) year from the date of this Agreement as first
appearing above; provided, however, that this Agreement shall automatically
renew for successive additional one (1) year periods (“Renewal Terms”) unless notice of nonrenewal
is given by either party to the other at least ninety (90) days prior to the
end of the Initial Term or any Renewal Term, and provided further that if a
Change in Control occurs during the Term, the Term shall automatically extend
for the duration of the Employment Period. 
The (“Term”)
of this Agreement shall be the Initial Term plus Renewal Terms and, if
applicable, the duration of the Employment Period.  At the end of the Term, this Agreement shall terminate without
further action by either the Company or the Executive.

 

2

 

3.             Employment

 

3.1          Employment
Period

 

During the Employment
Period, the Company hereby agrees to continue the Executive in its employ or in
the employ of its affiliated companies, and the Executive hereby agrees to
remain in the employ of the Company or its affiliated companies, in accordance
with the terms and provisions of this Agreement; provided, however, that either
the Company or the Executive may terminate the employment relationship subject
to the terms of this Agreement.

 

3.2          Position and Duties

 

During the Employment
Period, the Executive’s position, authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the ninety (90) day
period immediately preceding the Change of Control Date.

 

3.3          Location

 

During the Employment
Period, the Executive’s services shall be performed at the Company’s
headquarters on the Change of Control Date or any office that is subsequently
designated as the headquarters of the Company and is less than twenty
(20) miles from such location.

 

3.4          Employment at Will

 

The Executive and the
Company acknowledge that, except as may otherwise be provided under any other
written agreement between the Executive and the Company, the employment of the
Executive by the Company or its affiliated companies is “at will” and may be
terminated by either the Executive or the Company or its affiliated companies
at any time with or without cause. 
Moreover, if prior to the Change of Control Date, the Executive’s
employment with the Company or its affiliated companies terminates for any
reason, then the Executive shall have no further rights under this Agreement;
provided, however, that the Company may not avoid liability for any termination
payments that would have been required during the Employment Period pursuant to
Section 8 hereof by terminating the Executive prior to the Employment
Period where such termination is carried out in anticipation of a Change of
Control and the principal motivating purpose is to avoid liability for such
termination payments.

 

3

 

4.             Attention And Effort

 

During the Employment
Period, and excluding any periods of vacation and sick leave to which the
Executive is entitled, the Executive will devote all of his productive time,
ability, attention and effort to the business and affairs of the Company and
the discharge of the responsibilities assigned to him hereunder, and will use
his reasonable best efforts to perform faithfully and efficiently such
responsibilities.  It shall not be a violation
of this Agreement for the Executive to (a) serve on corporate, civic or
charitable boards or committees, (b) deliver lectures, fulfill speaking
engagements or teach at educational institutions, (c) manage personal
investments, or (d) engage in activities permitted by the policies of the
Company or as specifically permitted by the Company, so long as such activities
do not significantly interfere with the performance of the Executive’s
responsibilities in accordance with this Agreement.  It is expressly understood and agreed that to the extent any such
activities have been conducted by the Executive prior to the Employment Period,
the continued conduct of such activities (or the conduct of activities similar
in nature and scope thereto) during the Employment Period shall not thereafter
be deemed to interfere with the performance of the Executive’s responsibilities
to the Company.

 

5.             Compensation

 

As long as the Executive
remains employed by the Company during the Employment Period, the Company
agrees to pay or cause to be paid to the Executive, and the Executive agrees to
accept in exchange for the services rendered hereunder by him, the following
compensation.

 

5.1          Salary

 

The Executive shall
receive an annual base salary (the “Annual Base Salary”),
at least equal to the annual salary established by the Board or the
Compensation Committee of the Board (the “Compensation Committee”)
or the Chief Executive Officer for the fiscal year in which the Change of
Control Date occurs.  The Annual Base
Salary shall be paid in substantially equal installments and at the same
intervals as the salaries of other executives of the Company are paid.  The Board or the Compensation Committee or
the Chief Executive Officer shall review the Annual Base Salary at least annually
and shall determine in good faith and consistent with any generally applicable
Company policy any increases for future years.

 

5.2          Bonus

 

In addition to the Annual
Base Salary, the Executive shall be awarded, for each fiscal year ending during
the Employment Period, an annual bonus (the “Annual

 

4

 

Bonus”)
in cash at least equal to the average annualized (for any fiscal year
consisting of less than twelve (12) full months) bonus paid or payable
(including by reason of any deferral and including the value of any stock
awards and the compensation expense disclosed in the Company’s financial
statements for the grant of any stock options) to the Executive by the Company
and its affiliated companies in respect of the three fiscal years immediately preceding
the fiscal year in which the Change of Control Date occurs.  Each Annual Bonus shall be paid no later
than ninety (90) days after the end of the fiscal year for which the Annual
Bonus is awarded, unless the Executive shall elect to defer the receipt of the
Annual Bonus.

 

6.             Benefits

 

6.1          Incentive, Retirement and Welfare
Benefit Plans; Vacation

 

During the Employment
Period, the Executive shall be entitled to participate, subject to and in
accordance with applicable eligibility requirements, in such fringe benefit
programs as shall be generally made available to other executives of the
Company and its affiliated companies from time to time during the Employment
Period by action of the Board (or any person or committee appointed by the
Board to determine fringe benefit programs and other emoluments), including,
without limitation, paid vacations; any stock purchase, savings or retirement
plan, practice, policy or program; and all welfare benefit plans, practices,
policies or programs (including, without limitation, medical, prescription,
dental, disability, salary continuance, employee life, group life, accidental
death and travel accident insurance plans or programs).

 

6.2          Expenses

 

During the Employment
Period, the Executive shall be entitled to receive prompt reimbursement for all
reasonable employment expenses incurred by him in accordance with the policies,
practices and procedures of the Company and its affiliated companies in effect
for the executives of the Company and its affiliated companies during the
Employment Period.

 

7.             Termination

 

During the Employment
Period, employment of the Executive may be terminated as follows, but, in any
case, the nondisclosure provisions set forth in Section 10 hereof shall
survive the termination of this Agreement and the termination of the
Executive’s employment with the Company:

 

5

 

7.1          By the Company or the Executive

 

At any time during the
Employment Period, the Company may terminate the employment of the Executive
with or without Cause (as defined below), and the Executive may terminate his
employment for Good Reason (as defined below) or for any reason, upon giving
the Notice of Termination (as defined below).

 

7.2          Automatic Termination

 

This Agreement and the
Executive’s employment during the Employment Period shall terminate
automatically upon the death or Total Disability of the Executive.  The term “Total
Disability” as used herein shall mean the Executive’s inability
(with such accommodation as may be required by law and which places no undue
burden on the Company), as determined by a physician selected by the Company
and acceptable to the Executive, to perform the duties set forth in
Section 3.2 hereof for a period or periods aggregating twelve (12) weeks
in any three hundred sixty-five (365) day period as a result of physical or
mental illness, loss of legal capacity or any other cause beyond the
Executive’s control, unless the Executive is granted a leave of absence by the
Board.  The Executive and the Company
hereby acknowledge that the duties specified in Section 3.2 hereof are
essential to the Executive’s position and that Executive’s ability to perform
those duties is the essence of this Agreement.

 

7.3          Notice of Termination

 

Any termination by the Company
or by the Executive during the Employment Period shall be communicated by the
Notice of Termination to the other party given in accordance with
Section 12 hereof.  The term “Notice of Termination” shall mean a written notice that
(a) indicates the specific termination provision in this Agreement relied
upon and (b) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated.  The failure by the Executive or the Company
to set forth in the Notice of Termination any fact or circumstance that
contributes to a showing of Good Reason or Cause shall not waive any right of
the Executive or the Company hereunder or preclude the Executive or the Company
from asserting such fact or circumstance in enforcing the Executive’s or the
Company’s rights hereunder.

 

7.4          Date of Termination

 

During the Employment
Period, “Date of Termination” means
(a) if the Executive’s employment is terminated by reason of death, at the
end of the calendar 

 

6

 

month in which the
Executive’s death occurs, (b) if the Executive’s employment is terminated
by reason of Total Disability, immediately upon a determination by the
Company of the Executive’s Total Disability, and (c) in all other cases,
ten (10) days after the date of personal delivery or mailing of the Notice of
Termination.  The Executive’s employment
and performance of services will continue during such ten (10) day period;
provided, however, that the Company may, upon notice to the Executive and
without reducing the Executive’s compensation during such period, excuse the
Executive from any or all of his duties during such period.

 

8.             Termination Payments

 

In the event of
termination of the Executive’s employment during the Employment Period, all
compensation and benefits set forth in this Agreement shall terminate except as
specifically provided in this Section 8.

 

8.1         Termination by the Company Other Than
for Cause or by the Executive for Good Reason

 

If during the Employment
Period the Company terminates the Executive’s employment other than for Cause
or the Executive terminates his employment for Good Reason, the Executive shall
be entitled to:

 

(a)          receive payment of the following
accrued obligations (the “Accrued Obligations”):

 

(i)             the Annual Base
Salary through the Date of Termination to the extent not theretofore paid;

 

(ii)            the product of
(x) the Annual Bonus payable with respect to the fiscal year in which the
Date of Termination occurs and (y) a fraction the numerator of which is the
number of days in the current fiscal year through the Date of Termination, and
the denominator of which is three hundred sixty-five (365); provided that, in
the event that the Executive is entitled to an amount in respect of the Annual
Bonus under Section 8.1(c), he shall receive the amount payable under
Section 8.1(c) first and the amount payable under this
Section 8.1(a)(ii) only to the extent it exceeds the amount payable under
Section 8.1(c); and

 

(iii)           any compensation
previously deferred by the Executive (together with accrued interest or
earnings thereon, if any) and any accrued vacation pay that would be payable
under the Company’s standard policy, in each case to the extent not theretofore
paid;

 

7

 

(b)           for one year after the Date of
Termination or until the Executive qualifies for comparable medical and dental
insurance benefits from another employer, whichever occurs first, the Company
shall pay the Executive’s premiums for health insurance benefit continuation
for the Executive and his family members, if applicable, which the Company
provides to the Executive under the provisions of the federal Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”),
to the extent that the Company would have paid such premiums had the Executive
remained employed by the Company (such continued payment is hereinafter
referred to as “COBRA Continuation”);

 

(c)           an amount equal to fifty percent
(50%) of the Annual Bonus that would have been paid to the Executive for the
fiscal year in which the Date of Termination falls but for the termination of
the Executive’s employment;

 

(d)           an amount as severance pay equal to
fifty percent (50%) of the Annual Base Salary for the fiscal year in which the
Date of Termination occurs; and

 

(e)           immediate vesting of all outstanding
stock options previously granted to the Executive by the Company.

 

8.2          Termination for Cause or Other Than
for Good Reason

 

If during the Employment
Period the Executive’s employment shall be terminated by the Company for Cause
or by the Executive for other than Good Reason, this Agreement shall terminate
without further obligation on the part of the Company to the Executive, other
than the Company’s obligation to pay the Executive (a) the Annual Base
Salary through the Date of Termination, (b)  the amount of any
compensation previously deferred by the Executive, and (c) any accrued
vacation pay that would be payable under the Company’s standard policy, in each
case to the extent theretofore unpaid.

 

8.3          Expiration of Term

 

In the event the
Executive’s employment is not terminated prior to expiration of the Term, this
Agreement shall terminate without further obligation on the part of the Company
to the Executive, other than the Company’s obligation to pay the Executive the
product of (a) the Annual Bonus payable with respect to the fiscal year in
which the Term expired and (b) a fraction the numerator of which is the
number of days in the current fiscal year through the end of the Term and the
denominator of which is three hundred sixty-five (365).

 

8

 

8.4          Termination Because of Death or Total
Disability

 

If during the Employment
Period the Executive’s employment is terminated by reason of the Executive’s
death or Total Disability, this Agreement shall terminate automatically without
further obligation on the part of the Company to the Executive or his legal representatives
under this Agreement, other than the Company’s obligation to pay the Executive
the Accrued Obligations (which shall be paid to the Executive’s estate or
beneficiary, as applicable in the case of the Executive’s death), and to
provide COBRA Continuation.

 

8.5          Payment Schedule

 

All payments of Accrued
Obligations, or any portion thereof payable pursuant to this Section 8,
shall be made to the Executive within ten (10) working days of the Date of
Termination.  Any payments payable to the
Executive pursuant to Section 8.1(c) and (d) hereof shall be made to the
Executive in a lump sum within ten (10) working days of the Date of
Termination.

 

8.6          Cause

 

For purposes of this
Agreement, “Cause” means cause given by
the Executive to the Company and shall include, without limitation, the
occurrence of one (1) or more of the following events:

 

(a)           a clear refusal to carry out any
material lawful duties of the Executive or any directions of the Board or
senior management of the Company, all reasonably consistent with the duties
described in Section 3.2 hereof;

 

(b)           persistent failure to carry out any
lawful duties of the Executive described in Section 3.2 hereof or any
directions of the Board or senior management reasonably consistent with the
duties herein set forth to be performed by the Executive, provided, however,
that the Executive has been given reasonable notice and opportunity to correct
any such failure;

 

(c)           violation by the Executive of a state
or federal criminal law involving the commission of a crime against the Company
or any other criminal act involving moral turpitude;

 

(d)           current abuse by the Executive of
alcohol or controlled substances; deception, fraud, misrepresentation or
dishonesty by the Executive; or any incident materially compromising the
Executive’s reputation or ability to represent the Company with investors,
customers or the public; or

 

9

 

(e)           any other material
violation of any provision of this Agreement by the Executive, subject to the
notice and opportunity-to-cure requirements of Section 11 hereof.

 

8.7          Good Reason

 

For purposes of this
Agreement, “Good Reason” means

 

(a)           the assignment to the Executive of
any duties materially inconsistent with the Executive’s position, authority,
duties or responsibilities as contemplated by Section 3.2 hereof or any
other action by the Company that results in a material diminution in such
position, authority, duties or responsibilities, excluding for this purpose an
isolated and inadvertent action not taken in bad faith and that is remedied by
the Company promptly after receipt of notice thereof given by the Executive;

 

(b)           any failure by the Company to comply
with any of the provisions of Section 5 or Section 6 hereof, other
than an isolated and inadvertent failure not taken in bad faith and that is
remedied by the Company promptly after receipt of notice thereof given by the
Executive;

 

(c)           the Company’s requiring the Executive
to be based at any office or location other than that described in Section 3.3
hereof;

 

(d)           any failure by the Company to comply
with and satisfy Section 13 hereof; provided, however, that the Company’s
successor has received at least ten (10) days’ prior written notice from the
Company or the Executive of the requirements of Section 13 hereof; or

 

(e)           any other material violation of any
provision of this Agreement by the Company, subject to the notice and
opportunity-to-cure requirements of Section 11 hereof.

 

8.8          Excess Parachute Limitation

 

If any portion of the payments
or benefits for the Executive under this Agreement, the Severance Agreement, or
any other agreement or benefit plan of the Company (including stock option
plan) would be characterized as an “excess parachute payment” to the Executive
under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the Executive shall be paid an excise tax that
the Executive owes under Section 4999 of the Code as a result of such
characterization, such excise tax to be paid to the Executive at least ten (10)
days prior to the date that he is obligated to make the excise tax
payment.  The determination of 

 

10

 

whether and to
what extent any payments or benefits would be “excess parachute payments” and the
date by which any excise tax shall be due, shall be determined in writing by
recognized tax counsel selected by the Company and reasonably acceptable to the
Executive.

 

9.             Representations, Warranties and
Other Conditions

 

In order to induce the
Company to enter into this Agreement, the Executive represents and warrants to
the Company as follows:

 

9.1          Health

 

The Executive is in good
health and knows of no physical or mental disability that, with any
accommodation that may be required by law and that places no undue burden on
the Company, would prevent him from fulfilling his obligations hereunder.  The Executive agrees, if the Company
requests, to submit to reasonable periodic medical examinations by a physician
or physicians designated by, paid for and arranged by the Company.  The Executive agrees that the examination’s
medical report shall be provided to the Company.

 

9.2          No Violation of Other Agreements

 

The Executive represents
that neither the execution nor the performance of this Agreement by the Executive
will violate or conflict in any way with any other agreement by which the
Executive may be bound.

 

10.          Nondisclosure; Return of Materials

 

10.1        Nondisclosure

 

Except as required by his
employment with the Company, the Executive will not, at any time during the
term of employment by the Company, or at any time thereafter, directly,
indirectly or otherwise, use, communicate, disclose, disseminate, lecture upon
or publish articles relating to any confidential, proprietary or trade secret
information without the prior written consent of the Company.  The Executive understands that the Company
will be relying on this Agreement in continuing the Executive’s employment,
paying him compensation, granting him any promotions or raises, or entrusting
him with any information that helps the Company compete with others.

 

11

 

10.2        Return of Materials

 

All documents, records,
notebooks, notes, memoranda, drawings or other documents made or compiled by
the Executive at any time, or in his possession, including any and all copies
thereof, shall be the property of the Company and shall be held by the
Executive in trust and solely for the benefit of the Company, and shall be
delivered to the Company by the Executive upon termination of employment or at
any other time upon request by the Company.

 

11.          Notice and Cure of Breach

 

Whenever a breach of this
Agreement by either party is relied upon as justification for any action taken
by the other party pursuant to any provision of this Agreement, other than
clause (a), (b), (c) or (d) of Section 8.6 hereof, before such action
is taken, the party asserting the breach of this Agreement shall give the other
party at least twenty (20) days’ prior written notice of the existence and the
nature of such breach before taking further action hereunder and shall give the
party purportedly in breach of this Agreement the opportunity to correct such
breach during the twenty (20) day period.

 

12.          Form of Notice

 

Every notice required by
the terms of this Agreement shall be given in writing by serving the same upon
the party to whom it was addressed personally or by registered or certified
mail, return receipt requested, at the address set forth below or at such other
address as may hereafter be designated by notice given in compliance with the
terms hereof:

 

	
  If to the Executive:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If to the Company:

  	
   

  	
  NeoRx Corporation

  
	
   

  	
   

  	
  410 West Harrison

  
	
   

  	
   

  	
  Seattle, Washington  98119

  
	
   

  	
   

  	
  Attn:  President

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Perkins Coie LLP

  
	
   

  	
   

  	
  1201 Third Avenue, 40th Floor

  
	
   

  	
   

  	
  Seattle, Washington 98101-3099

  
	
   

  	
   

  	
  Attn:  James R. Lisbakken

  

 

12

 

 

Except as set forth in
Section 7.4 hereof, if notice is mailed, such notice shall be effective
upon mailing.

 

13.          Assignment

 

This Agreement is
personal to the Executive and shall not be assignable by the Executive.

 

The Company shall assign
to and require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all the business and/or
assets of the Company to assume expressly and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place.  As used in this Agreement, “Company” shall
mean NeoRx Corporation and any successor to its business and/or assets as
aforesaid that assumes and agrees to perform this Agreement by operation of
law, or otherwise.  All the terms and
provisions of this Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and their respective successors and
permitted assigns.

 

14.          Waivers

 

No delay or failure by
any party hereto in exercising, protecting or enforcing any of its rights,
titles, interests or remedies hereunder, and no course of dealing or
performance with respect thereto, shall constitute a waiver thereof.  The express waiver by a party hereto of any
right, title, interest or remedy in a particular instance or circumstance shall
not constitute a waiver thereof in any other instance or circumstance.  All rights and remedies shall be cumulative
and not exclusive of any other rights or remedies.

 

15.          Amendments In Writing

 

No amendment,
modification, waiver, termination or discharge of any provision of this
Agreement, or consent to any departure therefrom by either party hereto, shall
in any event be effective unless the same shall be in writing, specifically
identifying this Agreement and the provision intended to be amended, modified, waived,
terminated or discharged and signed by the Company and the Executive, and each
such amendment, modification, waiver, termination or discharge shall be
effective only in the specific instance and for the specific purpose for which
given.  No provision of this Agreement
shall be varied, contradicted or explained by any oral agreement, course of
dealing or performance or any other matter not set forth in an agreement in
writing and signed by the Company and the Executive.

 

13

 

16.          Applicable Law

 

This Agreement shall in
all respects, including all matters of construction, validity and performance,
be governed by, and construed and enforced in accordance with, the laws of the
State of Washington, without regard to any rules governing conflicts of laws.

 

17.          Arbitration; Attorneys’ Fees

 

Except in connection with
enforcing Section 10 hereof, for which legal and equitable remedies may be
sought in a court of law, any dispute arising under this Agreement shall be
subject to arbitration.  The arbitration
proceeding shall be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association (the “AAA
Rules”) then in effect, conducted by one arbitrator either
mutually agreed upon or selected in accordance with the AAA Rules.  The arbitration shall be conducted in King
County, Washington, under the jurisdiction of the Seattle office of the
American Arbitration Association.  The
arbitrator shall have authority only to interpret and apply the provisions of
this Agreement, and shall have no authority to add to, subtract from or
otherwise modify the terms of this Agreement. 
Any demand for arbitration must be made within sixty (60) days of the event(s)
giving rise to the claim that this Agreement has been breached.  The arbitrator’s decision shall be final and
binding, and each party agrees to be bound to by the arbitrator’s award,
subject only to an appeal therefrom in accordance with the laws of the State of
Washington.  Either party may obtain
judgment upon the arbitrator’s award in the Superior Court of King, County,
Washington.

 

If it becomes necessary
to pursue or defend any legal proceeding, whether in arbitration or court, in
order to resolve a dispute arising under this Agreement, the prevailing party
in any such proceeding shall be entitled to recover its reasonable costs and
attorneys’ fees.

 

18.          Severability

 

If any provision of this
Agreement shall be held invalid, illegal or unenforceable in any jurisdiction,
for any reason, including, without limitation, the duration of such provision,
its geographical scope or the extent of the activities prohibited or required
by it, then, to the full extent permitted by law, (a) all other provisions
hereof shall remain in full force and effect in such jurisdiction and shall be
liberally construed in order to carry out the intent of the parties hereto as
nearly as may be possible, (b) such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
any other provision hereof, and (c) any court or 

 

14

 

arbitrator having
jurisdiction thereover shall have the power to reform such provision to the
extent necessary for such provision to be enforceable under applicable law.

 

19.          Entire Agreement

 

Except as described in
Section 22 hereof, this Agreement constitutes the entire agreement between
the Company and the Executive with respect to the subject matter hereof, and
all prior or contemporaneous oral or written communications, understandings or
agreements between the Company and the Executive with respect to such subject
matter are hereby superseded and nullified in their entireties, except that the
Proprietary Information and Invention Agreement between the Company and the
Executive shall continue in full force and effect to the extent not superseded
by Section 10 hereof.

 

20.          Withholding

 

The Company may withhold
from any amounts payable under this Agreement such federal, state or local
taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

 

21.          Counterparts

 

This Agreement may be
executed in counterparts, each of which counterparts shall be deemed an
original, but all of which together shall constitute one and the same instrument.

 

22.          Coordination With Severance Agreement

 

The Severance Agreement
that the parties are entering into contemporaneously with this Agreement
provides for certain forms of severance and benefit payments in the event of
termination of the Executive’s employment. 
This Agreement is in addition to the Severance Agreement and in no way
supersedes or nullifies the Severance Agreement.  Nevertheless, it is possible that termination of employment by
the Company or by the Executive may fall within the scope of both
agreements.  In such event, payments
made to the Executive under Section 8.1 hereof shall be coordinated with
payments made to the Executive under Section 5.1 of the Severance
Agreement as follows:

 

(a)           Accrued Obligations under this
Agreement shall be paid first, in which case Accrued Obligations need not be
paid under the Severance Agreement;

 

15

 

(b)           COBRA Continuation under this
Agreement shall be provided first, in which case COBRA Continuation need not be
provided under the Severance Agreement; and

 

(c)           the severance payment required under
Section 8.1(d) hereof shall be paid first, in which case any severance payment
required under Section 5.1(c) of the Severance Agreement need not be paid.

 

IN WITNESS WHEREOF, the
parties have executed and entered into this Agreement effective on the date
first set forth above.

 

	
   

  	
  NEORX CORPORATION

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  EXECUTIVE

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  	 

									

 

16

 

APPENDIX
A

 

For purposes of this
Agreement, a “Change of Control” shall
mean:

 

(a)           A “Board
Change” that, for purposes of this Agreement, shall have
occurred if a majority (excluding vacant seats) of the seats on the Board are
occupied by individuals who were neither (i) nominated by a majority of
the Incumbent Directors nor (ii) appointed by directors so nominated.  An “Incumbent Director”
is a member of the Board who has been either (i) nominated by a majority
of the directors of the Company then in office or (ii) appointed by
directors so nominated, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person (as hereinafter defined) other than the Board; or

 

(b)           The acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of (i) twenty percent (20%) or more of either (A) the then
outstanding shares of Common Stock of the Company (the “Outstanding
Company Common Stock”) or (B) the combined voting power of
the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding
Company Voting Securities”), in the case of either (A) or
(B) of this clause (i), which acquisition is not approved in advance by a
majority of the Incumbent Directors, or (ii) thirty-three percent (33%) or
more of either (A) the Outstanding Company Common Stock or (B) the
Outstanding Company Voting Securities, in the case of either (A) or (B) of
this clause (ii), which acquisition is approved in advance by a majority of the
Incumbent Directors; provided, however, that the following acquisitions shall
not constitute a Change of Control: 
(x) any acquisition by the Company, (y) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company, or (z) any acquisition by
any corporation pursuant to a reorganization, merger or consolidation, if,
following such reorganization, merger or consolidation, the conditions
described in clauses (i), (ii) and (iii) of subsection (c) of this
Appendix A are satisfied; or

 

17

 

(c)           Approval by the shareholders of the
Company of a reorganization, merger or consolidation, in each case, unless,
immediately following such reorganization, merger or consolidation, (i) more
than sixty percent (60%) of, respectively, the then outstanding shares of
common stock of the corporation resulting from such reorganization, merger or
consolidation and the combined voting power of the then outstanding voting
securities of such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or
substantially all the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities immediately prior to such reorganization, merger or
consolidation in substantially the same proportion as their ownership
immediately prior to such reorganization, merger or consolidation of the
Outstanding Company Common Stock and the Outstanding Company Voting Securities,
as the case may be, (ii) no Person (excluding the Company, any employee
benefit plan (or related trust) of the Company or such corporation resulting
from such reorganization, merger or consolidation and any Person beneficially
owning, immediately prior to such reorganization, merger or consolidation,
directly or indirectly, thirty-three percent (33%) or more of the Outstanding
Company Common Stock or the Outstanding Company Voting Securities, as the case
may be) beneficially owns, directly or indirectly, thirty-three percent (33%)
or more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such reorganization, merger or consolidation or the
combined voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors, and
(iii) at least a majority of the members of the board of directors of the
corporation resulting from such reorganization, merger or consolidation were
the Incumbent Directors at the time of the execution of the initial agreement
providing for such reorganization, merger or consolidation; or

 

(d)           Approval by the shareholders of the
Company of (i) a complete liquidation or dissolution of the Company or
(ii) the sale or other disposition of all or substantially all the assets
of the Company, other than to a corporation with respect to which immediately
following such sale or other disposition, (A) more than sixty percent (60%)
of, respectively, the then outstanding shares of common stock of such
corporation and the combined voting power of the then outstanding voting
securities of such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or
substantially all the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities immediately prior to such sale or other disposition
in substantially the same proportion as their ownership, immediately prior to
such sale or other disposition, of the Outstanding Company 

 

18

 

Common Stock and
the Outstanding Company Voting Securities, as the case may be, (B) no
Person (excluding the Company, any employee benefit plan (or related trust) of
the Company or such corporation and any Person beneficially owning, immediately
prior to such sale or other disposition, directly or indirectly, thirty-three
percent (33%) or more of the Outstanding Company Common Stock or the
Outstanding Company Voting Securities, as the case may be) beneficially owns,
directly or indirectly, thirty–three percent (33%) or more of,
respectively, the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors, and
(C) at least a majority of the members of the board of directors of such
corporation were approved by a majority of the Incumbent Directors at the time
of the execution of the initial agreement or action of the Board providing for
such sale or other disposition of the Company’s assets.

 

19EXHIBIT 10.24

 

REDACTED VERSION

 

CLINICAL SUPPLY AGREEMENT

 

This agreement (the “Agreement”) is entered into
effective as of December 1, 2001  by and between The Curators of The University of
Missouri, a public corporation of the State of Missouri, contracting on behalf
of its Research Reactor Center, University of Missouri-Columbia (hereafter
“University”), and NeoRx Corporation, a Washington corporation (“NeoRx”).  University and NeoRx may hereafter from time
to time be referred to collectively as the “Parties” and individually as a
“Party.”

 

WITNESSETH

 

WHEREAS, NeoRx has obtained the rights to use certain
technology and processes to make, use, sell and distribute certain
radiopharmaceutical products for clinical and commercial purposes; and

 

WHEREAS, University owns facilities and has technical
expertise to produce radioisotopes, which are necessary for NeoRx to produce
its radiopharmaceutical products; and

 

WHEREAS, NeoRx desires that University manufacture and
supply to and on behalf of NeoRx certain quantities of reactor-produced
radioisotopes in radiochemical form from University, and University is willing
and able to provide such radioisotopes to and on behalf of NeoRx, all in
accordance with the terms and conditions set forth in this Agreement;

 

NOW THEREFORE, in consideration of the foregoing
promises and agreements set forth herein, the Parties agree as follows:

 

ARTICLE I - DEFINITIONS

 

1.1           “Affiliate”
of a Party means any corporation or other business entity controlled by,
controlling or under common control with such Party.  For this purpose, “control” means direct or indirect beneficial
ownership of fifty percent (50%) or more of the voting and income interest in
such corporation or other business entity.

 

1.2           “Batch”
means a specific quantity of the product intended to have uniform character and
quality and produced according to a single manufacturing order during the same
cycle of manufacture.

 

1.3           “Batch
Record” means a QA approved copy of the Master Batch Record used for the
execution of the processing of a specific Batch.

 

1

 

1.4           “Calibration
Time” means 12 Noon CST the day of manufacture of the Product.

 

1.5           “Certificate
of Analysis” means a written certificate produced by University verifying that
a Batch of the Product was Processed in accordance with the Master Batch Record
and meets the Release Specifications.

 

1.6           “cGMP”
means the good manufacturing practices required by the FDA and set forth in the
FD&C Act or FDA regulations, policies, or guidelines in effect at a
particular time for the manufacture, testing and quality control of
radiochemicals to be further processed into a radiopharmaceutical drug product.

 

1.7           “Curie”
or “Ci” is a radioactivity measure as defined in general scientific
literature.  All references to Curies or
Ci amounts are stated in terms of Calibration Time unless otherwise specified.

 

1.8           “Effective
Date” means the date this Agreement is entered into, as indicated in the first
paragraph of this Agreement.

 

1.9           “Facility”
means University’s manufacturing facility located at Research Reactor Center,
University of Missouri-Columbia.

 

1.10         “FDA”
means the United States Federal Food and Drug Administration and any successor
agency.

 

1.11         “Initial
Payment” has the meaning as set forth in Section 4.1.

 

1.12         “Investigational
New Drug” or “IND” means an application document filed with the FDA defining an
investigational new drug product for human use.

 

1.13         “Lot
File” means the written record of the Process methodology and testing results
related thereto of a specific Batch of Product ordered pursuant to a Purchase
Order.  The Lot File serves as the
official documentation of the Process and tests performed by University for the
specific Batch of Product.

 

1.14         “Master
File” or “MF” means the Master File dossier prepared by University and filed
with the FDA, which provides the FDA with specific (and proprietary) chemistry,
manufacturing and controls information associated with the Process and the
Facility.  University grants to NeoRx
permission to reference University’s MF in NeoRx’s regulatory filings with the
FDA pertaining to the Product.

 

1.15         “Master
Batch Record” means the document, to be created by University, which sets forth
the methodology and formulae for Processing the Product.

 

1.16         “Minimum
Production Capacity” has the meaning as set forth in Section 2.5.

 

1.17         “MURR”
means the Missouri University Research Reactor, which is a research center
within University.

 

2

 

1.18         “New
Drug Application” or “NDA” means the application for marketing a new drug
product filed with the FDA.

 

1.19         “Process,”
“Processing,” and “Processed” shall have comparable meanings and mean the act
of manufacturing, handling, testing, storing, analyzing, packaging, inspecting,
labeling and shipping Product in accordance with the Master Batch Record,
Release Specifications and Standard Operating Procedures.

 

1.20         “Product”
means Holmium (166) Chloride Processed in accordance with this Agreement.

 

1.21         “Proprietary
Information” means all information concerning a Party (the “Disclosing Party”)
which is furnished to or created by (such as notes, analysis, compilations,
studies, interpretations or other documents) the other Party or its directors,
officers, employees, agents, advisors or Affiliates (collectively, the
“Receiving Party”) as a result of entering into this Agreement and in
furtherance hereof.  The term
Proprietary Information, however, shall not include information which:

 

(a)           is
in the public domain or becomes generally available to the public through no
fault of either Party; or

 

(b)           the
Receiving Party can show by documentary evidence was within its possession or
control prior to its being furnished to the Receiving Party by or on behalf of
the Disclosing Party pursuant hereto, free of any obligation of
confidentiality; or

 

(c)           the
Receiving Party can show by documentary evidence that came into its possession
or control subsequent to the date of this Agreement from a third party free of
any obligation of confidentiality; or

 

(d)           was
independently developed by the Receiving Party without the aid, application or
use of the Proprietary Information; or

 

(e)           is
required to be disclosed by law or order of any governmental authority of
competent jurisdiction (provided, that in such event, the Receiving Party shall
provide the Disclosing Party with notice of such law or order and provide
reasonable cooperation in connection with any attempt to challenge or limit the
scope of such disclosure).

 

1.22         “Purchase
Order” means the definitive ordering document originated by NeoRx that sets
forth the quantity of Product ordered and the delivery information.

 

1.23         “Release
Specifications” means the set of analytical tests, methods,  and acceptance criteria for Product
attributes which must be met in order to prove the Product meets the standards
of quality, purity, identity and strength filed with the FDA for this
substance.  Release Specifications are a
critical part of the Process and are filed with the FDA as part of an IND, MF
or an NDA.  All Release Specifications
are set forth on Exhibit A attached hereto, which were established initially by
NeoRx in consultation with University and which may be amended from time to time
by written agreement of the Parties and to conform with all

 

3

 

requirements of the FDA and applicable laws and regulations.  Upon such amendment, University will
implement any modified documents and/or procedures pertinent to the revised
Release Specifications.

 

1.24         “Standard
Operating Procedures” or “SOPs” means university’s internal written standard
operating procedures, designed by University, governing all aspects of
Processing the Product, conducting analytical tests of Product, and maintaining
records related thereto.

 

1.25         “Term”
has the meaning as set forth in Section 10.1.

 

1.26         “Waste”
means all (a) rejected or unusuable Product, (b) Product not taken  for delivery by NeoRx, for whatever reason,
and (c) waste relating to University’s Processing of Product.

 

ARTICLE II- MANUFACTURE & SALE OF PRODUCT

 

2.1          Equipment

 

2.1.1       Installation

 

The Parties acknowledge that University must  maintain in the Facility sufficient
dedicated equipment and associated components (the “Dedicated Equipment”) to
produce product.

 

2.1.2       Exclusivity

 

(a)           During
the Term, University may not use the Dedicated Equipment for any purpose other
than cGMP compatible processing of Holmium 166.

 

(b)           During
the Term, University grants to NeoRx the first right to the Holmium 166
production capacity at the University.

 

2.2          Purchase and Sale of Product

 

University shall Process and sell to NeoRx, and NeoRx
shall purchase from University, during the Term, such quantities of the Product
as NeoRx may from time to time order from University.  University shall Process the Product in strict conformity with
this Agreement, including without limitation the Master Batch Record, Standard
Operating Procedures, Release Specifications and all applicable laws and
regulations.

 

2.3          Orders and Fulfillment

 

(a)           Purchase
Orders.  NeoRx shall deliver to
University a written or electronic Purchase Order for the number of Curies that
NeoRx desires to purchase no later than fourteen (14) days prior to the date of
shipment from University.  Each Curie
shall be shipped in such manner, and to such location, as requested by NeoRx in
each Purchase Order, provided University is legally able to do so.  Shipment time shall be as mutually agreed,
but University 

 

4

 

agrees to make its best efforts to work toward an 8:00 a.m. (central
time) shipment time for one Type B cask to Denton, Texas each Monday.

 

(b)           Additional
Provisions in Purchase Orders.  To
the extent any Purchase Order, invoice or acknowledgement form contains any
provisions additional or contrary to the provisions of this Agreement, such
additional or contrary provision shall have no force or effect and the terms of
this Agreement shall control unless otherwise agreed in writing by the Parties.

 

(c)           During
the Term, NeoRx agrees to purchase at least 80% of its U.S. Product
requirements from the University to the extent that the University can supply
these needs.

 

(d)           Notice
of Inability to Fulfill.  University
shall notify NeoRx by telephone and in writing immediately if University
acquires any information that it will not be able to either (i) fulfill the
then most recent Purchase Orders or (ii) maintain Minimum Production
Capacity.  University shall promptly notify
NeoRx by telephone and in writing of any other production issues (including any
proposed or potential shutdown of the Facility for any reason) or other
information of which University becomes aware that may affect the regulatory
status of the Product or the ability of University to supply Product in
accordance with this Agreement or any Purchase Orders.  For planned, extended reactor shutdowns of
greater than one week, the University shall notify NeoRx as soon as the
shutdown is scheduled but in no case less than 90 days prior to the scheduled
shutdown.  For shutdowns of one week’s
duration or less, University shall notify NeoRx as soon as possible.

 

2.4          NeoRx’s Minimum Purchases

 

In consideration for University’s processing the Product pursuant to
this Agreement, NeoRx shall pay to University amounts to purchase the Product
based on clause (a) below, unless the parties mutually agree to increase
the  monthly fees and capacity
requirements pursuant to clause (b) or agree to shift the payment structure to
that described in clause (c) as follows:

 

(a)           Minimum
Monthly Fee.   From  the Effective Date through the termination
of this Agreement, unless the parties earlier agree in writing to the increases
described in clause (b) or shift to the payment structure described in clause
(c), NeoRx shall pay to the University [*]
per month for its “readiness to serve” (the “Minimum Monthly Fee”).  This Minimum Monthly Fee (i) obligates the
University to be prepared to Process the Minimum Production Capacity described
in Section 2.5(a) and (ii) also covers the cost of the first 120 Curies
(measured at shipping time) of Product per month.

 

[*] 
designates portions of this document that have been omitted pursuant to
a request for confidential treatment filed separately with the Commission.

 

(b)           Increase
in Minimum Monthly Fee.  At any time
during the Term of this Agreement, the parties may mutually agree in writing to
increase the Minimum Monthly Fee in multiples of [*], with each incremental [*]
increase resulting in a corresponding increase of the Minimum Production
Capacity (defined in Section 2.5(a)) in an amount equal to 10 Ci per
batch.  Each agreed upon increase in the
Minimum Monthly Fee and Minimum Production Capacity 

 

5

 

shall be effective through the Term of this Agreement, unless the
parties otherwise agree to (i) increase such fee and capacity as described,
(ii) reduce such fee and capacity in amounts as the parties agree, or (iii)
shift to the payment structure described in the following clause (c).

 

As an example, for illustration purposes only, the
parties could agree to increase the Minimum Monthly Fee by [*], which would result in the Minimum
Production Capacity being increased by 20 Ci per batch (i.e., to 80 Ci per
batch).  This increased Minimum Monthly
Fee would cover the cost of the first 160 Ci (measured at shipping time) of
product.  The parties could thereafter,
at any time during the Term of this Agreement, (i) again agree to increase the
Minimum Monthly Fee with a corresponding increase in the Minimum Production
Capacity, (ii) reduce the fee and capacity requirements, or (iii) shift to the
payment structure described in the following clause (c).

 

(c)           Minimum
Product Purchase.  At any time
during the Term of this Agreement, the parties may mutually agree in writing to
shift from the payment structure described in Section 2.4 (a) or 2.4(b), as
applicable, to the structure described in this Section 2.4(c).  Upon such agreement (i) NeoRx will guarantee
to University that it will purchase a minimum of seventy-five (75) Curies of
Product per week (the “Minimum Purchase Requirement”), and must purchase such
Minimum Purchase Requirement during the remainder of the Term  and (ii) the University will be capable of
Producing a single 120 Ci batch on any single day for delivery on Monday (or as
otherwise mutually agreed upon each week) in time to meet NeoRx’s shipping
requirements (as set forth in section 2.3 (a)). .  From time to time thereafter during the Term of this Agreement,
the parties may agree in writing to adjust upward the Minimum Purchase
Requirement and the University’s Production Capacity..  Upon agreeing to adjust the Minimum Purchase
Requirement, NeoRx will be obligated to continue to purchase no less than such
minimum number of Curies during the remainder of the Term.  Once the parties elect the payment structure
described in this Section 2.4 (c), the Minimum Monthly Fee described in Section
2.4(a) (or under Section 2.5(b) if the parties have agreed to an increase in
such fee) shall no longer apply and NeoRx may not elect to revert back to the
payment structure described in Section 2.4(a) or 2.4(b).

 

(d)           Notwithstanding
the above provisions, NeoRx will not be obligated to make payment for any
Curies that NeoRx fails to take delivery of as a result of the University’s
inability to make the Product available to NeoRx.

 

2.5          University’s Production Capacity

 

(a)           Minimum
Production Capacity: Subject to the terms and conditions of this Agreement,
University will be capable of Processing, and NeoRx will have the right to
purchase 60 Curies of Product per calendar week on an ongoing basis throughout
the Term (the “Minimum Production Capacity”) with the University being capable
of Processing a single 60 Ci batch on any single day for delivery on Monday (or
as otherwise mutually agreed upon each week) in time to meet NeoRx’s shipping
requirements (as set forth in section 2.3 (a)).

 

The Parties agree that the Minimum Production Capacity
will be based on the calculated activity level at Calibration Time.  The Parties acknowledge that although NeoRx
will 

 

6

 

be obligated to make applicable minimum payments to University as
described in Section 2.4, NeoRx is not obligated to take delivery of the Curies
available within the University’s 
Production capacity and that the actual number of Curies University will
Process and ship per calendar week will be dependent on the Purchase Orders
University receives from NeoRx.

 

(b)           Shipping
Capacity: University shall be obligated to ship a maximum of one (1) type B
package per Monday to Denton, Texas. 
University shall be additionally obligated to provide up to a maximum of
twelve (12) type A packages per week on Monday afternoon and Tuesday afternoon,
with a maximum of six (6) per day.

 

2.6          Responsible Personnel

 

During the Term of this Agreement, University will
staff the Processing of the Product with personnel who are reasonably qualified
consistent with industry standards. 
University will name a person responsible for production and a person
responsible for quality assurance.  The
person responsible for quality assurance and the person responsible for
Production will in no event be the same person.  If any person named by University terminates his or her
employment with University during the Term of this Agreement, University shall
replace that individual as soon as possible with someone of a comparable level
of experience.

 

2.7          Waste Disposal

 

University shall be responsible for the disposition,
in accordance with all established regulations, of all Waste generated at
University.

 

ARTICLE III - DELIVERY & TITLE

3.1          Delivery

 

All Product purchased by NeoRx hereunder shall be
delivered F.O.B. Facility.  Risk of loss
and title to the Products shall pass to NeoRx upon delivery to and receipt by
NeoRx’s designated carrier.

 

3.2          Shipping Charges

 

NeoRx, in consultation with University, shall arrange
for the shipment of the Product from the University’s dock.  NeoRx shall be responsible for the payment
of all shipping charges associated with such shipments.  NeoRx shall make all third-party payment
directly.

 

3.3          Inspection and Acceptance

 

(a)           Product
Conformance: All Product shall comply with the Release Specifications.  In accordance therewith, each Batch of
Product delivered to NeoRx shall be accompanied by or promptly followed by a
Certificate of Analysis relating to such Batch.  NeoRx may reject any Batch if University fails to comply with
Release Specifications or fails to deliver a Certificate of Analysis along with
such batch.  If NeoRx rejects a Batch
for such reasons, NeoRx may return such Batch to University (at University’s
cost).  NeoRx shall not be obligated to
pay for such

 

7

 

rejected Batch (and shall  not
be obligated to pay for any shortfall below the Minimum Quantity resulting from
such rejected Batches)

 

(b)           Disputes
Regarding Conformance Of A Batch Of Product: 
The parties agree to select a mutually agreeable independent
laboratory as soon as possible after the effective date of this agreement to
assist in resolving disputes regarding product conformance.  A sample of the batch of product in dispute
will be submitted from University to the independent lab for analysis.  If the laboratory concludes that the product
is not in conformance as set forth in subsection (a) above, the University
shall pay for the analysis and reimburse NeoRx in accordance with subsection
(a) above.  Otherwise, NeoRx shall pay
for the analysis and accept the batch.

 

3.4          Shipping Containers

 

NeoRx has developed a design for a shipping container
(“Container Design”) to be used for the shipment of radiopharmaceutical
products.  University owns a number of
depleted uranium containers (the “DU Containers”), which are necessary to ship
radiopharmaceutical products.  NeoRx
agrees to license the use of the Container Design to University for the
University’s own internal use on a perpetual, limited, non-exclusive,
non-transferable, royalty free basis with no right to sub-license in return for
University allowing NeoRx to use six (6) DU Containers, free of charge, during
the Term for all orders of the Product. 
The DU Containers loaned to NeoRx under this Agreement are to be used
solely for transport of radioactivity within MURR or shipment of radioactivity
as mutually agreed by NeoRx and the University.  NeoRx shall remain the sole owner of the Container Design and
University shall remain the sole owner of all DU Containers; provided, however,
that upon termination of this Agreement NeoRx will have the option to lease the
six (6) DU Containers for one (1) year after termination of the Agreement at a
commercially reasonable rental rate.

 

ARTICLE IV – PURCHASE 
PRICE AND PAYMENT

4.1          Initial Payment

 

The Parties acknowledge that NeoRx will make a
one-time cash payment to University of Four Hundred  Thousand Dollar (US $400,000) (the “Initial
Payment”) for costs incurred in preparing to provide services  on
signing this Agreement.  [*] will be paid by December 31, 2001.  The remaining [*] will be paid by May 31, 2002.

 

4.2          Curie Fee

 

(a)           Under
Minimum Monthly Fee.  NeoRx will pay
to University a per Curie fee for Product of [*]
per Curie (measured at shipping time) for each Curie purchased in any month in
excess of the amount covered by the Minimum Monthly Fee described in Section
2.4(a) (or 2.4(b) if applicable).  The
price for each Curie covered by the Minimum Monthly Fee (whether [*] pursuant to Section 2.4(a) or increased
pursuant to Section 2.4(b)) shall be [*]/Ci
(at shipment time).

 

(b)           Under
Minimum Product Purchase.  If the
parties mutually agree that NeoRx will Guarantee a minimum of 75 Ci/week as
described in section 2.4.(c), the per Curie fee based on

 

8

 

the price list set forth on Exhibit B will be applied for the duration
of the Term.  Any subsequent adjustment
to the Minimum Purchase Requirement may have an effect on the per Curie price
payable by NeoRx to be agreed upon by the parties, which effect will be described
in an amendment to Exhibit B.

 

(c)           Basis
for Curie Fees.  The Parties agree
that the prices set forth in section 4.2(a) above are based on the calculated
total Curie content in the Product at the time the Product departs from
University’s shipping docks (or upon internal delivery to ABC Laboratories,
Inc.), and that the Curie Fee includes the cost of labor, materials, cost of
the Dedicated Equipment and overhead to Process, including testing the finished
Product and is exclusive of the cost of shipping, and packaging and handling
expenses.  The total Curie content in
the Product will be determined as described in the Standard Operating Procedure
for total activity level.

 

ARTICLE V - REGULATORY MATTERS

 

5.1          General

 

University understands that it will be primarily
responsible for ensuring that the Facility and the Process will be cGMP
compliant as required by the FDA. 
University will (a) create the Master Batch Record and Standard
Operating Procedures, which University will comply with in Processing the Product
(in addition to complying with the Release Specifications), (b) maintain all
required regulatory documents covering the Process and the Facility, and (c)
make all such required documents available to NeoRx for its review upon NeoRx’s
request.

 

5.2          New Drug Applications

 

University shall cooperate with NeoRx with respect to
any NDA obligations relating to the Product that are imposed by the FDA or
foreign regulations.  NeoRx shall be
responsible for obtaining FDA or other regulatory approval for the NDA for any
drug products utilizing the Product, and shall own the NDA.  University agrees to comply with all
commitments made in the NDA regarding University’s Processing responsibilities,
but NeoRx agrees not to make commitments to the FDA on behalf of the University
without the University’s prior written approval.

 

5.3          Master File

 

University agrees to file its Product related drug
master file (MF) by the time NeoRx files its NDA.  University agrees that it will provide NeoRx information
necessary for NeoRx to respond to any inquiries from the FDA.   University agrees that it will not make
material changes to its (a) raw materials supplier, (b) materials
specifications, (c) formulation process, (d) formulation equipment, or (e)
testing procedures without prior written notification to NeoRx in order to give
NeoRx an opportunity to validate that such changes would have no negative
impact on the Product.

 

9

 

5.4          Notice of Safety Related Information

 

MURR and NeoRx shall provide to each other prompt notice
of any information it receives relating to the safety of the Product, including
any confirmed or unconfirmed information on adverse, serious, or unexpected
events associated with the use of the Product. 
For serious (based on a good faith evaluation), unexpected events, MURR
and NeoRx shall give each other notice by telephone within one (1) business day
after receipt of the information and followed by written notice not less than
one (1) week thereafter.  The Parties
shall cooperate in responding to all applicable governmental agencies and
filing any reports with such agencies concerning any reactions (including drug
experience reports) caused by the Product. 
The Parties shall cooperate in providing timely assistance in responding
to any complaints relating to commercial goods produced and sold by NeoRx that
contain Product.  The costs associated
with responding to such complaints shall be borne by NeoRx; provided, however,
if the complaint was directly or indirectly caused by University’s failure to
Process the Product in strict accordance with the Master Batch Record or
Release Specifications, University shall reimburse NeoRx for all reasonable
internal and external costs and expenses incurred by NeoRx to appropriately
respond to such complaints (up to a maximum of [*] per production batch).

 

ARTICLE VI - RECORDS AND AUDITS

 

6.1          Batch Records

 

University will create the Master Batch Record and
related documentation which must conform to all FDA requirements and other
applicable laws and regulations.  During
the Term of this Agreement, and for five (5) years after NeoRx’s receipt of any
particular Batch of Product from University, University shall maintain records
relating to such Curie sufficient to substantiate and verify that University
met its duties and obligations under this Agreement.  Such records shall include, but not be limited to, records of
orders received, raw materials purchased and stored, Batch Records for Product
manufactured, work in progress, Processing analyses and release control tests
and the like.

 

6.2          Agency Records and Audits

 

University shall make available to NeoRx and all
applicable government agencies all documents and updates that they have
prepared with regard to Processing the Products that are required by law to be
filed with any governmental agency. 
University shall submit to all inquiries and inspections by any
governmental agency with authority to conduct such inquiries and inspections
(hereinafter collectively referred to as “Agency”).  University shall promptly notify NeoRx of any Agency interactions
and/or correspondence relating to University’s operations that could relate,
directly or indirectly, to the Product. 
University shall make available for inspection by NeoRx all documents
and correspondence received from any Agency that relate in any way to the
Process or the Product.  University
shall immediately inform NeoRx of all Agency audits that relate in any way to
the Process or the Product.  Similarly,
NeoRx shall inform University in advance of any Agency planned audits of NeoRx
if such audits relate directly to the Products.  University shall immediately provide NeoRx with copies of any
regulatory letters or other documents issued by any Agency and received by
University in connection with the audit or any inspection relating to the
Product.

 

10

 

6.3          FDA

 

NeoRx shall obtain and maintain all FDA and other
regulatory approvals necessary to enable NeoRx to use the Products as intended
under this Agreement.  University shall
cooperate with NeoRx as required in order to secure and maintain such
governmental and other approvals.

 

6.4          Inspections

 

University shall permit indoctrinated employees and/or
representatives of NeoRx to enter and conduct a reasonable inspection and/or
audit of the Facility and/or the documents associated with the Processing of
Product during normal business hours and with at least seventy-two (72) hours
advanced notice in order to determine whether the Products are being Processed
in conformity with the terms of this Agreement.  In addition, and in conformity with all applicable laws, rules
and regulations, University shall permit employees or representatives of NeoRx
to inspect Products designated for delivery to NeoRx and otherwise provide
NeoRx with such information as it may reasonably be required to determine
whether the Products are being Processed in accordance with this Agreement,
including without limitation in accordance with the Master Batch Record,
Standard Operating Procedures, and all applicable laws, rules and regulations.

 

ARTICLE VII - REPRESENTATIONS AND WARRANTIES

 

7.1          Labor and Equipment

 

University represents that it shall furnish all labor,
equipment and facilities necessary to Process Product in the amounts, and in
the timely manner, as set forth in each Purchase Order.  University has obtained, and will maintain
throughout the Term, all licenses necessary to Process the Product.  University will abide by all applicable
rules, regulation, laws and mandates issued by all applicable regulatory
bodies.

 

7.2          Processing Requirements

 

University represents, warrants and agrees that it
will Process all of the Product in strict accordance with this Agreement,
including without limitation (i) the Master Batch Record, (ii) the Standard
Operating Procedures,(iii) the Release Specifications, (iv) all federal, state
and local laws, statutes, regulations or other requirements relating thereto
and applicable to the intended use of such Product, and (v) the Master File
(once submitted to the FDA).University further represents that it is not a
party to any other agreement that could hinder its ability to fulfill its
obligations under this Agreement.

 

7.3          Records Relating to Waste Disposal

 

University represents that it shall obtain and
maintain all waste generator licenses, disposal manifests and other records in
accordance with Federal statutes, laws and regulations and the statutes, laws
and regulations of the State of Missouri.

 

11

 

7.4          Changes

 

University agrees that it will not implement any
material revisions or changes to the Product, Process, Master Batch Record or
Standard Operating Procedures associated with University’s Processing of the
Product for and on behalf of NeoRx without prior written notification to NeoRx
in order to give NeoRx an opportunity to validate that such changes would have
no negative impact on the Product.  A
“material revisions or changes” means any revision or change that would impact
(a) the raw materials supplier, (b) materials specifications, (c) formulation
process, (d) formulation equipment, or (e) testing procedures   Furthermore, University will not make any
changes, material or otherwise, to the Release Specifications without prior
written approval of NeoRx.

 

7.5          Safety Procedures

 

University represents that it shall have primary
responsibility for adopting and enforcing safety procedures for the handling
and production of the Products that comply in all material respects with all
federal, state and local environmental and occupational safety and health
requirements to which University is subject.

 

ARTICLE VIII - CONFIDENTIAL INFORMATION

 

8.1          Limitations on Disclosures

 

Except to the extent expressly authorized by this
Agreement, during the Term of this Agreement and for five (5) years thereafter,
neither Party shall:

 

(a)           disclose,
publish, or make available any Proprietary Information disclosed to it by the
other to any third party, including employees who do not need to know or have
access to such Proprietary Information; or

 

(b)           sell,
transfer, or otherwise use or exploit any such Proprietary Information
disclosed to it by the other Party; or

 

(c)           knowingly
permit the sale, transfer, use or exploitation by a third party of any such
Proprietary Information which may have been disclosed to such third party,
including employees who do not need to know or have access to such Proprietary
Information.

 

During the Term of this Agreement, neither Party shall
make any press release or other disclosure of the terms of this Agreement
without the prior written consent of the other Party, except as required by law
or by  a
court of competent jurisdiction and pursuant to the disclosure requirements of
federal or state regulatory agencies, including the United States Securities
and Exchange Commission.

 

8.2          Use of Parties’ Names

 

Neither Party shall advertise any connection with the
other Party nor make use of the other Party’s name or other identifying marks
or property, nor make representations, either

 

12

 

express or implied, without the other Party’s prior written
approval.  The prior sentence shall not,
however, be construed so as to prevent mention of the contribution of either
Party in any scientific publication.

 

8.3          Scholarly Publications

 

Notwithstanding paragraph 8.1(b) University shall have
the right to publish in scholarly journals and make scholarly  presentations
concerning any information it may develop as a result of this Agreement.  University shall provide NeoRx with a copy
of any proposed scholarly publication or presentation 45 days before submission
for publication or presentation to allow NeoRx to review and comment on the
publication or presentation and delete any confidential Proprietary Information
of NeoRx.  NeoRx may request a 60 day
delay of the publication or presentation to allow the preparation of patent
applications should the materials disclose an invention.

 

ARTICLE IX - INDEMNIFICATION

 

9.1          Indemnification

 

(a)           Subject
to Section 9.2, NeoRx shall defend, indemnify, and hold harmless University,
its officers, agents, employees and Affiliates from any third-party loss,
claim, action, damage, expense or liability (including defense costs and
reasonable attorneys’ fees) arising out of NeoRx’s (a) breach, violation or
nonfulfillment of any of its covenant, agreements, representations or
warranties under this Agreement, (b) handling, possession, or use of the
Products after University’s delivery of the same to NeoRx, (c) negligence or
willful misconduct, or (d) breach of any third party’s trade secret rights,
except to the extent that such loss, claim, action, damage, expense or
liability is based on, arises out of, or is due to the negligence or willful
misconduct of, or breach of this Agreement by, University.

 

(b)           Subject
to Section 9.2, to the extent permitted by Missouri law and without waiving
sovereign immunity, University shall defend, indemnify, and hold harmless
NeoRx, its officers, agents, employees and Affiliates from any third-party
loss, claim, action, damage, expense or liability (including defense costs and
reasonable attorneys’ fees) arising out of University’s (a) breach, violation
or nonfulfillment of any of its covenant, agreements, representations or
warranties under this Agreement, (b) handling, possession, or use of the
Products prior to University’s delivery of the same to NeoRx, (c) negligence or
willful misconduct, (d) disposal of any Waste, or (e) breach of any third
party’s trade secret rights, except to the extent that such loss, claim, action,
damage, expense or liability is based on, arises out of, or is due to the
negligence or willful misconduct of, or breach of this Agreement by, NeoRx.

 

9.2          No Personal Liability

 

No shareholder, member, officer, employee or board
member (the “Individuals”), individual or collectively, of either University or
NeoRx incurs or assumes any individual or personal liability by the execution
of this Agreement or by reason of the default of either Party in

 

13

 

the performance of any of the terms herein.  All such liability of the Individuals of each Party is hereby
released by the other Party as a condition of and in partial consideration for
the execution of this Agreement.

 

9.3          Procedure

 

Each Party agrees to give to the indemnifying Party
(a) prompt notice of any claim or suit coming within the purview of the
indemnities contained in this Article IX, (b) all relevant facts in its
possession or control, subject to the treatment of such information pursuant to
Article VIII, (c) the right to exclusive control of the defense of any action
(at its sole expense), and (d) its cooperation in the defense of any such
action.

 

ARTICLE X - TERM AND TERMINATION

 

10.1        Term

 

(a)           Subject
to the Parties’ ability to terminate this Agreement as set forth in this
Article X, the “Initial Term” of this Agreement shall commence on the Effective
Date and shall continue through December 31,  2002 (the “Initial Term”).

 

(b)           NeoRx
shall have the option to renew this Agreement, with the consent of the
University which will not be unreasonably withheld  under the same terms and
conditions, for one (1) additional twelve (12) month term (the “Extension
Term”); provided, that NeoRx shall exercise its option, if at all, in writing
with no less than ninety (90) days remaining in the Initial Term.  The Initial Term and Extension Term, if any,
unless terminated earlier pursuant to the terms of this Agreement, are referred
to herein as the “Term.”

 

(c)           Notwithstanding
clauses (a) and (b) above, the Parties acknowledge that at any time they may
agree to replace this Agreement in its entirety with a long-term commercial
supply agreement.

 

10.2        Termination by Either Party

 

Either Party may terminate this Agreement at any time
after the happening of any of the following events; provided, however, that the
Party terminating this Agreement shall provide the other with written notice of
such termination prior to the date thereof:

 

(a)           either
Party breaches any of its agreements, covenants, representations or warranties
as set forth in this Agreement and the breaching Party fails to cure such
breach within fifteen (15) days of written notice thereof from the
non-breaching Party; or

 

(b)           University
fails to timely fulfill three (3) or more Purchase Orders in any calendar
quarter; or

 

(c)           the
FDA (or other governmental agency with authority), Missouri Department of
Health or other regulatory agency orders University to cease Processing the
Product or orders NeoRx to permanently cease utilizing the Product.

 

14

 

Notwithstanding any provision in this Agreement to the
contrary, University shall continue to Process the Product, and deliver Product
in response to any Purchase Order, through the date of termination, unless such
Process and delivery requirements are waived in writing by NeoRx.

 

10.3        Disputes

 

In the event of a dispute regarding the interpretation
of this Agreement, the Parties agree they will endeavor to resolve such dispute
amicably.  In the event a dispute cannot
be resolved by the Parties, then upon the written request of any Party that
includes a summary of the dispute, a senior executive officer of NeoRx and a
senior official of MURR shall promptly meet and endeavor to resolve the dispute
through good-faith negotiations within thirty (30) days of their receipt of the
dispute.

 

10.4        Return of Information

 

Upon expiration or termination of this Agreement, each
Party shall return all originals and copies the other Party’s Proprietary
Information it may have received or created.

 

 

10.5        Rights on Termination

 

(a)           Continuing
Obligations.  Upon termination of
this Agreement, each of the Parties shall continue to be bound by its
obligations under Articles VII, VIII and IX of this Agreement.

 

(b)           NeoRx’s
Additional Remedies.  If NeoRx
terminates this Agreement pursuant to Section 10.2(a) (for University’s breach
of this Agreement) or Section 10.2(b) (for University’s failure to timely
fulfill Purchase Orders), then, in addition to any other remedy available to
NeoRx at law:

 

(i)            during
the six (6) months following termination, if requested by NeoRx University
shall provide not more than  one hundred and twenty (120) person-hours
of the time of University employees, at no additional  cost to NeoRx, to facilitate
a transition to  a third party facility for Processing the Product

 

(ii)           within
thirty (30) days of such termination, University shall transfer to NeoRx
certified copies of all Lot Files relating to batches of Product delivered to
NeoRx.. and

 

(iii)          University
will, at NeoRx’s request, continue to Process Product pursuant to the terms and
conditions of this Agreement and sell the same to NeoRx at the prices in effect
at time of termination for the remainder of the Term.

 

ARTICLE XI - FORCE MAJEURE

 

Neither Party hereto shall be liable to the other in
damages for, nor shall this Agreement be terminable by reason of, any delay or
default in such Party’s performance hereunder if such delay or default is
caused by conditions beyond such Party’s control including, but not limited to,
acts of God, war, insurrection, civil commotion, destruction of production
facilities or materials

 

15

 

by earthquake, fire, flood or storm, labor disturbances including
strikes or lockouts or epidemic (“Force Majeure”).  Each Party hereto agrees to promptly notify the other Party of
any event of Force Majeure and to employ all reasonable efforts toward prompt
resumption of its performance hereunder when possible if such performance is
delayed or interrupted by reason of such event.

 

ARTICLE XII - MISCELLANEOUS

 

12.1        Assignment

 

This Agreement shall be binding upon and inure to the
benefit of the Parties, their successors and permitted assigns.  Notwithstanding the foregoing, NeoRx may
assign its rights and/or delegate its obligations under this Agreement to any
third party. NeoRx will give University immediate notice of any such
assignment.  University may not assign
its rights and/or delegate its obligations under this Agreement to any third
party without NeoRx’s prior written consent.

 

12.2        Entire Agreement; Amendments;
Counterparts

 

This Agreement, along with each Purchase Order and the
attached Exhibits, contains the entire understanding of the Parties hereto
relating to the subject matter contained herein, supersedes all prior
agreements, promises and understandings of the Parties.  This Agreement may not be modified, amended
or any provision waived except by written agreement of the Parties.  This Agreement may be executed in
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same agreement.

 

12.3        Notices

 

All notices, demands, requests and other
communications shall be in writing or by written telecommunication, and shall
be given when delivered personally to the addressee or, if mailed, by certified
mail, return receipt requested, postage prepaid, or sent by written
telecommunication, when delivered to the addresses specified below.  Either Party may from time to time change
its address, facsimile number or designated individual by notice to the other
Party.

 

	
  If to NeoRx:

  	
  NeoRx Corporation

  
	
   

  	
  410 West Harrison Street

  
	
   

  	
  Seattle, Washington 98119-4007

  
	
   

  	
  Attention: Becky Bottino

  
	
   

  	
   

  
	
  If to University:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention: 

  	
   

  

 

Such notice, demand, request, and other communications
shall be deemed to have been given as of the date so delivered or transmitted
by facsimile (as long as the transmitting machine confirms successful
transmission) or, if mailed, three (3) business days after the date so mailed,
or, if sent by overnight courier service, one (1) business day after the date
so sent.

 

16

 

12.4        Relationship of Parties

 

The Parties are acting herein as independent
contractors and independent employers. 
Nothing herein contained shall create or be construed as creating a
partnership, joint venture, joint employer or agency relationship between the
Parties and no Party shall have the authority to bind the other in any respect.

 

12.5        No Waiver; Severability

 

Any provision of this Agreement may be waived at any
time in writing executed by the Party for whose benefit such provision exists;
provided, however, that the failure to enforce any provision of this Agreement
shall not constitute a waiver thereof. 
In the event that any provision of this Agreement shall be held invalid
or unenforceable under applicable law, the remainder of this Agreement shall
remain valid and enforceable, unless such invalidity or unenforceability
substantially diminishes the rights and obligations, taken as a whole, of any
Party.

 

12.6        Agreement Approval; Further Assurances

 

Each Party hereby represents and warrants that all
necessary corporate approvals for this Agreement have been obtained, and the
person whose signature appears below has the authority necessary to execute
this Agreement on behalf of the Party indicated.  Each Party agrees that it shall execute such further documents
and perform such further acts as may be necessary to comply with the terms of
this Agreement.

 

12.7        Captions

 

The captions in this Agreement are solely for
convenience of reference and shall not be used for purposes of interpreting or
construing the provisions hereof.

 

12.8        Intellectual Property

 

No trademark, trade name, logo, trade dress, copyright
or license therein, or other intellectual property rights (collectively,
“Intellectual Property”) are conveyed by this Agreement, and neither Party
shall have the right to use the other Party’s Intellectual Property for any
purpose whatsoever without prior written consent.

 

12.9        Survival

 

The provisions in Article VII, VIII, IX and XII, and
Sections 2.8, 3.4, 6.1, 10.3, 10.4 and 10.5, shall survive the termination of
this Agreement.

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed by duly their authorized representatives, effective on
this date first set forth above.

 

17

 

	
  THE
  CURATORS OF THE UNIVERSITY

  OF MISSOURI

  	
  NEORX
  CORPORATION

  
	
  By:

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
  Name:

  	
   

  
	
  Its:

  	
   

  	
  Its:

  	
   

  

 

18

 

EXHIBIT A

RELEASE SPECIFICATIONS

 

Release Specifications for 166HoCl3

 

	
  Tests

  	
   

  	
  Methods

  	
   

  	
  Specifications

  
	
  Holmium quantitation

  	
   

  	
  Calculated based on
  target mass and 

  recovered activity

  	
   

  	
  [*]

  
	
  Activity concentration

  	
   

  	
  Calculated from Total
  Activity and 

  Volume

  	
   

  	
  [*]

  
	
  Specific Activity

  	
   

  	
  Calculated from
  activity concentration 

  and holmium quantitation

  	
   

  	
  [*]

  
	
  Radionuclidic purity

  	
   

  	
  Gamma ray spectroscopy 

  Ho1-Q053

  	
   

  	
  [*]

  
	
  Identification

  	
   

  	
  Gamma ray spectroscopy 

  Ho1-Q053

  	
   

  	
  [*]

  
	
  Radiochemical purity

  	
   

  	
  ITLC – SG 

  Ho1-Q052

  	
   

  	
  [*]

  

 

*Calibration time is 12 Noon CST, the day of shipment.

 

19

 

EXHIBIT B

PER CURIE PRICE LIST

75 Ci/WEEK
GUARANTEE*  **

 

	
  Curies Per
  Week

  Purchase Level*

  	
   

  	
  Price

  Per Curie

  
	
  First 100

  	
   

  	
  [*]

  
	
  Next 50

  	
   

  	
  [*]

  
	
  Next 50

  	
   

  	
  [*]

  
	
  Next 100

  	
   

  	
  [*]

  

 

For example, if NeoRx purchases 170 Curies of Product
in a given week, the price for that week would be:

 

	
   

  	
  100 x  [*]

  
	
   

  	
  50   x  [*]

  
	
   

  	
  20   x  [*]

  
	
   

  	
   

  
	
   

  	
  Week’s total: [*]

  

 

*              If the parties
agree to increase the Minimum Purchase Requirements, the scale will be adjusted
accordingly.  For example, if NeoRx
guarantees 101 Ci/week, the first 150 Curies will be at [*], the next 50 at [*] and the next 100 at [*].

 

20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]