Document:

Amended and Restated 2005 Equity Incentive Plan.

 Exhibit 10.6 
 Effective Date: March 28, 2005 
 Amended and Restated: March 22,
2006; July 6, 2007; December 4, 2007; and July 7, 2008 
 CELATOR PHARMACEUTICALS, INC.

 AMENDED AND RESTATED  
 2005 EQUITY INCENTIVE PLAN 
 The purpose of the Celator
Pharmaceuticals, Inc. Amended and Restated 2005 Equity Incentive Plan is to provide (i) designated employees of Celator Pharmaceuticals, Inc. (the “Company”) and its parents and subsidiaries, (ii) certain consultants and advisors
who perform services for the Company or its parents or subsidiaries and (iii) non-employee members of the Board of Directors of the Company (the “Board”) with the opportunity to receive grants of incentive stock options, nonqualified
stock options and stock awards. The Company believes that the Plan will encourage the participants to contribute materially to the growth of the Company, thereby benefitting the Company’s stockholders, and will align the economic interests of
the participants with those of the stockholders. 
 1. Administration. 

(a) Committee. This Plan shall be administered and interpreted by the Board or by a committee consisting of members of the
Board, which shall be appointed by the Board. After an initial public offering of the Company’s stock as described in Section 18(b) (a “Public Offering”), this Plan shall be administered by a committee of Board members, which may
consist of “outside directors” as defined under section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and related Treasury regulations, and “non-employee directors” as defined under Rule 16b-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). However, the Board may ratify or approve any grants as it deems appropriate, and the Board shall approve and administer all grants made to non-employee directors.
The committee may delegate authority to one or more subcommittees as it deems appropriate. To the extent that a committee or subcommittee administers this Plan, references in this Plan to the “Board” shall be deemed to refer to the
committee or subcommittee. 
 (b) Board Authority. The Board shall have the sole authority to (i) determine
the individuals to whom grants shall be made under this Plan, (ii) determine the type, size and terms of the grants to be made to each such individual, (iii) determine the time when the grants will be made and the duration of any
applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability, (iv) amend the terms of any previously issued grant, and (v) deal with any other matters arising under this Plan.

 (c) Board Determinations. The Board shall have full power and authority to administer and interpret this Plan,
to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing this Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The Board’s
interpretations of this Plan and all determinations made by the Board pursuant to the powers vested in it 

 
hereunder shall be conclusive and binding on all persons having any interest in this Plan or in any awards granted hereunder. All powers of the Board shall be executed in its sole discretion, in
the best interest of the Company, not as a fiduciary, and in keeping with the objectives of this Plan and need not be uniform as to similarly situated individuals. 
 2. Grants. Awards under this Plan may consist of grants of incentive stock options as described in Section 5 (“Incentive Stock Options”), nonqualified stock options as
described in Section 5 (“Nonqualified Stock Options”) (Incentive Stock Options and Nonqualified Stock Options are collectively referred to as “Options”) and stock awards as described in Section 6 (“Stock
Awards”) (hereinafter collectively referred to as “Grants”). All Grants shall be subject to the terms and conditions set forth herein and to such other terms and conditions consistent with this Plan as the Board deems appropriate and
as are specified in writing by the Board to the individual in a grant instrument or an amendment to the grant instrument (the “Grant Instrument”). All Grants shall be made conditional upon the Grantee’s acknowledgement, in writing or
by acceptance of the Grant, that all decisions and determinations of the Board shall be final and binding on the Grantee, his or her beneficiaries and any other person having or claiming an interest under such Grant. The Board shall approve the form
and provisions of each Grant Instrument. Grants under a particular Section of this Plan need not be uniform as among the grantees. 
 3. Shares Subject to this Plan. 
 (a) Shares
Authorized. Subject to adjustment as described below, the aggregate number of shares of common stock of the Company (“Company Stock”) that may be issued under this Plan is 19,190,591 shares (excluding shares of Common Stock
heretofore issued upon the exercise of stock options), all of which may be granted as Incentive Stock Options. After a Public Offering, the maximum aggregate number of shares of Company Stock that shall be subject to Grants made under this Plan to
any individual during any calendar year shall be 6,000,000 shares, subject to adjustment as described below. Shares issued under this Plan may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock, including shares
purchased by the Company on the open market for purposes of this Plan. If and to the extent Options granted under this Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been exercised or if any Stock Awards
(including restricted Stock Awards received upon the exercise of Options) are forfeited, the shares subject to such Grants shall again be available for purposes of this Plan. 
 (b) Adjustments. If there is any change in the number or kind of shares of Company Stock outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or
combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of any other extraordinary or unusual event affecting the
outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary
dividend or distribution, the maximum number of shares of Company Stock available for Grants, the maximum number of shares of Company Stock that any individual participating in this Plan may be granted in any year, the number of shares covered by
outstanding Grants, the kind of shares issued under this Plan, and the price per share of such Grants may be appropriately 

  
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adjusted by the Board to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Company Stock to preclude, to the extent practicable, the
enlargement or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. Any adjustments determined by the Board shall be final, binding and conclusive.

 4. Eligibility for Participation. 
 (a) Eligible Persons. All employees of the Company and its parents or subsidiaries (“Employees”), including Employees who are officers or members of the Board, and members of the
Board who are not Employees (“Non-Employee Directors”) shall be eligible to participate in this Plan. Consultants and advisors who perform services for the Company or any of its parents or subsidiaries (“Key Advisors”) shall be
eligible to participate in this Plan if the Key Advisors render bona fide services to the Company or its parents or subsidiaries, the services are not in connection with the offer and sale of securities in a capital-raising transaction, and the Key
Advisors do not directly or indirectly promote or maintain a market for the Company’s securities. 
 (b) Selection of
Grantees. The Board shall select the Employees, Non-Employee Directors and Key Advisors to receive Grants and shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Board determines.
Employees, Key Advisors and Non-Employee Directors who receive Grants under this Plan shall hereinafter be referred to as “Grantees.” 
 5. Granting of Options. 
 (a) Number of Shares. The
Board shall determine the number of shares of Company Stock that will be subject to each Grant of Options to Employees, Non-Employee Directors and Key Advisors. 
 (b) Type of Option and Price. 
 (i) The Board may grant Incentive
Stock Options that are intended to qualify as “incentive stock options” within the meaning of section 422 of the Code or Nonqualified Stock Options that are not intended so to qualify or any combination of Incentive Stock Options and
Nonqualified Stock Options, all in accordance with the terms and conditions set forth herein. Incentive Stock Options may be granted only to employees of the Company or its parents or subsidiaries, as defined in Section 424 of the Code.
Nonqualified Stock Options may be granted to Employees, Non-Employee Directors and Key Advisors. 
 (ii) The purchase price (the
“Exercise Price”) of Company Stock subject to an Option shall be determined by the Board and may be equal to or greater than the Fair Market Value (as defined below) of a share of Company Stock on the date the Option is granted; provided,
however, that (x) the Exercise Price of an Incentive Stock Option shall be equal to, or greater than, the Fair Market Value of a share of Company Stock on the date the Incentive Stock Option is granted and (y) an Incentive Stock Option may
not be granted to an Employee who, at the time of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company, unless the Exercise Price per
share is not less than 110% of the Fair Market Value of Company Stock on the date of grant. 

  
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 (iii) If the Company Stock is publicly traded, then the Fair Market Value per share shall be
determined as follows: (x) if the principal trading market for the Company Stock is a national securities exchange or the Nasdaq National Market, the last reported sale price thereof on the relevant date or (if there were no trades on that
date) the latest preceding date upon which a sale was reported, or (y) if the Company Stock is not principally traded on such exchange or market, the mean between the last reported “bid” and “asked” prices of Company Stock
on the relevant date, as reported on Nasdaq or, if not so reported, as reported by the National Daily Quotation Bureau, Inc. or as reported in a customary financial reporting service, as applicable and as the Board determines. If the Company Stock
is not publicly traded or, if publicly traded, is not subject to reported transactions or “bid” or “asked” quotations as set forth above, the Fair Market Value per share shall be as determined by the Board. 

(c) Option Term. The Board shall determine the term of each Option. The term of any Option shall not exceed ten years from
the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, or any parent or
subsidiary of the Company, may not have a term that exceeds five years from the date of grant. 
 (d) Exercisability of
Options. 
 (i) Options shall become exercisable in accordance with such terms and conditions, consistent with this
Plan, as may be determined by the Board and specified in the Grant Instrument. The Board may accelerate the exercisability of any or all outstanding Options at any time for any reason. 

(ii) The Board may provide in a Grant Instrument that the Grantee may elect to exercise part or all of an Option before it otherwise has
become exercisable. Any shares so purchased shall be restricted shares and shall be subject to a repurchase right in favor of the Company during a specified restriction period, with the repurchase price equal to the lesser of (i) the Exercise
Price or (ii) the Fair Market Value of such shares at the time of repurchase, or such other restrictions as the Board deems appropriate. 
 (e) Grants to Non-Exempt Employees. Notwithstanding the foregoing, Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, shall have
an Exercise Price not less than the Fair Market Value of the Company Stock on the date of grant, and may not be exercisable for at least six months after the date of grant (except that such Options may become exercisable, as determined by the Board,
upon the Grantee’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations). 
 (f) Termination of Employment, Disability or Death. 
 (i) Except as
provided below, an Option may only be exercised while the Grantee is employed by, or providing service to, the Employer (as defined below) as an 

  
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Employee, Key Advisor or member of the Board. In the event that a Grantee ceases to be employed by, or provide service to, the Employer for any reason other than Disability, death, or termination
for Cause, any Option which is otherwise exercisable by the Grantee shall terminate unless exercised within 90 days after the date on which the Grantee ceases to be employed by, or provide service to, the Employer (or within such other period of
time as may be specified by the Board), but in any event no later than the date of expiration of the Option term. Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the date on which
the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date. 
 (ii) In the event
the Grantee ceases to be employed by, or provide service to, the Employer on account of a termination for Cause by the Employer, any Option held by the Grantee shall terminate as of the date the Grantee ceases to be employed by, or provide service
to, the Employer. In addition, notwithstanding any other provisions of this Section 5, if the Board determines that the Grantee has engaged in conduct that constitutes Cause at any time while the Grantee is employed by, or providing service to,
the Employer or after the Grantee’s termination of employment or service, any Option held by the Grantee shall immediately terminate, and the Grantee shall automatically forfeit all shares underlying any exercised portion of an Option for which
the Company has not yet delivered the share certificates, upon refund by the Company of the Exercise Price paid by the Grantee for such shares. Upon any exercise of an Option, the Company may withhold delivery of share certificates pending
resolution of an inquiry that could lead to a finding resulting in a forfeiture. 
 (iii) In the event the Grantee ceases to be
employed by, or provide service to, the Employer because the Grantee is Disabled, any Option which is otherwise exercisable by the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by,
or provide service to, the Employer (or within such other period of time as may be specified by the Board), but in any event no later than the date of expiration of the Option term. Except as otherwise provided by the Board, any of the
Grantee’s Options which are not otherwise exercisable as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date. 

(iv) If the Grantee dies while employed by, or providing service to, the Employer or within 90 days after the date on which the Grantee
ceases to be employed or provide service on account of a termination specified in Section 5(f)(i) above (or within such other period of time as may be specified by the Board), any Option that is otherwise exercisable by the Grantee shall
terminate unless exercised within one year after the date on which the Grantee ceases to be employed by, or provide service to, the Employer (or within such other period of time as may be specified by the Board), but in any event no later than the
date of expiration of the Option term. Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer
shall terminate as of such date. 
 (v) For purposes of this Section 5(f) and Section 6: 

(A) The term “Employer” shall include the Company and its parent and subsidiary corporations or other entities,
as appropriate and as determined by the Board. 

  
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 (B) “Employed by, or provide service to, the Employer” shall mean
employment or service as an Employee, Key Advisor or member of the Board (so that, for purposes of exercising Options and satisfying conditions with respect to Stock Awards, a Grantee shall not be considered to have terminated employment or service
until the Grantee ceases to be an Employee, Key Advisor or member of the Board), unless the Board determines otherwise. 
 (C) “Disability” shall mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code, within the meaning of the Employer’s long-term disability plan applicable
to the Grantee, or as otherwise determined by the Board. 
 (D) “Cause” shall mean, except to the
extent specified otherwise by the Board, a finding by the Board that the Grantee (i) has breached his or her employment or service contract with the Employer, (ii) has engaged in disloyalty to the Company, including, without limitation,
fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) has disclosed trade secrets or confidential information of the Employer to persons not entitled to receive such information, (iv) has breached any written
noncompetition or nonsolicitation agreement between the Grantee and the Employer or (v) has engaged in such other behavior detrimental to the interests of the Employer as the Board determines. 

(g) Exercise of Options. A Grantee may exercise an Option that has become exercisable, in whole or in part, by delivering a
notice of exercise to the Company with payment of the Exercise Price. The Grantee shall pay the Exercise Price for an Option as specified by the Board (w) in cash, (x) with the approval of the Board, by delivering shares of Company Stock
owned by the Grantee (including Company Stock acquired in connection with the exercise of an Option, subject to such restrictions as the Board deems appropriate) and having a Fair Market Value on the date of exercise equal to the Exercise Price or
by attestation (on a form prescribed by the Board) to ownership of shares of Company Stock having a Fair Market Value on the date of exercise equal to the Exercise Price, (y) after a Public Offering, payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board, or (z) by such other method as the Board may approve. The Board may authorize loans by the Company to Grantees in connection with the exercise of an Option, upon such terms and
conditions as the Board, in its sole discretion, deems appropriate. Shares of Company Stock used to exercise an Option shall have been held by the Grantee for the requisite period of time to avoid adverse accounting consequences to the Company with
respect to the Option. The Grantee shall pay the Exercise Price and the amount of any withholding tax due (pursuant to Section 7) at the time of exercise. 
 (h) Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of the stock on the date of the grant with respect to which
Incentive Stock Options are exercisable for the first time by a Grantee during any calendar year, under this Plan or any other stock option plan of the Company or a parent or subsidiary, exceeds $100,000, then the Option, as to the excess, shall be
treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be granted to any person who is not an Employee of the Company or a parent or subsidiary (within the meaning of section 424(f) of the Code) of the Company. 

  
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 6. Stock Awards. The Board may issue shares of Company Stock to an Employee,
Non-Employee Director or Key Advisor under a Stock Award, upon such terms as the Board deems appropriate. The following provisions are applicable to Stock Awards: 
 (a) General Requirements. Shares of Company Stock issued pursuant to Stock Awards may be issued for consideration or for no consideration, and subject to restrictions or no restrictions, as
determined by the Board. The Board may establish conditions under which restrictions on Stock Awards shall lapse over a period of time or according to such other criteria as the Board deems appropriate. The period of time during which the Stock
Award will remain subject to restrictions will be designated in the Grant Instrument as the “Restriction Period.” 

(b) Number of Shares. The Board shall determine the number of shares of Company Stock to be issued pursuant to a Stock
Award and the restrictions applicable to such shares. 
 (c) Requirement of Employment or Service. If the Grantee
ceases to be employed by, or provide service to, the Employer (as defined in Section 5(f)) during a period designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the Stock Award shall
terminate as to all shares covered by the award as to which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Board may, however, provide for complete or partial exceptions to this
requirement as it deems appropriate. 
 (d) Restrictions on Transfer and Legend on Stock Certificate. During the
Restriction Period, a Grantee may not sell, assign, transfer, pledge or otherwise dispose of the shares of the Stock Award except to a successor under Section 8(a). Each certificate for Stock Awards shall contain a legend giving appropriate
notice of the restrictions in the Grant. The Grantee shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such shares have lapsed. The Board may determine that
the Company will not issue certificates for Stock Awards until all restrictions on such shares have lapsed, or that the Company will retain possession of certificates for Stock Awards until all restrictions on such shares have lapsed. 

(e) Right to Vote and to Receive Dividends. During the Restriction Period, the Grantee shall have the right to vote shares
subject to Stock Awards and to receive any dividends or other distributions paid on such shares, subject to any restrictions deemed appropriate by the Board. 
 (f) Lapse of Restrictions. All restrictions imposed on Stock Awards shall lapse upon the expiration of the applicable Restriction Period and the satisfaction of all conditions imposed by the
Board. The Board may determine, as to any or all Stock Awards, that the restrictions shall lapse without regard to any Restriction Period. 
 7. Withholding of Taxes. 
 (a) Required Withholding.
All Grants under this Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements. The Employer may require that the Grantee or other person receiving or exercising Grants pay to the Employer the amount
of any federal, state or local taxes that the Employer is required to withhold with respect to such Grants, or the Employer may deduct from other wages paid by the Employer the amount of any withholding taxes due with respect to such Grants.

  
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 (b) Election to Withhold Shares. If the Board so permits, a Grantee may elect
to satisfy the Employer’s income tax withholding obligation with respect to a Grant by having shares withheld up to an amount that does not exceed the Grantee’s minimum applicable withholding tax rate for federal (including FICA), state
and local tax liabilities. The election must be in a form and manner prescribed by the Board and may be subject to the prior approval of the Board. 
 8. Transferability of Grants. 
 (a) Nontransferability of
Grants. Except as provided below, only the Grantee may exercise rights under a Grant during the Grantee’s lifetime. A Grantee may not transfer those rights except (i) by will or by the laws of descent and distribution or
(ii) with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Board, pursuant to a domestic relations order or otherwise as permitted by the Board. When a Grantee dies, the personal representative or
other person entitled to succeed to the rights of the Grantee may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Grantee’s will or under the applicable
laws of descent and distribution. 
 (b) Transfer of Nonqualified Stock Options. Notwithstanding the foregoing,
the Board may provide, in a Grant Instrument, that a Grantee may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with applicable securities
laws, according to such terms as the Board may determine; provided that the Grantee receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable
to the Option immediately before the transfer. 
 9. Right of First Refusal; Repurchase Right. 

(a) Offer. Prior to a Public Offering, if at any time an individual desires to sell, encumber, or otherwise dispose of
shares of Company Stock that were distributed to him or her under this Plan and that are transferable, the individual may do so only pursuant to a bona fide written offer, and the individual shall first offer the shares to the Company by giving the
Company written notice disclosing: (i) the name of the proposed transferee of the Company Stock; (ii) the certificate number and number of shares of Company Stock proposed to be transferred or encumbered; (iii) the proposed price;
(iv) all other terms of the proposed transfer; and (v) a written copy of the proposed offer. Within 60 days after receipt of such notice, the Company shall have the option to purchase all or part of such Company Stock at the price and on
the terms described in the written notice; provided that the Company may pay such price in installments over a period not to exceed four years, at the discretion of the Board. 
 (b) Sale. In the event the Company (or a stockholder, as described below) does not exercise the option to purchase Company Stock, as provided above, the individual shall have the right to
sell, encumber, or otherwise dispose of the shares of Company Stock described in 

  
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subsection (a) at the price and on the terms of the transfer set forth in the written notice to the Company, provided such transfer is effected within 15 days after the expiration of the
option period. If the transfer is not effected within such period, the Company must again be given an option to purchase, as provided above. 
 (c) Assignment of Rights. The Board, in its sole discretion, may waive the Company’s right of first refusal and repurchase right under this Section 9. If the Company’s right
of first refusal or repurchase right is so waived, the Board may, in its sole discretion, assign such right to the remaining stockholders of the Company in the same proportion that each stockholder’s stock ownership bears to the stock ownership
of all the stockholders of the Company, as determined by the Board. To the extent that a stockholder has been given such right and does not purchase his or her allotment, the other stockholders shall have the right to purchase such allotment on the
same basis. 
 (d) Purchase by the Company. The Board may provide in a Grant Instrument that, prior to a Public
Offering, if a Grantee ceases to be employed by, or provide service to, the Employer, the Company shall have the right to purchase all or part of any Company Stock distributed to him or her under this Plan at its then current Fair Market Value (as
defined in Section 5(b)) (or at such other price as may be established in the Grant Instrument); provided, however, that such repurchase shall be made in accordance with applicable accounting rules to avoid adverse accounting treatment.

 (e) Public Offering. On and after a Public Offering, the Company shall have no further right to purchase shares
of Company Stock under this Section 9. 
 (f) Stockholders Agreement. Notwithstanding the provisions of this
Section 9, if the Board requires that a Grantee execute a Stockholders Agreement (or other agreement containing first refusal or repurchase rights) with respect to any Company Stock distributed pursuant to this Plan, such Grantee shall execute
such Stockholders Agreement (or other such agreement) as a condition to retaining his or her rights to such Company Stock. If such Stockholders Agreement (or other such agreement) contains a right of first refusal or repurchase right, the provisions
of this Section 9 shall not apply to such Company Stock for as long as those provisions of the Stockholders Agreement (or other agreement) are in effect, unless the Board determines otherwise. 

10. Change of Control of the Company. 
 (a) Definitions.  
 As used in this Plan, a “Change of
Control” shall mean: 
 (i) any merger or consolidation in which voting securities of the Company possessing more than 50%
of the total combined voting power of the Company’s outstanding securities are Transferred to a person or persons different from the person holding those securities immediately prior to such transaction and the composition of the Board
following such transaction is such that the directors of the Company prior to the transaction constitute less than 50% of the Board membership following the transaction; 

  
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 (ii) any acquisition, directly or indirectly, by a person or related group of persons (other
than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership of voting securities of the Company possessing more than 50% of the total combined voting
power of the Company’s outstanding securities; 
 (iii) any acquisition, directly or indirectly, by a person or related
group of persons of the right to appoint a majority of the directors of the Company or otherwise directly or indirectly control the management, affairs and business of the Company; 

(iv) any sale transfer or other disposition of all or substantially all of the assets of the Company; or 

(v) a complete liquidation or dissolution of the Company. 
 As used in this Section 10, “Transfer” shall include any sale, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, encumbrance, grant of a security interest or other
arrangement by which possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntarily and whether or not for value, and including without limitation any
merger or amalgamation and any agreement to effect any of the foregoing. 
 (b) Assumption of Grants. Upon a
Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary of another corporation), unless the Board determines otherwise, all outstanding Options that are not exercised shall be assumed by, or replaced
with comparable options by the surviving corporation (or a parent or subsidiary of the surviving corporation), and outstanding Stock Awards shall be converted to Stock Awards of the surviving corporation (or a parent or subsidiary of the surviving
corporation). 
 (c) Other Alternatives. Notwithstanding the foregoing, in the event of a Change of Control, the
Board may take any of the following actions with respect to any or all outstanding Grants: the Board may (i) determine that outstanding Options shall accelerate and become exercisable, in whole or in part, upon the Change of Control or upon
such other event as the Board determines, (ii) determine that the restrictions and conditions on outstanding Stock Awards shall lapse, in whole or in part, upon the Change of Control or upon such other event as the Board determines,
(iii) require that Grantees surrender their outstanding Options in exchange for a payment by the Company, in cash or stock as determined by the Board, in an amount equal to the amount by which the then Fair Market Value of the shares of Company
Stock subject to the Grantee’s unexercised Options exceeds the Exercise Price of the Options or (iv) after giving Grantees an opportunity to exercise their outstanding Options, terminate any or all unexercised Options at such time as the
Board deems appropriate. Such surrender or termination shall take place as of the date of the Change of Control or such other date as the Board may specify. The Board shall have no obligation to take any of the foregoing actions, and, in the absence
of any such actions, outstanding Options and Stock Awards shall continue in effect according to their terms (subject to any assumption pursuant to subsection (b)). 

  
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 11. Requirements for Issuance of Shares. 

(a) Stockholders Agreement/Voting Agreement. The Board may require that a Grantee execute a stockholders agreement and/or a
voting agreement, in each case, with such terms as the Board deems appropriate, with respect to any Company Stock issued pursuant to this Plan. 
 (b) Limitations on Issuance of Shares. No Company Stock shall be issued in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance of such
Company Stock have been complied with to the satisfaction of the Board. The Board shall have the right to condition any Grant made to any Grantee hereunder on such Grantee’s undertaking in writing to comply with such restrictions on his or her
subsequent disposition of such shares of Company Stock as the Board shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions. Certificates representing shares of Company Stock
issued under this Plan will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. 

(c) Lock-Up Period. If so requested by the Company or any representative of the underwriters (the “Managing
Underwriter”) in connection with any underwritten offering of securities of the Company under the Securities Act of 1933, as amended (the “Securities Act”), a Grantee (including any successor or assigns) shall not sell or otherwise
transfer any shares or other securities of the Company during the 30-day period preceding and the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act for such underwriting (or such
shorter period as may be requested by the Managing Underwriter and agreed to by the Company) (the “Market Standoff Period”). If so requested, the Grantee shall enter into a separate written agreement to such effect in form and substance
requested by the Company or the Managing Underwriter. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Standoff Period. Notwithstanding the foregoing, the
Company may require that a Grantee execute a Stockholders Agreement or other agreement containing lock-up provisions. If such Stockholders Agreement or other agreement contains any lock-up or market standoff provisions that differ from the
provisions of this Section 11(c), for as long as the provisions of such other agreement are in effect, the provisions of this Section 11(c) shall not apply to such Company Stock, unless the Board determines otherwise. 

12. Amendment and Termination of this Plan. 
 (a) Amendment. The Board may amend or terminate this Plan at any time; provided, however, that the Board shall not amend this Plan without stockholder approval if such approval is required
in order to comply with the Code or other applicable laws, or, after a Public Offering, to comply with applicable stock exchange requirements. 
 (b) Termination of this Plan. This Plan shall terminate on the day immediately preceding the tenth anniversary of its effective date, unless this Plan is terminated earlier by the Board or
is extended by the Board with the approval of the stockholders. 

  
 11 

 (c) Termination and Amendment of Outstanding Grants. A termination or
amendment of this Plan that occurs after a Grant is made shall not materially impair the rights of a Grantee unless the Grantee consents or unless the Board acts under Section 18(b). The termination of this Plan shall not impair the power and
authority of the Board with respect to an outstanding Grant. Whether or not this Plan has terminated, an outstanding Grant may be terminated or amended under Section 18(b) or may be amended by agreement of the Company and the Grantee consistent
with this Plan. 
 (d) Governing Document. This Plan shall be the controlling document. No other statements,
representations, explanatory materials or examples, oral or written, may amend this Plan in any manner. This Plan shall be binding upon and enforceable against the Company and its successors and assigns. 

13. Funding of this Plan. This Plan shall be unfunded. The Company shall not be required to establish any special or
separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan. In no event shall interest be paid or accrued on any Grant, including unpaid installments of Grants. 

14. Rights of Participants. Nothing in this Plan shall entitle any Employee, Key Advisor, Non-Employee Director or other
person to any claim or right to be granted a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Employer or any other employment
rights. 
 15. No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant
to this Plan or any Grant. The Board shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated. 
 16. Headings. Section headings are for reference only. In the event of a conflict between a title
and the content of a Section, the content of the Section shall control. 
 17. Effective Date of this Plan.

 (a) Effective Date. This Plan shall be effective on March 28, 2005, and each amendment shall be effective
on the date duly adopted by the Board. 
 (b) Public Offering. The provisions of this Plan that refer to a Public
Offering, or that refer to, or are applicable to persons subject to, section 16 of the Exchange Act or section 162(m) of the Code, shall be effective, if at all, upon the initial registration of the Company Stock under section 12(g) of the Exchange
Act, and shall remain effective thereafter for as long as such stock is so registered. 
 18. Miscellaneous.

 (a) Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this Plan shall be
construed to (i) limit the right of the Board to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or 

  
 12 

 
otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become Employees, or for other proper corporate purposes, or
(ii) limit the right of the Company to grant stock options or make other awards outside of this Plan. Without limiting the foregoing, the Board may make a Grant to an employee of another corporation who becomes an Employee by reason of a
corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company, the Parent or any of their subsidiaries in substitution for a stock option or Stock Awards grant made by such corporation. The
terms and conditions of the substitute grants may vary from the terms and conditions required by this Plan and from those of the substituted stock incentives. The Board shall prescribe the provisions of the substitute grants. 

(b) Compliance with Law. This Plan, the exercise of Options and the obligations of the Company to issue shares of Company
Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the Exchange Act, after a Public Offering it is the intent of
the Company that this Plan and all transactions under this Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent of the Company that this Plan and applicable Grants under
this Plan comply with the applicable provisions of section 162(m) of the Code, after a Public Offering, and section 422 of the Code. To the extent that any legal requirement of section 16 of the Exchange Act or section 162(m) or 422 of the Code as
set forth in this Plan ceases to be required under section 16 of the Exchange Act or section 162(m) or 422 of the Code, that Plan provision shall cease to apply. The Board may revoke any Grant if it is contrary to law or modify a Grant to bring it
into compliance with any valid and mandatory government regulation. The Board may also adopt rules regarding the withholding of taxes on payments to Grantees. The Board may, in its sole discretion, agree to limit its authority under this Section.

 (c) Employees Subject to Taxation Outside the United States. With respect to Grantees who are subject to
taxation in countries other than the United States, the Board may make Grants on such terms and conditions as the Board deems appropriate to comply with the laws of the applicable countries, and the Board may create such procedures, addenda and
subplans and make such modifications as may be necessary or advisable to comply with such laws. 
 (d) Governing
Law. The validity, construction, interpretation and effect of this Plan and Grant Instruments issued under this Plan shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving
effect to the conflict of laws provisions thereof. 

  
 13Exclusive License Agreement dated June 28, 2007

 EXHIBIT 10.7 
 Portions Subject to Confidential Treatment Request Under Rule 24b-2 

EXCLUSIVE LICENSE AGREEMENT 
 between 
 ************************* 

Celator Pharmaceuticals 
 and 
 PRINCETON UNIVERSITY 

 

			
	Concerning Princeton	 	Case No. 06-2228
	Primary Inventor	 	 Robert K. Prud’homme

 EXCLUSIVE LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is made and is effective as of the     day of
            , 2007, by and between PRINCETON UNIVERSITY, having its Technology Licensing and Intellectual Property at 4 New South Building, Princeton, New Jersey 08544-0036, (hereinafter
referred to as “Princeton”), and Celator Pharmaceuticals, a Delaware corporation having a principal place of business at 303B College Road East, Princeton, N.J. 08540 (hereinafter referred to as “Celator”). 

RECITALS 

WHEREAS, Certain inventions disclosed under Princeton Case No, 06-2228-1, generally characterized as Particulate Constructs for Release
of Active Agents(PCT/US2005/025549), hereinafter collectively referred to as the “Invention were made in the course of research at Celator Pharmaceuticals by Dr. Lawrence D. Mayer and at Princeton, by Dr. Robert K.
Prud’homme and others (hereinafter, “Inventors”); and 
 WHEREAS, Celator entered into a Research Agreement with
Princeton effective on March 10, 2002, which resulted in the Invention; 
 WHEREAS, Celator is a “small business
firm” as defined in 15 U.S.C, 632; and 
 WHEREAS Princeton and Celator each has an undivided interest in Invention and in
Patent Rights as herein defined, and 
 WHEREAS, Celator wishes to obtain certain rights from Princeton for the exclusive right
for commercial development, manufacture, use, and sale of the Invention under Princeton Patent Rights, and Princeton is willing to grant such rights on the terms and conditions set forth in this Agreement; and 

  
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 WHEREAS, Both parties recognize and agree that royalties due hereunder will be paid on
both pending patent applications and issued patents that constitute Patent Rights, as hereafter defined; and 
 WHEREAS,
Princeton is desirous that the Invention be developed and utilized to the fullest extent so that the benefits can be enjoyed by the general public. 
 NOW THEREFORE, the parties agree as follows: 
 1. DEFINITIONS 

1.1 “Affiliate” means (i) any corporation or business entity that directly or indirectly controls, is controlled by, or is
under common control with Celator to the extent of at least fifty percent (50%) of the outstanding stock or other voting rights entitled to elect directors and (ii) any joint venture in which Celator or an Affiliate participates which
markets Licensed Products. 
 1.2 “Celator Patent Rights” means Celator’s undivided Interest in Patent Rights.

 1.3 “Charitable Objective” shall mean access to affordable health solutions for the benefit of people most in need
within the developing countries and in other than Major Marketing Countries. 
 1.4 “Data” means all information
developed or acquired by Celator, its Affiliates or its sublicensees, its units, its employees, the Inventors, or its consultants relating to the Invention, Licensed Products, this Agreement or US PCT/US02/10715 as licensed in any subsequent
Agreement including but not limited to all patent prosecution documents, and all information received from Inventors. 

  
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 1.5 “Licensed Field” shall mean the use of the Invention that includes any
contact with the human or animal body or sample derived therefrom for medical or veterinary purposes. All non-medical and non-veterinary applications and uses including, but not limited to, flavors, dyes/pigments, fine organics, imaging agents other
than medical and veterinary diagnostic imaging, cosmetics, vitamins, aerosols and aerosol delivery systems other than for delivery of medical and veterinary diagnostics, prophylactics or therapeutics, foods, beverages and inks are expressly excluded
from the Licensed Field. For avoidance of doubt uses including but not limited to cosmetics, food and beverage, as nutraceuticals, functional foods or non-prescription cosmeceuticals are considered non-medical and non-veterinary uses and are
expressly excluded from the Licensed Field. 
 1.6 “Licensed Method” means any process, method, or use that is covered
by Patent Rights or whose use or practice would constitute an infringement of any issued or pending claim within Patent Rights if performed by an unauthorized entity. 
 1.7 “Licensed Product” means any material or product or kit, or any service, process, or procedure that (1) either is covered by Patent Rights or whose manufacture, use, or sale would
constitute an infringement of any pending or issued claim within Patent Rights if performed by an unauthorized entity or (2) is developed, made, sold, registered, or practiced using Licensed Method or is used to practice the Licensed Method, in
whole or in part if said Licensed Method is conducted by an unauthorized entity. 
 1.8 “Major Market Countries” shall
mean the United States, Australia, Canada, China, France, Germany, Italy, Japan, Korea, Mexico, the United Kingdom and Spain. 

  
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 1.9 “Negotiated Fields” shall be those fields within the Licensed Field, where
Professor Prud’homme and Princeton have reasonable prospects to pursue commercial relationships, in fields not competitive with Celator, and where Celator does not have a commercial interest either to pursue on its own or to pursue involving
third parties, which are agreed upon by the parties during the term of this Agreement as set out in Article 3 of this Agreement. The Negotiated Fields will not, in any event, include applications for cancer. The Negotiated Fields shall be determined
on a case by case basis and shall require Celator’s consent. 
 1.10 “Net Sales” means the total of the cash
consideration received for Licensed Products made, leased, transferred, sold or otherwise disposed of by Celator, its Affiliates, and its sublicensees, at arms-length prices, less the sum of the following actual and customary deductions (net of
rebates or allowances of such deductions received) included on the invoice and actually paid: cash, trade, or quantity discounts; sales or use taxes imposed upon particular sales; import/export duties; and transportation charges. 

A Licensed Product shall be deemed made, used, leased, transferred, sold, or otherwise disposed of at the time Celator bills, invoices,
ships, or receives payment for such Licensed Product, whichever occurs first. 
 If Celator leases, transfers, sells, or
otherwise disposes a unit of Licensed Product in any reporting period but does not receive cash consideration representing an arms’ length negotiated purchase price therefor, then Net Sales of such unit of Licensed Product shall equal the
greater of (a) the weighted average Net Sales of a unit of such Licensed Product sold during said reporting period for cash consideration representing an arms’ length negotiated purchase price (if any such sales are made during

  
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said reporting period), or (b) the weighted average Net Sales of a unit of such Licensed Product sold during the most recent reporting period for which sales were made for cash consideration
representing an arms’ length negotiated purchase price (if no such sales are made during said reporting period). 
 1.11
Patent Rights are rights arising under patent applications and patents claiming priority from PCT/US2005/025549 including any continuations, divisions, extensions, reexaminations, reissues thereof, but not including continuations-in-part.

 1.12 “Princeton Patent Rights” means Princeton’s undivided interest in Patent Rights, 

1.13 “Territory” shall mean all countries of the world in which Princeton and Celator have Patent Rights, 

2. GRANT 

2.1 Subject to the limitations set forth in this Agreement, Princeton hereby grants to Celator an exclusive license in the Licensed
Field, under Princeton Patent Rights, to make, have made, use, and sell Licensed Products and to practice Licensed Method in the Territory during the term of this Agreement. 
 2.2 For uses and applications outside of the Licensed Field, and in the agreed upon Negotiated Fields and Charitable Objective, Celator, will grant to Princeton an exclusive, NON-ROYALTY BEARING license
to Celator’s Patent Rights solely for the activities set forth in paragraph 2,3, 
 2.3 Princeton shall use best efforts to
negotiate and conclude licenses for applications and uses outside of the Licensed Field, and in the 

  
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agreed upon Negotiated Fields and to obtain proceeds therefrom. Such licenses shall be similar in form to the present license and require that the licensee indemnify Celator and name Celator as
an insured according to the terms of Article 21 herein. Proceeds include all consideration of any type, including, without limitation, licensing fees, milestone payments, royalties or any other form of financial remuneration paid by licensees,
(“Gross Receipts”) for the practice, application and use outside of the Licensed Field, and in the agreed upon Negotiated Fields. However, Proceeds does not include sponsored research, gift, or other consideration received by the
laboratory of Professor Robert Prud’homme in connection with collaborative research in the agreed upon Negotiated Fields. Any Proceeds received by Princeton shall be split as follows; Princeton shall first deduct pre-approved out-of-pocket
expenses from Gross Receipts, resulting in “Net Receipts”. Princeton shall thereafter deduct an administrative fee of fifteen percent (15%) from Net Receipts and any remaining proceeds shall be split between Princeton and Celator,
50:50 
 2.4 Celator shall provide Data relevant to discussions to Princeton to allow for Princeton to pursue best efforts to
negotiate and conclude licenses as specified in 2.3 above. 
 2.5 Princeton expressly reserves the right to use the Invention,
Patent Rights, Licensed Products, Licensed Methods, non-confidential Data and associated information and technology for educational, research and other non-business purposes, to publish the results thereof, and to grant non-exclusive licenses to
other not-for-profit institutions for research purposes, including the publication of results. 
 2.6 Celator expressly reserves
the right to use the Invention and Patent Rights for internal research purposes outside the Licensed Field and 

  
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within any Negotiated Field. Should this provision be an obstacle to completion of a license offered by Princeton under Article 2.3, Celator agrees to assist Princeton in dealing with this
obstacle. 
 2.7 Princeton acknowledges that additional research conducted or funded by Celator in connection with the Licensed
Products constitutes ongoing diligence on the part of Celator as specified in Article 8 of this Agreement. In the event that Celator desires to outsource additional research in connection with the development of the Licensed Products, Celator will
review such research opportunity with Princeton to determine if such research could be conducted at Princeton on mutually agreed terms. 
 3. NEGOTIATED FIELDS 
 3.1 Princeton shall notify Celator in writing of its
interest in acquiring rights in the Negotiated Field by providing a brief description of the Negotiated Field to Celator for its approval, which will not be unreasonably withheld, Celator has sixty (60) days thereafter to notify Princeton if
Celator agrees to grant such rights in the Negotiated Field. Lack of response by Celator within sixty (60) days of the notification by Princeton shall be construed as an approval for Princeton to proceed in the Negotiated Field. 

3.2 Upon approval by Celator for Princeton to pursue a Negotiated Field, both parties shall agree to a time frame for Princeton to pursue
the Negotiated Field or return the rights in the Negotiated Field back to Celator. Celator reserves the right to assist Princeton in the negotiations, in a mutually acceptable manner. All financial remuneration received by Princeton from third party
licensees of the Negotiated Field will be shared with Celator as in item 2.3 above. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 3.3 If Celator does not approve Negotiated Rights as requested by Princeton in
accordance with paragraph 3.1 above, Celator agrees to discuss in good faith with Princeton its rationale for such refusal. In principle, both Celator and Princeton seek to develop and utilize Patent Rights, Licensed Method, and Licensed Product to
the fullest extent, Therefore where Celator has refused rights to Princeton in the Negotiated Fields, both parties shall agree to a time frame for Celator to pursue the Negotiated Field or approve the rights requested by Princeton in the Negotiated
Field. 
 4. CHARITABLE OBJECTIVE 
 4.1 Celator is aware that Princeton is a member of the “Needle-free vaccination via Nanoparticle Aerosols” project which is being funded by the Bill & Melinda Gates Foundation, through
Harvard University. As a member of this project Princeton has agreed to ensure that public health solutions in developing countries, exclusive of the Major Market Countries, are optimized through (i) the broad availability of data and
information to the scientific community and (ii) the access to affordable health solutions for the benefit of people most in need within the developing countries (“the Charitable Objective”. The Charitable Objective will be achieved
through the following objectives a) reporting of inventions, b) publication of results of work under the grant, c) identification of background technologies and strategy to ensure access, d) strategy to secure if necessary and manage and allocate IP
rights and e) potential post project development plans and f) strategies regarding the commercialization and sustainability of the projects anticipated final health solution. 
 Princeton expressly reserves the right to use the Invention, Princeton Patent Rights, Licensed Products, Licensed Methods, Data, and associated information and technology for the achievement of the
Charitable Objective as defined in the “Needle Free Vaccination via Nanoparticle Aerosols” project. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 5. CELATOR SUBLICENSES 

5.1 Princeton acknowledges that Celator has the right to grant sublicenses in the Licensed Field, subject to any agreed upon Negotiated
Fields to third parties under the licenses granted in Article 2, provided Celator has current exclusive rights thereto under this Agreement. To the extent applicable, such sublicenses shall include all of the rights of and obligations due to
Princeton that are contained in this Agreement. 
 5.2 Celator shall notify Princeton of any pending sublicenses by providing to
Princeton a brief description of the proposed sublicense. 
 5.3 Within thirty (30) days after execution thereof, Celator
shall provide Princeton with a copy of each sublicense issued hereunder, and shall thereafter collect, remit, and guarantee payment of all royalties due Princeton from sublicensees and summarize and deliver all reports due Princeton from
sublicensees. 
 6. NON ROYALTY SUBLICENSING CONSIDERATION 

6.1 Celator shall pay to Princeton ******** of all consideration, received by Celator from sublicensing or transferring the rights under
the Princeton Patent Rights or any portion thereof, licensed to Celator hereunder; provided however that this provision shall only apply in circumstances where Celator has not retained an interest in the applicable product or product candidate and
shall not apply to any such sublicense or transfer by Celator in connection with collaborative product development activities, or to any licenses for the product research, product development activities, product manufacture, marketing, and/or sale
activities performed on behalf of Celator. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 7. ROYALTIES 

7.1 Except as otherwise required by law, Celator shall pay to Princeton a running royalty of ****************************** during the
term of this Agreement. Sales among Celator, Its Affiliates and its sublicensees for ultimate third party use shall be disregarded for purposes of computing royalties. Royalties shall be payable only upon sales or transfers between unrelated third
parties and shall be based on arms length consideration 
 7.2 Royalties payable to Princeton shall be paid to Princeton
quarterly on or before the following dates of each calendar year: 
  

			
	February 28	 	May 31
	August 31	 	November 30

 Each such payment will be for unpaid royalties that accrued within Celator’s most recently completed calendar
quarter. 
 7.3 All amounts due Princeton shall be payable in United States Dollars in Princeton, New Jersey. When Licensed
Products are sold for monies other than United States Dollars, the earned royalties will first be determined in the foreign currency of the country in which such Licensed Products were sold and then converted into equivalent United States Dollars.
The exchange rate will be the United States Dollar buying rate quoted in the Wall Street Journal on the last day of the reporting period. 
 7.4 Celator shall be responsible for any and all taxes, fees, or other charges imposed by the government of any country outside the United States on the remittance of royalty income for sales occurring in
any such country. Celator shall also be responsible for all bank transfer charges. 

  
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 7.5 If at any time legal restrictions prevent the acquisition or prompt remittance of
United States Dollars by Celator with respect to any country where a Licensed Product is sold, Celator shall pay royalties due to Princeton from Celator’s other sources of United States Dollars. 

7.6 In the event that any patent or any claim thereof included within the Princeton Patent Rights shall be held invalid in a final
decision by a court of competent jurisdiction and last resort in any country and from which no appeal has or can be taken, all obligation to pay royalties based on such patent or claim or any claim patentably indistinct therefrom shall cease as of
the date of such final decision with respect to such country. Celator shall not, however, be relieved from paying any royalties that accrued before such decision or that are based on another patent or claim not involved in such decision. 

8. DILIGENCE 
 8.1 Celator, upon execution of this Agreement, shall use commercially reasonable efforts to develop, test, obtain regulatory approval for, manufacture, and market and sell Licensed Products in the
Territory. Consistent with its plans for development and commercialization of Licensed Products, Celator shall use its commercially reasonable efforts to either develop and commercialize Licensed Products on its own behalf, or sublicense rights
within the Licensed Field for such development and commercialization. 
 8.2 Celator shall be entitled to exercise prudent and
reasonable business judgment in meeting its diligence obligations hereunder. 
 8.3 Celator shall use all reasonable efforts to
obtain all necessary governmental approvals for the manufacture, use and sale of Licensed Products. 

  
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 8.4 Celator shall review additional outsourced research needs, in connection with the
development of the Licensed Products, with Princeton to determine if such research could be conducted at Princeton on mutually agreed terms. 
 8.5 Celator agrees that Princeton shall be entitled to terminate this Agreement in accordance with article 12 if Celator shall fail to implement any of the items as outlined in article 8, as listed above,
in which case both parties can pursue the technology on a royalty free non exclusive basis 
 9. PROGRESS AND ROYALTY REPORTS

 9.1 For each invention, beginning February 28, 2008, and annually thereafter Celator shall provide a progress report
for each License Product covering Celator’s progress towards commercialization, including where applicable activities related to the development and testing of all Licensed Products, key scientific discoveries, summary of work complete and in
progress, current schedule of anticipated events or milestones, activities in obtaining sublicensees and sublicensee’s activities, activities to develop Licensed Products and Licensed Methods for uses within the Licensed Field but outside of
oncology, and the obtaining of the governmental approvals necessary for marketing. 
 These progress reports shall be made for
each Licensed Product, as appropriate„ 
 9.2 Celator shall have a continuing responsibility to keep Princeton informed of
the large/small entity status (as defined by the United States Patent and Trademark Office) of itself and its sublicensee. 

  
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 9.3 Celator shall report to Princeton, on its immediately subsequent progress and
royalty report, the date of first commercial sale of each Licensed Product in each country. 
 9.4 After the first commercial
sale of a Licensed Product anywhere in the world, Celator will make quarterly royalty reports (and submit royalties per section 7.2 hereunder) to Princeton on or before each February 28, May 31, August 31 and November 30 of each
year. Each such royalty report will cover Celator’s most recently completed calendar quarter and will show (a) gross sales and Net Sales of each Licensed Product sold by Celator including a clear indication of how Net Sales were
calculated; (b) the royalties, in U.S. dollars, payable hereunder with respect to such sales; (c) the method used to calculate the royalty; and (d) the exchange rates used, if any. 

9.5 If no sales of Licensed Products have been made during any reporting period, a statement to this effect shall be made by Celator.

 10. BOOKS AND RECORDS 
 10.1 Celator shall keep and cause its sublicensees to keep books and records in accordance with general acceptable accounting principles accurately showing all transactions and information relating to
this Agreement. Such books and records shall be preserved for at least five (5) years from the date of the entry to which they pertain and shall be open to inspection by representatives or agents of Princeton at reasonable times upon reasonable
notice. 
 10.2 The fees and expenses of Princeton representatives performing such an examination shall be borne by Princeton.
However, if an error in royalties of more than five percent (5%) of the total royalties due for any 

  
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year is discovered, or if as a result of the examination it is determined that Celator is in material breach of its other obligations under this Agreement, then the fees and expenses of these
representatives shall be borne by Celator. 
 11. TERM OF THE AGREEMENT 

11.1 Unless otherwise terminated by operation of law or by acts of the parties in accordance with the provisions of this Agreement, this
Agreement shall be in force from the effective date recited on page one and shall remain in effect in each country of the Territory until the longer of (i) expiration of the last-to-expire patent licensed under this Agreement in such country or
(ii) ten years from the date of first commercial sale of a Licensed Product in such country 
 11.2 Any expiration or
termination of this Agreement shall not affect the lights and obligations set forth in the following Articles: 
  

			
	Article 10	 	BOOKS AND RECORDS
		
	Article 15	 	DISPOSITION OF LICENSED PRODUCTS AND INFORMATION ON HAND UPON TERMINATION
		
	Article 16	 	USE OF NAMES, TRADEMARKS, AND CONFIDENTIAL INFORMATION
		
	Article 21	 	INDEMNIFICATION AND INSURANCE
		
	Article 26	 	FAILURE TO PERFORM
		
	Article 30	 	CONFIDENTIALITY

 12. TERMINATION BY PRINCETON 

12.1 If Celator should breach or fail to perform any provision of this Agreement, then Princeton may give written notice of such default
(Notice of Default) to Celator. If Celator should fail to cure such default within 

  
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sixty (60) days of the effective date of such notice, Princeton shall have the right to terminate this Agreement and the licenses herein by a second written notice (Notice of Termination) to
Celator, If a Notice of Termination is sent to Celator, this Agreement shall automatically terminate on the effective date of such notice. Termination shall not relieve Celator of its obligation to pay all amounts due to Princeton as of the
effective date of termination and shall not impair any accrued right of Princeton. 
 13. TERMINATION BY CELATOR

 13.1 Celator shall have the right at any time to terminate this Agreement in whole or as to any portion of Princeton
Patent Rights by giving ninety (90) days’ notice thereof in writing to Princeton. 
 13.2 Any termination pursuant to
the above paragraph shall not relieve Celator of any obligation or liability accrued hereunder prior to such termination or rescind anything done by Celator or any payments made to Princeton hereunder prior to the time such termination becomes
effective, and such termination shall not affect in any manner any rights of Princeton arising under this Agreement prior to such termination. 
 14. EFFECT ON SUBLICENSEES 
 14.1 Upon any termination of this Agreement,
Princeton and Celator shall grant a direct license to any sublicensee of Celator hereunder having the same scope as such sublicense and on terms and conditions no less favorable to such sublicensee than the terms and conditions of this Agreement,
provided that such sublicensee is not in default of any applicable obligations under this Agreement or the sublicense agreement and agrees in writing to be bound by the terms and conditions of such direct license. 

  
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 15. DISPOSITION OF LICENSED PRODUCTS AND INFORMATION 

ON HAND UPON TERMINATION 
 15.1 Upon termination of this Agreement by either party (i) Celator shall have the privilege of disposing of all previously made or partially made Licensed Products, but no more, within a period of
one hundred and twenty (120) days after the effective date of termination, provided, however, that the disposition of such Licensed Products shall be subject to the terms of this Agreement including, but not limited to, the payment of royalties
at the rate and at the time provided herein and the rendering of reports thereon; (ii) Celator shall promptly return upon, written request by Princeton, and shall cause its sublicensees to return, to Princeton all property belonging to
Princeton, if any, that has been provided to Celator or its Affiliates or sublicensees hereunder, and all copies and facsimiles thereof and derivatives therefrom (except that Celator may retain one copy of written material for record purposes only,
provided such material is not used by Celator for any other purpose and is not disclosed to others); and (iii) Celator shall provide Princeton with copies of all information relating to Licensed Product or Licensed Method developed or acquired
by Celator or its Affiliates and sublicensees, and Princeton shall have the nonexclusive, worldwide right to use such information in connection with its research and in connection with the relicensing of Princeton Patent Rights. 

16. USE OF NAMES, TRADEMARKS f AND CONFIDENTIAL INFORMATION 

16.1 Nothing contained in this Agreement shall be construed as granting any right to Celator or its Affiliates to use in advertising,
publicity, or other promotional activities any name, trade name, trademark, or other designation of Princeton or any of its units (including contraction, abbreviation or simulation of any of the foregoing. Unless required by law, the use by Celator
of the name, “Princeton” or any campus or unit of Princeton is expressly prohibited, and Celator shall not use such names in any manner without Princeton’s prior written consent. 

  
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 17. LIMITED WARRANTY 

17.1 Princeton warrants to Celator that it has the lawful right to grant this license. 

17.2 This license and the associated Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
ANY OTHER WARRANTY, EXPRESS OR IMPLIED. PRINCETON MAKES NO REPRESENTATION OR WARRANTY THAT THE LICENSED PRODUCTS OR LICENSED METHODS WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. 

17.3 IN NO EVENT WILL PRINCETON BE LIABLE FOR ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR
MANUFACTURE, SALE, OR USE OF THE INVENTION OR LICENSED PRODUCTS OR LICENSED METHODS. 
 17.4 Nothing in this Agreement shall be
construed as: 
 (17.4a) a warranty or representation by Princeton as to the validity or scope of any Princeton Patent Rights;
or 
 (17.4b) a warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in
this Agreement is or will be free from infringement of patents or other intellectual property of third parties; or 
 (17.4c) an
obligation to bring or prosecute actions or suits against third parties except as provided in Article 18; or 
 (17.4d)
conferring by implication, estoppel or otherwise any license or rights under any patents or other intellectual property of Princeton other than Princeton Patent Rights as defined herein, regardless of whether such patents are dominant or subordinate
to Princeton Patent Rights; or 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 (17.4e) an obligation to furnish any know-how not provided in Princeton Patent Rights.

 18. PATENT PROSECUTION AND MAINTENANCE 
 18.1 Princeton and Celator shall diligently prosecute and maintain the United States patents comprising Patent Rights using counsel chosen by Celator with the approval of Princeton, such approval not to
be unreasonably withheld. Celator and Princeton shall cooperate in the prosecution of the patent applications and Celator shall provide Princeton with copies of all relevant documentation prior to the filing of such documents. Approval to move
forward on any pending prosecution prepared by counsel jointly chosen will not be unreasonably withheld, Celator will keep Princeton informed and appraised of the continuing prosecution, in a timely fashion. Celator agrees to keep this documentation
confidential. 
 18.2 Princeton shall give due consideration to amending any patent application to include claims reasonably
requested by Celator to protect the Licensed Products contemplated to be sold under this Agreement. 
 18.3 Princeton shall
cooperate with Celator in applying for an extension of the term of any patent included within Patent Rights if appropriate under the Drug Price Competition and Patent Term Restoration Act of 1984. Celator shall prepare all such documents, and
Princeton agrees to execute such documents and to take such additional action as Celator may reasonably request in connection therewith. 
 18.4 All past, present, and future costs of preparing, filing, prosecuting, defending, and maintaining all United States patent applications 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 
and/or patents, including interferences and oppositions, and all corresponding foreign patent applications and patents covered by Patent Rights shall be borne by Celator. Subject to the
provisions of Articles 18.6 and 18.7, current and future costs shall be payable by Celator within thirty (30) days of the billing date. Failure to pay these bills in a timely manner is grounds for terminating this Agreement. After Celator has
been notified three times of failure to pay bills in a timely manner, Princeton may terminate this Agreement without prior notice. 
 18.5 Celator shall prosecute, and maintain patent applications and patents covered by Patent Rights in foreign countries. 
 18.6 Celator’s obligation to underwrite and to pay patent prosecution costs shall continue for so long as this Agreement remains in effect, provided, however, that Celator may terminate its
obligations with respect to any given patent application or patent upon written notice to Princeton. Such notice shall be provided by Celator at least three months prior to any action required to prosecute or maintain the application. Commencing on
the effective date of such notice, Princeton may continue prosecution and/or maintenance of such application(s) or patent(s) at its sole discretion and expense, and Celator shall have no further right or licenses thereunder. 

18.7 In the event that any jurisdiction requires the filing of a divisional application based on lack of unity or on a restriction
requirement, Celator may, at its option, file such a divisional application. In the event Celator elects not to file any such divisional application, Celator shall notify Princeton at least three months prior to the deadline for filing such a
divisional application and Princeton may file such divisional application and assume responsibility for prosecution and/or maintenance thereof at its sole discretion and expense, and Celator shall have no further right or licenses thereunder.

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 18.8 Princeton shall have the right to prosecute patent applications covered by Patent
Rights at its own expense in any country in which Celator’s Patent Rights hereunder have terminated, and such applications and resultant patents shall not be subject to this Agreement and may be freely licensed by Princeton to others.

 19. PATENT MARKING 
 19.1 Celator shall mark all Licensed Products made, used, sold or otherwise disposed of under the terms of this Agreement, or their containers, in accordance with the applicable patent marking laws.

 20. PATENT INFRINGEMENT 
 20.1 In the event that Celator shall learn of the substantial infringement of any patent licensed under this Agreement, Celator shall call Princeton attention thereto in writing and shall provide
Princeton with reasonable evidence of such infringement. Both parties to this Agreement agree that during the period and in a jurisdiction where Celator has exclusive rights under this Agreement, neither will notify a third party of the infringement
of any of Princeton Patent Rights without first obtaining consent of the other Party, which consent shall not be unreasonably denied. Both parties shall use their best efforts in cooperation with each other to terminate such infringement without
litigation. 
 20.2 Celator may request that Princeton take legal action against the infringement of Princeton Patent Rights.
Such request shall be made in writing and shall include reasonable evidence of such infringement, and damages to Celator. If the infringing activity has not been abated within ninety (90) days following the effective date of such request,
Princeton shall have the right to 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 (20.2a) commence suit on its own account; or 

(20.2b) refuse to participate in such suit; 
 and Princeton shall give notice of its election in writing to Celator by the end of the one-hundredth (100th) day after receiving notice of such request from Celator. Celator may thereafter bring
suit for patent infringement if and only if Princeton elects not to commence suit and if the infringement occurred during the period and in a jurisdiction where Celator had exclusive rights under this Agreement. However, in the event Celator elects
to bring suit in accordance with this paragraph, Princeton may thereafter join such suit at its own expense. 
 20.3 Such legal
action as is decided upon shall be at the expense of the party on account of whom suit is brought and all recoveries recovered thereby shall belong to such party, provided, however, that recoveries from legal actions brought jointly by Princeton and
Celator shall be shared by them, after paying the reasonable legal expenses of both parties. 
 20.4 Each party agrees, to
cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party on account of whom suit is brought. Such litigation shall be controlled by the party bringing the suit. Each party may be represented by counsel
of its choice. 
 21. INDEMNIFICATION AND INSURANCE 

21.1 Celator shall fully indemnify, hold harmless and defend Princeton, including any governors, trustees, officers, employees, students,
agents of Princeton, against any and all claims, demands, suits, investigations, losses, liabilities, damages, costs, fees and expenses 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 
(including reasonable attorneys’ fees and expenses of counsel acceptable to Princeton) arising out of Celator’s exercise of this license or any sublicense under this Agreement or
Celator’s performance or non-performance of its obligations under this Agreement, including but not limited to claims alleging products liability. 
 21.2 Celator shall, throughout the term of this Agreement, at its sole cost and expense, insure its activities in connection with this Agreement and will maintain and keep in force, with insurers
acceptable to Princeton, or an equivalent program of self insurance acceptable to Princeton the following types of insurance: 

(21.2a) Comprehensive or Commercial General Liability which shall include, but not be limited to, broad form contractual liability and
products/completed operations liability with minimum limits as follows: 
 (i) $2,000,000 combined single limit
as respects premises, operations and contractual liability; 
 (ii) $5,000,000 combined single limit as respects
liability arising out of Products and/or Completed Operations. This coverage may be maintained on either an occurrence or claims made form. If Products/Completed Operations coverage is on a claims made form, Celator must maintain such coverage for
three years after the last patient is treated but no longer than 3 years after termination or expiration of this license. 
 (iii) $5,000,000 General Aggregate. 
 (21.2b) Workers’ Compensation and
Employers Liability insurance, covering each employee of the Celator engaged in the performance of the action required under the contract, with a limit of liability in accordance with applicable law, in the case of workers’ compensation
insurance, and with the following limits of liability in the case of employers’ liability: 
  

	
	 Bodily injury by accident - $100,000 each accident;
  

Bodily injury by disease - $500,000 policy limit;
  

Bodily injury by disease - $100,000 each employee.

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 (21.2c) It is expressly understood and agreed, however, that the insurance coverage and
limits stated in A and B above shall not in any way limit the liability of Celator and that the required insurance shall be primary coverage. Any insurance Princeton may purchase will be excess and noncontributory. Celator’s liability insurance
will be endorsed to specifically name Princeton as an additional insured, extend to cover the indemnification pursuant to Article 20 and provide as primary coverage. Such coverage is to commence at the time a Product enters clinical development.

 (21.2d) Celator shall furnish Princeton with a certificate of insurance evidencing the coverage and limits required pursuant
to (21.2a) and (21.2b) above. The liability certificate shall: 
 (i) Provide for thirty (30) day
advance written notice to Princeton of cancellation or material alteration of the policy; 
 (ii) Indicate that
Princeton has been endorsed as an additional insured under the coverages referred to above; 
 (iii) Include a
provision that the insurance will be primary and any valid and collectible insurance or program of self-insurance carried or maintained by Princeton shall be excess and noncontributory. 

21.3 Princeton shall promptly notify Celator in writing of any claim or suit brought against Princeton in respect of which Princeton
intends to invoke the provisions of Article 20. Celator shall keep Princeton informed on a current basis of its defense of any claims pursuant to Article 20. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 22. NOTICES 

22.1 Any notice or payment required to be given to either party shall be deemed to have been properly given and to be effective
(a) on the date of delivery if delivered in person or (b) five (5) days after mailing if mailed by first-class certified mail, postage paid and deposited in the United States mail, to the respective addresses given below, or to such
other address as it shall designate by written notice given to the other party. 
  

			
	In the case of Princeton:	 	 Laurie Tzodikov
 Princeton
University
 Office of Technology Licensing and
 Intellectual Property

		 	 4 New South Building

Princeton, NJ 08544-0036
 Attention:
Director

		
	In the case of Celator:	 	 Lawrence D Mayer, Ph.D.

President & Head of Research
 Celator
Pharmaceuticals Inc.

		 	 303B College Road East

Princeton, NJ 08540

 23. ASSIGNABILITY 
 23.1 This Agreement is binding upon and shall inure to the benefit of Princeton and Celator, its successors and assigns, but shall be personal to Princeton and Celator and assignable by one party only
with the written consent of the other party, which consent shall not be unreasonably withheld. 
 24. LATE PAYMENTS

 24.1 In the event any amounts due Princeton hereunder, including but not limited to royalty payments, fees and patent
cost reimbursements, are not received within 30 days of when due, Celator shall pay to Princeton interest charges at a rate of ten (10) percent per annum or the highest rate permitted by law, if less than ten percent. Such interest shall be
calculated from the date payment was due until actually received by Princeton 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 25. WAIVER 

25.1 It is agreed that no waiver by either party hereto of any breach or default of any of the covenants or agreements herein set forth
shall be deemed a waiver as to any subsequent and/or similar breach or default. 
 26. FAILURE TO PERFORM 

26.1 In the event of a failure of performance due under the terms of this Agreement and if it becomes necessary for either party to
undertake legal action against the other on account thereof, then the prevailing party shall be entitled to reasonable attorney’s fees in addition to costs and necessary disbursements. 

27. GOVERNING LAWS 
 27.1 THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW JERSEY, but the scope and validity of any patent or patent application shall be governed by the
applicable laws of the country of such patent or patent application. 
 28. FOREIGN GOVERNMENT APPROVAL OR REGISTRATION

 28.1 If this Agreement or any associated transaction is required by the law of any nation to be either approved or
registered with any governmental agency, Celator shall assume all legal obligations to do so and the costs in connection therewith. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 29. EXPORT CONTROL LAWS 

29.1 Celator shall observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related
technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. 
 30. CONFIDENTIALITY 
 30.1 Celator shall not use any Data except for the
sole purpose of performing this Agreement, shall safeguard Data against disclosure to others with the same degree of care as it exercises with its own data of a similar nature, and shall not disclose or permit the disclosure of Data to others
(except to its employees, agents or consultants who are bound to Celator and Princeton by a like obligation of confidentiality) without the express written permission of Princeton, except that Celator shall not be prevented from using or disclosing
any Data: 
 (30.1a) which Celator can demonstrate by written records was previously known to it; or 

(30.1b) which is now, or becomes in the future, information generally available to the public in the form supplied, other than through
acts or omissions of Celator; or 
 (30.1c) which is lawfully obtained by Celator from sources independent of Princeton who were
entitled to provide such information to Celator. 
 The obligations of Celator under this section 30.1 shall remain in effect
for five (5) years from the date of termination or expiration of this Agreement. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 31. INFRINGEMENT UNDER DRUG PRICE COMPETITION ACT 

31.1 In the event either party receives notice pertaining to any patent included within Princeton Patent Rights pursuant to the Drug
Price Competition and Patent Term Restoration Act of 1984 (Public Law 98-417, hereinafter, the “Act”), including but not necessarily limited to notices pursuant to Sections 101 and 103 of the Act from persons who have filed an
Abbreviated New Drug Application (“ANDA”) or a paper New Drug Application (“paper NDA”), or in the case of an infringement of Princeton Patent Rights as defined in Section 271(e) of Title 35 of the United States Code, such
party shall notify the other party promptly but in no event later than ten (10) days after receipt of such notice. 
 31.2
If Celator wishes action to be taken against such infringement, as provided in the Act, Celator shall request such action by written notice to Princeton. Within thirty (30) days of receiving said request, Princeton will give written notice to
Celator of its election to: 
 (31.2a) commence suit on its own account; or 

(31.2b) refuse to participate in such suit. 
 Celator may thereafter bring suit for patent infringement as provided by the Act if and only if Princeton elects not to commence suit and if the infringement occurred during the period that Celator had
exclusive rights in the United States under this Agreement. However, in the event Celator elects to bring suit in accordance with this paragraph, Princeton may thereafter join such suit at its own expense. 

31.3 The provisions of paragraphs 18.3 and 18.4 shall likewise apply to any legal action brought under this Article 31. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 31.4 Princeton hereby authorizes Celator to include in any NDA for a Licensed Product a
list of patents included within Princeton Patent Rights identifying Princeton as patent owner. 
 32. MISCELLANEOUS

 32.1 The headings of the several articles are inserted for convenience of reference only and are not intended to be a
part of or to affect the meaning or interpretation of this Agreement. 
 32.2 This Agreement will not be binding upon the
parties until it has been signed below on behalf of each party, in which event, it shall be effective as of the date recited on page one. 
 32.3 No amendment or modification hereof shall be valid or binding upon the parties unless made in writing and signed on behalf of each party. 

32.4 This Agreement embodies the entire understanding of the parties and shall supersede all previous communications, representations or
understandings, either oral or written, between the parties relating to the subject matter hereof. 
 32.5 In case any of the
provisions contained in this Agreement shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, but this Agreement shall be construed as if
such invalid or illegal or unenforceable provisions had never been contained herein. 

  
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 EXCLUSIVE LICENSE AGREEMENT: Princeton University and Celator Pharmaceuticals 

 

 IN WITNESS WHEREOF, both Princeton and Celator have executed this Agreement, in
duplicate originals, by their duly authorized representatives on the day and year hereinafter written. 
  

									
	Celator Pharmaceuticals	 		 	Princeton University
					
	By:	 	  
	 		 	By:	 	  

		 	(Signature)	 		 		 	(Signature)
					
	Name:	 	  
	 		 	Name:	 	  

		 	(Please Print)	 		 		 	(Please Print)
					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

  
 Page 29 of 29

 AMENDMENT 
 TO EXCLUSIVE 
 LICENSE AGREEMENT 

AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT dated as of July 6, 2010, by and between Princeton University (“Princeton”) and
Celator Pharmaceuticals, Inc. (“Celator”). 
 Recitals: 

The parties are parties to an Exclusive License Agreement dated as of June 28, 2007 (the “License Agreement”), pursuant to
which Princeton granted an exclusive license to Celator under the Princeton Patent Rights in the Licensed Field. The parties wish to amend the License Agreement, as provided in this Amendment. Capitalized terms used in this Amendment without
definition shall have the respective meanings assigned to them in the License Agreement. 
 NOW, THEREFORE, in consideration of
the premises and covenants set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

1. Article 6 of the License Agreement is hereby amended and restated in its entirety so as to provide in full as follows:

  

	 	6.	NON-ROYALTY SUBLICENSING CONSIDERATION. 

 6.1 Celator shall pay to Princeton ********* of all consideration received by Celator in connection with a transaction in which Celator solely sublicenses or transfers rights under the Princeton Patent
Rights, or any portion thereof, licensed to Celator hereunder. For the avoidance of doubt, and not by way of limitation, no non-royalty sublicensing consideration shall be payable to Princeton pursuant to this Section 6.1 in any of the
following circumstances: (i) any sublicense or transfer of rights in connection with the performance of any research, development or other collaborative activities performed by, on behalf of or in collaboration with Celator or its Affiliates;
(ii) any sublicense or transfer of rights in connection with any manufacturing, marketing, distribution, co-distribution or other commercial relationship; (iii) any sublicense or transfer of rights to any product, product candidate or
technology in a transaction or series of related transactions that includes the sale, license, sublicense or transfer of other rights, know-how, data, technology or other intellectual property by Celator or its Affiliates to such third party or its
Affiliates; or (iv) any circumstances where Celator has retained an interest in the applicable product, product candidate or technology. 
 2. The parties agree that all of the terms, provisions, covenants and conditions of the License Agreement not amended by this Amendment shall hereafter continue in full force and effect in accordance with
the terms thereof, except to the extent amended or modified herein. 
 3. This Amendment shall be governed and construed in
accordance with the internal laws of the State of New Jersey. 
 4. This Amendment may be executed by the parties on separate
counterparts, each of which shall be an original and both of which, taken together, shall constitute one and the same 

  
 Page 1 of 2

 
agreement. This Amendment and any counterpart signature page hereto may be delivered by a party by facsimile or electronic transmission with the same effect as if such party had delivered an
executed original counterpart of this Agreement. 
 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as
of the date first written above. 
  

			
	PRINCETON UNIVERSITY
		
	By:	 	  

		
	Title:	 	  

	
	CELATOR PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Lawrence Mayer

		
	Title:	 	 President and Head of Research

  
 Page 2 of 2

 AMENDMENT #2 
 TO EXCLUSIVE 
 LICENSE AGREEMENT 

AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT dated as of August 20, 2012, by and between Princeton University (“Princeton”)
and Celator Pharmaceuticals, Inc. (“Celator”). 
 Recitals: 

The parties are parties to an Exclusive License Agreement dated as of June 28, 2007, as amended on July 6, 2010, (the
“License Agreement”), pursuant to which Princeton granted an exclusive license to Celator under the Princeton Patent Rights in the Licensed Field. The parties wish to amend the License Agreement, as provided in this Amendment. Capitalized
terms used in this Amendment without definition shall have the respective meanings assigned to them in the License Agreement. 

NOW, THEREFORE, in consideration of the premises and covenants set forth herein, and intending to be legally bound hereby, the parties
hereto agree as follows: 
 5. The first sentence of Section 7.1 of the License Agreement is hereby amended and
restated in its entirety so as to provide in full as follows: 
 “Except as otherwise required by law,
Celator shall pay to Princeton a running royalty of *********************** during the term of this Agreement; provided, however, that if Celator grants a sublicense pursuant to Section 5.1 under which Celator receives running royalties of less
than **************************, Celator shall instead pay Princeton ********** of the royalties received by Celator under such sublicense.” 
 6. The parties agree that all of the terms, provisions, covenants and conditions of the License Agreement not amended by this Amendment shall hereafter continue in full force and effect in accordance with
the terms thereof, except to the extent amended or modified herein. 
 7. This Amendment shall be governed and construed in
accordance with the internal laws of the State of New Jersey. 
 8. This Amendment may be executed by the parties on separate
counterparts, each of which shall be an original and both of which, taken together, shall constitute one and the same agreement. This Amendment and any counterpart signature page hereto may be delivered by a party by facsimile or electronic
transmission with the same effect as if such party had delivered an executed original counterpart of this Agreement. 

  
 Page 1 of 2

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date
first written above. 
  

			
	PRINCETON UNIVERSITY
		
	By:	 	  

		
	Title:	 	  

	
	CELATOR PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Lawrence Mayer

		
	Title:	 	 President and Head of Research

  
 Page 2 of 2

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