Document:

Unassociated Document

    Exhibit
      10.14

     

    EMPLOYMENT
      AGREEMENT

     

    This
      Agreement (this “Agreement”),
      dated
      as of November 11, 2007 (the “Effective
      Date”)
      by and
      between VioQuest Pharmaceuticals, Inc., a Delaware corporation with principal
      executive offices at 180 Mount Airy Road, Suite 102, Basking Ridge, NJ 07920
      (the “Company”),
      and
      Michael Becker, residing at 1478 Greenmeadows Road, Yardley, PA 19067 (the
      “Executive”).

     

    WITNESSETH:

     

    WHEREAS,
      the
      Company desires to employ the Executive as President and Chief Executive Officer
      of the Company, and the Executive desires to serve the Company in such capacity,
      upon the terms and subject to the conditions contained in this
      Agreement;

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and agreements herein contained, the
      parties hereto hereby agree as follows:

     

    1. Employment.

     

    (a) Services.
      The
      Executive will be employed by the Company as its President and Chief Executive
      Officer. The Executive will report to the Board of Directors of the Company
      (the
      "Board")
      and
      shall perform such duties as are consistent with his position as President
      and
      Chief Executive Officer (the “Services”).
      The
      Executive agrees to perform such duties faithfully, to devote all of his working
      time, attention and energies to the business of the Company, and while he
      remains employed, not to engage in any other business activity that is in
      conflict with his duties and obligations to the Company. 

     

    (b) Acceptance.
      The
      Executive hereby accepts such employment and agrees to render the
      Services.

     

    2. Term.
      The
      Executive's employment under this Agreement (the "Term")
      shall
      commence on November 19, 2007 (the “Commencement
      Date”)
      and
      shall continue for a term of four (4) years, unless sooner terminated pursuant
      to Section 9 of this Agreement. Notwithstanding anything to the contrary
      contained herein, the provisions of this Agreement specified in Sections 6,
      7,
      10, and 11 shall survive the expiration or termination hereof. 

     

    3. Best
      Efforts; Place of Performance.

     

    (a) The
      Executive shall devote substantially all of his business time, attention and
      energies to the business and affairs of the Company and shall use his best
      efforts to advance the best interests of the Company and shall not during the
      Term be actively engaged in any other business activity, whether or not such
      business activity is pursued for gain, profit or other pecuniary advantage,
      that
      will interfere with the performance by the Executive of his duties hereunder
      or
      the Executive’s availability to perform such duties or that will adversely
      affect, or negatively reflect upon, the Company.

     

    (b) The
      duties to be performed by the Executive hereunder shall be performed primarily
      at the office of the Company in the State of New Jersey or eastern Pennsylvania,
      or wherever the principal executive offices of the Company shall hereafter
      be
      located, subject to reasonable travel requirements on behalf of the Company,
      or
      such other place as the Board may reasonably designate. 

     

    4. Directorship.
      The
      Company shall use its best efforts to cause the Executive to be elected as
      a
      member of its Board throughout the Term and shall include him in the management
      slate for election as a director at every stockholders meeting during the Term
      at which his term as a director would otherwise expire. The Executive agrees
      to
      accept election, and to serve during the Term, as director of the Company,
      without any compensation therefor other than as specified in this
      Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5. Compensation.
      As full
      compensation for the performance by the Executive of his duties under this
      Agreement, the Company shall pay the Executive as follows:

     

    (a) Base
      Salary.
      The
      Company shall pay the Executive an annual salary (the “Base
      Salary”)
      of
      Three Hundred Fifty Eight Thousand, Four Hundred Dollars ($358,400). Payment
      shall be made in accordance with the Company’s normal payroll practices in
      effect from time to time. Executive's
      Base Salary will be reviewed at least annually and may be increased in the
      sole
      discretion of the Company's Compensation Committee. The Base Salary may not
      be
      decreased, except upon a mutual written agreement between the
      parties.

     

    (b) Bonus.
      Executive shall be eligible to receive cash bonuses as follows: 

    (1)
      in
      the event that the Company receives gross proceeds equal to or in excess of
      Ten
      Million Dollars ($10,000,000) as a result of the sale of its securities in
      one
      or a series of related transactions, the Company shall pay to Executive, within
      thirty (30) days after the date of the closing which results in the Ten Million
      Dollar ($10,000,000) threshold being satisfied, a one-time cash bonus, paid
      as a
      lump sum, in the amount of One Hundred Fifty Thousand Dollars
      ($150,000).

    

    (2)
      in
      the event that the Market Capitalization (as defined below) of the Company
      shall
      exceed One Hundred Twenty-Five Million Dollars ($125,000,000) for a period
      of
      fifteen (15) consecutive trading days during the Term and the average trading
      volume of the Company’s common stock, par value $0.001 (“Common
      Stock”)
      during
      such period is at least One Hundred Thousand (100,000) shares per trading day
      (the “First
      Capitalization Milestone”),
      then
      the Company shall remit to Executive, within thirty (30) days after the
      occurrence of the First Capitalization Milestone, a one-time cash bonus, paid
      as
      a lump sum, in the amount of One Hundred Twenty-Five Thousand Dollars
      ($125,000).

    

    (3)
      in
      the event that the Market Capitalization of the Company shall exceed Two Hundred
      Fifty Million Dollars ($250,000,000) for a period of fifteen (15) consecutive
      trading days during the Term and the average trading volume of the Common Stock
      during such period is at least Two Hundred Thousand (200,000) shares per trading
      day (the “Second
      Capitalization Milestone”),
      then
      the Company shall remit to Executive within thirty (30) days after the
      occurrence of the Second Capitalization Milestone a one-time cash bonus, paid
      as
      a lump sum, in the amount of Five Hundred Thousand Dollars
      ($500,000).

    

    (4)
      in
      the event that the Market Capitalization of the Company shall exceed Five
      Hundred Million Dollars ($500,000,000) for a period of fifteen (15) consecutive
      trading days during the Term and the average trading volume of the Common Stock
      during such period is at least Three Hundred Thousand (300,000) shares per
      trading day (the “Third
      Capitalization Milestone”),
      then
      the Company shall remit to Executive, within thirty (30) days after the
      occurrence of the Third Capitalization Milestone a one-time cash bonus, paid
      as
      a lump sum, in the amount of One Million Dollars ($1,000,000).

    

    (5)
      in
      the event that the Market Capitalization (as defined below) of the Company
      shall
      exceed One Billion Dollars ($1,000,000,000) for a period of fifteen (15)
      consecutive trading days during the Term and the average trading volume of
      the
      Common Stock during such period is at least Four Hundred Thousand (400,000)
      shares per trading day (the “Fourth
      Capitalization Milestone”),
      then
      the Company shall remit to Executive within thirty (30) days after the
      occurrence of the Fourth Capitalization Milestone a one-time cash bonus, paid
      as
      a lump sum, in the amount of Two Million Dollars ($2,000,000).

    

    For
      purposes of this Agreement, “Market
      Capitalization”
shall
      be determined at any given time by multiplying the total shares of the Company’s
      Common Stock then issued and outstanding by the last reported closing price
      of
      the Company’s Common Stock on a nationally recognized securities exchange or in
      the over-the-counter market as reported by the OTC Bulletin Board or similar
      organization. 

     

    
      
         

      

      
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    (c) Withholding.
      The
      Company shall withhold all applicable federal, state and local taxes and social
      security and such other amounts as may be required by law from all amounts
      payable to the Executive under this Agreement. 

     

    (d)
      Stock
      Options / Merger Options.
      

     

    (i) Pursuant
      to the Company’s 2003 Stock Option Plan, as amended (the “Stock
      Incentive Plan”),
      the
      Company shall issue to Executive stock options (the “Stock Options”) to purchase
      5,013,343 shares of the Company’s Common Stock (equal on the date of this
      Agreement to ten percent (10%) of the outstanding shares of Common Stock of
      the
      Company, determined on a Fully Diluted Basis (as defined below)). The Stock
      Options shall have an exercise price per share equal to the fair market value
      of
      a share of Common Stock on the date of grant as determined in accordance with
      the Company’s stock option pricing policies and practices and the provisions of
      Section 409A of the Internal Revenue Code and regulations thereunder.
“Fully-Diluted
      Basis”
shall
      mean the number of shares of Common Stock outstanding as of the Commencement
      Date, plus the number of shares of Common Stock issuable on the Commencement
      Date if all then-vested and exercisable rights, options, or warrants were
      exercised on the Commencement Date, but shall exclude those rights, options
      or
      warrants with an exercise price or conversion price in excess of $.50 per share
      (and also shall exclude the Escrow Shares, as defined below). As a condition
      to
      the grant of the Stock Options, the Executive shall be required to execute
      and
      deliver the Company’s Stock Option Agreement. The Stock Options will vest in
      four equal annual installments, commencing with the first anniversary of the
      Commencement Date and ending on the fourth anniversary of the Commencement
      Date,
      subject to the terms of the Stock Incentive Plan and the Stock Option Agreement
      (such agreement to reflect the provisions of Section 10 hereof). Notwithstanding
      the foregoing, in the event that the foregoing grant exceeds the number of
      shares reserved and available for option grants under the Stock Incentive Plan,
      the Company shall immediately amend the Stock Incentive Plan to appropriately
      increase the number of reserved shares under the Stock Incentive Plan.

     

    (ii) The
      Company shall issue the Executive additional stock options (the “Merger
      Options”) to purchase 856,440 shares
      of
      the Company’s Common Stock (equal on the date of this Agreement to
      ten
      percent (10%) of the shares of Common Stock that have not been, as of the date
      of this Agreement, released from escrow (the “Escrow
      Shares”)
      pursuant to the terms of the merger agreement by and among the Company, VQ
      Acquisition Corp. and Greenwich Therapeutics, Inc. dated July 1, 2005, as
      amended (the “Merger
      Agreement”)).
      The
      Merger Options will vest in four equal annual installments, commencing with
      the
      first anniversary of the Commencement Date and ending on the fourth anniversary
      of the Commencement Date, subject to the terms of the Stock Incentive Plan
      and
      the Stock Option Agreement (such agreement to reflect the provisions of Section
      10 hereof), provided, however, the Merger Options will not be exercisable unless
      and until the Escrow Shares are released from escrow pursuant to the terms
      of
      the Merger Agreement, and provided, further, that (i) only that amount of the
      Merger Options will be exercisable equal to the pro-rata portion of those Escrow
      Shares that are released from escrow pursuant to the terms of the Merger
      Agreement and (ii) the Executive is an employee of the Company at the time
      of
      such release. By way of example and for illustration purposes only, if 40%
      of
      the Escrow Shares are released from escrow pursuant to the terms of the Merger
      Agreement, then 40% of the Merger Options shall become exercisable by the
      Executive, provided, however, such Merger Options have vested pursuant to the
      terms of this Agreement. 

     

    (e) Additional
      Stock Options.
      The
      Executive shall be eligible to receive additional stock options pursuant to
      the
      Company’s Stock Incentive Plan beginning on the second anniversary of this
      Agreement in an amount determined by the Board in its good faith and reasonable
      discretion. Within sixty (60) days of each anniversary following the second
      anniversary of this Agreement, the Executive and the Board shall discuss such
      grant and the Board will award the Executive such options as it may, in its
      sole
      discretion after discussion with the Executive, determine.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    (f) Expenses.
      The
      Company shall reimburse the Executive for all normal, usual and necessary
      expenses incurred by the Executive in furtherance of the business and affairs
      of
      the Company, including reasonable travel and entertainment, upon timely receipt
      by the Company of appropriate vouchers or other proof of the Executive’s
      expenditures and otherwise in accordance with any expense reimbursement policy
      as may from time to time be adopted by the Company.

     

    (g) Other
      Benefits.
      The
      Executive shall be entitled to all rights and benefits for which he shall be
      eligible under any benefit or other plans (including, without limitation,
      dental, medical, medical reimbursement and hospital plans, pension plans,
      employee stock purchase plans, profit sharing plans, bonus plans, prescription
      drug reimbursement plans, short and long term disability plans, life insurance
      and other so-called "fringe" benefits) as the Company shall make available
      to
      its senior executives from time to time. 

     

    (h) Vacation.
      The
      Executive shall be entitled to a vacation of four (4) non-consecutive weeks
      per
      annum, in addition to holidays observed by the Company. During the Term, the
      Executive shall not be entitled to carry forward vacation from one year of
      employment to the next year of employment, nor shall he receive any compensation
      for
      any
      unused vacation days 

     

    6. Confidential
      Information and Inventions.

     

    (a) The
      Executive recognizes and acknowledges that in the course of his duties he is
      likely to receive confidential or proprietary information of the
      Company,
      its
      affiliates or third parties with whom the Company or any such affiliates has
      an
      obligation of confidentiality.
      Accordingly, during and after the Term, the Executive agrees to keep
      confidential and not disclose or make accessible to any other person or use
      for
      any other purpose other than in connection with the fulfillment of his duties
      under this Agreement, any Confidential and Proprietary Information owned
      by,
      or received by or on behalf of
      the
      Company
      or any
      of its affiliates.
      “Confidential and Proprietary Information” shall include, but shall not be
      limited to, confidential or proprietary scientific or technical information,
      data, formulas and related concepts, business plans (both current and under
      development), client lists, promotion and marketing programs, trade secrets,
      or
      any other confidential or proprietary business information relating to
      development programs, costs, revenues, marketing, investments, sales activities,
      promotions, credit and financial data, manufacturing processes, financing
      methods, plans or the business and affairs of the Company or
      of any
      affiliate or client of the Company. The
      Executive expressly acknowledges that the Confidential and Proprietary
      Information constitutes a protectable business interest of the Company. The
      Executive agrees: (i) not to use any such Confidential and Proprietary
      Information for himself or others; and (ii) not to take any Company material
      or
      reproductions (including but not limited to writings, correspondence, notes,
      drafts, records, invoices, technical and business policies, computer programs
      or
      disks) thereof from the Company’s offices at any time during his employment by
      the Company, except as required in the execution of the Executive’s duties to
      the Company. The Executive agrees to return immediately all Company material
      and
      reproductions (including but not limited, to writings, correspondence, notes,
      drafts, records, invoices, technical and business policies, computer programs
      or
      disks) thereof in his possession to the Company upon request and in any event
      immediately upon termination of employment.

     

    (b) Except
      with prior written authorization by the Company, the Executive agrees for a
      period of five (5) years from the termination of his employment with the Company
      not to disclose or publish:

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    (i)
      any
      of the Confidential and Proprietary Information;
      or

     

    (ii)
      any
      confidential, scientific, technical or business information of any other party
      to whom the Company or any of its affiliates owes an obligation of
      confidence.

     

    (c) The
      Executive agrees that all inventions, discoveries, improvements and patentable
      or copyrightable works (“Inventions”)
      initiated, conceived or made by him, either alone or in conjunction with others,
      during the Term shall be the sole property of the Company to the maximum extent
      permitted by applicable law and, to the extent permitted by law, shall be “works
      made for hire” as that term is defined in the United States Copyright Act (17
      U.S.C.A., Section 101). The Company shall be the sole owner of all patents,
      copyrights, trade secret rights, and other intellectual property or other rights
      in connection therewith. The Executive hereby assigns to the Company all right,
      title and interest he may have or acquire in all such Inventions; provided,
      however, that the Board may in its sole discretion agree to waive the Company’s
      rights pursuant to this Section 6(c) with respect to any Invention that is
      not
      directly or indirectly related to the Company’s business. The Executive further
      agrees to assist the Company in every proper way (but at the Company’s expense)
      to obtain and from time to time enforce patents, copyrights or other rights
      on
      such Inventions in any and all countries, and to that end the Executive will
      execute all documents necessary:

     

    (i) to
      apply
      for, obtain and vest in the name of the Company alone (unless the Company
      otherwise directs) letters patent, copyrights or other analogous protection
      in
      any country throughout the world and when so obtained or vested to renew and
      restore the same; and

    

    (ii) to
      defend
      any opposition proceedings in respect of such applications and any opposition
      proceedings or petitions or applications for revocation of such letters patent,
      copyright or other analogous protection.

     

    (d) The
      Executive acknowledges that while performing the Services, the Executive may
      locate, identify and/or evaluate patented or patentable inventions having
      commercial potential in the fields of pharmacy, pharmaceutical, biotechnology,
      healthcare, technology and other fields which may be of potential interest
      to
      the Company or one of its affiliates (the “Third
      Party Inventions”).
      The
      Executive understands, acknowledges and agrees that all rights to, interests
      in
      or opportunities regarding, all Third-Party Inventions identified by the
      Company,
      any of
      its affiliates or either of the foregoing persons’
      officers, directors, employees (including the Executive), agents or consultants
      during the Term shall be and remain the sole and exclusive property of the
      Company or
      such
      affiliate and
      the
      Executive shall have no rights whatsoever to such Third-Party Inventions and
      will not pursue for himself or for others any transaction relating to the
      Third-Party Inventions which is not on behalf of the Company unless the Company
      has expressly abandoned its interest in such Third Party Inventions in
      writing.

     

    (e) The
      Executive agrees that he will promptly disclose to the Company all Inventions
      initiated, made
      or
conceived
      or reduced
      to practice,
      either
      alone or jointly
      with
      others, during the Term.

     

    (f) The
      provisions of this Section 6 shall survive any termination of this
      Agreement.

     

    7. Non-Competition,
      Non-Solicitation and Non-Disparagement.

     

    (a) The
      Executive understands and recognizes that his services to the Company are
      special and unique and that in the course of performing such services the
      Executive will have access to and knowledge of Confidential and Proprietary
      Information and the Executive agrees that, during
      the Term and for
      either (i) six (6) months following the expiration or earlier termination of
      this Agreement or, (ii) if the Company is providing severance benefits to the
      Executive pursuant to Section 10(c) hereof, twelve (12) months (the
“Termination
      Benefits Period”),
      he
      shall not in any manner, directly or indirectly, on behalf of himself or any
      person, firm, partnership, joint venture, corporation or other business entity
      (“Person”),
      enter
      into or engage in any business which is engaged in any business directly or
      indirectly competitive with the business of the Company, either as an individual
      for his own account, or as a partner, joint venturer, owner, executive,
      employee, independent contractor, principal, agent, consultant, salesperson,
      officer, director or shareholder of a Person in a business competitive with
      the
      Company within the geographic area of in which the Company does
      business,
      which
      is deemed by the parties hereto to be New
      York,
      New Jersey, Connecticut, Massachusetts, Pennsylvania, and California.
      The
      Executive acknowledges that, due to the unique nature of the Company’s business,
      the loss of any of its clients or the improper use of its Confidential and
      Proprietary Information could create significant instability and cause
      substantial damage to the Company and therefore the Company has a strong
      legitimate business interest in protecting the continuity of its business
      interests and the restriction herein agreed to by the Executive narrowly and
      fairly serves such an important and critical business interest of the Company.
      For purposes of this Agreement, the Company shall be deemed to be actively
      engaged on the date hereof in the development and commercialization of medical
      technologies, including therapeutics, biologics, devices, and vaccines for
      the
      treatment, diagnosis, and/or prevention of (i) cancers by the inhibition,
      blocking, activation or other direct effect on the Akt family (Akt1, Akt2,
      and
      Akt3) that are members of the serine/threonine-specific protein kinase family
      or; (ii) “hand and foot syndrome” associated with the treatment of cancer; or
      (iii) cancers by the inhibition, activation blocking, or other direct effect
      on
      SHP-1 or SHP-2, two non-transmembrane tyrosine phosphatases. Notwithstanding
      the
      foregoing, nothing contained in this Section 7(a) shall be deemed to prohibit
      the Executive from acquiring or holding, solely for investment, publicly traded
      securities of any corporation, some or all of the activities of which are
      competitive with the business of the Company so long as such securities do
      not,
      in the aggregate, constitute more than five percent (5%) of any class or series
      of outstanding securities of such corporation.

     

    
      
         

      

      
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    (b) The
      Executive hereby acknowledges and agrees that the covenant against competition
      provided for pursuant to Section 7(a) is reasonable with respect to its
      duration, geographic area and scope. If, at the time of enforcement of this
      Section 7, a court holds that the restrictions stated herein are unreasonable
      under the circumstances then existing, the Parties hereto agree that the maximum
      duration, scope or geographic area legally permissible under such circumstances
      will be substituted for the duration, scope or area state herein. 

     

    (c) During
      the Term and the Termination Benefits Period (as defined in Section 7(a)
      above),
      the
      Executive shall not, directly or indirectly, without the prior written consent
      of the Company:

     

    (i) solicit
      or induce any employee of the Company or
      any of
      its affiliates to
      leave
      the employ of the Company
      or any
      such affiliate
      (as the
      term “affiliate” is defined in Paragraph 6);
      or hire
      for any purpose any employee of the Company
      or any
      affiliate;
      or hire
      any former employee
      who has left the employment of the Company or any affiliate of the Company
      within
      twelve
      (12) months of the termination of such employee’s employment with the
      Company
      or any
      such affiliate;
      or hire
      any former employee of the Company in violation of such employee’s
      non-competition agreement with the Company
      or any
      such affiliate;
      or

     

    (ii) solicit
      or accept the business of any agent, client or customer of the Company or any
      of
      its affiliates
      with
      respect to products, services or investments similar to those provided or
      supplied by the Company
      or any
      of its affiliates;
      or

     

    (iii) solicit
      or accept employment or be retained by any Person who, at any time during the
      Term, was an agent, client or customer of the Company or any of its affiliates
      where his position will be related to the business of the Company or any such
      affiliate.
      

     

    (d) The
      Company and the Executive each agree that both during the Term and for a period
      of five (5) years thereafter, neither party shall directly or indirectly
      disparage, whether or not true, the name or reputation of the other party or
      any
      of its affiliates, including but not limited to, any officer, director, employee
      or shareholder of the Company
      or any
      of its affiliates
      (as
      defined above).
      Notwithstanding this Section, nothing contained herein shall limit or impair
      the
      ability of the Executive to provide truthful testimony in response to any
      validly issued subpoena. 

     

    
      
         

      

      
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    (e) In
      the
      event that the Executive breaches any provisions of Section 6 or this Section
      7
      or there is a threatened breach, then, in addition to any other rights which
      the
      Company may have, the Company shall be entitled, without the posting of a bond
      or other security, to seek injunctive relief to enforce the restrictions
      contained in such Sections
      The
      Company and the Executive agree that any such action for injunctive or equitable
      relief shall be heard in a state or federal court situated in the State of
      New
      Jersey and each of the parties hereto agrees to accept service of process by
      registered or certified mail and to otherwise consent to the jurisdiction of
      such courts.

     

    (f) Each
      of
      the rights and remedies enumerated in Section 7(d) shall be independent of
      the
      others and shall be in addition to and not in lieu of any other rights and
      remedies available to the Company at law or in equity. If any of the covenants
      contained in this Section 7, or any part of any of them, is hereafter construed
      or adjudicated to be invalid or unenforceable, the same shall not affect the
      remainder of the covenant or covenants or rights or remedies which shall be
      given full effect without regard to the invalid portions. If any of the
      covenants contained in this Section 7 is held to be invalid or unenforceable
      because of the duration of such provision or the area covered thereby, the
      parties agree that the court making such determination shall have the power
      to
      reduce the duration and/or area of such provision and in its reduced form such
      provision shall then be enforceable. 

     

    (g) The
      provisions of this Section 7 shall survive any termination of this
      Agreement.

     

    8. Representations
      and Warranties.
      The
      Executive hereby represents and warrants to the Company as follows:

     

    (a) Neither
      the execution or delivery of this Agreement nor the performance by the Executive
      of his duties and other obligations hereunder violate or will violate any
      statute, law, determination or award, or conflict with or constitute a default
      or breach of any covenant or obligation under (whether immediately, upon the
      giving of notice or lapse of time or both) any prior employment agreement,
      contract, or other instrument to which the Executive is a party or by which
      he
      is bound.

     

    (b) The
      Executive has the full right, power and legal capacity to enter and deliver
      this
      Agreement and to perform his duties and other obligations hereunder. This
      Agreement constitutes the legal, valid and binding obligation of the Executive
      enforceable against him in accordance with its terms. No approvals or consents
      of any persons or entities are required for the Executive to execute and deliver
      this Agreement or perform his duties and other obligations
      hereunder.

     

    9. Termination.
      The
      Executive’s employment hereunder shall be terminated upon the Executive’s death
      and may be terminated as follows:

     

    (a) The
      Executive’s employment hereunder may be terminated by the Board for Cause. Any
      of the following actions by the Executive shall constitute “Cause”:

     

    (i) The
      willful failure, disregard or refusal by the Executive to perform his material
      duties or obligations under this Agreement;

    

    (ii) Any
      willful, intentional or grossly negligent act by the Executive having the effect
      of materially injuring (whether financial or otherwise and as determined in
      good-faith by a majority of the members of the Board) the business or reputation
      of the Company
      or any
      of its affiliates,
      including but not limited to, any officer, director, executive or shareholder
      of
      the Company or any of its affiliates;
      

     

    
      
         

      

      
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    (iii) Willful
      misconduct by the Executive in respect of the material duties or obligations
      of
      the Executive under this Agreement, including, without limitation, willful
      insubordination with respect to lawful directions received by the Executive
      from
      the Board;

     

    (iv) The
      Executive’s indictment
      of any
      felony involving moral turpitude (including entry of a nolo contendere
      plea);

     

    (v) The
      determination by the Company, after a reasonable and good-faith investigation
      by
      the Company following a written allegation by another employee of the Company,
      that the Executive engaged in some form of harassment prohibited by law
      (including, without limitation, age, sex or race discrimination;

     

    (vi) Any
      material misappropriation or embezzlement of the property of the Company or
      its
      affiliates (whether or not a misdemeanor or felony);

     

    (vii) Breach
      by
      the Executive of any of the provisions of Sections 6,
      7
      or
8
      of this
      Agreement; or

    

    (viii) Breach
      by
      the Executive of any material provision of this Agreement other than those
      contained in Sections 6,
      7
      or
8
      which is
      not cured by the Executive within thirty (30) days after notice thereof is
      given
      to the Executive by the Company.

     

    (b) The
      Executive’s employment hereunder may be terminated by the Board due to the
      Executive’s Disability. For purposes of this Agreement, a termination for
“Disability”
shall
      occur (i) when the Board has provided a written termination notice to the
      Executive supported by a written statement from a reputable independent
      physician selected and approved by the parties to the effect that the Executive
      shall have become so physically or mentally incapacitated as to be unable to
      resume, within the ensuing six (6) months, his employment under this Agreement
      by reason of physical or mental illness or injury or (ii) upon rendering of
      a
      written termination notice by the Board after the Executive has been unable
      to
      substantially perform his duties hereunder for 60 or more consecutive days,
      or
      more than 120 days in any consecutive twelve month period, by reason of any
      physical or mental illness or injury, which is supported by a written statement
      from a reputable independent physician selected and approved by the parties.
      For
      purposes of this Section 9(b), the Executive agrees to make himself available
      and to cooperate in a reasonable examination by a reputable independent
      physician retained by the Company and approved by the Executive. Nothing herein
      shall constitute a waiver of Executive’s right to dispute any assertion by the
      Company of Disability or termination on the grounds thereof.

     

    (c) The
      Executive’s employment hereunder may be terminated by the Board upon the
      occurrence of a Change of Control. For purposes of this Agreement, “Change
      of Control”
means,
      following the Effective Date: (i) the
      acquisition by any Person (including a group of Persons within the meaning
      of
      Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership of
      any
      capital stock of the Company, if, after such acquisition, such Person
      beneficially owns (within the meaning of Rule 13d-3 promulgated under the
      Exchange Act) 50% or more of the combined voting power of the then-outstanding
      securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding
      Company Voting Securities”),
      provided, however, such person or
      his or
      its affiliate(s) do not own in excess of 50% of such voting power on the date
      of
      this Agreement;
      or
      (ii)
the
      consummation of a merger, consolidation, reorganization, recapitalization or
      share exchange involving the Company or a sale or other disposition of all
      or
      substantially all of the assets of the Company (a “Business
      Combination”),
      unless, immediately following such Business Combination, all or substantially
      all of the individuals and entities who were the beneficial owners of the
      Outstanding Company Voting Securities immediately prior to such Business
      Combination beneficially own, directly or indirectly, more than 50% of the
      combined voting power of the then-outstanding securities entitled to vote
      generally in the election of directors of the resulting or acquiring corporation
      in such Business Combination (which shall include, without limitation, a
      corporation which as a result of such transaction owns the Company or
      substantially all of the Company’s assets either directly or through one or more
      subsidiaries) in substantially the same proportions as their ownership of the
      Outstanding Company Voting Securities immediately prior to such Business
      Combination. 

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    (d) The
      Executive’s employment hereunder may be terminated by the Executive for Good
      Reason. For purposes of this Agreement, “Good
      Reason”
shall
      mean the occurrence of any of the following, provided that Executive provides
      the Company with written notice of the occurrence of any such condition within
      90 days of its occurrence and the Company fails to cure such condition within
      30
      days after the date it receives Executive’s written notice: (i) any material
      reduction by the Company of the Executive’s compensation or benefits payable
      hereunder; or (ii) any material reduction or change in the Executive’s duties,
      responsibilities or position; or (iii) a material breach by the Company of
      a
      material term of this Agreement; or (iv) a relocation of Executive’s principal
      place of employment by more than fifty (50) miles without Executive’s
      consent.

     

    (e) The
      Executive’s employment may be terminated by the Company for any reason or no
      reason, subject to the terms of Section 10 of this Agreement.

     

    10. Compensation
      upon Termination.

     

    (a) If
      the
      Executive’s employment is terminated as a result of his death or Disability, the
      Company shall pay to the Executive or to the Executive’s estate, as applicable,
      in a lump sum within 30 days after the date of termination,
      (i)
      his
      unpaid Base Salary through the date of his termination and (ii) any expense
      reimbursement amounts owed the Executive through the date of his termination,
      and shall provide to Executive his benefits in accordance with this Agreement
      through the date of his termination. In addition, subject
      to the provisions of Section 10(h) hereof, the Company shall continue to pay
      to
      the Executive or to his estate his Base Salary on the regular payroll dates
      of
      the Company for the period
      beginning on the day after the date of termination and ending on the date that
      is six (6) months following
      the
      date of
      termination.
      In
      the
      event that the
      Company provides Executive (his spouse and his dependents, if applicable) with
      medical, dental and hospitalization coverage (“Health
      Coverage”)
      at the
      time of termination of Executive’s employment and Executive (and/or his spouse
      and dependents, as applicable) elects continued Health Coverage under the
      Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or, if
      inapplicable, under the applicable state statutes and regulations governing
      continuation of health care coverage to former employees (collectively,
“COBRA”),
      for
      the twelve
      (12) month period following the date of termination,
      the
      Company shall reimburse Executive for the amount of the COBRA payments, less
      the
      amount that Executive would have been obligated to make in order to receive
      the
      Health Coverage under the Company’s programs (as in effect at the time of
      termination of employment). Subject to Section 10(h) hereof, the Company will
      make reimbursement payments to Executive on a monthly basis on the last payroll
      date of the month for the previous month’s COBRA payments. All
      Merger Options and Stock Options that are scheduled to vest on the next
      succeeding anniversary of the Commencement Date shall be accelerated and deemed
      to have vested as of the termination date. All Merger Options and Stock Options
      that have not vested (or been deemed pursuant to the immediately preceding
      sentence to have vested) as of the date of termination shall be forfeited to
      the
      Company as of such date. Merger Options and Stock Options that have vested
      as of
      the Executive’s termination shall remain exercisable for ninety (90) days
      following such termination, provided, however, Merger Options that are not
      exercisable upon their terms at the time of such termination may not be
      exercised and shall be forfeited to the Company as of such date.

     

    (b) If
      the
      Executive’s employment is terminated by the Board for Cause or by the Executive
      for other than Good Reason, then the Company shall pay or provide to the
      Executive (i) his unpaid Base Salary, (ii) any expense reimbursement amounts
      owed the Executive and (iii) his benefits in accordance with this Agreement,
      all
      through the date of his termination. The Executive shall have no further
      entitlement hereunder to any other compensation or benefits from the Company.
      All Merger Options and Stock Options that have not vested as of the date of
      termination shall be forfeited to the Company as of such date. Merger Options
      and Stock Options that have vested as of the Executive’s termination shall
      remain exercisable for 90 days following such termination, provided, however,
      Merger Options that are not exercisable upon their terms at the time of such
      termination may not be exercised and shall be forfeited to the Company as of
      such date. 

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    (c) If
      the
      Executive’s employment is terminated by the Company (or its successor) upon the
      occurrence of a Change of Control, is terminated by the Company other than
      as a
      result of the Executive’s death or Disability or other than as set forth in
      Section 9(a), or is terminated by the Executive for Good Reason, then the
      Company (or its successor, as applicable) shall pay
      to
      Executive, in a lump sum within 30 days after the date of termination,
(i)
      his
      unpaid Base Salary through the date of his termination and (ii) any expense
      reimbursement amounts owed the Executive through the date of his termination,
      and shall provide to Executive his benefits in accordance with this Agreement
      though the date of his termination. In addition, subject
      to the provisions of Section 10(h) hereof and Section 10(d) hereof, the Company
      shall continue to pay to the Executive his Base Salary on
      the
      regular payroll dates of the Company for the period
      beginning on the first payroll date that occurs on or after the 31st day after
      the date of termination and ending on the date that is twelve
      (12) months following such
      date.
      In
      the
      event that the
      Company provides Executive (his spouse and his dependents, if applicable) with
      Health Coverage at the time of termination of Executive’s employment and
      Executive elects continued Health Coverage under COBRA, subject to Section
      10(d), for a twelve
      (12) month period beginning on the first month-end payroll date that occurs
      on
      or after the 31st day after the date of termination,
      the
      Company shall reimburse Executive for the amount of the COBRA payments, less
      the
      amount that Executive would have been obligated to make in order to receive
      the
      Health Coverage under the Company’s programs (as in effect at the time of
      termination of employment). Subject to Section 10(h) hereof (and the foregoing
      sentence), the Company will make reimbursement payments to Executive on a
      monthly basis on the last payroll date of the month for the previous month’s
      COBRA payments. The Company’s continuing Health Coverage reimbursement
      obligations under this Section 10(c) shall cease in the event that Executive
      has
      the ability to obtain Health Coverage from a subsequent employer. All Merger
      Options and Stock Options that
      are
      scheduled to vest on the next succeeding anniversary of the Commencement Date
      shall be accelerated and deemed to have vested as of the termination date.
      All
      Merger Options and Stock Options that have
      not
      vested (or been deemed pursuant to the immediately preceding sentence to have
      vested) as of the date of termination shall be forfeited to the Company as
      of
      such date. Merger
      Options and Stock Options that have vested as of the Executive’s termination
      shall remain exercisable for 90 days following such termination provided,
      however, Merger Options that are not exercisable upon their terms at the time
      of
      such termination may not be exercised and shall be forfeited to the Company
      as
      of such date. Notwithstanding the foregoing, if Executive's employment is
      terminated upon a Change of Control and such Change of Control is a result
      of
      (i) a merger, consolidation, share exchange, or other business combination
      transaction, (ii) a sale by the Company of all or substantially all of its
      assets for consideration, or (iii) the sale by the Company of newly issued
      securities resulting in gross proceeds in excess of $60,000,000, then in each
      case all Merger Options and Stock Options that have not vested as of the
      termination date shall
      be
      accelerated and deemed to have vested as of the termination date. 

     

    (d) Notwithstanding
      anything to the contrary contained herein, no payments shall be made to
      Executive pursuant to Section 10(c) hereof (other than unpaid Base Salary and
      reimbursements for business expenses, both through Executive’s date of
      termination), whether for Base Salary continuation or reimbursement of Health
      Coverage, and no acceleration of vesting of the Merger Options or Stock Options
      shall occur pursuant to Section 10(c) hereof unless Executive executes and
      delivers to the Company within 30 days after the date of termination a general
      mutual release in favor of the Company, its affiliates and their respective
      officers, directors, shareholders, members, partners, managers, employees,
      plan
      administrators, agents and attorneys, as well as any predecessor, future
      successor or estate or assign of any of the foregoing from all legally
      releasable claims and liability (other than the payments and benefits due under
      this Agreement) in a form reasonably satisfactory to the Company and Executive
      (and the release is not rescinded and remains in effect). The mutual release
      shall not release Executive from claims or liability relating to Executive’s
      acts or omissions involving or arising from fraud, theft, criminal acts, or
      violations of securities law while employed by the Company. Notwithstanding
      the foregoing, the Company shall have no obligation to provide Executive with
      a
      release of any claims or liability if the Company terminates Executive's
      employment in accordance with Section 9(a).

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    

    (e) This
      Section 10 sets forth the only obligations of the Company with respect to the
      termination of the Executive’s employment with the Company, and the Executive
      acknowledges that, upon the termination of his employment, he shall not be
      entitled to any payments or benefits which are not explicitly provided in
      Section 10.

     

    (f) Upon
      termination of the Executive’s employment hereunder for any reason, the
      Executive shall be deemed to have resigned as director of the Company, effective
      as of the date of such termination.

     

    (g) The
      obligations of the Company that arise under this Section 10 shall survive the
      expiration or earlier termination of this Agreement.

     

    (h) 
      If any
      payment, compensation or other benefit provided to the Executive in connection
      with his employment termination is determined, in whole or in part, to
      constitute "nonqualified deferred compensation" within the meaning of Section
      409A of the Code and the Executive is a specified employee as defined in Section
      409A(2)(B)(i), no part of such payments shall be paid before the day that is
      six
      (6) months plus one (1) day after the termination date (the "New
      Payment Date").
      The
      aggregate of any payments that otherwise would have been paid to the Executive
      during the period between the termination date and the New Payment Date shall
      be
      paid to the Executive in a lump sum on such New Payment Date. Thereafter, any
      payments that remain outstanding as of the day immediately following the New
      Payment Date shall be paid without delay over the time period originally
      scheduled, in accordance with the terms of this Agreement.. Notwithstanding
      anything contained herein to the contrary, Executive shall not be considered
      to
      have terminated employment with the Company for purposes of Sections 9 and
      10
      hereof unless he would be considered to have incurred a “termination of
      employment” from the Company within the meaning of Treasury Regulation
§1.409A-1(h)(1)(ii).

    

    (i) Anything
      in this Agreement to the contrary notwithstanding, if in the event of a Change
      of Control, it is determined that any payment, award, benefit or distribution
      (or any acceleration of any payment, award, benefit or distribution) by the
      Company or any entity to or for the benefit of the Executive (the "Payments")
      would result in an excise tax within the meaning of Section 4999 of the Internal
      Revenue Code of 1986, as amended ("Code") (such excise tax, together with any
      such interest and penalties, are hereinafter collectively referred to as the
      "Excise Tax"), then the Company (or any successor entity) shall pay to Executive
      an additional payment ("Gross Up Payment") in an amount such that after payment
      by the Executive of all taxes (including any Excise Tax) imposed upon the Gross
      Up Payment, the Executive retains an amount of the Gross Up Payment equal to
      the
      amount the Excise Tax imposes upon the Payments.

    

    11. Indemnification.
      The
      Company shall defend and indemnify the Executive in his capacity as Chief
      Executive Officer of the Company to the fullest extent permitted by the
      Company’s articles and by-laws and under the Delaware General Corporate Law (the
“DGCL”).
      Within sixty (60) days of the Effective Date, the Company shall also establish
      a
      policy for indemnifying its officers and directors, including but not limited
      to
      the Executive, for all actions permitted under the DGCL taken in good faith
      pursuit of their duties for the Company, including but not limited to the
      obtaining of an appropriate level of Directors and Officers Liability coverage
      and including such provisions in the Company’s by-laws or certificate of
      incorporation, as applicable and customary. The rights to indemnification shall
      survive any termination of this Agreement.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

    12. Miscellaneous.

     

    (a) This
      Agreement shall be governed by, and construed and interpreted in accordance
      with, the laws of the State of New Jersey, without giving effect to its
      principles of conflicts of laws.

     

    (b) Any
      dispute arising out of, or relating to, this Agreement or the breach thereof
      (other than Sections 6 or 7 hereof), or regarding the interpretation thereof,
      shall be finally settled by arbitration conducted in New Jersey in accordance
      with the National Rules for the Resolution of Employment Disputes
      of
      the
      American Arbitration Association then in effect before a panel of three
      arbitrators appointed in accordance with such rules. Judgment upon any award
      rendered therein may be entered and enforcement obtained thereon in any court
      having jurisdiction. The arbitrator shall have authority to grant any form
      of
      appropriate relief, whether legal or equitable in nature, including specific
      performance.
      For the
      purpose of any judicial proceeding to enforce such award or incidental to such
      arbitration or to compel arbitration and for purposes of Sections 6 and 7
      hereof, the parties hereby submit to the non-exclusive jurisdiction of the
      courts of the State of New Jersey, or the United States District Court for
      the
      District of New Jersey, and agree that service of process in such arbitration
      or
      court proceedings shall be satisfactorily made upon it if sent by registered
      mail addressed to it at the address referred to below in paragraph (g) of this
      Section 12.
      The
      costs of such arbitration shall be borne proportionate to the finding of fault
      as determined by the panel of arbitrators.
      Pending
      such resolution of any claim, the Executive shall be entitled to continue to
      receive all payments and benefits due under this Agreement or otherwise, unless
      the arbitration panel determines otherwise. Judgment on the arbitration award
      may be entered by any court of competent jurisdiction. 

     

    (c) This
      Agreement shall be binding upon and inure to the benefit of the parties hereto,
      and their respective heirs, legal representatives, successors and
      assigns.

     

    (d)
       This
      Agreement, and the Executive’s rights and obligations hereunder, may not be
      assigned by the Executive. The Company may assign its rights, together with
      its
      obligations, hereunder in connection with any sale, transfer or other
      disposition of all or substantially all of its business or assets.

     

    (e)  This
      Agreement cannot be amended orally, or by any course of conduct or dealing,
      but
      only by a written agreement signed by the parties hereto.

     

    (f) The
      failure of either party to insist upon the strict performance of any of the
      terms, conditions and provisions of this Agreement shall not be construed as
      a
      waiver or relinquishment of future compliance therewith, and such terms,
      conditions and provisions shall remain in full force and effect. No waiver
      of
      any term or condition of this Agreement on the part of either party shall be
      effective for any purpose whatsoever unless such waiver is in writing and signed
      by such party.

     

    (g) All
      notices, requests, consents and other communications, required or permitted
      to
      be given hereunder, shall be in writing and shall be delivered personally or
      by
      an overnight courier service or sent by registered or certified mail, postage
      prepaid, return receipt requested, to the parties at the addresses set forth
      on
      the first page of this Agreement, and shall be deemed given when so delivered
      personally or by overnight courier or when actually received if sent by
      registered or certified mail. Each party may designate another address, for
      receipt of notices hereunder by giving notice to the other party in accordance
      with this paragraph (g) of this Section 12.

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    (h) This
      Agreement sets forth the entire agreement and understanding of the parties
      relating to the subject matter hereof, and supersedes all prior agreements,
      arrangements and understandings, written or oral, relating to the subject matter
      hereof. No representation, promise or inducement has been made by either party
      that is not embodied in this Agreement, and neither party shall be bound by
      or
      liable for any alleged representation, promise or inducement not so set
      forth.

     

    (i) As
      used
      in this Agreement, “affiliate” of a specified Person shall mean and include any
      Person controlling, controlled by or under common control with the specified
      Person.

     

    (j) The
      section headings contained herein are for reference purposes only and shall
      not
      in any way affect the meaning or interpretation of this Agreement.

     

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

     

    (l) As
      used
      in this Agreement, the masculine, feminine or neuter gender, and the singular
      or
      plural, shall be deemed to include the others whenever and wherever the context
      so requires. Additionally, unless the context requires otherwise, "or" is not
      exclusive.

     

    (m) 
      This
      Agreement is intended to comply with the requirements of Section 409A of the
      Code (“Section
      409A”)
      and
      regulations promulgated thereunder. To the extent that any provision in this
      Agreement is ambiguous as to its compliance with Section 409A, the provision
      shall be read in such a manner so that all payments due under this Agreement
      shall comply with Section 409A . For purposes of section 409A, each payment
      made
      under this Agreement shall be treated as a separate payment. In
      no
      event may Executive, directly or indirectly, designate the calendar year of
      payment.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement as of the date first above
      written.

     

    

    By:
      /s/
      Stephen C. Rocamboli 

    Name:
      Stephen C. Rocamboli

    Title:
      Chairman

    
 

    By:
      /s/
      Michael Becker  

    Name:
      Michael Becker

     

    
      
         

      

      
        -13-Unassociated Document

    Exhibit
      10.16

     

    SEPARATION
      AND RELEASE AGREEMENT

    

    THIS
      SEPARATION AND RELEASE AGREEMENT (this “Agreement”)
      is
      entered into by and among DANIEL GREENLEAF (the “Executive”),
      with
      an address at 383 Gristmill Drive, Basking Ridge, New Jersey 07920; and VIOQUEST
      PHARMACEUTICALS, INC. (the “Employer”),
      with
      its principal executive offices located at 180 Mt. Airy Road, Suite 102, Basking
      Ridge, New Jersey 07920, and together with its parents, divisions, affiliates,
      and subsidiaries and their respective officers, directors, employees,
      shareholders, members, partners, plan administrators, attorneys, and agents,
      as
      well as any predecessors, future successors or assigns or estates of any of
      the
      foregoing (collectively referred to herein as the “Company”).
      

    

    RECITALS

    

    A. The
      Executive is employed by the Employer pursuant to an Employment Agreement dated
      February 1, 2005 (the “Employment
      Agreement”),
      serving as the Employer’s President and Chief Executive Officer;

    

    B. The
      Executive wishes to resign from his employment with Employer, and Employer
      wishes to accept Executive’s resignation, such that Executive’s employment will
      be terminated effective the close of business November 9, 2007 (the
“Separation
      Date”);
      and

    

    C. The
      Executive and the Employer (collectively referred to herein as the “Parties”)
      believe it to be in their respective best interests to enter into this Agreement
      to set forth the terms of their respective rights and obligations relating
      to
      the Executive’s separation from the Employer.

    

    AGREEMENT

    

    1. Separation
      of Employment.
      Except
      as otherwise provided herein, the Parties agree that the Employment Agreement,
      and Executive’s employment by the Company, shall be terminated as of the
      Separation Date. Executive further acknowledges and understands that Executive’s
      last day of employment with Employer was the Separation Date and that Executive
      has received all compensation and benefits to which Executive is entitled under
      the Employment Agreement or otherwise as a result of Executive’s employment with
      Employer, except as otherwise provided in this Agreement. Employer agrees to
      pay
      Executive his base salary through November 15, 2007. Effective as of the
      Separation Date, the Executive shall be deemed to have resigned from all
      positions that the Executive held (a) as an officer and/or director of the
      Employer, (b) as a member of any other governing body of the Employer, and/or
      (c) as a member of any committee of the Employer or its boards of directors
      or
      other governing bodies; provided, however, the Executive agrees to take all
      actions that are deemed reasonably necessary by the Company to effectuate or
      evidence such resignations. Executive understands that, except as otherwise
      provided in this Agreement, Executive is entitled to nothing further from
      Company (whether arising under the Employment Agreement or otherwise), including
      reinstatement by Employer.

    

    2. Executive
      Release of Company.
      In
      consideration of the payments, compensation, and other benefits set forth below
      in Section 4(A) through 4(F) and the release set forth in Section 6, Executive
      hereby releases, waives, discharges and gives up any and all Claims (as defined
      below) that Executive may have against Company, arising on or prior to
      Executive’s execution and delivery of this Agreement to Employer. “Claims”
means
      any and all actions, charges, controversies, demands, causes of action, suits,
      rights, and/or claims whatsoever for debts, sums of money, wages, salary,
      severance pay, commissions, bonuses, incentive compensation, unvested stock
      options, restricted stock awards, vacation pay, sick pay, expense reimbursement,
      fees and costs, attorneys fees, losses, penalties, damages, including damages
      for pain and suffering and emotional harm, arising, directly or indirectly,
      out
      of any promise, agreement (including, without limitation, the Employment
      Agreement), offer letter, contract, understanding, common law, tort, the laws,
      statutes, and/or regulations of the State of New Jersey, the State of Delaware,
      or any other state and the United States, including, but not limited to, federal
      and state wage and hour laws, federal and state whistleblower laws, Title VII
      of
      the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act,
      the Americans with Disabilities Act, the Family and Medical Leave Act, the
      Employment Retirement Income Security Act (excluding COBRA), the Vietnam Era
      Veterans Readjustment Assistance Act, the Fair Credit Reporting Act, the Fair
      Labor Standards Act, the Age Discrimination in Employment Act, OSHA, the
      Sarbanes-Oxley Act of 2002, the New Jersey Law Against Discrimination, the
      New
      Jersey Family Leave Act, the New Jersey Conscientious Employee Protection Act,
      the New Jersey Civil Rights Act, the Delaware Discrimination in Employment
      Act,
      the Delaware Handicapped Persons Employment Protection Act, as each may be
      amended from time to time, whether arising directly or indirectly from any
      act
      or omission, whether intentional or unintentional. This releases all Claims
      including those of which Executive is not aware and those not mentioned in
      this
      Agreement. Executive specifically releases any and all Claims arising out the
      Employment Agreement, Executive’s employment with Employer, and/or the
      separation thereof or therefrom. Executive expressly forfeits and waives his
      right to any stock options that have not vested as of the Separation Date,
      details of which are provided on the attached Schedule
      A.
      Nothing
      in this Agreement shall preclude Executive from: (A) participating in any manner
      in an investigation, hearing or proceeding conducted by the Equal Employment
      Opportunity Commission, but Executive hereby waives any and all rights to
      recover under, or by virtue of, any such investigation, hearing or proceeding;
      (B) exercising Executive’s rights, if any, under Section 601-608 of the Employee
      Retirement Income Security Act of 1974, as amended, popularly known as COBRA
      and/or the New Jersey Small Employer Health Benefits Act of 1992 (“NJSEHBA”);
      (C)
      exercising any stock options that have vested as of the Separation Date within
      12 months of the Separation Date; or (D) exercising Executive’s rights under
      this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Representations;
      Covenants.
      Executive hereby represents and warrants to Company that: (A) Executive has
      not
      filed, caused or permitted to be filed any pending proceeding (nor has Executive
      lodged a complaint with any governmental or quasi-governmental authority)
      against Company, nor has Executive agreed to do any of the foregoing; (B)
      Executive has not assigned, transferred, sold, encumbered, pledged,
      hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed
      to
      any third party any right or Claim against Company that has been released in
      this Agreement; (C) Executive has not directly or indirectly assisted any third
      party in filing, causing or assisting to be filed, any Claim against Company,
      and (D) Executive is unaware of any potential Claims that any third party may
      have against Company which Executive has not previously disclosed to Company.
      In
      addition, Executive shall not encourage or solicit or voluntarily assist or
      participate in any way in the filing, reporting or prosecution by itself or
      any
      third party of a proceeding or Claim against Company based upon or relating
      to
      any Claim released by Executive in this Agreement. 

    

    4. Consideration.
      In
      consideration of Executive’s
      execution, delivery and non-revocation of this Agreement: 

    

    (A) Commencing
      six months and one day after the Separation Date, Employer shall provide
      Executive his base salary at a rate of $360,000 (if annualized) for a period
      of
      six (6) months, less applicable withholdings and other customary payroll
      deductions, and in accordance with Employer’s normal payroll
      practices;

    

    (B) A
      lump
      sum payment of $70,000 (less applicable withholdings and other customary payroll
      deductions), payable no later than March 31, 2008, at the same time that other
      executives of Employer receive their respective bonuses;

    

    (C) Provided
      Executive elects coverage under NJSEHBA, Employer shall reimburse Executive
      the
      premiums that Executive incurs from the Separation Date through the twelve
      (12)
      month anniversary of the Separation Date, unless Executive obtains health
      insurance from a new employer or any other source, in which case Executive
      shall
      be obligated to obtain such coverage from the alternate source and Employer
      shall discontinue reimbursing Executive for such premiums; 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (D) Include
      in a press release, anticipated to be released on or about November 13, 2007
      the
      language contained in Schedule
      B;
      

    

    (E) Employer
      agrees to forgo and/or waive its right to enforce the non-competition provisions
      contained in Section 7(a)(ii) and (iv) of the Employment Agreement with respect
      to Executive’s ability to accept future employment opportunities. Except as
      expressly waived, the parties acknowledge and agree that all of the other
      provisions of Section 7 of the Employment Agreement remain in full force and
      effect; and 

    

    (F) Employer
      agrees to make a letter of reference available to Executive in the form provided
      on Schedule
      C.

    

    Executive
      acknowledges, understands, and agrees that Executive
      is not
      otherwise entitled to receive all of the payments, compensation, and other
      benefits set forth above in Section 4(A) through 4(F), and further acknowledges,
      understands, and agrees that nothing in this Agreement shall be deemed to be
      an
      admission of liability on the part of Company. Executive
      agrees
      that Executive
      will not
      seek any further payments, benefits, or other consideration or relief from
      Company.

    

    5. Taxes,
      Indemnification.
      Executive acknowledges, understands, and agrees that he shall be solely
      responsible for complying, and expressly agrees to comply, with all federal,
      state, local or other laws applicable to Executive and/or Company concerning
      the
      reporting of income, payment of taxes, and otherwise, with respect to the
      payments and other compensation set forth above in Section 4. Executive agrees
      to indemnify Company for any liability for taxes, interest or penalties assessed
      by any government or governmental revenue agency against Company as a result
      of
      Executive’s failure to pay taxes that may be due and owing on the payments and
      other compensation set forth above in Section 4. 

    

    6. Employer
      Release of Executive.
      Employer
      hereby releases, waives, discharges and gives up any and all claims and rights
      which it may have against Executive arising out of Executive’s employment with
      Employer or separation therefrom or the circumstances related thereto or by
      reason of any other matter, cause or thing whatsoever from the date of
      Executive’s employment through the date of this Agreement. Notwithstanding the
      foregoing, nothing herein shall be deemed to release Executive from any of
      Executive’s acts or omissions involving or arising from fraud, theft, criminal
      acts, or violations of securities law while employed by Employer or from any
      and
      all actions and claims by Company for contribution and/or indemnification of
      any
      action or claim brought by any third party person arising out of Executive’s
      acts or omissions involving or arising from acts of fraud, theft, criminal
      acts,
      or violations of securities law while employed by Employer.

    

    7. Cooperation
      With Investigations/Litigation.
      Executive agrees, upon Company’s request, to reasonably cooperate in any Company
      investigations, inquiries, and/or litigation regarding events that occurred
      during Executive’s tenure with Employer. Employer will compensate Executive for
      reasonable expenses that Executive incurs in extending such cooperation to
      Company, so long as Executive provides advance written notice of Executive’s
      request for compensation.

    

    8. Non-Disparagement;
      Restrictions on the Executive.
      Executive agrees not to make any defamatory or derogatory statements concerning
      Company or its products. Company agrees to instruct VioQuest's current
      directors and officers not to make any defamatory or derogatory statements
      concerning Executive. Executive
      acknowledges, understands, and agrees that Company’s rights and Executive’s
      obligations under Section 6 (“Confidential
      Information and Inventions”)
      and
      all provisions within Section 7 of the Employment Agreement (“Non-Competition,
      Non-Solicitation and Non-Disparagement”)
      shall
      survive the termination of the Employment Agreement, except as otherwise
      provided in Section 4(E) hereof.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    8. Remedies.
      If
Executive
      breaches
      any term or condition of this Agreement, it shall constitute a material breach
      of this Agreement and in addition to and not instead of Company’s other remedies
      hereunder or otherwise at law or in equity, Executive
      shall be
      required to immediately, upon written notice from Company, return all payments
      and benefits paid by Employer pursuant to Sections 4, less 10% of the payments
      paid by Employer thereunder. Executive
      agrees
      that if Executive
      is
      required to return these payments, this Agreement shall continue to be binding
      on Executive,
      and
      Company shall be entitled to enforce the provisions of this Agreement as if
      such
      payments had not been repaid by Executive and Employer shall have no further
      payment obligations to Executive
      pursuant
      to Section 4 hereof. 

    

    9. Surrender
      of Company Property.
      Executive
      agrees
      that he will surrender to Employer, no later than the Separation Date, all
      property belonging to, or purchased with the funds of, Company, and any
      equipment (including computers and cell phones), employee or security
      identification or access codes, pass codes, keys, credit cards, swipe cards,
      client data bases, computer files, Company proposals, computer access codes,
      documents, memoranda, records, files, letters, specification or other papers
      (including all copies and other tangible forms of the foregoing) acquired by
      Executive by reason of his employment with Employer and in Executive’s
      possession or under his custody or control relating to the operations, business
      or affairs of Company or its customers. Executive agrees that Executive will
      not
      retain any copies, duplicates, reproductions, computer disks, or excerpts
      thereof of Company documents.

    

    10. Who
      is
      Bound.
      Employer
      and
Executive
      are
      bound by this Agreement. Anyone who succeeds to Executive’s
      rights
      and responsibilities, such as the executors of Executive’s
      estate, is bound and anyone who succeeds to Employer’
rights
      and responsibilities, such as their respective successors and assigns, is also
      bound.

    

    11. Construction
      of Agreement.
      In the
      event that one or more of the provisions contained in this Agreement shall
      for
      any reason be held unenforceable in any respect under the law of any state
      of
      the United States, such unenforceability shall not affect any other provision
      of
      this hereof or thereof, but this Agreement shall then be construed as if such
      unenforceable provision or provisions had never been contained herein or
      therein. If it is ever held that any restriction hereunder is too broad to
      permit enforcement of such restriction to its fullest extent, such restriction
      shall be enforced to the maximum extent permitted by applicable law. This
      Agreement
      shall be
      governed by, and construed and interpreted in accordance with, the laws of
      the
      State of New Jersey, without giving effect to its principles of conflicts of
      laws. Any
      dispute arising out of, or relating to, this Agreement or the breach thereof
      (other than a breach involving Company’s
      rights and/or Executive’s obligations under Section 6 (“Confidential
      Information and Inventions”)
      and/or
      Section 7 (“Non-Competition,
      Non-Solicitation and Non-Disparagement”)
      of the
      Employment Agreement),
      or
      regarding the interpretation thereof, shall be finally settled by arbitration
      conducted in Newark, New Jersey in accordance with the rules of the American
      Arbitration Association then in effect before a single arbitrator appointed
      in
      accordance with such rules. Judgment upon any award rendered therein may be
      entered and enforcement obtained thereon in any court having jurisdiction.
      The
      arbitrator shall have authority to grant any form of appropriate relief, whether
      legal or equitable in nature, including specific performance. For the purpose
      of
      any judicial proceeding to enforce such award or incidental to such arbitration
      or to compel arbitration and for purposes of Company’s
      rights and/or Executive’s obligations under Section 6 (“Confidential
      Information and Inventions”)
      and/or
      Section 7 (“Non-Competition,
      Non-Solicitation and Non-Disparagement”)
      of the
      Employment Agreement),
      the
      Parties hereby submit to the exclusive jurisdiction of the Superior Court of
      the
      State of Jersey, or the appropriate federal court in the State of New Jersey.
      The costs of such arbitration shall be borne proportionate to the finding of
      fault as determined by the arbitrator. Judgment on the arbitration award may
      be
      entered by any court of competent jurisdiction.

    

    12. Opportunity
      For Review.
      Executive represents and warrants that Executive: (i) has had sufficient
      opportunity to consider this Agreement; (ii) has read this Agreement, (iii)
      understands all the terms and conditions hereof, (iv) is not incompetent or
      had
      a guardian, conservator or trustee appointed for Executive, (v) has entered
      into
      this Agreement of Executive’s own free will and volition, (vi) has duly executed
      and delivered this Agreement, (vii) understands that Executive is responsible
      for Executive’s own attorney’s fees and costs, (viii) has had the opportunity to
      review this Agreement with counsel, (ix) understands that if Executive does
      not
      sign and return this Agreement to Employer
      (Attn:
      Chairman of the Board of Directors) within the time frame provided, Employer
      shall
      have no obligation to enter into this Agreement, Executive shall not be entitled
      to the payments, compensation, or other benefits set forth in Section 4(A)
      through 4(F) of this Agreement, and the Separation Date shall be unaltered,
      and
      (x) this Agreement is valid, binding and enforceable against the Parties in
      accordance with its terms.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    Agreed
      to
      and accepted by, on this 12th day of November, 2007

     

    EXECUTIVE:

    

    /s/
      Daniel Greenleaf  

    Daniel
      Greenleaf

    

    Agreed
      to
      and accepted by, on this 14th day of November, 2007

    
      	 	 	 
	 	EMPLOYER:
	 	 
	 	VIOQUEST
              PHARMACEUTICALS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Brian
              Lenz
	 	
              
Name: Brian
              Lenz
	 	Title: Chief
              Financial Officer

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    Schedule
      A

    

    
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
               

            	 	
              Total
                Stock 

            	 	
              Vested
                Stock Options

            	 	
              Vested
                Stock Options

            	 	
              Unvested
                & Forfeited Options

            	 	 	
               

            	
              Total

            	 	 	 
	
              Grant
                Date

            	 	
              Options
                Granted

            	 	
              2/1/06
                Vesting Date

            	 	
              2/1/07

              Vesting
                Date

            	 	
              2/1/08

              Vesting
                Date

            	 	
              Total
                Vested

            	 	
              Unvested
                & Forfeited

            	 	
              Exercise
                Price

            	 
	
              2/1/2005

            	 	 	
              891,396
                

            	 	 	
              297,132
                

            	 	 	
              297,132
                

            	 	 	
              297,132
                

            	 	 	
              594,264
                

            	 	 	
              297,132
                

            	 	 	
              0.88
                

            	 
	
              10/18/2005

            	 	 	
              1,445,080
                

            	 	 	
              481,693
                

            	 	 	
              481,693
                

            	 	 	
              481,693
                

            	 	 	
              963,386
                

            	 	 	
              481,693
                

            	 	 	
              0.89
                

            	 
	
              10/18/2006

            	 	 	
              394,580
                

            	 	 	
              -
                

            	 	 	
              197,290
                

            	 	 	
              197,290
                

            	 	 	
              197,290
                

            	 	 	
              197,290
                

            	 	 	
              0.56
                

            	 
	
              Total

            	 	 	
              2,731,056
                

            	 	 	
              778,825
                

            	 	 	
              976,115
                

            	 	 	
              976,115
                

            	 	 	
              1,754,940
                

            	 	 	
              976,115
                

            	 	 	 	 

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    Schedule
      B

    

    

    Daniel
      Greenleaf Departs VioQuest After Job Well Done

    

    "We
      would
      like to thank Daniel Greenleaf for his service to the Company over the last
      three years. Dan successfully guided us through our difficult transition from
      a
      chemistry company to a biopharmaceutical company with three promising product
      candidates in human clinical trials," said Stephen Rocamboli,
      chairman.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    Schedule
      C

    

    November
      14, 2007

    

    To
      Whom
      It May Concern:

    

    Dan
      Greenleaf served as our President and Chief Executive Officer for approximately
      three years.

    

    During
      his tenure, Mr. Greenleaf was assigned the difficult task of turning a chemistry
      services company, with 45 employees and manufacturing facilities in both the
      United States and China, into a valuable targeted oncology drug development
      company. Under Mr. Greenleaf’s leadership, we accomplished this goal through the
      successful completion of several transactions. First, we completed a merger
      with
      Greenwich Therapeutics, a transaction that brought us two pre-clinical oncology
      products. Next, Dan successfully recruited an experienced, multidisciplinary
      oncology drug development team that initiated several human clinical trials
      with
      these compounds - the same compounds that we are currently advancing through
      the
      FDA approval process. It is also during Mr. Greenleaf’s tenure that we were able
      to secure our third product candidate in early 2007.

    

    Additionally,
      it is under Dan’s leadership that we were able to form relationships with the
      United States Army and GSK that lead to our first Orphan Drug designation and
      may enable us to file our first NDA with the FDA. To finance our operations
      during this difficult time, Mr. Greenleaf was instrumental in securing
      approximately $16M in private financing and approximately $1M in State funding.
      Finally, it was under Mr. Greenleaf’s leadership that we were able to sell our
      chemistry services business for total consideration of approximately $3M, thus
      completing our difficult transformation. 

    

    Mr.
      Greenleaf is a recognized leader in the State of New Jersey’s biopharmaceutical
      community serving on two of the State’s two most influential Boards - BIO NJ and
      Health Industries of New Jersey. A dedicated family man, he has also earned
      the
      respect and admiration of many of his employees, colleagues and peers. He has
      developed many close relationships on Wall Street and was instrumental in
      securing our first research analyst coverage.

    

    It
      is our
      pleasure to recommend to you Mr. Greenleaf. On behalf of the Board of Directors,
      I am, 

    

    

    Sincerely
      yours,

    

    

    Stephen
      Rocamboli

    Chairman
      of the Board

     

    
      
        
        

      

      
        -8-

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