Document:

Exhibit 10.1

 

SECOND AMENDMENT TO COLLABORATION AGREEMENT

This Second Amendment (“Amendment”) to Collaboration Agreement dated as of October 10, 2014, as amended on August 4, 2015  (the “Agreement”) is made and entered into as of  March 31, 2016 (the "Amendment Date") by and between DISCOVERY LABORATORIES, INC., a corporation organized and existing under the laws of the state of Delaware having its principal place of business at 2600 Kelly Road, Suite 100, Warrington, PA 18976 USA ("Discovery Labs”), and BATTELLE MEMORIAL INSTITUTE, through its Corporate Operations, a corporation organized and existing under the laws of the state of Ohio having its principal place of business at 505 King Avenue, Columbus, Ohio 43201-2693, USA ("Battelle”).

RECITALS:

WHEREAS, in accordance with the terms of the Agreement, Battelle and Discovery Labs have agreed on the detailed Project Plan for implementation of the Stage 2 and Stage 3 activities contemplated by the Agreement, together with related costs, which shall be shared as provided in Section 3(B) of the Agreement; and

WHEREAS, the parties wish to implement certain additional activities under, and optimize the development schedule provided in, the Project Plan, among other things, to reallocate resources and re-align the Milestone Date (as defined in the Agreement) with the anticipated completion date for Discovery Lab’s AEROSURF® phase 2b clinical trial.

NOW THEREFORE, IN CONSIDERATION OF THE COVENANTS AND PROMISES CONTAINED IN THIS AGREEMENT, THE PARTIES AGREE AS FOLLOWS WITH THE INTENT TO BE LEGALLY BOUND HEREBY:

		1.	Capitalized terms used in this Amendment and not otherwise defined shall have the meanings ascribed to such terms as set forth in the Agreement.

		2.	In accordance with Section 3(B)(i) of the Agreement, the Project Plan Fixed Cost is revised to equal an amount between (a) Eleven Million, One Hundred and Eighty-One Thousand Dollars ($11,181,000) and (b) up to Twelve Million, Two Hundred Sixty-One Thousand, One Hundred Dollars ($12,261,100); and, accordingly, the Discovery Labs Fixed Fee as of the Amendment Date remains 50% of the Project Plan Fixed Cost, or an amount  between (a) Five Million, Five Hundred Ninety Thousand, Five Hundred Dollars ($5,590,500) and (b) up to (b) Six Million, One Hundred Thirty Thousand, Five Hundred Fifty  Dollars ($6,130,550) (in each case, representing 50% of the revised Project Plan Fixed Cost).

		3.	The reference to “July 15, 2016" in the defined term "Milestone Date" set forth in the first sentence of Section 3(E)(ii) of the Agreement is revised to "November 15, 2016."

[Signatures appear on the next page]

 

2

Except as amended herein, the remaining terms and conditions of the Agreement shall remain in full force and effect.  This Amendment confirms an agreement between the Parties with respect to the subject matter hereof and is a material part of the consideration stated in the Agreement and the mutual promises made in connection therewith.  The provisions of Section 9(H) - (K) of the Agreement shall apply to this Amendment mutatis mutandi.

In Witness Whereof, the Parties have duly executed this Amendment as of the Amendment Date. 

	
Battelle Memorial Institute

	 	 	 
	
Corporate Operations

	 	
Discovery Laboratories, Inc.

	 	 	 	 	 
	 	 	 	 	 
	
By:

	
 /s/ Ken Zeller

	 	
By:

	
 /s/ Mary B. Templeton

	
Name:

	
Ken Zeller

	 	
Name:

	
Mary B. Templeton

	
Title:

	
Contracting Officer

	 	
Title:

	
SVP, General Counsel & Corporate SecretaryEXHIBIT 10.1

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This Amendment to the Employment Agreement
is dated as of April 1, 2016 between Celator Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, and Scott
T. Jackson (the “Executive”).

 

Recitals:

 

The Company and the Executive are parties
to an Amended and Restated Employment Agreement dated as of August 26, 2013 (the “Employment Agreement”), which specifies
various terms and conditions of the Executive’s employment with the Company.

 

The Company considers it essential to its
best interests and that of its stockholders to foster the continued employment of key management personnel. Accordingly, in order
to induce the Executive to remain in the employ of the Company, the Company agrees that the Executive shall receive the change
of control benefits set forth in this Amendment under the circumstances described below, subject to the Executive’s execution
and delivery of this Amendment.

 

NOW THEREFORE,
the Company and the Executive agree to amend the Employment Agreement, effective as of the date specified below, as follows:

 

1.           Section 4c of the Employment Agreement
is hereby amended and restated to provide in its entirety as follows:

 

c.           Payments and Benefits
upon Termination Following a Change in Control. Subject to the satisfaction of the terms of Section 4d and the occurrence of
a Change in Control, and in lieu of any amounts payable pursuant to Section 4b, if: (i) the Executive’s employment under
this Agreement is terminated by the Company pursuant to Section 2e (i.e., other than a termination for Reasonable Cause pursuant
to Section 2b or a termination upon death or disability pursuant to Section 2c) within twelve (12) months following a Change in
Control, or (ii) the Executive resigns from his employment with Good Reason pursuant to Section 2d within twelve (12) months following
a Change in Control, the Executive shall be entitled to receive from the Company the following payments and benefits: (A) a severance
payment equal to 1.5 times the Executive’s annual gross Base Salary in effect at the time of his termination of employment,
payable in a single lump sum; (B) an amount equal to the Executive’s earned bonus for the calendar year in which the
Executive’s employment termination occurs, plus any amount of the Executive’s bonus for the prior calendar year that
has been earned but that has not yet been paid, payable in a single lump sum; (C) an amount equal to 1.5 times the total amount
of the Executive’s annual bonus for the calendar year in which the Executive’s employment termination occurs, payable
in a single lump sum; (D) reimbursement of the medical and dental insurance premiums for the Executive and his eligible dependents
under the Company’s group insurance plans at the same level the Executive elected and as was in effect on the Executive’s
effective termination date for a period of eighteen (18) months thereafter, upon presentation to the Company of documentation of
payment of such healthcare continuation coverage premiums to the Company’s third party administrator and subject to earlier
termination in the event of the Executive’s becoming eligible for equivalent or greater coverage under another employer’s
group health and welfare benefit plans; (E) reimbursement to the Executive of an amount not to exceed the total gross amount of
$20,000 for customized executive outplacement and/or executive coaching or transition services with a provider of the Executive’s
choosing upon the Company’s receipt of documentation of the services provided and evidence of payment; and (F) a lump sum
amount equivalent to the full gross value of the Executive’s vacation remaining in his vacation bank upon the effective date
of his termination, calculated and paid at the rate of his then-effective gross Base Salary. Any severance payments and lump sum
payments due hereunder shall commence as soon as administratively feasible within sixty (60) days after the date of the Executive’s
termination of employment provided the Executive has timely executed and returned the Release Agreement referred to in Section
4d and, if a revocation period is applicable, the Executive has not revoked the Release; provided, however, that if the sixty (60)-day
period begins in one calendar year and ends in a second calendar year, the severance payments shall begin to be paid in the second
calendar year.

 

     

     

    

 

2.           All provisions of the Employment Agreement,
as amended by this Amendment, that, by their terms, whether express or implied, are intended to continue beyond the termination
of the Executive’s employment shall thereafter continue in effect.

 

3.           The parties acknowledge and agree
that all of the terms, provisions, covenants and conditions of the Employment Agreement shall hereafter continue in full force
and effect in accordance with the terms thereof, except to the extent amended, modified, deleted or revised herein.

 

(Signature page follows.)

 

     

     

    

 

IN WITNESS
WHEREOF, the parties have executed this Amendment to Employment Agreement, intending to be legally bound, as of the date
first above written.

 

	 	CELATOR PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By: 	/s/ Michael R. Dougherty
	 	 	Michael R. Dougherty,
Chairman of the Board
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	 	 
	 	/s/ Scott T. Jackson
	 	Scott T. JacksonEXHIBIT 10.2

 

		
        Celator Pharmaceuticals, Inc.

        200 PrincetonSouth Corporate Center

        Suite 180

        Ewing, NJ 08628

        Tel: 609.243.0123

        Fax: 609.243.0202

         

        www.celatorpharma.com

 

April 1, 2016

 

Dr. Lawrence Mayer

2416 Carmaria Court

North Vancouver, B.C.

V7J 3M4

 

 

Dear Lawrence:

 

Reference is made to the Amended and Restated
Executive Employment Agreement dated as of December 19, 2002 (the “Employment Agreement”) between you and Celator Pharmaceuticals
Corp. (the “Corporation”), as successor in interest to Celator Technologies Inc., pursuant to which you were employed
by the Corporation as President and Head of Research effective December 19, 2002, and you are now serving as President and Chief
Scientific Officer.

 

The Corporation is a wholly-owned subsidiary
of Celator Pharmaceuticals, Inc. (“CPI”). CPI considers it essential to its best interests and that of its stockholders
to foster the continued employment of key management personnel. Accordingly, in order to induce you to remain in the employ of
the Corporation, this letter (this “Amendment”) sets forth an amendment to the Employment Agreement to reflect a change
in the severance benefits that will be paid to you by the Corporation if your employment is terminated upon a Change of Control
by the Corporation without Cause or by you for Good Reason (as those terms are defined below) and to make certain related changes
to the Employment Agreement.

 

We have agreed as follows:

 

1.            The
definition of “Change of Control” set forth in Section 7 of the Employment Agreement is hereby amended and restated
in its entirety to provide as follows:

 

For purposes of this Agreement,
the term “Change of Control” shall mean either of the following events:

 

(i)           any merger or consolidation
in which voting securities of Celator Pharmaceuticals, Inc. (“CPI”) possessing more than 50% of the total combined
voting power of CPI’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 of Directors of CPI following such transaction
is such that the directors of CPI prior to the transaction constitute less than 50% of the Board membership following the transaction;
or

 

     

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(ii)           any acquisition, directly
or indirectly, by a person or related group of persons (other than CPI or a person that directly or indirectly controls, is controlled
by, or is under common control with, CPI) of beneficial ownership of voting securities of CPI possessing more than 50% of the total
combined voting power of CPI’s outstanding securities; provided, however, that, no Change of Control shall be deemed to occur
by reason of the acquisition of shares of CPI’s capital stock by an investor or group of investors in CPI in a capital-raising
transaction.

 

2.            Section 17 of the Employment Agreement is hereby amended and restated in its entirety to provide as follows:

 

17.            Termination upon Change of Control.
Notwithstanding anything to the contrary set forth herein, in the event that, after a Change of Control, either (i) your employment
is terminated by the Corporation without Cause within twelve (12) months following a Change in Control, or (ii) you resign from
your employment for Good Reason (as hereinafter defined) within twelve (12) months following a Change in Control: you will be entitled
to receive from the Corporation, in addition to the portion of your Base Salary that has been earned through your last day of employment
and is then payable, but that has not yet been paid, and in lieu of any amounts you are entitled to receive pursuant to all other
provisions of this Agreement: (A) an amount equal to your Base Salary for a period of twelve (12) months from the termination date,
payable in a single lump sum; (B) an amount equal to your earned bonus for the calendar year in which your employment termination
occurs, plus any amount of your bonus for the prior calendar year that has been earned but that has not yet been paid, payable
in a single lump sum; (C) an amount equal to your annual bonus for the calendar year in which your employment termination occurs,
payable in a single lump sum; (D) reimbursement of the medical and dental insurance premiums for you and your eligible dependents
under the Corporation’s group insurance plans at the same level you elected and was in effect as of the effective date of
the termination of your employment for a period of (12) months from the termination date, in each case subject to all applicable
tax deductions and withholdings; and (E) a lump sum amount equivalent to the full gross value of your accrued vacation that has
not been taken as of the effective date of your termination, calculated and paid at the rate of your then-effective gross Base
Salary; provided, however, that no severance payments or insurance reimbursements shall be paid or owed unless you first sign and
deliver to the Corporation a covenant not to sue, which release and covenant shall be in a form prepared by and satisfactory to
the Corporation and may incorporate post-employment obligations on your part consistent with those contemplated by this Agreement,
as it may be hereafter amended and in effect upon the termination of your employment.

 

     

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For purposes this Agreement, “Good
Reason” shall be deemed to exist with respect to any termination by your employment for any of the following reasons: (i)
the relocation of the office of the Corporation at which you are principally based to a location that is more than 50 miles from
the location of the Corporation’s office as of the date of this Agreement provided that such new location is more than 50
miles from the location of your primary residence as of the date of this Agreement; (ii) any failure by the Corporation to comply
in all material respects with any material term of this Agreement; (iii) your demotion to a lesser position than described in Section
1 hereof or a substantial diminution of your authority, duties or responsibilities as in effect on the date of this Agreement;
or (iv) a material diminution of your Base Salary and benefits, in the aggregate, unless such reduction is part of a Corporation-wide
reduction in compensation and/or benefits for all of its senior executives; provided, however, that “Good Reason” shall
not include a termination of your employment upon your death or disability or by the Corporation for Cause, or a reduction in title,
position, responsibilities or duties solely by virtue of the Corporation being acquired in the Change of Control and made part
of, or operated as a subsidiary or division of, a larger company or organization, so long as such new duties and responsibilities
are reasonably commensurate with your experience. You may not resign with Good Reason, and shall not be considered to have done
so for any purpose of this Agreement, unless (A) you, within 60 days after the initial existence of the act or failure to act by
the Corporation that constitutes “Good Reason” within the meaning of this Agreement, provide the Corporation with written
notice that describes, in particular detail, the act or failure to act that you believe to constitute “Good Reason”
and identify the particular clause of this paragraph that you contend is applicable to such act or failure to act; (B) the Corporation,
within 30 days after its receipt of such notice, fails or refuses to rescind such act or remedy such failure to act so as to eliminate
“Good Reason” for the termination by you of your employment relationship with the Corporation, and (C) you actually
resign your employment with the Corporation on or before that date that is six calendar months after the initial existence of the
act or failure to act by the Corporation that constitutes “Good Reason.” If the requirements of the preceding sentence
are not fully satisfied on a timely basis, then your resignation from your employment with the Corporation shall not be deemed
to have been for “Good Reason,” you shall not be entitled to any of the benefits to which you would have been entitled
if you had resigned your employment with the Corporation for “Good Reason,” and the Corporation shall not be required
to pay any amount that would otherwise have been due to you under this Section 17 had you resigned with “Good Reason.

 

3.            All provisions of the Employment Agreement, as amended by this Amendment, that by their terms, whether express or implied,
are intended to continue beyond the termination of your employment by the Corporation shall thereafter continue in effect.

 

4.            All of the terms, provisions, covenants and conditions of the Employment Agreement shall hereafter continue in full force
and effect in accordance with their terms, except to the extent amended, modified or revised in this Amendment.

 

 

(Signature page follows.)

 

     

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If the foregoing is acceptable to you, kindly
sign and return one copy of this Amendment to the Corporation.

 

	 	 	Sincerely yours,
	 	 	 
	 	 	CELATOR PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	 	By: 	/s/ Scott T. Jackson
	 	 	 	Scott T. Jackson
Chief Executive Officer
	 	 	 	 
	 	 	 	 
	AGREED TO AND ACCEPTED BY:	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Lawrence D. Mayer	 	April 1, 2016
	Lawrence D. Mayer

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