Document:

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                                                                   Exhibit 10.19

December 7, 2000

William David Henner, M.D.
Oregon Health Sciences University
3181 S.W. San Jackson Park Road, L-586
Portland, Oregon  97201-3098

Dear David:

Telik, Inc. is pleased to offer you the position of Vice President, Clinical
Research and Development, at a starting salary of $200,000 per year. In
addition, we will reimburse you for housing and commuting expenses to a maximum
of $40,000.

We are pleased to offer you an option to purchase 175,000 shares of Telik stock
subject to the formal approval by the Board of Directors of the Company at a
price equal to the Fair Market Value as defined in the Equity Incentive Plan.
The vesting of the Option will provide that no shares will be vested during the
first twelve months of your employment, at which time 25% will vest and the
balance will be vested on a monthly basis over the following three years. The
total option term will be ten years from the date of your grant. In the event of
a change in control of the company, the vesting of outstanding stock options
shall be accelerated in full in accordance with section 11(c) of the Plan. The
other provisions of the Plan will be contained in the Stock Option Agreement to
be entered into after the option is approved by the Board.

We also agree to offer to you as severance continued payment of your base salary
for six months in the event that your employment is terminated without cause.
This agreement shall terminate on the two-year anniversary of your employment.
Telik offers company sponsored health, dental, vision, long-term disability, and
life/accidental death & dismemberment insurance.  The cost to you for this
insurance is $5 per month for you alone, and $100 per month for you and
spouse/dependent coverage.  You will be eligible for these benefits on the first
day of the month following your date of hire.  You will be covered for workers'
compensation insurance effective your first day of employment.  You will also be
eligible to participate in our 401(k) retirement program beginning the first day
of the month following your hire date, and in our Employee Stock Purchase Plan
beginning the first day of the next Offering period (March 1, 2001).  Vacation
is accrued at a rate of three weeks per year.

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William David Henner, M.D.
December 7, 2000
Page 2

This offer is conditioned upon the execution of the enclosed Confidentiality
Agreement. If you accept this offer, the terms described in this letter shall be
the terms of your employment. The terms described in this letter do not imply an
employment contract for a specified period of time. Employment at Telik, Inc. is
at will. Either you or the Company may terminate your employment at any time.
This letter shall be governed by the laws of California without giving effect to
conflicts of law principles. This offer is also conditioned upon your ability to
present evidence of identity and employment eligibility as mandated by U.S. law.

We appreciate your interest in Telik, Inc. and look forward to you beginning
your employment on or before January 31, 2000. Please sign and return the
original copy of this letter, along with the signed Confidentiality Agreement,
to indicate your acceptance of our offer.

If you have any questions, please feel free to call me at (650) 238-3320.

Sincerely,

/s/ Michael M. Wick

Michael M. Wick, M.D., Ph.D.
Chairman and Chief Executive Officer

Cc:    Jan Braun - Senior Director, Human Resources

ACKNOWLEDGMENT

I have read, understand, and accept the foregoing terms and conditions of
employment. I further understand that while my salary, benefits, job title, and
job duties may change from time to time without a written modification of this
Agreement, such changes will not affect the validity of this Agreement or my
right or the Company's right to terminate my employment.

/s/ William David Henner                        December 10, 2000
---------------------------                     -----------------
Signature                                             Date

William David Henner
---------------------------
Printed Name

Employment Date: 1/18/01Exhibit 10.49

     Sale and Transfer Agreement, dated February 20, 2001, between Prime and
Impac Funding Corp., relating to the sale of 200,000 shares of the Impac
Preferred Stock

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                                  EXHIBIT 10.49

     Sale and Transfer Agreement, dated February 20, 2001, between Prime and
Impac Funding Corp., relating to the sale of 200,000 shares of the Impac
Preferred Stock

                           SALE AND TRANSFER AGREEMENT

      SALE AND TRANSFER AGREEMENT (the "Agreement"), made as of the ___th day of
February 2001, by and among Prime Acquisition Corp. (the "Seller"), Impac
Funding Corp. ("Buyer" ), in connection with the sale and transfer of shares of
Series C Cumulative Convertible Preferred Stock (the "Series C Preferred") of
Impac Mortgage Holdings, Inc., (the "Company").

     1.   On the date hereof (the "Effective Date"), (i) the Seller shall
          deliver to the Company a certificate, duly endorsed to the Company,
          representing 800,000 shares of Series C Preferred; (ii) Buyer shall
          deliver to the Seller $5,000,000 plus interest thereon at the rate of
          10.5% per annum from January 1, 2001 to the Effective Date by wire
          transfer in immediately available funds; and (iii) upon confirmation
          by Seller of receipt of the funds specified in the preceding clause
          (ii), the Company shall issue to the Seller a certificate representing
          600,000 shares of Series C Preferred, and a certificate to Buyer
          representing 200,000 shares of Series C Preferred.

     2.   Seller represents and warrants to Buyer that it has valid and
          marketable title to the shares of Series C Preferred being sold
          hereby, and shall deliver such shares of Series C Preferred free and
          clear of any pledge, lien, security interest, encumbrance, claim, or
          equitable interest.

     3.   The Seller and Buyer respectively represent and warrant that they have
          the legal right to enter into this Agreement and perform or be subject
          to each of the agreements and obligations undertaken by them in this
          Agreement without the need for the consent of any other person or
          entity other than consents that they have already obtained.

     4.   The Seller and Buyer acknowledge and agree that the Company is a party
          to the Agreement only with respect to facilitating the transfer of
          shares of Series C Preferred and that the Company makes no
          representations or warranties to any of the Seller or Buyer with
          respect to the transactions contemplated by this Agreement.

     5.   This Agreement may not be assigned without the express written consent
          of the parties hereto. No modification or waiver of any provision of
          this Agreement or consent to depart therefrom shall be effective
          unless in writing.

     6.   This Agreement shall be construed in accordance with the laws of the
          State of Maryland, United States of America, without regard to the
          conflict of laws provisions thereof.

     7.   This Agreement may be executed by facsimile and in counterparts.

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     IN WITNESS WHEREOF, the undersigned have set their signatures to this
Agreement as of the date first written above.

                         SELLER

                                 Prime Acquisition Corp.

                                 By: /s/ LEIGH J. ABRAMS, Pres.
                                     --------------------------
                                 Name:  Leigh J. Abrams
                                 Title: Pres.

                         BUYER
                                 Impac Funding Corp

                                 By: /s/ WILLIAM ASHMORE
                                     --------------------------
                                 Name:  William Ashmore
                                 Title: President

                         COMPANY

                                 IMPAC MORTGAGE HOLDINGS, INC.

                                 By: /s/ WILLIAM ASHMORE
                                     --------------------------
                                 Name:  William Ashmore
                                 Title: President

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                             SECRETARY'S CERTIFICATE

                                    LBP, INC.
                                       AND
                             PRIME ACQUISITION CORP.

     I,  Harvey J.  Kaplan,  do hereby  certify  that I am the duly  elected and
qualified Secretary of LBP, Inc., a corporation organized and existing under the
laws of the State of Delaware,  having its principal  place of business in White
Plains,  New York (the  "Company");  that I am the keeper of the records and the
seal  of  the  Company;  that  the  following  is a true  and  correct  copy  of
resolutions  duly adopted at a meeting of the Boards of Directors of the Company
and its wholly-owned  subsidiary,  Prime Acquisition  Corp.,  called and held in
accordance  with their By-laws and the laws of the State of Delaware on the 12th
day of February,  2001, as taken and  transcribed by me from the minutes of said
meeting;  and that the same  have  not  been in any way  modified,  repealed  or
rescinded, but remain in full force and effect:

     WHEREAS, the Company previously caused its, wholly-owned subsidiary,  Prime
Acquisition Corp. ("Prime"),  to make certain short-term investments to preserve
its assets and enhance stockholder value; and

     WHEREAS, the Board of Directors has adopted a Plan of Complete Liquidation,
Dissolution and Termination of Existence of the Company,  subject to stockholder
approval; and

     WHEREAS,  the  Board  of  Directors  deems  it  advisable  and in the  best
interests of the Company and its stockholders  that Prime liquidate its non-cash
assets; and

     WHEREAS,  offers have been made to Prime by Impac Funding Corp. ("IFC") and
HBK Master Fund L.P.  ("HBK") to  purchase  200,000  shares and 400,000  shares,
respectively,  of the 800,000  shares of Series C 10.5%  Cumulative  Convertible
Preferred Stock of Impac Mortgage  Holdings,  Inc. (the "Impac Preferred Stock")
owned by Prime,

     NOW THEREFORE, IT IS

     RESOLVED,  that Prime sell shares of Impac  Preferred Stock at the price of
$25 per  share  payable  in cash on the  effective  date of sale  together  with
accrued  interest to the effective date of sale, as follows:  (i) 200,000 shares
to IFC and (ii) 400,000 shares to HBK; and it is further

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     RESOLVED,  that the Officers of the Company be, and each of them hereby is,
authorized  and  directed  to take  any  action  and  execute  and  deliver  any
agreements,  documents and instruments,  including powers of attorney, as any of
the Officers deem  necessary or advisable to carry out the purpose and intent of
the foregoing resolutions; and it is further

     RESOLVED,  that any action of the Board of Directors or the Officers of the
Company in  furtherance  of the purposes of the foregoing  resolutions,  whether
taken before or after the adoption or  effectiveness  of these  resolutions  are
hereby approved, confirmed, ratified and adopted.

     IN  WITNESS  WHEREOF,  I have  executed  this  Secretary's  Certificate  as
Secretary of the Company this 20th day of February, 2001.

                                          Harvey J. Kaplan

                                          /s/ HARVEY J. KAPLAN
                                          --------------------
                                          Secretary

                                      -2-

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