Document:

COMMON STOCK WARRANT ISSUED TO HBM BIOVENTURES (CAYMAN) LTD.

 EXHIBIT 4.22 
  
 THE WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE NOT OFFERED OR SOLD IN THE UNITED STATES OR TO A UNITED STATES PERSON. 
  
 WARRANT TO PURCHASE COMMON SHARES IN THE CAPITAL 
 OF ADHEREX TECHNOLOGIES INC. 
 (amalgamated under the Canada Business Corporations Act) 
  

			
	Warrant No.: D14	  	Ottawa, Ontario
	 	  	December 3, 2003

  
 This certifies that,
for value received, HBM BioVentures (Cayman) Ltd. (the “Holder”) is entitled to purchase from Adherex Technologies Inc., a corporation amalgamated under the Canada Business Corporations Act (the “Company”),
up to five hundred and thirty five thousand, seven hundred and fourteen (535,714) fully paid and non-assessable common shares (the “Common Shares”) in the capital of the Company at an exercise price of CDN $0.43 per Common Share
(the “Exercise Price”), subject to adjustment as herein provided. This Warrant may be exercised by Holder at any time on or before December 3, 2007 (the “Expiry Date”) after which Exercise Date all rights under this
Warrant shall terminate and be of no further force or effect. 
  
 This Warrant is subject to the following provisions, terms and conditions: 
  
 1. Exercise of Warrant. 
  
 (a) Exercise for Cash. The rights represented by this Warrant may be exercised by the Holder, in whole or in part (but not as to a fractional Common Share), at any time prior to the Expiry Date, by the surrender of this Warrant
(properly endorsed, if required, at the Company’s principal office in Ottawa, Ontario, or such other office or agency of the Company as the Company may designate by notice in writing to the Holder at the address of such Holder appearing on the
books of the Company at any time within the period above named), and upon payment to it by certified check, bank draft, wire transfer or cash of the purchase price for such Common Shares. The Company agrees that the Common Shares so purchased shall
have been and are hereby deemed to be issued to the Holder as the record owner of such Common Shares as of the close of business on the date on which this Warrant shall have been surrendered and payment made for such Common Shares as aforesaid (the
“Exercise Date”). Certificates for the Common Shares so purchased shall be delivered to the Holder within a reasonable time, not exceeding ten (10) business days, after the rights represented by this Warrant shall have been so exercised,
and, unless this Warrant has expired, a new Warrant representing the number of Common Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be delivered to the Holder within such time. The Company may
require that any such new Warrant or any certificate for Common Shares purchased upon the exercise hereof bear legends substantially similar to those contained on the face of this Warrant. 
  
 (b) Cashless Exercise. Upon receipt of a notice of cashless exercise,
the Company shall deliver to the Holder (without payment by the Holder of any exercise price) that number of Common Shares that is equal to the quotient obtained by dividing (x) the value of that portion of the Warrant exercised on the date that the
Warrant shall have been surrendered (determined by subtracting the aggregate Exercise Price for the Common Shares in effect on the Exercise Date from the aggregate Fair Market Value (hereinafter defined) for the Common Shares) by (y) the Fair Market
Value of one Common Share. A notice of “cashless exercise” shall state the number of Common Shares as to which the Warrant is being exercised. “Fair Market Value” for purposes of this Section (b) shall mean the average of
the Common Share closing prices reported by the Toronto Stock Exchange (“TSX”) or such other principal exchange or automated quotation systems on which 

 the Common Shares are traded or quoted, as the case may be, for the ten (10) trading days immediately preceding the
Exercise Date or, in the event no public market shall exist for the Common Shares at the time of such cashless exercise, Fair Market Value shall mean the fair market value of the Common Shares as the same shall be determined in the good faith
discretion of the Board of Directors of the Company (the “Board”), after full consideration of all factors then deemed relevant by such Board in establishing such value, including by way of illustration and not limitation, the per share
purchase price of Common Share or per security convertible into one Common Share of the most recent sale of Common Shares or securities convertible into Common Shares by the Company after the date hereof, all as evidenced by the vote of a majority
of the directors then in office. 
  
 2. Transferability of this
Warrant. This Warrant is issued upon the following terms, to which Holder consents and agrees: 
  
 (a) Until this Warrant is transferred on the books of the Company, the Company will, and shall be entitled to, treat the Holder of this Warrant registered
as such on the books of the Company as the absolute owner hereof for all purposes without being affected by any notice to the contrary. 
  
 (b) This Warrant may not be exercised, and this Warrant and the Shares underlying this Warrant shall not be transferable, except in compliance with all
applicable provincial, state and federal securities laws, regulations and orders, and with all other applicable laws, regulations and orders. 
  
 (c) The Warrant may not be transferred, and the Common Shares underlying this Warrant may not be transferred, without the Holder obtaining an opinion of
legal counsel satisfactory in form and substance to the Company’s legal counsel stating that the proposed transaction will not result in a prohibited transaction under the Securities Act of the Province of Ontario, the United States
Securities Act of 1933, as amended (the “US Securities Act”), and all other applicable provincial, state and federal securities laws, regulations and orders. By accepting this Warrant, the Holder agrees to act in accordance with any
conditions reasonably imposed on such transfer by such opinion of legal counsel. 
  
 (d) Neither this issuance of this Warrant nor the issuance of the Common Shares underlying this Warrant have been registered under any Canadian provincial securities laws, the US Securities Act or any US state
securities laws. 
  
 3. Certain Covenants of the Company.
The Company covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant, upon issuance and full payment for the Common Shares so purchased, will be duly authorized and issued, fully
paid and non-assessable and free from all taxes, liens and charges with respect to the issue hereof, except those that may be created by or imposed upon the Holder or its property. The Company further covenants and agrees that during the period
within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved, free of preemptive or other rights, for the exclusive purpose of issue upon exercise of the purchase rights evidenced
by this Warrant, a sufficient number of Common Shares to provide for the exercise of the rights represented by this Warrant. 
  
 4. Adjustment of Exercise Price and Number of Common Shares. The Exercise Price and number of Common Shares which may be purchased pursuant to the
rights represented by this Warrant are subject to the following adjustments: 
  
 (a) Adjustment of Exercise Price for Stock Dividend, Stock Split or Stock Combination. In the event that (i) any dividends on any class of shares of the Company payable in Common Shares or securities
convertible into or exercisable for Common Shares (“Common Share Equivalents”) shall be paid by 
  

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 the Company, (ii) the Company shall subdivide its then outstanding Common Shares into a greater number of shares, or
(iii) the Company shall combine its outstanding Common Shares, by reclassification or otherwise, then, in each such event, the Exercise Price in effect immediately prior to such event shall (until adjusted again pursuant hereto) be adjusted
immediately after such event to a price (calculated to the nearest full cent) determined by dividing (a) the number of Common Shares outstanding immediately prior to such event, multiplied by the then existing Exercise Price, by (b) the total number
of Common Shares outstanding immediately after such event, and the resulting quotient shall be the adjusted Exercise Price per share. No adjustment of the Exercise Price shall be made if the amount of such adjustment shall be less than 1% of the
Exercise Price then in effect, but in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any
adjustment or adjustments so carried forward, shall amount to not less than 1% of the Exercise Price then in effect. 
  
 (b) Adjustment of Number of Shares Purchasable on Exercise of Warrants. Upon each adjustment of the Exercise Price pursuant to this Section, the
Holder shall thereafter (until another such adjustment) be entitled to purchase at the adjusted Exercise Price the number of Common Shares, calculated to the nearest full share, obtained by multiplying the number of Common Shares specified in such
Warrant (as adjusted as a result of all adjustments in the Exercise Price in effect prior to such adjustment) by the Exercise Price in effect prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

 
 (c) Notice as to Adjustment. Upon any adjustment of the Exercise
Price and any increase or decrease in the number of Common Shares purchasable upon the exercise of the Warrant, then, and in each such case, the Company shall, as soon as practicable (and in any event within seven days) after the occurrence of any
event which requires an adjustment pursuant to this Section 4, give written notice thereof to each Holder as shown on the books of the Company, which notice shall state the adjusted Exercise Price and the increased or decreased number of Common
Shares purchasable upon the exercise of the Warrants, and shall set forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
  
 (d) Effect of Reorganization, Reclassification, Merger, etc. If at any time while this Warrant is outstanding there
should be (i) any capital reorganization of the Company (other than the issuance of any Common Shares in subdivision of outstanding Common Shares by reclassification or otherwise and other than a combination of shares provided for in Section 4(a)
hereof), (ii) any consolidation or merger of the Company with another corporation, or any sale, conveyance, lease or other transfer by the Company of all or substantially all of its property to any other corporation, which is effected in such a
manner that the holders of Common Shares shall be entitled to receive cash, shares, securities, or assets with respect to or in exchange for Common Shares, or (iii) any dividend or any other distribution upon any class of shares of the Company
payable in shares of the Company of a different class, other securities of the Company, or other property of the Company (other than cash), then, as a part of such transaction, lawful provision shall be made so that Holder shall have the right
thereafter to receive, upon the exercise hereof, the number of shares or other securities or property of the Company, or of the successor corporation resulting from such consolidation or merger, or of the corporation to which the property of the
Company has been sold, conveyed, leased or otherwise transferred, as the case may be, which the Holder would have been entitled to receive upon such capital reorganization, consolidation, merger, sale, conveyance, lease or other transfer, if this
Warrant had been exercised immediately prior to such capital reorganization, consolidation, merger, sale, conveyance, lease or 
  

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 other transfer, or dividend payment or other distribution. In any such case, appropriate adjustments (as determined by
the Board) shall be made in the application of the provisions set forth in this Warrant (including the adjustment of the Exercise Price and the number of Common Shares issuable upon the exercise of the Warrant) to the end that the provisions set
forth herein shall thereafter be applicable, as near as reasonably may be, in relation to any shares or other property thereafter deliverable upon the exercise of the Warrant as if the Warrant had been exercised immediately prior to such capital
reorganization, consolidation, merger, sale, conveyance, lease or other transfer, or dividend payment or other distribution and the Holder had carried out the terms of the exchange as provided for by such capital reorganization, consolidation or
merger. The Company shall not effect any such capital reorganization, consolidation, merger, sale, conveyance, lease or other transfer, or dividend payment or other distribution unless, upon or prior to the consummation thereof, the successor
corporation or the corporation to which the property of the Company has been sold, conveyed, leased or otherwise transferred shall assume by written instrument the obligation to deliver to the Holder such shares, securities, cash or property as in
accordance with the foregoing provisions such Holder shall be entitled to purchase. 
  
 5. No Rights as Shareholders. This Warrant shall not entitle the Holder as such to any voting rights or other rights as a shareholder of the Company. 
  
 6. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. 
  
 7. Amendments and Waivers. The provisions of this Warrant may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company
agrees in writing and has obtained the written consent of the Holder. 
  
 8. Notices. All notices or communications hereunder, except as herein otherwise specifically provided, shall be in writing and if sent to the Holder shall be mailed, delivered, or telecopied and confirmed to the Holder at his or her
address set forth on the records of the Company; or if sent to the Company shall be mailed, delivered, or telecopied and confirmed to the head office of the Company, or to such other address as the Company or the Holder shall notify the other as
provided in this Section. 
  
 9. Loss, etc., of Warrant.
Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this
Warrant if mutilated, the Company shall execute and deliver to the Holder a new Warrant of like date, tenor and denomination. 
  
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 IN WITNESS WHEREOF, Adherex Technologies Inc. has caused this Warrant to be signed by its duly authorized
officer in the date set forth above. 
  

			
	 ADHEREX TECHNOLOGIES INC.

		
	 By:
	 	  

	 Its:
	 	  

  

 5 

 SUBSCRIPTION FORM 
  
 To be signed only upon exercise of Warrant. 
  
 The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by
such Warrant for, and to purchase thereunder,                      common shares in the capital of Adherex Technologies Inc. (the
“Shares”) to which such Warrant relates and herewith makes payment of CDN$                     therefor in cash, certified
check, bank draft or wire transfer and requests that a certificate evidencing the Shares be delivered to,
                                        ,
the address for whom is set forth below the signature of the undersigned: 
  
 Dated:                      
  

	
	

	 (Signature)

	
	

	

	 (Address)

 ASSIGNMENT FORM 
  
 To be signed only upon authorized transfer of Warrant. 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto
                                        
the right to purchase common shares in the capital of Adherex Technologies Inc. to which the within Warrant relates and appoints
                     attorney, to transfer said right on the books of
                     with full power of substitution in the premises. 
  
 Dated:                     

  

	
	

	 (Signature)

	
	

	

	 (Address)FORM OF PLACEMENT AGENT COMMON STOCK WARRANT

 Exhibit 4.23 
  
 UNLESS PERMITTED UNDER APPLICABLE SECURITIES LEGISLATION, THE HOLDER 
 OF THE WARRANT OR OF THE COMMON SHARES WHICH MAY BE OBTAINED ON 
 EXERCISE OF THE WARRANT SHALL NOT TRADE SUCH SECURITIES 
 BEFORE APRIL 19, 2004 
  
 COMPENSATION WARRANTS TO PURCHASE COMMON SHARES OF 
  
 ADHEREX TECHNOLOGIES INC. 
  
 THIS CERTIFIES that, for value received, [  ] (the
“Agent”) is the registered holder of one million four hundred thirty-three thousand four hundred and sixty-nine (  ) warrants (the “Compensation Warrants”) which entitle the holder, subject to the terms and
conditions set forth in this Compensation Warrant Certificate, to purchase from Adherex Technologies Inc. (the “Company”) up to one million four hundred thirty-three thousand four hundred and sixty-nine (  ) fully paid and
non-assessable common shares of the Company (the “Compensation Shares”), at any time commencing on the date hereof and continuing up to 5:00 p.m. Ottawa time on December 19, 2005 (the “Time of Expiry”) on payment of CDN$0.43 per
Compensation Share (the “Exercise Price”). The number of Compensation Shares which the Agent is entitled to acquire upon exercise of the Compensation Warrants and the Exercise Price are subject to adjustment as hereinafter provided.

  

	1.	Exercise of Compensation Warrants 

  

	 	(a)	Election to Purchase. The rights evidenced by this certificate may be exercised by the Agent in whole or in part in accordance with the provisions hereof by delivery of an
Election to Purchase in substantially the form attached hereto as Schedule ”I”, properly completed and executed, together with payment of the Exercise Price for the number of Compensation Shares specified in the Election to Purchase at the
principal office of the Company at 600 Peter Morand Crescent, Ottawa, Ontario K1G 5Z3, or such other address in Canada as may be notified in writing by the Company. In the event that the rights evidenced by this certificate are exercised in part,
the Company shall, contemporaneously with the issuance of the Compensation Shares issuable on the exercise of the Compensation Warrants so exercised, issue to the Agent a Warrant Certificate, dated as of December 19, 2003, on identical terms in
respect of that number of Compensation Shares in respect of which the Agent has not exercised the rights evidenced by this certificate, provided that the Company shall not be so required if the Election to Purchase is received after the Time of
Expiry. 

  

	 	(b)	Exercise. The Company shall, on the day following the date it receives a duly executed Election to Purchase and the Exercise Price for the number of Compensation Shares
specified in the Election to Purchase (the “Exercise Date”), issue that number of Compensation Shares specified in the Election to Purchase as fully paid and non-assessable common shares (“Common Shares”) in the capital of the
Company. 

  

	 	(c)	Share Certificates. As promptly as practicable after the Exercise Date, the Company shall issue and deliver to the Agent, registered in such name or names as the Agent may
direct or if no such direction has been given, in the name of the Agent, a certificate or certificates for the number of Compensation Shares specified in the Election to Purchase. To the extent permitted by law, such exercise shall be deemed to have
been effected as of the close of business on the Exercise Date, and at such time the rights of the Agent with respect to the number of Compensation Warrants which have been exercised as such shall cease, and the person or persons in whose name or
names any certificate or certificates 

 for Compensation Shares shall then be issuable upon such exercise shall be deemed to have become the
holder or holders of record of the Compensation Shares represented thereby. 
  

	 	(d)	Fractional Shares. No fractional Compensation Shares shall be issued upon exercise of any Compensation Warrants and no payments or adjustment shall be made upon any exercise
on account of any cash dividends on the Compensation Shares issued upon such exercise. If any fractional interest in a Compensation Share would, except for the provisions of the first sentence of this Section 1(d), be deliverable upon the
exercise of a Compensation Warrant, the Company shall, in lieu of delivering the fractional share therefor, pay to the Agent an amount in cash equal to the Fair Market Value (as hereinafter defined) of such fractional interest.

  

	 	(e)	Corporate Changes. 

  

	 	(i)	Subject to paragraph 1(e)(ii) hereof, if the Company shall be a party to any reorganization, merger, dissolution or sale of all or substantially all of its assets, whether or
not the Company is the surviving entity, the number of Compensation Warrants evidenced by this certificate shall be adjusted so as to apply to the securities to which the holder of that number of Compensation Shares of the Company subject to the
unexercised Compensation Warrants would have been entitled by reason of such reorganization, merger, dissolution or sale of all or substantially all of its assets (the “Event”), and the Exercise Price shall be adjusted to be the amount
determined by multiplying the Exercise Price in effect immediately prior to the Event by the number of Compensation Shares subject to the unexercised Compensation Warrants immediately prior to the Event, and dividing the product thereof by the
number of securities to which the holder of that number of Compensation Shares subject to the unexercised Compensation Warrants would have been entitled to by reason of such Event. 

  

	 	(ii)	If the Company is unable to deliver securities to the Agent pursuant to the proper exercise of a Compensation Warrant, the Company may satisfy such obligations to the Agent
hereunder by paying to the Agent in cash the difference between the Exercise Price of all unexercised Compensation Warrants granted hereunder and the Fair Market Value of the securities to which the Agent would be entitled to upon exercise of all
unexercised Compensation Warrants. Adjustments under this subparagraph (e) or (subject to subparagraph (o)) any determinations as to the Fair Market Value of any securities shall be made by the board of directors of the Company, or any
committee thereof specifically designated by the board of directors to be responsible therefor, and any reasonable determination made by such board or committee thereof shall be binding and conclusive, subject only to any disputes being resolved by
the Company’s auditors, whose determination shall be binding and conclusive. 

  

	 	(f)	Subdivision or Consolidation of Shares 

  

	 	(i)	In the event that the Company shall subdivide its outstanding Common Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall
be proportionately reduced, and conversely, in case the outstanding Common Shares of the Company shall be consolidated into a smaller number of shares, the Exercise Price in effect immediately prior to such consolidation shall be proportionately
increased. 

  

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	 	(ii)	Upon each adjustment of the Exercise Price as provided herein, the Agent shall thereafter be entitled to acquire, at the Exercise Price resulting from such adjustment, the number of
Compensation Shares (calculated to the nearest tenth of a Compensation Share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Compensation Shares which may be acquired hereunder immediately
prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. 

  

	 	(g)	Change or Reclassification of Shares. In the event the Company shall change or reclassify its outstanding Common Shares into a different class of securities, the rights
evidenced by the Compensation Warrants shall be adjusted as follows so as to apply to the successor class of securities: 

  

	 	(i)	the number of the successor class of securities which the Agent shall be entitled to acquire shall be that number of the successor class of securities which a holder of that number
of Compensation Shares subject to the unexercised Compensation Warrants immediately prior to the change or reclassification would have been entitled to by reason of such change or reclassification; and 

  

	 	(ii)	the Exercise Price shall be determined by multiplying the Exercise Price in effect immediately prior to the change or reclassification by the number of Compensation Shares subject
to the unexercised Compensation Warrants immediately prior to the change or reclassification, and dividing the product thereof by the number of shares determined in paragraph 1(g)(i) hereof. 

  

	 	(h)	Offering to Shareholders. If and whenever at any time prior to the Time of Expiry, the Company shall fix a record date or if a date of entitlement to receive is otherwise
established (any such date being hereinafter referred to in this Subsection 1(h) as the “record date”) for the issuance of rights, options or warrants to all or substantially all the holders of the outstanding Common Shares of the
Company entitling them, for a period expiring not more than forty-five (45) days after such record date, to subscribe for or purchase Common Shares of the Company or securities convertible into or exchangeable for Common Shares at a price per share
or, as the case may be, having a conversion or exchange price per share less than 95% of the Fair Market Value (as hereinafter defined) on such record date, the Exercise Price shall be adjusted immediately after such record date so that it shall
equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a number equal to the number arrived at
by dividing the aggregate subscription or purchase price of the total number of additional Common Shares offered for subscription or purchase or, as the case may be, the aggregate conversion or exchange price of the convertible or exchangeable
securities so offered by such Fair Market Value, and of which the denominator shall be the total number of Common Shares outstanding on such record date plus the total number of additional Common Shares so offered (or into which the convertible or
exchangeable securities so offered are convertible or exchangeable); Common Shares owned by or held for the account of the Company or any subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such computation; such
adjustment shall be made 

  

 - 3 - 

 successively whenever such a record date is fixed; to the extent that any rights or warrants are not so
issued or any such rights or warrants are not exercised prior to the expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or to the Exercise Price
which would then be in effect based upon the number of Common Shares or conversion exchange rights contained in convertible or exchangeable securities actually issued upon the exercise of such rights or warrants, as the case may be. 
  

	 	(i)	Carry Over of Adjustments. No adjustment of the Exercise Price shall be made if the amount of such adjustment shall be less than one percent (1%) of the Exercise Price in
effect immediately prior to the event giving rise to the adjustment, provided, however, that in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at the time of and together with the
next subsequent adjustment which, together with any adjustment so carried forward, shall amount to at least one percent (1%) of the Exercise Price. 

  

	 	(j)	Notice of Adjustment. Upon any adjustment of the number of Compensation Shares and upon any adjustment of the Exercise Price, then and in each such case the Company shall
give written notice thereto to the Agent, which notice shall state the Exercise Price and the number of Compensation Shares or other securities subject to the unexercised Compensation Warrants resulting from such adjustment, and shall set forth in
reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the request of the Agent there shall be transmitted promptly to the Agent a statement of the firm of independent chartered accountants retained to
audit the financial statements of the Company to the effect that such firm concurs in the Company’s calculation of the change. 

  

	 	(k)	Other Notices. In case at any time: 

  

	 	(i)	the Company shall declare any dividend upon its Common Shares payable in Common Shares; 

  

	 	(ii)	the Company shall offer for subscription pro rata to the holders of its Common Shares any additional shares of any class or other rights; 

  

	 	(iii)	there shall be any capital reorganization or reclassification of the capital stock of the Company, or consolidation, amalgamation or merger of the Company with, or sale of all or
substantially all of its assets to, another corporation; or 

  

	 	(iv)	there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

  
 then, in any one or more of such cases, the Company shall give to the Agent: (A) at least ten (10) days’ prior written
notice of the date on which a record shall be taken for such dividend, distribution or subscription rights or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, amalgamation, sale,
dissolution, liquidation or winding-up; and (B) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, at least ten (10) days’ prior written notice of the date when the
same shall take place. Such notice in accordance with the foregoing clause (A) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of 
  

 - 4 - 

 Common Shares shall be entitled thereto, and such notice in accordance with the foregoing clause (B)
shall also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, amalgamation, sale,
dissolution, liquidation or winding-up, as the case may be. 
  

	 	(l)	Shares to be Reserved. The Company will at all times keep available, and reserve if necessary under Canadian law, out of its authorized Common Shares, solely for the purpose
of issue upon the exercise of the Compensation Warrants, such number of Compensation Shares as shall then be issuable upon the exercise of the Compensation Warrants. The Company covenants and agrees that all Compensation Shares which shall be so
issuable will, upon issuance, be duly authorized and issued as fully paid and non-assessable. The Company will take all such actions as may be necessary to ensure that all such Compensation Shares may be so issued without violation of any applicable
requirements of any exchange upon which the Common Shares of the Company may be listed. The Company will take all such actions as are within its power to ensure that all such Compensation Shares may be so issued without violation of any applicable
law. 

  

	 	(m)	Issue Tax. The issuance of certificates for Compensation Shares upon the exercise of Compensation Warrants shall be made without charge to the Agent for any issuance tax in
respect thereto, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the Agent.

  

	 	(n)	Listing. The Company will, at its expense and as expeditiously as possible, use its best efforts to cause all Compensation Shares issuable upon the exercise of the
Compensation Warrants to be duly listed on any applicable exchange prior to the issuance of such Compensation Shares. 

  

	 	(o)	Fair Market Value. For the purposes of any computation hereunder, the “Fair Market Value” at any date shall be the weighted average sale price per share for the
Common Shares of the Company for the 20 consecutive trading days immediately before such date on the Toronto Stock Exchange, or, if the shares in respect of which a determination of Fair Market Value is being made are not listed on any stock
exchange, the Fair Market Value shall be determined by the directors, which determination shall be conclusive. The weighted average price shall be determined by dividing the aggregate sale price of all such shares sold on the said exchange during
the said 20 consecutive trading days by the total number of such shares so sold. 

  

	2.	Replacement 

  
 Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Compensation Warrant Certificate and, if
requested by the Company, upon delivery of a bond of indemnity satisfactory to the Company (or, in the case of mutilation, upon surrender of this Compensation Warrant Certificate), the Company will issue to the Agent a replacement certificate
(containing the same terms and conditions as this Compensation Warrant Certificate). 
  

	3.	Expiry Date 

  
 The Compensation Warrants shall expire and all rights to purchase Compensation Shares hereunder shall cease and become null and void at the Time of
Expiry. 
  

 - 5 - 

	4.	Covenant 

  
 So long as any Compensation Warrants remain outstanding the Company covenants that it shall do or cause to be done all things reasonably necessary to
maintain its status as a reporting issuer not in default in the Province of Ontario. 
  

	5.	Inability to Deliver Compensation Shares 

  
 If for any reason, other than the failure or default of the Agent, the Company is unable to issue and deliver the Compensation Shares or other securities
as contemplated herein to the Agent upon the proper exercise by the Agent of the right to purchase any of the Compensation Shares covered by this Compensation Warrant Certificate, the Company may pay, at its option and in complete satisfaction of
its obligations hereunder, to the Agent, in cash, an amount equal to the difference between the Exercise Price and the Fair Market Value of such Compensation Shares or other securities on the Exercise Date. 
  

	6.	Governing Law 

  
 The laws of the Province of Ontario and the laws of Canada applicable therein shall govern the Compensation Warrants. 
  

	7.	Successors 

  
 This Compensation Warrant Certificate shall enure to the benefit of and shall be binding upon the Agent and the Company and their respective successors.

  
 IN WITNESS WHEREOF the Company has caused this
Compensation Warrant Certificate to be signed by its duly authorized officer. 
  
 DATED as of December 19, 2003. 
  

			
	ADHEREX TECHNOLOGIES INC.
		
	 per:
	 	  

  

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 SCHEDULE “I” 
  
 ELECTION TO EXERCISE 
  
 The undersigned hereby irrevocably elects to exercise the number of Compensation Warrants of Adherex Technologies Inc. set out below for the number of
Compensation Shares as set forth below: 
  

			
	 (a)    
	 	 Number of Compensation Warrants to be Exercised:
                                       
 

		
	 (b)
	 	 Number of Compensation Shares to be acquired:
                                       
 

		
	 (c)
	 	 Exercise Price per Share:
                                       
 

		
	 (d)
	 	 Aggregate Purchase Price [(b) multiplied by (c)]:
                                       
 

  
 and hereby tenders a certified cheque,
bank draft or cash for such aggregate purchase price and directs such Compensation Shares to be registered and a certificate therefor to be issued as directed below. 
  
 DATED this              day of
                    , 200  . 
  

			
	 per:
	 	  

  
  

			
	 Direction as to Registration
	 	 
		
	 Name of Registered Holder:
	 	  

		
	 Address of Registered Holder:
	 	  

		
	 	 	  

		
	 	 	  

  

 - 7 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]