Document:

Form of Amended and Restated Warrant

 Exhibit 4.2 
 Form of Amended and Restated Stock Purchase Warrant 
 NEITHER THIS WARRANT NOR
ANY OF THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY FOREIGN JURISDICTION OR ANY STATE SECURITIES LAWS WITHIN THE
UNITED STATES AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED UNLESS THERE IS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IN EFFECT COVERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY
BE, OR THERE IS AVAILABLE AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. 
 CELATOR PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED STOCK
PURCHASE WARRANT 
  

			
	Warrant No. [            ]	  	[Insert date of amendment and restatement]

 Void After [Insert date of original issuance] 

THIS CERTIFIES that, for value received, [            ]
(“Holder”), or registered assigns, is entitled to subscribe for and purchase from Celator Pharmaceuticals, Inc. (the “Company”), a Delaware corporation,
[            ] shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”), subject to adjustment from time to time in accordance with
Section 4 hereof, at a price per share equal to $5.1213 (the “Warrant Price”). This Amended and Restated Stock Purchase Warrant (this “Warrant”) is one of a series of amended and restated warrants to purchase shares of
Common Stock dated as of [            ], 2012 (collectively, the “Warrants”), which amend and restate Preferred Stock Purchase Warrants that were previously issued by the
Company in connection with the transactions contemplated by that certain Note and Warrant Purchase Agreement dated as of December 15, 2011 among the Company and the investors listed therein, as amended (the “Note Purchase Agreement”).
The Preferred Stock Purchase Warrant being amended and restated hereby is hereinafter referred to as the Original Warrant. 

Section 1. Exercise and Duration of Warrant. 
 (a) Exercise Procedures. Holder may exercise this Warrant, in whole or in part, by presentation and surrender of this Warrant to the Company with the Form of Subscription attached hereto duly
executed and accompanied by payment of the full Warrant Price for each share to be purchased. 
 (b) Issuance of Common
Stock. Upon receipt of this Warrant with the Form of Subscription duly executed and accompanied by payment of the aggregate Warrant Price for the shares for which this Warrant is then being exercised, the Company shall cause to be issued
certificates for the total number of whole shares of Common Stock for which this Warrant is being exercised (adjusted to reflect the effect of the provisions contained in Section 4, if any) in

 
such denominations as are requested for delivery to Holder, and the Company shall thereupon deliver such certificates to Holder. Holder shall be deemed to be the holder of record of the shares of
Common Stock issuable upon such exercise, notwithstanding that certificates representing such shares of Common Stock shall not then be actually delivered to Holder. In case Holder shall exercise this Warrant with respect to fewer than all of the
shares that may be purchased under this Warrant, the Company shall execute a new warrant in the form of this Warrant for the balance of such shares and deliver such new warrant to Holder. 

(c) Net Issuance Exercise. Notwithstanding anything to the contrary set forth herein, upon exercise of this Warrant, Holder may,
at Holder’s election, either (i) exercise this Warrant by paying to the Company an amount equal to the aggregate Warrant Price of the shares being purchased or (ii) receive shares of Common Stock equal to the value (as determined
below) of this Warrant, or the portion thereof being cancelled, in which event the Company shall issue to Holder a number of shares of Common Stock computed using the following formula: 

 

					
		  	X =	  	Y(A-B)
		  		  	     A
			
	Where:	  	X =	  	the number of shares of Common Stock to be issued to Holder
			
		  	Y =	  	the total number of shares of Common Stock for which this Warrant is being exercised
			
		  	A =	  	the Current Fair Market Value of one share of Common Stock
			
		  	B =	  	the Warrant Price then in effect

 As used herein, Current Fair Market Value of Common Stock shall mean with respect to each share of Common Stock the fair
market value per share as determined in good faith by the Board of Directors of the Company; provided, that if the Common Stock is then traded regularly in a public market, the current Fair Market Value shall be the average of the closing bid and
asked prices of the Common Stock quoted in the over-the-counter market summary, or the average of the last reported sales price of the Common Stock or the closing price quoted on any national securities exchange on which the Common Stock is listed,
whichever is available, as published in The Wall Street Journal over the ten trading days prior to the effective date of exercise. 
 (d) Duration. This Warrant shall expire at the close of business on the earlier to occur of (i) [insert date seven years from date of original issuance] or (ii) the closing of a
Liquidity Event (as defined below); provided, however, that notwithstanding the foregoing, without any further action by or on behalf of Holder, this Warrant shall automatically be deemed to be exercised in full pursuant to the net issuance exercise
provisions of Section 1(c) hereof upon the occurrence of a Liquidity Event if the application of such net exercise provisions would result in the issuance of any shares of Common Stock (i.e., if this Warrant is “in-the-money”). For
purposes of this Warrant, a “Liquidity Event” shall mean: (i) the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or
consolidation, but excluding any merger effected 

  
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exclusively for the purpose of changing the domicile of the Company); (ii) a sale of all or substantially all of the assets of the Company; (iii) the sale, exchange or transfer by the
Company’s stockholders, in a single transaction or series of related transactions, of capital stock representing a majority of the voting power at elections of directors of the Company; or (iv) the grant by the Company of an exclusive
license to any third party with respect to substantially all of the assets of the Company, unless, in the case of clauses (i) and (iii) above, the Company’s stockholders of record as constituted immediately prior to such acquisition
or sale will, immediately after such acquisition or sale (by virtue of securities issued as consideration for the Company’s acquisition or sale or otherwise) hold more than 50% of the voting power of the surviving or acquiring entity in
approximately the same relative percentages after such acquisition or sale as before such acquisition or sale. In the event that the Company is a party to a Liquidity Event or otherwise has knowledge thereof, the Company shall provide written notice
to Holder of such Liquidity Event at least 15 days prior to the consummation thereof (or such shorter period to which the Majority Holders (as defined in Section 10) may consent). 

Section 2. Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and
delivery upon exercise of this Warrant such number of shares of Common Stock from time to time issuable upon exercise of this Warrant and such number of shares of Common Stock into which those shares are convertible. 

Section 3. Covenants as to Capital Stock. The Company covenants and agrees that all shares of Common Stock that may be issued
upon the exercise of the rights represented by this Warrant, will, upon issuance, be validly issued, fully paid and non-assessable, and free from all taxes, liens and charges with respect to the issue thereof. Without limiting the generality of the
foregoing, the Company covenants that it will from time to time take all such other action as may be required to assure that the stated or par value per share of the Common Stock is at all times equal to or less than the then effective Warrant Price
per share of the Common Stock issuable upon exercise of this Warrant. 
 Section 4. Adjustments; Antidilution
Provisions. 
 (a) Stock Split, Subdivision or Combination. If the Company, at any time while this Warrant is
outstanding, shall split, subdivide or combine the Common Stock (by reclassification or otherwise than by payment of a dividend in Common Stock), the number of shares subject to purchase under this Warrant (i) shall be proportionately increased
and the Warrant Price shall be proportionately decreased, in case of a split or subdivision of Common Stock, as of the effective date of such stock split or subdivision, or, if the Company shall take a record of the holders of the Common Stock for
the purpose of so splitting or subdividing, as at such record date, whichever is earlier, or (ii) shall be proportionately decreased and the Warrant Price per share shall be proportionately increased, in the case of combination of Common Stock,
as at the effective date of such combination or, if the Company shall take a record of holders of the Common Stock for the purpose of so combining, as at such record date, whichever is earlier. 

(b) Stock Dividends. In the event the Company, at any time or from time to time while this Warrant is outstanding, shall pay a
dividend payable in, or make any other distribution (except any distribution specifically provided for in Section 4(a) or Section 4(c)) in 

  
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the nature of a dividend of, Common Stock, then the Warrant Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to
that price determined by multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to such dividend
or distribution, and the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution. Holder shall thereafter be entitled to purchase, at the Warrant Price resulting from such
adjustment, the number of shares of Common Stock (calculated to the nearest whole share) obtained by multiplying the Warrant Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon the exercise
hereof immediately prior to such adjustment, and dividing the product so obtained by the Warrant Price resulting from such adjustment. 
 (c) Asset or Capital Dividend. If the Company, at any time while this Warrant is outstanding, shall make a distribution of its assets to the holders of the Common Stock and/or any class of stock
convertible into the Common Stock as a dividend in liquidation or partial liquidation or as a return of capital other than as a dividend payable out of funds legally available for dividends under the laws of the State of Delaware, Holder shall, upon
exercise and payment of the Warrant Price within 14 business days after notification of such distribution pursuant to Section 11, be entitled to receive, in addition to the number of shares receivable thereupon, and without payment of any
additional consideration therefor, a sum equal to the amount of such assets as would have been payable to Holder had Holder been the holder of record of such shares on the record date for such distribution; and an appropriate provision therefor
shall be made for Holder to be made a party to any such distribution. 
 (d) Adjustments for Consolidation, Merger, Sale of
Assets, Reorganization or Reclassification. Subject to the provisions of Section 1(d), in the event the Company, at any time or from time to time while this Warrant is outstanding, (i) shall consolidate with or merge into any other
entity and shall not be the continuing or surviving corporation of such consolidation or merger, or (ii) shall permit any other entity to consolidate with or merge into the Company and the Company shall be the continuing or surviving entity
but, in connection with such consolidation or merger, the Common Stock shall be changed into or exchanged for capital stock or other securities or property of any other entity, or (iii) shall transfer all or substantially all of its properties
and assets to any other entity, or (iv) shall effect a capital reorganization or reclassification of the Common Stock (other than one deemed to result in the issue of additional Common Stock), then, and in each such event, lawful provision
shall be made so that Holder shall be entitled to receive upon the exercise hereof at any time after the consummation of such consolidation, merger, transfer, reorganization or reclassification, in lieu of the shares issuable upon exercise of this
Warrant prior to such consummation, the capital stock and other securities and property to which Holder would have been entitled upon such consummation if Holder had exercised this Warrant immediately prior thereto. 

(e) Certificate of Adjustment. The Company shall, within a reasonable time period after written request at any time by Holder,
furnish or cause to be furnished to Holder a certificate setting forth adjustments of the Warrant Price and of the number of shares issuable upon exercise of this Warrant and the amount, if any, of other property at the time receivable upon the
exercise of this Warrant. 

  
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 (f) No Other Adjustment. The amount of Shares subject to purchase under this Warrant
and the Warrant Price shall not be adjusted except in the manner and upon the terms and conditions set forth in this Section 4. 
 Section 5. Transfer of Warrant. This Warrant, if presented or surrendered for transfer, shall, if so required by the Company, be accompanied by a duly executed written instrument of transfer,
in substantially the form of the Form of Assignment attached hereto, and such other documentation as the Company shall reasonably request. 
 Section 6. Exchange of Warrant. This Warrant is exchangeable, upon the surrender hereof by Holder at the office of the Company for new Warrants of like tenor representing in the aggregate the
rights to subscribe for and purchase the number of shares that may be subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of shares as shall be designated by Holder at
the time of such surrender. 
 Section 7. Fractional Shares. Fractional shares shall not be issued upon the exercise
of this Warrant, but in any case where Holder would, except for the provisions of this Section 7, be entitled under the terms hereof to receive a fraction of a share upon the exercise of this Warrant, the Company shall, upon the exercise of
this Warrant, pay a sum in cash equal to the product obtained by multiplying such fraction by the Current Fair Market Value of Common Stock. 
 Section 8. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may in its
discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an
original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 Section 9. Legends. Each certificate representing shares of Common Stock issuable upon exercise of this Warrant shall be endorsed with the following legend, in addition to any other legends
required under applicable securities laws: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF THE
COMPANY’S COUNSEL THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. 
 Section 10. Amendments and Waivers. The
Warrants, including this Warrant, may be amended, modified or supplemented, and waiver or consents to departures from the 

  
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provisions of the Warrants may be given, if the Company and the holders of outstanding Warrants representing at least a majority of the shares of Common Stock purchasable under the outstanding
Warrants (the “Majority Holders”) consent to such amendment, modification, supplement, waiver or consent. Such consent may be effected by any available legal means, including without limitation at a special or regular meeting, by written
consent or otherwise. This Warrant amends and restates, and replaces and supersedes in its entirety, the Original Warrant. 

Section 11. No Stockholder Rights. This Warrant shall not entitle Holder to any rights as a stockholder of the Company. To
the extent that Holder is not at the time of exercise of this Warrant a stockholder of the Company, as a condition to the exercise hereof, if requested by the Company, Holder shall execute any agreement to which the holders of Common Stock are
parties in their capacities as such. 
 Section 12. Notices. All notices given hereunder shall be in writing and
shall be delivered in person or duly sent by mail, postage prepaid; by an overnight delivery service, charges prepaid; or by confirmed telecopy; addressed to Holder at Holder’s address in the records of the Company and addressed to the Company
at its principal place of business to the attention of its Secretary. 
 Section 13. Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of Delaware, notwithstanding principles of conflicts of laws. 
 (Signature page follows.) 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of the date first above written. 
  

			
	CELATOR PHARMACEUTICALS, INC.
		
	By:	 	  

		 	Scott Jackson,
		 	Chief Executive Officer

 FORM OF SUBSCRIPTION 

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,
                                        
(            ) shares of Common Stock of Celator Pharmaceuticals, Inc. covered by Warrant No.      according to the conditions thereof, and requests that the
certificate(s) for such shares be issued in the name of, and delivered to, the undersigned. 
  

	 	 ̈	Such exercise is made pursuant to Section 1(a) and the undersigned herewith makes payment of the Warrant Price for such shares in full in the amount of
$                    . 

  

	 	 ̈	Such exercise is made pursuant to Section 1(c) and no cash is being paid herewith. 

 

							
	Dated:	 	  
	 		 	  

		 		 		 	Signature of Warrant Holder
				
		 		 		 	  

		 		 		 	Name of Warrant Holder (Please Print)
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Address)

 FORM OF ASSIGNMENT 

For value received, the undersigned hereby sells, assigns and transfers unto
                    , all of the rights represented by the within Warrant to purchase
             shares of Common Stock of Celator Pharmaceuticals, Inc. to which the within Warrant relates, and appoints
                     Attorney to transfer such right on the books of Celator Pharmaceuticals, Inc. with full power of substitution in the premises.

  

							
	Dated:	 	  
	 		 	  

		 		 		 	Signature of Warrant Holder
				
		 		 		 	  

		 		 		 	Name of Warrant Holder (Please Print)
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

		 		 		 	(Address)
			
	Signed in the presence of:Amended and Restated Employment Agreement dated December 19, 2002

 Exhibit 10.1 
 AMENDED AND RESTATED 
 EXECUTIVE EMPLOYMENT AGREEMENT 

Amended and Restated 

December 19, 2002 

PRIVATE AND CONFIDENTIAL 

Dr. Lawrence Mayer 
 2416 Carmaria Court

 North Vancouver, B.C. 
 V7J 3M4

 Dear Dr. Mayer: 
  

	Re:	Amended and Restated Terms of Employment of Dr. Lawrence Mayer (the “Executive”) with Celator Technologies Inc. (the “Corporation”)

 This Agreement confirms the amended and restated terms and conditions of your employment by the Corporation and will constitute
your employment agreement to be effective as of and from the Effective Date (as defined below). In consideration of the stock options to be granted to you pursuant to Section 7 hereof and such other good and valuable consideration (the receipt
and sufficiency whereof is hereby acknowledged by you upon signing below), you hereby agree to the amended and restated terms and conditions are as follows: 
  

	1	Position and Duties. You will be employed by and will serve the Corporation as President and Head of Research, having the duties and functions described to you in
Schedule A attached to this Agreement, and reporting directly to the Chief Executive Officer of the Corporation (the “CEO”). Your duties and functions pertain to the Corporation and any of its subsidiaries from time to time and may be
varied or added to from time to time by the CEO, at his discretion, exercised reasonably. You will perform and carry out your duties and functions, and provide such additional services as may be reasonably required, in such manner as the CEO may
from time to time request. 

  

	2	Term. The terms and conditions of this Agreement shall have effect as of and from December 19, 2002 (the “Effective Date”) and your employment shall
continue until terminated as provided in this Agreement (the “Term of Employment”). 

  

	3	Base Salary. The Corporation will pay you a base salary (the “Base Salary”) at the rate of CDN$150,000 per year, payable bi-weekly, subject to the withholding
of all applicable statutory deductions from such Base Salary in respect of the Base Salary and including any taxable benefits received under this Agreement or in respect of your employment. You agree that your Base Salary may be reduced if there is
a reduction in the base salaries paid to any three of the top five highest compensated employees of the Corporation, such reduction to be proportionate to the reductions made to the salaries of all such employees reduced. 

 

	4	Salary Review. The Corporation will review your Base Salary semi-annually. This review shall not necessarily result in an increase in your Base Salary and any increase
will be at the sole discretion of the Corporation. 

  

	5	 Performance Bonus. The Corporation will review the performance of your duties and functions

	 	
under this Agreement annually. The Corporation, in its sole discretion, shall determine the amount, if any, of your performance bonus. In determining the amount of any bonus, the Corporation
shall take into account, among other factors deemed relevant by the Corporation, mutually agreed performance milestones, which are consistent with the corporate goals and which reflect your contribution to these goals, established from time to time
by the Corporation and the Executive. Payment of any performance bonus shall be subject to the withholding of all applicable statutory deductions by the Corporation. 

 

	6	Benefits. The Corporation will arrange for you to be provided with health, medical, dental, disability, accident and life insurance and such other benefits as are
reasonable and appropriate in the circumstances, as determined by the Corporation, and as such benefits plan may be amended, modified or terminated from time to time by the Corporation. 

 

	7	Incentive Stock Options. The Corporation will grant to you, for no additional consideration, two stock options (as described below) so as to allow you to acquire, in
aggregate, 482,170 Common shares in the capital Corporation (such options, together with the existing Common shares held by you (but not including the shares which you have optioned to Hearthstone Investments Ltd. pursuant to an option agreement
dated as of August 4, 2000) on a post-consolidation basis, to equal 3.25% of the Corporation’s issued and outstanding Common shares on a fully diluted basis). The grant of these options is subject to the completion of the Financing.

  

	    	The options will be granted pursuant to the new incentive stock option plan to be adopted by the Corporation in connection with venture capital financing and win have
the following additional terms and conditions: 

 Stock Option 1 

148,532 Stock Options 
 Vesting: 100% vested 
 Exercise Price: $0.181 Common Share 

Expiry Date: 10 years from date of grant 
 Stock Option 2 
 333,638 Stock Options 

Vesting: Options to vest in three equal annual instalments on the next three anniversaries of this Agreement, subject to earlier vesting
upon a Change of Control. 
 Exercise Price: $0.181 Common Share 

Expiry Date: 10 years from date of grant subject to earlier termination as per ESOP 

 

	    	For the purposes of this Agreement: 

  

	 	(a)	“Change of Control” shall mean either of the following events: 

  

	 	(i)	any event after which a person or persons acting in concert (other than those persons who held voting securities (as defined in the Securities Act (British
Columbia) immediately following the closing of the Financing) hold, directly or indirectly, more than fifty percent (50%) of the issued and outstanding voting securities of the Corporation carrying voting rights for the election of the majority
of the directors of the Corporation; or 

  

	 	(ii)	the sale, transfer or other disposition of all or substantially all of the assets of the Corporation; and 

	 	(b)	“Financing” means the financing pursuant to an Investment Agreement between the Corporation and certain venture capital investors dated December 19,
2002. 

  

	8	Vacation. During your employment with the Corporation under this Agreement, you will be entitled to an annual paid vacation as determined by the Corporation from time
to time, not to be less than twenty-five (25) working days per year, in addition to statutory and other Corporation holidays. If the Executive commenced work after the calendar year has begun, the number of vacation days will be pro-rated
accordingly. A maximum of five accrued but unused vacation days may be carried over from one year to the next. You will not be paid for vacation days not taken in a year. The Executive shall use all vacation days to which he is entitled before
requesting unpaid leave of absence form the Corporation. The Executive agrees that all vacation days shall be requested in accordance with Corporation policy. 

 

	9	Reimbursement for Expenses. During your employment under this Agreement the Corporation will reimburse you for reasonable travelling and other expenses actually and
properly incurred by you in connection with the performance of your duties and functions under this Agreement, such reimbursement to be made in accordance with and subject to the policies established by the Corporation from time to time. For all
such expenses you will be required to keep proper accounts and to furnish statements and vouchers to the Corporation within 30 days after the date the expenses are incurred. 

 

	10	No Other Compensation or Benefits. You expressly acknowledge and agree that, unless otherwise expressly agreed in writing by the Corporation after execution of this
Agreement by you, you shall not be entitled by reason of your employment by the Corporation or by reason of any termination of your employment, to any remuneration, compensation or benefits other than as expressly set forth in this Agreement.

  

	11	Service to the Corporation. During the term of Employment and excluding any periods of vacation and sick leave to which you are entitled, you will:

  

	 	(a)	well and faithfully serve the Corporation, at all times act in the best interests of the Corporation, and devote all reasonable time, attention and energies to the
business and affairs of the Corporation; 

  

	 	(b)	to the extent necessary to discharge the responsibilities assigned to you hereunder, you will use your best efforts to perform faithfully and efficiently such
responsibilities; 

  

	 	(c)	apply your skill and experience to the performance of your duties in such employment; 

 

	 	(d)	comply with all policies and procedures from time to time formulated by the Corporation; 

 

	 	(e)	make no representations, warranties or commitments binding the Corporation without the Corporation’s prior written consent; and 

 

	 	(f)	not, except as provided in Schedule D to this Agreement, without the prior approval of the Corporation, carry on or engage in any other business or occupation or become
a director, officer, employee or agent of or hold any position or office with any other Corporation, firm or person, except as a volunteer for a non-profit organization, engaging in civic, religious, educational or other community activities, or
maintaining personal investments or a personal holding corporation, provided that such activities do not materially interfere with the performance of your duties under this Agreement. 

	12	Termination By Executive. Subject to Section 17—Termination Upon Change of Control and Section 18—No Damages for Termination, you may resign from
your position as President and Head of Research at any time, but only by giving the Corporation at least three (3) months prior written notice of the effective date of your resignation (the “Notice Period”). On the giving of any such
notice, the Corporation may accelerate your resignation, in lieu of the Notice Period or any part thereof, by: 

  

	 	(a)	paying you a lump sum equal to your Base Salary for the Notice Period, as referred to in Section 3 -Base Salary and adjusted from time to time under Section 4
-Salary Review, or any part thereof accelerated by the Corporation; and 

  

	 	(b)	maintaining the benefits and payments set out in Section 6—Benefits for three (3) months after the date of your notice, except any disability benefits.

  

	    	If such acceleration right is exercised by the Corporation, then except as provided in subsections (a) and (b), your resignation and the termination of your
employment will be effective immediately. 

  

	13	Termination by Corporation Without Cause. Subject to Section 17—Termination Upon Change of Control and Section 18—No Damages for Termination, the
Corporation may terminate your employment at any time without Cause by giving you written notice of the effective date of such termination and in all respects except as set out below, the termination of your employment will be effective immediately.
On the giving of any such notice, the Corporation shall: 

  

	 	(a)	pay to you your Base Salary for 12 months, payable in equal monthly instalments, as referred to in Section 3—Base Salary and adjusted from time to time under
Section 4—Salary Review; 

  

	 	(b)	maintain the benefits and payments set out in Section 6—Benefits for 12 months after the date of notice, except any disability benefits;

  

	 	(c)	pay to you any accrued and unpaid bonuses. 

  

	    	Bonuses payable to you pursuant to this section shall be equal to the average of all performance bonuses earned during the three fiscal years prior to the effective
date of termination or during such shorter period as the Executive has received a performance bonus. 

  

	14	Termination in the Event of Death. Subject to Section 18—No Damages for Termination, your employment shall terminate immediately upon your death.

  

	15	Termination in the Event of Disability. Subject to Section 18—No Damages for Termination, your employment shall terminate if you become “Disabled”.
In this Section, “Disabled” shall mean and be deemed the reason for the termination of your employment by the Corporation if, in accordance with applicable law and as a result of your incapacity due to physical or mental impairment, you
shall have been absent from the full-time performance of the your duties with the Corporation for a period of three (3) consecutive months. 

  

	16	 Termination by the Corporation for Cause. Notwithstanding Section 12—Termination by Executive, Section 13—Termination by
Corporation Without Cause, Section 14—Termination in 

	 	
the Event of Death, Section 15—Termination in the Event of Disability and Section 17—Termination Upon Change of Control, the Corporation may terminate your employment for
“Cause” at any time without any notice, severance or other payments. In this Agreement, “Cause” shall mean the commission of any of the following acts by you: 

 

	 	(a)	commission of theft, embezzlement, fraud, obtaining funds or property under false pretences or similar acts of misconduct with respect to the property of the
Corporation or its employees or the Corporation’s customers or suppliers; 

  

	 	(b)	oral or written representations made by you to the Corporation that prove false; 

 

	 	(c)	commission of an act of malfeasance, dishonesty or breach of trust against the Corporation or its employees or the Corporation’s customers or suppliers, including
a breach by you of any of your covenants or obligations under the Key Person Agreement described in Section 20—Key Person Agreement, Section 20—Key Person Agreement, Section 21—Disclosure of Conflicts of Interest or
Section 22—Avoidance of Conflict of Interest; 

  

	 	(d)	the entering of a plea of nolo contendre, a guilty plea, or any conviction of you of any felony or of a misdemeanor involving moral turpitude; or

  

	 	(e)	repeated and continued failure to fulfil your duties or obligations of employment or your breach of any material obligations and covenants under this Agreement;

  

	    	any of which shall entitle the Corporation to terminate your employment under this Section. 

 

	17	Termination Upon Change of Control. If, within 12 months of a Change of Control, the Corporation terminates your employment without Cause or if you terminate your
employment for Good Reason, the Corporation shall: 

  

	 	(a)	pay to you a lump sum equal to your Base Salary for 12 months, as referred to in Section 3—Base Salary and adjusted from time to time under
Section 4—Salary Review; 

  

	 	(b)	maintain the benefits and payments set out in Section 6—Benefits for 12 months after the date of termination, except any disability benefits; and

  

	 	(c)	pay to you any accrued and unpaid bonuses. 

  

	    	Bonuses payable to you pursuant to this section shall be equal to the average of all performance bonuses earned during the three fiscal years prior to the effective
date of termination or during such shorter period as the Executive has received a performance bonus. 

  

	    	The lump sum payments and benefits set out above shall be in lieu of any applicable notice period. 

 

	    	For greater certainty, the completion of the $10.5 million financing by certain venture capital investors in the Corporation concurrently with the execution of this
Agreement shall not be considered a Change of Control for the purposes of this Agreement. 

  

	    	For the purposes of this Agreement, “Good Reason” means one or more of the following events occurring without the Executive’s written consent and within
12 full calendar months of a Change in Control: 

	 	(a)	a material change in the Executive’s status, position, remuneration, authority or responsibilities that does not represent a promotion from or represents an
adverse change from his status, position, authority or responsibilities as in effect immediately before such Change in Control; 

  

	 	(b)	a material reduction in the incentive, retirement, health benefits, bonus or other compensation plans, practices, policies or programs provided to the Executive in the
aggregate, during the 120-day period immediately preceding the Change in Control; or 

  

	 	(c)	any request by the Corporation or any affiliate of the Corporation that the Executive participate in an unlawful act. 

 

	18	No Damages for Termination. It is agreed that as a result of the termination of your employment, you shall not be entitled to any notice, fee, salary, severance or
other payments, benefits or damages in excess of what is specified or provided for in Section 12—Termination by Executive, Section 13—Termination by Corporation Without Cause, Section 14—Termination in Event of Death,
Section 15—Termination in Event of Disability, Section 16—Termination by Corporation for Cause and Section 17—Termination upon Change of Control, and whichever is applicable, except that you shall remain entitled to
receive all salary, benefits, reimbursement for expenses and other entitlements which were due or which were accruing to you at the date of termination. Payment of any amounts pursuant to Section 12—Termination by Executive,
Section 13—Termination by Corporation Without Cause, Section 14—Termination in Event of Death, Section 15—Termination in Event of Disability, Section 16—Termination by Corporation for Cause or
Section 17—Termination Upon Change of Control shall be subject to the withholding of all applicable statutory deductions by the Corporation. 

  

	19	Resignation of Offices. Upon the termination of your employment for any reason, you shall immediately resign all offices held (including directorships) in the
Corporation and any related corporations and, save as expressly provided in this Agreement, you shall not be entitled to receive any severance payment or other compensation for the loss of such office. 

 

	20	Key Person Agreement. Concurrently with the execution of this Agreement, the Executive will sign a Key Person Agreement in the form attached hereto as Schedule B (the
“Key Person Agreement”). In the event of any conflict between the terms of this Agreement and the terms of the Key Person Agreement, the terms of the Key Person Agreement shall prevail despite any term of this Agreement.

  

	21	Disclosure of Conflicts of Interest. During your employment with the Corporation, you will promptly, fully and frankly disclose to the Corporation in writing:

  

	 	(a)	the nature and extent of any interest you have or may have, directly or indirectly, in any contract or transaction or proposed contract or transaction of or with the
Corporation, or its partners, subsidiaries or affiliates; 

  

	 	(b)	every office you may hold or acquire, and every property you may possess or acquire, whereby directly or indirectly, a duty or interest might be created in conflict
with the interests of the Corporation (or its partners, subsidiaries or affiliates), or your duties and obligations under this Agreement; and 

  

	 	(c)	the nature and extent of any conflict referred to in subsection (b). 

	    	The disclosure required by this Section shall be made immediately after you become aware or ought to have become aware that you may be in a conflict of interest.

  

	22.	Avoidance of Conflicts of Interest. You acknowledge that it is the policy of the Corporation that all interests and conflicts of the sort described in
Section 21—Disclosure of Conflicts of Interest be avoided, and you agree to comply with all policies and directives of the Corporation from time to time regulating, restricting or prohibiting circumstances giving rise to interests or
conflicts of the sort described in Section 21. During your employment with the Corporation, you shall not enter into any agreement, arrangement or understanding with any other person or entity that would in any way conflict or interfere with
this Agreement or your duties or obligations under this Agreement or that would otherwise prevent you from performing your obligations hereunder, and you represent and warrant that you have not entered into any such agreement, arrangement or
understanding. 

  

	23.	Injunctive Relief. You acknowledge and agree that any breach or threatened breach of any of the provisions of Section 20—Key Person Agreement,
Section 21—Disclosure of Conflicts of Interest, Section 22—Avoidance of Conflicts of Interest, could cause irreparable damage to the Corporation or its partners, subsidiaries or affiliates, that such harm could not be adequately
compensated by the Corporation’s recovery of monetary damages, and that in the event of a breach or threatened breach thereof, the Corporation shall have, in addition to any and all remedies at law or in equity, the right to seek an injunction,
specific performance or other equitable relief as well as any equitable accounting of an your profits or benefits arising out of any such breach. It is further acknowledged and agreed that the remedies of the Corporation specified in this
Section 23 are in addition to and not in substitution for any rights or remedies of the Corporation at law or in equity and that an such rights and remedies are cumulative and not alternative and that the Corporation may have recourse to anyone
or more of its available rights or remedies as it shall see fit. 

  

	24.	Agreement Confidential. Both parties shall keep the terms and conditions of this Agreement confidential except as may be required to enforce any provision of this
Agreement or as may otherwise be required by any law, regulation or other regulatory requirement. 

  

	25.	Surviving Obligations. The obligations and covenants of the Executive under Section 20—Key Person Agreement and Section 26—Injunctive Relief shall
survive the termination of this Agreement. 

  

	26.	Arbitration. Should there be a dispute or disagreement between the parties hereto with respect to this Agreement or the interpretation thereof, the same shall be
finally resolved or determined by arbitration with a single arbitrator under the Commercial Arbitration Act (British Columbia) and in connection therewith the place of arbitration shall be Vancouver, British Columbia. 

 

	27.	Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns. Your rights and obligations contained
in this Agreement are personal and such rights, benefits and obligations shall not be voluntarily or involuntarily assigned, alienated or transferred, whether by operation of law or otherwise, without the prior written consent of the Corporation.
This Agreement shall otherwise be binding upon and inure to the benefit of your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assigns. 

 

	28.	 Entire Agreement. The terms and conditions of this Agreement are in addition to and not in substitution for the obligations, duties and
responsibilities imposed by law on employees of 

	 	
corporations generally, and you agree to comply with such obligations, duties and responsibilities. Except as otherwise provided in this Agreement, this Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof, and may only be varied by further written agreement signed by you and the Corporation. This Agreement supersedes any previous communications, understandings and agreements between you
and the Corporation regarding your employment. It is acknowledged and agreed that this Agreement is mutually beneficial and is entered into for fresh and valuable consideration with the intent that it shall constitute a legally binding agreement.

  

	29.	Exercise of Functions. The rights of the Corporation as provided in this Agreement may be exercised on behalf of the Corporation only by the Board of the Corporation,
or by a committee or person expressly designated for such purposes by the Board of the Corporation. 

  

	30.	Further Assurances. The parties win execute and deliver to each other such further instruments and assurances and do such further acts as may be required to give effect
to this Agreement 

  

	31.	Governing Law. This Agreement shall be construed and enforced in accordance with and be governed by and interpreted in accordance with the laws of the Province of
British Columbia, without regard to the principles of conflicts of law. 

  

	32.	Independent Legal Advice. As this is an important Agreement for the Corporation containing significant undertakings by you, the Corporation urges you to seek
independent legal advice with respect to your obligations under this Agreement. 

  

	33.	Legal Fees. The Corporation will pay up to $1,000 for the Executive to seek legal advice pertaining to this Agreement. 

 

	34.	Notice. Any notice or other communication required or contemplated to be given hereunder must be in writing and shaH be deemed effective when personally delivered or on
the day following the sending when sent by facsimile or other means of electronic communication, addressed to the appropriate party as set forth below: 

 If to Dr. Lawrence Mayer: 
 2416 Carmaria Court 

North Vancouver, British Columbia V7J 3M4 
 If to the Corporation: 
 Celator Technologies Inc. Suite 200 -604 West Broadway

 Vancouver, British Columbia V5Z IG3 
 Attention: Chief Executive Officer 
  

	35.	Severability. If any provision of this Agreement or any part thereof shall for any reason be held to be invalid or unenforceable in any respect, then such invalid or
unenforceable provision or part shall be severable and severed from this Agreement and the other provisions of this Agreement shall remain in effect and be construed as if such invalid or unenforceable provision or part had never been contained
herein. 

  

	36.	Waiver. Any waiver of any breach or default under this Agreement shall only be effective if made in writing, signed by the party against whom the waiver is sought to be
enforced, and no waiver shall be implied by any other act or conduct or by any indulgence, delay or omission. Any waiver shall only apply to the specific matter waived and only in the specific instance in which it is waived.

	37.	Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts will
together constitute but one Agreement. 

 Acceptance 
 If the foregoing terms and conditions are acceptable to you, please indicate your acceptance of and agreement to the terms and conditions of this Agreement by signing below on this letter and on the
enclosed copy of this letter in the space provided and by returning the enclosed copy so executed to us. Your execution and delivery to the Corporation of the enclosed copy of this letter will create a binding agreement between us. 

 

			
	 Yours truly,
  

CELATOR TECHNOLOGIES, INC.

		
	By:	 	/s/ Andrew S. Janoff
		 	Authorized Signatory

 Accepted and agreed to by Dr. Lawrence Mayer as of the Effective Date 

 

	
	
	/s/ Lawrence Mayer
	Dr. Lawrence Mayer

 SCHEDULE A 
 DESCRIPTION OF DUTIES OF DR. LAWRENCE MAYER 
 PRESIDENT AND HEAD OF RESEARCH

 SUMMARY OF RESPONSIBILITIES 
 Reporting to the Chief Executive Officer (CEO), the President and Head of Research will be responsible for organizing and overseeing the research activities focused on the identification and early
development of lead product candidates for entry into formal development towards clinical trials. In addition, the President and Head of Research win work closely with the CEO to establish the Business Plan for the Company and win ensure that
research activities are undertaken execute this plan. The President and Head of Research will also be responsible for making presentations to external business and scientific groups as requested by the CEO. 

SPECIFIC DUTIES 
  

	 	•	 	 Reports to CEO on R&D progress and plans, competition and partnering activities 

 

	 	•	 	 Assists in the establishment of corporate vision and philosophy with CEO 

 

	 	•	 	 Defines product development plan, priorities and milestones for the Business Plan 

 

	 	•	 	 Ensures that research activities are executing the product development plan within timeframe of established milestones 

 

	 	•	 	 Establishes budget requirements to complete research activities that will accomplish goals set forth in the Business Plan 

 

	 	•	 	 Manages relationship between executive and research staff 

 

	 	•	 	 Identifies opportunities and threats to products 

  

	 	•	 	 Manage key partnerships that heavily impact the success of research programs 

 

	 	•	 	 Reports to the Board on research progress as required 

 

	 	•	 	 Makes scientific presentations to business community as required 

 SCHEDULE B 
 KEY PERSON AGREEMENT 
 THIS AGREEMENT is dated for reference the _ day of December, 2002

 AMONG: 
 LAWRENCE MAYER,
Businessperson, of 2416 Carmaria Court, North Vancouver, British Columbia, V7J 3M4 
 Facsimile No. (604) 708-5883 

(the “Key Person”) 
 AND: 

CELATOR TECHNOLOGIES INC., a company continued under the laws of Canada and having an address at 200—604 West Broadway, Vancouver, British Columbia,
V5Z IGI 
 Facsimile No. (604) 708-5883 
 (the “Company”) 
 AND: 
 VENTURES WEST 7 LIMITED PARTNERSHIP, a limited partnership formed under the laws of British Columbia, of Suite 280, 1285 West Pender Street, Vancouver, British Columbia, V6E4Bl 

Facsimile No. (604) 687-2145 

(“VW”) 
 AND: 

VENTURES WEST 7 U.S. LIMITED PARTNERSHIP, a limited partnership formed under the laws of Delaware, care of Suite 280, 1285 West Pender Street, Vancouver,
British Columbia, V6E4BI 
 Facsimile No. (604) 687-2145 
 (“VW US”) 
 AND: 
 WORKING OPPORTUNITY FUND (EVCC) LTD., a company incorporated under the laws of the Province of British Columbia, and having an office at 2600—1055 West Georgia Street, Vancouver, British Columbia,
V6E 3R5 
 Facsimile No. (604) 669-7605 
 (“WOF”) 

 AND: 
 GROWTH WORKS ACCESS FUND LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of British Columbia, and having an office at 2600 – 1055 West Georgia Street, Vancouver,
British Columbia, V6E 3R5 
 Facsimile No. (604) 669-7605 
 (“Access”) 
 AND: 
 BUSINESS DEVELOPMENT BANK OF CANADA, a Crown corporation incorporated under the Business Development Bank of Canada Act and having an address at Main Floor, BDC Tower, Bentall One, 505 Burrard
Street, P.O. Box 6, Vancouver, British Columbia V7X IV3 
 Facsimile No. (604) 666-7650 

(“BDC” and together with VW, VW US, WOF and Access the “Investors”) 
 WHEREAS: 
 A. The Company is engaged in the business of the development of new carrier technology
and products for targeting combinations of rationally-selected chemotherapeutic agents to sites of disease, with a focus on the treatment of cancer, specifically major tumor populations such as lung, colorectal, advanced breast, pancreatic and
ovarian cancer, and the utilization of off-patent compounds which are selected for synergistic activity in rapid, cell-based screening assays (the “Business”), and requires additional equity capital to further develop and expand its
business; 
 B. The Key Person is an employee, officer, director or consultant of the Company and has a significant direct or indirect
beneficial interest in securities of the Company; 
 C. The Investors have agreed to make an investment in the amount of approximately
$10,500,000.00 in the Company by subscribing for Series 1 Class A preferred shares in the capital of the Company (the “Investment”) pursuant to the terms and conditions set out in an investment agreement dated as of even date among
the Company, the Investors and others; and 
 D. It is a condition of the Investment that the Key Person enter into this agreement to govern
certain aspects of the Key Person’s relationship with the Company, its subsidiaries and affiliates (together the “Celator Group” and individually a “Celator Group Company”). 

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises, the Investment and other good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged), the parties hereby agree as follows: 
 ARTICLE 1—DEVOTION OF TIME 

 1.1 Devotion of Time—Except as provided in Schedule A, hereto, the Key Person hereby agrees to devote
all of his or her working time, efforts and energies to the Business and best interests of the Celator Group during his or her tenure as an employee, officer or consultant of any Celator Group Company. 

ARTICLE 2—ADVANCE NOTICE OF DEPARTURE 

2.1 Notice—The Key Person shall give the Company at least 3 months prior written notice of his or her intention to resign as an employee, officer,
director or consultant of any Celator Group Company. 
 ARTICLE 3—CONFIDENTIAL INFORMATION 

3.1 Confidential Information—The Key Person acknowledges that as an employee, officer, director or consultant of or to companies in the Celator
Group, he or she will acquire information about the Business and affairs of the Celator Group, some of which will include commercially valuable trade secrets, knowledge of intellectual property and other confidential or proprietary information
(collectively caned “Confidential Information”), including without limitation the following kinds of .information concerning the Celator Group and its Business: 
 (a) confidential financial, sales and marketing information; 
 (b) confidential processes,
techniques, know how, systems, methods, operating capabilities; and 
 (c) new inventions, devices, discoveries, concepts, ideas, formulae, and
improvements, enhancements and modifications thereto, whether patented or not 
 3.2 Non-Confidential Information—For the purposes of this
Agreement, Confidential Information does not include information which the Key Person establishes: 
 (a) is already in the Key Person’s
lawful possession other than proprietary information relating to the Company or the Company’s business; 
 (b) is or becomes publicly known
through no fault of the Key Person; 
 (c) is rightfully received by the Key Person from a third party without accompanying secrecy obligations;

 (d) is approved for release by the prior written consent of the Company, or of its partners, subsidiaries or affiliates; or 

(e) the Key Person is required to disclose in connection with any legal or administrative proceeding, in which event the Key Person shall provide prompt
written notice to the Company in order to allow the Company the opportunity to seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. 

 3.3 Non-Disclosure of Confidential Information—The Key Person acknowledges that the Confidential
Information, if revealed to others, could be used to the detriment of the Celator Group. Accordingly, during the term of this Agreement and at any time thereafter, the Key Person agrees not to use any of the Confidential Information in a manner
detrimental to the Celator Group or to disclose in any manner any Confidential Information to any third party other than: 
 (a) to Celator Group
directors, officers, bankers, legal and financial advisors in the ordinary course of business; 
 (b) Confidential Information that is required
to be disclosed by law or by any governmental or regulatory authority having jurisdiction or in connection with any court proceedings; or 
 (c)
Confidential Information disclosed with the express written permission of the Board of Directors of the Company. 

ARTICLE—4—PROPRIETARY RIGHTS 
 4.1
Proprietary Developments—For the purposes of this Agreement, “Development” or “Developments” includes, without limitation all: 
 (a) enhancements, modifications, additions or other improvements to the intellectual property or assets owned, licensed, sold, marketed or used by any of the Celator Group in connection with the Business;

 (b) patents, copyrights, trade-marks, trade names, business names, logos, design marks and other proprietary marks; and 

(c) inventions, devices, discoveries, concepts, ideas, formulae, know how, processes, techniques, systems, methods and any and all improvements,
enhancements and modifications thereto, whether patented or not; developed, created, generated, contributed to or reduced by practice by the Key Person alone or jointly with others while he or she is an employee, officer, director or consultant of
or to any of the Celator Group and which results from tasks assigned to the Key Person by any of the Celator Group or which results from the use of the premises or property (including equipment, supplies or Confidential Information) owned, used,
leased or licensed by the Celator Group or which reasonably relates to the Business. 
 4.2 Full Disclosure—The Key Person agrees to make
full disclosure to the Company of each Development, promptly upon its creation. If required by the Company, the Key Person will disclose in writing in a log book or such other form of device provided for such purpose by the Company, the details of
all Developments that the Key Person is involved with or responsible for. Subject to Schedule B hereto, the Key Person hereby irrevocably assigns and transfers to the Company and agrees that the Company will be the exclusive owner of, all of the Key
Person’s right title and interest in and to each Development throughout the world, including all trade secret, patent, copyright, trade-mark, industrial design, and all other intellectual property rights of any

 
kind therein. The Key Person agrees to co-operate fully at all times during and subsequent to his or her tenure with the Celator Group with respect to the execution of all further documents and
the carrying out of all such acts and things as are reasonably requested by any Celator Group Company to confirm the transfer of ownership of all rights, including all intellectual property rights, effective at or after the time the Development is
created and to apply for and obtain patent, copyright, industrial design, trademark and other intellectual property registrations covering the Developments, provided that after the Key Person’s employment, the Key Person shall be paid by the
Celator Group a reasonable consulting fee for such work and for all reasonable expenses related thereto. Any of the Celator Group will be exclusively entitled to make applications for registration of all such rights, in the Company’s sole
discretion, in any jurisdictions that the Company deems necessary. The Key Person’s obligations hereunder will continue after he or she ceases to be an employee, officer, director or consultant of any Celator Group Company respecting
Developments created during his or her tenure with the Celator Group. 
 4.3 Company Owns Proprietary Rights—The Key Person agrees that the
Key Person will not acquire any right, title or interest in or to the Confidential Information or the Developments, all of such right title and interest being owned by the Company and the members of the Celator Group. 

4.4 Waiver of Moral Rights—The Company, its assignees and its licensees, are not required to designate the Key Person as the author of any
Development. The Key Person hereby waives in whole all moral rights and agrees never to assert any moral rights which the Key Person may have in the Developments, including, without limitation, the right to the integrity of the Developments, the
right to be associated with the Developments, the right to restrain or claim damages for any distortion, mutilation or other modification or enhancement of the Developments and the right to restrain, use or reproduce the Developments in any context
and in connection with any product, service, cause or institution and the Key Person further confirms that the Company may use or alter any such Developments as the Company sees fit in its absolute discretion. 

ARTICLE 5—NON-COMPETITION 
 5.1
Non-Competition—The Key Person hereby covenants and agrees that he or she shall not while he or she is an employee, officer, director or consultant of any Celator Group Company or during the one (1) year period after he or she ceases to be
such, engage in any of the following activities: 
 (a) either directly or indirectly as principal, agent, owner, proprietor, partner,
shareholder, director, officer or otherwise, own, operate, carry on, be engaged in the operation of, have any financial interest in, lend any monies to, guarantee any liabilities or obligations of, act as a consultant to or provide management
services to any business operation, whether a proprietorship, partnership, joint venture, corporation or otherwise which is engaged in the Business or which competes directly with a Celator· Group Company anywhere in the world where a Celator
Group Company markets, sells, or licenses for market or sale,. its products, technology, intellectual property or services; 
 (b) directly or
indirectly solicit, interfere with or endeavour to direct or entice away from a Celator Group Company any customer, client or any person, firm or corporation in the habit of dealing with that Celator Group Company; or 

 (c) interfere with, entice away or otherwise attempt to obtain the withdrawal of any employees of a Celator
Group Company. 
 The covenants made in this Article 5 are made by the Key Person acknowledging that he or she has specific and extensive
knowledge of the affairs of the Celator Group and that the Celator Group operates and seeks out business in a broad geographical area. The Key Person hereby acknowledges and agrees that the restrictions contained in this Article 5 are reasonable and
valid and that all defenses to strict enforcement thereof are hereby waived. 
 The words making up this Article 5 are severable, and without
limiting the generality of the foregoing, if any of the capacities, activities, periods of time or geographic areas specified in this Article 5 are considered by a court of competent jurisdiction as being unreasonable, void or unenforceable, the
parties hereto agree that such court shall be authorized to and is hereby requested and directed to limit such capacities, activities, periods of time or geographic areas to such capacities, activities, periods of time or geographic areas as the
court considers reasonable and enforceable in the circumstances (any such determination as to a particular element is individually referred to as a “Revised Term”). Where the court specifies one or more Revised Terms, such term or terms
shall automatically replace the corresponding term or terms set forth herein and be binding upon the parties to the same extent as if originally set forth herein. 
 ARTICLE 6—CONSIDERATION 
 6.1 Adequate Consideration—The Key Person agrees that he or
she has received good, valuable and sufficient consideration for the covenants and agreements made by the Key Person in this Agreement on the basis that: 
 (a) the Key Person has a significant direct or indirect beneficial interest In shares or other securities of the Company; 
 (b) the Investors have agreed to make the Investment in the Company; and 
 (c) the Investment win
increase the value of such Key Person’s direct or indirect beneficial interest in shares or other securities of the Company. 
 ARTICLE
7—GENERAL 
 7.1 Time of the Essence—Time shall be of the essence of this Agreement. 

7.2 Governing Law—This Agreement shall be construed and governed exclusively by the laws in force in British Columbia and the laws of Canada
applicable therein and, except as provided in Section 7.4, the courts of British Columbia (and Supreme Court of Canada, if necessary) shall have exclusive jurisdiction to hear and determine an disputes arising hereunder. Except as provided in
Section 7.4, each of the parties hereto irrevocably attorns to the jurisdiction of said 

 
courts and consents to the commencement of proceedings in such courts. This Section shall not be construed to affect the rights of a party to enforce a judgment or award outside said province,
including the right to record and enforce a judgment or award in any other jurisdiction. 
 7.3 Equitable Remedies—The Key Person
acknowledges and agrees that a breach of the Key Person’s obligations under this Agreement would result in damages to the Company and the Investors that could not be adequately compensated for by monetary award. Accordingly, in the event of any
such breach by the Key Person, in addition to all other remedies available to the Company and the Investors at law or in equity, the Company and the Investors shall be entitled as a matter of right to apply to a Court of competent jurisdiction for
such relief by way of restraining order, injunction, decree or otherwise, as may be appropriate to ensure compliance with the provisions of this Agreement. 
 7.4 Arbitration—In the event of a dispute hereunder which does not involve a party seeking a court injunction, that dispute shall be resolved by arbitration subject to the provisions of the
Commercial Arbitration Act, R.S.B.C. 1996 c.55 as amended from time to time. The arbitrated resolution of the dispute shall be final and binding on all parties. The place of arbitration will be Vancouver, British Columbia. 

7.5 Further Acts. Things—Each of the parties to this Agreement shall at the request of any other party, and at the expense of the Company, execute
and deliver any further documents and do all acts and things as that party may reasonably require in order to carry out the true intent and meaning of this Agreement. 
 7.6 Enurement—This Agreement shall enure to the benefit of and be binding upon the parties hereto, their permitted assigns and their personal representatives, administrators, heirs and successors.

 7.7 No Waiver—Failure by any party hereto to insist in any instance upon the strict performance of anyone of the covenants contained
herein shall not be construed as a waiver or relinquishment of such covenant. No waiver by any party hereto of any such covenant shall be deemed to have been made unless expressed in writing and signed by the waiving party. 

7.8 Severability—The unlawfulness or invalidity or unenforceability of any provision in this Agreement or of any covenant herein contained on the
part of any party shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained. 
 7.9
Amendment—No term or provision hereof may be amended or added except by an instrument in writing signed by all of the parties to this Agreement. 
 7.10 Conflict—In the event of any conflict between the terms and conditions of this agreement and any other agreement, the terms of this agreement shall prevail. 

7.11 Independent Legal Advice—Each of the parties to this Agreement acknowledge and agree that Farris, Vaughan, Wills and Murphy has acted as
counsel only to the Company and that Irwin, White & Jennings has acted as counsel only to the Investors and that Farris, Vaughan, Wills and Murphy and Irwin,. White & Jennings are not protecting the rights and interests of any
other party 

 
to this Agreement. The other parties to this Agreement acknowledge and agree that the Company, Farris, Vaughan, Wills and Murphy, the Investors and Irwin, White & Jennings have given
them the opportunity to seek, and have recommended that such parties obtain, independent legal advice with respect to the subject matter of this Agreement and, further, each of the other parties hereby represent and warrant to the Company, Farris,
Vaughan, Wills and Murphy, the Investors and Irwin, White & Jennings that such party has sought independent legal advice or waives such advice. 
 7.12 Counterparts—This Agreement may be executed in several counterparts (including by fax), each of which when so executed shall be deemed to be an original and shall have the same force and effect
as an original but such counterparts together shall constitute but one and the same instrument. 
 THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK 

 IN WITNESS WHEREOF the parties have executed this agreement as of the date first written above. 

Signed, Sealed and Delivered by Lawrence Mayer: 

) 
 Lawrence Mayer (seal)

 ) 
 In the presence of:

 ) 
 Witness (Signature)

 ) 
 Name (Please print)

 CELATOR TECHNOLOGIES INC. 
 Per:

 (Authorized Signatory) 
 VENTURES
WEST 7 LIMITED 
 PARTNERSHIP by its general partner, 
 VENTURES WEST 7 MANAGEMENT LTD. 
 Per: 
 (Authorized Signatory) 
 WORKING OPPORTUNITY FUND 

(EVCC) LTD. by its manager, Growth Works Capital Ltd. 
 Per: 
 (Authorized Signatory) 
 BUSINESS DEVELOPMENT BANK OF CANADA 
 Per: 
 (Authorized Signatory) 
 IRWIN, WHITE & JENNINGsiCelator 

VENTURES WEST 7 U.S. LIMITED PARTNERSHIP 
 by its
manager, VENTURES WEST 7 MANAGEMENT(INTERNATIONAL) INC. 
 Per: 
 (Authorized Signatory) 
 GROWTH WORKS ACCESS FUND LIMITED PARTNERSHIP, 

by its general partner, Growth Works Access GP I Ltd. 
 Per: 
 (Authorized Signatory) 

 SCHEDULE A (to Key Person Agreement) 
 EXCEPTIONS TO RESTRICTIVE COVENANT 
 British Columbia Cancer Agency 

-Investigational Drug Program Director of GMP Compliance 
 -Senior Scientist 
 Not more than 25% of time will be devoted to BCCA 

UBC 
 -Faculty of Pharmaceutical Sciences –
Adjunct Professor 
 Not more than a nominal amount of time will be devoted to UBC 

 SCHEDULE B (to Key Person Agreement) 
 EXCLUSIONS FROM WORK PRODUCT 
 The following comprise Inventions of Dr. Lawrence Mayer
resulting from work performed by Dr. Lawrence Mayer prior to his/her involvement with the Corporation and are to be excluded from Work Product under the Agreement: 
 PATENTS ISSUED OR SUBMITTED 
 1. US Patent # 5,744,158, “Methods of Treatment Using High
Drug-Lipid Formulations of Liposomal Antineoplastic Agents” Inventors: Lawrence D. Mayer, Marcel B. Bally, Pieter R. Cullis George N. Mitilenes and Richard S. Ginsberg. 
 2. US Patent # 5,595,756, “Liposomal Compositions for Enhanced Retention of Bioactive Agents” Inventors: Marcel B. Bally, Pieter R. Cullis Nancy L Boman and Lawrence D. Mayer. 

3. US Patent # 5,736,155, “Encapsulation of Antitumour Agents in Liposomes” Inventors: Bally, M.B., Cullis, P.R, Hope, MJ., Madden, T.D., and
Mayer, L.D. 
 4. US Patent # 5,616,341 “High Drug: Lipid Fonnulations of Liposomal Antineoplastic Agents” Inventors: Mayer, L.D.,
Bally, M.B., Cullis, P.R., Ginsberg, R.S. and Mitilenes, G.N. 
 5. US Patent # 5,595,756 “Liposomal Compositions for Enhanced Retention of
Bioactive Agents” Inventors: Bally, M.B., Boman, N.C., Cullis, P.R., and Mayer, L.D 
 6. US Patent # 5,077,056, WO Patent #8601102
“Encapsulation of Antitumour Agents in Liposome(s) After Generating Trans-membrane Potential” Inventors: Bally, M.B., Cullis, P.R., Hope, M.J., Madden, T.D., Mayer, L.D. and Loughrey, H. 

7. US Patent # 4,885,172 “Streptavidin-coupled Liposome(s)—Useful for In Vivo Delivery of Bioactive Agents, e.g. Anti-neoplastic Agents, or for
In Vitro Diagnostic Assays” Inventors: Bally, M.B., Cullis, P.R., Hope, MJ., Madden, T.D. and Mayer, L.D. 
 8. EP (European) Patent
#498471, WO Patent #8804573, “Liposome(s) Containing Phosphate Salt of Amino-glycoside(s)—For Treating Gram-negative Pneumonia” Inventors: Bally, M.B., Bolcsak, E.L., Cullis, P.R., Janoff, S.A., Jedrusiak, AJ., Lenk, P.R. and Mayer,
L.D. 
 9. EP Patent #472639, WO Patent #9014105, “Liposome Compositions Containing Drugs—Where Liposome(s) Have Trans-membrane Ion
Gradient” Inventors: Madden, T.D., Hope, M.J., Tilcock, C.P., Cullis, P.R., Harrigan, P.R., Mui, B.S., Tai, L. and Mayer, L.D. 
 10. US
Patent Application # 08-690,195, Canadian Patent Application # 2,219,095 (1997) “Anhydrovinblastine for the Treatment of Cervical and Lung Cancer” Schmidt B, Kutney and Mayer LD. 

11. US Patent #5741516 (1998), “Sphingosomes for Enhanced Drug Delivery”, Inventors: Webb MS, Bally MB, Mayer LD, Miller JJ and Tardi PG.

 12. US Patent #5744158 (1998), “Methods of Treatment Using High Drug-Lipid Formulations of
Liposomal-Antineoplastic Agents”, Inventor: Mayer LD, Bally MB, Cullis PR, Ginsberg RS and Mitilenes GN. 
 13. US Patent #5795589 (1998),
“Liposomal Antineoplastic Agent Compositions”, Inventors: Mayer LD, Bally MB, Cullis PR, Ginsberg RS, and Mitilenes GN. 

 SCHEDULE C 
 BUSINESS OF THE CORPORATION 
 Celator Technologies Inc. is in the business of the development of
new carrier technology and products for targeting combinations of rationally-selected chemotherapeutic agents to sites of disease, with a focus on the treatment of cancer, specifically major tumor populations such as lung, colorectal, advanced
breast, pancreatic and ovarian cancer, and the utilization of off-patent compounds which are selected for synergistic activity in rapid, cell-based screening assays. 
 Notwithstanding the above, any business that the Corporation may from time to time be engaged in. 

 SCHEDULE D 
 EXCEPTIONS TO RESTRICTIVE COVENANT 
 British Columbia Cancer Agency 

-Investigational Drug Program Director of GMP Compliance 
 -Senior Scientist 
 UBC 
 -Faculty of Phannaceutical Sciences—Adjunct Professor

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