Document:

Employment Agreement

 Exhibit 10.40 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Internet Capital Group Operations, Inc. (the “Company”) and
Walter W. Buckley, III (the “Executive”) and shall be effective as of March 9, 2004 (the “Effective Date”) Internet Capital Group, Inc. (“ICG”), the parent of the Company is also a party hereto for the purposes
specifically stated herein. 
  
 WHEREAS, the Company desires to
continue to employ the Executive as its Chief Executive Officer and the Executive desires to continue to serve in such capacity on behalf of the Company. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the Executive hereby
agree as follows: 
  

	1.	Employment. 

  
 (a) Term. The term of this Agreement (the “Term”) shall begin as of the Effective Date and shall terminate on December 31, 2006, unless
sooner terminated by either party as hereinafter provided; provided, however, that the Term shall automatically be extended for successive one-year periods on January 1, 2007 and on each subsequent anniversary thereof unless, not later than six
months preceding the date of any such extension, either party gives the other party written notice (in accordance with Section 18) of such party’s intention not to further extend the Term. 
  
 (b) Duties. The Executive shall serve as the Chief Executive Officer
of ICG and the Company and shall report directly to the Board of Directors of the Company (the “Board”) as well as to the Board of Directors of ICG (the “ICG Board”). The Executive shall perform all duties and accept all
responsibilities incident to such position as may be reasonably assigned to him by the Board or the ICG Board. 
  
 (c) Best Efforts. During the Term, the Executive shall devote his best efforts and full time and attention to promote the business and affairs of
the Company and its affiliated companies, and shall be engaged in other business activities only to the extent that such activities do not interfere or conflict with his obligations to the Company hereunder, including, without limitation,
obligations pursuant to Section 15 below. The foregoing shall not be construed as preventing the Executive from (1) serving on corporate, civic, educational, philanthropic or charitable boards or committees, (2) delivering lectures, fulfilling
speaking engagements or lecturing at educational institutions and (3) managing personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities hereunder and provided that
the Executive shall obtain the ICG Board’s consent (which shall not be unreasonably withheld) before serving on any corporate boards or committees (other than the corporate boards or committees of the Company’s partner companies).

  
 2. Base Salary and Bonus. As compensation for the services to be
rendered hereunder, the Company shall pay to the Executive an annual base salary of $400,000. This amount may be subject to annual increases, as determined by the Board, in its sole discretion. The Executive’s base salary shall be paid in
accordance with the Company’s existing payroll 

 policies, and shall be subject to applicable withholding taxes. The Executive shall also be eligible for bonus payments
if certain performance goals and targets, established by the Board and the Compensation Committee of the ICG Board (collectively, the “Compensation Committee”), in its sole discretion, are met. The performance goals and targets shall be
determined by the Compensation Committee, in its sole discretion, at the beginning of each fiscal year during the term of this Agreement. The Compensation Committee shall determine, at the end of each relevant period, whether and to what extent the
applicable goals and targets have been achieved, in its sole discretion, based upon actual performance against the applicable performance goals and targets, and shall notify the Executive of the amount of his bonus award, if any. The
Executive’s bonus shall be paid to him after the end of the fiscal year to which it relates, at the same time and under the same terms and conditions as other executives of the Company. For 2003, the Executive’s target annual bonus shall
be 150% of base salary and a portion of such annual bonus shall be paid in the form of equity. 
  
 For purposes of this Section 2, where applicable, references to the “Compensation Committee” shall include the full Board or the ICG Board. 
  
 3. Equity Compensation. The Executive shall be entitled to participate in any short-term and long-term equity incentive programs
established by the Company for its senior level executives generally, including ICG’s 1999 Equity Compensation Plan, at levels at least commensurate with the benefits provided to other senior executives and with adjustments appropriate for his
position as the Chief Executive Officer of the Company and of ICG. 
  
 4.
Retirement and Welfare Benefits. The Executive shall be entitled to participate in the Company’s health, life insurance, long and short term disability, dental, retirement, and medical programs, if any, pursuant to their respective terms
and conditions. Nothing in this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan or program from time to time after the effective date of this Agreement. 
  
 5. Vacation. The Executive shall be entitled to vacation, holiday and sick leave at
levels commensurate with those provided to other senior executive officers of the Company, in accordance with the Company’s vacation, holiday and other pay for time not worked policies. The Executive shall be entitled to not less than 5 weeks
vacation; provided, however, that the Executive may not carry over unused vacation time from one year to the next except as otherwise permitted under the Company’s vacation policy, unless the Compensation Committee approves additional carryover
time. 
  
 6. Expenses. The Company shall reimburse the Executive for all
necessary and reasonable travel and other business expenses incurred by the Executive in the performance of his duties hereunder in accordance with such reasonable accounting and reporting procedures as the Company may adopt generally from time to
time for executives. 
  
 7. Indemnification. During the Term and
thereafter, the Company agrees to indemnify the Executive against all claims arising out of actions or omissions during the Executive’s service to the Company and ICG, to the same extent and on the same terms and conditions provided for in
Article VI of ICG’s bylaws and under the Delaware General 
  

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 Corporation Law, each as in effect on the Effective Date. The Company agrees it will continue to maintain, or cause ICG
to maintain, officers’ and directors’ liability insurance to fund the indemnity described above for so long as such coverage for the benefit of active officers and directors is maintained by the Company or ICG. 
  
 8. Termination Without Cause; Resignation for Good Reason Before A Change of Control.

  
 (a) The Company may terminate the Executive’s employment
with the Company at any time without Cause (as defined in Section 14) from the position in which the Executive is employed hereunder upon not less than 30 days’ prior written notice to the Executive; provided, however, that in the event that
such notice is given, the Executive shall be under no obligation to render any additional services to the Company and shall be allowed to seek other employment. In addition, the Executive may initiate a termination of employment by resigning under
this Section 8 for Good Reason Before A Change of Control (as defined in Section 14). The Executive shall give the Company not less than 30 days’ prior written notice of such resignation. 
  
 (b) Upon any termination or resignation described in Section 8(a) above, the
Executive shall be entitled to receive only the amount due to the Executive under the Company’s then current severance pay plan for employees, if any. No other payments or benefits shall be due under this Agreement to the Executive, but the
Executive shall be entitled to any benefits accrued and earned in accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 (c) Notwithstanding the provisions of Section 8(b), if the Executive executes and does not revoke a written release upon any termination or resignation
described in Section 8(a) above, substantially in the form attached hereto as Exhibit A but subject to any adjustment determined by the Company to be necessary to comply with applicable law, or regulations, at the time of the Executive’s
termination (the “Release”), of any and all claims against the Company and all related parties, including ICG, with respect to all matters arising out of the Executive’s employment by the Company, or the termination thereof (other
than claims for any entitlements under the terms of this Agreement or under any plans or programs of the Company under which the Executive has accrued and is due a benefit), and any claims against the Executive for actions within the scope of his
employment by the Company, the Executive shall be entitled to receive, in lieu of the payment described in Section 8(b), the following: 
  
 (1) A lump sum cash severance payment in an amount equal to two times the aggregate amount of (A) plus (B) where (A) is the
Executive’s annual base salary (as in effect immediately prior to any reduction, if Executive has resigned for the reason described in Section 14(c)(1)) and (B) is the Executive’s target annual bonus for the year in which the
Executive’s termination of employment occurs. Payment of the lump sum shall be made within 30 days after the effective date of the termination or the end of the revocation period for the Release, if later. Notwithstanding the foregoing, the
lump sum payable under this paragraph will be reduced by any amount paid to Executive pursuant to the paragraph entitled “SEVERANCE PAY” in his letter agreement with ICG dated September 20, 2001 (the “Letter Agreement”).

  

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 (2) A pro rated bonus, if any, for the year in which the Executive’s termination of
employment occurs. The amount of the pro rated bonus shall be based upon the Executive’s achievement of applicable individual performance goals and the Company’s performance for the period, as determined by the Compensation Committee, in
its sole discretion. The amount of the pro rated bonus shall be determined by multiplying the amount of the Executive’s annual bonus so determined, if any, for the fiscal year in which the Executive’s termination occurs, by a fraction, the
numerator of which is the number of days during which the Executive was employed by the Company in the fiscal year of his termination and the denominator of which is 365. Payment of the pro rated bonus shall be made if, as and when bonuses are paid
to other executives of the Company. Notwithstanding the foregoing, the amount payable under this paragraph will be reduced by any amount paid to Executive pursuant to the paragraph entitled “ANNUAL BONUS” in the Letter Agreement.

  
 (3) Medical coverage until the earlier of the
last day of the 24-month period following the date of termination or until the date on which the Executive is eligible for coverage under a plan maintained by a new employer or under a plan maintained by his spouse’s employer, at the level in
effect at the date of his termination (or generally comparable coverage) for himself and, where applicable, his spouse and dependents, as the same may be changed by the Company from time to time for employees generally, as if the Executive had
continued in employment during such period; or, cash in lieu of such coverage in an amount equal to the Executive’s after-tax cost of continuing such coverage, where such coverage may not be continued (or where such continuation would adversely
affect the tax status of the plan pursuant to which the coverage is provided). The COBRA health care continuation coverage period under section 4980B of the Internal Revenue Code of 1986, as amended, shall run concurrently with the foregoing benefit
period. 
  
 (4) All outstanding options held by
the Executive at the date of his termination of employment shall become fully exercisable on the date of termination and all restrictions on restricted stock held by the Executive at the date of his termination of employment shall lapse as of the
date of termination. All outstanding options held by the Executive at the date of his termination of employment shall remain exercisable until the earlier to occur of (A) the last day of the 24-month period following the date of the Executive’s
termination of employment or (B) the last day of the twelve month period following the date on which the Company’s stock is maintained at $3 for 20 trading days (taking into account any stock splits or other similar adjustments). 
  
 (5) Outplacement assistance reimbursement by the Company up
to a total maximum of $40,000 until the later of (A) the last day of the 12-month period following the effective date of the Executive’s termination of employment or (B) the date the Executive commences employment with a new employer.
Notwithstanding the foregoing, the amount payable under this paragraph will be reduced by the value of any benefit provided to Executive pursuant to the paragraph entitled “OUTPLACEMENT” in the Letter Agreement. 
  
 (6) Any other amounts earned, accrued and owing but not yet
paid under Section 2 above. 
  

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 9. Voluntary Termination. The Executive may voluntarily terminate his employment for any reason upon 30 days’
prior written notice. In such event, after the effective date of such termination, no further payments shall be due under this Agreement, except that the Executive shall be entitled to any benefits accrued and due in accordance with the terms of any
applicable benefit plans and programs of the Company. 
  
 10. Disability.
If the Executive incurs a Disability (as defined below) during the Term, the Executive’s employment shall terminate on the date of Disability. If the Executive’s employment terminates on account of his Disability, the Executive shall be
entitled to receive any benefits accrued and earned in accordance with the terms of any applicable benefit plans and programs of the Company. For purposes of this Agreement, the term “Disability” shall mean a determination by Unum, the
Company’s long term disability provider, that: the Executive is Limited from performing the Material And Substantial Duties of the Executive’s Regular Occupation due to Sickness or Injury; and the Executive has a 20% or more loss in his
Indexed Monthly Earnings dues to the same Sickness or Injury. Disability must begin while the Executive is covered under the Company’s long term disability plan. For purposes of this definition, the following terms shall have the following
meanings: 
  
 (a) “Limited” means what the Executive
cannot or is unable to do. 
  
 (b) “Material And Substantial
Duties” means duties that are normally required for the performance of the Executive’s regular occupation and cannot be reasonably omitted or modified, except that if the Executive is required to work on average in excess of 40 hours per
week, Unum will consider the Executive able to perform that requirement if he is working or has the capacity to work 40 hours per week. 
  
 (c) “Sickness” means an illness or disease. 
  
 (d) “Injury” means a bodily injury that is the direct result of an accident and not related to any other cause. 
  
 (e) “Indexed Monthly Earnings” means the Executive’s monthly
earnings adjusted on each anniversary of benefit payments by the lesser of 10% or the current annual percentage increase in the Consumer Price Index. The Executive’s Indexed Monthly Earnings may increase or remain the same, but will never
decrease. The Consumer Price Index is published by the U.S. Department of Labor. Unum reserves the right to use some other similar measurement if the Department of Labor changes or stops publishing the CPI-W. 
  
 11. Death. If the Executive dies while employed by the Company, the Executive’s
employment shall terminate on the date of death and the Company shall pay to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, any amounts earned, accrued and owing but not yet paid under
Section 2 above and any benefits accrued and earned under the Company’s benefit plans and programs. Otherwise, the Company shall have no further liability or obligation under this Agreement to the Executive’s executors, legal
representatives, administrators, heirs or assigns or any other person claiming under or through the Executive. 
  

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 12. Cause. The Company may terminate the Executive’s employment at any time for Cause (as defined in Section
14) upon written notice to the Executive, in which event all payments under this Agreement shall cease, except for salary to the extent already accrued. The Executive shall be entitled to any benefits accrued and earned before his termination in
accordance with the terms of any applicable benefit plans and programs of the Company. 
  
 13. Change of Control. 
  
 (a) Effect of Change
of Control. If a Change of Control (as defined in Section 14) occurs and the Executive’s employment terminates under the circumstances described below, the provisions of this Section 14 shall apply. 
  
 (b) Termination Without Cause/Resignation for Good Reason After A Change
of Control. If the Executive’s employment is terminated by the Company without Cause at any time during the six-month period before, or the 24-month period following a Change of Control (as defined in Section 14) or if, upon 60 days’
prior written notice, the Executive initiates a termination of employment and resigns for Good Reason After A Change of Control at any time during the 24-month period following a Change of Control, and, in either case, the Executive executes and
does not revoke the Release (as described in Section 8 above) upon any such termination without Cause or resignation for Good Reason After a Change of Control, the provisions of Section 8(c) shall then apply except that: 
  
 (1) the lump sum amount described in Section 8(c)(1) shall
be equal to three times the sum of (A) the Executive’s annual base salary for the year in which the Executive’s termination of employment occurs (or, if the Executive has resigned following a salary reduction described in Section 14(d)(1),
the annual base salary in effect immediately prior to such reduction), plus (B) the Executive’s target annual bonus for the year in which the Executive’s termination of employment occurs (or, if the Executive has resigned following a
target bonus reduction described in Section 14(d)(5), the target annual bonus for the immediately preceding year); and 
  
 (2) the 24-month period described in Section 8(c)(3) shall be extended to 36 months. 
  
 If the Executive does not sign or revokes the Release, the provisions of Section 8(b) shall
then apply. In the event the Company terminates the Executive’s employment without Cause and the Executive executes and does not revoke the Release (as described in Section 8 above) upon such termination, and a Change of Control occurs within
the six-month period following such termination, the Company shall make an additional payment to the Executive to reflect the increased amount payable to the Executive under Section 8(c)(1) in accordance with this Section 13(b). Payment of the
additional amount shall be made within 30 days after the effective date of the Change of Control. 
  
 (c) Enforcement. It is the intent of the Company that, following a Change of Control, the Executive not be required to incur any expenses
associated with the enforcement of his rights under this Agreement by arbitration, litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to the 
  

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 Executive hereunder. Accordingly, the Company shall pay the Executive on demand the amount necessary to reimburse the
Executive in full for all expenses (including all attorneys’ fees and legal expenses) incurred by the Executive in enforcing any of the obligations of the Company under this Section following a Change of Control. 
  
 14. Definitions. 
  
 (a) “Cause” shall mean a determination, by vote of a majority of the members of the Board and the ICG
Board, that there exists any of the following grounds for termination of the Executive’s employment: 
  
 (1) The Executive shall have been convicted of or pleads nolo contendere to a felony; 
  
 (2) The Executive intentionally and continually refuses to
perform the reasonable and lawful directives of the Board or the ICG Board, which refusal has continued for at least 30 days following receipt by the Executive of written notice from the Board describing the specific nature of the failure; or

  
 (3) The Executive breaches Section 15 of this
Agreement, which breach has continued for at least 30 days following receipt by the Executive of written notice from the Board describing the specific nature of the breach. 
  
 (b) “Change of Control” shall be deemed to have occurred if any of the following occur: 
  
 (1) Any “person” (as such term is used in sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of ICG or the Company
representing a majority of the voting power of the then outstanding securities of ICG or the Company, where that person is not an ICG Entity (as defined below); 
  
 (2) Any person has successfully completed a tender offer or exchange offer for a majority of the voting
power of the then outstanding securities of ICG; 
  
 (3) The consummation of (A) a merger or consolidation of ICG with another corporation where the shareholders of ICG, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation,
shares entitling such shareholders to more than 50% of all votes to which all shareholders of the surviving corporation would be entitled in the election of directors (without consideration of the rights of any class of stock to elect directors by a
separate class vote), (B) a sale or other disposition of all or substantially all of the assets of (i) ICG or (ii) the Company other than to an ICG Entity, (C) a liquidation or dissolution of ICG, or (D) a reorganization of ICG or the Company
(either inside or outside of bankruptcy) where the shareholders of ICG, immediately prior to the reorganization, will not beneficially own directly or indirectly, immediately after the reorganization, shares entitling such shareholders to more than
50% of all votes to which all shareholders of the surviving entity would be entitled in the election of directors (without consideration of the rights of any class of stock to elect directors by a separate class vote); or 
  

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 (4) Persons who, as of the Effective Date, constituted the ICG Board (the “Incumbent
Board”) cease for any reason, including without limitation as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the ICG Board; provided that any person becoming a director of ICG
subsequent to the Effective Date whose election was approved by at least a majority of the directors then comprising the Incumbent Board shall, for purposes of this Agreement, be considered a member of the Incumbent Board. 
  
 (c) “Good Reason Before A Change of Control” shall mean the
occurrence of any of the following events or conditions, unless the Executive has expressly consented in writing thereto or unless the event is remedied by the Company within 30 days after receipt of notice thereof given by the Executive:

  
 (1) Any reduction in the Executive’s
annual base salary, other than as part of an across the board reduction in salaries of management personnel of less than 20%; 
  
 (2) A material reduction of the Executive’s duties or responsibilities hereunder, other than a circumstance where the Executive
continues to serve as the Chief Executive Officer, but another individual is appointed President and reports to the Executive; 
  
 (3) A change in the Executive’s reporting relationship such that he no longer reports solely and directly to the Board and the ICG
Board, or their successors, as applicable; 
  
 (4) Any other material breach of this Agreement by the Company which continues for a period of at least 30 days after a written notice of demand for substantial performance has been delivered to the Company by the Executive specifying the
manner in which the Company has breached this Agreement; or 
  
 (5) The Company’s failure to renew this Agreement in accordance with Section 1 above. 
  
 (d) “Good Reason After A Change of Control” shall mean the occurrence of any of the following events or conditions, unless the Executive
has consented in writing thereto or unless the event is remedied by the Company within 30 days after receipt of notice thereof given by the Executive: 
  
 (1) Any reduction in the Executive’s annual base salary; 
  
 (2) Any reduction of the Executive’s duties or responsibilities hereunder, other than a circumstance
where the Executive continues to serve as the Chief Executive Officer, but another individual is appointed President and reports to the Executive; 
  
 (3) Any change in the Executive’s reporting relationship such that he no longer reports solely and directly to the Board and the ICG
Board, or their successors, as applicable; 
  
 (4) Any other material breach of this Agreement by the Company; 
  

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 (5) The establishment of a target annual bonus less than that in effect for the
immediately preceding year, measured as a percentage of base salary; 
  
 (6) ICG or the Company becoming a subsidiary of another corporation or entity that is not an ICG Entity, unless this Agreement is assumed by the Ultimate Parent and Executive is appointed as the most senior executive
officer of the Ultimate Parent; 
  
 (7) The
Company’s requiring the Executive to be based at a location other than within 50 miles of Philadelphia, Pennsylvania; or 
  
 (8) The Company’s failure to renew this Agreement in accordance with Section 1 above. 
  
 (e) “ICG Entity” means either ICG, the Company, or any
other majority owned subsidiary of ICG, or the parent of ICG if voting securities of that parent possessing more than 50% of all votes to which all owners of the surviving entity would be entitled to vote in the election of directors (without
consideration of the rights of any class of equity to elect directors by a separate class vote) are owned by those persons who were shareholders of ICG immediately prior to the transaction by which ICG became a subsidiary of another entity.

  
 (f) “Ultimate Parent” means the corporation
or other entity in the unbroken chain of entities ending with the Company that owns or controls (directly or indirectly) at least 50 percent of the total combined voting power of all ownership interests of the Company and each other entity within
that chain. 
  
 15. Restrictive Covenants. 
  
 (a) Non-Competition. 
  
 (1) During the Term and until the last day of the six month
period following the Executive’s termination of employment for any reason, the Executive hereby agrees that he will not, except with the prior written consent of the Board and the ICG Board, directly or indirectly, own, manage, operate, join,
control, finance or participate in the ownership, management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit the
Executive’s name to be used in connection with, any business or enterprise or any division of any business or enterprise whose primary business involves or is related to business to business commerce using the internet. 
  
 (2) For the 12-month period following the period described
in (1) above, the Executive will not, except with the prior written consent of the Board and the ICG Board, directly or indirectly, own, manage, operate, join, control, finance or participate in the ownership, management, operation, control or
financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit the Executive’s name to be used in connection with, any entity, or division or business
unit of an entity, that is a direct competitor of one or more of the following entities or their successors: 
  
 Linkshare 
 ICG Commerce 
 Marketron 
 Starcite 
 Blackboard 
 Commerce Quest 
 Investor Force 
  

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 (b) Non-Solicitation and Non-Hire. During the Term and for the 18-month period beginning on the
date that the Executive’s employment with the Company terminates for any reason, the Executive hereby agrees that he will not either directly or through others, solicit, hire or attempt to solicit or hire any employee, consultant, independent
contractor or customer of the Company, ICG or any of its or ICG’s partner companies to change or terminate his, her or its relationship with the Company, ICG or ICG’s partner companies or otherwise to become an employee, consultant,
independent contractor or customer to, for or of any other person or business entity. Notwithstanding the foregoing, general solicitations of employment published in a journal, newspaper or other publication of general circulation and not
specifically directed towards such employees, consultants or independent contractors shall not be deemed to constitute solicitation for purposes of this Section 15(b). The Executive shall not be prohibited from employing or maintaining as a customer
any such person or business that contacts the Executive on his or her or its own initiative and without any solicitation on the part of the Executive or soliciting any customer for a business that is not a direct competitor of the Company, ICG or
any of its or ICG’s partner companies. 
  
 (c) Proprietary
Information. At all times, the Executive will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s Proprietary Information (defined below), except as such disclosure, use or
publication may be required in connection with the Executive’s work for the Company, or unless the Company expressly authorizes such disclosure in writing or it is required by law or in a judicial or administrative proceeding in which event the
Executive shall promptly notify the Company of the required disclosure and assist the Company if it determines to resist the disclosure. “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or
information of the Company, ICG, their affiliated entities, any of their partner companies, investors, and partners, including but not limited to information relating to financial matters, investments, budgets, business plans, marketing plans,
personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. The Executive hereby agrees that he will not, at any time, improperly
use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom the Executive has an obligation of confidentiality, and the Executive will not bring into the premises of the Company any
unpublished documents or any property belonging to any former employer or any other person to whom the Executive has an obligation of confidentiality unless consented to in writing by that former employer or person. Notwithstanding anything to the
contrary herein, each of the parties hereto (and each employee, representative, or other agent of such parties) may disclose to any person, without limitation of any kind, the federal income tax treatment and federal income tax structure of the
transactions contemplated hereby and all materials (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure. 
  

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 (d) Assignment of Inventions.  
  
 (1) Proprietary Rights and Inventions. The
term “Proprietary Rights” shall mean all trade secrets, know-how, patents, copyrights and other intellectual property rights throughout the world. The term “Inventions” shall mean all trade secrets, inventions, ideas, processes,
data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques. 
  
 (2) Prior Inventions. The Executive has disclosed to the Company a complete list of all Inventions that the Executive has,
along or jointly with others, made prior to the commencement of the Executive’s employment with the Company that the Executive considers to be his property or the property of third parties and that the Executive wishes to have excluded from the
scope of this Restrictive Covenant Agreement (collectively referred to as “Prior Inventions”). If no such disclosure is made, the Executive represents that there are no prior Inventions. If, in the course of the Executive’s employment
with the Company, the Executive incorporates a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to
sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, the Executive hereby agrees that he will not incorporate, or permit to be incorporated, Prior Inventions
in any Company Inventions without the Company’s prior written consent. 
  
 (3) Assignment of Inventions. The Executive hereby assigns and agrees to assign in the future (when any such inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible
medium, as applicable) to the Company, or its designee, all of the Executive’s right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) which are created, made conceived or reduced to practice
by the Executive or under the Executive’s direction or jointly with others during the Executive’s employment by the Company, whether or not during normal working hours or on the premises of the Company (the “Company Inventions”).
The Executive hereby agrees that he will, at the Company’s request, promptly execute a written assignment to the Company, or its designee, of any such Company Invention, and the Executive will preserve any such Company Invention as part of the
Proprietary Information of the Company. 
  
 (4) Obligation to Keep Company Informed. The Executive hereby agrees that he will promptly and fully disclose in writing to the Company all Company Inventions. The Executive further agrees to assist in every proper way and to execute
those documents and take such acts as are reasonably requested by the Company to obtain, sustain and from time to time enforce Proprietary Rights relating to Company Inventions in the United States or any other country. 
  
 (e) Return of Company Documents. Upon termination of the
Executive’s employment with the Company for any reason whatsoever, voluntarily or involuntarily, and at any earlier time the Company requests, the Executive will deliver to the person designated by the Company all originals and copies of all
documents and other property of the Company in the Executive’s possession, under the Executive’s control or to which the Executive may have 
  

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 access. The Executive will not reproduce or appropriate for the Executive’s own use, or for the use of others, any
property, Proprietary Information or Company Inventions. 
  
 16. Legal and
Equitable Remedies. Because the Executive’s services are personal and unique because the Executive has had and will continue to have access to and has become and will continue to become acquainted with the Proprietary Information of the
Company and because any breach by the Executive of any of the restrictive covenants contained in Section 15 would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right
to enforce Section 15 and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the
restrictive covenants set forth in Section 15. The Executive agrees that in any action in which the Company seeks injunction, specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions of
Section 15 are unreasonable or otherwise unenforceable. The Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out of this paragraph may be brought in the United States District Court for the Eastern District of
Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia County, Pennsylvania, (ii) consents to the non-exclusive jurisdiction of such court in any such
proceeding, and (iii) waives any objection to the laying of venue of any such proceeding in any such court. The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. 
  
 17. No Mitigation or Set Off. In no event shall the Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment.
The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment,
defense or other right which the Company may have against the Executive or others. 
  
 18. Notices. All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed
by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when received): 
  
 If to the Company, to: 
  
 Internet Capital Group Operations, Inc. 
 690
Lee Road, Suite 310 
 Wayne, PA 19087 
 Attention: General Counsel 
  
 With a required copy to:

  
 Morgan, Lewis & Bockius LLP 
  

 12 

 1701 Market Street 
 Philadelphia, PA 19103-2921 
 Attention: Robert J. Lichtenstein, Esquire 
  
 If to the Executive, to: 
  
 Walter W. Buckley, III 
 211 Atlee Road 
 Wayne, PA 19087 

 
 With a required copy to: 
  
 Pepper Hamilton LLP 
 3000 Two Logan Square 
 18th & Arch Streets 
 Philadelphia, PA 19103 
 Attention: Barry M. Abelson, Esquire 
  
 or to such other names or addresses as the Company or the Executive, as the case may be, shall designate by notice to each other person
entitled to receive notices in the manner specified in this Section. 
  
 19.
Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to
withhold pursuant to any law or governmental rule or regulation. Except as specifically provided otherwise in this Agreement, the Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect
to any payment received under this Agreement. 
  
 20. Remedies Cumulative; No
Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or
hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be
exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion. 
  
 21. Assignment. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs,
executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in
whole or in part by the Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15
days of such succession, expressly to assume and agree to perform this Agreement in 
  

 13 

 the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.

  
 22. Entire Agreement. This Agreement sets forth the entire agreement of
the parties hereto and supersedes any and all prior agreements and understandings concerning the Executive’s employment by the Company, other than the sections of the Letter Agreement entitled “SEVERANCE PAY,” “ANNUAL
BONUS,” “OUTPLACEMENT,” “PROMISSORY NOTE” and “RELEASE” (which sections remain in full force and effect). This Agreement may be changed only by a written document signed by the Executive and the Company.

  
 23. Severability. If any provision of this Agreement or application
thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect
without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to
particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 
  
 24. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive and procedural laws of the Commonwealth of Pennsylvania without regard to rules governing
conflicts of law. 
  
 25. Arbitration. Any controversy, claim or dispute
arising out of or relating to this Agreement or the Executive’s employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration
in Philadelphia, Pennsylvania pursuant to then prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association; provided, that nothing in this subsection shall be construed as precluding the Company from
bringing an action for injunctive or other equitable relief. The Company may elect to proceed to court without first resorting to arbitration in the event that the Executive breaches any provision of Section 15. 
  
 26. Legal Fees. The Company will pay (or reimburse the Executive for) the reasonable
legal fees and expenses incurred in by him connection with the negotiation and documentation of this Agreement up to a maximum of $15,000. 
  
 27. Third Party Beneficiary. All of the Executives covenants and undertaking under this Agreement, to the extent applicable, shall apply and be enforceable by ICG.
In addition, ICG will guaranty each of the Company’s obligations hereunder. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 14 

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

			
	INTERNET CAPITAL GROUP OPERATIONS, INC.
		
	By:	 	 /s/    Anthony P. Dolanski        

	 	 	

	 Name:
	 	Anthony P. Dolanski
	 Its:
	 	Chief Financial Officer

  

	
	EXECUTIVE
	
	 /s/    Walter W. Buckley, III        

	

	Walter W. Buckley, III

  

			
	INTERNET CAPITAL GROUP, INC.
		
	By:	 	 /s/    Anthony P. Dolanski        

	 	 	

	 Name:
	 	Anthony P. Dolanski
	 Its:
	 	Chief Financial Officer

  

 15 

 EXHIBIT A 
 GENERAL RELEASE 
  
 1. Walter W.
Buckley, III (the “Executive”), for and in consideration of certain severance benefits to be paid and provided to the Executive by Internet Capital Group Operations, Inc. (the “Company”) under the Employment Agreement between the
Company and the Executive dated March 9, 2004 (the “Employment Agreement”), and conditioned upon such payments and provisions, does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company, and each of its past or present parents,
subsidiaries and affiliates, its and their past or present officers, directors, shareholders, employees and agents, their respective successors and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company,
or of its past or present parents, subsidiaries or affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the
“Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which the Executive ever had, now have, or hereafter may have,
or which the Executive’s heirs, executors or administrators hereafter may have from the beginning of the Executive’s employment with the Company to the date of this Release arising from or relating in any way to the Executive’s
employment relationship and the termination of the Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future
under any federal, state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the Rehabilitation Act of 1973, 29 USC §§ 701 et seq., as amended, Title VII of
the Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60 et seq., as applicable, the Age Discrimination in Employment Act of 1967, 29 USC §§ 621 et seq., as amended
(“ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended, any contracts between the Company and the Executive and
any common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that this Release shall not apply to any (i) entitlements under the terms of the Employment Agreement and the surviving sections of that
certain letter agreement between the Executive and Internet Capital Group, Inc. (“ICG”) dated September 20, 2001, (ii) entitlements under any plans or programs of the Company or its affiliates in which the Executive participated and under
which the Executive has accrued or otherwise become entitled to a benefit (other than under any Company separation or severance plan or programs), (iii) rights as a stockholder of the Company, ICG or any of their affiliates, and (iv) rights with
respect to equity incentive awards granted to the Executive by the Company, ICG or any of their affiliates which remain outstanding as of the date hereof. 
  
 2. Subject to the limitations of paragraph 1 above, the Executive expressly waives all rights afforded by any statute that expressly limits the effect of a release with
respect to unknown claims. The Executive understands the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims. 
  
 3. The Executive hereby agrees and recognizes that his employment by the Company was/will be permanently and irrevocably severed on
                , 20         and the 
  

 A-1 

 Company has no obligation, contractual or otherwise to the Executive to hire, rehire or reemploy the Executive in the
future. The Executive acknowledges that the terms of the Employment Agreement provide him with payments and benefits which are in addition to any amounts to which the Executive otherwise would have been entitled. 
  
 4. The Executive hereby agrees and acknowledges that the payments and benefits provided by
the Company are to bring about an amicable resolution of the Executive’s employment arrangements and are not to be construed as an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by the
Company and that the Employment Agreement was, and this Release is, executed voluntarily to provide an amicable resolution of the Executive’s employment relationship with the Company. 
  
 5. The Executive hereby acknowledges that nothing in this Release shall prohibit or restrict
the Executive from: (i) making any disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or
legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation
of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. 
  
 6. The Executive will not disparage the Company or ICG or any of their directors, officers, agents or employees or otherwise take any action
which could reasonably be expected to adversely affect the reputation of the Company or ICG or the personal or professional reputation of any of their directors, officers, agents or employees. Similarly, the Company and ICG (meaning, solely for this
purpose, the officers and directors of the Company and ICG and any of their employees or agents specifically authorized to make communications on their behalf) will not disparage the Executive or otherwise take any action that could reasonably be
expected to adversely affect his personal or professional reputation. 
  
 7. The
Executive hereby certifies that the Executive has read the terms of this Release, that the Executive has been advised by the Company to discuss it with his attorney, that the Executive has received the advice of counsel and that the Executive
understand its terms and effects. The Executive acknowledges, further, that the Executive is executing this Release of his own volition with a full understanding of its terms and effects and with the intention of releasing all claims recited herein
in exchange for the consideration described in the Agreement, which the Executive acknowledges is adequate and satisfactory to him. None of the above named persons, nor their agents, representatives, or attorneys have made any representations to the
Executive concerning the terms or effects of this Release other than those contained herein. 
  
 8. The Executive hereby acknowledges that the Executive has been informed that he has the right to consider this Release for a period of 21 days prior to execution. The Executive also understands that the Executive
has the right to revoke this Release for a period of seven days following execution by giving written notice to the Company at 690 Lee Road, Suite 310, Wayne, PA 19087, Attention:
                        . 
  

 A-2 

 9. The Executive hereby further acknowledges that the terms of Sections 15 and 16 of the Employment Agreement continue to
apply for the balance of the time periods provided therein and that the Executive will abide by and fully perform such obligations. 
  
 10. This Release shall be construed in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to its conflict of laws provisions. 

 
 Intending to be legally bound hereby, the Executive and the Company have executed the
foregoing Release this          day of             , 20     . 
  

							
	 	 	 	 	 EXECUTIVE

				
	 	 	 	 	 	 	 
	
	 	 	 	

	Witness	 	 	 	Walter W. Buckley, III
			
	 	 	 	 	 INTERNET CAPITAL GROUP OPERATIONS, INC.

				
	 	 	 	 	By:	 	 
	
	 	 	 	 	 	

	Witness	 	 	 	Its:	 	 

  

							
			
	 	 	 	 	 INTERNET CAPITAL GROUP, INC.

				
	 	 	 	 	By:	 	 
	
	 	 	 	 	 	

	Witness	 	 	 	Its:	 	 

  

 A-3STOCK PLEDGE AND LOAN AGREEMENT, DATED SEPTEMBER 1, 1999

 Exhibit 10.34 
  
 STOCK PLEDGE AND LOAN AGREEMENT 
  
 This AGREEMENT (as amended, supplemented or modified from time to time, “Agreement”) is dated as of September 1, 1999 and is by Per-Olof
Söderberg (the “Borrower”) in favor of OXiGENE, Inc., a Delaware corporation (“OXiGENE”). 
  
 The Borrower has been granted an option to purchase 10,856 shares of Common Stock of OXiGENE (the “Option”) pursuant to the OXiGENE 1996 Stock
Incentive Plan (the “Plan”) and an agreement (the “Option Agreement”) between OXiGENE and the Borrower dated as of June 29, 1999. The Borrower desires to exercise the Option and to purchase 10,856 shares of such Common Stock by
borrowing substantially all of the purchase price from OXiGENE. In order to induce OXiGENE to extend such credit to the Borrower, the Borrower is willing (i) to execute a promissory note in favor of OXiGENE evidencing Borrower’s obligations to
OXiGENE and (ii) to provide collateral security for Borrower’s obligations to OXiGENE (the “Pledged Collateral,” as more fully defined herein). Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 .1 Definitions. Terms defined in the Plan, the Option Agreement and the Purchase Note (as defined below) and not otherwise defined herein shall have, as used herein, the respective meanings provided for therein. 
  
 .2 UCC Terms. Unless otherwise defined herein, or unless the context
otherwise requires, all terms used herein that are defined in the New York Uniform Commercial Code shall have the meanings therein stated. 
  
 ARTICLE II 
 THE LOAN 
  
 .1 The Loan and the Purchase Note. OXiGENE agrees upon the terms and
subject to the conditions contained in this Agreement to lend to the Borrower an aggregate principal amount of ONE HUNDRED THIRTEEN THOUSAND NINE HUNDRED EIGHTY-EIGHT Dollars ($113,988) (the “Purchase Loan”) which shall be evidenced by the
Borrower’s note in substantially the form attached as Exhibit A (the “Purchase Note”). 
  
 .2 Term. The principal and interest of the Purchase Note shall be due and payable on the earlier of the Note Expiration Date stated in the Option
Agreement or the Maturity Date(s) described in Section 2.3, below. 
  
 .3 Repayment. (a) Subject to Section 2.3(b) hereto the principal and interest of the Purchase Note attributable to the purchase of a number of shares of Common Stock shall be repaid, in whole but not in part, upon the Maturity Date
attributable to such shares, as shown in Schedule II or as described in Section 2.3(b). To the extent that the Borrower is entitled to, but does not, repay the Purchase Note on the Maturity Date, such shares shall be forfeited. 

 (b) If before the Purchase Note is repaid, the Borrower’s employment or service with OXiGENE or a
Subsidiary terminates, the following provisions shall apply notwithstanding any terms in this Agreement or in the Purchase Note to the contrary: 
  
 (i) If the termination of employment or service is for any reason other than death or disability, the Borrower shall repay the Purchase
Note with respect to shares of Common Stock, to the extent that such shares are non-forfeitable on the date of termination of employment or service (or would have become non-forfeitable within three months thereafter and prior to the Note Expiration
Date), on the date that is three months following such termination of employment or service, which date shall be a Maturity Date. The balance of the shares purchased pursuant to the exercise of the Option shall be forfeited. 
  
 (ii) If the termination of employment or service is the
result of the Borrower’s disability, the Borrower (or the Borrower’s legal representative) shall repay the Purchase Note with respect to shares of Common Stock, to the extent that such shares are non-forfeitable on the date of termination
of employment or service (or would have become non-forfeitable within twelve months thereafter and prior to the Note Expiration Date), on such terms as the Committee, in its discretion, may deem appropriate, including forgiveness of the principal
and accrued interest due and payable under the Purchase Note, on the date that is twelve months following such termination of employment or service, which date shall be a Maturity Date. The balance of the shares purchased pursuant to the exercise of
the Option shall be forfeited. 
  
 (iii) If the
termination of employment or service is the result of the Borrower’s death while employed by OXiGENE, or during the three- or twelve-month periods described in paragraphs (i) or (ii), the person who acquires the Option by reason of
Borrower’s death (or the Borrower’s legal representative) shall repay the Purchase Note with respect to any portion or all of such shares of Common Stock, to the extent that such shares are non-forfeitable on the date of Borrower’s
death (or would have become non-forfeitable within twelve months thereafter and prior to the Note Expiration Date), on such terms as the Committee, in its discretion, may deem appropriate, including forgiveness of the principal and accrued interest
due and payable under the Purchase Note, on the date that is twelve months following the Borrower’s death, which date shall be a Maturity Date. The balance of the shares purchased pursuant to the exercise of the Option shall be forfeited.

  
 (iv) For purposes of this Section 2.3, shares
of Common Stock purchased pursuant to the exercise of an Option will become non-forfeitable on the date or dates shown in Schedule II. 
  
 (v) The Borrower (or the Borrower’s personal representative) may repay principal plus accrued interest only upon a Maturity Date with
respect to shares with such Maturity Date; provided, however, that the Borrower may at any time provide other collateral satisfactory to OXiGENE in substitution for the shares purchased pursuant to the exercise of an Option and pledged as collateral
as provided herein. 
  

 2 

 (vi) Upon a Change in Control, all shares of Common Stock that have not already become
non-forfeitable shall become non-forfeitable, and the principal and interest of the Purchase Note shall be due and payable according to the terms of Section 2 of this Agreement. 
  
 .4 Forfeitures. To the extent that shares are forfeited pursuant to Section 2.3(b), the amount due under the Purchase
Note shall be reduced by the amount attributable to the exercise price payable under the Option for such forfeited shares. 
  
 ARTICLE III 
 THE SECURITY INTERESTS 

 
 .1 The Security Interests. The Borrower hereby pledges to OXiGENE,
and grants to OXiGENE a security interest in, the following (the “Pledged Collateral”): 
  
 (i) the shares of stock described on Schedule I hereto (the “Pledged Shares”), and all dividends, distributions, cash,
instruments and other property and proceeds from time to time received, receivable or otherwise made upon or distributed in respect of or in exchange for any or all of the Pledged Shares (other than cash dividends described in Section 6.1 (a)(ii));
and 
  
 (ii) to the extent not otherwise included
in the foregoing, all cash and non-cash proceeds thereof (except for cash dividends described in Section 6.1 (a)(ii)). 
  
 .2 Security for Obligations. This Agreement secures the payment of: (i) all amounts now or hereafter payable by the Borrower to OXiGENE on the
Purchase Note, (ii) all obligations of the Borrower to OXiGENE hereunder and (iii) all other obligations or liabilities now or hereafter payable by the Borrower pursuant to the Plan (all such indebtedness, obligations and liabilities being herein
called the “Obligations”). 
  
 .3 Delivery of Pledged
Collateral. All certificates or instruments representing or evidencing the Pledged Collateral shall be delivered to and held by or on behalf of OXiGENE pursuant hereto and shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, with signatures appropriately guaranteed, and accompanied in each case by any required transfer tax stamps, all in form and substance satisfactory to OXiGENE. In connection
herewith, the Borrower hereby grants OXiGENE a power of attorney to endorse on Borrower’s behalf all such certificates or instruments, which power shall be coupled with an interest and irrevocable. OXiGENE shall have the right, at any time in
its discretion and without notice to the Borrower, to cause any or all of the Pledged Shares or other Pledged Collateral to be transferred of record into the name of OXiGENE or its nominee. 
  
 .4 Termination of Security Interests; Release of Pledged Collateral.
Upon repayment of the Purchase Note with respect to a number of the Pledged Shares on a Maturity Date (or upon a deemed repayment) as provided in Section 2.3(a) or (b), or upon the forfeiture of a number of shares of Common Stock as provided in
Section 2.3(b), the security interest in such number of Pledged Shares shall terminate, and all rights to such shares shall revert to the Borrower (in the case of repayment) or shall vest in OXiGENE (in the case of forfeiture). Upon 
  

 3 

 the full, final and irrevocable payment and performance of all the Obligations, the security interests in the Pledged
Collateral shall terminate and all rights to the Pledged Collateral shall revert to the Borrower. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
  
 .1 Representations and Warranties. Borrower hereby represents and
warrants that: 
  
 (a) Borrower is the sole holder of record and
beneficial owner of the Collateral, free and clear of any pledge, hypothecation, assignment, lien, charge, claim, security interest, option, preference, priority or other preferential arrangement of any kind or nature whatsoever
(“Lien”) thereon or affecting the title thereto. 
  
 (b) This Agreement has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally and subject as to enforceability, to general principles of equity. 
  
 (c) No consent, approval, authorization or other order of any person or entity, governmental or otherwise, is required for (i) the execution and delivery
of this Agreement by Borrower or the delivery by Borrower of the Collateral to OXiGENE as provided herein, or (ii) the exercise by OXiGENE of the voting or other rights provided for in this Agreement or the remedies in respect of the Collateral
pursuant to this Agreement, except as may be required in connection with the disposition of the Collateral by laws affecting the offering and sale of securities generally. 
  
 ARTICLE V 
 COVENANTS 
  
 The Borrower agrees that so long as any
Obligation remains unpaid: 
  
 .1 Filing; Further
Assurances. The Borrower will, in such manner and form as OXiGENE may require, execute, deliver, file and record any financing statement, continuation statement, specific assignment or other paper and take any other action that may be necessary
or desirable, or that OXiGENE may request, in order to create, preserve, perfect or validate the security interests granted hereby or to enable OXiGENE to exercise and enforce its rights hereunder with respect to any of the Pledged Collateral. To
the extent permitted by applicable law, the Borrower hereby authorizes OXiGENE to execute and file, in the name of the Borrower or otherwise, Uniform Commercial Code financing statements which OXiGENE in its sole discretion may deem necessary or
appropriate to further perfect the security interests. 
  
 .2
Liens on Pledged Collateral. The Borrower will not sell or otherwise dispose of, or grant any option with respect to any of the Pledged Collateral or create or suffer to exist any lien (other than security interests in favor of OXiGENE) on
any Pledged Collateral, (provided, however, that Borrower may sell the Pledged Shares subject to the condition that the principal and accrued interest of the Purchase Note attributable to such shares is repaid in full to OXiGENE prior to the
transfer of such shares pursuant to such sale). The Borrower will pledge hereunder, immediately upon his acquisition (directly or indirectly) thereof, any and all shares of stock or other securities received by him in substitution for the Pledged
Shares. 
  

 4 

 ARTICLE VI 
 DISTRIBUTIONS ON COLLATERAL; VOTING 
  
 .1 Right to Receive Distributions on Pledged Collateral; Voting. (a) So long as no Event of Default shall have occurred and be continuing: 
  
 (i) The Borrower shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any
part thereof for any purpose not inconsistent with the terms of this Agreement. 
  
 (ii) With respect to the Pledged Shares, any cash dividends shall be paid to the Borrower, and any stock dividends shall remain in the
possession of OXiGENE together with, and be treated in the same manner as, the Pledged Shares and shall become additional Pledged Shares. 
  
 (iii) With respect to Pledged Collateral other than the Pledged Shares, the Borrower shall be entitled to receive and retain any and all
dividends, interest and other payments and distributions made upon or with respect to the Pledged Collateral, provided, however, that any and all 
  
 (A) dividends and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or
otherwise distributed in respect of, or in exchange for, any Pledged Collateral, 
  
 (B) dividends and other distributions paid or payable in cash in respect of any Pledged Collateral in connection with a partial or total
liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, and 
  
 (C) cash paid, payable or otherwise distributed in respect of principal of, in redemption of, or in exchange for, any Pledged Collateral,

  
 shall be, and shall be forthwith delivered to OXiGENE to hold
as, Pledged Collateral and shall, if received by the Borrower, be received in trust for the benefit of OXiGENE, be segregated from the other property or funds of the Borrower and be forthwith delivered to OXiGENE as Pledged Collateral in the same
form as so received (with any necessary endorsement). 
  
 (iv) OXiGENE shall execute and deliver (or cause to be executed and delivered) to the Borrower all such proxies, powers of attorney, consents, ratification and waivers and other instruments as the Borrower may reasonably request for the
purpose of enabling the Borrower to exercise the voting and other rights which he is entitled to exercise pursuant to paragraph (i) above and to receive the dividends or interest payments which he is authorized to receive and retain pursuant to
paragraphs (ii) and (iii)above. 
  

 5 

 (b) Upon the occurrence and during the continuance of an Event of Default: 
  
 (i) All rights of the Borrower to receive the dividends and
interest payments which he would otherwise be authorized to receive and retain pursuant to Sections 6.1(a)(ii) and (iii) shall cease, and all such rights shall thereupon become vested in OXiGENE which shall thereupon have the sole right to receive
and hold as Pledged Collateral such dividends and interest payments. 
  
 (ii) All dividends and interest payments which are received by the Borrower contrary to the provisions of paragraph (i) of this Section 64 1(b) shall be received in trust for the benefit of OXiGENE, shall be
segregated from other funds of the Borrower and shall be forthwith paid over to OXiGENE as Pledged Collateral in the same form as so received (with any necessary endorsement). 
  
 (c) Upon the occurrence and during the continuance of an Event of Default and upon notice by OXiGENE to the Borrower, all
rights of the Borrower to exercise the voting and other consensual rights which he would otherwise be entitled to exercise pursuant to Section 6.1(a)(i) shall cease, and all such rights shall thereupon become vested in OXiGENE who shall thereupon
have the sole right to exercise such voting and other consensual rights. 
  
 ARTICLE VII 
 GENERAL AUTHORITY; REMEDIES 
  
 .1 General Authority. The Borrower hereby irrevocably appoints OXiGENE and any officer or agent thereof, with full power of substitution, as his
true and lawful attorney-infact, in the name of the Borrower or its own name, for the sole use and benefit of OXiGENE, but at the Borrower’s expense, at any time and from time to time, to take any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to carry out the terms of this Agreement. 
  
 .2 UCC Rights. If an Event of Default shall have occurred, OXIGENE may in addition to all other rights and remedies granted to it in this Agreement
and in any other agreement securing, evidencing or relating to the Obligations, exercise (i) all rights and remedies of a secured party tinder the UCC (whether or not in effect in the jurisdiction where such rights are exercised) and (ii) all other
rights available to OXiGENE at law or equity. OXiGENE shall have no duty to exercise any rights or take any steps to preserve the rights of the Borrower in the Pledged Collateral, nor shall OXiGENE be liable to the Borrower or any other person for
any loss caused by OXiGENE’s failure to meet any obligation imposed by Section 9-207 of the UCC or any successor provision. Without limiting the foregoing, OXiGENE shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Collateral in its possession if the Pledged Collateral is accorded treatment substantially equal to that which OXiGENE accords its own property, it being understood that OXiGENE shall not have any duty or responsibility
for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not OXiGENE has or is deemed to have knowledge of such matters or (ii) taking
any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 
  

 6 

 .3 Remedies. 
  
 (a) Upon the occurrence of an Event of Default, then or at any time during the continuance of such occurrence, OXiGENE is
hereby authorized and empowered, at its election, (i) to transfer and register in its or its nominee’s name the whole or any part of the Collateral, (ii) to exercise all rights (including voting rights and the right to exercise the issuer
Agreements) with respect to the Collateral, (iii) to demand, sue for, collect, receive and give acquittance for any and all cash dividends or other distributions or monies due or to become due upon or by virtue thereof, and to settle, prosecute or
defend any action or proceeding with respect thereto (including, without limitation, any action or proceeding for the enforcement of rights hereunder), (iv) to sell in one or more sales (which may, in OXiGENE’s discretion, be made in accordance
with Rule 144) the whole or any part of the Collateral or otherwise to transfer or assign the same, applying the proceeds therefrom to the payment of the Obligations in such order as OXiGENE shall determine. 
  
 (b) OXiGENE shall give Borrower not less than ten days’ prior written
notice of the time and place of any sale or other intended disposition of any of the Collateral, except any Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. Borrower
agrees that such notice constitutes “reasonable notification” within the meaning of Section 9-504(3) of the Uniform Commercial Code. Any sale shall be made at a public or private sale at OXiGENE’s place of business, or at any public
building in The City of New York to be named in the notice of sale, either for cash or upon credit or for future delivery at such price as OXiGENE may deem fair, and, to the extent permitted by applicable law, OXiGENE may be the purchaser of the
whole or any part of the Collateral so sold and hold the same thereafter in its own right free from any claim of Borrower or any right or equity of redemption, which right or equity is hereby waived and released. 
  
 (c) In the event of any postponement of such sale or disposition, OXiGENE
shall give Borrower notice of such postponement. 
  
 (d) Borrower
acknowledges that in any sale under the circumstances described in this Section 7.3, OXiGENE shall incur no responsibility or liability for selling the whole or any part of the Collateral at a price which OXiGENE may deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sales were deferred for any reason. 
  
 ARTICLE VIII 
 MISCELLANEOUS 
  
 .1 Notices. All notices, requests and other communications to any
party hereunder shall he in writing and shall be given to such party at its address set forth on the signature page hereof or to such other address as such party may hereafter specify for the purpose by notice to the other. Each such notice, request
or other communication shall be effective (i) two business days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means, when delivered at the address specified
in this Section. Rejection or refusal to accept, or the inability to deliver because of a changed address of which no notice was given shall not affect the validity of notice given in accordance with this Section. 
  

 7 

 .2 Waivers, Non-Exclusive Remedies. No failure on the part of OXiGENE to exercise, no delay in
exercising, and no course of dealing with respect to, any right under this Agreement, the Purchase Note, the Plan or the Subscription and Sale Agreement shall operate as a waiver thereof; nor shall any single or partial exercise by OXiGENE of any
right under such instruments or documents preclude any other or further exercise thereof or the exercise of any other right. The rights of OXiGENE under this Agreement are cumulative and are not exclusive of any other remedies provided under other
agreements or by law. 
  
 .3 Successors and Assigns. This
Agreement is for the benefit of OXiGENE and its successors and assigns, and in the event of an assignment of all or any of the Obligations, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such
indebtedness. This Agreement and rights and obligations hereunder may not be assigned by Borrower. 
  
 .4 Amendments and Waivers. Any provision of this Agreement may be amended or waived, if, but only if, such amendment or waiver is in writing and is
signed by the Borrower and OXiGENE. 
  
 .5 Delivery and
Applicable Law. This Agreement has been delivered in [New York] and shall be governed and construed in accordance with the laws of the [State of New York]. 
  

.6 Limitation by Law; Severability. (a) All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the
exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law which may be controlling and be limited to the extent necessary so
that they will not render this Agreement invalid, unenforceable in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
  
 (b) If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of OXiGENE in order to carry out the intentions of the parties hereto as nearly as may be possible; and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  
 .7 Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall, become effective when OXiGENE shall have received counterparts hereof signed by itself and the Borrower. 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed. 
  

			
	 	 	 /s/ Per-Olof Soderberg

	 	 	 Borrower

		
	 	 	 Per-Olof Söderberg

		
	 Address
	 	 __________________________________________

		
	 	 	 __________________________________________

		
	 	 	 __________________________________________

	
	 OXiGENE, INC.

		
	 By:
	 	  

	 Title:
	 	 CEO and President

  

 9 

 Schedule I 
  
 List of Pledged Shares 
  

			
	 Stock Certificate Nos.

	 	 Number of Shares

  

 10 

 Schedule II 
  
 Maturity Dates and Non-Forfeitability of Shares 
  

			
	 6/29-00
	  	 2,171

		
	 6/29-01
	  	 2,171

		
	 6/29-02
	  	 2,171

		
	 6/29-03
	  	 2,171

		
	 6/29-04
	  	 2,172

		
	 6/29-05
	  	 Note Expiration Date

		
	 6/29-05
	  	 Maturity Date

  

 11 

 PURCHASE NOTE 
  

			
	 $ 113,988
	  	Stockholm, Sweden
		
	 	  	September 1, 1999

  
 FOR VALUE RECEIVED the
undersigned, Per-Olof Söderberg (the “Borrower”), promises to pay to the order of OXiGENE, Inc., a Delaware corporation (“OXiGENE”) on the date or dates stated in the Pledge and Loan Agreement (as hereafter defined), the
principal sum of ONE HUNDRED THIRTEEN THOUSAND NINE HUNDRED AND EIGHTY-EIGHT Dollars ($113,988) with interest thereon from the date hereof until paid at the rate of five and six-tenths percent (5.6%) per annum, both principal and interest being
negotiable and payable, without offset, at the offices of OXiGENE, Inc., One Copley Place, Suite 602, Boston, Massachusetts 02116, Attention: Björn Nordenvall, or at such other place as the holder may designate in writing. 
  
 The Borrower promises to pay interest on the aggregate unpaid principal
amount of this Purchase Note from the date hereof until paid at the times and in the manner specified in the Pledge and Loan Agreement. 
  
 This Purchase Note is secured by a Stock Pledge and Loan Agreement of even date from the Borrower to OXiGENE (the “Pledge and Loan Agreement”).

  
 The principal and interest on this Purchase Note are subject
to adjustment as provided for the Pledge and Loan Agreement. 
  
 Any of the following shall constitute an event of default (“Event of Default”): (i) the failure to pay any principal or interest on this Note when due; (ii) the insolvency of the Borrower, the application for the appointment of a
receiver for the Borrower, the filing of a petition under any provision of the federal bankruptcy law by or against the Borrower, or the making of an assignment for the benefit of creditors by the Borrower; or (iii) the breach by the Borrower of any
representations, warranties or covenants contained in the Pledge and Loan Agreement of even date between Borrower and OXiGENE. Upon the happening of an Event of Default, the entire and unpaid principal balance of this Purchase Note and all accrued
but unpaid interest, if any, shall, at the option of the holder, immediately become due and payable. Any failure of the holder to exercise such option shall not be deemed a waiver of the right to exercise the same in the event of any subsequent
event of default. 
  

 12 

 To the fullest extent permitted by law, Borrower (i) waives presentment, protest and notice of dishonor;
(ii) waives the benefit of any exemption as to the debt evidenced by this Purchase Note; (iii) waives any right which the Borrower may have to require the holder to proceed against any other person or assets; (iv) agrees that, without notice, and
without affecting the Borrower’s liability, the holder may, at any time or times, grant extensions of time for payment, permit the renewal of this Purchase Note and add or release a party; (v) agrees that any action to collect this Purchase
Note or any part hereof may be instituted and maintained in a court having appropriate jurisdiction and located in the City of Boston, Massachusetts, and, in this regard, the Borrower waives forum nonconveniens or any assertion that
such jurisdiction is improper; and (vi) agrees to pay all collection expenses including reasonable attorney’s fees and court costs incurred in the collection of this Purchase Note or any part hereof. 
  
 Notwithstanding anything contained in this Purchase Note or the Pledge and
Loan Agreement to the contrary, the Borrower shall have no personal liability for the payment of any sums due under this Purchase Note or the Pledge and Loan Agreement, it being the intention of the parties that OXiGENE or any subsequent holder
hereof shall look solely to the Pledged Collateral (as defined in the Pledge and Loan Agreement) for the payment of such sums; provided however that the foregoing exculpation from personal liability shall not (i) impair the validity of security
interests granted in the Pledge and Loan Agreement or (ii) preclude an action for specific performance or injunctive relief or prohibit OXiGENE or the holder hereof from naming the Borrower in any action to enforce remedies hereunder or under the
Pledge and Loan Agreement (other than an action seeking a personal money judgement). 
  

	
	

	
	 /s/ Per-Olof Soderberg

	Per-Olof Söderberg
	
	 Address:

  
  

 13

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