Document:

f8k082409ex10i_adex.htm

EXHIBIT 10.1 

 

ADEX MEDIA, INC.

 

ADEX MEDIA, INC. EMPLOYEE STOCK OPTION PLAN

 

STOCK OPTION AGREEMENT

 

 

Unless otherwise defined herein, the terms defined in the First Amended and Restated Adex Media, Inc. Employee Stock Option Plan (the “Plan”) shall have the same defined meanings in this Stock Option Agreement (the “Option Agreement”).

 

 

	
1.  
	
Notice of Option Grant.  The undersigned (the “Optionee”) has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as
follows:

 

	 	
Name of Optionee:
	  	 
	 	
Address of Optionee:
	  	 
	 	  	  	 
	 	  	  	 
	 	
Date of Grant:
	  	 
	 	
Exercise Price Per Share:
	
$
	 
	 	
Total Number of Shares Granted:
	
(the “Shares”)
	 
	 	
Total Exercise Price:
	
$
	 
	 	
Type of Option:
	  	 
	 	  	
Incentive Stock Option
	 
	 	  	
Nonstatutory Stock Option
	 
	 	
Term/Expiration Date:
	  	 

 

 

	
1.1.  
	
Vesting Schedule:  This Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

	
1.2.  
	
Termination Period:  Except as otherwise provided herein, Optionee may not exercise this Option unless the Optionee, at the time he or she wishes to exercise the Option, is and has at all times since the Date of Grant been, an employee, officer, director, consultant, or advisor
to the Company (an “Eligible Participant”).  If Optionee ceases to be an Eligible Participant for any reason other than Optionee’s death or Disability, this Option shall be exercisable for three months after Optionee ceases to provide services to the Company. Upon Optionee’s death or Disability, this Option may be exercised for six months after Optionee ceases to provide services to the Company. In no event may
Optionee exercise this Option after the Term/Expiration Date as provided above.

 

	
2.  
	
Agreement.

 

	
2.1.  
	
Grant of Option. The Company hereby grants to the Optionee named in the above Notice of Option Grant (the “Optionee”), an option (the “Option”)
to purchase the number of Shares set forth in the above Notice of Option Grant, at the exercise price per share set forth in the above Notice of Option Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference.  In the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.  If
designated in the above Notice of Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code.

 

 

1

 

 

	
2.2.  
	
Exercise of Option.

 

 

	
(a)  
	
Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the above Notice of Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

 

	
(b)  
	
Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as EXHIBIT A (the “Exercise Notice”)
which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Shares with respect to which the Option is being exercised. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price.  No
Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with applicable laws.  Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares.

 

 

	
2.3.  
	
Optionee’s Representations. In the event the Shares have not been registered under the Securities Act at the time this Option is exercised, the Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his
or her Investment Representation Statement in the form attached hereto as EXHIBIT B.

 

 

	
2.4.  
	
Market Standoff. Each Optionee, if so requested by the Company or any representative of the underwriters in connection with any registration of the offering of any securities of the Company under the Securities Act shall not sell or otherwise transfer any Shares of the Company during the
180-day period following the effective date of a registration statement of the Company filed under the Securities Act. Company may impose stop-transfer instructions with respect to securities subject to the foregoing restriction until the end of such 180-day period.

 

 

	
2.5.  
	
Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:

 

 

	
(a)  
	
cash or check;

 

 

	
(b)  
	
consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

 

	
(c)  
	
surrender of other shares of Common Stock which, (i) in the case of Shares acquired from the Company, either directly or indirectly, have been owned by the Optionee for more than six months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the exercised shares.

 

 

	
2.6.  
	
Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the shareholders of the Company, or if the issuance of Shares upon such exercise or the method of payment of consideration for such Shares would constitute a violation of any applicable
law.

 

 

2

 

 

	
2.7.  
	
Non-transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the
executors, administrators, heirs, successors and assigns of the Optionee.

 

 

	
2.8.  
	
Term of Option. This Option may be exercised only within the term set out in the above Notice of Option Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option.

 

 

	
2.9.  
	
Securities Law Compliance. Notwithstanding anything to the contrary contained herein, Optionee may not exercise the Option unless the Shares issuable upon such exercise are then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that
such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of Optionee’s Option must also comply with other applicable laws and regulations governing such Option, and Optionee may not exercise such Option if the Company determines that such exercise would not be in material compliance with such laws and regulations.

 

 

	
2.10.  
	
Tax Obligations.

 

 

	
(a)  
	
Withholding Taxes. Optionee agrees to make appropriate arrangements with the Company for the satisfaction of all federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse
to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

 

 

	
(b)  
	
Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (1) the date two years after the Date of Grant, or (2) the date one
year after the date of exercise, the Optionee shall immediately notify the Company in writing of such disposition. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee.

 

 

	
2.11.  
	
Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the internal substantive laws but not the choice of law rules of Delaware.

 

 

	
2.12.  
	
NO GUARANTEE OF CONTINUED SERVICE. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING
SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

 

3

 

 

	
2.13.  
	
Plan. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has
had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Compensation Committee of the Board of Directors of the Company upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the residence address indicated below.

 

 

	
OPTIONEE
	  	
ADEX MEDIA, INC.

	  	  	  
	
Signature
	  	
By:

	  	  	  
	
Print name
	  	
Print name & title

	  	  	  
	
Address:
	  	  
	  	  	  
	  	  	  
	  	  	  

 

  

4

  

EXHIBIT A

 

ADEX MEDIA, INC.

 

EMPLOYEE STOCK OPTION PLAN

 

STOCK OPTION EXERCISE AGREEMENT

 

TO:      Adex Media, Inc.

883 N. Shoreline Blvd., Suite A200

Mountain View, CA 94943

 

 

	
1.  
	
Exercise of Option. Effective as of today, ______________, ____, the undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase _________ shares of the Common Stock (the “Shares”)
of Adex Media, Inc. (the “Company”) under and pursuant to the First Amended and Restated Adex Media, Inc. Employee Stock Option Plan (the “Plan”) and the Option Agreement dated _____________, ____ (the “Option Agreement”).

 

 

	
2.  
	
Delivery of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

 

	
3.  
	
Representations of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

 

 

	
4.  
	
Rights as Shareholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares,
notwithstanding the exercise of the Option. The Shares shall be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except for adjustments upon changes in capitalization, merger, or change in control, as provided in the Plan.

 

 

	
5.  
	
Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares. Optionee is advised to seek consultation concerning the application of Section 83 of the Code to the Option and its exercise, and
particularly the availability of an election under Section 83(b) in connection with the exercise of the Option. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the shares and that Optionee is not relying on the Company for any tax advice or to make any tax election on Optionee’s behalf.

 

 

	
6.  
	
Restrictive Legends and Stop-Transfer Orders.

 

 

	
6.1.  
	
Legends. Optionee understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed on any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state
or federal securities laws:

 

 

5

 

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE
OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.  SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE
SECURITIES.

 

 

	
6.2.  
	
Stop-Transfer Orders. Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records.

 

 

	
6.3.  
	
Right to Refuse Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

 

	
7.  
	
Market Standoff. Optionee, if so requested by the Company or any representative of the underwriters in connection with any registration of the offering of any securities of the Company under the Securities Act of 1933, as amended (the “Securities
Act”) shall not sell or otherwise transfer any Shares of the Company during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act. Company may impose stop-transfer instructions with respect to securities subject to the foregoing restriction until the end of such 180-day period. .

 

 

	
8.  
	
Securities Law Compliance. Notwithstanding anything to the contrary contained herein, Optionee may not exercise the option unless the Shares issuable upon such exercise are then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that
such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of Optionee’s option must also comply with other applicable laws and regulations governing such option, and Optionee may not exercise such option if the Company determines that such exercise would not be in material compliance with such laws and regulations.

 

 

	
9.  
	
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise
Notice shall be binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.

 

 

6

 

 

	
10.  
	
Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Optionee or by the Company forthwith to the Company’s Board of Directors which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Board
shall be final and binding on all parties.

 

 

	
11.  
	
Governing Law. This Exercise Notice is governed by the internal substantive laws but not the choice of law rules, of Delaware.

 

 

	
12.  
	
Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

	
Submitted by:
	  	
Accepted by:

	
OPTIONEE
	  	
ADEX MEDIA, INC.

	  	  	  
	
Signature
	  	
By:

	  	  	  
	
Print name
	  	
Print name & title

	  	  	  
	
Address:
	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	
Date Received:

 

  

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EXHIBIT B

 

ADEX MEDIA, INC. EMPLOYEE STOCK OPTION PLAN

 

INVESTMENT REPRESENTATION STATEMENT

 

 

	
PARTICIPANT:
	  
	
COMPANY:
	
Adex Media, Inc.

	
SECURITY:
	
COMMON STOCK

	
SHARES:
	  
	
DATE:
	  

 

In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

 

	
(a)  
	
Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

	
(b)  
	
Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance on a specific exemption therefrom, which exemption depends on, among other things, the bona fide nature of Participant’s investment intent as expressed
herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future.
Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws.

 

	
(c)  
	
Participant is familiar with the provisions of Rule 144 promulgated under the Securities Act, which, in substance, permits limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.

 

 

8

 

 

	
(d)  
	
Participant further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption will be available in such event.

 

 

DATE:____________________                                                                        

 

   Signature of Participant:              

_______________________________           

 

9EX-10.1

CONSULTING AGREEMENT

This Consulting Agreement (this “Agreement”) is dated August 24, 2009 but will become
effective (the “Effective Date”) immediately prior to the resignation of Mark N. K.
Bagnall, an individual and resident of the State of California (“Consultant”), from the
Board of Directors of and ADVENTRX Pharmaceuticals, Inc., a Delaware corporation (the
“Company”).

1. Consulting Relationship. During the term of this Agreement, Consultant will
provide consulting services (the “Services”) to the Company as described on
Exhibit A attached to this Agreement. Consultant shall provide Services only as requested
by the Company.

2. Fees. As consideration for the Services to be provided by Consultant and other
obligations, the Company shall pay to Consultant the amounts specified in Exhibit B
attached to this Agreement at the times specified therein.

3. Expenses. Consultant shall not be authorized to incur on behalf of the Company any
expenses without the prior consent of the Company’s Chief Business Officer (the “Company
Contact”), which consent shall be evidenced in writing for any expenses in excess of $500 per
month. As a condition to receipt of reimbursement, Consultant shall be required to submit to the
Company reasonable evidence that the amount involved was expended and related to Services provided
under this Agreement.

4. Term and Termination. Consultant shall serve as a consultant to the Company for a
period commencing on the Effective Date and terminating on August 31, 2010, unless sooner
terminated upon written notice of termination from the Company to Consultant or from Consultant to
the Company; provided, however, that, the Company may terminate this Agreement prior to
August 31, 2010 only if Consultant is in material breach of this Agreement.

5. Independent Contractor. Consultant’s relationship with the Company will be that of
an independent contractor and not that of an employee.

(a) Method of Provision of Services. Consultant shall be solely responsible for
determining the method, details and means of performing the Services. Consultant may not employ or
engage the service of any third parties to perform the Services required by this Agreement.

(b) No Authority to Bind Company. Consultant has no authority to enter into contracts
that bind the Company or create obligations on the part of the Company without the prior written
authorization of the Company.

(c) No Benefits. Consultant acknowledges and agrees that Consultant will not be
eligible for any Company employee benefits and, to the extent Consultant otherwise would be
eligible for any Company employee benefits but for the express terms of this Agreement, Consultant
hereby expressly declines to participate in such Company employee benefits.

(d) Withholding; Indemnification. Consultant shall have full responsibility for
applicable withholding taxes for all compensation paid to Consultant under this Agreement, and for
compliance with all applicable labor and employment requirements.

6. Supervision of Consultant’s Services. All of the services to be performed by
Consultant, including but not limited to the Services, will be as agreed between Consultant and the
Company Contact. Consultant will be required to report to the Company Contact concerning the
Services performed under this Agreement. The nature and frequency of these reports will be
mutually determined by Consultant and the Company Contact.

7. Confidentiality. During the performance of the Services, the Company may disclose
to Consultant and Consultant may generate or develop, data and other information that the Company
regards as confidential and/or proprietary (including the terms of this Agreement) (collectively,
“Confidential Information”). Consultant will maintain all Confidential Information in
confidence and will employ reasonable procedures to prevent its unauthorized disclosure.
Consultant will not disclose any Confidential Information to anyone, or use any Confidential
Information for any purpose, other than as is necessary to perform the Services.

8. Inventions. Any inventions or discoveries (whether or not patentable or
copyrightable), innovations, suggestions and ideas (“Inventions”), and intellectual
property rights therein related to the Services or any Confidential Information, made, discovered
or developed by Consultant, jointly or with others, as a result of performing Services shall be
promptly disclosed to the Company and shall be the sole and exclusive property of the Company.
Consultant hereby assigns and agrees to assign to the Company any rights Consultant may have or
acquire in any such Inventions and agrees to assist the Company in every proper way to obtain and
from time to time enforce the Company’s intellectual property rights, whether registrable or not,
including, but not limited to, patents, copyrights and trademarks on Inventions in any and all
jurisdictions, and to that end Consultant will execute all documents for use in applying for and
obtaining intellectual property rights covering and enforcing Inventions as the Company may desire,
together with any assignments of Inventions to the Company or persons designated by it.

9. Conflicts with this Agreement. Consultant represents and warrants that Consultant
is not under any pre-existing obligation in conflict or in any way inconsistent with the provisions
of this Agreement. Consultant represents and warrants that Consultant’s performance of all the
terms of this Agreement will not breach any agreement to keep in confidence proprietary information
acquired by Consultant in confidence or in trust prior to commencement of this Agreement.
Consultant warrants that Consultant has the right to disclose and/or or use all ideas, processes,
techniques and other information, if any, which Consultant has gained from third parties, and which
Consultant discloses to the Company or uses in the course of performance of this Agreement, without
liability to such third parties. Notwithstanding the foregoing, Consultant agrees that Consultant
shall not bundle with or incorporate into any deliveries provided to the Company herewith any third
party products, ideas, processes, or other techniques, without the express, written prior approval
of the Company. Consultant represents and warrants that Consultant has not granted and will not
grant any rights or licenses to any intellectual property or technology that would conflict with
Consultant’s obligations under this Agreement. Consultant will not knowingly infringe upon any
copyright, patent, trade secret or other property right of any former client, employer or third
party in the performance of the Services required by this Agreement.

10. Miscellaneous.

(a) Amendments and Waivers. Any term of this Agreement may be amended or waived only
with the written consent of the parties.

(b) Sole Agreement. This Agreement, including the Exhibits hereto, constitutes the
sole agreement of the parties and supersedes all oral negotiations and prior writings with respect
to the subject matter hereof.

(c) Notices. Any notice required or permitted by this Agreement shall be in writing
and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight
delivery service or confirmed facsimile, 48 hours after being deposited in the regular mail as
certified or registered mail (airmail if sent internationally) with postage prepaid, if such notice
is addressed to the party to be notified at such party’s address or facsimile number as set forth
below, or as subsequently modified by written notice.

(d) Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of California as applied to agreements among
California residents entered into and to be performed entirely within California.

(e) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.
In the event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of
this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of
this Agreement shall be enforceable in accordance with its terms.

(f) Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together will constitute one and the same instrument.

(g) Arbitration. Any dispute or claim arising out of or in connection with any
provision of this Agreement will be finally settled by binding arbitration in San Diego County,
California, in accordance with the rules of the American Arbitration Association by one arbitrator
appointed in accordance with said rules. The arbitrator shall apply California law, as applied to
agreements among California residents entered into and to be performed entirely within California,
to the resolution of any dispute. Judgment on the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to
any court of competent jurisdiction for preliminary or interim equitable relief, or to compel
arbitration in accordance with this paragraph, without breach of this arbitration provision. This
Section 10(g) shall not apply to Section 7 hereof.

(h) Advice of Counsel. EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT,
SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ
AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE
CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

[Signature page follows]

1

The parties have executed this Consulting Agreement on the respective dates set forth below.

ADVENTRX PHARMACEUTICALS, INC.

By: /s/ Patrick Keran

Name: Patrick Keran

Title: Vice President, Legal

Date: August 24, 2009

Address: 6725 Mesa Ridge Road, Suite 100

San Diego, CA 92121

/s/ Mark Bagnall

	 	 	Mark N. K. Bagnall

Date: August 24, 2009

Address: 5885 Hollis St.

Suite 155

Emeryville, CA 94608

EXHIBIT A

DESCRIPTION OF CONSULTING SERVICES

Consultant will:

	 	•	 	Make himself reasonably available to assist the Company in identifying and
evaluating strategic options, including particular strategic transaction candidates, as
requested by the Company;

	 	•	 	Respond to inquiries of the Company’s personnel regarding finance matters, and such
other matters related to the Company regarding which Consultant has knowledge;

	 	•	 	Provide advice and assistance regarding special projects or any other matter
consistent with Consultant’s background, skills and experience.

2

EXHIBIT B

COMPENSATION

For Services rendered by Consultant under this Agreement, the Company shall pay Consultant
at the rate of $250 per hour, due within 30 days of receipt of an invoice reasonably acceptable
to the Company; provided, however, that for each calendar month beginning after August
31, 2009, the Company must either (i) request a minimum of four hours of Services or (ii) pay
Consultant for a minimum of four hours of Services, or $1000. Consultant will invoice the
Company within 10 days of the end of each calendar month for services provided during the
preceding month. Unless otherwise agreed upon in writing by Company, Company’s maximum
liability for all Services performed during the term of this Agreement shall not exceed $25,000.

3

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