Document:

EMPLOYMENT AGREEMENT, DATED AS OF AUGUST 9,2004

 Exhibit 4.14 
  
 EMPLOYMENT AGREEMENT 
  

THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of this 9th day of August 2004 (the “Effective Date”), by and between Adherex,
Inc. (the “Company”), a wholly owned subsidiary of Adherex Technologies Inc. (“AHX”), and Rajesh K. Malik, an individual residing at the address set forth on the signature page hereof (“Employee”). 
  
 1. Duties. While employed by the Company, Employee will be
employed in the position of Chief Medical Officer of the Company and of AHX (“CMO”), and, as such, Employee agrees to faithfully perform the duties of the position of CMO and to perform such other duties of an executive, managerial or
administrative nature as shall be specified and designated from time to time by the Chief Executive Officer of the Company. Employee agrees to perform his duties and responsibilities at the Company diligently and to the best of his ability, and
further agrees to devote all of his business time and efforts to the performance of duties hereunder. Employee further agrees not to be employed by any entity or other third party while employed by the Company without first obtaining the advance
written consent of the Company. 
  
 2. Compensation.
In consideration of his services to the Company, Employee will be compensated as follows: 
  
 (a) Base Salary. Employee will be paid an annual base salary of One Hundred Eighty Five Thousand Dollars (USD $185,000.00), less
any withholdings required by law or properly requested by Employee (the “Base Salary”). With satisfactory performance as determined by the Company, in January, 2005, the annual base salary will be adjusted to Two Hundred and Twenty
Thousand Dollars (USD $220,000). Again, with satisfactory performance as determined by the Company, on or about July 1, 2005, the annual base salary will be Two Hundred and Fifty Thousand Dollars (USD $250,000). The Company will pay Employee the
Base Salary on its regularly scheduled paydays, in accordance with its regular payroll practices and procedures. 
  
 (b) Signing Bonus. After Employee has executed this Agreement and any other required agreement(s), Employee will be paid a one-time
lump sum signing bonus of Thirty-five Thousand Dollars (USD $35,000.00) (the “Signing Bonus”). The Signing Bonus is subject to any withholdings required by law and/or properly requested by Employee. If for any reason you do not complete
one year of employment at AHX, you will be responsible to repay to AHX the signing bonus. 
  
 (c) Discretionary Bonus. In addition to the Base Salary and Signing Bonus, the Company in its sole discretion may award Employee an
annual bonus of no more than 25% of the base annual salary (the “Annual Bonus”). For FY 2004, with acceptable performance as determined by the Company, the Company will award Employee a bonus of Forty Thousand Dollars ($40,000). The
Company will have the sole discretion and authority to determine Employee’s eligibility for and the 

 amount of the Annual Bonus and the award of such bonus will be dependent upon performance objectives
established by the Chief Executive Officer. The Annual Bonus is subject to any withholdings required by law and/or properly requested by Employee. 
  
 (d) Stock Option Grant. Subject to the approval of its Board of Directors (the “Board”), and, if necessary, its
stockholders, AHX further agrees to grant Employee an option to purchase up to 750,000 shares of AHX’s common stock (the “Option”). The Option will be subject to the terms and conditions of the AHX Stock Option Plan (the
“Plan”) and a separate stock option agreement between the Company and Employee. Shares subject to the Option will have an exercise price equal to the fair market value on the date of grant, as determined by the Board. One-fourth of the
shares subject to the Option will vest and be fully exercisable immediately after Employee has been employed with the Company for ninety consecutive days. Thereafter, the remaining unvested shares will vest annually in equal one-third installments
over the next three years on the anniversary of your hire date for so long as Employee remains employed by the Company. As further detailed in the stock option agreement between the Company and Employee, if Employee’s employment terminates due
to a change in control of the Company (as defined in the stock option agreement), any then-remaining unvested shares shall immediately vest and be fully exercisable. 
  
 (e) Business Expenses. The Company will reimburse Employee for all reasonable expenses incurred by
Employee that are directly related to the business of the Company, provided that Employee complies with the Company’s policies and procedures for reimbursement or the advance of business expenses. 
  
 3. Benefits. While employed by the Company, Employee
will receive such other benefits as are provided from time to time to other similarly-situated employees of the Company. All such benefits are subject the terms and conditions of the plan documents by which such benefits are provided, and are
subject to change by the Company at any time, with or without advance notice. 
  
 4. Vacation and Paid Holidays. You will be eligible for vacation in accordance with the Company’s vacation policy. You will be entitled to take twenty (20) days of paid vacation annually. In
addition, Employee will be entitled to be paid for all holidays recognized by in accordance with Company policy. 
  
 5. Confidential Information and Restrictive Covenants. As a condition of Employee’s employment with the Company, Employee is required
to sign the Confidentiality and Intellectual Property Agreement attached hereto as Exhibit A hereto (the “IP Agreement”), which includes Employee’s agreement to refrain from disclosing the Company’s confidential information and
to refrain from engaging in certain competitive activities after any termination of employment with the Company. The IP Agreement is fully incorporated into this Agreement by reference, and a breach of the IP Agreement will be construed as a breach
of this Agreement. 
  

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 6. Conflicts of Interest. You are subject to the Company’s conflict of interest
requirements and policies, and are responsible for recognizing and avoiding any and all circumstances that may give rise to an actual conflict of interest or give the appearance of a conflict of interest situation. 
  
 7. Termination of Employment. Employee’s employment with
the Company is at-will, meaning that either Employee or the Company can terminate the employment relationship at any time, for any or no reason, subject to the following provisions: 
  
 (a) Termination for Cause. Employee’s employment with the Company may be terminated for “Cause”
at any time and without advance notice. If terminated for Cause, Employee will only be entitled to receive payment of any wages and vacation pay earned or accrued to the date of termination. For purposes of this Agreement, “Cause” means
Employee’s: (1) material breach of the terms of this Agreement or the IP Agreement; (2) failure to diligently and properly perform his duties and responsibilities, or to comply with any policies and directives of the Company or the Board; (3)
dishonest or illegal action (including, without limitation, embezzlement) or any other action whether or not dishonest or illegal by Employee that is materially detrimental to the interest and well-being of the Company, including, without
limitation, harm to its reputation; (4) failure to fully disclose any material conflict of interest he may have with the Company in a transaction involving the Company which conflict is materially detrimental to the interest of the Company; or (5)
your conviction of (i) any felony or (ii) any misdemeanor or other crime of moral turpitude (other than a minor traffic offense). 
  
 (b) Termination upon Death or Disability. Employee’s employment with the Company will terminate immediately in the event of his death or
permanent disability. For purposes of this Agreement, permanently disability means that Employee is unable to perform the essential functions of his position, with or without a reasonable accommodation, for more than sixty (60) consecutive days or
ninety (90) days in any 12-month period. If terminated pursuant to this Section 7(b), Employee or his successor(s) will only be entitled to receive payment of any wages and vacation pay earned or accrued to the date of termination. 
  
 (c) Resignation by Employee. Employee may resign employment with the
Company upon thirty (30) days’ advance written notice. If Employee fails to provide at least thirty (30) days advance notice of resignation, Employee will forfeit payment for any accrued, unused vacation pay. The Company reserves the right in
its sole discretion to pay Employee’s then-current Base Salary for all or a part of such notice period, in lieu of Employee’s continued employment during the notice period. If Employee resigns his employment with the Company, Employee will
be entitled to receive payment of any wages earned through the termination date. 
  

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 (d) Termination by the Company Without Cause. Employee’s employment with the Company may be
terminated at any time without Cause. The termination of Employee’s employment by the Company will be deemed to be “Without Cause” if Employee is terminated for any reason other than Sections 7(a) through (c) of this Agreement.

  

	 	8.	Payments upon Termination. 

  
 (a) Accrued Compensation. If Employee’s employment with the Company is terminated by either party for any reason, Employee will receive
payment of any wages and vacation pay earned or accrued to the date of termination; provided, however, that if Employee resigns his employment with the Company, he must provide the notice specified in Section 7(c) hereof in order to receive
payment for any accrued, unused vacation time. 
  
 (b)
Severance Benefits. In addition to any accrued compensation, if Employee’s employment is terminated by the Company Without Cause, the Company will provide Employee with the following severance benefits, subject to the conditions
described below. 
  
 (1) If Employee is
terminated by the Company Without Cause, the Company will continue paying Employee’s then-current Base Salary and health insurance benefits for the lesser of (i) a period of six (6) months after the termination of Employee’s employment; or
(ii) until the employee has accepted alternative employment (the “Benefits Period”). If the Company cannot allow Employee to continue his participation in its health insurance benefit plans during the Benefits Period, the Company agrees to
reimburse Employee for his COBRA premiums during the Benefits Period (at a level of coverage equivalent to that in effect immediately prior to the termination). 
  
 (2) In order to receive any portion of the severance benefits described in this Section 8(b), Employee will
be required to first execute a release of all claims against the Company, in form acceptable to the Company. In addition, to continue receiving the severance benefits, Employee must also comply with any post-termination obligations to the Company as
a result of the IP Agreement. 
  
 9. Notices.
Any notice or other communication required or permitted hereunder must be made in writing and shall be delivered personally, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be
deemed given when so delivered personally, sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mail as follows: 
  
 If to the Company, to: 
  
 Adherex, Inc. 
 2530 Meridian Parkway, Suite
200 
 Durham, North Carolina 27713 
 Attention: D. Scott Murray, Esq., General Counsel 
  

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 with a copy to: 
  

Wyrick Robbins Yates & Ponton, LLP 
 4101 Lake Boone Trail, Suite 300 
 Raleigh, North Carolina 27607 
 Attention: Donald R. Reynolds, Esq. 
  
 If to the Employee, at the address set forth on the signature page hereof. 
  
 Any party may by notice given in accordance with this Section 9 to the other parties hereto designate another address or person for receipt
by such person of notices hereunder. 
  
 10. Entire
Agreement. This Agreement (including any exhibits attached hereto) contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto,
including without limitation any agreements that may have been entered into between the Company and Employee. 
  
 11. Waivers and Amendments. This Agreement may only be amended, superseded, canceled, renewed or extended, and the terms hereof may
be waived, with a writing signed by all parties hereto, or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power
or privilege. 
  
 12. Governing Law; Venue. This
Agreement will be governed by and construed in accordance with the laws of the state of North Carolina, without regard to conflicts of law principles. The parties further agree that the state or federal courts sitting in Durham County, North
Carolina shall have the sole and exclusive jurisdiction to hear any dispute(s) arising out of this Agreement (including any exhibits attached hereto). 
  
 13. Assignment. This Agreement, and Employee’s rights and obligations hereunder, may not be assigned by Employee; any purported
assignment by Employee in violation hereof shall be null and void. In the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets or business, whether by merger, consolidation or otherwise, Employee
agrees that the Company may assign this Agreement and its rights and obligations hereunder to a successor in interest. 
  
 14. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors,
permitted assigns, heirs, executors and legal representatives. 
  

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 15. Counterparts. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties
hereto. 
  
 [Signature page follows] 
  

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

							
	 	 	 	  	ADHEREX, INC.
				
	 	 	 	  	By:	 	 /s/ William P. Peters

	 	 	 	  	 	 	 Dr. William P. Peters, MD PhD MBA

	 	 	 	  	 	 	 Chief Executive Officer

			
	 	 	 	  	EMPLOYEE:
			
	  

	 	 	  	                           /s/ Rajesh K. Malik

	Witness	 	 	  	Employee:	 	 Rajesh K. Malik, M.B., Ch.B

	 	 	 	  	 	 	 201 Chesley Lane

	 	 	 	  	 	 	 Chapel Hill, NC 27514

  

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 Adherex Technologies Inc. 
  

EXHIBIT A 
  
 CONFIDENTIALITY, INTELLECTUAL 
 PROPERTY AND NONCOMPETITION AGREEMENT 
  
 THIS
CONFIDENTIALITY, INTELLECTUAL PROPERTY AND NONCOMPETITION AGREEMENT (the “Agreement”) dated this 26th day of April 2004 is made between Adherex, Inc. (the “Company”) and Rajesh K. Malik (“Employee”). 
  
 The parties hereto agree that it may be necessary for the Company to disclose
to Employee from time to time certain confidential and proprietary information concerning the products and processes and technology developed by the Company and/or its affiliates or subsidiaries which the Company wishes to protect along with its
trade secrets, technical expertise, business knowledge, procedures and systems and all other confidential and proprietary information, together with proprietary and other information of a confidential nature provided by third parties, all of which
is not generally available to the public, the unauthorized disclosure of which would cause irreparable harm to the Company, its parent Adherex Technologies Inc., its affiliates or subsidiaries. 
  
 In consideration of my employment by the Company, the undersigned and the
Company agree as follows: 
  
 1. Definition of
“Information”. For the purposes of this Agreement, “Information” shall include, without limitation, all or any part of the corporate, strategic or marketing plans, financial information, product information, customer
information, and other information relating to the business of the Company, its affiliates or subsidiaries, all research and development activities, all unpublished know-how, technical data, techniques, records, formulae, process, designs, sketches,
photographs, plans, drawings, specifications, samples, reports, studies, findings, inventions and ideas, whether patentable or not, whether they be trade secrets or not and whether they be in written, graphic or oral form, that are now or hereafter
owned or acquired by Company, all of which are of a confidential and/or proprietary nature concerning the development, testing, production and marketing of, and consulting in the area of products and processes and technology developed by Company,
its affiliates or subsidiaries. Any Information which is communicated to any person shall be stamped with the words “PROTECTED” or “CONFIDENTIAL” or other such identifying mark prior to its disclosure to such person. 

 
 2. Nondisclosure. Employee agrees to hold in trust and confidence
all Information and to use and communicate any Information only in the performance of his work for the Company to such authorized employees, subcontractors and others as are required by their duties to have knowledge thereof or for such other
purposes and to such persons as are authorized by the Company in writing. 
  
 3. Assignment of Intellectual Property Rights. All improvements, inventions, know-how and discoveries, all Information and technology, and all patents or patent applications arising out of or relating to the
Information whether developed by the Employee 

 or not during the term of the Employee’s employment are the exclusive property of Company, its affiliates or
subsidiaries. The Company, its affiliates or subsidiaries alone shall have the right to apply for, prosecute and obtain patents, copyrights, trademarks or industrial design protection in any or all countries of the world in respect of any and all
such improvements, inventions, know-how and discoveries and the Employee agrees to disclose, deliver and assign to the Company, its affiliates or subsidiaries, as the case may be, all such improvements, inventions, know-how and discoveries whether
patentable or not and agrees at any time to execute when requested any applications, transfers, assignments and other documents as necessary for the purpose of confirming the Company’s, its affiliates’ or subsidiairies’ title, as the
case may be, to any such improvements, inventions, know-how and discoveries, or for applying for prosecution and obtaining patents in any country with respect thereto. Employee agrees to cooperate and assist fully in the prosecution of any such
application. Any copyrightable materials generated or developed by Employee while employed by the Company, including but not limited to, computer programs and related documentation, belong to the Company and Employee hereby assigns to the Company
all interest and ownership in such copyright as and when created. 
  

	 	4.	Restrictive Covenants. 

  
 (a) Noncompetition; Nonsolicitation. While employed by the Company and for six months after the termination of his employment with the Company by
either party, for any reason whatsoever, Employee will not, without the prior written consent of the Company: 
  
 (1) provide services to, manage, control, or participate in the management or control of any direct competitor of the Company that is located in the
Restricted Territory (as defined below) and is engaged in the Company’s Business (as defined below); 
  
 (2) solicit or attempt to solicit for the purpose of selling products comparable to or in competition with those products sold by the Company to any
customers or clients of the Company with whom Employee had business contacts on behalf of the Company during his employment with the Company; 
  
 (3) interfere or attempt to interfere with any contracts or agreements that the Company has with any customers, vendors or suppliers; and/or 

 
 (4) solicit any employees of the Company (i) to resign their employment
with the Company; (ii) to violate any duties owed to the Company; or (iii) breach any agreements with the Company. 
  
 Employee agrees not to engage in any of the foregoing activities set out in this Section 4(a) directly or indirectly, acting alone or as a director,
employee, agent, consultant, member of a partnership, firm, company or other entity or as a holder of or investor in more than 2% of any security of any class of any company or other business entity. 
  

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 (b) Restricted Territory. For purposes of this Agreement, the “Restricted Territory”
shall mean the greater metropolitan areas of: 
  

	 	(i)	Boston, MA; 

	 	(ii)	New York, NY; 

	 	(iii)	Philadelphia, PA; 

	 	(iv)	Princeton, NJ; 

	 	(v)	Indianapolis, IN; 

	 	(vi)	Groton, CT; 

	 	(vii)	Chicago, IL; 

	 	(viii)	Seattle, WA; and 

	 	(ix)	any locality within a thirty-five mile radius of Raleigh/Durham, North Carolina and/or Bethesda, MD. 

  
 (c) Company’s “Business.” The parties hereto agree that the Company’s “Business” is
researching, developing, marketing and selling pharmaceutical products and therapies related to targeting the cadherins. 
  
 (d) Enforceability. The parties hereto agree that in the event that the length of time, the geographic area or prohibited activities set forth in
this Section 4 shall be deemed too restrictive in any court proceeding, that the court shall reduce such restrictions to those which it deems reasonable and enforceable under the circumstances. 

	

  
 5. Return
of Company Property. Upon demand by the Company or no later than the termination of his employment, Employee agrees to immediately return to the Company any Information or other Company property in his possession. Such Information and any other
Company property will be returned to the Company in the same condition as when provided to Employee, reasonable wear and tear excepted. Employee further agrees to allow the Company to inspect any documents or work produced relating to the
Information that are in the possession or control of the Employee. The Employee agrees that unless authorized by the Company or as necessary in performing his job duties and responsibilities, he will not copy the information. 
  
 6. Injunctive Relief. In the event that Employee breached the
provisions of Section 1 through 5 of this Agreement, the parties hereto agree that such breach could not be adequately remedied by monetary damages. Therefore, the parties agree that in addition to any other remedies available for such breach, the
Company will be entitled to injunctive relief for Employee’s breach or threatened breach of Sections 1 through 5 of this Agreement in order to prevent or restrict any further breach or threatened breach. A failure by the Company to enforce any
provision of this Agreement does not constitute a waiver of any of its rights and does not release the Employee of any responsibility for performance under this Agreement. 
  
 7. Limitations. The Company agrees that all the obligations of confidentiality and non-disclosure terminate when the
Employee can establish with documentary proof that all the Information: 
  

	 	(a)	was in the public domain at the time of the disclosure to the Employee by the Company, its affiliates or subsidiaries, 

  

 3 

	 	(b)	entered the public domain through no fault of the Employee, 

  

	 	(c)	was in the Employee’s possession free of any obligation of confidentiality before disclosure by the Company, its affiliates or subsidiaries to the Employee, or

  

	 	(d)	was disclosed to Employee in good faith by a third party which has the right to make such disclosure, 

  
 provided that the Employee notifies the Company in writing within 10 days of receipt of the Information where the exemptions under (c) and
(d) apply. 
  
 8. Survival. The obligations of Employee
pursuant to Sections 1 through 5 of this Agreement will continue in full force and effect notwithstanding termination of the employment of the Employee. 
  
 9. No Other Agreements. Employee hereby advises the Company that unless described in writing on Schedule “A” attached hereto, he is not
bound by any other confidentiality, non-disclosure, noncompetition, or non-solicitation agreements. Employee further agrees not to become a party to any such agreement with others during his employment. The Employee further advises the Company that
there are no patents, patent applications or other inventions made by the Employee prior to his employment with the Company unless any are specifically listed on Schedule “B” hereto. If no Schedules are attached to this Agreement, then
there are no such agreements or patents outstanding. 
  
 10.
Governing Law; Venue. The parties hereto agree that this Agreement is to be interpreted and governed by the laws of the state of North Carolina. The parties further agree that the state or federal courts sitting in Durham County, North
Carolina shall have the sole and exclusive jurisdiction to hear any dispute(s) arising out of this Agreement. 
  
 11. Severability. The various sections of this Agreement are severable and the invalidity of one does not affect the enforceability of the other
provisions of this Agreement. 
  
 12. Miscellaneous. For
ease of interpretation, this Agreement is to be read with all changes in gender and number as the circumstances require and the Agreement is binding upon and available to the benefit of both parties, their personal representatives, successors,
affiliates, subsidiaries and assigns. Employee expressly agrees that the Company may assign its rights and obligations hereunder to any successor in interest. Any notice under this Agreement should be delivered to the Company’s head office and
the Employee at his home address. 
  
 [Signature page
follows] 
  

 4 

 IN WITNESS WHEREOF the parties have executed this Confidentiality and Intellectual Property on the day
and year first written above. 
  

							
	 	 	 	 	ADHEREX, INC.
				
	 	 	 	 	By:	 	  

	 	 	 	 	 	 	William P. Peters, MD PhD
	 	 	 	 	 	 	Chief Executive Officer
			
	  

	 	 	 	  

	Witness	 	 	 	Employee:	 	Rajesh K. Malik

  

 5PLACEMENT AGENT WARRANT ISSUED TO PARAMOUNT CAPITAL, INC.

 EXHIBIT 4.15 
  
 The Warrant and the securities issuable upon exercise of this Warrant (the “Securities”) have not been registered under the
United States Securities Act of 1933, as amended (the “US Securities Act”) or under any state securities or Blue Sky laws (“Blue Sky Laws”). No transfer, sale, assignment, pledge, hypothecation or other disposition of this
Warrant or the Securities or any interest therein may be made except (a) pursuant to an effective registration statement under the US Securities Act and any applicable Blue Sky Laws or (b) if the Company has been furnished with both an opinion of
counsel for the holder, which opinion and counsel shall be reasonably satisfactory to the Company, to the effect that no registration is required because of the availability of an exemption from registration under the US Securities Act and
applicable Blue Sky Laws, and assurances that the transfer, sale, assignment, pledge, hypothecation or other disposition will be made only in compliance with the conditions of any such registration or exemption. 
  
 WARRANT TO PURCHASE COMMON SHARES IN THE CAPITAL 
 OF ADHEREX TECHNOLOGIES INC. 
  

			
	Warrant No. B-1	  	Ottawa, Ontario
	 	  	 November 20, 2002

  
 This certifies that,
for value received, Paramount Capital Inc., or its successors or assigns (the “Holder”) is entitled to purchase from Adherex Technologies Inc., a corporation amalgamated under the Canada Business Corporations Act (the
“Company”), eight hundred and forty eight thousand (848,000) fully paid and nonassessable common shares (the “Common Shares”) in the capital of the Company’s, at an exercise price of CAN $0.41 per Common Share
(the “Exercise Price”), subject to adjustment as herein provided. This Warrant may be exercised by Holder at any time on or after the date hereof; provided, however, that, Holder shall in no event have the right to exercise
this Warrant or any portion thereof later than November 20, 2005 (the “Expiry Date”) after which date all rights under this Warrant shall terminate and be of no further force or effect. 
  
 This Warrant is subject to the following provisions, terms and conditions:

  

	 	1.	Exercise of Warrant. 

  
 (a) Exercise for Cash. The rights represented by this Warrant may be exercised by the Holder, in whole or in part (but not as to a fractional
Common Share), at any time from the date hereof until the Expiry Date, by the surrender of this Warrant (properly endorsed, if required, at the Company’s principal office in Ottawa, Ontario, or such other office or agency of the Company as the
Company may designate by notice in writing to the Holder at the address of such Holder appearing on the books of the Company at any time within the period above named), and upon payment to it by certified check, bank draft or cash of the purchase
price for such Common Shares. The Company agrees that the Common Shares so purchased shall have and are deemed to be issued to the Holder as the record owner of such Common Shares as of the close of business on the date on which this Warrant shall
have been surrendered and payment made for such Common Shares as aforesaid (the “Exercise Date”). Certificates for the Common Shares so purchased shall be delivered to the Holder within a reasonable time, not exceeding ten (10) business
days, after the rights represented by this Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing the number of Common Shares, if any, with respect to which this Warrant shall not then have been
exercised shall also be delivered to the Holder within such time. The Company may require that any such new Warrant or any certificate for Common Shares purchased upon the exercise hereof bear a legend substantially similar to that which is
contained on the face of this Warrant. 
  
 (b) Cashless
Exercise. Upon receipt of a notice of cashless exercise, the Company shall deliver to the Holder (without payment by the Holder of any exercise price) that number of Common Shares that is equal to the quotient obtained by dividing (x) the value
of the Warrant on the date that the Warrant shall have been 

 surrendered (determined by subtracting the aggregate exercise price for the Common Shares in effect on the Exercise Date
from the aggregate Fair Market Value (hereinafter defined) for the Common Shares by (y) the Fair Market Value of one Common Share. A notice of “cashless exercise” shall state the number of Common Shares as to which the Warrant is being
exercised. “Fair Market Value” for purposes of this Section (b) shall mean the average of the Common Share closing prices reported by the Toronto Stock Exchange (“TSX”) or such other principal exchange or automated
quotation systems on which the Common Shares are traded or quoted, as the case may be, for the ten (10) trading days immediately preceding the Exercise Date or, in the event no public market shall exist for the Common Shares at the time of such
cashless exercise, Fair Market Value shall mean the fair market value of the Common Shares as the same shall be determined in the good faith discretion of the Board of Directors of the Company (the “Board”), after full consideration of all
factors then deemed relevant by such Board in establishing such value, including by way of illustration and not limitation, the per share purchase price of Common Share or per security convertible into one Common Share of the most recent sale of
Common Shares or securities convertible into Common Shares by the Company after the date hereof all as evidenced by the vote of a majority of the directors then in office. 
  
 2. Transferability of this Warrant. This Warrant is issued upon the following terms, to which Holder consents and
agrees: 
  
 (a) Until this Warrant is transferred on the books of
the Company, the Company will, and shall be entitled to, treat the Holder of this Warrant registered as such on the books of the Company as the absolute owner hereof for all purposes without being affected by any notice to the contrary. 

 
 (b) This Warrant may not be exercised, and this Warrant and the Shares
underlying this Warrant shall not be transferable, except in compliance with all applicable state and federal securities laws, regulations and orders, and with all other applicable laws, regulations and orders. 
  
 (c) The Warrant may not be transferred, and the Common Shares underlying this
Warrant may not be transferred, without the Holder obtaining an opinion of legal counsel satisfactory in form and substance to the Company’s legal counsel stating that the proposed transaction will not result in a prohibited transaction under
the Securities Act of the Province of Ontario, the United States Securities Act of 1933, as amended (the “US Securities Act”), and all other applicable provincial, state and federal securities laws, regulations and orders. By
accepting this Warrant, the Holder agrees to act in accordance with any conditions reasonably imposed on such transfer by such opinion of legal counsel. 
  
 (d) Neither this issuance of this Warrant nor the issuance of the Common Shares underlying this Warrant have been registered under the US Securities Act.

  
 3. Certain Covenants of the Company. The Company
covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant, upon issuance and full payment for the Common Shares so purchased, will be duly authorized and issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the issue hereof, except those that may be created by or imposed upon the Holder or its property. The Company further covenants and agrees that during the period within which
the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved free of preemptive or other rights for the exclusive purpose of issue upon exercise of the purchase rights evidenced by this Warrant,
a sufficient number of Common Shares to provide for the exercise of the rights represented by this Warrant. 
  

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 4. Adjustment of Exercise Price and Number of Common Shares. The Exercise Price and number of
Common Shares which may be purchased pursuant to the rights represented by this Warrant are subject to the following adjustments: 
  
 (a) Adjustment of Exercise Price for Stock Dividend, Stock Split or Stock Combination. In the event that (i) any dividends on any class of shares
of the Company payable in Common Shares or securities convertible into or exercisable for Common Shares (“Common Share Equivalents”) shall be paid by the Company, (ii) the Company shall subdivide its then outstanding Common Shares
into a greater number of shares, or (iii) the Company shall combine its outstanding Common Shares, by reclassification or otherwise, then, in any such event, the Exercise Price in effect immediately prior to such event shall (until adjusted again
pursuant hereto) be adjusted immediately after such event to a price (calculated to the nearest full cent) determined by dividing (a) the number of Common Shares outstanding immediately prior to such event, multiplied by the then existing Exercise
Price, by (b) the total number of Common Shares outstanding immediately after such event, and the resulting quotient shall be the adjusted Exercise Price per share. No adjustment of the Exercise Price shall be made if the amount of such adjustment
shall be less than CAN $.05 per share, but in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at the time and together with the next subsequent adjustment which, together with any
adjustment or adjustments so carried forward, shall amount to not less than CAN $.05 per share. 
  
 (b) Adjustment of Number of Shares Purchasable on Exercise of Warrants. Upon each adjustment of the Exercise Price pursuant to this Section, the
Holder shall thereafter (until another such adjustment) be entitled to purchase at the adjusted Exercise Price the number of Common Shares, calculated to the nearest full share, obtained by multiplying the number of Common Shares specified in such
Warrant (as adjusted as a result of all adjustments in the Exercise Price in effect prior to such adjustment) by the Exercise Price in effect prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

 
 (c) Notice as to Adjustment. Upon any adjustment of the Exercise
Price and any increase or decrease in the number of Common Shares purchasable upon the exercise of the Warrant, then, and in each such case, the Company within thirty (30) days thereafter shall give written notice thereof, by first class mail,
postage prepaid, addressed to each Holder as shown on the books of the Company, which notice shall state the adjusted Exercise Price and the increased or decreased number of Common Shares purchasable upon the exercise of the Warrants, and shall set
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
  
 (d) Effect of Reorganization, Reclassification, Merger, etc. If at any time while this Warrant is outstanding there should be (i) any capital
reorganization of the Company (other than the issuance of any Common Shares in subdivision of outstanding Common Shares by reclassification or otherwise and other than a combination of shares provided for in Section 4(a) hereof), (ii) any
consolidation or merger of the Company with another corporation, or any sale, conveyance, lease or other transfer by the Company of all or substantially all of its property to any other corporation, which is effected in such a manner that the
holders of Common Shares shall be entitled to receive cash, shares, securities, or assets with respect to or in exchange for Common Shares, or (iii) any dividend or any other distribution upon any class of shares of the Company payable in shares of
the Company of a different class, other securities of the Company, or other property of the Company (other than cash), then, as a part of such transaction, lawful provision shall be made so that Holder shall have the right thereafter to receive,
upon the exercise hereof, the number of shares or other securities or property of the Company, or of the successor corporation resulting from such consolidation or merger, or of the corporation to which the property of the Company has been sold,
conveyed, leased or otherwise transferred, as the case may be, which the Holder would have been entitled to receive upon such capital reorganization, consolidation, merger, sale, conveyance, lease or other transfer, if this Warrant had been
exercised immediately prior to such capital reorganization, consolidation, merger, sale, conveyance, lease or other transfer. In any such case, appropriate adjustments (as determined by the Board) shall be made in the application of the provisions
set forth in this Warrant (including the adjustment of the Exercise Price and the number of Common Shares issuable upon the exercise of the Warrant) to the end that the provisions set forth herein shall thereafter 
  

 3 

 be applicable, as near as reasonably may be, in relation to any shares or other property thereafter deliverable upon the
exercise of the Warrant as if the Warrant had been exercised immediately prior to such capital reorganization, consolidation, merger, sale, conveyance, lease or other transfer and the Holder had carried out the terms of the exchange as provided for
by such capital reorganization, consolidation or merger. The Company shall not effect any such capital reorganization, consolidation, merger or transfer unless, upon or prior to the consummation thereof, the successor corporation or the corporation
to which the property of the Company has been sold, conveyed, leased or otherwise transferred shall assume by written instrument the obligation to deliver to the Holder such shares, securities, cash or property as in accordance with the foregoing
provisions such Holder shall be entitled to purchase. 
  
 5. No
Rights as Shareholders. This Warrant shall not entitle the Holder as such to any voting rights or other rights as a shareholder of the Company. 
  
 6. Registration Rights. If at any time the Company shall propose to file any registration statement (other than any registration on Form S-4, S-8
or any other similarly inappropriate form, or any successor forms thereto) under the US Securities Act covering a public offering of the Company’s Common Stock (the “Registration Statement”), it will notify the Holder hereof at
least thirty (30) days prior to each such filing (the “Registration Notice”) and will use its best efforts to include in the Registration Statement (to the extent permitted by applicable regulation), the Shares purchased or
purchasable by the Holder upon the exercise of the Warrant to the extent requested by the Holder hereof within twenty (20) days after receipt of notice of such filing (which request shall specify the interest in this Warrant or the Shares intended
to be sold or disposed of by such Holder and describe the nature of any proposed sale or other disposition thereof); provided, however, that if a greater number of Shares is offered for participation in the proposed offering than in the
reasonable opinion of the managing underwriter of the proposed offering can be accommodated without adversely affecting the proposed offering, then the amount of Shares proposed to be offered by such Holder for registration, as well as the number of
securities of any other selling shareholders participating in the registration, shall be proportionately reduced to a number deemed satisfactory by the managing underwriter. The Company shall bear all expenses and fees incurred in connection with
the preparation, filing, and amendment of the Registration Statement with the Commission, except that the Holder shall pay all fees, disbursements and expenses of any counsel or expert retained by the Holder and all underwriting discounts and
commissions, filing fees and any transfer or other taxes relating to the Shares included in the Registration Statement. The Holder of this Warrant agrees to cooperate with the Company in the preparation and filing of any Registration Statement, and
in the furnishing of information concerning the Holder for inclusion therein, or in any efforts by the Company to establish that the proposed sale is exempt under the US Securities Act as to any proposed distribution. The Holder understands that if
the Company has not received such information requested by the Company in the Registration Notice within 20 days after Holder’s receipt thereof, the Company shall have no obligation to include any of Holder’s Shares in the Registration
Statement. 
  
 7. Governing Law. This Warrant shall be
governed by and construed in accordance with the laws of the Province of Ontario, Canada. 
  
 8. Amendments and Waivers. The provisions of this Warrant may not be amended, modified or supplemented, and waiver or consents to departures from the provisions hereof may not be given, unless the Company
agrees in writing and has obtained the written consent of the Holder. 
  
 9. Notices. All notices or communications hereunder, except as herein otherwise specifically provided, shall be in writing and if sent to the Holder shall be mailed, delivered, or telefaxed and confirmed to the Holder at his or her
address set forth on the records of the Company; or if sent to the Company shall be mailed, delivered, or telefaxed and confirmed to the head office of the Company, or to such other address as the Company or the Holder shall notify the other as
provided in this Section. 
  

 4 

 IN WITNESS WHEREOF, Adherex Technologies Inc. has caused this Warrant to be signed by its duly authorized
officer in the date set forth above. 
  

			
	 ADHEREX TECHNOLOGIES INC.

		
	 By:
	 	  

	 	 	 Its:

  

 5 

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

	
	  

	 (Signature)

	
	  

	  

	 (Address)

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

  
 Dated:
                     
  

	
	  

	 (Signature)

	
	  

	  

	 (Address)

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