Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.48  

 
  GENERAL SECURITY AGREEMENT    
    

        This General Security Agreement (as amended, modified or otherwise supplemented from time to time, this "Security
Agreement"), dated as of November 3, 2006, is executed by Patrick Trown (together with its successors and assigns,
"Debtor"), in favor of Biomira Inc., as secured party (together with its successors and assigns,
"Secured Party"). 

RECITALS  

        A.    Debtor
has executed a promissory note, dated as of the date hereof (as amended, modified or otherwise supplemented from time to time, (the
"Note") in the principal amount of $150,000 in favor of the Secured Party. 

        B.    In
order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Security Agreement and to grant Secured Party the
security interest in the Collateral described below. 

AGREEMENT  

        NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Debtor hereby agrees with Secured Party as follows: 

        1.     Definitions and Interpretation. When used in this Security Agreement, the following terms have the following respective
meanings: 

        "Collateral" has the meaning given to that term in Section 2 hereof. 

        "Event of Default" has the meaning given to that term in the Note. 

        "Lien" shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in, of,
or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional sale agreement, capital lease or other title retention agreement, or
any agreement to provide any of the foregoing. 

        "Obligations" means all loans, advances, debts, liabilities and obligations owed by Debtor to the Secured Party, now existing or hereafter
arising under or pursuant to the terms of the Note and this Security Agreement, including, all interest, fees, charges, expenses, legal fees and costs (calculated on a solicitor and client basis) and
costs chargeable to and payable by Debtor hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the
commencement of any proceedings and whether or not allowed or allowable as a claim in any such proceeding. 

        "Person" shall mean and include an individual, a partnership, a corporation, a business trust, a joint stock company, a limited liability
company, an unincorporated association or other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any department, agency, authority or
bureau of any of the foregoing. 

        "Pledged Securities" shall have the meaning given to such term in Exhibit A. 

        "PPSA" means the Personal Property Security Act of Alberta including amendments thereto and any Act substituted therefor and amendments
thereto. 

        "Transaction Documents" shall mean the Note and this Security Agreement. 

Terms
defined in the PPSA and not otherwise defined herein shall have the respective meanings set forth in the PPSA. 

 

        2.     Security Interest. 

        (a)   Grant of Security Interest. As security for the Obligations, Debtor hereby grants to Secured Party and pledges to Secured
Party, a security interest of first priority in all right, title and interests of Debtor in and to the property described in Exhibit A hereto,
whether now existing or hereafter from time to time acquired (collectively, the "Collateral"). 

        (b)   Delivery of Pledged Collateral; Financing Statements. All certificates or instruments representing or evidencing the
Pledged Securities shall immediately be delivered to Secured Party and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or
assignment in blank, in the form set forth as Exhibit B. Debtor hereby covenants to immediately deliver to Secured Party any Pledged Securities
distributed to Debtor pursuant to the terms of the Escrow Agreement (as defined in Exhibit A). 

        (c)   Voting Rights.

          (i)  Rights Prior to an Event of Default. So long as no Event of Default shall have occurred and be continuing, Debtor shall
be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Securities or any part thereof for any purpose not inconsistent with the terms of this Security
Agreement. 

         (ii)  Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default, all rights
of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 2(c)(i) and all such rights shall thereupon become
vested in Secured Party which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights. 

        (d)   Dividends. Debtor agrees that any and all (A) dividends and interest paid or payable, and instruments and other
property received, receivable or otherwise distributed in respect of, or in exchange for any Pledged Securities, (B) dividends and other distributions paid or payable in cash in respect of any
Pledged Securities 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, or in redemption of, or in exchange for, any Pledged Securities, shall be, and shall be forthwith delivered to
Secured Party to hold as, Collateral and shall, if received by Debtor, be received in trust for the benefit of Secured Party, be segregated from the other property or funds of Debtor and be forthwith
delivered to Secured Party as Collateral in the same form as so received (with any necessary endorsement) to be held as part of the Collateral. 

        (e)   Request For Release. At any time that Secured Party holds any Pledged Securities as Collateral for the Obligations,
Debtor may sell all or part of the Pledged Securities, provided that Debtor provides ten (10) days prior written notice of such sale and that the proceeds of such sale are used to prepay the
Note and provided further that such sale is upon fair and reasonable terms and as part of an arm's length transaction. Secured Party agrees to release its security interest with respect to any Pledged
Securities subject to such sale and to take all further action necessary to effect the intent of the foregoing. 

        (f)    Secured Obligations Secured. The Security Interest granted hereby secures payment and performance of the Obligations. If
the security interest in the Collateral is not sufficient, in the event of default, to satisfy all Obligations of Debtor, Debtor acknowledges and agrees that Debtor shall continue to be liable for any
Obligations remaining outstanding and Secured Party shall be entitled to pursue full payment thereof. 

2

 

        3.     Representations and Warranties. Debtor represents and warrants to Secured Party that: 

        (a)   Debtor
is the owner of the Collateral (or, in the case of after-acquired Collateral, at the time Debtor acquires rights in the Collateral, will be the owner thereof) and
that no other Person has (or, in the case of after-acquired Collateral, at the time Debtor acquires rights therein, will have) any right, title, claim or interest (by way of Lien or otherwise) in,
against or to the Collateral; 

        (b)   Debtor's
full legal name is Patrick Trown; 

        (c)   Debtor's
primary residence is the same as its address for notices as set forth in Section 7(a) below; and 

        (d)   Debtor's
date of birth is March 17, 1937. 

        4.     Covenants Relating to Collateral. Debtor hereby agrees (a) to perform all acts that may be necessary to maintain,
preserve, protect and perfect the Collateral, the Lien granted to Secured Party therein and the perfection and priority of such Lien; (b) without 30 days' prior written notice to Secured
Party, not to change Debtor's legal name or primary residence, (c) to procure, execute and deliver from time to time any endorsements, assignments, financing statements, financing change
statements and other writings reasonably deemed necessary or appropriate by Secured Party to perfect, maintain and protect its Lien hereunder and the priority thereof and to deliver promptly to
Secured Party all certificated securities constituting Collateral; and (d) except as explicitly permitted by this Security Agreement, not to surrender or lose possession of (other than to
Secured Party), sell, encumber, lease, rent, or otherwise dispose of or transfer any Collateral or right or interest therein, and to keep the Collateral free of all Liens. 

        5.     Authorized Action by Secured Party. Debtor hereby irrevocably appoints Secured Party as its
attorney-in-fact (which appointment is coupled with an interest) and agrees that Secured Party may perform (but Secured Party shall not be obligated to and shall incur no
liability to Debtor or any third party for failure so to do) any act which Debtor is obligated by this Security Agreement to perform, and to exercise such rights and powers as Debtor might exercise
with respect to the Collateral, including the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other
sums and property now or hereafter payable on or on account of the Collateral; (b) deposit, surrender, accept, hold or apply other property in exchange for the Collateral; (c) make any
compromise or settlement, and take any action it deems advisable, with respect to the Collateral; (d) insure, process and preserve the Collateral; and (e) execute PPSA financing
statements, financing change statements and other documents, instruments and agreements required hereunder; provided,  however, that Secured Party shall not
exercise any such powers granted pursuant to subsections (a) through (c) prior to the occurrence of
an Event of Default and shall only exercise such powers during the continuance of an Event of Default. Debtor agrees to reimburse Secured Party upon demand for any reasonable costs and expenses,
including legal fees and costs (calculated on a solicitor and client basis), Secured Party may incur while acting as Debtor's attorney-in-fact hereunder, all of which costs and
expenses are included in the Obligations. It is further agreed and understood between the parties hereto that such care as Secured Party gives to the safekeeping of its own property of like kind shall
constitute reasonable care of the Collateral when in Secured Party's possession. 

        6.     Default and Remedies. 

        (a)   Default. Debtor shall be deemed in default under this Security Agreement upon the occurrence and during the continuance
of an Event of Default. 

        (b)   Remedies. Upon the occurrence and during the continuance of any such Event of Default, Secured Party shall have the
rights of a secured creditor under the PPSA, all rights granted by this Security
Agreement and by applicable law. Debtor hereby agrees that ten (10) days' notice of any intended sale or disposition of any Collateral is reasonable. 

3

 

        (c)   Sale of Pledged Securities. Debtor acknowledges and recognizes that Secured Party may be unable to effect a public sale
of all or a part of the Pledged Securities and may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among other things, to
acquire the Pledged Securities for their own account, for investment and not with a view to the distribution or resale thereof. Debtor acknowledges that any such private sales may be at prices and on
terms less favorable to Secured Party than those of public sales, and agrees that so long as such sales are made in good faith such private sales shall be deemed to have been made in a commercially
reasonable manner and that Secured Party has no obligation to delay sale of any Pledged Securities to permit the issuer thereof to register it for public sale under any applicable securities laws. 

        7.     Miscellaneous. 

        (a)   Notices. Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other
communications to or upon Debtor or Secured Party under this Security Agreement shall be by telecopy or in writing and telecopied, mailed or delivered to each party at telecopier number or its address
set forth below (or to such other telecopy number or address as the recipient of any notice shall have notified the other in writing). All such notices and communications shall be effective
(a) when sent by Federal Express or other overnight service of recognized standing, on the business day following the deposit with such service; (b) when mailed, by registered or
certified mail, first class postage prepaid and addressed as aforesaid, upon receipt; (c) when delivered by hand, upon delivery; and (d) when telecopied, upon confirmation of receipt. 

	 	 	Secured Party:	Biomira Inc.

2011-94 Street

Edmonton, Alberta, Canada

T6N 1H1

Telephone: (780) 450-3761

Facsimile: (780) 450-4772
	

 	
 	
Debtor:	

Patrick Trown	

 
	

 	
 	

 	

	

 
	 	 	 	Danville, CA 94506	 
	 	 	 	Telephone:	 	 
	 	 	 	 	
	 
	 	 	 	Facsimile:	 	 
	 	 	 	 	
	 

        (b)   Nonwaiver. No failure or delay on Secured Party's part in exercising any right hereunder shall operate as a waiver
thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right. 

        (c)   Amendments and Waivers. This Security Agreement may not be amended or modified, nor may any of its terms be waived,
except by written instruments signed by Debtor and Secured Party. Each waiver or consent under any provision hereof shall be effective only in the specific instances for the purpose for which given. 

        (d)   Assignments. This Security Agreement shall be binding upon and inure to the benefit of Secured Party and Debtor and their
respective successors and assigns; provided, however, that Debtor may not sell, assign or delegate
rights and obligations hereunder without the prior written consent of Secured Party. 

4

 

        (e)   Cumulative Rights, etc. The rights, powers and remedies of Secured Party under this Security Agreement shall be in
addition to all rights, powers and remedies given to Secured Party by virtue of any applicable law, rule or regulation of any governmental authority, the Transaction Documents or any other agreement,
all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without impairing Secured Party's rights hereunder. Debtor waives any right to require
Secured Party to proceed against any Person or to exhaust any Collateral or to pursue any remedy in Secured Party's power. 

        (f)    Payments Free of Taxes, Etc. All payments made by Debtor under the Transaction Documents shall be made by Debtor free and
clear of and without deduction for any and all present and future taxes, levies, charges, deductions and withholdings. In addition, Debtor shall pay upon demand any stamp or other taxes, levies or
charges of any jurisdiction with respect to the execution, delivery, registration, performance and enforcement of this Security Agreement. Upon request by Secured Party, Debtor shall furnish evidence
satisfactory to Secured Party that all requisite authorizations and approvals by, and notices to and filings with, governmental authorities and regulatory bodies have been obtained and made and that
all requisite taxes, levies and charges have been paid. 

        (g)   Partial Invalidity. If at any time any provision of this Security Agreement is or becomes illegal, invalid
or unenforceable in any respect under the law or any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Security Agreement nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

        (h)   Expenses. Debtor shall pay on demand all reasonable fees and expenses, including reasonable legal fees and costs
(calculated on a solicitor and client basis) and expenses, incurred by Secured Party in connection with custody, preservation or sale of, or other realization on, any of the Collateral or the
enforcement or attempt to enforce any of the Obligations which is not performed as and when required by this Security Agreement. 

        (i)    Headings. Headings in this Security Agreement and each of the other Transaction Documents are for convenience of
reference only and are not part of the substance hereof or thereof. 

        (j)    Plural Terms. All terms defined in this Security Agreement or any other Transaction Document in the singular form shall
have comparable meanings when used in the plural form and vice versa. 

        (k)   Construction. Each of this Security Agreement and the other Transaction Documents is the result of negotiations among,
and has been reviewed by, Debtor, Secured Party and their respective counsel. Accordingly, this Security Agreement and the other Transaction Documents shall be deemed to be the product of all parties
hereto, and no ambiguity shall be construed in favor of or against Debtor or Secured Party. 

        (l)    Entire Agreement. This Security Agreement and each of the other Transaction Documents, taken together, constitute and
contain the entire agreement of Debtor and Secured Party and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written
or oral, respecting the subject matter hereof. 

        (m)  Other Interpretive Provisions. References in this Security Agreement and each of the other Transaction Documents to any
document, instrument or agreement (a) includes all exhibits, schedules and other attachments thereto, (b) includes all documents, instruments or agreements 

5

 

issued or executed in replacement thereof, and (c) means such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and
supplemented from time to time and in
effect at any given time. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Security Agreement or any other Transaction Document refer to this Security
Agreement or such other Transaction Document, as the case may be, as a whole and not to any particular provision of this Security Agreement or such other Transaction Document, as the case may be. The
words "include" and "including" and words of similar import when used in this Security Agreement or any other Transaction Document shall not be construed to be limiting or exclusive. 

        (n)   Governing Law. This Security Agreement and the transactions evidenced hereby shall be governed by and construed in
accordance with the laws of the province of Alberta (including the PPSA) without reference to conflicts of law rules. 

        8.     Copy of Agreement and Financing Statement

        (a)   Debtor
hereby acknowledges receipt of a copy of this Security Agreement. 

        (b)   Debtor
waives Debtor's right to receive a copy of a financing statement or financing change statement registered by Secured Party or any verification statement
pertaining to a registration by Secured Party. 

6

 

        IN
WITNESS WHEREOF, Debtor has caused this Security Agreement to be executed as of the day and year first above written. 

	/s/ M. C. Trown
 WITNESS	 	By:	/s/ Patrick W. Trown
 Patrick W. Trown
	

AGREED:	
 	

 	

 
	
BIOMIRA INC.,

As Secured Party	
 	

 	

 
	

By:	

/s/ Robert D. Aubrey
	
 	

 	

 
	Name:	Robert D. Aubrey	 	 	 
	Title:	Vice President—Business Dev.	 	 	 

7

 
 

EXHIBIT A
  
    TO SECURITY AGREEMENT    
    

All
right, title, interest, claims and demands of Debtor in and to the following property: 

        (a)   its
contractual right to receive its Pro Rata Portion of the Aggregate Escrow Amount, including the Stock Escrow Amount and the Special Escrow Amount pursuant to the
terms of that certain Agreement and Plan of Reorganization, dated as of October 30, 2006 (the "Merger Agreement"), by and among,
Biomira Inc., Biomira Acquisition Corporation, Pro1X Pharmaceuticals Corporation, D. Lynn Kirkpatrick and Garth Powis; 

        (b)   its
contractual right to receive its Pro Rata Portion of the Aggregate Escrow Amount, including the Stock Escrow Amount and the Special Escrow Amount pursuant to the
terms of that certain Escrow Agreement, dated as of October 30, 2006 (the "Escrow Agreement"), by and among, Biomira Inc., D. Lynn
Kirkpatrick, Garth Powis and ComputerShare Trust Company of Canada; 

        (c)   All
proceeds of any and all of the foregoing, and all substitutions to and replacements for, each of the foregoing, including, without limitation: 

          (i)  any
Common Stock of Biomira Inc. that constitutes Debtor's Pro Rata Portion of the Aggregate Escrow Amount that is distributed pursuant to the Merger Agreement
and Escrow Agreement (the "Pledged Securities"); 

         (ii)  all
dividends (including cash dividends), other distributions (including redemption proceeds), or other property, securities or instruments in respect of or in exchange
for the Pledged Securities, whether by way of dividends, stock dividends, recapitalizations, mergers, consolidations, split-ups, combinations or exchanges of shares or otherwise; 

        (iii)  all
proceeds of the foregoing. 

The
following terms shall have the following meanings: 

        "Pro
Rata Portion" shall have the meaning given to such term in the Merger Agreement. 

        "Aggregate
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

        "Stock
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

        "Special
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

 
 

EXHIBIT B    
    

[See
Attached.] 

 
 

STOCK POWER    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
       (1)  [No. of Shares—written out] ([No. of
Shares—numerals]) Shares of Common Stock, $[par value] par value, of
Biomira Inc., a corporation organized under the laws of Canada, standing in the undersigned's name on the books of the corporation represented by Certificate No.  [Cert. No.]. 

        The
undersigned hereby irrevocably constitutes and appoints                         (2) attorney to transfer said stock on the
books of said corporation with full
power of substitution in the premises. 

        Dated:
                        (3) 

	 	 	
[Name of Registered Owner]

	(1)
	Leave
this space blank.

	(2)
	Leave
this space blank.

	(3)
	Leave
this space blank. 

QuickLinks

GENERAL SECURITY AGREEMENT

EXHIBIT A TO SECURITY AGREEMENT

EXHIBIT B

STOCK POWERQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.49  

 
  PROMISSORY NOTE    
    

	US$127,391	 	November 8, 2006

        FOR
VALUE RECEIVED, Jeffrey Millard (together with its successors and assigns, "Debtor"), hereby promises to pay to the order of
Biomira Inc., a Canadian corporation (together with its successors and assigns, "Lender"), in lawful money of the United States of America, the
principal amount of One Hundred and Twenty Seven Thousand Three Hundred and Ninety One Dollars ($127,391) and to pay interest on the unpaid principal amount hereof, all as provided in this Promissory
Note. THE OBLIGATIONS DUE UNDER THIS NOTE ARE SECURED BY SECURITY AGREEMENTS (THE "SECURITY AGREEMENTS") DATED AS OF THE DATE HEREOF AND EXECUTED BY
DEBTOR FOR THE BENEFIT OF LENDER. ADDITIONAL RIGHTS OF LENDER ARE SET FORTH IN THE SECURITY AGREEMENTS. 

        1.    Interest.    The unpaid principal amount of this Promissory Note will bear simple interest at the rate of 5.0%
per annum. Interest will be calculated on the basis of the actual number of days elapsed over a 365 day year. If any interest is determined to be in excess of the then legal maximum rate, then
that portion of each interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of the obligations
evidenced by this Promissory Note. 

        2.    Payments.    The principal amount of this Promissory Note, together with interest accrued to the date of
payment, is due and payable by Debtor on April 28, 2008 (the "Maturity Date"). All payments of principal and interest must be made in United
States dollars in immediately available funds to the order of Lender by wire transfer of immediately available funds to a deposit account for Lender specified in writing by an authorized
representative of Lender, or to such other account or party as may be specified in writing by Lender to Debtor. 

        3.    Prepayments.    Debtor may prepay the obligations evidenced by this Promissory Note in whole or in part at any
time, without penalty or premium. 

        4.    Events of Default.    If any of the following events (each, an "Event of
Default") occurs and is continuing for any reason (and whether or not the occurrence is voluntary or involuntary or comes about or is effected by operation of the law or
otherwise): 

        (a)    Failure to Pay.    Debtor shall fail to pay (i) when due any principal or interest payment on the due
date hereunder or (ii) any other payment required under the terms of this Note or the Security Agreements on the date due and such payment shall not have been made within five (5) days
of Debtor's receipt of Lender's written notice to Debtor of such failure to pay; or 

        (b)    Covenants.    Debtor shall fail to observe or perform any other covenant, obligation, condition or agreement
contained in this Note or the Security Agreements (other than those specified in Sections 4(a)) and such failure shall continue for 15 days; or 

        (c)    Other Payment Obligations.    Debtor shall fail to make any payment when due under the terms of any note or
other evidence of indebtedness for borrowed money (or any guarantee thereof) and such failure shall continue beyond any period of grace provided with respect thereto; or 

        (c)    Voluntary Bankruptcy or Insolvency Proceedings.    Debtor shall (i) apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they
mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) become insolvent (as such term may be defined or interpreted under any applicable statute),
(v) commence a voluntary case or other proceeding seeking relief with respect to its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any
such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other 

 

proceeding
commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or 

        (d)    Involuntary Bankruptcy or Insolvency Proceedings.    Proceedings for the appointment of a receiver, trustee,
liquidator or custodian of all or a substantial part of Debtor's property, or an involuntary case or other proceedings seeking relief with respect to Debtor's debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement;
or 

        (e)    Judgments.    A final judgment or order for the payment of money in excess of Fifty Thousand Dollars ($50,000)
shall be rendered against Debtor and the same shall remain undischarged for a period of ten (10) days during which execution shall not be effectively stayed, or any judgment, writ, assessment,
warrant of attachment, or execution or similar process shall be issued or levied against a substantial part of the property of Debtor and such judgment, writ, or similar process shall not be released,
stayed, vacated or otherwise dismissed within thirty (30) days after issue or levy. 

        5.    Rights of Investor upon an Event of Default.    Upon the occurrence or existence of any Event of Default (other
than an Event of Default, referred to in Sections 4(c) and 4(d)) and at any time thereafter during the continuance of such Event of Default, Lender may by written notice to Debtor, declare all
outstanding obligations hereunder, including all outstanding principal and accrued and unpaid interest, payable by Debtor hereunder to be immediately due and payable without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Security Agreements to the contrary notwithstanding. Upon the occurrence or
existence of any Event of Default described in Sections 4(c) and 4(d), immediately and without notice, all outstanding obligations hereunder, including all outstanding principal and accrued and unpaid
interest, payable by Debtor shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the Security Agreements to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, Lender may
exercise any other right power or remedy granted to it by the Security Agreements or otherwise permitted to it by law, either by suit in equity or by action at law, or both. 

        6.    No Waiver by Lender.    No delay, omission or waiver on the part of Lender in exercising any right under this
Promissory Note will operate as a waiver of such right or any other right of such Lender, nor will any delay, omission, or waiver on any one occasion be deemed a bar to or waiver of the same or any
other right on any future occasion. The rights and remedies of Lender are cumulative and not exclusive of any rights or remedies it would otherwise have. 

        7.    Miscellaneous.    

        (a)    Successors and Assigns.    The provisions of this Promissory Note shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that Debtor may not assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of Lender (and any attempted assignment or transfer by Debtor without such consent shall be null and void). 

        (b)    Amendment.    The terms of this Promissory Note may be amended from time to time only by the written agreement
of Debtor and Lender. 

        (c)    Notices.    All notices, requests, demands, consents, instructions or other communications to or upon Lender or
Debtor under this Promissory Note shall be in writing and in the manner set forth in Section 7 of the Security Agreements. 

2

 

        (d)    Governing Law.    This Promissory Note will be governed by and construed in accordance with the laws of the
State of Washington, without giving effect to principles of conflicts of law. 

        (e)    WAIVER OF JURY TRIAL.    TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE
PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION IN ANY FORUM IN RESPECT OF ANY ISSUE
OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE PARTIES HERETO ACKNOWLEDGE THAT THIS SECTION CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL
RELY IN ENTERING INTO THIS AGREEMENT AND ANY OTHER AGREEMENTS RELATING HERETO OR CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

        (f)    Enforceability of Oral Agreements.    ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 

        (g)    Waivers.    Debtor hereby waives presentment, demand, notice of dishonor, protest, notice of protest and all
other demands, protests and notices in connection with the execution, delivery, performance, collection and enforcement of this Promissory Note. 

[Remainder of page intentionally left blank.]

3

 

        Debtor
has executed this Promissory Note on the day and the year first above written. 

	 	 	Jeffrey Millard
	

 	
 	

By:	
/s/ Jeffrey W. Millard

	 	 	Name:	Jeffrey W. Millard
	 	 	Title:	Director of Pharmaceutical Development

4

QuickLinks

PROMISSORY NOTE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]