Document:

Second Amending Letter of Agreement

 Exhibit 10.34 
  

	**	Certain information in this exhibit has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. 

  
 Exhibit A 
  
 Rationale 
  
 The implementation of pharmacodymanic markers as decision points in the development of oncology products requires access to specimens collected during clinical trials as well as access to specimens collected at pilot
or methodology studies for biomarker development. Two major obstacles are presented to the implementation of this strategy: clinical feasibility and technical feasibility. The major obstacle to clinical feasibility is sample access, whereas lack of
sensitivity is the major technical limitation. The use of highly sensitive methods of assessment of tumor and other rare cells (e.g. tumor antigen specific CTLs) may be able to overcome some of these limitations. 
  
 Importantly, since the collection of blood samples, in a number that does not affect
patient safety, is not considered a burden to the implementation of oncology trials, it may be anticipated that, in addition to the specific project samples that would be directly procured and analyzed during this agreement, a successful
collaboration with Immunicon may indirectly have an overall impact on the feasibility of a biomarker strategy implementation in a mulittude of oncology programs. 
  
 Background 
  
 Immunicon is the developer of the CellTracks system. In the CellTracks system, cell analysis is undertaken in a single step of immunomagnetic selection and alignment.
Specific cell targets are recognized by magnetically and fluorescent-labeled reagent antibodies coupled to nanoparticle probes and detected using the CellSpotter Analyzer, a four color semi-automated fluorescent microscope. Image frames covering the
entire surface of a cartridge are captured for each of four fluorescent filter cubes. The captured images containing objects that meet predetermined criteria are automatically presented in a web-enabled browser from which final selection of cells is
made by the operator. The criteria for an object to be defined as a CTC include round to oval morphology, a visible nucleus (DAPI positive), positive staining for cytokeratin and negative staining for CD45. 
  
 In contrast to other analytical platforms (e.g., flow cytometry, hematology analyzers, and
laser scanning cytometry), only cells identified by the presence of a defined antigen are presented to the optical detection system. That is, if one is for example interested in analyzing the number and signal intensity of circulating tumor
cells in blood expressing a specific marker, magnetic nanoparticles and antibodies against that marker labeled with fluorescent dyes are employed to mark the cells of interest. Those particular cells that express the antigen of interest will be
isolated from blood under the influence of the system’s magnetic gradient and present themselves to the optical detection system. Consequently, isolation of cells of interest can be performed in the presence of all blood constituents (including
treatment drugs). Thus, this platform has advantages over traditional flow cytometry in that objects of interest can be visualized [**]. 
  

	**	Certain information in this exhibit has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. 

 Proposal 
  
 We seek to establish a research agreement with Immunicon to development and validation of specified methods for the analysis of rare circulating cells in the blood.
Potential rare circulating cells are tumor cells, endothelial cells and precursors, tumor antigen specific immune cells, and antigen presenting cells, among others. 
  
 Pfizer Inc will select clinical sites and investigators for the development and validation of these methodologies, as well as provide
clinical funding and monitoring for the projects as part of the overall proposal. 
  
 Materials and equipment will be provided by Immunicon. 
  
 Cost
(2004-2006) 
  
 [**] 
  
 [**] 
  

[**] 
 [**] 
 [**] 
 [**] 
 [**] 
 [**] 
 [**] 
  
 [**] 
  
 [**] 
  
 Proposal Objectives AND Timelines 
  
 For the duration of
the Pfizer 1002 Study, Immunicon will analyze patient samples as described above. 
  

	**	Certain information in this exhibit has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. 

  

 2 

 Subject Population 
  
 Inclusion Criteria 
  

	 	•	 	Disease related 

  

	1.	[**] 

  

	2.	[**] 

  

	3.	[**] 

  

	 	•	 	Prior/Concurrent Therapy 

  

	1.	[**] 

  

	2.	[**] 

  

	3.	[**] 

  

	4.	[**] 

  

	5.	[**] 

  

	6.	[**] 

  

	 	•	 	Patient related 

  

	1.	[**] 

  

	2.	[**] 

  

	3.	[**] 

  

	4.	[**] 

  

	5.	[**] 

  

	6.	[**] 

  

	7.	[**] 

  

	8.	[**] 

  

	9.	Written and voluntary informed consent. 

  

	**	Certain information in this exhibit has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. 

  

 3 

 Exclusion Criteria 
  

	1.	[**] 

  

	2.	[**] 

  

	3.	[**] 

  

	4.	[**] 

  

	5.	[**] 

  

	6.	[**] 

  

	7.	[**] 

  

	8.	[**] 

  

	9.	[**] 

  

	10.	[**] 

  
 Specimen Collection and Handling 
  
 1.
SPECIMEN COLLECTION: 
  
 The blood will be drawn by
a physician, registered nurse or a licensed phlebotomist at the clinical site. A maximum of [**] of peripheral blood will be drawn from each patient. The blood will be collected into properly labeled 10mL CellSaveTM evacuated blood collection tubes (minimum of [**] of blood per tube).

  
 2. SHIPPING AND HANDLING
OF SPECIMENS: 
  
 The CellSaveTM tubes must be maintained at ambient (10-30°C)
temperature, avoiding extremes of heat and cold, at all times. The tubes must be shipped overnight to Immunicon on the same date as the draw. 
  
 Laboratory Contact Information: 
  
 C/o [**] 
 Immunicon – Clinical Services 
 3401 Masons Mill Road, Suite 100 
 Huntingdon Valley, PA19006-3574 

Phone:215-8300751 ext. [**] 
  

	**	Certain information in this exhibit has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request under
Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. 

  

 4Letter Agreement

 Exhibit 10.54 
  
 October 8, 2004 
  
 Mr. Byron D. Hewett 
 4 Mt. Holly Road East

 Katonah, NY 10536 
  
 Dear Mr. Hewett: 
  
 This letter agreement will serve as an amendment and modification of the terms and conditions of your employment, including your employment letter of October 8, 2004, by Immunicon Corporation
(“Immunicon”), and is effective with your start date as defined in your letter of offer. 
  
 1. In consideration of your agreement to accept employment as Chief Operating Officer and General Manager, Cancer Products of Immunicon, the Board of Directors of Immunicon wishes to provide you
with salary continuation and certain other benefits, as set forth herein, in the event of a Change of Control of Immunicon (as defined herein), or in the event you terminate your employment with Immunicon for Good Reason (as defined herein), or
other circumstance whereby your employment is terminated by Immunicon for reasons other than cause (as defined herein). 
  
 2. For the purpose of this letter agreement, a “Change of Control” shall mean: (a) the acquisition, directly or indirectly, other than from
Immunicon, by any person, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), excluding, for this purpose, Immunicon, its subsidiaries,
and any employee benefit plan of Immunicon or its subsidiaries which acquires beneficial ownership of voting securities of Immunicon) (a “Third Party”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than 50% of the combined voting power of Immunicon’s then outstanding voting securities entitled to vote generally in the election of directors; or (b) individuals who, as of March 19, 2003, constitute the Board of
Directors of Immunicon (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any person becoming a director subsequent to such date whose election, or nomination for election by
Immunicon’s shareholders, was approved by a vote of at least a majority of the Incumbent Directors who are directors at the time of such vote shall be, for purposes of this letter agreement, an Incumbent Director; or (c) consummation of (i) a
reorganization, merger or consolidation of Immunicon, or (ii) a liquidation or dissolution of Immunicon or the sale of all or substantially all of the assets of Immunicon (whether such assets are held directly or indirectly) to a Third Party; except
that any event or transaction which would be a “Change of Control” under (a) or (c)(i) of this definition shall not be a “Change of Control” if persons who were the shareholders of Immunicon immediately prior to such event or
transaction (other than the acquiror in the case of a reorganization, merger or consolidation), immediately thereafter, beneficially own more than 50% of the combined voting power of Immunicon’s or the reorganized, merged or consolidated
company’s then outstanding voting securities entitled to vote generally in the e lection of directors. For purposes of this letter 

 
agreement you shall be entitled to terminate your employment for “Good Reason” if: (i) Immunicon or any acquiror or successor assigns to you any
duties inconsistent in any material respect with your current position as Chief Operating Officer and General Manager, Cancer Products (including status, offices, titles and reporting requirements), authority, duties or responsibilities or takes any
other action which results in a material diminution in such position as Chief Operating Officer and General Manager, Cancer Products, authority, duties or responsibilities; or (ii) Immunicon or any acquiror or successor requires you to be based at
any office or location other than the current office or location with Immunicon or a location within a 35 mile radius of such office or location; provided that within fifteen (15) days after the occurrence of any of the events listed in clauses (i)
or (ii), you deliver written notice to Immunicon of your intention to terminate for Good Reason specifying in reasonable detail the facts and circumstances claimed to give rise to your right to terminate your employment for Good Reason and Immunicon
shall not have cured such facts and circumstances within thirty (30) days after delivery of such notice by you to Immunicon (unless Immunicon shall have waived its right to cure by written notice to you). For purposes of this letter agreement, any
good faith determination of “Good Reason” in connection with a Change in Control made by you shall be conclusive. For purposes of this letter agreement, termination of your employment for cause is a termination of your employment by
Immunicon, or any successor thereto or acquiror thereof, as determined in good faith by the Board of Directors, which is due to willful malfeasance or gross negligence in the carrying out of your duties and responsibilities in the position of Chief
Operating Officer and General Manager, Cancer Products of Immunicon, breach of your fiduciary duty to Immunicon, or conviction of a felony involving a recognized act of moral turpitude under applicable law or a securities or corporate governance law
violation. 
  
 3. Notwithstanding the terms and conditions of any
stock option agreement or other agreement between you and Immunicon, all restrictions on sale or transfer by you of shares of Immunicon stock will be removed (except those conditions imposed by law or regulation, such as the Securities Act of 1933,
as amended, and the Exchange Act), and all unvested stock options granted to you under any stock option agreement or otherwise will immediately vest, upon the effective date of a Change of Control of Immunicon, the date of termination of your
employment for Good Reason or the date of notice of termination of your employment by Immunicon for reasons other than termination of your employment for cause, disability or death. 
  
 4. Should you decide to sell any shares of Immunicon stock which are vested as provided in paragraph 3 above, you will
notify the Immunicon Board of Directors of such decision in writing and Immunicon will have the option to purchase such shares from you at the prevailing market price. If the Immunicon common stock is then listed for trading on a national securities
exchange or quoted on an interdealer quotation system, such market price shall be the average of the closing price of the Immunicon common stock on such exchange or system for the five trading days immediately preceding the date the Board exercises
its option, and, otherwise, shall be the market price as established by the Immunicon Board of Directors, within forty-eight (48) hours after receipt by the Immunicon Board of Directors of such written notice of your intention to sell the shares. In
the event the provisions of paragraph 3 above do not apply, including without limitation in the event you terminate your employment voluntarily, any vested shares or options will be treated in accordance with the applicable stock or option agreement
governing their issuance and any unvested shares or options will be forfeited in the event your employment ceases prior to any vesting date. 
  
 5. It is understood and agreed that an employment-at-will relationship exists between you and Immunicon, and that both you and Immunicon have the right to
terminate the employment relationship at any time for any reason. However, should you be terminated by Immunicon or any acquiror of or successor to Immunicon as a result of a Change of Control or for reasons 

 
other than termination of your employment for cause, or, if you terminate your employment with Immunicon for Good Reason, in addition to the applicability of
the foregoing provisions of this letter agreement you will receive a severance package consisting of a payment equal to twelve (12) months of your base salary at the time of your termination, from the date notice of termination is given, and such
benefits as may be continued for the twelve (12) month period from such termination under the benefit plans of Immunicon or a successor to Immunicon existing and applicable to you at the time of your termination. Payments not in connection with a
Change in Control shall be made in twelve (12) monthly installments; payment in connection with a Change in Control shall be made in a lump sum. Notwithstanding the foregoing, in the event that during such twelve (12) month period you are employed,
or are engaged in the capacity of an independent contractor or agent, by an entity that reasonably may be considered a competitor of Immunicon, or you otherwise materially breach your non-competition, non-solicitation or confidentiality obligations
to the Company, as determined in good faith by the Immunicon Board of Di rectors, such benefits will immediately cease as of the date of such employment or engagement and you shall be required to reimburse Immunicon for the applicable portion of
your salary severance payment. 
  
 6. Anything in this letter
agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by Immunicon to or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms of this letter
agreement) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then you shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount equal to the Excise Tax
imposed upon the Payment. 
  
 Subject to the
provisions of the next paragraph, all determinations required to be made under this paragraph 6, including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by an independent accounting firm selected by
the Audit Committee of the Board of Directors which may, if in compliance with applicable law, be the then-current independent auditor of Immunicon (the “Accounting Firm”) which shall provide detailed supporting calculations both to
Immunicon and you within 15 business days after the date of termination or such earlier time as is requested by Immunicon. The Gross-Up Payment, if any, shall be paid to you within five days of the receipt of the Accounting Firm’s
determination. If the Accounting Firm determines that no Excise Tax is payable by you, it shall furnish you with an opinion that you have substantial authority not to report any Excise Tax on your federal income tax return. Any determination by the
Accounting Firm shall be binding upon Immunicon and you. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that a Gross-Up Payment
which will not have been made by Immunicon should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that Immunicon exhausts its remedies pursuant to the next paragraph and you
thereafter are required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by Immunicon to or for your benefit. 
  
 You shall notify Immunicon in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by Immunicon of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after you know of such claim and shall apprise
Immunicon of the nature of such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the thirty-day period following the date on which you give such notice to Immunicon (or such

 
shorter period ending on the date that any payment of taxes with respect to such claim is due). If Immunicon notifies you in writing prior to the expiration
of such period that it desires to contest such claim, you shall: (i) give Immunicon any information reasonably requested by Immunicon relating to such claim; (ii) take such action in connection with contesting such claim as Immunicon shall
reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by Immunicon; (iii) cooperate with Immunicon in good faith in order
effectively to contest such claim; and (iv) permit Immunicon to participate in any proceedings relating to such claim; provided, however, that Immunicon shall bear and pay directly all costs and expenses (including additional interest and penalties)
incurred in connection with such contest and shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of this paragraph 5, Immunicon shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and you
agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as Immunicon shall determine; provided, however, that if Immunicon directs you to pay such
claim and sue for a refund, Immunicon shall advance a portion of such payment equal to the Gross-Up Payment to you, on an interest-free basis, and shall indemnify and hold you harmless, on an after-tax basis, from any Excise Tax on the Payment or
income tax, including interest or penalties with respect thereto; and further provided that any extension of the statute of limitations relating to payment of taxes for your taxable year with respect to which such contested amount is claimed to be
due is limited solely to such contested amount. Immunicon shall not exercise the foregoing right if such loan would violate applicable securities laws. Furthermore, Immunicon’s control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and you shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 If, after the receipt by you of an amount advanced by
Immunicon pursuant to the preceding paragraph, you become entitled to receive any refund with respect to such claim, you shall (subject to Immunicon’s complying with the requirements of the preceding paragraph) promptly pay to Immunicon the
amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by you of an amount advanced by Immunicon pursuant to the preceding paragraph, a determination is made that you shall
not be entitled to any refund with respect to such claim and Immunicon does not notify you in writing of its intent to contest such denial of refund prior to the expiration of thirty days after such determination, then such advance shall be forgiven
and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  

7. Nothing in this letter agreement shall prevent or limit your continuing or future participation in any benefit, bonus, incentive or other plans,
programs, policies or practices provided by Immunicon or its subsidiaries and for which you may qualify, nor shall anything herein limit or otherwise affect such rights as you may have under any stock option or other agreements with Immunicon or any
of its subsidiaries. 
  
 8. The terms and conditions set forth in
this letter agreement shall supercede, amend and take precedence over the terms and conditions set forth in any Employee Non-Disclosure Agreement, Non-Compete Agreement and any other agreement previously entered into by you and Immunicon, to the
extent any of the terms and conditions of such other agreements may be inconsistent or in conflict with the terms and conditions set forth herein. 

 If you are in agreement with the terms and conditions of this letter agreement, please so indicate by
signing and dating this letter agreement as provided below. 
  

			
	 Sincerely,

	 IMMUNICON CORPORATION

		
	 By:
	 	 EDWARD L. ERICKSON

	 Edward L. Erickson

	 Chairman of Board, President & Chief Executive Officer

	
	 Agreed and Accepted:

	
	 BYRON D. HEWETT

	 Byron D. Hewett

	
	 Date of Signature: October 12, 2004

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]