Document:

Employment Agreement dated April 21, 2003

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 BETWEEN: 

CELATOR TECHNOLOGIES INC. 
 Suite 200· 504 West Broadway 
 Vancouver, British Columbia V5Z IG3

 (the “Corporation”) 
 AND;

 DAVID WOOD 
 #135 -1770
128th Street 

Surrey, BC V4A 8Y3 
 (“Mr.
Wood”) 
 WHEREAS: 
  

	A:	The Corporation wishes to employ Mr. Wood as its Head of Finance and Corporate Development, and Mr. Wood wishes to be employed by the Corporation in that
capacity. 

 Therefore, in consideration for the promises made by each party to the other in this Agreement, the parties agree as
follows. 
  

	1.	Position and Duties. Mr. Wood will be employed by and will serve the Corporation as its Head of Finance and Corporate Development, having all the duties,
functions, and responsibilities that are customarily performed as Head of Finance and Corporate Development of a corporation engaged in a business similar to that of the Corporation. Mr. Wood will also have human resources duties.

  

	2.	Term. This Agreement commences on April 21, 2003 (the “Effective Date”) and will continue until terminated as provided in this Agreement.

  

	3.	Authorization to work in Canada. Mr. Wood hereby represents that there is no legal impediment to his working in Canada. 

 

	4.	Service to Corporation. At all times during Mr. Wood’s employment with the Corporation, Mr. Wood will use his best efforts to: 

 

	 	(a)	well and faithfully serve the Corporation; 

  

	 	(b)	act in, and promote, the best interests of the Corporation; 

  

	 	(c)	devote substantially the whole of his working time, attention and energies to the business and affairs of the Corporation; 

 

	 	(d)	comply with all the terms of this Agreement and any schedules attached hereto; 

 

	 	(e)	comply with all rules, regulations, policies and procedures of the Corporation; and 

 

	 	(f)	 not, without the prior approval of the Corporation, carryon or engage in any other business or occupation or become a director, officer, employee or
agent of or hold any 

	 	
position or office with any other corporation, firm or person, except us a volunteer [or a non-profit organization, engaging in civic, religious, educational or other community activities, or
maintaining personal investments or a personal holding company, provided that such activities do not materially interfere with the performance of Mr. Wood’s duties under this Agreement. 

 

	5.	Base Salary. The Corporation will pay Mr. Wood a base salary in the amount of $125,000 (one hundred twenty five thousand Canadian dollars) per year, as may be
increased from time to time. The Company will deduct and remit all required statutory deductions. Mr. Wood will be eligible to be considered for a bonus if bonus programs are implemented by the Corporation. 

 

	6.	Benefits. 

  

	 	(a)	The Corporation will make available to Mr. Wood the group benefits package that it makes available to its employees in its Vancouver office. While the Corporation
will make this group benefits package available to Mr. Wood, Mr. Wood hereby acknowledges that he understands that entitlement to and eligibility for benefits are matters determined solely by the insurers, and that the Corporation makes no
promise to Mr. Wood about eligibility for or entitlement to benefits. Mr. Wood also hereby acknowledges that he understands that the components of the group benefits plan may be amended, modified or terminated from time to time by the
Corporation in its sole discretion, and that this may include terminating or changing carriers. 

  

	 	(b)	The Corporation will pay Professional Dues on Mr. Wood’s behalf to the Society of Management Accountants. 

 

	 	(c)	In order to facilitate Mr. Wood’s move to the Vancouver area, the Corporation will reimburse Mr. Wood for up to a maximum of $15,000 (Fifteen thousand
Canadian dollars) for expenses that Mr. Wood incurs in moving, tax consultations, and temporary housing. This is a one-time reimbursement by the Company, and the total amount available under this paragraph is $15,000. 

 

	7.	Vacation. Mr. Wood is entitled to take up to 20 paid vacation days per calendar year. In 2003, Mr. Wood’s vacation entitled will be prorated to 14 paid
vacation days. The process for scheduling vacation is as follows: Mr. Wood will advise the Corporation with as much notice as possible as to when he would like to schedule his vacation. The Corporation will make all reasonable efforts to
accommodate Mr. Wood’s request as to the timing of his vacation, but there may be situations where the Corporation must insist that Mr. Wood schedule his vacation for a different time, due to operational requirements.

  

	8.	Reimbursement for Expenses. During Mr. Wood’s employment under this Agreement, the Corporation will reimburse Mr. Wood for reasonable travelling and
other expenses that Mr. Wood actually and properly incurs in connection with the performance of his duties and functions. In order to claim such reimbursement, Mr. Wood must keep proper accounts and present to the Corporation statements,
receipts, vouchers and/or other supporting documents within 30 days after the date the expenses are incurred. 

  

	9.	Stock Options. 

  

	 	(a)	Upon signing this Agreement, the Corporation will grant Mr. Wood the option to purchase 75,000 Common Shares at the strike price of $O.181 per Common Share.

	 	(b)	In addition, depending upon Mr. Wood’s performance during the first year of Mr. Wood’s employment, the Corporation may grant Mr. Wood an
additional 25,000 performance based options (at the same strike price of $0.181 per Common Share) after Mr. Wood has completed one year of employment with the Company. If granted, these additional options will be treated in the same way for all
purposes (including vesting in equal annual installments over 3 years from the date of grant; exercise period, term; and termination) as the initial 75,000 options—i.e. if these additional performance based options are granted, the remainder of
this Section 9 will apply to them with the same force as it applies to the initial 75,000 options. 

  

	 	(c)	Mr. Wood’s options will vest in equal annual installments over 3 years. 

 

	 	(d)	In the event of a Change of Control (as defined later in this Agreement), all unvested options granted to Mr. Wood will vest effective the date of the Change of
Control. 

  

	 	(e)	All aspects of stock options, including vesting, exercise period, term, and termination are governed by the Stock Option Agreement that Mr. Wood will enter into
with the Corporation, and the Celator Incentive Stock Option Plan dated December 19, 2002 (the “Plan”). In the event of any discrepancy between this Agreement, the Stock Option Agreement, and/or the Plan, the provisions of the Plan
will apply. 

  

	10.	Compliance with Insider Trading Guidelines and Restrictions. As a result of Mr. Wood’s position with the Corporation, Mr. Wood is or may in the future be
subject to insider trading regulations and restrictions and is or may be required to file insider reports disclosing the grant of any options as well as the purchase and sale of any shares in the capital of the Corporation. The Corporation may from
time to time publish and modify trading guidelines and restrictions for its employees, officers and directors as are considered by the board of directors of the Corporation, in its discretion, prudent and necessary for a publicly listed corporation.
It is a tern of Mr. Wood’s employment that he comply with such guidelines and restrictions. 

  

	11.	No Other Compensation or Benefits. Mr. Wood expressly acknowledges and agrees that unless otherwise expressly agreed in writing by the Corporation subsequent to
execution of this Agreement by the parties hereto, Mr. Wood shall not be entitled by reason of his employment by the Corporation or by reason of any termination of such employment, to any remuneration, compensation or benefits other than as
expressly set forth in this Agreement. 

  

	12.	Termination By Mr. Wood. Mr. Wood may resign at any time, but only by giving the Corporation at least 1 month’s prior written notice of the effective
date of such resignation. On the giving of any such notice, the Corporation shall have the right to waive the one month notice period, have Mr. Wood cease his employment immediately or at a specified time prior to the end of the one month
notice period, and pay Mr. Wood for the one month notice period or remainder of such, as applicable, plus other sums owed to Mr. Wood. In this case, Mr. Wood’s resignation and the termination of Mr. Wood’s employment
shall be effective on the date the Corporation waives the one month notice period (or remainder). 

  

	13.	Termination By Mr. Wood in the Event of Change of Control. 

  

	 	(a)	For the purpose of this Agreement: “Change of Control” means the following event: 

 

	 	(i)	 the sale, transfer or other disposition of all or substantially all of the assets of the

	 	
Corporation. The parties agree that an initial public offering and subsequent purchase and sale of the shares of the Corporation do not amount to a sale, transfer or other disposition of all or
substantially all of the assets of the Corporation for the purpose of this paragraph. 

 If, within 12 months of a
Change of Control, Mr. Wood elects to resign Mr. Wood’s employment relationship with the Corporation, the Corporation will pay to Mr. Wood a lump sum in the amount of 6 months Base Salary, less all required deductions.

  

	14.	Termination By the Corporation Without Cause. 

  

	 	(a)	The Corporation may terminate Mr. Wood’s employment at any time without cause by providing Mr. Wood with 6 months’ notice or pay in lieu thereof in
a lump sum or in the form of salary continuance payments equivalent to Mr. Wood’s Base Salary during the 6 month notice period. It is in the Corporation’s sole discretion as to whether Mr. Wood will receive notice or pay in lieu
thereof (or a combination thereof), and if the Corporation determines that it will provide pay in lieu of notice, it is in the Corporation’s sole discretion to determine whether that will be in the form of a lump sum or salary continuance.

  

	 	(b)	If the Company elects salary continuance, and if during the notice period, Mr. Wood obtains a new source of remuneration, whether through an office, new
employment, a contract for him to provide consulting or other services, a new business or any position analogous to any of the foregoing, the salary continuance payments described in clause (a) will cease immediately, and Mr. Wood will be
entitled to no further compensation from the Corporation (other than any compensation required to ensure that Mr. Wood receives the minimum compensation in lieu of notice to comply with the Employment Standards Act). 

 

	 	(c)	Mr. Wood’s benefits will cease effective the day Mr. Wood’s active employment with the Corporation ends, and from that date forward, if
Mr. Wood wishes to obtain replacement coverage or convert any policy to his private policy, it is entirely his obligation to do so, and the Corporation has no obligation in this regard. 

 

	 	(d)	If Mr. Wood is successful in any action claiming wrongful dismissal or constructive dismissal against the Corporation, he hereby agrees that he will only be
entitled to damages in the amount of 6 months’ Base Salary, less any amounts earned by Mr. Wood in mitigation during the 6 months following termination. In the event that Mr. Wood commences any action against the Corporation for
breach of any aspect of this Employment Agreement, the parties agree that the party that prevails in such an action will be entitled to “costs” in accordance with the provisions of the British Columbia Rules of Court.

  

	15.	Termination for Cause. The Corporation may terminate Mr. Wood’s employment for cause at any time without any notice, severance or other payments. If the
Corporation terminates for cause, and a Court later determines that the Corporation did not have cause, Mr. Wood hereby agrees that he will only be entitled to damages in the amount of 6 months’ Base Salary, less any amounts earned by
Mr. Wood in mitigation during the 6 months following termination. 

  

	16.	 Return of Property. Forthwith upon the termination of Mr. Wood’s active employment with the Corporation, for any reason, Mr. Wood will
return to the Corporation and deliver up to the 

	 	
Corporation all of the Corporation’s property that is within Mr. Wood’s possession or control. 

 

	17.	No Additional Compensation upon Termination. It is agreed that Mr. Wood shall not, as a result of the termination of his employment, be entitled to any notice,
fee, salary, bonus, severance or other payments, benefits or damages arising by virtue of, or in any way relating to, Mr. Wood’s employment and/or the termination of Mr. Wood’s employment other than what is specified or provided
for in this Agreement. 

  

	18.	Confidentiality and Assignment of Inventions. Concurrently with execution and delivery of this Agreement and in consideration of Mr. Wood’s employment by the
Corporation, Mr. Wood and the Corporation will enter into a “Confidentiality Agreement and Assignment of Inventions” in the form attached hereto as Schedule A. 

 

	19.	Conflicts of Interest. During Mr. Wood’s employment with the Corporation: 

 

	 	(a)	Mr. Wood shall not, without the Corporation’s consent, hold any office, acquire any property or enter into any contract, arrangement, understanding or
transaction with any other person or entity that would in any way conflict or interfere with this Agreement or Mr. Wood’s duties or obligations under this Agreement or that would otherwise prevent Mr. Wood from performing his
obligations hereunder. Mr. Wood hereby represents and warrants that as of the Effective Date neither he nor his Associates (as hereinafter defined) hold any such office, have acquired any such property, or have entered into any such contract,
arrangement, understanding or transaction. 

  

	 	(b)	Mr. Wood shall promptly, fully and frankly disclose to the Corporation in writing: 

 

	 	(ii)	the nature and extent of any interest he or his Associates have or may have, directly or indirectly, in any contract, arrangement, understanding or transaction or
proposed contract, arrangement, understanding or transaction with the Corporation or any subsidiary or affiliate of the Corporation; and 

  

	 	(iii)	(ii) every office he may hold or acquire, and every property he or his Associates may possess or acquire, whereby directly or indirectly a duty or interest might be
created in conflict with the interests of the Corporation or Mr. Wood’s duties and obligations under this Agreement, 

 and following such disclosure the Corporation may, in its sole discretion, determine that a conflict of interest exists and require Mr. Wood to eliminate such conflict of interest. 

In this Agreement, “Associates” shall include all those persons and entities that are included within the definition or meaning
of “associate” as set forth in Section 1(1) of the Company Act (British Columbia), as amended, or any successor legislation of similar force and effect, and shall also include Mr. Wood’s spouse, children, parents, brothers
und sisters. 
  

	20.	Provisions Reasonable. Mr. Wood acknowledges and agrees that: 

  

	 	(a)	both before and since the Effective Date the Corporation has operated and competed and will operate and compete in a global market; 

 

	 	(b)	competitors of the Corporation are located globally; 

	 	(c)	in order to protect the Corporation adequately, any restrictive must apply globally; 

 

	 	(d)	during the course of his employment with the Corporation, Mr. Wood will acquire knowledge of, and will come into contact with, initiate and establish relationships
with both existing and new clients, customers, suppliers, principals, contacts and prospects of the Corporation, and that in some circumstances Mr. Wood may well become the senior or sole representative of the Corporation dealing with such
persons; and 

  

	 	(e)	in light of the foregoing, the provisions of Section 21 (Restrictive Covenant) below are reasonable and necessary fur the proper protection of the business,
property and goodwill of the Corporation. 

  

	21.	Restrictive Covenants. Mr. Wood agrees that he will not, either alone or in partnership or in conjunction with any person, firm, company, corporation, partnership,
trust, syndicate, unincorporated association, governmental body or any other entity or group, whether as principal, agent, employee, director, officer, shareholder, consultant or in any capacity or manner whatsoever, whether directly or indirectly,
during his employment with the Corporation and continuing for a period of 12 months after the date that his active employment ends with the Corporation (his active employment ends with the Corporation on the date that he is no longer required to
attend at work or perform work-related duties for the Corporation, even though he may be receiving salary continuance payments): 

  

	 	(a)	carryon or be engaged in, or advise, invest in or give financial assistance to, any business, enterprise or undertaking that is involved in a business that is
competitive with or similar to the Corporation or any product or service of the Corporation; provided, however, that the foregoing will not prohibit Mr. Wood from acquiring, solely as an investment and through market purchases, securities of
any such enterprise or undertaking which are publicly traded, so long as Mr. Wood is not part of any control group of such entity and such securities, which if converted, do not constitute more than 5% of the outstanding voting power of that
entity; 

  

	 	(b)	approach or contact any client of the Corporation for the purpose of inducing that client to reduce the client’s level of business with the Corporation or to
encourage the client to start doing business or to increase the client’s level of business with any other person or entity when such a change may negatively affect the opportunity of the Corporation to maintain or increase its level of business
with the client; or 

  

	 	(c)	persuade or attempt to persuade any employee(s) of the Corporation to leave employment with the Corporation. 

 

	22.	 Remedies. Mr. Wood acknowledges and agrees that any breach or threatened breach of any of the provisions of Section 18 (Confidentiality and
Assignment Inventions); Schedule A; or Section 21 (Restrictive Covenants) may cause irreparable harm to the Corporation or its partners, subsidiaries or affiliates, that such harm could not be adequately compensated by the Corporation’s
recovery of monetary damages, and that in the event or a breach or threatened breach thereof, the Corporation shall have the right to seek an injunction, specific performance or other equitable or other relief, including an accounting of all
Mr. Wood’s profits or benefits arising out of any such breach. It is further acknowledged and agreed that the remedies of the Corporation specified in this Section 22 are in addition to, and not in substitution for, any rights or
remedies of the Corporation at law or in equity and that all such rights and remedies are 

	 	
cumulative and not alternative and that the Corporation may have recourse to any one or more of its available rights or remedies as it shall see fit. 

 

	23.	Legal Fees. In the event that the Corporation is successful in obtaining an injunction or with respect to any action in respect of a breach of this Agreement by
Mr. Wood (including a breach of any Schedule attached hereto), Mr. Wood hereby agrees to pay the Corporation the full amount of the legal fees incurred by the Corporation in pursuing such an action against Mr. Wood.

  

	24.	Binding Effect. This Agreement shall be binding upon and enure to the benefit of the Corporation and its successors and assigns. Mr. Wood’s rights and
obligations contained in this Agreement are personal and such rights, benefits and obligations shall not be voluntarily or involuntarily assigned, alienated or transferred, whether by operation of law or otherwise, without the prior written consent
of the Corporation. This Agreement shall be binding upon and enure to the benefit of Mr. Wood’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assigns.

  

	25.	Agreement Confidential. Both parties shall keep the terms and conditions of this Agreement confidential except as may be required to enforce any provision of this
Agreement or as may otherwise be required by any law, regulation or other regulatory requirement. 

  

	26.	Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws of the Province of British Columbia and applicable laws of Canada and
the parties hereto attorn to the exclusive jurisdiction of the courts of the Province of British Columbia. 

  

	27.	Entire Agreement. The terms and conditions of this Agreement are in addition to, and not in substitution for, the obligations, duties and responsibilities imposed by
law on employees of corporations generally, and Mr. Wood agrees to comply with such obligations, duties and responsibilities. Except as otherwise provided in this Agreement, this Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof, and may only be varied by further written agreement signed by Mr. Wood and the Corporation. It is acknowledged and agreed that this Agreement is mutually beneficial and is entered into for fresh and
valuable consideration with the intent that it shall constitute a legally binding agreement. 

  

	28.	Further Assurances. The parties will execute and deliver to each other such further instruments and assurances and do such further acts as may be required to give
effect to this Agreement. 

  

	29.	Surviving Obligations. Mr. Wood’s obligations and covenants under Section 18 (Confidentiality and Assignment of Inventions), Schedule A to this
Agreement, Section 20 (Provisions Reasonable), Section 21 (Restrictive Covenant), Section 22 (Remedies), Section 23 (Legal Fees); Section 24 (Binding Effect), Section 2S (Agreement Confidential), Section 26
(Governing Law), Section 27 (Entire Agreement), Section 28 (Further Assurances), Section 29 (Surviving Obligations), Section 30 (Fiduciary Capacity), Section 33 (Severability) and Section 34 (Waiver) shall survive the
termination of this Agreement. 

  

	30.	Fiduciary. Mr. Wood accepts and acknowledges that due to his position with the Corporation, he is employed in a fiduciary capacity for all purposes.

  

	31.	Independent Legal Advice. Mr. Wood hereby acknowledges that Mr. Wood has obtained or has had an opportunity to obtain independent legal advice in connection
with this Agreement, and further acknowledge; that Mr. Wood has read, understood, and agreed to be bound by all of the terms and conditions contained herein. 

	32.	Notice. Any notice or other communication required or contemplated under this Agreement to be given by one party to the other shall be delivered or mailed by prepaid
registered post to the party to receive same at their addresses as set out below: 

 To David Wood 

#135 -1770 128th Street 
 Surrey, BC V4A 8V3 
 Facsimile: • 

To the Corporation at its office: 
 Suite 200 -604 West Broadway 
 Vancouver, British Columbia V5Z IG3 

Facsimile: 604 708 5883 
 Attention: Chief Executive Officer 
 Any notice delivered or sent by facsimile shall be deemed to
have been given and received on the first business day following the date of delivery. Any notice mailed shall be deemed to have been given and received on the fifth business day following the date it was posted, unless between the time of mailing
and actual receipt of the notice there shall be a mail strike, slow-down or other labour dispute which might affect delivery of the notice by mail, then the notice shall be effective only if actually delivered. 

 

	33.	Severability. If any provision of this Agreement or any part thereof shall for any reason be held to be invalid or unenforceable in any respect, then such invalid or
unenforceable provision or part shall be severable and severed from this Agreement and the other provisions of this Agreement shall remain in effect and be construed as if such invalid or unenforceabIe provision or part had never been contained
herein. 

  

	34.	Waiver. Any waiver of any breach or default under this Agreement shall only be effective if in writing signed by the party against whom the waiver is sought to be
enforced, and no waiver shall be implied by any other act or conduct or by any indulgence, delay or omission. Any waiver shall only apply to the specific matter waived and only in the specific instance in which it is waived.

  

	35.	Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an Original, and such
counterparts will together constitute but one Agreement. This Agreement may be executed and transmitted by facsimile transmission with the same effect as if the parties had delivered an executed original Agreement. 

 

	36.	Time is of the Essence. Time is of the essence in this Agreement. 

 IN WITNESS WHEREOF the parties have entered into this Agreement on this      day of 
 Duly executed on behalf of 
 CELATOR TECHNOLOGIES INC. 

[signature block – insert here] 

 SCHEDULE A 
 CONFIDENTIALITY AGREEMENT AND 
 ASSIGNMENT OF INVENTIONS 

The purpose of this Schedule is to confirm and record the terms of the agreement (the “Confidentiality and Assignment Agreement”) between
Mr. Wood and the Corporation concerning the terms on which Mr. Wood will (i) receive from and disclose to the Corporation proprietary and confidential information; ii) agree to keep the information confidential, to protect it from
disclosure and to use it only in accordance with the terms of this Confidentiality and Assignment Agreement; and (iii) assign to the Corporation all rights, including any ownership interest which may arise in all inventions and intellectual
property developed or disclosed by Mr. Wood during Mr. Wood’s involvement in any capacity, with the Corporation. 
  

	1.	INTERPRETATION 

  

	1.1	Definitions. In this Confidentiality and Assignment Agreement: 

  

	 	(a)	The “Business of the Corporation” is dynamic, and is currently anti-cancer drug research and development. The Business of the Corporation also includes any
business in which the Corporation may from time to time be engaged. 

  

	 	(b)	“Confidential Information”, subject to the exemptions set out in Section 2.7, shall mean any information relating to the Corporation and/or the Business
of the Corporation, whether in written, graphic, oral, physical or electronic form, and whether or not conceived, originated, discovered, or developed in whole or in part by Mr. Wood and: 

 

	 	(i)	from which the Corporation derives economic value, actual or potential, from the information not being generally known; or 

 

	 	(ii)	in respect of which the Corporation otherwise has a legitimate interest in maintaining secrecy; 

and which, without limiting the generality of the foregoing, shall include all information: 

 

	 	(iii)	licensed to, acquired, used or developed by the Corporation in its research and development activities including but not restricted to information in respect of
scientific strategies and concepts, designs, technical information, material. formulas, processes, techniques, systems, research data and proprietary rights in the nature of copyrights, patents, trademarks, licences and industrial designs; programs,
devices, concepts, inventions, discoveries, ideas, know-how, designs, methods, processes, all biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety, manufacturing and quality control data and
information, and all applications, registrations, licenses, authorizations, approvals and correspondence submitted to regulatory authorities; 

  

	 	(iv)	 relating to the Business of the Corporation and to all other aspects of the Corporation’s structure, personnel and operations, including
financial, clinical, research, regulatory, marketing, sales, advertising and commercial information and strategies, customer lists, compilations, agreements and contractual records

	 	
and correspondence, operating capabilities, current products, new product; 

  

	 	(v)	relating to the businesses of competitors of the Corporation including information relating to competitors’ research and development, intellectual property,
operations, financial, clinical, research, regulatory, marketing, advertising and commercial strategies; 

  

	 	(vi)	provided by the Corporation’s agents, consultants, lawyers, contractors, licensors or licensees to the Corporation and relating to the Corporation’s Business;

  

	 	(vii)	relating to Mr. Wood’s Work Product (as defined later); 

  

	 	(viii)	received by the Corporation from third parties subject to an obligation of confidentiality; 

 

	 	(ix)	relating to Mr. Wood’s compensation and benefits, including Mr. Wood’s salary, vacation, stock options, perquisites, severance notice, rights on
termination and all other compensation and benefits, except that Mr. Wood shall he entitled to disclose such information to his bankers, advisors, agents, consultants and other third parties who have a duty of confidence to Mr. Wood and
who have a need to know such information in order to provide advice, products or services to Mr. Wood; and 

  

	 	(x)	all analyses, compilations, notes, reports or other documents and writings prepared or derived therefrom, and unique combinations of separate items that may or may not
be generally known and items provided or disclosed to the Corporation by third parties subject 10 restrictions on use or disclosure. 

  

	 	(c)	“Inventions” means any and all inventions, discoveries, developments, structures, designs, protocols, biochemical strategies, biological materials.
formulations, compositions, analytical methodology, chemical and quality control procedures, devices, know-how, technologies, techniques, systems, methods, products, processes, algorithms, concepts, formulas, processes, ideas, writings, trade names,
business names, logos, design marks or other proprietary marks, technical research and manufacturing data, trade secrets or utility models in any stage of development, whether or not patentable and whether or not reduced to practice, and all
improvements, modifications, derivative works from, other rights in and claims related to, any of the foregoing. Any idea, invention, writing, discovery, patent, copyright, or trademark or similar item, or improvement shall be presumed to be an
Invention if it is conceived, developed, used, sold, exploited, or reduced to practice by Mr. Wood or with his aid within one (1) year after the end his active employment with the Corporation. 

 

	 	(d)	“Work Product” means any and all Inventions and possible Inventions resulting from any work performed by Mr. Wood, alone or with others, for the
Corporation. As a matter of record, Mr. Wood hereby acknowledges that prior to his involvement with the Corporation he did not invent or co-invent any Inventions relating to the Business of the Corporation. 

 

	2.	CONFIDENTIALITY 

  

	2.1	 Obligation of Confidentiality. Mr. Wood hereby acknowledges and agrees that in the course of

	 	
his involvement with the Corporation, the Corporation may disclose to him or he may otherwise have access to or be exposed to Confidential Information. Mr. Wood agrees to receive and hold
all Confidential Information on the terms und conditions set out in this Confidentiality and Assignment Agreement. Except as set out in this Confidentiality and Assignment Agreement, Mr. Wood will keep strictly confidential all Confidential
Information and all other information belonging to the Corporation that Mr. Wood receives, observes or is informed of, directly or indirectly, in connection with his involvement, in any capacity, with the Corporation. 

 

	2.2	Fiduciary Capacity. Mr. Wood will be and act toward the Corporation as a fiduciary in respect of the Confidential Information. 

 

	2.3	Non-Disclosure and Non-Use. Unless the Corporation first gives Mr. Wood written permission to do so under Section 2. 7 of this Confidentiality and Assignment
Agreement, Mr. Wood will not at any time, either during or after his involvement in any capacity with the Corporation; 

  

	 	(a)	use any Confidential Information or his recollections thereof for any purpose whatsoever except as necessary for the performance of his work for the Corporation;

  

	 	(b)	disclose or cause to be disclosed Confidential Information or his recollections thereof to any person other than to employees, directors, officers, bankers, legal and
financial advisors of the Corporation who have a need to know such Confidential Information in the performance of their work for the Corporation and who are bound by obligation of confidentiality; or 

 

	 	(c)	copy, reproduce, translate or adapt, or cause to be copied, reproduced, translated or adapted any Confidential Information except as necessary for the performance of
his work for the Corporation. 

  

	2.4	Taking Precautions. Mr. Wood will take all reasonable precautions necessary or prudent to prevent material in his possession or control that contains or refers to
Confidential Information from being destroyed, lost, or discovered, used, intercepted or copied by third parties. Mr. Wood shall not permit or cause any materials to be stored off the premises of the Corporation unless in accordance with
written procedures and/or policies of the Corporation, as amended from time to time in writing. 

  

	2.5	Ownership of Confidential Information. As between Mr. Wood and the Corporation, the Corporation owns all right, title and interest in and to the Confidential
Information, whether or not created, developed or prepared by Mr. Wood and all materials containing Confidential Information in any media. 

  

	2.6	Return of Confidential Information. Upon request of the Corporation, Mr. Wood shall promptly cease to use the Confidential Information and return to the
Corporation all materials containing Confidential Information in any media in his possession or control, whether furnished by the Corporation or others to Mr. Wood, prepared by Mr. Wood, or otherwise belonging to the Corporation. Should
the Corporation not so request, Mr. Wood shall, within thirty (30) days of the end of his active employment with the Corporation, cease to use the Confidential Information and return all materials containing the Confidential Information to
the Corporation. 

  

	2.7	Exemptions. Mr. Wood’s obligation of confidentiality under this Confidentiality and Assignment Agreement will not apply to any information:

	 	(a)	already known to Mr. Wood, though not due to a prior disclosure by the Corporation or by a person who obtained knowledge of the information, directly or
indirectly, from the Corporation; 

  

	 	(b)	disclosed to Mr. Wood by a third party with a valid right to disclose it, provided said third party is not under an obligation of confidentiality, directly or
indirectly, with the Corporation; 

  

	 	(c)	disclosed by Mr. Wood with the prior written approval of the Corporation; 

 

	 	(d)	published or available to the general public otherwise than through a breach of this Confidentiality and Assignment Agreement or another agreement of confidentiality
with the Corporation; and 

  

	 	(e)	Mr. Wood is obligated by law to disclose in connection with any legal or administrative proceeding, to the extent of such obligation, provided that:

  

	 	(i)	in the event that Mr. Wood is required to disclose such information or material, then, as soon as Mr. Wood becomes aware of this obligation to disclose,
Mr. Wood will provide the Corporation with prompt written notice so that the Corporation may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Confidentiality and Assignment Agreement;

  

	 	(ii)	if the Corporation agrees that the disclosure is required by law, it will give Mr. Wood written authorization to disclose the information for the required purposes
only; 

  

	 	(iii)	if the Corporation does not agree that the disclosure is required by law, this Confidentiality and Assignment Agreement will continue to apply, except to the extent
that a court of competent jurisdiction orders otherwise; and 

  

	 	(iv)	if a protective order or other remedy is not obtained or if compliance with this Confidentiality and Assignment Agreement is waived, Mr. Wood will furnish only
that portion of the Confidential Information that is legally required and will exercise all reasonable efforts to obtain confidential treatment of such Confidential Information. 

 

	2.8.	No License. Mr. Wood is not granted a license or other rights to any of the Confidential Information except as expressly set out in this Confidentiality and
Assignment Agreement. 

  

	3.	ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS 

  

	3.1	Disclosure. Mr. Wood agrees to promptly and fully inform the Corporation of his Work Product, whether or not patentable or otherwise registrable, throughout the
course his involvement, in any capacity, with the Corporation and for a period of one (1) year after the end of such active involvement, whether or not developed before or after the execution of this Confidentiality and Assignment Agreement. On
Mr. Wood. ceasing to be actively involved with the Corporation for any reason whatsoever and for a period of one (1) year following such involvement, Mr. Wood shall immediately deliver up to the Corporation all of his Work Product and
not retain any Work Products in any form whatsoever. 

	3.2	Assignment of Rights. Mr. Wood. will assign, and does hereby assign, to the Corporation or, at the option of the Corporation, to the Corporation’s designee,
without further consideration, Mr. Wood’s entire right, title and interest in and to all of his Work Product and all other rights and interests of a proprietary nature in and associated with his Work Product throughout the world,
including, without limitation, all patents, patent applications, trademarks, trademark applications. copyrights filed and other applications filed and. registrations granted thereon, free and clear of all liens and encumbrances. To the extent that
Mr. Wood retains or acquires legal title to any such rights and interests, Mr. Wood hereby declares and confirms that such legal title is and will be held by Mr. Wood only as trustee and agent for the Corporation. Mr. Wood agrees
that the Corporation’s rights hereunder shall attach to all of his Work Product, notwithstanding that it may be perfected or reduced to specific form after Mr. Wood’s employment relationship with the Corporation has been terminated.
Mr. Wood further agrees to maintain adequate and current written records on all of his Work Product which shall also remain the sole property of the Corporation. 

 

	3.3	Moral Rights. Without limiting the foregoing, Mr. Wood irrevocably waives any and all moral rights arising under the Copyright Act (Canada), as amended, or any
successor legislation of similar force and effect or similar legislation in other applicable jurisdictions or at common law that Mr. Wood may have with respect to his Work Product, and agrees never to assert any moral rights which Mr. Wood
may havc with respect to his Work Product, including, without limitation. the right to the integrity of such Work Product, the right to be associated with the Work Product, the right to restrain or claim damages for any distortion, mutilation or
other modification or enhancement of the Work Product and the right to restrain the use or reproduction of the Work Product in any context and in connection with any product, service, cause or institution, and Mr. Wood further confirms that the
Corporation may use or alter any such Work Product as the Corporation sees fits in its absolute discretion. 

  

	3.4	Goodwill. Mr. Wood hereby agrees that all goodwill Mr. Wood has established or may establish with clients, customers, suppliers, principals, shareholders,
investors, collaborators, strategic partners, licensees, contacts or prospects of the Corporation relating to the business or affairs of the Corporation (or of its partners, subsidiaries or affiliates), both before and after the Effective Date,
shall, as between Mr. Wood and the Corporation, be and remain the property of the Corporation exclusively, for the Corporation to use, alter, vary, adapt and exploit as the Corporation shall determine in its discretion.

  

	3.5	Assistance with Proceedings. In the event any Invention shall be deemed by the Corporation to be copyrightable or patentable or otherwise registrable, Mr. Wood
will assist the Corporation in obtaining and maintaining letters patent or other applicable registrations and in vesting the Corporation or the Corporation’s designee with full title to same (the Corporation will reimburse Mr. Wood for his
reasonable out-of-pocket expenses in providing such assistance). Mr. Wood will sign whatever documents are necessary to give effect to this commitment. Should the Corporation be unable to secure Mr. Wood’s signature on any document
necessary to apply for, prosecute, obtain, or enforce any patent, copyright, or other right or protection relating to any Invention, due to Mr. Wood’s incapacity or any other cause, Mr. Wood hereby irrevocably designates and appoints
the Corporation and each of its duly authorized officers and agents as his agent and attorney-in-fact with full power of substitution to do all lawfully permitted acts to further the prosecution, issuance, and enforcement of patents, copyrights, or
other rights or protection with the same force and effect as if executed and delivered by Mr. Wood. 

  

	3.6	 Further Assistance with Proceedings. Mr. Wood further agrees to reasonably assist the

	 	
Corporation during Mr. Wood’s involvement with the Corporation and thereafter, at the Corporation’s request and reasonable expense, in connection with any defense to an allegation
of infringement of another person’s intellectual property rights, a claim of invalidity of another person’s intellectual property rights, opposition to, or intervention regarding, an application for letters patent, copyright or trademark
or other proceedings relating to intellectual property or applications for registration thereof. 

  

	4.	GENERAL 

  

	4.1	Term and Duration of Obligation. This Confidentiality and Assignment Agreement is effective as of and from the Effective Dale and, except as otherwise agreed in a
written instrument signed by the Corporation, shall survive the termination of Mr. Wood’s employment with the Corporation. 

  

	4.2	Binding Nature of Confidentiality and Assignment Agreement. This Confidentiality and Assignment Agreement is not assignable by Mr. Wood. Mr. Wood agrees that
this Confidentiality and Assignment Agreement shall be binding upon his permitted assigns, heirs, executors, administrators and ether legal representatives, and will be for the benefit of the Corporation, its successor and assigns.

  

	4.3	Publicity. Mr. Wood shall not, without the prior written consent of the Corporation, make or give any public announcements, press releases or statements to the
public or the press regarding his Work Product or any Confidential Information. 

  

	4.4	Severability. If any covenant or provision of this Confidentiality and Assignment Agreement or of a section of this Confidentiality and Assignment Agreement is
determined by a court of competent jurisdiction to be void or unenforceable in whole or in part, then such void or unenforceable covenant or provision shall not affect or impair the enforceability or validity of the balance of the section or any
other covenant or provision. 

  

	4.5	Time of Essence/No Waiver. Time is of the essence hereof and no waiver, delay, indulgence, or failure to act by the Corporation regarding any particular default or
omission by Mr. Wood shall affect or impair any of the Corporation’s rights or remedies regarding that or any subsequent default or omission that is not expressly waived in writing, and in all events time shall continue to be of the
essence without the necessity of specific reinstatement. 

  

	4.6	Further Assurances. Mr. Wood will execute and deliver to the Corporation such further and other instruments and assurances and do such further acts as may be
required to give effect to this Confidentiality and Assignment Agreement. 

 IN WITNESS WHEREOF the parties have entered into this
Agreement on this 21 day of April, 2003. 
 /s/ Andrew S.
Janoff         
 Authorized Signatory 

/s/ David Wood                

 David WoodLetter and Restrictive Covenants Agreement and Amendment to Letter Agreement

 Exhibit 10.3 

 

							
	

	 		 		 	Celator Pharmaceuticals, Inc.
		 		 		 	 303B College Road East
 Princeton, NJ
08540
 Tel: 609.243-0123
 Fax: 609.243-0202

 
 www.celatorpharma.com

 September 20, 2007 
 Mr. Scott Jackson 
 535 Heron Court 
 Harleysville, PA 19438 
 Dear Scott; 

This Letter Agreement contains the terms of your employment with Celator Pharmaceuticals, Inc. (the “Company”): 

 

	1.	Employment; Term. This Letter and Restrictive Covenants Agreement (the “Agreement”) will govern the terms and conditions of your employment commencing
October 1, 2007 (the “Effective Date”) until your employment terminates in accordance with Section 8 below. The entire period during which you are actually employed by the Company is referred to hereinafter as the
“Employment Period”. 

  

	2.	Position; Duties; Conditions. You will be employed by the Company, at its Princeton office, as Head, Commercial Development. You will perform such duties as may
be assigned to you. Such duties will include, without limitation, the following: assist in establishing our business rationale and value for our products, perform competitive assessments, develop product profiles and commercialization strategies,
and support a portfolio planning process through strategic assessments of our development programs. You will use your best efforts to perform such duties faithfully, to devote all of your working time, attention and energies to the businesses of the
Company, and while you remain employed, not to engage in any other business activity without the written approval of the Company’s CEO. 

  

	3.	Base Salary. You will be paid a base salary (“Base Salary”) at an annual rate of US$205,000 less all payroll deductions/withholdings required under
applicable law, payable in accordance with the Company’s normal payroll practices. Your Base Salary will be reviewed at the time of the Company’s annual salary review, and may be subject to an increase at the discretion of the
Company’s Board. 

  

	4.	 Annual Bonus. In addition to the Base Salary, you will have the opportunity to earn an annual bonus for each fiscal year of the Company that
ends during the Employment Period. Your incentive award will be pro-rated for 2007 based on the number of months employed by Celator. Your target bonus is up to 20% of your Base Salary. The award of any bonuses hereunder is subject to (i) the
decision of the Board of Directors, (ii) Company performance compared to the Company’s operating plan, and (iii) your 

  
 Page 2 of 11 

 

 
achievement, as determined by the Chief Executive Officer, of your individual performance goals, to be set (after discussions with you) by the Chief Executive Officer. Any bonuses earned will be
payable in cash. Bonuses are normally payable at a date determined by the Board of Directors, and you must be employed at the time of payment to be eligible for a bonus, provided, however, that, if your employment is terminated by the Company
without Cause before the Company has made a bonus determination for that fiscal year, the Board may award you a pro rata bonus after evaluating the factors set forth above. 

 

	5.	Benefits; Vacations. You will be provided with such fringe benefits and insurance coverages as are generally made available to employees of the Company.

  

	 	(i)	Group medical and dental care (which benefits shall be made available to you, your spouse and your dependent children); 

 

	 	(ii)	Disability income protection; 

  

	 	(iii)	Group term life insurance on your life. 

 Your entitlement to participate in such plans is subject to the participation and qualification requirements of such plans, which may be amended or modified by the Company in its sole discretion, at any
time, and may require a percentage of premiums to be paid by you. 
 You will be entitled to paid vacation periods of not less
than twenty (20) days per calendar year, to be used in accordance with the Company’s vacation policy, and to at least eight paid company holidays. Vacation shall be prorated for any calendar year in which you were a Company employee for
less than a full year, such as calendar year 2007. Under normal circumstances, unused vacation may not be carried to the following year. 
  

	6.	Expenses. The Company will pay or reimburse the reasonable, pre-approved expenses incurred by you in the discharge of your duties hereunder, in accordance with
the general practices and policies of the Company, and subject to the Company’s annual expense budget. In the event that you advance appropriate funds for such expenses, the Company will reimburse you for the amounts expended for its behalf as
billed by you. You will be required to submit bills or statements of account for all of such expenses at least monthly, and upon such submission, the Company will pay to you the amounts set forth on such bills or statements, provided that such
amounts are reasonable, were authorized, and were incurred in connection with your performance of services for the Company. 

  

	7.	Relocation: The Company understands that you may desire to relocate your residence in connection with your assumption of the position with the Company. If
you decide to relocate your residence by October 1, 2008 and notify the Company in writing of your intention to do so, and effect such a relocation by the same date, then the Company will reimburse you for your documented, reasonable and
necessary relocation costs and for necessary temporary and long term storage costs as may be needed to effect such a relocation, up to a limit to be mutually agreed upon between you and the Company. 

  
 Page 3 of 11 

 

	8.	Termination; You may resign from the Company at any time, provided that you give the Company ten (10) business days written notice of your intention to
resign. The Company may terminate your employment at any time, without “Cause”, as hereinafter defined, by giving you ten (10) business days written notice of termination (the “Termination Notice”); provided, however, that
the Company may, in the Company’s sole discretion, pay your Base Salary for the period of notice in lieu of providing such notice. In the event of the termination of your employment without Cause, the Company will pay to you in a lump sum on
the last day of your employment, the portion of your Base Salary that has been earned through your last day and is then payable, but that has not yet been paid. 

 The Company may terminate your employment immediately for “Cause”, as hereinafter defined. Upon any termination of your employment by the Company for Cause or by reason of your voluntary
resignation, as the case may be, you will be entitled to only the portion of your Base Salary that has been earned and is then payable, but that has not yet been paid. Such sum, if any, shall be paid in a lump sum on the last day of your employment.

 For purposes hereof, the term “Cause” shall mean, except to the extent specified otherwise by the Board, a finding
by the Board that you (i) breached this Agreement; (ii) engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) disclosed trade secrets or
confidential information to persons not entitled to receive such information, (iv) breached any written non-competition or non-solicitation agreement between the Company and you or (v) engaged in such other behavior detrimental to the
interests of the Company as the Board determines. 
 In the event of the termination of your employment without Cause, the
Company will pay to you: (A) in a lump sum on the last day of your employment, the portion of your Base Salary that has been earned through your last day and is then payable, but that has not yet been paid and (B) an additional three
months of pay, at your then current monthly salary rate, as severance, subject to all applicable tax deductions and withholdings, provided, however, that this severance shall not be paid or owed unless you first sign and deliver to the Company a
legally binding general release of all claims against the Company, its officers, directors, representatives, employees, stock-holders and any other persons or entities that may be claimed to be liable to you as a result of or arising from the
employment relationship or otherwise, and a covenant not to sue, which release and covenant shall be in a form prepared by and satisfactory to the Company. 
  

	9.	 Confidential Information. You agree that you will, at all times during the Employment Period and thereafter, maintain in confidence, and shall
not disclose, directly or indirectly, to any third party or use for any purpose, any “Confidential Information” of the Company, which shall include, without limitation, any ideas, methods, trade secrets,

  
 Page 4 of 11 

 

	 	
customer information, customer and prospective customer lists and details of agreements and arrangements with customers, marketing, financial and other business information and plans, research
and development, computer programs, identities of consultants and contractors, purchasing, operating and other cost data, special customer needs, costs and pricing data, employee information, inventions, formulae, processes and procedures, and any
other confidential or proprietary information of the Company of any nature whatsoever. Confidential Information shall also include information recorded in manuals, memoranda, projections, minutes, plans, drawings, designs, formula books,
specifications, computer programs and records, whether or not legended or otherwise identified as Confidential Information. You recognize and acknowledge that: (i) all Confidential Information is the property of the Company and is unique,
extremely valuable and developed and acquired by great expenditures of time, effort and cost; (ii) the misuse, misappropriation or unauthorized disclosure by you of the Confidential Information would constitute a breach of trust and would cause
serious irreparable injury to the Company; and (iii) it is essential to the protection of the Company’s goodwill and to the maintenance of the Company’s competitive position that the Confidential Information be kept secret and that
you not disclose the Confidential Information to others or use same to your own advantage or to the advantage of others 

 Notwithstanding anything contained herein, you will be free to disclose Confidential Information, only under the circumstances hereinafter described: 

 

	 	(i)	To the extent such information becomes publicly known through lawful means and other than by your breach of this Agreement; 

 

	 	(ii)	To the extent you are required by law to disclose any Confidential Information, in which event you will provide the Company with prompt notice of such required
disclosure so that the Company may seek an appropriate protective order and/or waive your compliance with the provisions of this Agreement, and you will consult with the Company as to the advisability of taking legally available steps to resist or
narrow such disclosure, and if in the absence of a protective order or the receipt of a waiver hereunder, you nonetheless, based on advice of your legal counsel, are compelled to disclose any of the Confidential Information to any tribunal or else
stand liable for contempt or suffer other censure or penalty, you may disclose such of the Confidential Information which you are so compelled to disclose to such tribunal without liability hereunder, provided, however, that you shall give the
Company written notice of the Confidential Information to be so disclosed as far in advance of your disclosure as is practicable and shall use your best efforts to obtain and cooperate with the Company (at the Company’s expense) in seeking to
obtain an order or other reliable assurance that confidential treatment will be accorded to such portions of the Confidential Information required to be disclosed as the Company designates; or 

 

	 	(iii)	In your capacity as an employee of the Company to the extent reasonably appropriate in furtherance of the business of the Company. 

  
 Page 5 of 11 

 

 Upon your termination of employment with the Company for any reason, or otherwise upon the
request of the Company, you will deliver to the Company all documents and materials containing Confidential Information, and all documents, materials and other property belonging to the Company which are in your possession or under your control,
including but not limited to all Company keys, entry cards, credit cards, parking passes, portable projectors, computers, hard-drives, electronically stored data, cellular telephones, office equipment and other property belonging to the Company.

 The obligations and rights granted in this Section 9 shall survive the termination of this agreement. 

 

	10.	Company Property; Discoveries and Conflicts of Interest. By executing this Agreement, you agree that all documents, records, apparatus, equipment and other
physical property furnished to you by the Company or produced by you from any of the Company’s Confidential Information shall be and remain the sole property of the Company. You agree to return and deliver to the Company all such property upon
termination of this agreement and will not retain any copies or reproductions of such property. 

 For purposes of
this Section 10, the term “Inventions” collectively means any and all ideas, concepts, inventions, discoveries, developments, know how, structures, designs, formulas, algorithms, methods, products, processes, systems and technologies
in any stage of development that are conceived, developed or reduced to practice by you alone or with others during the Employment Period and any and all patents, patents pending, copyrights, moral rights, trademarks and any other intellectual
property rights therein; and any and all improvements, modifications, derivative works from, other rights in and claims related to any of the foregoing under the laws of any jurisdiction. 

You agree to disclose promptly to the Company all ideas and inventions that you believe or should believe to be Inventions along with all
relevant records thereof. You agree to assign and transfer to the Company, without further consideration, your entire right, title and interest (throughout the United States and Canada and in all other countries and jurisdictions), free and clear of
all liens and encumbrances, in all and to all Inventions. Such Inventions shall be the sole property of the Company, whether or not copyrightable or patentable or in a commercial stage of development. In addition you agree to maintain adequate
current written records on the development of all Inventions, which shall also remain the sole property of the Company. In the event any Invention shall be deemed by the Company to be copyrightable or patentable or otherwise registrable, you will
assist the Company in obtaining and maintaining letters patent or other applicable registrations and in vesting the Company with full title. Should the Company be unable to secure your signature on any document necessary to apply for, prosecute,
obtain, or enforce any patent, copyright or other right or protection relating to any Invention, due to your incapacity or any other cause, you hereby irrevocably designate and appoint the Company and each of its duly authorized officers and agents
as your agent and attorney-in-fact to do all lawfully permitted acts to further the prosecution, issuance, and enforcement of patents, copyrights, or other rights or protection with the same force and effect as if executed and delivered by you.

  
 Page 6 of 11 

 

 You agree that any idea, invention, writing, discovery, patent, copyright, trademark or
similar item, or improvement shall be presumed to be an Invention if it is conceived, developed, used, sold, exploited or reduced to practice by you or with your aid within the one-year period commencing on the date of the termination of your
employment hereunder and if it relates to any business in which the Company was engaged as of such date. You agree to disclose such idea, invention, writing, discovery, patent, copyright, trademark or similar item promptly to the Company along with
all relevant information and records and the Company will examine the disclosure in confidence to determine if in fact it is an Invention subject to this Agreement. You can rebut the above presumption if you prove that the idea, writing, discovery,
patent, copyright or trademark or similar item or improvement is not an Invention covered by this Agreement. 
 Disclosure of
Conflicts of Interest. During your employment with the Company, you will promptly, fully and frankly disclose to the Company in writing: 
  

	 	(a)	the nature and extent of any interest you have or may have, directly or indirectly, in any contract or transaction or proposed contract or transaction of or with the
Company, or its partners, subsidiaries or affiliates; 

  

	 	(b)	every office you may hold or acquire, and every property you may possess or acquire, whereby directly or indirectly, by which a duty or interest might be created in
conflict with the interests of the Company (or its partners, subsidiaries or affiliates), or your duties and obligations under this Agreement; and 

  

	 	(c)	the nature and extent of any conflict referred to in Subsection (b) above. 

 Avoidance of Conflicts of Interest. You acknowledge that it is the policy of the Company that all interests and conflicts of the sort described in the preceding paragraph be avoided, and you agree
to comply during the Employment Period with all policies and directives of the Company from time to time regulating, restricting or prohibiting circumstances giving rise to interests or conflicts of the sort described in the preceding paragraph.
During your employment with the Company, you shall not enter into any agreement, arrangement or understanding with any other person or entity that would in any way conflict or interfere with this Agreement or your duties or obligations under this
Agreement or that would otherwise prevent you from performing your obligations hereunder, and you represent and warrant that you have not entered into any such agreement, arrangement or understanding. 

The obligations and rights granted in this Section 10 shall survive the termination of this agreement. 

 

	11.	Competing Businesses, etc. You agree that during your employment and during the “Restricted Period”, as hereinafter defined, you will not, directly or
indirectly: 

  

	 	(i)	 own, manage, operate, join, or have a financial interest in, control or participate in the ownership, management, operation or control of (whether as a
director, officer, manager, member, lender, or otherwise), or be employed as an employee, agent or consultant, or in any other individual or representative capacity 

  
 Page 7 of 11 

 

	 	
whatsoever, or use or permit your name to be used in connection with, or be otherwise connected in any manner with any business or enterprise engaged in the development of fixed ratio combination
chemotherapies at any time during the Employment Period and which is directly competitive with the business carried on by the Company at any time during the Employment Period; provided, however, that the foregoing restriction shall not be construed
to prohibit your ownership of not more than two percent (2%) of any class of securities of any company that is engaged in any of the foregoing businesses, having a class of securities that are publicly owned and regularly traded on any
recognized securities exchange or in the over-the-counter market, but only if such ownership represents a passive investment and you do not, in any way, either directly or indirectly, manage or exercise control over any such company, guarantee any
of its financial obligations, otherwise take part in its business, or seek to do any of the foregoing; 

  

	 	(ii)	whether in writing or orally, criticize, disparage, or otherwise demean in any way the Company or its affiliates or their respective products, services, officers,
directors, employees or shareholders; 

  

	 	(iii)	solicit, entice, persuade, influence, induce, request, or otherwise cause any employee, officer, consultant or agent of the Company to refrain from rendering services
to the Company, or to terminate his or her relationship, contractual or otherwise, with the Company, or otherwise recruit or participate in the recruitment of such persons, or communicate with any employee, officer, consultant or agent about such
matters; or 

  

	 	(iv)	interfere in any other way with the employment, or other relationship, of any employee or consultant of the Company. 

The “Restricted Period” is the one (1) year period commencing on the date of the termination of your employment by the
Company for any reason, including but not limited to your resignation. During the Restricted Period you shall notify the Company in writing of any change in your address and of each subsequent employment or business activity, including the name and
address of your employer or other post-Company employment plans and the nature of your activities. 
 The obligations and rights
granted in this Section 11 shall survive the termination of this agreement. 
  

	12.	 Enforcement; Remedies. You acknowledge that your compliance with the covenants in Sections 9, 10 and/or 11 hereof is necessary to protect the
legitimate interests of the Company, that such covenants are supported by adequate and sufficient consideration, and that, in the event of any violation or threatened violation by you of any provision of Sections 9, 10 and/or 11 hereof, the Company
will sustain serious, irreparable and substantial harm to its business, the extent of which will be difficult to determine and impossible to remedy by an action at law for money damages. Accordingly, you agree

  
 Page 8 of 11 

 

	 	
that the Company’s remedies at law for any breach or threat of breach by you of your agreements in Sections 9, 10 and/or 11 (the “Restrictive Covenants”) will be inadequate, and
that, in addition to any other remedy to which the Company may be entitled at law or in equity, the Company shall be entitled to a temporary or permanent injunction or injunctions or temporary restraining order or orders to prevent breaches of the
Restrictive Covenants and to enforce specifically the terms and provisions thereof, in each case without the need to post more than a nominal security or bond. Without limiting the foregoing, in the event of a breach by you of any provision of the
Restrictive Covenants, then: (a) the Company’s obligations under this Agreement shall immediately terminate, (b) you shall not be entitled to any additional monetary payments or benefits of any kind whatsoever; and (c) you shall
reimburse the Company for all of its attorneys fees and costs associated with any legal or equitable proceedings or litigation seeking to enforce the terms of this Agreement. Nothing contained in this Agreement shall be construed as prohibiting the
Company from pursuing, in addition, any other remedies available for such breach or threatened breach. A waiver by the Company of any breach of any provision hereof shall not operate or be construed as a waiver of a breach of any other provision of
this Agreement or of any subsequent breach by you. You acknowledge that you have considered the nature and extent of the Restrictive Covenants and the rights and remedies conferred upon the Company under this Agreement, and you acknowledge that the
same are necessary, reasonable and do not confer disproportionate benefits upon the Company. You also acknowledge that your experience and capabilities are such that you can obtain suitable employment otherwise than in violation of the Restrictive
Covenants in this Agreement and that the enforcement of these covenants will not prevent the earning of a livelihood nor cause undue hardship. You acknowledge that any cause of action you claim to have against the Company shall not constitute a
defense to the enforcement by the Company of the Restrictive Covenants in this Agreement. In the event that you violate any of the Restrictive Covenants and the Company commences legal action for injunctive or other relief, the Company shall have
the benefit of the full period of the covenants such that the covenants shall have the duration of one (1) year computed from the date you ceased violation of the covenants, either by order of the court or otherwise. It is expressly understood
and agreed that although the parties hereto consider the Restrictive Covenants to be reasonable for the purpose of preserving the goodwill, proprietary rights and going concern value of the Company and its subsidiaries, if a final or preliminary
judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Sections 9, 10 and 11 is an unenforceable restriction on your activities, the provisions thereof shall not be rendered
void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. Alternatively, if the court referred to above finds that any Restrictive
Covenant or any remedy provided herein is unenforceable and such restriction or remedy cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other Restrictive Covenants or the availability of
any other remedy. 

 You authorize the Company to inform any third parties, including future employers,
prospective employers and the Company’s clients or prospective clients, of the existence of this Agreement and your obligations under it. 

  
 Page 9 of 11 

 

	13.	Future Cooperation. You agree that upon the Company’s reasonable request following your termination of employment, you will use reasonable efforts to assist
and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against or by the Company or its affiliates, or in connection with any ongoing or future investigation or dispute or claim of any kind
involving the Company or its affiliates, including any proceeding before any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency. You will be entitled to reimbursement for reasonable out-of-pocket
expenses (including travel expenses) incurred in connection with providing such assistance. 

  

	14.	Stock Options. As soon as practicable after you and the Company have executed this Agreement, the Company will grant to you, subject to approval of the Board of
Directors, an incentive stock option exercisable for the purchase of 715,000 shares of the Company’s Common Stock, pursuant to and in accordance with the terms and conditions of the Celator Pharmaceuticals, Inc. “2005 Equity Incentive
Plan” (the “Plan”), and subject to your execution of an Incentive Stock Option Agreement containing such terms and conditions as are determined by the Compensation Committee, in its absolute discretion. 

 

	15.	Performance Goals. To the extent that your entitlement to compensation, including any option grant, is subject to performance goals based on the achievement of
financial targets, the Company’s Board will determine whether such targets have been satisfied, based on the financial statements of the Company, and such determination by the Company’s Board will be final and binding. In making such
determination, the Company’s Board may make adjustments to the financial statements or to the targets themselves to take into account unusual or non-recurring events, including, without limitation, acquisitions or divestitures.

  

	16.	Taxes and Withholding; Tax Equalization. The Company shall have the right to withhold from any amount payable to you hereunder an amount necessary in order for
the Company to satisfy any withholding tax obligation it may incur under applicable law. 

  

	17.	Governing Law. The terms of this Agreement, and any action arising hereunder, shall be governed by and construed in accordance with the domestic laws of the
State of New Jersey, U.S.A., without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New Jersey or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of New Jersey. The state or federal courts located in the State of New Jersey shall have exclusive jurisdiction over any actions arising under this Agreement that are not covered by the arbitration provisions of section 18. This Agreement
shall be construed without the aid of any canon, custom or rule of law required in construction against the draftsman. 

  

	18.	 Arbitration. Except for claims or disputes arising under Sections 9, 10 and/or 11 of this Agreement, any and all disputes, claims,
controversies, or causes of action (hereinafter “disputes”) arising out of or related to this Agreement, either directly or indirectly, 

  
 Page 10 of 11 

 

	 	
including, but not limited to, disputes over the interpretation, application or alleged violation of this Agreement, and any and all disputes arising out of or related to, either directly or
indirectly, the employment relationship between you and the Company, including, but not limited to, alleged discrimination or disparate treatment, harassment, alleged wrongful termination, compensation disputes or any other alleged wrongful
employment practice or act/action of any nature or kind, whether based on Federal or New Jersey Statutes or administrative regulations, or on Federal and State court decisions, shall be submitted for adjudication exclusively to arbitration before
the Judicial Arbitration and Mediation Services (‘JAMS”), 45 Broadway, New York, N.Y. 10006. In agreeing to arbitration of any and all disputes, the parties knowingly and voluntarily waive and relinquish their rights to have such disputes
decided through law suits, in a court of law with a judge and jury and, instead, shall have them decided by an arbitrator under the rules and regulations of JAMS. In such arbitration each party shall pay its own attorney’s fees and other costs
except that the Company shall pay the costs for the arbitrator. 

  

	19.	Amendment; Waiver. This Agreement may not be released, changed or modified in any manner, except by an instrument in writing signed by you and the Company. The
failure of either party to enforce any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

  

	20.	Assignment. This Agreement is personal to you. You shall not assign this Agreement or any of your rights and/or obligations under this Agreement to any other
person. The Company may, without your consent, assign this Agreement to any successor to its business. You further hereby consent and agree that the Company may assign this Agreement (including but not limited to the Restrictive Covenants) and any
of the rights or obligations hereunder to any third party in connection with the sale, merger, consolidation, reorganization, liquidation or transfer, in whole or in part, of Company’s control and/or ownership of its assets or business. In such
event, you agree to continue to be bound by the terms of this Agreement. 

  

	21.	Entire Agreement; Amendment. This Agreement supersedes all previous and contemporaneous communications, agreements and understandings, whether oral or written,
between you, on the one hand, and the Company or any of its affiliates, on the other hand, and constitutes the sole and entire agreement between you and the Company pertaining to the subject matter hereof. This Agreement may be amended only in
writing and only if the writing is signed by you and an expressly authorized officer of the Company. 

  

	22.	Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become a binding
agreement when one or more counterparts have been signed by each party and delivered to the other party. 

  
 Page 11 of 11 

 

	23.	Review. You acknowledge that you have carefully read the foregoing Agreement, that your acceptance of the terms and conditions set forth herein, and, in
particular, the restrictions and covenants set forth in Sections 9, 10, 11 and 12, is a material inducement to the Company offering employment to you and the benefits set forth in this Agreement, and that but for your acceptance you would not become
employed by the Company. You acknowledge that you fully understand the meaning and intent of this document, that you have signed this Agreement voluntarily and knowingly, that you have had a full opportunity to consult with your family and advisors
prior to executing this Agreement and that you intend to be bound by the promises contained in this Agreement. 

If the foregoing is acceptable to you, kindly sign and return to the Company one copy of this letter by October 1, 2007. 

 

			
	Sincerely yours,
		
	By:	 	/s/ Andrew S. Janoff
		 	 Andrew S. Janoff
 Chief
Executive Officer

  

					
	AGREED TO AND ACCEPTED BY:	 		 	DATE:
			
	/s/Scott Jackson	 		 	10/1/2007
	Scott Jackson	 		 	

							
	

	 		 		 	Celator Pharmaceuticals, Inc.
		 		 		 	 303B College Road East
 Princeton, NJ
08540
 Tel: 609.243-0123
 Fax: 609.243-0202

 
 www.celatorpharma.com

 July 7, 2008 
 Mr. Scott Jackson 
 535 Heron Court 
 Harleysville, PA 19438 
 Dear Scott: 

Reference is made to the Letter and Restrictive Covenants Agreement dated as of September 20, 2007 (the “Letter
Agreement”) between you and Celator Pharmaceuticals, Inc. (the “Company”), pursuant to which you were employed by the Company as Head of Commercial Development effective October 1, 2007. 

On April 25, 2008, you assumed the position of Interim Chief Executive Officer of the Company. Effective July 1, 2008, we have
agreed that you will continue your employment by the Company in the position of Chief Executive Officer. Accordingly, this letter (this “Amendment”) sets forth certain amendments to the Letter Agreement to reflect the change in your status
and the compensation that will be paid to you by the Company in connection therewith. Capitalized terms used without definition shall have the respective meanings assigned to them in the Letter Agreement. 

We have agreed as follows: 
 1. Section 2 of the Letter Agreement is hereby amended and restated in its entirety to provide as follows: Effective July 1, 2008, you will be employed by the Company, at its Princeton office,
as Chief Executive Officer. You will report to the Board of Directors of the Company (the “Board”). You will be responsible for overseeing all activities of the Company, including operations, research and development, fundraising, and will
perform such other duties, consistent with your role as Chief Executive Officer, as are assigned to you from time to time by the Board. You will use your best efforts to perform such duties faithfully, to devote all of your working time, attention
and energies to the businesses of the Company, and while you remain employed, not to engage in any other business activity without the written approval of the Board. 
 2. Section 3 of the Letter Agreement is hereby amended to provide that your Base Salary effective as of July 1, 2008 will be at an annual rate of US$250,000. Your Base Salary will continue to be
paid and reviewed in accordance with the terms of the Letter Agreement, it being understood that the next review will be undertaken in February 2009. 
 3. Section 4 of the Letter Agreement is hereby amended to provide in full as follows: 

 “4. Bonuses. In consideration of your agreement to assume the Chief
Executive Officer role, you will be paid a signing bonus of $50,000 in cash as soon as practicable after July 11, 2008. In addition, following the end of each fiscal year of the Company, you will have the opportunity to earn: (a) an annual
bonus for each fiscal year of the Company that ends during the Employment Period of up to 30% of your Base Salary based upon the achievement of Company-wide and individual performance goals to be established by the Board; and (b) a special
bonus of up to 15% of your Base Salary based on the achievement of clear and specific “stretch” performance goals, which shall be separate and distinct from the annual goals. The annual goals and stretch goals will be established by the
Board in its sole discretion after discussions between you and the Compensation Committee Chair. You have agreed to work with the Compensation Committee to establish initial Company-wide and individual performance goals for the upcoming twelve
months as well as stretch goals that are acceptable to the Board prior to August 1, 2008. The determination of whether the annual goals and special goals have been achieved, and the award of any annual and special bonus hereunder, is subject to
the decision of the Board in its sole discretion. Any bonuses earned will be payable in cash. Bonuses are normally payable at a date determined by the Board of Directors, and you must be employed at the time of payment to be eligible for a bonus;
provided, however, that, if your employment is terminated by the Company without Cause before the Company has made an annual bonus determination for that fiscal year, the Board may, in its discretion, award you a pro rata bonus after evaluating the
factors set forth above.” 
 4. The last paragraph of Section 5 of the Letter Agreement is hereby amended to change
the words “twenty (20) days” in the first sentence to “twenty-five (25) days.” 
 5. The last
paragraph of Section 8 of the Letter Agreement is hereby amended to change the words “three months” in clause (B) to “six months.” The length of the severance period will be reevaluated by the Compensation Committee in
February 2009. 
 6. The Board will establish a plan whereby you will be eligible to receive a portion of the proceeds from any
sale or merger of the Company provided that you continue in the employ of the Company through the closing of such sale or merger. The portion of such proceeds payable to you would be paid in the same form and at the same time or times as received
from the acquiror or merger partner. 
 7. In addition to the stock options granted to you pursuant to Section 14 of the
Letter Agreement, you will be eligible to receive stock options (which shall be incentive stock options to the extent permitted by applicable law) under the Plan or such future plan as may be established from time to time by the Board, so that the
total stock options granted to you, including the stock options previously granted in accordance with the Letter Agreement, will be increased to 3% of the fully diluted equity of the Company, based on outstanding shares of capital stock, issued
stock purchase warrants and granted stock options, as of the first closing of the Company’s Series C Preferred Stock financing. The additional stock options will vest in accordance with the Company’s standard vesting schedule, and vesting
will accelerate upon a Change of Control, as defined in the Plan. Issuance of the additional stock options will be subject to your execution of an appropriate stock option agreement containing such terms and conditions as are determined by the Board
or its Compensation Committee, in its absolute discretion. 

 8. All provisions of the Letter Agreement, as amended by this Amendment, that by their
terms, whether express or implied, are intended to continue beyond the termination of your employment by the Company shall thereafter continue in effect. 
 9. All of the terms, provisions, covenants and conditions of the Letter Agreement shall hereafter continue in full force and effect in accordance with their terms, except to the extent amended, modified
or revised in this Amendment. 
 If the foregoing is acceptable to you, kindly sign and return to the Company one copy of this
Amendment by July 9, 2008. 
  

			
	Sincerely yours,
		
	By:	 	/s/ Brenda D. Gavin
		 	 Brenda D. Gavin

Compensation Committee Chair

  

					
	AGREED TO AND ACCEPTED BY:	 		 	
			
	/s/ Scott Jackson	 		 	Date: July 7, 2008
	Scott Jackson

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