Document:

Clinical and Commercial Manufacturing and Supply Agreement

 EXHIBIT 10.8 
 Portions Subject to Confidential Treatment Request Under Rule 24b-2 

CLINICAL AND COMMERCIAL MANUFACTURING 
 AND SUPPLY AGREEMENT 
 THIS CLINICAL AND COMMERCIAL MANUFACTURING AND
SUPPLY AGREEMENT (this “Agreement”) is made effective as of the 22nd day of December, 2010 (“Effective Date”) by and between BAXTER ONCOLOGY GmbH, with an address at Kantstrasse 2, 33790
Halle / Westphalia, Germany (“Baxter”) and CELATOR PHARMACEUTICALS, INC., a Delaware corporation, having offices at 303B College Road East, Princeton, New Jersey 08540 (“Celator”). 

RECITALS 

1. Celator is among other pharmaceutical activities engaged in the development of pharmaceutical products; 

2. Baxter is among other pharmaceutical activities engaged in the formulation, filling, inspection, labeling and packaging of
pharmaceutical products for various pharmaceutical companies, including competitors of Celator and Baxter; 
 3. Celator
and Baxter desire to have Baxter formulate, fill, inspect, package, label, and test the pharmaceutical product, CPX-351, for Celator for clinical and/or commercial use. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, Celator and Baxter, hereinafter sometimes referred to as “Party” or
“Parties”, agree as follows: 
 Article 1, DEFINITIONS 

1.1 As used in this Agreement, the following words and phrases shall have the following meanings: 

“Active Pharmaceutical Ingredient” or “API” shall collectively refer to cytarabine and daunorubicin.

 “Affiliate” shall mean any corporation or other business entity directly or indirectly controlled by,
controlling, or under common control with a Party or its parent corporation, the term “control” (including, with correlative meaning, the terms “controlled by,” “controlling” and “under common control
with”) means: (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of shares of capital stock having the right to vote for the election of directors, or (b) the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Party, whether through the ownership of voting securities, by contract or otherwise, or such other relationship as, in fact, constitutes actual
control. 

 “Annual Obligation” shall be defined as set forth in Article 4. 

“Batch” shall mean a specific quantity of a Product comprising a number of Units mutually agreed upon in writing between
the Parties in the Product Master Plan, and that (a) is intended to have uniform character and quality within specified limits, and (b) is Produced according to a single manufacturing order during the same cycle of Production. 

“Baxter SOPs” shall mean Baxter’s Standard Operating Procedures relating to the Product, which shall be reviewed
and approved by Celator prior to entering into the Product Master Plan. Celator shall have the right to access and inspect SOPs during annual audits and may request and review specific SOPs at any time. 

“Baxter-supplied Components” shall mean all Components other than Celator-supplied Components. 

“Celator-supplied Components” shall mean API, DSPC and DSPG supplied by Celator to Baxter. 

“Clinical Product” means vials of Product Produced by Baxter for clinical use by Celator as set forth in a Product
Master Plan. 
 “Celator Trademarks” shall mean the proprietary mark(s) for Product owned by Celator.

 “Commercial Product” means vials of Product Produced for commercial sale. 

“Components” shall mean all components, including the Raw Materials and Packaging Materials, used by Baxter in the
Production of Product under this Agreement. Components are listed in the Product Master Plan. 
 “Component
Specifications” shall mean the specifications and testing to be performed for the Components, as set forth in the Product Master Plan. 
 “Confidential Information” shall be defined as set forth in Article 18. 
 “Contract Year” shall be defined as (i) the calendar year in which Celator obtains Regulatory Approval allowing the commercialization of Product in the United States or Europe and
(ii) each successive year of the Term. 
 “Current Good Manufacturing Practices” or
“cGMP” shall mean (a) the good manufacturing practices required by the Regulatory Authorities and set forth in the applicable law, policies or guidelines, in effect at any time during the term of this Agreement, for the
Production and testing of pharmaceutical materials as applied solely to Product. 

  
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 “DSPC” shall mean the excipient, distearoylphosphatidyl choline.

 “DSPG” shall mean the excipient, distearoylphosphatidyl glycerol. 

“Effective Date” shall mean the date first set forth above. 

“FDA” shall mean the United States Food and Drug Administration or any successor entity thereto. 

“FD&C Act” shall mean the United States Federal Food and Cosmetic Act, as amended, or any corresponding Act in each
jurisdiction. 
 “Firm Purchase Order” shall be defined as set forth in Section 4.4. 

“Intellectual Property” shall mean ideas, concepts, discoveries, inventions, developments, know-how, trade secrets,
techniques, methodologies, modifications, innovations, improvements, writings, documentation, data and rights (whether or not protectable under state, federal or foreign patent, trademark, copyright or similar laws) or the like, whether or not
written or otherwise fixed in any form or medium, regardless of the media on which contained and whether or not patentable or copyrightable. 
 “Inventions” shall mean any inventions, discoveries, innovations, methods, improvements, processes, techniques or other valuable developments, whether patentable or copyrightable or not,
relating to a Product, the API or their manufacture, arising out of the performance of services under this Agreement by Baxter and/or any use of either the Celator Intellectual Property and/or the API. For the avoidance of doubt, Inventions include
Process Inventions, as defined below. 
 “Long Range Forecast” shall be defined as set forth in
Section 4.2. 
 “Master Batch Record” or “MBR” shall mean, with respect to each
Presentation of Clinical Product or Commercial Product to be Produced hereunder, a formal set of instructions for the Production of each Presentation of such Product. The MBR shall be developed and maintained in Baxter’s standard format by
Baxter, using Celator’s master formula and technical support. 
 “Maximum Supply Obligation” shall mean
Baxter’s supply obligation as set forth in Article 4. 
 “NDA” shall mean the FDA-required New Drug
Application (applicable for U.S. production only). 
 “Packaging Materials” as used in this Agreement shall
mean material employed in the packaging of the Product, including the Baxter standard packaging material for outer packaging used for transportation or shipment to a distributor. Packaging Materials are referred to as primary or secondary according
to whether or not they are intended to be in direct contact with the Product. All Packaging Materials are listed in the Product Master Plan. 

  
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 “Pick-Up Date” shall mean the date that Product is Released by Baxter to
Celator and made available to Celator or its designated carrier for pick-up at Baxter’s facility. 

“Presentation” shall mean the specific formula and Components for the Product. 

“Process Inventions” shall mean any Inventions that are new manufacturing technologies, methods, processes or
techniques, or are improvements to existing manufacturing technologies, methods, processes or techniques, and that are broadly applicable to pharmaceutical products in general. For purposes of clarity, Process Inventions shall not include such
Inventions that (i) are applicable only to Product and/or the API and/or (ii) require the use of Product and/or the API. 
 “Produce” or “Production” shall mean the formulation, filling, packaging, inspecting, labeling, and testing of Product by Baxter. 

“Product” shall mean Clinical Product or Commercial Product, as the case may be, and as further specified in the Product
Master Plan. 
 “Product Master Plan” shall mean a written plan executed by the Parties in conjunction with
this Agreement relating to Product Produced hereunder, which may include, without limitation, Product, Product Specifications, Components, Component Specifications, Regulatory Authorities, the countries where such Product will be used in clinical
trials or sold commercially, Presentations, and pricing for such Product Produced under this Agreement. 
 “Production
Price” shall be defined as set forth in Section 5.1. 
 “Product Specifications” shall mean, with
respect to Product, the specifications and testing to be performed for the Raw Materials, the Product, and/or the stability program that are set forth in Baxter’s SOPs and the Master Batch Records. The Product Specifications include all tests
that Baxter is required to conduct or cause to be conducted as specified in the Product Master Plan. The Product Specifications may be modified from time to time only by a written agreement of Celator and Baxter. 

“Purchase Order” shall mean written orders from Celator to Baxter which shall specify (a) the quantity of Product
ordered, (b) shipping instructions (e.g., choice of container, temperature requirements), (c) requested pick-up dates, and (d) delivery destinations. 
 “Purchase Price” shall be defined as set forth in Section 5.1. 

  
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 “Qualified Person” or “QP” shall mean the person designated by
Directive 2001/83/EC Article 48-52. 
 “Quality Agreement” shall mean a written agreement executed by the
Parties in conjunction with this Agreement, under which the Parties allocate the pharmaceutical responsibilities. 

“Raw Materials” shall mean all materials used by Baxter in the Production of Product under this Agreement with the
exception of Packaging Materials. All Raw Materials are listed in the Product Master Plan. 
 “Regulatory
Approval” shall mean all authorizations by the appropriate Regulatory Authority for use of Product in clinical trials and/or as necessary for commercial sale in a jurisdiction, including without limitation, approval of labeling, price,
reimbursement and Production. 
 “Regulatory Authority” shall mean the FDA, the EMA, the BfArM in Germany and
the respective Regulatory Authorities in other European countries, in Japan, in Canada and in such other jurisdictions as are set forth in the Product Master Plan or any successor entity thereto. 

“Released” or “Release” shall mean Baxter’s release to Celator of a Batch of Product by a Baxter
Qualified Person. 
 “Released Executed Batch Record” shall mean the completed batch record and associated
deviation reports, investigation reports, certificates of compliance and certificates of analysis created for each Batch of Product as specified in the Product Master Plan. 
 “Reservation Fees” shall be the fees payable by Celator for modification or cancellation of a Firm Purchase Order as set forth in the Product Master Plan. 

“Rolling Forecast” shall mean Celator’s projected requirements for Product for each of the upcoming
****************. 
 “Term” shall be defined as set forth in Section 8.1 of this Agreement 

“Testing Standards and Procedures” shall mean, with respect to Product Produced hereunder, the written standards and
procedures for evaluating compliance with the applicable Product Specifications, as mutually agreed upon in writing by Celator and Baxter, and incorporated in the Product Master Plan. 

“Unit” shall mean an individually packaged dose of a Product, including by way of example only, vial, as specified in
the Product Master Plan. 

  
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 Article 2, PRODUCT MASTER PLAN AND QUALITY AGREEMENT 

2.1 Product Master Plan. For Clinical Product or Commercial Product to be Produced by Baxter hereunder, the Parties have agreed in
writing upon a Product Master Plan. Baxter shall not be required to schedule any Production until a Product Master Plan for such Product has been approved in writing by both Baxter and Celator. 

2.2 Quality Agreement. For the Production by Baxter hereunder, the Parties have entered into a Quality Agreement to allocate and
coordinate the pharmaceutical responsibilities. The Parties agree that Production will not be scheduled until a Quality Agreement has been signed by both Celator and Baxter. 
 2.3 Amendment. This Agreement, the Quality Agreement and the Product Master Plan may be amended from time to time upon mutual written agreement of the Parties. The Quality Agreement and the Product
Master Plan shall be deemed to be incorporated herein by reference and made an integral part of this Agreement. In case of any inconsistencies between this Agreement and the Quality Agreement or the Product Master Plan, the terms and provisions of
the Quality Agreement shall prevail for matters of quality and the terms and provisions of this Agreement shall prevail for all other matters. 
 2.4 Effect of Failure to Execute Plans or Addendum. Failure to execute a Quality Agreement or Product Master Plan with respect to the Product will not relieve either Party of any obligation
accruing with respect to such Product prior to such failure to execute. In the event of such failure, if this Agreement shall therefore be terminated, Celator shall reimburse Baxter for all non-cancelable costs incurred by Baxter for work performed
and Baxter-supplied Components ordered with respect to such Product. 
 Article 3, PURCHASE AND SUPPLY OF PRODUCT

 3.1 Agreement to Purchase and Supply. Pursuant to the terms and conditions of this Agreement, Celator will purchase
Product from Baxter in accordance with Article 4, and Baxter shall Produce and deliver to Celator the Product in accordance with Article 4 of this Agreement. 
 3.2 Reproduction, Rework or Reprocessing. If, during the Production of any Batch of Product, any reprocessing, rework, reproduction, or change is required in order to meet the Product
Specifications, or if Celator requests any change with respect to any matter set forth in the Product Master Plan, Baxter shall conduct such reprocessing, rework, or reproduction and implement such change in compliance with cGMP’s. Any
reprocessing, rework, reproduction or change, concerning compounding, aseptic filling, or capping must be approved in writing by Celator prior to implementation unless immediate action is required. Celator shall promptly reimburse Baxter for all
costs and expenses incurred in connection with such reprocessing, rework, reproduction, or change, except that in the event that any such reprocessing, rework, reproduction, or change 

  
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results solely from Baxter’s failure to Produce Products according to Product Requirements or Baxter’s negligence or willful misconduct, Baxter shall be responsible for, and promptly
reimburse Celator for, **************** in connection with such reprocessing, rework, reproduction, or change. 
 3.3
Components. As set forth in the Product Master Plan, Celator shall purchase and supply Celator-supplied Components which Celator, at its sole cost and expense (including, without limitation, shipping costs), shall supply to Baxter, in a timely
manner, required to satisfy the terms of this Agreement. Baxter shall procure, in a timely manner, and have available for Production of Product Baxter-supplied Components, at its sole cost and expense (including, without limitation, shipping costs),
required to satisfy the terms of this Agreement. On receipt of the Components, Baxter shall test such materials as set forth in the Product Master Plan. If, notwithstanding such testing, Celator determines to assert a claim against a supplier of a
Baxter-supplied Component because Celator discovers a defect in or adulteration of such Baxter-supplied Component that was not discovered by Baxter, Baxter agrees to provide Celator with all information regarding such Baxter-supplied Component and
the supplier thereof as Celator shall reasonably request and to cooperate with Celator in the assertion of each such claim. 

3.3.1 Vendor/Supplier Qualification. The responsibility for vendor/supplier qualification is set forth in the Quality Agreement.

 3.4 Importer of Record. In the event any material or equipment to be supplied by Celator in accordance with the
Product Master Plan is imported into Germany for delivery to Baxter (“Imported Goods”), such Imported Goods shall be imported DDP Halle/Künsebeck (Incoterms 2000). Celator shall be the “Importer of Record” of
such Imported Goods. As the Importer of Record, Celator shall be responsible for all aspects of the Imported Goods including, without limitation (a) customs and other regulatory clearance of Imported Goods, (b) payment of all tariffs,
duties, customs, fees, expenses and charges payable in connection with the importation and delivery of the Imported Goods, and (c) keeping all records, documents, correspondence and tracking information required by applicable laws, rules and
regulations arising out of or in connection with the importation or delivery of the Imported Goods. 
 3.5 Storage 

3.5.1 Product Storage. Baxter will store Product at its facility after Product has been Released for up to thirty
(30) calendar days free of charge. After thirty (30) calendar days from the Product Release, Baxter may charge storage fees as set forth in the Product Master Plan. 
 3.5.2 Third Party Storage. After the time frame set forth in Section 3.5.1, Baxter shall be permitted to store Product in third party storage facilities qualified by Baxter; such qualified
facilities shall be at the discretion of Baxter; provided however that, prior to storing any Product at a third party storage facility, Baxter shall notify Celator in writing of Baxter’s intent to do so and shall provide the name of the third
party and the location of the storage facility. 

  
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 Article 4, FORECASTS, ORDERS AND CAPACITY 

4.1 Forecasts for Clinical Product. Commencing on the Effective Date of this Agreement and prior to the tenth
(10th) calendar day of each month thereafter, Celator
will provide Baxter in writing with a Rolling Forecast. The first *********** months of the Rolling Forecast for Clinical Product shall be binding for the Parties. It is understood by the Parties that forecasting of Clinical Product requirements is
difficult and unforeseen issues can occur; therefore, it is understood that Baxter will use reasonable efforts to accommodate changes to the first ******* months of the Rolling Forecast if able to do so. In the event that Celator requests
cancellation or rescheduling of a Firm Order for Production of Clinical Product, Baxter shall use good faith efforts to fill the open capacity resulting from the cancellation or rescheduling. In the event Baxter is unable to fill such open capacity,
Baxter may charge Celator a Reservation Fee as set forth in the Product Master Plan. 
 4.2 Forecasts
for Commercial Product. Commencing no less than ***** months prior to the date of the Production of the first Batch of Commercial Product, and prior to the first day of July of each year thereafter during the Term, Celator will provide to Baxter
in writing a forecast of Celator’s estimated requirements for Commercial Product for each of the upcoming ********* years (the “Long Range Forecast”). Commencing with the first regulatory filing for marketing approval of the
Product in any major market, and prior to the tenth
(10th) calendar day of each month thereafter, Celator
will provide Baxter in writing a Rolling Forecast of Celator’s estimated contract requirements for Commercial Product. Baxter specifically agrees that such Long Range Forecasts and Rolling Forecasts submitted by Celator will be for general
planning purposes only, and shall not be binding on either Party, except as provided below in Section 4.3. 
 4.3 Annual
Obligation for Commercial Product and Maximum Supply Obligation. Celator shall be obligated, upon receiving Regulatory Approval of the Product in the United States or Europe, to purchase from Baxter a minimum number of Batches of Commercial
Product in each calendar year during the Term of this Agreement (the “Annual Obligation”) as set forth in Exhibit A, which Annual Obligation shall be prorated for any partial calendar year. For any volume shortfall under and below
the contractual Annual Obligation, Celator will pay an indemnity per Batch as set forth in the Product Master Plan. In any calendar year during the Term of this Agreement, in no event shall Baxter be obligated to Produce more than the number of
Batches set forth in Exhibit B (“Maximum Supply Obligation”). If changes (increase/decrease) in the annual order volume require changes in equipment and/or process, Celator will cover the costs of such changes. 

  
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 4.3.1 For any Contract Year following the last Contract Year identified in Exhibits A
and B or as further set forth in a Product Master Plan, no less than **************** prior to the end of the last Contract Year, the Parties shall mutually agree on Celator’s Annual Obligation and Baxter’s Maximum Supply Obligation for
any upcoming Contract Year(s) and such Annual Obligation and Maximum Supply Obligation will be set forth in the Product Master Plan signed by both Parties. In the event the Parties are unable to reach mutual agreement on an Annual Obligation and/or
Maximum Supply Obligation **************** prior to the end of the last Contract Year, this Agreement shall terminate in accordance with Section 8.1 and shall be subject to Section 8.4. 

4.4 Purchase Orders. Celator shall submit Purchase Orders to Baxter covering Celator’s purchases of Product pursuant to this
Agreement. Celator shall not, without the written consent of Baxter, designate a requested pick-up date in a Purchase Order earlier than ******** months from the date Celator submits the Purchase Order. 

Baxter shall provide a confirmation of receipt of each Purchase Order setting forth the Pick-Up Date that Baxter will meet and setting
forth Baxter’s filling date for such order within ten (10) business days of receiving Celator’s Purchase Order. Upon sending of the confirmation, such Purchase Order shall become a “Firm Purchase Order”. 

If Baxter is unable to meet the requested pick-up date specified by Celator, Baxter shall so notify Celator within ten (10) business
days of receiving Celator’s Purchase Order and provide to Celator an alternative Pick-Up date, which shall not be more than ********** later than the initial requested pick-up date designated by Celator in its Purchase Order. 

In the event that Celator modifies or cancels a Firm Purchase Order without Baxter’s written consent, Celator shall pay the
Reservation Fees as set forth in the Product Master Plan. To the extent of any conflict between Purchase Orders submitted by Celator and this Agreement, this Agreement shall control. 

Celator shall order full batches of Product on a single Purchase Order. 

4.5 Component Delivery Delays. Timely delivery of Celator-supplied Components shall mean that the respective Component and the
documents required under the Product Master Plan arrive at Baxter at least thirty (30) business days prior to the scheduled manufacturing date of such Product, as determined by the date set forth in the Firm Purchase Order. Notwithstanding
anything in this Agreement to the contrary, in the event that Baxter receives such Celator-supplied Components and associated cGMP documents for the Production of Product from Celator less than thirty (30) business days prior to the scheduled
manufacturing date of such Product, Baxter shall use commercially reasonable efforts to reschedule Batch within ********* days after receipt. Baxter shall use good faith efforts to fill the open capacity resulting from the rescheduling. In the event
Baxter is unable to fill such open capacity, Baxter may charge Celator a Reservation Fee as set forth in the Product Master Plan. 

  
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 Article 5, PRICE 

5.1 Purchase Price. The Purchase Price of Product is the sum of the price to be paid by Celator for the Production of Product (the
“Production Price”) set forth in the Product Master Plan and Baxter’s actual cost of Baxter-supplied Components. 
 5.2 Production Price Adjustment for Commercial Product. Upon the first anniversary of the Effective Date of this Agreement and on each anniversary thereafter, Baxter shall adjust the Production
Price of such Commercial Product to reflect changes in Baxter’s actual costs since the date on which the Production Price was last established, but in no event shall the Production Price be increased by a percentage that exceeds the percentage
change in the Index of Producer Prices of Industrial Products during the previous twelve (12)-month period, as published by the Federal Statistical Office of Germany (www.destatis.de). 

Article 6, SHIPMENT AND INVOICING 
 6.1 Delivery Terms. Product shall be delivered to Celator or to a location designated by Celator in the Purchase Order EXW (Incoterms, 2000) Baxter’s facility in Halle/Künsebeck,
Westphalia, Germany freight collect, by a common carrier designated by Celator in a Purchase Order. Celator shall procure, at its cost, insurance covering damage or loss to the Product during shipping from Baxter’s facility. 

6.2 Subsequent Export. Celator agrees and represents that Celator is the owner of the goods that are consigned to Baxter for
contract manufacturing services and warrants that Celator is responsible for any subsequent export or re-export and will comply with all applicable laws and regulations relating to the export or re-export, including the prohibition against unlawful
transshipments. Further, where such goods are destined for export or re-export, Celator agrees and accepts that it shall act as the exporter of record, and warrants that as the exporter of record, it will assume all attendant responsibilities
associated with the export or re-export, including obtaining any necessary export licenses. Celator further agrees to defend Baxter against any civil action, civil or criminal, private or public, in connection with the subsequent export or re-export
by Celator of the goods. 
 6.3 Foreign Corrupt Practices Act. Celator acknowledges it is not the agent of Baxter and
represents and warrants that it has not, and covenants that it will not pay anything of value to any government employee in connection with the sale of the Product. 

  
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 6.4 Payment Terms. For Commercial and Clinical Product, Baxter will issue an invoice
for payment upon the date of Baxter’s disposition of the Batch. Payments shall be made by wire transfer to a bank account specified by Baxter within ********* days of the date of Baxter’s invoice by wire transfer to a bank account
specified by Baxter. Each invoice shall be payable by Celator in accordance with the terms noted above. Celator is obliged to confirm to Baxter in writing the receipt of the invoice without any delay. All prices quoted by Baxter, e.g., in the
Product Master Plan, shall be ex value added taxes and denominated in Euros. Any payment due under this Agreement not received within the time noted above shall bear interest of **************** per month on the outstanding balance compounded
monthly. 
 6.5 Default in Undisputed Payment Obligations. In addition to all other remedies available to Baxter in the
event of a Celator default, if Celator fails to make any undisputed payment when due and payable hereunder, Baxter may refuse all further Purchase Orders, refuse to Produce any Product until Celator’s account is paid in full, modify the
foregoing terms of payment, place the account on a letter of credit basis, require full or partial payment in advance, suspend deliveries of Product until Celator provides assurance of performance reasonably satisfactory to Baxter, and/or take other
reasonable means as Baxter may determine. In the event Celator has a good faith dispute of an invoice amount, Celator shall promptly notify Baxter within fifteen (15) days from the date of invoice. Each Party agrees to use good faith efforts to
resolve any disputes of an invoice amount within thirty (30) days of notification of such dispute. 
 Article 7,
ACCEPTANCE OF PRODUCT 
 7.1 Product Conformity. Within fifteen (15) business days from the date of shipment of
Product to Celator or the receipt of the Released Executed Batch Record, as defined in Product Master Plan, whichever is later, Celator shall determine whether such Product and related documentation conforms to the Product Specifications, Master
Batch Record, and Baxter SOPs (collectively, the “Product Requirements”); provided, however, that Celator shall have the right to revoke acceptance if, within thirty (30) business days of receipt of the Batch, Celator discovers
a latent defect or adulteration not reasonably discoverable at time of delivery. 
 7.1.1 If (a) any Product
conforms to the Product Requirements, or (b) Celator fails to notify Baxter in accordance with the procedures set forth in Section 7.1 that any Product does not conform to the Product Requirements, then Celator shall be deemed to have
accepted the Product and waived its right to revoke acceptance. 
 7.1.2 If Celator believes Product does not conform to
the Product Requirements, it shall notify Baxter by telephone including a detailed explanation of the non-conformity and shall confirm such notice in writing via international courier service. Upon receipt of such notice, Baxter will investigate
such alleged non-conformity, and (i) if Baxter agrees such Product is non-conforming, Baxter and Celator will mutually determine a corrective 

  
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action plan within sixty (60) calendar days after receipt of Celator’s written notice of non-conformity, or such additional time as is reasonably required if such investigation or plan
requires data from sources other than Celator or Baxter, or (ii) if Baxter disagrees with Celator’s determination that the shipment of Product is non-conforming, Baxter shall so notify Celator by telephone within a ten (10) calendar
day period and confirm such notice in writing by overnight delivery to Celator. 
 7.1.3 If the Parties dispute whether
Product is conforming or non-conforming to the Product Requirements, the Product will be submitted to a mutually acceptable laboratory or consultant for resolution, whose determination of conformity or non-conformity, and the cause thereof of
non-conformity, shall be binding upon the Parties. Notwithstanding the foregoing, Celator may not release a Batch of Product that Baxter has reasonably rejected in good faith. The costs of such laboratory or consultant are to be borne by the Party
whose determination was incorrect. 
 7.2A Remedies for Non-Conforming Clinical Product. 

7.2.1A Celator shall pay for all Clinical Product, including replacement Clinical Product and the cost of the API therefor, except
as specifically set forth in Section 7.2.2A. 
 7.2.2A In the event Baxter agrees that Clinical Product is
non-conforming to the Product Requirements, or the laboratory or consultant determines that such Clinical Product is non-conforming, solely as a result of the negligence or willful misconduct of Baxter, Baxter shall replace such non-conforming
Clinical Product within thirty (30) days assuming sufficient API is available or will be provided by Celator at no charge to Baxter in due time to carry out the Production. Baxter is not responsible for defects in Celator-supplied Components
including without limitation API. 
 7.2.3A Notwithstanding anything to the contrary in the foregoing, Baxter shall have
no obligation to replace the non-conforming Clinical Product if the process provided by Celator is not sufficient to Produce conforming Clinical Product. Baxter agrees that a conclusion that the Celator-provided process is not sufficient to Produce
conforming Clinical Product cannot reasonably be made if such process has previously resulted in conforming Clinical Product at Baxter. 
 7.2B Remedies for Non-Conforming Commercial Product. 
 7.2.1B Celator shall
pay for all Commercial Product, including replacement Commercial Product and the cost of the API therefor, except as specifically set forth in Sections 7.2.2B and 7.2.3B. 
 7.2.2B In the event Baxter agrees that Commercial Product is non-conforming to the Product Requirements, or the laboratory or consultant determines that such Commercial Product is non-conforming,
Celator shall provide replacement API to Baxter and Baxter shall replace such non-conforming Commercial Product as soon as possible assuming sufficient API is available or will be provided by Celator in due time to carry out the Production. Baxter
is not responsible for non-conforming Commercial Product that is caused by Celator-supplied Components including without limitation API. 

  
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 7.2.3B In the event Baxter agrees that Commercial Product is non-conforming to
Product Requirements, or the laboratory or consultant determines that Commercial Product is non-conforming to the Product Requirements solely as a result of the negligence or willful misconduct of Baxter, Baxter shall (i) incur the cost of
Production of the replacement Commercial Product, and (ii) reimburse Celator for its actual cost of Celator-supplied Components including without limitation the API for the replacement Commercial Product, which cost shall not exceed
****************. 
 7.2C Disposal of Non-Conforming Product. All non-conforming Products shall be returned to Baxter for
disposal. If the non-conforming Product was solely due to Baxter’s negligence or willful misconduct or solely due to Baxter’s breach of its representations and warranties under this Agreement, Baxter shall be responsible for the costs of
disposal. 
 7.3 Exceptions. Production deviations and investigations which occur during Production of Product and which
do not cause the Production to be non-compliant with cGMP or with Specifications shall not, in and of themselves, be deemed to cause such Product to be non-conforming. Should the Parties disagree that a Production deviation should be cause for
rejection of Product, the Parties shall agree to a mutually acceptable third party Qualified Person to make the determination regarding disposition of the Batch. 
 Article 8, TERM AND TERMINATION 
 8.1 Term. Unless terminated
pursuant to Section 8.2 herein, this Agreement shall commence on the Effective Date and will continue until the development and clinical Production have been completed, as described in the Product Master Plan for clinical Production, (the
“Clinical Term”) and shall continue in effect thereafter for commercial Production until such time as one Party provides at least twenty-four (24) months’ prior written notice to the other Party of the notifying
Party’s determination to terminate this Agreement, which notice shall specify the termination date (the “Commercial Term”). The Clinical Term and the Commercial Term are collectively referred to as the “Term”.

 8.1.1 Expiration of Term. In the event that first Regulatory Approval for commercialization of Product in the United
States or Europe is not obtained within thirty-six (36) months from the date of last regulatory submission of Product in the United States or Europe, then either Party shall have the right to terminate this Agreement upon ninety (90) days
notice if such notice is sent no later than forty-eight months from the last date of regulatory submission.  
 8.2
Termination for Breach. Either Party may terminate this Agreement upon the breach of any provision of this Agreement by the other Party if such breach is not cured by the breaching Party within thirty (30) calendar days for monetary
defaults, and sixty (60) calendar days for non-monetary defaults, after receipt by the breaching Party of written notice from the other Party of such default. A monetary default shall be 

  
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deemed to occur if an undisputed payment is not made by the date such payment is due and payable under the terms of this Agreement or the Product Master Plan. In the event of any termination for
breach, upon Celator’s request, any and all Celator-supplied Components held by Baxter shall be made available for pick-up by Celator at Baxter’s facility. 
 8.3 Termination for Financial Matters. This Agreement may be terminated immediately by either Party by giving the other Party written notice thereof in the event such other Party makes a general
assignment for the benefit of its creditors, or proceedings of a case are commenced in any court of competent jurisdiction by or against such Party seeking (a) such Party’s reorganization, liquidation, dissolution, arrangement or winding
up, or the composition or readjustment of its debts, (b) the appointment of a receiver or trustee for or over such Party’s property, or (c) similar relief in respect of such Party under any law relating to bankruptcy, insolvency,
reorganization, winding up or composition or adjustment of debt, and such proceedings shall continue undismissed, or an order with respect to the foregoing shall be entered and continue unstated, for a period of more than ninety (90) days.

 8.4 Non-cancelable Costs and Expenses. In the event of the termination of this Agreement, except by Celator as a
result of a breach by Baxter under Section 8.2, Celator shall (a) reimburse Baxter for all Baxter-supplied Components ordered prior to termination and not cancelable without cost to Baxter or, if less, at Celator’s option shall
reimburse Baxter for the costs of cancellation, and (b) pay Baxter for any open Firm Purchase Orders. Moreover, Celator agrees to purchase from Baxter at cost all semi-finished and finished Products in stock. Baxter shall promptly deliver to
Celator, at Celator’s cost, all Components, semi-finished and finished Products for which Celator reimburses Baxter pursuant to this Section 8.4. Baxter shall use commercially reasonable efforts to mitigate the costs and expenses of
Celator under this Section 8.4. Celator shall make payment for all expenses described in this Section 8.4 thirty (30) days after the invoice date, which date shall not be earlier than the date of delivery of any related materials to
Celator. 
 8.5 Payment on Termination of Commercial Production. In addition to the costs and expenses payable in
Section 8.4, in the event of termination of this Agreement, except by Celator as a result of a breach by Baxter under Section 8.2 or expiry of the Term of this Agreement, Celator shall pay Baxter (a) the difference, if any, between
the Production Price of Product actually ordered and purchased by Celator in the calendar year in which termination occurs and, the greater of the (i) Production Price of the Annual Obligation and (ii) Production Price of the Annual
Obligation, as defined in Section 4.3, in such calendar year, (b) as liquidated damages and not as a penalty, **************** of the Production Price of the Annual Obligation for the next succeeding calendar year after the calendar year
in which termination occurs. 
 8.6 Procedure in case of Expiry of Agreement. In the event the Agreement expires pursuant
to Section 8.1, Celator is obliged to buy from Baxter all Baxter-supplied Components reasonably ordered by Baxter during the normal course of business unless Baxter can reasonably use these materials otherwise. 

  
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 8.7 Transfer of Technology.  

8.7.1 On termination or expiration of this Agreement through any means and for any reason, the right of Baxter to make Product
hereunder shall terminate, and except for termination by Baxter due to a breach by Celator under Section 8.2, Baxter shall reasonably cooperate with Celator by providing to Celator, at Celator’s cost, copies or drafts of the following
items, to the extent they exist, within sixty (60) days of termination or expiration: 
 8.7.1.1 Baxter’s
Manufacturing Batch Records for the Product; 
 8.7.1.2 Pertinent analytical reports, and manufacturing development and
validation reports of studies used to determine and justify the final manufacturing process related to the Product; and 

8.7.1.3 Any and all Celator-supplied Components in storage at Baxter which shall be made available for pick-up by Celator at
Baxter’s facility; and 
 **************** 
 8.8 Survival. Termination, expiration, cancellation or abandonment of this Agreement through any means or for any reason, except as set forth in Section 13.1, shall be without prejudice to the
rights and remedies of either Party with respect to any antecedent breach of any of the provisions of this Agreement. The provisions of Articles 12, 13, 14, 15, 16, 17 and 18 hereof, and such other provisions of this Agreement that, by their terms,
are intended to continue beyond the Term of this Agreement, shall survive expiration or termination of this Agreement. 

Article 9, PRODUCTION OF PRODUCT 
 9.1 Production. Baxter shall Produce Product in accordance with cGMP and all other applicable laws or regulations as set forth in the Product Master Plan. At no additional cost and at times
mutually agreed to by the Parties, Celator shall have the right to have a representative of Celator in the facility to observe Production. 
 9.2 Audits. Celator shall have the right to audit Baxter’s facilities to determine compliance with (i) cGMP and (ii) applicable laws and regulations. Such audits shall be scheduled
at mutually agreeable times upon reasonable advance written notice to Baxter. Except for the first audit under this Agreement, audits shall be at Celator’s expense at one (1) audit every ******* with the exception of any audits arising
from a reasonable basis for concern (such as Baxter’s compliance status) shall be at 

  
 15 

 
Baxter’s expense as detailed in Product Master Plan. If Celator requests additional audits which are not due to Baxter’s compliance status and Baxter agrees to such audits, Celator will
incur fees as reasonably determined by Baxter. Such fees shall be paid promptly upon completion of such audits. In connection with performing such audits, Celator shall comply with all reasonable rules and regulations promulgated by Baxter;
provided, however, that such rules and regulations shall not hinder Celator’s ability to conduct the audits. All information disclosed or reviewed in such inspections shall be deemed to be the property of Baxter and Baxter Confidential
Information. 
 9.3 Testing. Baxter shall test, or cause to be tested by third party testing facilities qualified by
Baxter, in accordance with the Product Specifications, each Batch of Product Produced pursuant to this Agreement before delivery to Celator. A certificate of analysis for each Batch of Product delivered to Celator shall set forth the items tested by
Baxter, specifications and test results. Celator shall assume full responsibility for final release of each Batch of the Product. 
 9.4 Stability Testing. At Celator’s expense, Baxter shall perform all stability testing in compliance with the International Conference on Harmonization for Registration of Pharmaceuticals for
Human Use (ICH) requirements performed on clinical, development, conformance and/or commercial Production Batches of Product. Such testing shall be performed in accordance with the procedures set out in the Product specific Baxter SOPs for the
stability protocol and Product Master Plan. Prior to any stability testing, Celator shall have the right to review and approve the stability testing protocol and Celator shall receive a summary report of the data generated from the stability tests.
All stability data shall be forwarded to Celator within thirty (30) days of the scheduled test date. 
 9.5 Permits and
Licenses. Celator shall have sole responsibility at its expense for obtaining all permits and licenses necessary and required for use, sale and / or distribution of Product Produced by Baxter hereunder. Baxter shall be responsible at its expense
to obtain and maintain all generally required licenses required for it to carry out its development, regulatory and production obligations hereunder. 
 9.6 Regulatory Requirements. Each Party promptly shall notify the other of new regulatory requirements of which it becomes aware which are relevant to the Production of a Product under this
Agreement and which are required by an applicable Regulatory Authority or other applicable laws or governmental regulations, and the Parties shall confer with each other with respect to the best means to comply with such requirements. Baxter shall
have no obligation to Produce Product in compliance with the explicit requirements of a Regulatory Authority not specified in the Product Master Plan; provided that, if Celator shall request Baxter to do so, the Parties shall confer with each other
with respect to such request. 
 9.7 Equipment Expenses. If Baxter is required by Celator to obtain specialized equipment
for use solely to Produce Product for Celator, the costs of such equipment shall be paid by Celator, i.e., ****************, including shipping and 

  
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insurance costs, plus VAT and reasonable installation costs. Baxter shall advise Celator of the specialized equipment required for use solely to Produce Product for Celator and the estimated
costs associated with the purchase and installation of such equipment. Such costs shall be agreed upon by the Parties prior to Baxter ordering such equipment. Celator shall be invoiced for all approved costs regarding the specialized equipment
purchased by Baxter in accordance with this Section 9.7, and Celator shall make payment therefor promptly thereafter. 

9.8 Ownership of Equipment. All specialized equipment supplied by or paid for by Celator shall be Celator’s property and
shall be used by Baxter only for the Production of Product. This equipment is listed in the Product Master Plan. Upon any termination or expiration of this Agreement, Celator shall have the option of either (i) taking custody of the specialized
equipment supplied by or paid for by it, or (ii) allowing Baxter to purchase such equipment by paying Celator the then current fair market value of such equipment. 
 9.9 Records. Baxter shall, in accordance with applicable laws and as reasonably requested by Celator, maintain complete cGMP production records and reports relating to its activities performed in
providing the services under this Agreement (including, without limitation, keeping accurate records of the manufacture, testing and packaging of the Products). Baxter shall provide Celator with access to all such records at mutually agreeable
times; provided, however, that such access shall be required only during normal business hours and with reasonable advance written notice. The Parties agree that Baxter shall have no obligation to provide or disclose its financial records to
Celator. 
 9.10 Celator Property. In accord with Baxter SOPs, Baxter shall properly use, store, handle and maintain all
Celator property, including but not limited to Celator-supplied Components, equipment and Product, in Baxter’s custody or control. 
 Article 10, REGULATORY 
 10.1 Regulatory Approvals. Celator will use
commercially reasonable efforts to pursue Regulatory Approval of marketing licenses for Clinical Product Produced by Baxter hereunder. Celator will advise Baxter of document requirements in support of filings and similar applications required of
foreign governments and agencies including amendments, license applications, supplements and maintenance of such. Baxter will provide documents and assist Celator in preparation of submissions to Regulatory Authorities designated by Celator in
support of Celator’s applications required of governments and licenses. All regulatory submission preparation and maintenance performed by Baxter for Celator shall be specified in the Product Master Plan. Prior to submission to the Regulatory
Authority, Celator will provide Baxter with a copy of the CMC section for review and comment. A final copy of the CMC section will be provided by Celator to Baxter upon submission to the Regulatory Authority. Upon Regulatory Approval, Celator will
notify Baxter within two (2) business days of such approval and the anticipated date of Product launch to the market. 

  
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 10.2 Regulatory Authority Inspections. At Celator’s request, Baxter will
authorize Regulatory Authorities to review related applications on Celator’s behalf as set forth in the Quality Agreement. Celator shall bear the costs of non-routine Regulatory Authority Inspection or inspections directly relating to the
Product as set forth in the Product Master Plan. 
 Article 11, TRADEMARKS 

11.1 Celator grants to Baxter a non-exclusive, royalty free license to use Celator Trademarks for the sole purpose of allowing
Baxter to fulfill its responsibilities under this Agreement. Such license shall not be transferable in whole or in part. 

11.2 Celator shall be solely responsible for selecting, registering and enforcing Celator Trademarks used to identify the Product
and, except as set forth in Section 11.1, shall have sole and exclusive rights in such Celator Trademarks. 
 Article
12, REPRESENTATIONS AND WARRANTIES 
 12.1 Mutual Representations. Each Party hereby represents and warrants to the
other Party that (a) the person executing this Agreement on behalf of such Party is legally authorized to execute this Agreement; (b) this Agreement is legal and valid and the obligations binding upon such Party enforceable by its terms;
and (c) the execution, delivery and performance of this Agreement does not conflict with any agreement, instrument or understanding, oral or written, to which such Party may be bound, nor violate any law or regulation of any court, governmental
body or administrative or other agency having jurisdiction over it. 
 12.2 Baxter Warranty. Baxter represents and
warrants that it shall Produce all Product in accordance with cGMP and, that all Commercial Product shall meet Product Specifications. Baxter represents and warrants that it has obtained (or will obtain prior to Producing Product), and will remain
in compliance with during the Term of this Agreement, all permits, licenses and other authorizations (the “Permits”) which are required under laws and regulations applicable to the Production only of Product as specified in the
Product Master Plan; provided, however, Baxter shall have no obligation to obtain Permits relating to the sale, marketing, distribution or use of Product or with respect to the labeling of Product. Baxter makes no representation or warranty with
respect to the sale, marketing, distribution or use of API, Product or to printed materials specified by Celator or its consignee. 
 12.3 Disclaimer of Warranties. Except for those warranties set forth in Sections 12.1 and 12.2 of this Agreement, Baxter makes no warranties, written, oral, express or implied, with respect to
Product or the Production of Product. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, 

  
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THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT HEREBY ARE DISCLAIMED BY BAXTER. NO WARRANTIES OF BAXTER MAY BE CHANGED EXCEPT IN WRITING AND
SIGNED BY A DULY AUTHORIZED REPRESENTATIVE OF BAXTER. Celator accepts Product subject to the terms hereof. 
 12.4 Celator
Warranties. Celator warrants that (a) it has the right to give Baxter any information provided by Celator hereunder, and that Baxter has the right to use such information for the Production of Product, and (b) Celator has no
knowledge of any (i) patents or other intellectual property rights that would be infringed by Baxter’s Production of Product under this Agreement, or (ii) proprietary rights of third parties which would be violated by Baxter’s
performance hereunder, and (c) Celator has obtained (or will obtain prior to producing the Product), and will maintain, update and remain in compliance with all permits, licenses and other authorizations during the Term of this Agreement, which
are required under federal, state and local law, rules and regulations applicable to the Production, use and sale of the Product. Celator warrants that the API provided to Baxter hereunder will (1) conform to the API specifications and
(2) not be adulterated or misbranded within the meaning of the FD&C Act. Celator will use and promote the Product in a manner not inconsistent with its regulatory filings and approvals. 

12.5 FD&C Act Matters. Baxter represents and covenants as of the date of this Agreement and continuously during the term of
this Agreement that it is not debarred pursuant to Section 335(a) or 335(b) of the FD&C Act. Baxter represents that it has not been debarred under the Act in the past five (5) years. Baxter will not employ or use the services of any
person or entity to perform the Production of Product who is debarred under the Act or to Baxter’s knowledge has engaged in activities that could lead to being debarred under the Act. 

Article 13, LIABILITY AND WAIVER OF SUBROGATION 
 13.1 Limitation of Liability. Celator’s sole and exclusive remedies for breach of this Agreement are limited to those remedies set forth in Article 7, 8, 13.2.1, 14, and 16. Except as
expressly provided in this Agreement, under no circumstances shall either Party be liable for loss of use or profits or other collateral, special, consequential or other damages, losses, or expenses, including but not limited to the cost of cover,
in connection with or by reason of the Production and delivery of Product under this Agreement whether such claims are founded in tort or contract. The foregoing constitutes the sole and exclusive remedy of Celator and the sole and exclusive
liability of Baxter. As permitted by the applicable laws, under no circumstances shall Baxter’s aggregate liability to Celator, including but not limited to third party claims, exceed the following: ****************. All claims for breach or
default under this Agreement shall be brought within two (2) years after the cause of action incurred or shall be deemed waived. 

  
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 13.2 Waiver of Subrogation. Except to the extent expressly set forth herein, all
Baxter-supplied Components and equipment owned and used by Baxter in the Production of Product (collectively, the “Baxter Property”) shall at all times remain the property of Baxter until delivery of Product as specified
under Section 6.1 and Baxter assumes risk of loss for such Baxter Property. Baxter hereby waives any and all rights of recovery against Celator and its Affiliates, and against any of their respective directors, officers, employees, agents or
representatives, for any loss or damage to Baxter Property to the extent the loss or damage is covered or could be covered by insurance on the Baxter Property (whether or not such insurance is described in this Agreement). Celator assumes all risk
of loss for all Celator equipment used in Production, Celator-supplied Components and all Product (collectively, the “Celator Property”) except as provided in Section 13.2.1. Celator hereby waives any and all rights of
recovery against Baxter and its Affiliates, and against any of their respective directors, officers, employees, agents or representatives, for any loss or damage to the Celator Property to the extent the loss or damage is covered or could be covered
by insurance on the Celator Property (whether or not such insurance is described in this Agreement). 
 13.2.1 Reimbursement
for Lost or Damaged Celator Property In the event of loss or damage of a Celator-supplied Component or Product that does not occur during Production, if such loss or damage is solely due to Baxter’s negligence or willful misconduct, Baxter
shall reimburse Celator for its actual out-of-pocket costs for the lost or damaged Celator-supplied Components or Product, at the amount(s) set forth in the Product Master Plan, provided, however, that such reimbursement for any Celator-supplied
Components will not exceed ****************. In the event of loss or damage of Celator equipment used by Baxter, which damage or loss is solely due to Baxter’s negligence or willful misconduct, Baxter shall promptly replace or repair such
equipment ****************. 
 Article 14, INDEMNIFICATION 

14.1 Celator Indemnification. Celator shall indemnify, defend and hold harmless Baxter and its Affiliates and any of their
respective directors, officers, employees, subcontractors and agents (collectively “Indemnified Baxter Parties”) from and against any and all liabilities, obligations, penalties, claims, judgments, demands, actions, disbursements of any
kind and nature, suits, losses damages, costs and expenses (including, without limitation, reasonable attorney’s fees) arising out of or in connection with property damage or personal injury (including without limitation death) of third parties
(collectively “Claims”) in connection with (a) Celator’s transport, storage, promotion, labeling, marketing, distribution, use or sale of Product, (b) Celator’s negligence or willful misconduct, (c) Celator’s
breach of this Agreement, or (d) any claim that the use, sale, Production, marketing or distribution of Product by Baxter or Celator violates the patent, trademark, copyright or other proprietary rights of any third party, except if any of the
foregoing (a) or (d) is caused solely by the negligence or willful misconduct of any of the Indemnified Baxter Parties or ****************. 

  
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 14.2 Baxter Indemnification. Baxter shall indemnify, defend and hold harmless Celator
and its Affiliates and any of their respective directors, officers, employees, subcontractors and agents (collectively the “Indemnified Celator Parties”) from and against any and all liabilities, obligations, penalties, claims, judgments,
demands, actions, disbursements of any kind and nature, suits, losses, damages, costs and expenses (including, without limitation, reasonable attorney’s fees) arising out of or in connection with property damage or personal injury (including
without limitation death) of third parties (collectively, the “Claims”) resulting solely from Baxter’s negligence or willful misconduct ****************. 
 14.3 Indemnitee Obligations. A Party which intends to claim indemnification under this Article 14 (the “Indemnitee”) shall promptly notify the other Party (the
“Indemnitor”) in writing of any action, claim or other matter in respect of which the Indemnitee or any of its Affiliates, or any of their respective directors, officers, employees, subcontractors, or agents, intend to claim such
indemnification; provided, however, that failure to provide such notice within a reasonable period of time shall not relieve the Indemnitor of any of its obligations hereunder except to the extent the Indemnitor is prejudiced by such failure. The
Indemnitee shall permit, and shall cause its Affiliates, and their respective directors, officers, employees, subcontractors and agents to permit, the Indemnitor, at its discretion, to settle any such action, claim or other matter, and the
Indemnitee agrees to the complete control of such defense or settlement by the Indemnitor. Notwithstanding the foregoing, the Indemnitor shall not enter into any settlement that would adversely affect the Indemnitee’s rights hereunder, or
impose any obligations on the Indemnitee in addition to those set forth herein, in order for it to exercise such rights, without Indemnitee’s prior written consent, which shall not be unreasonably withheld or delayed. No such action, claim or
other matter shall be settled by the Indemnitor without the prior written consent of the Indemnitee, which shall not be unreasonably withheld or delayed. The Indemnitee, its Affiliates, and their respective directors, officers, employees,
subcontractors and agents shall fully cooperate with the Indemnitor and its legal representatives in the investigation and defense of any action, claim or other matter covered by the indemnification obligations of this Article 14. The Indemnitee
shall have the right, but not the obligation, to be represented in such defense by counsel of its own selection and at its own expense. 
 Article 15, INSURANCE 
 15.1 Celator Insurance. Celator shall procure
and maintain, during the Term of this Agreement and for a period one (1) year beyond the expiration date of Product, Commercial General Liability Insurance, including without limitation, Product Liability and Contractual Liability coverage (the
“Celator Insurance”). Celator Insurance shall cover amounts not less than 10,000,000 € (ten million EURO) combined single limit and shall be with an insurance carrier reasonably acceptable to Baxter. Baxter shall be named as an
additional insured on Celator Insurance and Celator promptly shall deliver a certificate of Celator Insurance and endorsement of additional insured to Baxter evidencing such coverage. If Celator fails to furnish such certificates or endorsements, or

  
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if at any time during the Term of this Agreement Baxter is notified of the cancellation or lapse of Celator Insurance, and Celator fails to rectify the same within fifteen (15) calendar days
after notice from Baxter, in addition to all other remedies available to Baxter hereunder, Baxter, at its option, may terminate this Agreement. Any deductible and/or self insurance retention shall be the sole responsibility of Celator. 

15.2 Baxter Insurance. Baxter acknowledges and agrees that during the Term of this Agreement it shall maintain adequate insurance
and/or a self-insurance program for liability insurance, including products liability and contractual liability insurance, to cover Baxter’s obligations under this Agreement, including but not limited to those set forth in Section 14.2 of
this Agreement. Baxter shall provide Celator with evidence of such insurance and/or self-insurance program, upon Celator’s request. 
 15.3 No Limitation. In no event will the liability of either Party be limited to that which is recoverable by insurance. 
 Article 16, COMPLAINTS, RECALL OF PRODUCT 
 16.1 Complaints. In case
Celator or Baxter receives complaints regarding Products which require Baxter to perform any investigations or conduct tests, Celator agrees to reimburse Baxter for any costs incurred in connection with such complaints. Notwithstanding the
foregoing, in the event of a complaint regarding Commercial Product, if the Product is non-conforming solely due to the negligence or willful misconduct of Baxter, such investigations or tests to be performed by Baxter shall be at Baxter’s
expense. 
 16.2 Recalls. In the event Celator shall be required to recall any Product because such Product may violate
local, state or federal laws or regulations, the laws or regulations of any applicable foreign government or agency or the Product Specifications, or in the event that Celator elects to institute a voluntary recall, Product withdrawal or field
correction, Celator shall be responsible for coordinating such recall. Celator promptly shall notify Baxter if any Product is the subject of a recall and provide Baxter with a copy of all documents relating to such recall. Baxter shall cooperate
with Celator in connection with any recall, at Celator’s expense. Celator shall be responsible for all of the costs and expenses of such recall, withdrawal or field correction. With respect to Commercial Product, if the recall, withdrawal or
field correction arises solely from the negligence or willful misconduct of Baxter ****************. Furthermore, in the event of any Product recall where the recall is necessitated solely due to the negligence or willful misconduct of Baxter
****************. 
 Article 17, INTELLECTUAL PROPERTY 

17.1 Existing Intellectual Property. Except as the Parties may otherwise expressly agree in writing, each Party shall continue to
own its existing patents, trademarks, copyrights, trade secrets and other intellectual property, without conferring 

  
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any interests therein on the other Party. Without limiting the generality of the preceding sentence, Celator shall retain all right, title and interest arising under the applicable laws, rules
and regulations in and to all Drug Products, labeling and trademarks associated therewith (collectively, “Celator’s Intellectual Property”). Neither Baxter nor any third party shall acquire any right, title or interest in
Celator Intellectual Property by virtue of this Agreement or otherwise, except to the extent expressly provided herein. 

17.2 Individually Owned Inventions. Except as the Parties may otherwise agree in writing, all Inventions (as defined herein) which
are conceived, reduced to practice, or created by a Party in the course of performing its obligations under this Agreement shall be solely owned and subject to use and exploitation by the inventing Party without a duty to account to the other Party.

 17.3 Product-Related Inventions. Celator and Baxter each acknowledge and agree that all rights, title and interest in
and to any Inventions, as between the Parties, shall be owned by Celator, except for Process Inventions, which shall be owned by Baxter and subject to the restrictions, licenses and conditions set forth in Section 17.4 below. 

17.4 Process Inventions. The Parties agree that such Process Inventions shall be owned by Baxter and subject to the restrictions
and conditions set forth in this Section 17.4. Specifically, Baxter grants to Celator a non-exclusive, paid-up, royalty-free, irrevocable worldwide license to Process Inventions, with the right of Celator or any of its sub-licensees to
sublicense such Process Inventions, for the manufacturing of the Product. 
 17.5 Disclaimer. Except as otherwise
expressly provided herein, nothing contained in this Agreement shall be construed or interpreted, either expressly or by implication, or otherwise, as: (i) a grant, transfer or other conveyance by either Party to the other of any right, title,
license or other interest of any kind in any of its Inventions or other intellectual property, (ii) creating an obligation on the part of either Party to make any such grant, transfer or other conveyance or (iii) requiring either Party to
participate with the other Party in any cooperative development program or project of any kind or to continue with any such program or project. 
 17.6 Rights in Intellectual Property. The Party owning any Intellectual Property shall have the worldwide right to control the drafting, filing, prosecution and maintenance of patents covering the
Inventions relating to such Intellectual Property, including decisions about the countries in which to file patent applications. Patent costs associated with the patent activities described in this Section shall be borne by the sole owner. Each
Party will cooperate with the other Party in the filing and prosecution of patent applications. Such cooperation will include, but not be limited to, furnishing supporting data and affidavits for the prosecution of patent applications and completing
and signing forms needed for the prosecution, assignment and maintenance of patent applications. 

  
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 17.7 Confidentiality of Intellectual Property. Intellectual Property shall be deemed
to be the Confidential Information of the Party owning such Intellectual Property. The protection of each Party’s Confidential Information is described in Article 18. Any disclosure of information by one Party to the other under the provisions
of this Article 18 shall be treated as the disclosing Party’s Confidential Information under this Agreement. It shall be the responsibility of the Party preparing a patent application to obtain the written permission of the other Party to use
or disclose the other Party’s Confidential Information in the patent application before the application is filed and for other disclosures made during the prosecution of the patent application. 

Article 18, CONFIDENTIAL INFORMATION, NONDISCLOSURE AND PUBLICITY 

18.1 Definition. “Confidential Information” means: (a) all information related to the Product,
CPX-351, including, without limitation, documentation, drawings, designs and specifications; (b) all information related to Baxter’s contract manufacturing services, technologies and operations; (c) any non-public information of a
party, including, without limitation, any information relating to a party’s technology, techniques, know-how, research, designs, finances, accounts, procurement requirements, manufacturing, customer lists, business forecasts and marketing plans
disclosed in connection with this Agreement; provided, however, that such information of a Party that is disclosed in writing or electronically is designated as “Confidential” or “Proprietary” at the time of disclosure, in the
covering letter or transmission or otherwise, or that if disclosed orally, is identified as “Confidential” or “Proprietary” at the time of disclosure and confirmed as such in a writing sent by the disclosing party to the
receiving party within thirty (30) days of any such disclosure; and (d) the specific terms and pricing of this Agreement (including any Product transfer prices). Notwithstanding the foregoing, any Confidential Information disclosed by
visual observation during a tour, site visit or audit of either Party’s or any of its Affiliates laboratories, manufacturing plants or other facilities shall automatically be deemed Confidential Information for purposes of this Agreement.

 18.2 Exclusions. The obligations in Section 18.3 will not apply to the extent that it can be demonstrated that
any Confidential Information: (a) is or becomes generally known to the public through no fault of or breach of this Agreement by the receiving party; (b) was rightfully in the receiving party’s possession at the time of disclosure,
without an obligation of confidentiality; (c) is independently developed by the receiving party without use of the disclosing party’s Confidential Information; or (d) is rightfully obtained by the receiving party from a third party
without restriction on use or disclosure. 
 18.3 Obligations. Each Party agrees not to use the other Party’s
Confidential Information, except as necessary for the performance of this Agreement, and shall not disclose such Confidential Information to any third party, except to those of its directors, officers, employees, consultants, contractors, agents,
lawyers, accountants or other professional advisors and subcontractors and those of its Affiliates (“Representatives”) 

  
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who need to know such Confidential Information for the performance of this Agreement or as otherwise expressly permitted in this Agreement, provided that each such Representative is subject to a
written agreement that includes binding use and disclosure restrictions that are at least as protective as those set forth herein. Each Party will use all reasonable efforts to maintain the confidentiality of the other Party’s Confidential
Information in its possession or control, but in no event less than the efforts that it ordinarily uses with respect to its own confidential information of similar nature and importance. The foregoing obligations will not restrict either Party from:
(i) disclosing Confidential Information pursuant to the order or requirement of a court, administrative agency, or other governmental body, provided that the Party required to make such disclosure gives reasonable notice to the other party to
enable it to contest such order or requirement; (ii) disclosing the terms of this Agreement, in confidence, to its business and legal advisors or to investors or lenders that are engaged in active due diligence regarding a financing of such
Party; or (iii) disclosing the terms of this Agreement, in confidence, to potential partners or acquirers that are engaged in active due diligence regarding a transaction involving, among other things, the Product, except for those parties
competitive to Baxter identified in Exhibit C, which disclosure will require the approval of Baxter, which approval shall not be unreasonably withheld. 
 18.4 Limitation of Disclosure. The Parties agree that, except as otherwise may be required by applicable laws, regulations, rules or orders, including without limitation the rules and regulations,
and except as may be authorized in Section 18.4 and unless otherwise agreed in the Agreement, no information concerning this Agreement and the transactions contemplated herein shall be made public by either Party without the prior written
consent of the other. 
 18.5 Publicity and SEC Filings. The Parties agree that the public announcement of the execution
of this Agreement shall be by only one or more press releases mutually agreed to by the Parties. The failure of a Party to return a draft of a press release with its proposed amendments or modifications to such press release to the other Party
within five (5) days of such Party’s receipt of such press release shall be deemed as such Party’s approval of such press release as received by such Party. Each Party agrees that it shall cooperate fully and in a timely manner with
the other with respect to all disclosures to the Securities and Exchange Commission or any other governmental or regulatory agencies, including requests for confidential treatment of Confidential Information of either Party included in any such
disclosure. 
 18.6 Duration of Confidentiality. All obligations of confidentiality and non-use imposed upon the Parties
under this Agreement shall expire five (5) years after the expiration or earlier termination of this Agreement. 
 18.7
Other Initiatives. It is understood that Baxter may have present or future initiatives, including initiatives with third parties, involving products or processes that compete with or are similar to the Product Produced under this Agreement.
Accordingly, Celator acknowledges that nothing in this Agreement shall be construed as a representation or inference by either Party that it will not develop for itself, or produce for others products or implement processes that compete with the
Product or are similar, provided that Confidential Information is not used in breach of this Agreement. 

  
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 18.8 Prior Mutual Confidentiality Agreement. The Parties acknowledge the existence of
a Mutual Confidentiality Agreement, as further amended, entered into by and between Celator and Baxter effective May 14, 2008 (collectively, the “CDA”). The Parties agree that any Confidential Information exchanged prior to the
Effective Date of this Agreement shall be governed by the CDA, and any Confidential Information exchanged on or after the Effective Date of this Agreement, shall be governed by this Article 18. 

Article 19, FORCE MAJEURE 
 19.1 Subject to the provisions of Section 16.2 of this Agreement, any delay in the performance of any of the duties or obligations of either Party hereto (except with respect to the payment of
monies due) caused by an event outside the affected Party’s reasonable control shall not be deemed a breach of this Agreement, and unless provided to the contrary herein, the time required for performance shall be extended for a period equal to
the period of such delay. Such events shall include without limitation, acts of God; acts of public enemies; insurrections; riots; terrorist actions; injunctions; embargoes; labor disputes, including strikes, lockouts, job actions, or boycotts;
fires; explosions; floods; shortages of material, Components or energy; delays in the delivery of Components; Product recalls or withdrawals; acts or orders of any government or agency thereof or of Regulatory Authority; and other unforeseeable
causes beyond the reasonable control and without the fault or negligence of the Party so affected. The Party so affected shall give prompt notice to the other Party of such cause and a good faith estimate of the continuing effect of the force
majeure condition and duration of the affected Party’s nonperformance, and shall take whatever reasonable steps are necessary or appropriate to relieve the effect of such causes as rapidly as possible. If the period of nonperformance by Baxter
because of Baxter force majeure conditions exceeds one hundred eighty (180) calendar days, Celator may terminate this Agreement by written notice to Baxter. If the period of nonperformance by Celator because of Celator force majeure conditions
exceeds one hundred eighty (180) calendar days, Baxter may terminate this Agreement by written notice to Celator. 

Article 20, NOTICES 
 20.1 All notices hereunder shall be delivered by facsimile (confirmed by international courier service), to the following address of the respective Parties: 

If to Celator: Celator Pharmaceuticals, Inc. 
 303B College Road East 
 Princeton, NJ 08540 

  
 26 

	 	Attn:	Donna Cabral-Lilly, Ph.D., 

	 	    	Head of Pharmaceutical Development 

 Fax No.(609) 243-0202 
 Telephone No.(609) 243-6216 

With a copy to: Duane Morris LLP 
 30 South 17th Street 
 Philadelphia, PA 19103-4196 

	 	Attn:	Kathleen M. Shay 

 Fax No.(215)
689-4382 
 Telephone No.(215) 979-1210 
 If to Baxter: Baxter Oncology GmbH 
 Kantstr. 2 

33790 Halle / Westfalen 
 Germany 

	 	Attn:	Associate Director, Contract Manufacturing 

	 	    	and Business Development 

 Fax
No. +49 5201 711 1880 
 Telephone No. +49 5201 711 1864 

With a copy to: Baxter Germany 
 Edisonstr. 4 
 85719 Unterschleißheim 

Germany 

	 	Attn:	Legal Counsel 

 Fax No. +49
89 31701 547 
 Telephone No. +49 89 31701 285 
 Notices shall be effective on the day following the date of transmission if sent by facsimile, and on the second business day following the date of delivery to the overnight delivery service if sent by
overnight delivery. A Party may change its address listed above by notice to the other Party given in accordance with this Section. 
 Article 21, APPLICABLE LAW 
 21.1 This Agreement is being delivered
and executed in Germany. In any action brought regarding the validity, construction and enforcement of this Agreement, it shall be governed in all respects by the substantive and procedural laws of Germany, without regard to the principles of
conflict of laws. The courts of New York, U.S.A., shall have personal jurisdiction over the Parties hereto in all matters arising hereunder. 

  
 27 

 Article 22, ASSIGNMENT 

22.1 Neither Party shall assign this Agreement or any part hereof or any interest herein to any third party (or use any
subcontractor) without the prior written approval of the other Party, which shall not be unreasonably withheld. Either Party may assign this Agreement to one of its Affiliates without approval of the other Party; provided, however, that such
assignment shall not relieve the assigning Party of responsibility for the performance of its obligations hereunder. Notwithstanding anything to the contrary set forth above: (a) no consent shall be required in the case of a transfer by Baxter
in a transaction involving the merger, consolidation, or sale of all or substantially all of the assets of Baxter, and (b) in the case of a transfer by Celator in transaction involving the merger, consolidation, or sale of all or substantially
all of the assets of Celator and such transaction relates to the line of business to which the product relates; provided, however, in each case the permitted assignee(s) shall assume all obligations of its assignor under this Agreement and such
assignment shall not relieve the assigning Party of responsibility for the performance of its obligations hereunder, unless the Parties agree to such relief. 
 Article 23, SUCCESSORS AND ASSIGNS 
 23.1 This Agreement shall be
binding upon and shall inure to the benefit of the Parties hereto, their successors and permitted assigns. 
 Article 24,
ENTIRE AGREEMENT 
 24.1 This Agreement including the Agreements listed in Sections 2.1 and 2.2 and the Mutual
Confidentiality Agreement signed by Celator and Baxter Healthcare Corporation (an Affiliate of Baxter Oncology GmbH) and effective on May 14, 2008 constitutes the entire agreement between the Parties concerning the subject matter hereof and
supersedes all written or oral prior agreements or understandings with respect thereto. 
 Article 25, SEVERABILITY

 25.1 If any term or provision of this Agreement shall for any reason be deemed to be invalid or unenforceable, such
term or provision shall be construed in such a way as to make it valid and enforceable to the maximum extent possible. Any invalidity or unenforceability of any term or provision of this Agreement shall attach only to such term or provision and
shall not affect or render invalid or unenforceable any other term or provision of this Agreement. 
 Article 26, WAIVER AND
MODIFICATION OF AGREEMENT 
 26.1 No waiver or modification of any of the terms of this Agreement shall be valid
unless in writing and signed by both Parties hereto. Failure by either Party to enforce any rights under this Agreement shall not be construed as a waiver of such rights nor shall a waiver by either Party in one or more instances be construed as
constituting a continuing waiver or as a waiver in other instances. 

  
 28 

 Article 27, INDEPENDENT CONTRACTOR 

27.1 Both Parties shall act as an independent contractor for the other Party in providing the services required hereunder and shall
not be considered an agent of, or joint venturer with, the other Party. 
 Article 28, COUNTERPARTS; METHOD OF TRANSMISSION

 28.1 This Agreement may be executed by the Parties on separate counterparts and exchanged by facsimile or other
electronic transmission, which counterparts, when so delivered shall each be deemed to be an original and both counterparts, taken together, shall constitute one and the same agreement. 

(Signature page to follow) 

  
 29 

 IN WITNESS WHEREOF, the Parties have caused this Clinical and Commercial
Manufacturing and Supply Agreement to be signed by their duly authorized representatives as of the Effective Date. 
  

									
	BAXTER ONCOLOGY GmbH	 		 	CELATOR PHARMACEUTICALS, INC.
					
	By:	 	/s/ Brik V. Eyre	 		 	By:	 	/s/ Scott T. Jackson
	Name: 	 	 Brik Eyre
	 		 	Name: 	 	 Scott T. Jackson

	Title:	 	 General Manager BioPharma Solutions
	 		 	Title:	 	 Chief Executive Officer

  
 30 

 EXHIBIT A 
 CELATOR’S ANNUAL OBLIGATION 
  

					
	 Contract Year
	  	One Market
Approval
(U.S. or 
Europe)	  	Two Market
Approvals
(U.S. and 
Europe)
	 Contract Year One
	  	*******	  	*******
	 Contract Year Two
	  	*******	  	*******
	 Contract Year Three
	  	*******	  	*******
	 Contract Year Four
	  	*******	  	*******

 Note: For any Contract Year(s) after Contract Year Four, the parties will mutually agree upon an Annual
Obligation for any such additional Contract Years as set forth in Section 4.3.1. 

  
 31 

 EXHIBIT B 
 BAXTER’S MAXIMUM SUPPLY OBLIGATION 
  

					
	 Contract Year(s)
	  	One Market
Approval
(U.S. or 
Europe)	  	Two Market
Approvals
(U.S. and 
Europe)
	 Contract Year One
	  	*******	  	*******
	 Contract Year Two
	  	*******	  	*******
	 Contract Year Three
	  	*******	  	*******
	 Contract Year Four
	  	*******	  	*******

 Note: For any Contract Year after Contract Year Four, the parties will mutually agree upon Baxter’s
Maximum Supply Obligation for any such additional Contract Years as set forth in Section 4.3.1. 

  
 32 

 EXHIBIT C 
 PARTIES COMPETITIVE TO BAXTER 
 Hospira One 2 One 

Vetter Pharma International GmbH 
 Ben Venue Laboratories 
 Patheon Inc. 

Catalent Pharma Solutions Inc. 
 DSM Pharmaceuticals, Inc. 
 HollisterStier Contract Manufacturing 

Oso BioPharmaceutical Manufacturing LLC 
 Althea Technologies Inc. 
 Fresenius Kabi AG 

Cook Incorporated 

Teva-PharmaChemie 

Pierre Fabre Medicament Production 
 BSP Pharmaceuticals srl 
 NextPharma Technologies 

GP Pharm. 

  
 33Definitive Agreement

 Exhibit 10.11 
 Portions Subject to Confidential Treatment Request Under Rule 24b-2 
  

 
  

			
	 1311 Mamaroneck Avenue, Suite 310
 White Plains, NY 10605 USA
 www.lls.org
	  	 303B College Road East

Princeton, NJ 08540 USA        
 www.celatorpharma.com

 DEFINITIVE AGREEMENT 
 This Definitive Agreement (the “Agreement”) is made as of the 27th day of June, 2012 (the “Effective Date”) by and between The Leukemia and Lymphoma Society, a New York nonprofit
corporation with its principal place of business at 1311 Mamaroneck Avenue, White Plains, New York 10605, United States of America (“LLS”) and Celator Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at
303B College Road East, Princeton, NJ 08540 (“Company”). LLS and Company are sometimes hereinafter referred to individually as the “Party” and together as the “Parties”. 

WHEREAS, LLS is a national voluntary health agency which, among other activities encourages and sponsors research relating to leukemia,
lymphoma, Hodgkin’s disease and myeloma and to increase understanding and public awareness of the disease by, among other means, making grants, business alliances to support research and education efforts to the public about blood cancers. To
further this mission, LLS provides research funding to entities that can demonstrate through LLS’s review process that their proposed research project holds scientific promise to advance LLS’s effort to find treatments and cures for blood
cancers and its complications. 
 WHEREAS, Company is in the business of developing and commercializing pharmaceutical products
and/or biotechnology products and has received funding from LLS pursuant to Definitive Agreement dated as of January 15, 2009 as amended on September 4, 2009 (collectively the “2009 Agreement”) to conduct a human clinical trial
of CPX-351 (cytarabine:daunorubicin); 
 WHEREAS, Company has submitted a project proposal for funding a Phase III clinical
trial in persons with secondary acute myelogenous leukemia in order to accumulate data necessary to file a New Drug Application with the FDA attached hereto as Exhibit A (Phase III Clinical Trial Plan as laid out in Company Proposal), and such
Clinical Trial Plan has been approved as the Research Program by LLS through its Therapy Acceleration Program Committee; and 

WHEREAS, nothing in this Agreement shall restrict LLS from funding other research and development efforts, including without limitation
efforts by other researchers, companies or entities that fall within the scope of the Research Program. 

  
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 CONFIDENTIAL 

 NOW, THEREFORE, in consideration of the mutual premises herein contained and for other good
and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the Parties, the Parties agree as follows. 
  

	1.	Certain Definitions. 

 1.1 “Confidential Information” means any scientific, technical, trade or business information possessed, obtained by, developed for or given to the other party which is treated by the
disclosing party as confidential or proprietary including, without limitation, Proprietary Material, Research Results, research materials and developments, formulations, techniques, methodology, assay systems, formulae, procedures, tests, equipment,
data, reports, know-how, sources of supply, patent positioning, relationships with consultants and employees, business plans and business developments, information concerning the existence, scope or activities of any research, development,
manufacturing, marketing or other projects of either party, and any other confidential information about or belonging to either party’s suppliers, licensors, licensees, partners, affiliates, customers, potential customers or others. All
information of a confidential or proprietary nature supplied in written, electronic, oral or visual form pursuant to this Agreement shall be considered as being Confidential Information. 

1.2 “Deliverables” means any and all items prepared or required to be delivered in accordance with Exhibit B attached
hereto and are collectively referred to herein as the Deliverables. 
 1.3 “Field” means acute myelogenous
leukemia. 
 1.4 “First Commercial Sale” means the first sale for end use of the Product in a Major Market in
the Field after receipt of the requisite regulatory approvals. Sales for test marketing, sampling and promotional uses, clinical trial purposes or compassionate or similar use shall not be considered to constitute a First Commercial Sale.

 1.5 “Intellectual Property Rights” means any and all rights in and to discoveries, concepts, ideas,
Proprietary Material, developments, specifications, methods, drawings, designs, flow charts, diagrams, models, formulae, procedures, processes, schematics, specifications, algorithms, apparatus, inventions, ideas, know-how, materials, techniques,
methodologies, modifications, improvements, works of authorship and data (whether or not protectable under patent, copyright, trade secrecy or similar laws), including Patents, utility models, and registered and unregistered designs, including mask
works, copyrights, trade secrets, design history, manufacturing documentation, and any other form of protection afforded by law to inventions, models, designs, works of authorship, databases or technical information and applications and
registrations with respect thereto. 
 1.6 “Liquidity Event” means (a) an acquisition or exclusive license
or transfer of all or substantially all of the assets of Company relating to the Product, or (b) a transaction or series of transactions involving Company or its outstanding capital stock, whether by consolidation, merger, purchase of shares of
capital stock or other reorganization or combination or otherwise, in which in each case the holders of the Company’s outstanding capital stock immediately prior to such transaction own, immediately after such transaction, securities
representing less than fifty percent (50%) of the voting power of the entity surviving such transaction. 

  
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 CONFIDENTIAL 

 1.7 “Major Market” means each of the United States, a Major European
Country or Japan. A “Major European Country” shall mean any of France, Germany, Italy, Spain or the United Kingdom. 

1.8 “Milestones” means achievement of an agreed upon milestone pertaining to the Deliverables and Milestones as outlined
in Exhibit B and herein referred collectively as the achievement of Milestones. 
 1.9 “Net Sales” means the
gross amount invoiced on sales or other dispositions of the Product in the Field by Company and its affiliates from non-affiliate third party customers, less customary deductions as determined in accordance with Generally Accepted Accounting
Principles (“GAAP”) and as generally and consistently applied throughout Company’s organization, limited to the following: (i) customary trade, quantity, or cash discounts and commissions to non-affiliated brokers or agents to
the extent actually allowed and taken; (ii) amounts repaid or credited by reason of rejection or return; (iii) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental
charges levied on the production, sale, transportation, delivery, or use of a product which is paid by or on behalf of Company; and (iv) outbound transportation costs prepaid or allowed and costs of insurance in transit. 

1.9.1 Should Product be in a combination package containing other therapeutically active materials than Product, the “Net Sales
Price”, for the purpose of determining payments due to LLS on the Product within that combination package, shall be calculated by multiplying the Net Sales Price of that combination package by the fraction A/A+B; where A is the net selling
price, during the period in question to which the payment refers, of the Product sold separately and B is the aggregate of the net selling prices, during the payment period in question, of the other therapeutically active materials sold
separately.” 
 1.10 “Product” means Company’s proprietary compound identified as CPX-351, including
any metabolites, prodrugs, free forms, salts, solvates, hydrates, anhydrous forms, optical isomers and polymorphs thereof. 

1.11 “Project Inventions” means any and all new discoveries, concepts, ideas, Proprietary Material, developments,
specifications, methods, drawings, designs, flow charts, diagrams, models, formulae, procedures, processes, schematics, specifications, algorithms, apparatus, inventions, ideas, know-how, materials, techniques, methodologies, modifications,
improvements, works of authorship and data (whether or not protectable under patent, copyright, trade secrecy or similar laws and whether or not patentable or reduced to practice), know-how, materials, methods, models, procedures, processes,
schematics, specifications, techniques, tools, and any other forms of technology that are conceived, created, discovered, developed, generated, made or reduced to practice or tangible medium of expression during the performance of this Agreement,
whether solely by one or more employees or consultants of Company, solely by one or more employees or consultants of LLS, or jointly by one or more employees or consultants of Company and one or more employees or consultants of LLS, in each case
relating to the Research Program and/or the Product, together with all related Intellectual Property Rights. 
 1.12
“Proprietary Material” means any and all (i) molecules and/or reagents owned by, licensed to or otherwise proprietary to Company, and (ii) derivatives, modifications, improvements, fragments, metabolites, analogs or
homologs thereof, which could not have been discovered or made but for the use of Proprietary Materials. 

  
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 CONFIDENTIAL 

 1.13 “Research Program” means the clinical development activities based on
the Company Proposal and certain other activities requested by LLS, including presentations to donors and other interested parties, which have been mutually agreed to by the Parties. 

1.14 “Research Results” means all data sets, data analyses, reports detailing all optimized conditions and procedures,
test results, laboratory notes, techniques, know-how, and any other results that are obtained in the performance of the Research Program. 
 1.15 “Research Advisory Committee” means an oversight group consisting of equal representation from LLS and Company and as further described in Section 3. 

1.16 “Term” shall have the meaning set forth in Section 15.1. 

1.17 “Total Funding” shall mean the total amount of funding received by Company under this Agreement and the 2009
Agreement. 
  

	2.	Research Program and Funding.  

 2.1 The Funding and its Distribution. LLS agrees to provide funds (the “Funding”) to Company to partially fund the Research Program according to the timeline with specific Deliverables
and Milestones and the budget attached hereto as Exhibit C. The sum total of the Funding shall not exceed Five Million U.S. Dollars (US$5,000,000) for the Phase III clinical trial and shall be paid in accordance with the amounts and achievement of
Milestones. The Deliverables and the Milestone payments may be revised by written agreement of the Parties from time to time, as determined in the reasonable discretion of the LLS, provided that the total amount of the Funding requested by Company
to conduct the Research Program shall not be increased and the timely payment of each of these amounts is subject to the availability of funds from LLS. If any delay in payment interferes with Company’s ability to continue the Research Program
or meet a Milestone in a timely manner, Company may terminate this Agreement pursuant to Section 15.4. 
 2.2 Use of
Funding. Funding shall be used exclusively for the payment or reimbursement of the expenses of clinical development activities of the Research Program by Company as specified in and in accordance with and subject to the terms and conditions
contained in this Agreement. Should Funding exceed the costs incurred or committed by Company for the Research Program, upon completion of the Research Program the Parties agree to discuss the use of excess Funding for other Company programs in the
Field or which may fall within the mandate of LLS during the meeting referenced in Section 7.1, provided, that in the event the Parties do not come to mutually agreeable terms for a new agreement during such meeting, and if such agreement is
not documented through a written agreement signed and delivered on behalf of the parties within thirty (30) days thereafter, then excess Funding (after taking into account all committed but not paid or accrued expenditures, reasonably agreed
upon by the Parties in good faith) shall be returned to LLS within forty-five (45) days of the expiration or termination of this Agreement. 
 2.3 Costs-Permissible and Impermissible. Company hereby agrees to limit the expenditure of Funding as set forth in this Section 2.3. 

  
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 CONFIDENTIAL 

 2.3.1 Permissible Costs. Company and LLS have agreed that Funding shall be used as
per the budget attached hereto as Exhibit C. Should additional expenditures directly related to the performance of the Research Program be required, Company shall so notify the Research Advisory Committee, and the Parties agree to collaborate to
determine if these expenditures shall be considered permissible costs. 
 2.3.2 Impermissible Costs. Company and LLS will
collaborate to identify impermissible costs. Without limitation of the foregoing, the following costs will be impermissible costs, except as the parties otherwise agree in writing, (a) capital costs, including but not limited to, purchase of
land, buildings, construction and equipment; and (b) other costs collaboratively identified by the parties in writing as impermissible. 
 2.4 Donor Designated Funds. Where Funding is, in part or whole, provided by a donor to LLS who requests that the donated funds be restricted for support of Company, Company agrees as a condition to
receiving Funding under this Agreement to participate in promotional/publicity activities (including but not limited to meeting the Board of Trustees of the donor’s affiliated organization, being interviewed for their newsletter, etc.) upon
reasonable advance notice and such participation shall not be unreasonably withheld or delayed, provided, however, Company shall have no obligation to publish or disseminate information that contains Company Confidential Information or proprietary
know-how or trade secrets or will compromise securing patent protection of Project Inventions or to participate in any promotional/publicity activities that violate federal or state law. Company shall acknowledge the support of LLS in all such
activities. Notwithstanding the foregoing, Company shall be obligated to participate in no more than two (2) such promotional/publicity activities per calendar year, and Company’s participation shall be in compliance with all obligations
of Company under applicable securities and stock exchange rules and regulations. Additional meeting requests shall be discussed and mutually agreed upon by both Parties. 
 2.5 Presentations. As a condition to receiving Funding under this Agreement, Company agrees to provide, upon reasonable advance notice, a representative(s) acceptable to LLS for internal and
external presentations or meetings regarding the Research Program, provided, however, Company shall have no obligation to publish or disseminate information that contains Company Confidential Information or proprietary know-how or trade secrets or
will compromise securing patent protection of Project Inventions. Such Company representative(s) shall discuss the presentation or meeting with the Team Leaders (as defined in Section 3) and designated Society representatives at least ten
(10) days prior to the presentation. Company shall acknowledge the support of LLS in all such presentations. Notwithstanding the foregoing, Company shall be obligated to participate in no more than two (2) LLS presentations or meetings
regarding the Research Program per calendar year. Additional presentation requests shall be discussed and mutually agreed upon by both Parties. 
 2.6 Funding Audit. LLS will have the right, during normal business hours and upon at least ten (10) business days’ written notice, to have a mutually acceptable independent audit firm
inspect Company’s records as they relate to the Funding to verify that Company has complied with Sections 2.2. and 2.3. The independent audit firm will be required to agree in writing with Company to comply with confidentiality restrictions at
least as stringent as those set forth in this Agreement and to provide a non-confidential summary of the results of the audit to both of the Parties. In the event that any such examination shows a misuse of funds in excess of (i) five percent
(5%) for any 

  
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 CONFIDENTIAL 

 
twelve (12) month period, then Company shall pay the cost of the examination as well as reimburse the full amount equal to the expenditures of Funding spent but not used by Company in
accordance with Sections 2.2 and 2.3, plus ten percent (10%). For a misuse of funds of less than five percent (5%), Company shall pay the difference within thirty (30) days without interest charge. In the event that either party disputes the
independent audit firm’s determination, the dispute shall be resolved pursuant to the provisions of Section 14. Company agrees to maintain books and records documenting the expenditure of the Funding in accordance with Generally Accepted
Accounting Principles (“GAAP”) as generally and consistently applied throughout Company’s organization and will make these books and records relating to the Funding available to LLS and its representatives for review at the place
where such books and records are maintained by Company, upon reasonable request for a period of three (3) years following expiration or termination of this Agreement. LLS shall have the right to have any financial report or document related to
the expenditure of the Funding reviewed by external consultants and may include external consultants in any meeting or teleconference, subject to execution by such external consultants of appropriate confidentiality agreements with Company and
mutual agreement by the parties that there is no conflict of interest by the external consultants. 
 2.7 Expanded
Access/Compassionate Use Program. During the course of the Research Program, the Parties will work together will work together in an effort to create a plan for expanded access/compassionate use that would provide the neediest patients with the
opportunity to receive the Product; provided, however, that only upon mutual agreement of the Parties will any such plan be implemented. The cost to develop such plan will be the responsibility of LLS. 

 

	3.	Research Advisory Committee.  

 3.1 Research Advisory Committee. It is agreed that the Parties shall form a Research Advisory Committee for the Research Program. The Research Advisory Committee shall consist of four
(4) members, two (2) members to be appointed by each Party. Each Party may appoint or substitute any of its members serving on the Research Advisory Committee by written notice to the other Party. One (1) representative from each
Party shall be designated as Team Leader. LLS shall have the right to appoint one (1) of its members to be the chairperson of the Research Advisory Committee to oversee the administration of the Research Advisory Committee. A listing of the
initial members of the Research Advisory Committee is included as Exhibit D. 
 3.2 Meetings. The Research Advisory
Committee shall hold meetings (in person or by teleconference) at such times and places as the Team Leaders may mutually agree, provided, meetings shall be held at least every three (3) months during the Term, and more frequently if requested
by either Team Leader. The first meeting of the Research Advisory Committee shall be held within ninety (90) days of the Effective Date. The quorum for Research Advisory Committee meetings shall be two (2) members, provided there is at
least one member from each Party. The Research Advisory Committee shall keep minutes of its meetings which shall reflect in reasonable detail all actions recommended or taken. Such minutes shall not be deemed to amend or waive any provisions of this
Agreement. From time to time, between scheduled meetings the Research Advisory Committee shall consult with Company to confirm that commercially reasonable efforts are ongoing to ensure the achievement of Milestones and to ensure that any Project
Inventions generated from the Research Program are exploited so that public utilization will result therefrom. LLS shall have the 

  
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 CONFIDENTIAL 

 
right to invite external parties/consultants to any meeting or teleconference, provided that such external consultants are under confidentiality terms no less stringent than this
Agreement, subject to execution by such external parties/consultants of appropriate confidentiality agreement with Company and mutual agreement that there is no conflict of interest by external parties/consultants. 

3.3 Recommendations. The Research Advisory Committee shall be an advisory body, with recommendations rendered by unanimous vote.
Implementation of any recommendations of the Research Advisory Committee is subject to the prior approval of an authorized officer of LLS and the Chief Executive Officer or Board of Directors of Company. Notwithstanding the foregoing, if Company
proposes to make any material change in the Research Program that is not reasonably satisfactory to the Research Advisory Committee, LLS shall have the right to terminate this Agreement and, upon such termination, LLS shall have the rights set forth
in Section 15.5. 
 3.4 Responsibilities. Company and LLS shall be kept informed by the Team Leaders of the Research
Advisory Committee of material matters relating to the Research Program, including, but not limited to: (a) the progress of the Research Program, including Research Results, or summaries thereof, deemed relevant by either Team Leader;
(b) recommendations regarding modifications or amendments to the Research Program from time to time in such manner as may be appropriate based on any interim Research Results, and (c) substantiation regarding the accomplishment of
Milestones. This reporting responsibility will be a communication that will take place no less than once a quarter in the form of a quarterly report as described in Section 4 or as is necessary to inform LLS of a potential delay in a
Deliverable or Milestone. While Company maintains all control over the Research Program, the Research Advisory Committee jointly makes decisions about changes in direction of the Research Program, the outcomes of which may determine LLS’s
remaining commitment to fund the Research Program. 
  

	4.	Reports.  

 4.1
Quarterly Reports. Company shall submit, in addition to reports of the achievement of any Milestones and Deliverables, to the Research Advisory Committee within thirty (30) days after the end of each calendar quarter during the Term the
following reports which together herein defined as the Quarterly Report (“Quarterly Report”): 
 (a) a confidential
written report documenting the status and progress of the Research Program conducted therein during such period, including a description of Milestones and Deliverables achieved, and a summary of Research Results together with copies of relevant data
supporting significant findings (“Progress Report”) as agreed upon by LLS and Company, and 
 (b) a general
description of any Project Inventions (“Invention Report”), 
 (c) a detailed report of expenditures for the Research
Program (“Expenditure Report”), and 
 The Quarterly Report will provide an opportunity for the Parties to review the
progress of the Research Program towards the Milestones and Deliverables and discuss any need for revision of the timeline for Deliverables and Milestones or directions of the Research Program that may be appropriate. LLS shall have the right to
have any Quarterly Report or other data submitted by 

  
 Page 7

 CONFIDENTIAL 

 
Company reviewed and validated by external consultants, provided that such external consultants are under confidentiality terms no less stringent than this Agreement, and may include external
consultants in any meeting or teleconference, subject to execution by such external consultants of appropriate confidentiality agreement with Company and mutual agreement that there is no conflict of interest by external parties/consultants. If
following the quarterly review LLS requests a meeting (either in person or via telephone) to discuss the progress and results of the Research Program with Company, Company shall make appropriate representative(s) available for such reasonably
requested meetings at mutually convenient times and locations within ten (10) days of the request. 
 4.2 Financial
Reports. Company shall submit its company financial reports to LLS every six (6) months during the Term. Furthermore, if, in an effort to raise investment capital, Company issues any document, including but not limited to an offering
prospectus or private placement memorandum, during the Term, it shall promptly submit a copy of such document to LLS. Company shall make its financial representatives available, in person or by phone, to explain and discuss such financial reports or
documents, as reasonably requested by LLS. LLS shall have the right to have any financial report or document submitted by Company reviewed by external consultants and may include external consultants in any meeting or teleconference, subject to
execution by such external consultants of appropriate confidentiality agreements with Company and mutual agreement that there is no conflict of interest by external parties/consultants. 

4.3 Company Status Reports. 
 (a) Within ten (10) days after the end of each calendar month, Company will furnish to the Research Advisory Committee a report setting forth the patients accrued by Company for the Research Program
on a monthly basis versus Company’s projected rates of patient accrual. 
 (b) Within ten (10) days of becoming aware
thereof, Company must report to LLS any event that Company believes will materially impair or enhance Company’s ability to conduct the Research Program (“Company Status Report”). 

4.4 Upon Expiration or Termination of this Agreement: Company shall submit to LLS the following reports which together herein
defined as the Final Report (“Final Report”): (a) within thirty (30) days of the expiration or termination of this Agreement, a written report summarizing the status and progress of the Research Program conducted since the
Effective Date of the Agreement, including a description of Milestones and Deliverables achieved, and a summary of significant Research Results together with copies of relevant data (not previously submitted) supporting significant findings
(“Final Progress Report”), and (b) within thirty (30) days of the expiration or termination of this Agreement, a general description of any Project Inventions since the Effective Date of the Agreement (“Final Invention
Report”), and (c) within thirty (30) days after all invoices for Research Program expenses have been submitted to Company, a detailed report of expenditures of the Funding for the Research Program since the Effective Date (“Final
Expenditure Report”). 
  

	5.	Conduct of Research Program.  

 5.1. Responsibility. Subject to the terms and provisions of this Agreement, Company shall be solely responsible for the Research Program. Without limiting the foregoing, Company shall be
responsible for management and conduct of the Research Program and shall in particular: (a)

  
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maintain complete and accurate records of all Research Results, (b) provide to the Research Advisory Committee a summary of the Research Results and other information reasonably requested by
the Research Advisory Committee for it to monitor progress of the Research Program deemed relevant by the Team Leaders; (c) consider, review and propose to LLS amendments or modifications to the Research Program from time to time in such manner
as may be appropriate based on any interim Research Results; and (d) review, substantiate and demonstrate to the reasonable satisfaction of the Research Advisory Committee and the senior management of LLS the accomplishment of Milestones and
Deliverables. 
 5.2 Standard of Conduct. Company agrees to use the Funding solely for the payment or reimbursement of
the expenses of the clinical development activities of the Research Program in accordance with Section 2, and shall use commercially reasonable efforts, including but not limited to committing the necessary staff, laboratories, offices,
equipment and other facilities, to conduct the Research Program. In the event that LLS has a reasonable basis to believe that Company is not using commercially reasonable efforts to achieve the Milestones and Deliverables, LLS shall give written
notice thereof to Company specifying the basis for such belief. Company shall make commercially reasonable good faith efforts to address the concerns of LLS within sixty (60) days after Company’s receipt of the notice. If LLS reasonably
believes that Company has not done so during such sixty (60) day period, LLS shall notify Company within ten (10) days after the expiration of such sixty (60) day period, whereupon, LLS and Company shall negotiate in good faith within
ten (10) days to attempt to mutually resolve the issue. If the Parties cannot then resolve the issue informally, it shall be deemed a Dispute (as hereinafter defined) and resolved pursuant to the provisions of Section 14. 

5.3 Interruption or Delay of Research Program. If any portion of the Research Program including a human subject research clinical
trial is to be interrupted or delayed for a period of thirty (30) days or more, Company, within ten (10) days of becoming aware of the need to interrupt or delay the Research Program, shall provide the Research Advisory Committee and
senior management of LLS with notice indicating (a) the work will be interrupted or delayed, (b) the reason for the interruption or delay, and (c) the anticipated date upon which the work will resume. Interruptions or delays of the
Research Program may lead to Company not being able to achieve Milestones, and if not adequately resolved in a timeframe satisfactory to the Parties, could lead to the termination of this Agreement pursuant to Section 15.4. 

5.4 Site Visit(s). LLS shall have the right, up to two (2) times each calendar year, during normal business hours and upon
notice of at least ten (10) days, to inspect records in order to review and assess progress and results of the Research Program. 
 5.5 Human Subject Research. 
 5.5.1 IRB Approval. Company agrees to
obtain prior written approval from each clinical site’s Institutional Review Board (“IRB”) before undertaking any clinical trial with human subject research as required by applicable law. A true copy of the executed copy of this
approval must be made available within ten (10) days upon written request by LLS. 
 5.5.2 Informed Consent. Except
as provided in Section 5.5.3, upon approval of human subject research clinical trial by each clinical site’s IRB, no clinical trial may be conducted by Company pursuant thereto until: (i) each clinical site has secured a valid consent
and/or 

  
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authorization in accordance with applicable law from the research participant (or their legal guardians); and (ii) Company maintains a true copy of the consent and/or authorization to be
made available within ten (10) days upon written request by LLS. Such consent will conform ethically with the guidelines prescribed by the National Institutes of Health (“NIH”) or equivalent foreign guidelines and shall contain
sufficient information so that the human subject (or their legal guardian) will be in a position to provide appropriate informed consent prior to participating, including suitable explanations to human subjects (or their legal guardians) concerning
the experimental nature of the research and all significant potential hazards. 
 5.5.3 Waiver of Consent. In the event
that Company has requested a waiver of the consent and/or authorization requirement, as set forth in applicable law, from each clinical site’s IRB, no clinical trial may be conducted by Company pursuant thereto until each clinical site’s
IRB has issued appropriate documentation of such waiver in accordance with applicable law. Company shall maintain a true copy of the documentation of such waiver to be made available within ten (10) days upon written request by LLS. 

5.5.4 No Responsibility of LLS. Human subjects studied in the course of the Research Program, including a clinical trial conducted
by Company pursuant to this Agreement, are under no circumstances a responsibility of LLS. 
 5.5.5 Termination of a Clinical
Trial. Company reserves the right to terminate any clinical trial at any time after notice to and consultation with LLS, except that in cases involving patient safety issues or if authorization to conduct such clinical trial is withdrawn by the
FDA or other applicable regulatory body, prior consultation requirements to LLS shall not apply. Upon termination of a clinical trial, Company and the applicable staff shall cease the performance of the applicable clinical trial but will continue to
collect such data and prepare such reports as stipulated in the applicable clinical trial protocol and approved by the applicable IRB. 
  

	6.	Representations; Warranties; Covenants.  

 6.1 Mutual Representations. Each Party represents to the other that it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and that the
execution, delivery and performance of this Agreement have been duly and validly authorized and approved. Each of the Parties hereby represents and warrants that this Agreement is a legal and valid obligation binding upon such Party and enforceable
in accordance with its terms; the execution, delivery and performance of the Agreement by such Party does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it is bound, nor violate any
law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it. 
 6.2
Company Representations. Company represents, warrants and covenants to LLS that Company (a) has the knowledge, skills and experience to perform the Research Program, (b) has and shall maintain during the Term all licenses, permits
and other approvals and authorizations required to conduct the Research Program and shall do so in conformity with all applicable laws and regulations, and (c) with respect to any third party to whom it subcontracts the performance of any
aspect of the Research Program, it will monitor such subcontractor(s) to insure that they have and shall maintain during the Term all licenses, permits and other approvals and authorizations required

  
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to conduct the Research Program and shall do so in conformity with all applicable laws and regulations. Company shall provide documentation of its and its subcontractor’s licenses, permits,
approvals or authorizations at LLS’s request. 
 6.3 DISCLAIMER. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
AGREEMENT, EACH OF THE PARTIES MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE RESEARCH PROGRAM, RESEARCH RESULTS, OR ANY PRODUCT RESULTING FROM THE RESEARCH PROGRAM. The Parties understand
and agree that development and commercialization of any Product in the Field will involve approval by regulatory authorities and that no Party is guaranteeing the safety or efficacy of any Product in the Field. The Parties acknowledge that no
intellectual property rights warranties are being made hereunder nor are any warranties being made with respect to the Research Results or Project Inventions. 
  

	7.	Additional Development and Commercially Reasonable Efforts.  

 7.1 Additional Development. Company acknowledges that it will be solely responsible, after the completion of the Research Program, for further clinical development and, if commercially feasible,
commercialization of the Product, including obtaining all regulatory approvals. 
 7.2 Commercially Reasonable Efforts to
Further the Research Program. Company agrees that for a period of five (5) years following the expiration or termination of this Agreement, Company shall take such steps as are commercially reasonable to further the clinical development of the
Product and to bring the Product to practical application within the Field, provided that Company reasonably believes that the Product is safe and effective in the Field as determined by successfully meeting its pre-determined endpoints in its
clinical trials in the Field, and provided that Company receives necessary regulatory approvals to continue development and reach the market for the Product in the Field in a Major Market. Company shall keep LLS informed in writing during such five
(5) year period on at least a twelve (12) month basis of Company’s efforts and results with regard to continuing development of such Product in the Field. Company agrees that if and/or when it licenses the Product in the Field to a third party
for commercialization, Company shall include provisions in the license agreement to obligate the licensee to continue the clinical development of the Product in the Field in a commercially reasonable manner, provided that Company or licensee
reasonably believes that the Product is safe and effective in the Field as determined by successfully meeting its pre-determined endpoints in its clinical trials in the Field, and provided that Company and/or licensee receives necessary regulatory
approvals to continue development and reach the market for the Product in the Field in a Major Market. The license agreement shall also provide that in the event that the licensee no longer uses commercially reasonable efforts to advance the
clinical development of the Product for reasons other than safety, lack of efficacy or lack of necessary regulatory approvals, as provided above, Company shall have the right to either terminate the license agreement or convert an exclusive license
to a non-exclusive license so that Company may seek other licensees. 
 If during such five (5) year period, Company or its
licensee no longer uses commercially reasonable efforts for a period of one hundred eighty (180) days or more to either (a) advance the clinical development of the Product or terminates its clinical development efforts directly related to the
Product despite clinical efficacy and safety as determined by meeting its clinical pre-determined endpoints in the Field or (b) pursue its partnering efforts for the Product, and 

  
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LLS so requests in writing, Company shall grant to LLS an exclusive license to the Product in the Field and all intellectual properties arising from the Research Program and the research program
conducted under the 2009 Agreement (the “LLS License”). Any such request by LLS shall specify the grounds for such request, and any disagreement by Company with those grounds or any other terms of the LLS License shall be considered a
“Dispute” and shall be resolved pursuant to the provisions of Section 14. If the LLS License is granted and a Product is successfully commercialized by LLS or its affiliates or licensees pursuant to the LLS License, LLS shall
pay to Company a royalty equal to the lesser of (i) ************************** of any Product sold by LLS, its affiliates and/or its licensees in any country in the world and (ii) ************************* of all amounts received by LLS,
its affiliates and/or its licensees arising from such Net Sales; provided, however, that the aggregate total payments shall be limited to three and fifty-five one-hundredths (3.55) times the Total Funding. Royalty payments to Company shall be paid
on a quarterly basis within sixty (60) days following the end of each quarter in accordance with Section 10(d). Upon the grant of the LLS License, this Agreement shall terminate with the effect set forth in Section 15, and the Company
shall have no obligations to make any payments to LLS pursuant to Section 10 or Section 15.5 (except for repayment obligations arising from a breach of Section 2.2 or 2.3). 

Notwithstanding anything to the contrary set forth in this Agreement, if the Research Program is deemed unsuccessful by not meeting its
clinical endpoints for safety and efficacy during the Term of this Agreement, if clinical development of the Product in the Field does not continue to meet its clinical endpoints for safety and efficacy in future clinical trials in the Field at any
time during the five (5) years following the expiration or termination of this Agreement, as determined by clinical experts retained by Company or by the FDA, or if the Company grants to LLS License to LLS, all Funding provided to Company by
LLS under this Agreement and the 2009 Agreement will be considered a non-repayable grant. 
 Notwithstanding the above, if the
Research Program is deemed unsuccessful (in accordance with the criteria set forth above), and, within a five (5) year period thereafter, Company advances its knowledge base regarding the Research Program and the Product in the Field,
and decides to move forward in development of the Product in the Field, Company shall so notify LLS in writing, whereupon LLS shall have the right of first offer to support a research program of the Product in the Field provided that LLS gives
Company written notice of its determination to do so within sixty (60) days after the date of Company’s written notice. 
  

	8.	Publication of Results.  

 8.1 Publication of Results. If either Party determines that scientific findings and results developed in the conduct of the Research Program have scientific significance that would be of interest
to the broader research community, Company shall use reasonable efforts to publish or otherwise cause to be publicly disseminated within the research community such scientific findings and results, together with the underlying data, within twelve
(12) months after the completion of the Research Program and provided that such results have been produced and verified, provided, however, Company shall have no obligation to publish or disseminate information that contains Company’s
Confidential Information or proprietary know-how or trade secrets or will compromise securing patent protection of Project Inventions. Company shall acknowledge the support of LLS in all such publications. 

8.2 Availability of Materials. In the event that Company no longer uses commercially

  
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reasonable efforts to advance the clinical development of the Product and an LLS funded academic researcher thereafter requests the opportunity to study the physical materials, research tools and
resources developed during or emanating from the Research Program that are reasonably available to Company, Company agrees to make them available to such academic researcher for non-commercial research, following public disclosure of such materials
by Company, which disclosure may include, without limitation, scientific publications, seminar presentations, and publication of patent applications. These materials shall be shared on an “at cost” basis under a Materials Transfer
Agreement (“MTA”) executed between the requesting party (“Transferee”) and Company, provided that such transfer shall occur within thirty (30) business days of execution of the MTA. Such MTA shall contain terms customary in
the pharmaceutical industry and shall be negotiated in good faith by Company within sixty (60) business days following Transferee’s request. 
  

	9.	Intellectual Property.  

 9.1 Ownership Rights in Pre-Existing Works. Each Party will retain ownership and control of their respective works of authorship, inventions, know-how, information, and data, proprietary material,
and all Intellectual Property Rights therein, that were in existence as of the Effective Date or are later generated outside of scope of the performance by each Party of its obligations under this Agreement. 

9.2 Ownership Rights in Project Inventions. Company shall own any and all proprietary rights, including but not limited to all
other Intellectual Property Rights, in all Project Inventions and all Research Results. 
 9.3 Protection and Perfection of
Rights. LLS will assist Company in any reasonable manner in the procurement and maintenance of all Intellectual Property Rights in the Project Inventions, provided, however Company shall cover all expense at its sole cost. Without limiting the
foregoing, LLS will execute, and cause its employees and representatives to execute, upon Company’s request, any assignments, applications and other documents that Company believes may be necessary or appropriate to protect or perfect the
Intellectual Property Rights in the Project Inventions. LLS will ensure that its employees and consultants who participate in activities under this Agreement are obligated to assign or otherwise transfer all right, title and interest in and to all
Intellectual Property Rights in the Project Inventions to Company or its designee and will, as requested by Company, obtain for Company the execution of all necessary applications or other documents therefore from any employee or consultant.

 9.4 Reservation of Rights. Except for the rights expressly provided in this Agreement, no other rights are granted by
either Party to the other Party. Notwithstanding anything to the contrary, no rights or licenses are granted under this Agreement by either Party to the other for the use of any trade names, trademarks, and service marks. 

9.5 Patent Prosecution Reporting. The filing and progress of all patent applications generated to protect Project Inventions filed
by Company shall be reported in writing by Company in a timely fashion to LLS, but no later than thirty (30) days prior to the submission date of any document in connection with such patent applications. After receipt of any such report, LLS
may request in writing the disclosure of all actions, papers or agreements related thereto, and Company shall promptly provide LLS a copy of each such action, paper or agreement within thirty (30) days after LLS’s written request.

  
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 The obligation set forth in this Section 9.5 shall terminate for each patent application upon the
issuance of the resulting patent. 
 10. Payments to LLS. In consideration of LLS’s Funding and transfer to Company of any
rights LLS may have to any Project Inventions developed during the Term, Company shall pay LLS the amounts set forth in this Section 10, up to the respective maximum payment amount set forth in Section 10(c), subject in all respects to the
provisions of Section 7.2: 
 (a) if (i) Company outlicenses the rights to the Product or the intellectual properties
arising from the Research Program to a third party or transfers the rights to the Product or such intellectual properties to a third party, or (ii) if a Liquidity Event is consummated, Company shall pay to LLS an amount equal to fifty percent
(50%) of any cash payments (“Transaction Payments”) received by Company or then payable to its stockholders pursuant to such transaction, as and when paid to the Company or payable to its stockholders until LLS has received an amount equal
to one and one-half (1.5) times the Total Funding. Transaction Payments shall include: (i) upfront payments; and (ii) contingent payments related to clinical, regulatory or sales milestones, but shall not include any of the following:
(A) payments on account of Net Sales of Products; (B) payments for the purchase of equity or convertible debt investments in Company or in any affiliate on an arms’ length basis; (C) loan proceeds paid to Company or any affiliate
in an arms’ length debt financing; or (D) funding for sponsored research or other services paid to Company for research performed or to be performed by Company or any affiliate at arms’ length; 

(b) a royalty equal to the lesser of (i) ************************* of any Product sold by Company, its affiliates or its licensees
in any country in the world and (ii) ************** ***** of the amounts received by Company arising from such Net Sales; 

(c) provided, however, that the aggregate total payments under clauses (a) and (b) above shall be limited to three and
fifty-five one-hundredths (3.55) times the Total Funding. 
 Notwithstanding anything to the contrary set forth above, if the
amounts payable to LLS pursuant to in Section 10(a) would jeopardize the feasibility of Company to engage in a transaction that Company’s Board of Directors determines to be in Company’s best interests, LLS and Company agree to
negotiate in good faith in an effort to develop alternative arrangements which have the same economic impact overall as the provisions of Section 10(a). 
 (d) Royalty payments to LLS shall be paid on a quarterly basis within sixty (60) days following the end of each quarter. Company shall provide LLS, financial information adequate to establish and
document the amounts payable to LLS pursuant to this Section 10, and shall permit an independent auditor selected by LLS to examine its financial records to verify the accuracy of the amount payable to LLS. Audits of such financial information
shall be conducted no more frequently than annually and shall take place at the location where such records are maintained by Company. The independent audit firm will be required to agree in writing with Company to comply with confidentiality
restrictions at least as stringent as those set forth in this Agreement, and to provide a non-confidential summary of the results of the audit to both of the Parties. In the event that any such examination shows an underreporting and underpayment in
excess of the greater of (i) ********* 

  
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******* or (ii) **************** by LLS in conducting the examination for any twelve (12) month period, then Company shall pay the cost of the examination as well as any additional sum
that would have been payable to LLS had Company reported correctly, plus an interest charge at a rate of *************************, calculated from the date the correct payment was due to LLS. For underpayment of less than the greater of
************************* of the examination for any twelve (12) month period, Company shall pay the difference within thirty (30) days without interest charge or examination costs. 

 

	11.	Confidentiality.  

11.1 Definition. Confidential Information shall have the meaning set forth in Section 1. 

11.2 Exceptions to Confidential Information. The following information shall not be treated as Confidential Information:
information (a) that is in the public domain or is known by others in the field at the time of disclosure; (b) that is in the possession of the Receiving Party free of any obligation of confidentiality prior to the time of disclosure;
(c) that subsequently becomes part of the public domain or becomes publicly known through no fault of the receiving party; (d) that subsequently is received by the receiving party without any obligation of confidentiality from a third
party who is free to disclose the information; (e) that is independently developed by the receiving party without the use of any Confidential Information; or (f) that is required to be disclosed to comply with applicable laws or
regulations, or with a court or administrative order. 
 11.3 Confidentiality Obligations. For a period of five
(5) years following the last disclosure by a Party of Confidential Information pursuant to this Agreement, the receiving party agrees that it will maintain the confidentiality of and will not disclose to any third party, or use for any purpose
other than as contemplated by this Agreement, any Confidential Information furnished to it by the disclosing party, except as permitted herein. The receiving party agrees that any dissemination of Confidential Information to its employees shall be
limited to the extent reasonably possible and that the receiving party shall take reasonable steps to instruct all persons to whom any Confidential Information is disclosed of the confidential nature of such information, the proprietary right of the
disclosing party therein, and the obligation of such person to maintain the confidentiality of such information during and after employment with the receiving party. The receiving party shall also take appropriate action to reasonably assure that
any consultants, agents or independent contractors of the receiving party who are hired or engaged by the receiving party shall hold in confidence any Confidential Information which they acquire during the course of their duties. 

11.4 Exceptions to Non-Disclosure Obligation. In the event that the receiving party is required or requested by law or government
order to disclose any Confidential Information, the receiving party will, to the extent permitted by law, (a) promptly notify the disclosing party of any such request or requirement, and of the circumstances relating to such disclosure and the
proposed scope thereof, so that the disclosing party may seek an appropriate protective order or other appropriate protections, and (b) provide reasonable assistance at the disclosing party’s request so the disclosing party may seek to
obtain a protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information. 
 12.
Healthcare Compliance. The Parties specifically intend to comply with all applicable laws, rules and regulations, including (i) the federal anti-kickback statute (42 U.S.C. 1320a-7(b) and the related safe harbor regulations; and
(ii) the Limitation on Certain Physician Referrals, also referred to 

  
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as the “Stark Law” (42 U.S.C. 1395 (n)). Accordingly, no part of any consideration paid hereunder is a prohibited payment for the recommending or arranging for the referral of business
or the ordering of items or services; or is intended to induce illegal referrals of business. In the event that any part of this Agreement is determined to violate federal, state, or local laws, rules, or regulations, the Parties agree to negotiate
in good faith revisions to the provision or provisions that are in violation. In the event the Parties are unable to agree to new or modified terms as required to bring the entire Agreement into compliance, either Party may terminate this Agreement
immediately upon written notice to the other Party. The Parties shall comply with the Health Insurance Portability and Accountability Act of 1996 and the regulations promulgated thereunder, and all applicable state, local and foreign privacy and
other laws, rules and regulations. 
  

	13.	Debarment & Exclusion.  

 13.1 Debarment. Company represents that Company is not debarred and that it does not knowingly use in any capacity, directly or indirectly, the services of any individual or entity which is
debarred by the FDA pursuant to 21 USC Section 335a(a) or (b) for any of the services or research hereunder. Company will promptly disclose in writing to LLS if any individual or entity providing services hereunder is debarred or if any
action, claim, investigation or legal or administrative proceeding is pending, threatened, relating to the debarment of Company or any individual/entity performing services (a “debarment action”) upon notice of such debarment action. In
the event of debarment or notice of a debarment action, LLS shall have the right to terminate this Agreement immediately upon written notice to Company. 
 13.2 Exclusion. Company represents that it is not excluded and does not use in any capacity, directly or indirectly, the services of any individual or entity which is excluded by the Office of the
Inspector General (OIG) pursuant to Social Security Act Section 1128(a)(b) and (c) and or 42 USC Section 1320a-7 for any of the services or research hereunder. Company will promptly disclose in writing to LLS if any individual or
entity providing services hereunder is excluded or upon notice (an “exclusion action”) or if any action, claim, investigation or legal or administrative proceeding is pending and or threatened. In the event of exclusion or notice of an
exclusion action, LLS shall have the right to terminate this Agreement immediately upon written notice to Company. 
  

	14.	Dispute Resolution.  

 14.1 Procedures Mandatory. The Parties agree that any claim or dispute arising out of or relating to this Agreement, other than breaches of confidentiality obligations, shall be resolved solely by
means of the procedures set forth in this Section 14. 
 14.2 Negotiation. Any Party who wishes to make a claim
arising out of or relating to this Agreement must notify the other Party in writing setting forth the claim. The Parties have fourteen (14) days after receipt of the claim notice by the other Party to resolve the dispute informally. 

14.3 Meeting of Senior Management. If the aforesaid fourteen (14) day period expires without resolution of the claim, either
Party may request a meeting between senior management of the Parties to resolve the dispute and shall propose at least three different non-holiday weekdays (and times) within the sixty (60) days after the request when such a meeting may take
place, none to be sooner than seven (7) days after the request is received. If none of the times and dates proposed are acceptable to the other Party, that Party shall, not later than fourteen (14) days after receiving the

  
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request, counter-propose in writing at least three different non-holiday weekdays (and times) within the same period, none to be sooner than seven (7) days after the counterproposal is
received. The Party who made the initial request shall respond to any counter-proposed dates in writing not later than fourteen (14) days after receiving the counter-proposal. Such a meeting may be either by telephone or in person. If a meeting
is agreed upon, the Parties must participate unless it is rescheduled by agreement. 
 14.4 Further proceedings:

 14.4.1 The Party requesting the meeting may proceed to arbitration if the other Party has not agreed to a meeting or
counter-proposed a meeting within fourteen (14) days after receiving the claiming Party’s request, or has failed to participate in an agreed meeting. 
 14.4.2 The Party receiving a request for a meeting may proceed to arbitration if the other Party has not agreed to a meeting within fourteen (14) days after receiving a counter-proposal, or has
failed to participate in an agreed meeting. 
 14.4.3 Either Party may proceed to arbitration if a meeting takes place and the
claim is not resolved. 
 14.5 Arbitration. Any Party entitled under Section 14.4 to proceed with arbitration may
submit the claim or dispute to arbitration conducted by JAMS or any corporate successor of JAMS or, if unavailable, by the American Arbitration Association or any corporate successor of the American Arbitration Association, under the rules of such
organization generally applicable to commercial disputes. Such arbitration shall be the exclusive means of proceeding further in the dispute resolution process. The arbitration shall be held in the County of New York in the State of New York. The
arbitrator is authorized to award such injunctive and monetary relief as he, she or they believe(s) appropriate. The arbitral award shall be in writing, state the reasons for the award, and be final and binding on the Parties. The arbitration shall
otherwise be governed by the United States Arbitration Act, 9 U.S.C. Section 1 et seq. For purposes of enforcement of any such award, the Parties agree to submit to the jurisdiction of the state and federal courts located in the County
of New York in the State of New York. 
 14.6 Preservation of Rights Pending Resolution. 

14.6.1 Performance to Continue. Each Party shall continue to perform its obligations under this Agreement pending final resolution
of any claim or dispute arising out of or relating to this Agreement unless the Agreement is rightfully terminated or rescinded. 
 14.6.2 Provisional Remedies. Although the procedures specified in this Section are the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement,
either Party may seek a preliminary injunction or other preliminary relief to avoid irreparable harm or to preserve its rights pending resolution of these dispute resolution procedures. 

14.7 Statute of Limitations. All applicable statutes of limitation and time-based defenses (such as estoppel and laches)
concerning a claim subject to this dispute resolution process shall be tolled upon the sending of a notice of such claim as specified in Section 2, and such toll shall continue until the time ten (10) days after the date that the claimant
becomes entitled to commence arbitration hereunder. 

  
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 14.8 Failure to Comply With Dispute Resolution Process. Any Party may restart the
dispute resolution process as to the same claim, but only after either fourteen (14) days have elapsed after the negotiation period set forth in Section 14.2 and no Party has requested a meeting under Section 14.3, or at least one
Party becomes entitled to proceed to arbitration under Section 14.5, above. Upon rightful commencement of an arbitration concerning a claim, any newer dispute resolution process concerning that claim terminates. 

 

	15.	Term and Termination.  

 15.1 Term. This Agreement shall commence on the Effective Date and shall remain in effect until the completion of the Milestones (the “Term”), unless earlier terminated in accordance with
the provisions of this Agreement. 
 15.2 Termination Rights. Other than the Termination Rights specified in previous
sections of this Agreement, Company may terminate this Agreement at any time during the Term upon at least thirty (30) days’ prior written notice to LLS. Company may terminate this Agreement immediately upon written notice to LLS upon the
termination of the Research Program. LLS may terminate this Agreement upon at least ninety (90) days’ prior written notice to Company. Either Party may terminate this Agreement pursuant to Section 12. 

15.3 Termination for Bankruptcy. LLS may terminate this Agreement immediately, with no further payment obligations, if Company
(a) becomes insolvent or is unable to pay its debts when due, (b) files a petition in bankruptcy, reorganization or similar proceedings (and if filed against, such petition is not removed within thirty (30) days),
(c) discontinues its business, or (d) a receiver is appointed or there is an assignment for the benefit of Company’s creditors. 
 15.4 Termination for Breach; Other Termination. 
 (a) In the event that
(i) Company commits a material breach of its obligations under this Agreement, or (ii) LLS fails to pay any amount to Company hereunder when such amount is due and payable and, in either case, the breaching Party fails to cure that breach
within thirty (30) days after receiving written notice thereof from the non-breaching Party, the non-breaching Party may terminate this Agreement immediately upon written notice to the breaching Party. 

(b) Upon a grant by Company to LLS of the LLS License pursuant to Section 7.2, this Agreement shall automatically terminate. Such
termination shall not be deemed a termination upon material breach by Company pursuant to Section 15.4(a). 
 15.5
Effect of Termination. In the event that LLS terminates this Agreement for any reason other than pursuant to Section 15.4(a) upon a material breach by Company of its obligations under this Agreement, in the event Company terminates this
Agreement pursuant to Section 15.4(a) upon a material breach by LLS of any of its obligations under this Agreement, or in the event this Agreement terminates pursuant to Section 12, LLS shall compensate Company for the work it has
completed up to the date of termination by paying Company (a) the balance of any Funding owed for 

  
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each completed Milestone, and (b) the amount of any reasonable accrued costs and non-cancelable obligations directly related to the Research Program incurred by Company prior to the receipt
of notice of termination, such payment to be made within thirty (30) days following the verification of such amount; provided, however, such payment, together with all other Funding payments made pursuant to this Agreement, shall not exceed the
total amount of Funding to be provided by LLS pursuant to Section 2. Furthermore, in such event, all Funding provided by LLS under this Agreement and the 2009 Agreement shall be considered a non-repayable grant to Company, and the provisions of
Sections 7.1 and 7.2 (other than the provisions relating to the grant of the LLS License and matters relating to such grant) shall not survive the termination of this Agreement, notwithstanding anything to the contrary set forth in this Agreement.
Company shall provide such documentation of completed Milestones, accrued costs and non-cancelable commitments as LLS may reasonably request. 
 In the event that LLS terminates this Agreement pursuant to Section 15.4(a) upon a material breach by Company of its obligations under this Agreement, Company shall within one hundred eighty
(180) days of termination repay to LLS an amount equal to that portion of the Funding that LLS had paid to Company pursuant to this Agreement, provided, if Company challenges the justification for such termination, the matter shall be treated
as a Dispute pursuant to Section 14, and the provisions of Sections 7.1, 7.2 and 10 shall not survive the termination of this Agreement. 
 In the event Company terminates this Agreement pursuant to the first sentence of Section 15.2, Company shall pay to LLS the following amount, as applicable, in each case less any amounts previously
paid to LLS by Company pursuant to Section 10: (i) if termination occurs prior to the secondary endpoint analyses from the Research Program (estimated to occur in the fourth calendar quarter of 2014), an amount equal to *********** the
Total Funding, (ii) if termination occurs after the secondary endpoint analyses from the Research Program but prior to the First Commercial Sale of a Product, an amount equal to ********************************************** the Total Funding,
or (iii) if termination occurs after the First Commercial Sale of a Product, an amount equal to ********************************* the Total Funding. Any such payment shall be made within thirty (30) days after such termination. 

15.6 Force Majeure. Neither Party will be responsible for delay resulting from causes beyond the reasonable control of such Party,
including without limitation fire, explosion, flood, war, acts of terrorism, strike or riot, provided that the non-performing party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under
this Agreement with reasonable dispatch when such causes are removed. 
 15.7 Survival. The following provisions shall
survive the expiration or termination of this Agreement except to the extent otherwise expressly provided in this Agreement: Sections 4.4, 6, 7.2, 8, 9, 11, 14, 15.5, 15.6, 15.7, 16.1, 16.2, 16.4, 16.5, 16.7, 16.10, 16.11, 16.12, 16.13, 16.14 and
16.15 and all definitions applicable to those sections. 
  

	16.	Miscellaneous Provisions.  

 16.1 Indemnification. Company agrees to indemnify, hold harmless and defend, LLS and LLS directors, officers, representatives, employees and agents and their respective successors, heirs and
assigns (each an “Indemnitee”) from and against any and all claims, losses, expenses, demands, 

  
 Page 19

 CONFIDENTIAL 

 
suits, liability or damage for personal injury, property damage or otherwise, including reasonable attorneys’ fees, (collectively “Claims”), arising directly or indirectly from,
relating to, or resulting from (a) any research performed under this Agreement, including research undertaken by one or more investigators or subcontractors pursuant to one or more agreements between Company and its subcontractors and
investigators, (b) any product developed in whole or in part from such research, (c) any claim of infringement or misappropriation of intellectual property, (d) any material breach of its representations, warranties, covenants or
obligations under this Agreement and (e) the conduct of Company’s business or operations outside of the Research Program. 
 Notwithstanding the foregoing, Company shall have no obligations pursuant to this Agreement to defend or indemnify LLS from any liability, loss, damage or expense to the extent it arises from
(a) LLS’s negligence or willful misconduct, (b) any material breach by LLS of its representations, warranties, covenants or obligations under this Agreement and (c) the conduct by LLS of its business or operations outside of the
Research Program 
 16.2 Indemnification Procedures. 

16.2.1 In the case of any Claim asserted against an Indemnitee, such Indemnitee shall (i) notify Company in writing as soon as
it becomes aware of any Claim and shall permit Company (at the expense of Company) to assume defense of any Claim and (ii) cooperate fully with the legal representative chosen by Company, who shall be reasonably satisfactory to
Indemnitee, provided that the failure of any Indemnitee to give notice as provided herein shall not relieve Company of its indemnification obligation hereunder except to the extent that such failure results in a lack of actual notice to Company and
Company is materially prejudiced as a result of such failure to give notice. 
 16.2.2 Except with the prior written consent of
the Indemnitee, Company shall not consent to entry of any judgment or enter into any settlement that provides for injunctive or other non-monetary relief affecting the Indemnitee or that does not include as an unconditional term thereof the giving
by each claimant or plaintiff to such Indemnitee of a release from all liability with respect to such Claim. 
 16.2.3 If the
Indemnitee in good faith determines that the conduct of the defense of any Claim subject to indemnification under this Agreement or any proposed settlement of any such Claim by Company might be expected to affect adversely the Indemnitee’s tax
status, reputation, the ability of the Indemnitee to conduct its business or fulfill its mission, the Indemnitee will have the right at all times to take over and assume control over the defense, settlement, negotiations or litigation relating to
that portion of the Claim at the sole cost of Company, provided that if the Indemnitee does so take over and assume control, the Indemnitee may not settle such Claim with the written consent of Company, such consent not to be unreasonably withheld
or delayed. 
 16.3 Insurance. 
 16.3.1 Company represents and warrants that it has and will maintain during the Term liability insurance in an amount as is customarily carried by entities engaged in activities similar to those
contemplated by this Agreement, but in no event less than $5 million for a single occurrence and $10 million in the aggregate. Insufficient insurance or self-insurance coverage shall not relieve Company of its indemnification obligations under
Section 16.1. 

  
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 CONFIDENTIAL 

 16.3.2 In addition to the liability insurance referred to in Section 16.3.1 above,
Company has and will maintain during the Term workmen’s compensation and other insurance coverage in amounts appropriate to the conduct of Company’ business activities and the services and research contemplated by this Agreement and in
conformance with applicable legal and regulatory requirements. 
 16.3.3 Company shall add LLS as an additional insured to its
insurance policies with respect to the Research Program and shall cause its insurance policies to provide for thirty (30) days’ prior written notice to LLS by the insurance carrier of cancellation, expiration or modification of the
insurance policy and will furnish to LLS certificates of insurance evidencing the foregoing within thirty (30) days after the Effective Date. 
 16.4 Limitation on Liability. It is agreed by the Parties that neither Party shall have a right to or shall claim its special, indirect or consequential damages, including lost profits, for breach
of this Agreement. 
 16.5 Publicity; Use of Party’s Name. Neither Party shall use the name of the other Party, its
trademarks, service marks, logos, or the name of any principal investigator, or any employee or agent, for any press release, marketing, advertising, public relations or other purposes without the prior written consent of the other Party, except
that either Party may use the name of each other, disclose the existence of this Agreement, and include a general description of the nature of the Research Program (for example, as set forth in Exhibit A and C) in any descriptions on its
website, in its research portfolio, fundraising activities and its reporting requirements. If Company successfully develops a treatment for a blood cancer or their complications in the Field utilizing information developed in whole or in part from
the Research Program, then Company shall acknowledge LLS’s financial contribution in any announcement or publication made by Company directly related to such event. 
 16.6 Relationship of Parties. The Parties do not intend this Agreement to create a legal partnership, joint venture, or agency relationship. There are no third party beneficiaries to this
Agreement. The activities and resources of each Party shall be managed by such Party, acting independently and in its individual capacity and the Parties shall have a relationship of independent contractors with respect to each other. Neither Party
shall have any express or implied right or authority to assume or create any obligations on behalf or in the name of the other Party or to bind the other Party to any contract, agreement or undertaking with any third party. 

16.7 Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of New York, without
giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute or would require or permit the application of the laws of another jurisdiction. 

16.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all
of which together shall be deemed to be one and the same instrument. This Agreement may be executed and delivered by facsimile or electronic transmission, which shall be binding on the party delivering a copy via facsimile or electronic
transmission. 
 16.9 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and
their respective permitted successors and assigns. 

  
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 CONFIDENTIAL 

 16.10 Assignment and Subcontracting. This Agreement may not be assigned by either
Party without the prior written consent of the other Party, except that Company may assign this Agreement to an affiliate or to a successor in connection with the merger, consolidation or sale of all or substantially all of Company’s assets or
that portion of its assets or business to which this Agreement relates, so long as the affiliate or successor assumes in writing the obligations of this Agreement. Any assignment or attempted assignment in violation of this provision shall be null
and void unless agreed upon in writing by both Parties. 
 16.11 Entire Agreement; Amendment and Waiver. This Agreement
and all Exhibits attached hereto, constitute the entire agreement and understanding of the Parties with respect to the subject matter of the Agreement and supersedes any prior and contemporaneous understandings, proposals and agreements, whether
written or oral, between the Parties relating to its subject matter. The 2009 Agreement is not superseded hereby other than Sections 7.1, 7.2 and 10 and the third paragraph of Section 15.5 thereof which are superseded and no longer effective.
In the event of any conflict between this Agreement and the 2009 Agreement, the terms of this Agreement shall prevail. Any amendment, alteration or modification must be in writing and signed by the Parties. Any waiver of any rights or failure to act
in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar. 

16.12 Notice. Any notice required or permitted to be given hereunder shall be deemed given: when personally delivered; upon
confirmed receipt of electronic delivery by email or facsimile; upon receipt by delivery by recognized overnight delivery service; or five (5) days after being deposited in the mail, with postage prepaid for certified mail, return receipt
requested, addressed as follows: 
 COMPANY 
  

					
	  
 Address:
	  	 303B College Road East

Princeton, NJ 08540 USA
	  	
			
		  	 Lawrence Mayer, Ph.D., President &
 Head of Research
	  	 604-675-2103

Lmayer@celatorpharma.com

			
	Senior Management:	  		  	
			
		  	  
 Scott Jackson, R.Ph., M.B.A. CEO
	  	 609-243-0123

sjackson@celatorpharma.com

			
	For Legal Issues:	  		  	
			
	  
 For Legal Issues,

with a copy to:
	  	  
 Duane Morris LLP

Attention: Kathleen M. Shay
	  	 30 South 17th Street

Philadelphia, PA 19103
 215-979-1210

kmshay@duanemorris.com

  
 Page 22

 CONFIDENTIAL 

 THE LEUKEMIA & LYMPHOMA SOCIETY 

 

					
	Address:	  	1311 Mamaroneck Ave, Suite 310, White Plains, New York 10605
			
	Senior Management:	  	 Richard Winneker, Ph.D.,

Senior Vice President for Research
	  	 914-821-8310

richard.winneker@lls.org

			
	  
 For Legal Issues:
	  	  
 James Nangle; Chief Financial Officer
	  	 914-821-8824

jimmy.nangle@lls.org

			
	For Legal Issues, with copy to:	  	 Holland & Knight LLP

Attention: Neal N. Beaton
	  	 31 West 52nd Street, 11th Floor
 New York, New York 10019
 212-513-3470
 neal.beaton@hklaw.com

 or, in each case, to such other address or facsimile number or to the attention of such other person as may be specified
in writing by such Party to the other Party. 
 16.13 Severability. If any provision of this Agreement is inoperative or
unenforceable for any reason in any jurisdiction, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case, circumstance or jurisdiction, or of rendering any other provision
or provisions herein contained invalid, inoperative, or unenforceable to any extent whatsoever. 
 16.14 Headings. The
headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement. 
 16.15 Construction of this Agreement. In any construction of this Agreement, the Agreement shall not be construed against any Party based upon the identity of the drafter of the Agreement or any
provision of it. 
 16.16 Further Assurances. Each Party agrees to execute all such further instruments and documents and
take all such further actions as the other Party may reasonably require in order to effectuate the terms hereof. 
 (Signature
page follows.) 

  
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 CONFIDENTIAL 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

  

			
	 CELATOR PHARMACEUTICALS, INC.

 

	By:	 	  

		 	Scott Jackson
		 	Chief Executive Officer
		 	June     , 2012
	  
 THE LEUKEMIA & LYMPHOMA SOCIETY

 

	By:	 	  

		 	James T. Nangle
		 	Chief Financial Officer
		 	June     , 2012

  
 Page 24

 CONFIDENTIAL 

 Exhibit A 
 Company Proposal 
 See Attached 

  
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 CONFIDENTIAL 

 Exhibit B 
 Deliverables and Milestones 
  

							
	 	 	 	 	Est.	 	 
	Milestone	 	Number	 	Date	 	Payment
				
	Signing agreement	 	Ml	 	Jun 30	 	****
	First IRB approval	 	M2	 	3Q12	 	****
	FPI	 	M3	 	4Q12	 	****
	50% enrollment	 	M4	 	4Q13	 	****
	Complete enrollment	 	M5	 	3Q14	 	****
	Secondary endpoint analyses	 	M6	 	4Q14	 	****
	Primary endpoint analysis	 	M7	 	3Q15	 	****

  
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 CONFIDENTIAL 

 Exhibit C 
 Budget 
  

																									
	 	  	(In Thousands)	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
							
	 Base Case Clinical - External Costs
	  	2012	 	  	2013	 	  	2014	 	  	2016	 	  	2016	 	  	Total	 
	 GranB
	  	$	 ****	  	  	$	 ****	  	  	$	 ****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 MonMng
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Invesfipilor Sponsored Studies
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Trial Insurance
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Clinical Trial Support and Data Analyses:
	  				  				  				  				  				  			
	 Travel Costs
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Data House
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Stat. House
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 PK House
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Independent Pathology
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 DSMB (same data house as study)
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 IRB submission and re-approvals
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Equipment (IV equip., refrigerators. etc.)
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Printing
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 QA (I database)
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Pharmacoeconomic Assessment
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Central laboratory for copper, molecular markers
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Screening Cytogenetics
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Population pK -lab/samples
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Cardiac Image Collection/Review
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Consulting
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Regulatory Meetings
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
	 Software
	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  	  	 	****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	****	  	  	$	 *****	  	  	$	 ****	  	  	$	 ****	  	  	$	 ****	  	  	$	 ****	  

 Base-Case Phase III Budget: 
 External clinical costs to complete Phase III trial 

  
 Page 27

 CONFIDENTIAL 

 Exhibit C 
 Budget (cont.) 
 Base-Case Phase III Budget: 

Includes all internal and external costs to complete study and 
 run company 9 mo. after OS endpoint 
  

 
 Celator Pharmaceuticals, Inc. 

Budgets 2012-2016 
 April, 2012

  

													
	 	  	Jul-Dec	  	Jan-Dec	  	Jan-Dec	  	Jan-Dec	  	Jan-Jun	  	 
	(In Thousands)	  	2012	  	2013	  	2014	  	2015	  	2016	  	Total
	 Base Case Phase 3 301
	  		  		  		  		  		  	
	 Salaries
	  	****	  	****	  	****	  	****	  	****	  	****
	 Drug Manufacturing and Stability Tests
	  	****	  	****	  	****	  	****	  	****	  	****
							
	 Clinical Trial External:
	  		  		  		  		  		  	
	 Institution Related:
	  		  		  		  		  		  	
	 Grants
	  	****	  	****	  	****	  	****	  	****	  	****
	 Monitcring
	  	****	  	****	  	****	  	****	  	****	  	****
	 Investigator Sponsored Studies
	  	****	  	****	  	****	  	****	  	****	  	****
	 Insurance
	  	****	  	****	  	****	  	****	  	****	  	****
	 Trial Support and Data Analyses
	  	****	  	****	  	****	  	****	  	****	  	****
	 Travel and Dues
	  	****	  	****	  	****	  	****	  	****	  	****
	 IP
	  	****	  	****	  	****	  	****	  	****	  	****
	 General and Administration (GSA)
	  	****	  	****	  	****	  	****	  	****	  	****
	 TOTAL
	  	****	  	****	  	****	  	****	  	****	  	****

  
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 CONFIDENTIAL 

 Exhibit D 
 Research Advisory Committee 
 From Company: 

Lawrence Mayer, Ph.D. – President, Head of Research 
 Arthur Louie, M.D. – Chief Medical Officer 
 From LLS: 

Richard Winneker, PhD, SVP Research 
 Keting
Chu, MD, PhD, Vice President TAP 

  
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 CONFIDENTIAL

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