Document:

Form of Common Stock Purchase Warrant

 Exhibit 4.2 
 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR ADDRESSED TO
THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES. 
 COMMON STOCK PURCHASE WARRANT 

ADVENTRX PHARMACEUTICALS, INC. 
  

			
	 Warrant No.:
                    
	 	Initial Exercise Date: November 16, 2011
		
	 Warrant Shares:
                    
	 	

 THIS COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received,
                     , or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the Initial Exercise Date, as listed above, and on or prior to the close of business on April 1, 2015 (the “Termination Date”) but not thereafter, to subscribe for and
purchase from ADVENTRX Pharmaceuticals, Inc., a Delaware corporation (the “Company”), up to                      shares (as subject
to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock (“Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b). This Warrant is issued by the Company as of the date hereof pursuant to (i) Section A.2 of the Engagement Letter Agreement, dated May 17, 2011, between the Company and Rodman & Renshaw, LLC and
(ii) Section 4(2) of the Securities Act and Rule 506 promulgated thereunder 
 Section 1.
Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement (the “Underwriting Agreement”), dated November 11, 2011, between the Company
and Rodman & Renshaw, LLC. In addition to the terms defined elsewhere in this Warrant and the Underwriting Agreement, the following terms have the meanings indicated in this Section 1: 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or
is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

  
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 “Board of Directors” means the board of directors of the
Company. 
 “Business Day” means any day except any Saturday, any Sunday, any day which is a
federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Commission” means the United States Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Liens” means a lien, charge pledge, security interest, encumbrance,
right of first refusal, preemptive right or other restriction. 
 “Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Trading Day” means a day on which the Common Stock is traded on a Trading
Market. 
 “Trading Market” means any of the following markets or exchanges on which the Common
Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of
the foregoing. 
 “Transfer Agent” means the Company, with a mailing address as set forth on the
signature page hereof, and any successor transfer agent of the Company. 
 “VWAP” means, for any date, the
price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City 

  
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time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc.
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

Section 2. Exercise. 
 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the
Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed
facsimile copy of the Notice of Exercise form annexed hereto. Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of
Exercise by wire transfer of immediately available funds, or pursuant to the cashless exercise procedure specified in Section 2(c) below, if such cashless exercise procedure is available and is specified in the applicable Notice of Exercise.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days after the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in
purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares
purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day after
receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of
Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 
 b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.00, subject to adjustment hereunder (the “Exercise Price”). 

c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the

  
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Holder shall be entitled to receive that number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

 

	 	(A) =	the VWAP on the Trading Day immediately preceding the date on which the Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth
in the applicable Notice of Exercise; 

  

	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and 

  

	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
exercise rather than a cashless exercise. 

 d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its system (“DWAC”) system if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant Shares to the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified by the
Holder in the Notice of Exercise, in each case by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Notice of Exercise and receipt of the DWAC request from the Holder’s prime broker (if
applicable), (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The
Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become the holder of record of such shares for all purposes, as of the date this Warrant has been
properly exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having
been paid. 
 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in
part, the Company shall, at the request of the Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant. 

  
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 iii. Rescission Rights. If the Company fails to cause the Transfer
Agent to transmit either to the Holder’s prime broker the Warrant Shares or to the Holder a certificate or the certificates representing the Warrant Shares, as applicable pursuant to Section 2(d)(i) hereof by the Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise. 
 iv. Compensation for Buy-In on Failure
to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to instruct the Transfer Agent to transmit to the Holder’s prime broker the Warrant Shares, or to the Holder a certificate
or the certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of this Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall
be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and evidence of the amount of such loss. Nothing herein shall limit the Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof. 
 v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise

  
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be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price or round up to the next whole share. 
 vi. Charges, Taxes and Expenses. Issuance of
certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise. 
 vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the
Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of

  
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whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises
of this Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in
(A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of the Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the
date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the
Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a
dividend or otherwise makes a distribution or distributions, in each case payable in shares of its Common Stock, to all holders of Common Stock (and not to the Holders) (excluding, for avoidance of doubt, any shares of Common Stock issued by the
Company upon exercise of this Warrant), (ii) subdivides 

  
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outstanding shares of Common Stock into a larger number of shares, or (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of
shares, then in each case the Exercise Price shall be multiplied by a fraction, of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding at 5:00 p.m. (New York City time) on the Trading Day
immediately before such event, and of which the denominator shall be the number of shares of Common Stock that would be outstanding immediately after, and solely as a result of, such event, and the number of shares issuable upon exercise of this
Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately prior to 9:00 a.m. (New York city
time) on the Ex-Dividend Date for such dividend or distribution or the effective date of such subdivision or combination, as the case may be. “Ex-Dividend Date” means, when used with respect to any dividend, distribution or
issuance, the first date on which the share of Common Stock trade on the Trading Market, regular way, without the right to receive the relevant dividend, distribution or issuance. 

b) [INTENTIONALLY DELETED] 
 c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

d) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all
holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to
Section 3(c)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record date mentioned 

  
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above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In each case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of
indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

 e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and the Company is not the surviving corporation, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group of Persons acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the

  
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securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3
under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, including, but not limited to, the NYSE Amex, the Nasdaq Global Select Market, the Nasdaq Global Market, or the
Nasdaq Capital Market, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this
Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes
Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the
applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable
Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in
such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a
Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the
provisions of this Section 3(e) pursuant to written agreements and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction 

  
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Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 
 f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number
of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

g) Notice to Holder. 
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the
Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

ii. Notice to Allow Exercise by Holder. If during the term in which this Warrant may be exercised by the Holder
(A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company
shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to
the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of
the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer

  
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or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in
such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously disclose such information in compliance with
applicable securities laws. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth
herein. 
 Section 4. Transfer of Warrant. 

a) Transferability. For a period of six months after the issue date of this Warrant (which shall not be earlier
than the closing date of the offering pursuant to which this Warrant is being issued), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of
sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security: 
  

	 	i.	by operation of law or by reason of reorganization of the Company; 

  

	 	ii.	to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction
in this Section 4(a) for the remainder of the time period; 

  

	 	iii.	if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered; 

 

	 	iv.	that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or 

  

	 	v.	the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time
period. 

 Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in
Section 4(d), this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such

  
 12 

 
surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 b) New Warrants. This Warrant may be combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such combination, the Company shall execute and deliver a
new Warrant or Warrants in exchange for this Warrant or Warrants to be combined in accordance with such notice. All Warrants issued on transfers or exchanges shall include reference to the initial issuance date set forth on the first page of this
Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto and the Warrant number. 
 c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record
Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
written notice to the contrary. 
 d) Transfer Restrictions. If, at the time of the surrender of this
Warrant in connection with any transfer of this Warrant or the sale of Warrant Shares, the transfer of this Warrant or the Warrant Shares, as applicable, shall not be either (i) registered pursuant to an effective registration statement under
the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a
condition of allowing such transfer or sale, that the Holder provides to the Company an opinion of counsel selected by the Holder and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to
the Company, to the effect that such transfer or sale does not require registration of such transferred security under the Securities Act. 
 a) Representations by the Holder. The Holder, by the acceptance hereof, represents and warrants that (a) it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant
Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to
sales registered or exempted under the Securities Act and (b) at the time the Holder was offered this Warrant, it was, and as of the date hereof it is, and on each date on which it exercises this Warrants, it will either be an “accredited
investor” as defined in Rule 

  
 13 

 
501(a) under the Securities Act or a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act. 

Section 5. Miscellaneous. 
 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as
set forth in Section 2(d)(i). 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of
indemnity or security reasonably satisfactory to it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate. Applicants for a replacement Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable charges as the Company
may prescribe. 
 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) No Inconsistent Actions. Except and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the
rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant. 
 e) Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be determined in accordance with the provisions of the Underwriting Agreement. 
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale

  
 14 

 
imposed by state and federal securities laws unless the Holder utilizes the cashless exercise provisions hereof. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of the Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails
to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by
the Company shall be delivered to the registered Holder at the last address as it shall appear upon the Warrant Register of the Company. 
 i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or
privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to seek specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant
and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder
of Warrant Shares. 
 l) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Holder. 
 m) Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

  
 15 

 n) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ********************

 (Signature Page Follows) 

  
 16 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	ADVENTRX PHARMACEUTICALS, INC.
		
	 By:
	 	  

		 	 Name: 

		 	 Title: 

	
	 Address:

	 12390 El Camino Real, Suite 150

	 San Diego, CA 92130

	 Facsimile: 858.552.0876

  
 17 

 NOTICE OF EXERCISE 

 

	TO:	ADVENTRX PHARMACEUTICALS, INC. 

(1) The undersigned hereby elects to purchase             Warrant Shares of
the Company pursuant to the terms of Warrant No.                     , which is attached hereto (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take
the form of (check applicable box): 
  ̈ in lawful money of the United States;
or 
  ̈ the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Unless the Warrant Shares will be delivered electronically via DWAC, please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is specified below: 
  

 
 and deliver the physical
certificate representing said Warrant Shares to the following address: 

                         
                                         
                                         
                                         
                                         
                       . 
 If the Warrant Shares will be delivered electronically via DWAC, please issue them to the following account: 
  

	 	•	 	 Name of DTC Participant:
                                         
                                       

  

	 	•	 	 DTC Participant Number:
                                         
                                       

  

	 	•	 	 Name of Account at DTC Participant to be credited with the Warrant Shares: 

							
		  	 	  		  	

  

	 	•	 	 Account Number at DTC Participant to be credited with the Warrant Shares: 

							
		  	 	  		  	

 *** 

 [SIGNATURE OF HOLDER] 

 

	
	 Name of Investing Entity:

	
	  
 Signature of Authorized
Signatory of Investing Entity:             

	
	  
 Name of Authorized Signatory:
            

	
	  
 Title of Authorized Signatory:
            

	
	  
 Date:
            

	
	  

  
 19 

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
Warrant.) 
 FOR VALUE RECEIVED, all of the shares of Warrant No.
                     and all rights evidenced thereby are hereby assigned to 

 

					
	 	  	 whose address is
	  	

                         
                                         
                                         
                 . 
  

					
	 	  	

                         
                                         
                                         
                                         
            Dated:
                            ,
             
  

			
	Holder’s Signature:	 	  

		
	Holder’s Address:	 	  

		
		 	  

 Signature Guaranteed:
                                         
                                         
                                         
                  
 NOTE: The signature to this
Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a
fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 20Severance Agreement and Release

 Exhibit 10.2 
 WITHOUT PREJUDICE 
 SUBJECT TO CONTRACT 
 PARTIES 
 This Agreement is made between 

 

	(1)	Edgen Murray Europe Limited of 20-22 Bedford Row, London, WC1R 4JS (registration number 1241058), Edgen Murray Pte. Ltd. (the “Employer”), and

  

	(2)	Michael Craig of 14 Caldecott Close, Singapore 299122 (the “Employee”) 

 RECITALS 
  

	 	A.	The Employee has been employed by the Employer since November 7, 1989. He is currently Executive Vice President and Managing Director of the Eastern Hemisphere
working under a contract dated 28 June 1994 (the “Employment Contract”). Since April of 1995 the Employee has been based in Singapore. 

  

	 	B.	The parties have agreed to enter into this Agreement in full and final settlement of any claims which the Employee may have in respect of his employment or its
termination, whether contractual or statutory or of any other nature whatsoever and a full and final settlement of any claims which the Employer may have against the Employee, except as stated herein. 

 

	 	C.	This settlement is made without any admission of liability by the Employer. 

 IT IS AGREED: 
 Termination of Employment  

 

	1.	The Employee’s employment by the Employer will terminate on September 12, 2011 (the “Termination Date”) by mutual agreement of the Employer and the
Employee. 

  

	2.	The Employee will be paid up to and including the Termination Date in respect of any unpaid salary less any legally required deductions. The Employee is required to
take any accrued holiday entitlement during his notice period. All contractual benefits will continue to be paid up to and including the Termination Date. Except to the extent specifically provided for in this Agreement, all benefits relating to the
Employee’s employment will cease on the Termination Date. Except to the extent specifically provided for in this Agreement, the Employee acknowledges that following the Termination Date there is no entitlement to any further salary, benefits,
bonuses, incentive payments or other remuneration or expenses from the Employer or any affiliated or related entity, subsidiary of Edgen Murray II, LP, or their successors and assigns (“Group Company”). 

 

	3.	The Employee will receive payment for business expenses properly incurred up to and including the Termination Date subject to the provision of receipts and subject to
the Employer’s rules from time to time. 

  

	4.	 During the period from the date of this Agreement to the Termination Date the Employee shall not perform any services for the Employer or any Group
Company and the Employer shall be under no obligation to provide any work to, or vest any powers in, the Employee. The Employer may at its discretion require the Employee to perform certain duties under the Employment Contract at any time during
this period, which duties may be withdrawn at 

  
 1 

	 	
any time at the Employer’s discretion. During this period, the Employee shall continue to be bound by the Employment Contract, but will not, without the prior written consent of Dan
O’Leary attend the premises of the Employer or any Group Company; access the IT systems of the Employer or any Group Company; or contact any client, customer, supplier or adviser of the Employer or any Group Company. 

Termination Payment and Severance Payment 
  

	5.	Subject to the terms and conditions of this Agreement, and to the Employee first having returned any company property belonging to the Employer or any Group Company the
Employer will pay to the Employee the benefits to which he is currently entitled for a period of 12 months after the Termination Date (such sum to be no more than the amounts paid in the 12 months preceding the Termination Date for such benefits),
subject to the receipt of all required tax clearances (the “Termination Payment”). The benefits are listed on Schedule 3 of this Agreement. The benefits shall be paid by the Employer in the same manner as they were before the
Employee’s employment terminated. The benefits to which the Employee is currently entitled are health insurance, housing allowance, home leave, school fees for children, school bus fees, and International BUPA Membership for the Employee and
family only. Further, subject to the terms and conditions of this Agreement, the Employer will pay to the Employee, GBP 183,750 (the “Severance Payment”). The Severance Payment shall be paid in 12 monthly instalments at equal intervals,
the first instalments to be paid subject to the receipt of all required tax clearances within 30 days of the Employee signing and returning this Agreement to the Employer (together with the duly completed solicitor’s certificate at Schedule 1.)

  

	6.	The Employer will also pay the legal fees of Employee incurred in entering this Agreement, up to the amount of £1,500, upon receipt of the legal invoice after the
Agreement is executed. 

  

	7.	The Employer will deduct from any payment due to the Employee under this Agreement any outstanding sums owed by the Employee to the Employer. 

 

	8.	The Employee acknowledges that there are no sums of money due to him from the Employer or any Group Company (except as provided for in this Agreement).

  

	9.	The Employee acknowledges that as of the Termination Date his 100 unvested options to acquire limited partnership restricted units of Edgen Murray II L.P.
(“EMII”) will be forfeited. 

  

	10.	The Employee may be entitled to a bonus for the calendar year 2011 in the sole discretion of the Board of Edgen Murray II, L.P. The decision of the Board shall be final
and binding. 

  

	11.	The Employer will pay repatriation costs and expenses incurred prior to September 12, 2012. The eligible repatriation costs and expenses are listed in Schedule 4.

 Tax 
  

	12.	The Employee warrants to the Employer that he has at all times during the currency of his employment with the Employer declared and paid all applicable tax due.

  

	13.	All payments made under this Agreement shall be paid subject to the receipt of all required tax clearances, and applicable deductions required by law, including, but
not limited to, deductions of tax, employee national insurance, Central Provident Fund contributions or any other deductions whether under the tax laws of the United Kingdom, if applicable or Singapore or any other jurisdiction.

  
 2 

	14.	The Employee will be responsible for the payment of any income tax, employee national insurance, Central Provident Fund contributions or any other deductions whether
under the tax laws of the United Kingdom, if applicable or Singapore or any other jurisdiction not deducted at source in connection with the Severance Payment and any benefits provided under this Agreement and indemnifies and keeps indemnified the
Employer and any Group Company against any such liability including any interest, costs or penalties (unless incurred due to the fault of the Employer); and any breach of the warranty set out as at clause 11 in either or both cases with any
interest, costs or penalties (unless incurred due to the fault of the Employer). 

  

	15.	The Employer agrees to provide the Employee as soon as reasonably practicable with any documentation received from the HM Revenue & Customs or the Inland
Revenue Authority of Singapore (“IRAS”) (if any) in connection with any demands for tax or national insurance contributions. 

  

	16.	Upon execution of this Agreement the Employer shall submit the details of all payments to be made to the Employee under this Agreement to the IRAS for its assessment.
The parties agree to be bound by the IRAS’ determination. 

  

	17.	In the event that the Employer shall be seeking indemnification from the Employee pursuant to clause 13 it shall be entitled to forthwith offset any such liability from
any payment outstanding to the Employee under this Agreement. 

  

	18.	The Employee agrees to advise the Employer as soon as practicable if he intends to leave Singapore and return to take up residence in the United Kingdom.

  

	19.	Should the Employee be audited by Singaporean authorities for any period of the Employee’s employment with the Employer, the Employer will cooperate with the
Employee in gathering and furnishing information to the authorities. Employee states that he is not a United Kingdom tax resident and the Employer is not aware of any facts to dispute the statement. 

Settlement and Release 
  

	20.	 The Employee hereby releases and forever discharges the Employer and any Group Company, their subsidiaries, affiliates, successors, and assigns and the
Directors, officers, shareholders, employees, representatives and agents of each of the foregoing (collectively the “Releasees”), from all claims stated in this Agreement and accepts the Severance Payment in full and final settlement of
the Specific Complaints as defined below and any claim which he has or may have against the Releasees arising out of or relating to the Employee’s employment by the Employer or its termination (whether under statute, common law or otherwise)
and whether such claims are contemplated or not and whether they or not they are, as at the date of the Agreement, capable of being foreseen, either factually or legally and including, but not limited to, claims for salary, bonus or incentive
payments, or relating to limited partner restricted units of EMII or unit options (except those to which have vested as at the Termination Date), notice entitlement, pay in lieu of notice, redundancy, unfair dismissal, wrongful dismissal, claims for
equality of terms under sections 120 and 127 of the Equality Act 2010 and/or the Equal Pay Act 1970; for pregnancy or maternity discrimination, direct or indirect discrimination, harassment or victimisation related to sex, marital or civil
partnership status, pregnancy or maternity or gender reassignment under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or victimisation related to race under section 120 of the Equality Act 2010 for direct or
indirect discrimination, harassment or victimisation related to disability, discrimination arising from disability, or failure to make adjustments under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or
victimisation related to religion or belief, under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or victimisation related to sexual orientation, under section 120

  
 3 

	 	
of the Equality Act 2010 and/or under the Employment Equality (Sexual Orientation) Regulations 2003; for direct or indirect discrimination, harassment or victimisation related to age, under
section 120 of the Equality Act 2010 and/or under the Employment Equality (Age) Regulations 2006; or any other claim not referred to above under the Equality Act 2010; any claim for victimisation or for breach of contract, claims in respect of
unauthorised deduction from wages or unauthorised payments, unpaid expenses or accrued holiday pay, failure to provide employment particulars and itemised pay statements or a claim that the Employee has been subjected to a detriment having made a
protected disclosure, any claim relating to damage to reputation or a claim under the Protection from Harassment Act 1997, or a claim in relation to guarantee payments or suspension under sections 34 and 70 of the Employment Rights Act 1996, any
claim relating to the right to be accompanied under section 12 of the Employment Relations Act 1999 or a claim in relation to the duty to consider working beyond retirement, or a claim in relation to the right to request time off for study or
training, or a claim under the Data Protection Act 1998, or a claim under the Human Rights Act 1998, or a claim under the Transnational Information and Consultation etc Regulations 1999, the Information and Consultation of Employees Regulations
2004, the Companies (Cross-Border Mergers) Regulations 2007, the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 or the Trade Union and Labour Relations (Consolidation) Act 1992, or
a claim under the Transfer of Undertakings (Protection of Employment) Regulations 2006, or a claim under the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, or a claim under the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002 or a claim under the National Minimum Wage Act 1998, or a claim under regulations 5, 6 and 9 of the Employment Relations Act 1999 (Blacklists) Regulations 2010 or a claim under the Equal Pay Act 1970 or a claim
under the Working Time Regulations 1998, or claims that the Employer owes the Employee any sum of money and claims pursuant to any community law provision (the “Claims”) but excluding claims for personal injury (with the exception of any
personal injury claim which the Employee may bring in the Employment Tribunal), a claim in relation to the Employee’s accrued pension rights up to and including the Termination Date or any claim to enforce the terms of this Agreement. The
Employee agrees to save, defend and hold harmless the Employer or any Group Company from any Claim brought by the Employee and/or his spouse, or any third party or on behalf of the Employee and/or his spouse, including, but not limited to the
damages, costs and expenses, and attorney fees incurred by the Releasees. 

  

	21.	Employer and Group Company each and on behalf of its predecessors, successors, parents, subsidiaries, affiliates, employees, officers, directors, stockholders, agents,
representatives, attorneys, and all others who may legally claim under the auspices of Employer or Group Company hereby fully discharge and release Employee and agree to save, defend and hold harmless Employee for any present or future claims,
demands, causes of action or remedies, known or unknown, arising from the actions of the Employee during the period of employment of Employee from the date of first employment of Employee through the date of termination of employment of Employee,
including any claims, demands, causes of action or remedies arising from common law, contract law, statutory or otherwise, excepting only those claims, demands, causes of action or remedies related to fraudulent acts or theft by the Employee.

  

	22.	The Employee and Employer Group are not aware of any fraudulent acts or theft by the Employee. 

 

	23.	The Employee acknowledges and agrees that as a consequence of this Agreement an Employment Tribunal has no jurisdiction to hear the Specific Complaints as defined
herein or any other claim of any description arising from his employment or its termination. 

  
 4 

	24.	The Employee acknowledges that save as specifically provided in this Agreement he is not entitled to any compensation for the loss of any rights or benefits under any
option, bonus, long term incentive plan or other profit sharing scheme operated by the Employer or any Group Company in which he may have participated or have any interest in, save those interests which have vested as at the Termination Date.

 Warranties 
  

	25.	The Employee warrants to the Employer that: 

 That he is not aware of any personal injury claim or claim in relation to his pension that he may have against the Employer and he is not aware of any circumstances giving rise to any such claim and he
has no claims of any description other than the claims referred to in this Agreement; 
  

	a.	there are no circumstances of which the Employee is aware or of which the Employee ought reasonably to be aware which would amount to a repudiatory breach of any
express or implied term of the Employment Contract which would entitle (or would have entitled) the Employer to terminate his employment summarily or without payment in lieu of notice and any payment under Clause 6 to the Employee is conditional on
this being so; and 

  

	b.	notwithstanding the termination of his employment or the circumstances of such termination he will continue to abide by those provisions of his contract of employment
and those implied terms of his employment which continue after termination of employment. 

 Repayment 

 

	26.	The Employee understands that the Employer enters into this Agreement in reliance on the warranties set out above. If the Employee commences proceedings or proceedings
are commenced by an appropriate representative on the Employee’s behalf against the Employer or any Group Company in relation to the Specific Complaints or any claim referred to in this Agreement or breaches a material provision of this
Agreement (save for the post termination restrictions set out in Schedule 2) the Severance Payment shall become immediately repayable to the Employer and recoverable as a debt to the extent that the Employer or any Group Company incurs any
liability, loss, costs, expenses or damages in connection with such proceedings or breach. The Employee agrees that these repayment provisions are intended to be a genuine pre-estimate of loss which may be suffered by the Employer or any Group
Company and in no way constitutes a penalty. 

 Directorships 

 

	27.	The Employee agrees upon signing this Agreement to deliver to the Employer a letter signed by the Employee resigning from his directorships of the Employer, Edgen
Murray Pte., Limited, EMGH Ltd., Edgen Murray FZE, Edgen Murray Joint Venture Bahrain, Edgen Murray (India) Europe, Ltd. and the Employee agrees at the request of the Employer to do any act necessary and/or execute any documents to effect his
removal from any office held in relation to or in connection with his employment. 

 Confidentiality 

 

	28.	The Employer and the Employee agree to maintain as secret and confidential the terms of this Agreement and the circumstances surrounding this Agreement save such
disclosure as is necessary or appropriate to their professional advisers, to regulatory authorities, the Employee’s immediate family, to any Group Company and if and to the extent required by operation of law. 

  
 5 

 Continuing Contractual Obligations 

 

	29.	The Employee agrees not to make, or cause to be made, any derogatory or critical comments or statements (whether oral or in writing) about the Employer or any Group
Company or their respective officers or employees. The Employer or any Group Company agrees not to make, or cause to be made, any derogatory or critical comments or statements (whether oral or in writing) about the Employee.

  

	30.	The Employee agrees to be bound by the restrictive covenants in Schedule 2 to this Agreement. The Employee agrees that a breach of any of the restrictive covenants will
cause detriment to the Employer and/or any Group Company. 

  

	31.	In consideration of the Employee entering into the obligations in Schedule 2 the Employer will pay to the Employee a sum equivalent to the Employee’s monthly basic
salary (at the amount and rate as at the Termination Date) on or about the expiry of each month and for a period of 12 months, commencing after the Termination Date less any legally required deductions. If the Employee breaches any of the
restrictive covenants in Schedule 2 of the Agreement any monthly payments shall cease with immediate effect. 

 Return of
Property 
  

	32.	The Employee undertakes to return to the Employer all company property belonging to the Employer or any Group Company which is or has been in the Employee’s
possession or under his control. The property to which this clause applies includes, but is not limited to, passes, keys, credit cards, business equipment, Blackberry, mobile phone, documents, correspondence, lists of customers or clients, financial
data, organisation charts, research and market survey data, computer discs and all copies and duplicates of these items whether in physical or electronic form. 

 Further Assistance 
  

	33.	The Employee will, on reasonable notice, provide all such reasonable assistance and documents as the Employer may reasonably request to enable the Employer to deal with
any existing or potential claims, investigations, administrative proceedings or legal proceedings relating to business matters in which the Employee was involved during his employment with the Employer. Related travel and accommodation expenses will
be reimbursed by the Employer in accordance with its polices and procedures. Any loss of earnings or other benefits by the Employee in complying with this Clause 32 shall be reimbursed by the Employer in accordance with the Company’s rules
regarding payment of expenses in effect from time to time. 

 General 

 

	34.	For the purposes of this Agreement “a Group Company” includes the Employer, any company or other entity of which it is a Subsidiary (including, without
limitation, EMII, EMGH Limited and Pipe Acquisition Limited) (its holding company) and any Subsidiaries of the Employer or of any such holding company and “Subsidiary” means a subsidiary (as defined in section 1159 of the Companies Act
2006) and any other company or other entity which is a subsidiary (as so defined) of a company or other entity which is itself a subsidiary of such holding company and a company shall be treated, for the purposes only of the membership requirement
contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking
of security, or (b) its nominee. 

  

	35.	For the purposes of this Agreement: 

  
 6 

	a.	the Employee agrees not to bring proceedings in the Employment Tribunal or courts for unfair dismissal or breach of contract or race or age discrimination (the
“Specific Complaints”) or for any other employment related claim against the Employer or any Group Company; 

  

	b.	the Employee confirms that he has received advice from a relevant independent adviser, namely : Lian Frederick Atack of Lindsays, 1 Royal Bank Place, Buchanan Street,
Glasglow G1 3AAA, as to the terms and effect of this Agreement and, in particular, its effect on his ability to pursue a claim before an Employment Tribunal; 

 

	c.	the Employee confirms that at the time the Employee received the advice referred to in this clause the Employee’s adviser informed the Employee that there was in
force a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by the Employee in respect of loss arising in consequence of that advice; and 

 

	d.	the Employer and the Employee agree and acknowledge that the conditions regulating compromise agreements contained in section 147 of the Equality Act 2010 (for the
avoidance of doubt, including sub-sections 147(3)(c) and 147(3)(d) of the Equality Act 2010), section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 288(2B) of the Trade Union and Labour
Relations (Consolidation) Act 1992, section 49(4) of the National Minimum Wage Act 1998, regulation 9 of the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, regulation 41(4) of the Transnational Information and Consultation etc Regulations 1999, regulation 40(4) of the Information and Consultation of Employees Regulations 2004 and paragraph 12 of the schedule to
the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 are fully satisfied. 

  

	36.	This Agreement constitutes the entire understanding between the parties and supersedes any previous agreement between them relating to the Employee’s employment
and its termination. 

  

	37.	This Agreement shall be governed by and construed in all respects in accordance with the laws of Scotland and the Scottish courts will have non exclusive jurisdiction
in relation to any disputes arising in relation to it. 

  

	38.	The Parties agree that the waiver and release given by the Employee in respect of any claims against the Employer and/or any Group Company in this Agreement, the terms
of this Agreement and the benefit of the settlements, indemnities, undertakings and warranties given by the Employee in this Agreement are intended to be for the benefit of, not only the Employer, but also any relevant Group Company and the Parties
confirm that any such Group Company has the right to enforce any or all of these terms against the Employee. 

  

	39.	Notwithstanding that this Agreement is marked “without prejudice” and “subject to contract”, when the Agreement is signed by the Employer and the
Employee and dated and the certificate is signed and dated by the Employee’s adviser, it will become open and binding. 

  

	40.	Should any part of this Agreement be rendered unenforceable by any court in competent jurisdiction, the court is empowered to rewrite such unenforceable part to such an
extent to give breadth and meaning to the part as intended by the parties so that the Agreement survives. 

  
 7 

	41.	This Agreement is the product of mutual agreement between the Employer and Employee. In the event of any dispute over the meaning of any word, sentence or clause there
shall be no presumption of meaning regarding which entity drafted the Agreement. 

 IN WITNESS WHEREOF these presents consisting
of this and six preceding pages together with the two Schedules annexed hereto are executed as follows: 
  

					
	Signed by the Employee	 	/s/    Michael F. A. Craig	 	
		 		 	
	Date and Place of signing	 	Singapore – 23 August 2011	 	

 in the presence of this witness: 
  

					
	Signature	 	/s/    Janet Craig	 	
		 		 	
	Name of witness	 	Janet Craig	 	
		 		 	
	Address of witness	 	14 Caldecott Close	 	
		 	Singapore 299122	 	
		 		 	
	Occupation of witness	 	Housewife	 	

  

					
	Signed by or on behalf of the Employer	 	/s/    Daniel J O’Leary	 	
		 		 	
	Name and Position	 	Dan J. O’Leary	 	Chairman/CEO
		 		 	
	Date and Place of signing	 	24 August 2011	 	18444 Highland RD
		 		 	Baton Rouge, Louisiana 70809 USA

 in the presence of this witness: 
  

					
	Signature	 	/s/ Jennifer M. d’Aquin	 	
		 		 	
	Name of witness	 	Jennifer M. d’Aquin	 	
		 		 	
	Address of witness	 	18444 Highland Road	 	
		 	Baton Rouge, Louisiana 70809 USA	 	
		 		 	
	Occupation of witness	 	Executive Assistant	 	

  
 8 

  
  

 
 

 

  
 9 

 SCHEDULE 2 
 POST TERMINATION RESTRICTIONS 
  

	1.	Interpretation 

 The
definitions and rules of interpretation in this clause apply in this Agreement. 
 Board: the board of directors of the
Employer (including any committee of the board duly appointed by it). 
 Capacity: as agent, consultant, director,
employee, owner, partner, unit holder or in any other capacity. 
 Confidential information: means all proprietary
information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) which is not in the public domain relating to the business, products, affairs and finances of the Employer or any Group Company for the
time being confidential to the Employer or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of any Group Company or any of their business contacts including, but not limited to,
customer lists, customer orders, purchase orders, financial data, pricing information and price lists, business plans and market strategies and arrangements, all books, records, manuals, advertising materials, catalogues, correspondence, mailing
lists, production data, sales materials and records, purchasing materials and records, personnel records, quality control records and procedures included in or relating to the Employer or any Group Company or any of the assets of the Employer or any
Group Company and/or its affiliates, and all trademarks, trade names (including all rights to the trade name and trademark “Edgen” or “Murray” or “Edgen Murray” or any similar name), copyrights and patents, and
applications therefore, all trade secrets, inventions, processes, procedures, research records, market surveys and marketing know-how and other technical papers. 
 Restricted Business: those parts of the business of the Employer and any Group Company with which the Employee or the Employer and any Group Company was involved to a material extent in the 12
months before the Termination Date including without limitation: 
  

	 	(i)	any business or enterprise engaged in fabricating, whether directly or by contract with others, or selling, distributing, or consulting regarding, prime Steel Products
as defined in paragraph (ii) for use in the offshore construction market, in shipbuilding, pressure vessel market, renewables, mold and die for use in mining, heavy construction, renewables, alternative energy sources, nuclear activities,
energy exploration, energy production or for use in the construction equipment market; 

  

	 	(ii)	the business of consulting regarding, distributing and selling Steel Products defined as: industrial steel pipe, including large OD pipe, heavy wall and X-grade pipe,
DSAW, seamless, continuous spiral weld, ERW pipe and abrasion resistant pipe, valve products, such as gate, globe, check, ball, butterfly and plug of carbon steel, carbon X stainless or full stainless steel or of alloys such as Monel, Inconel,
Hastelloy and actuators whether spring return, double acting or pneumatic, alloy pipe, flanges and fittings, welded fittings and flanges (high yield, stainless, exotic, carbon, chrome and low temp) per ANSI B 16.9 and B 16.5 (commodity lines and
specials, i.e. anchor flanges and swivel ring flanges), forged steel fittings, outlets, pipe nipples, swage nipples, hot induction bends and Pikotek gaskets/ insulation kits, stainless steel and other nickel alloy and Hastelloy pipes, fittings and
flanges, including all chrome grades, carbon grades, Carbon and HSLA steel plates, Alloy Steel plates, Carbon Steel Shapes, Hollow Sections and merchant bars, Clad Carbon Steel Pipe (seamless or welded), Clad Carbon Steel Plate, Tendon Pipes
(collectively, the “Steel Products); 

  
 10 

	 	(iii)	providing added value services to such Steel Products, including, flame cutting, sawing, welding, sandblasting, priming, top coat painting, epoxy applications and end
finishing, Hot Forming, Cold Forming, Laser Cutting, Water Jet Cutting and conversion of Steel Products to other components or products; 

  

	 	(iv)	entering into joint venture, partnership or agency arrangements relating to the sale or distribution of surplus stainless steel pipe, fittings and flanges, but
excluding value-added services if not sold as part of the Steel Products; any business that uses any trademark, trade names or slogans similar to the “Edgen”, “Murray” or “Edgen Murray” trademarks, trade names or
slogans; and 

 In addition, Restricted Business shall include the business carried on by any company or entity
with which the Employer signed a Confidentiality Agreement within the 12 month period preceding the Termination Date [and with which the Employer was involved to a material extent]. 

Restricted Customer: any firm, company or person who, during the 12 months before the Termination Date, was a customer or
prospective customer of the Employer or any Group Company with whom the Employee had contact in the course of his employment. 

Restricted Person: anyone employed or engaged by the Employer or any Group Company who could materially damage the interests of
the Employer or any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted Business and with whom the Employee dealt in the 12 months before the Termination Date in the course of his
employment. 
 Restricted Material Source: any mill, distributor, manufacturer, dealer, broker or producer dealing in
material, including any employee, agent, officer or director of such entity, during the 12 months before the Termination Date, which was a supplier or provider of material to the Restricted Business and with whom the Employee dealt in the 12 months
before the Termination Date in the course of his employment. 
  

	2.	Post-termination restrictions 

  

	 	2.1	In order to protect the Confidential Information and business connections of the Employer and each Group Company to which he has access as a result of the Employment,
the Employee covenants with the Employer (for itself and as trustee and agent for each Group Company) that he shall not: 

  

	 	(a)	for 12 months after the Termination Date, solicit or endeavour to entice away from the Employer or any Group Company the business or custom of a Restricted Customer
with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business; 

  

	 	(b)	for 12 months after the Termination Date, in the course of any business concern located in (or otherwise resulting in the carrying on of business in) Singapore, China,
Australia, Indonesia, India, UAE, Saudi Arabia, France, UK, the United States, Canada, Central America, South America and Asia and any other geographical area in which the Employer, Edgen Murray Pte. Limited and/or any other Group Company carries on
business which is (or intends to be) in competition with any Restricted Business, offer to employ or engage or otherwise endeavour to entice away from the Employer or any Group Company any Restricted Person; 

  
 11 

	 	(c)	for 12 months after the Termination Date, be involved in any Capacity with any business concern located in (or otherwise resulting in the carrying on of business in)
Singapore, China, Australia, Indonesia, India, UAE, Saudi Arabia, France, UK, the United States, Canada, Central America, South America and Asia and any other geographical area in which the Employer, Edgen Murray Pte. Limited and/or any other Group
Company carries on business which is (or intends to be) in competition with any Restricted Business; 

  

	 	(d)	for 12 months after the Termination Date, be involved with the provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer
in the course of any business concern which is (or intends to be) in competition with any Restricted Business; 

  

	 	(e)	for 12 months after the Termination Date contact, engage in discussions, engage in electronic communication, or engage in any discourse about the Employer or business
of the Employer, with any Restricted Material Source; 

  

	 	(f)	at any time after the Termination Date, represent himself as connected with the Employer or any Group Company in any Capacity. 

 

	 	2.2	None of the restrictions in clause 2.1 shall prevent the Employee from: 

  

	 	2.2.1	holding an investment by way of limited partner restricted units of EMII or other securities of not more than 5% of the total issued capital of any company, whether or
not it is listed or dealt in on a recognised stock exchange; or 

  

	 	2.2.2	being engaged or concerned in any business concern insofar as the Employee’s duties or work shall relate solely to geographical areas where the business concern is
not in competition with any Restricted Business. 

  

	 	2.3	The restrictions imposed on the Employee by this clause 2 apply to him acting: 

 

	 	2.3.1	directly or indirectly; and 

  

	 	2.3.2	on his own behalf or on behalf of, or in conjunction with, any firm, company or person. 

 

	 	2.4	If the Employee receives an offer to be involved in a business concern in any Capacity during the Employment, or before the expiry of the last of the covenants in this
clause 2, the Employee shall give the person making the offer a copy of this clause 2 and shall tell the Employer the identity of that person as soon as possible after accepting the offer. 

 

	 	2.5	The Employer and the Employee entered into the restrictions in this clause 2 having been separately legally advised. 

 

	 	2.6	Each of the restrictions in this clause 2 is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of
their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective. 

  

	 	2.7	The Employee will, at the request and expense of the Employer, enter into a separate agreement with any Group Company in which he agrees to be bound by restrictions
corresponding to those restrictions in this clause 2 (or such of those restrictions as may be appropriate) in relation to that Group Company. 

  
 12 

 SCHEDULE 3- BENEFITS 

Housing Allowance While Employee is in Singapore- up to SGD$11,500 per month, as long as a housing fee is incurred, or up to
September 11, 2012, whichever occurs first – payments shall be made directly to the landlord; garden maintenance and pest control 
 School fees & School Bus Incurred in Singapore – school fees up to SGD$39,157.73 and up to SGD$3,357.66 for school bus fees incurred in Singapore for the period up to and
including the date of repatriation or September 11, 2012, whichever occurs first- payments shall be made directly to the school and transportation service 
 International Gold BUPA Membership – For Michael & his Family through September 11, 2012. Payment shall be made by the company directly to BUPA. 

UK Pension Scheme – Employer Pension Contribution of 14% of gross salary (the amount of the Severance Payment through
September 11, 2012. If such payments cannot be made due to the Pension scheme or law, the Employer shall pay the Employee the amount owed or remainder owed in lump sum. 
 Employer will pay for two visits to the United Kingdom by Employee and his family. Employee shall schedule such visits so as to minimize the cost of airfare. Employer will pay for a rental car for the
visits. 

  
 13 

 SCHEDULE 4- REPATRIATION EXPENSES 

Airfare- one-way business- for Michael and his family- Michael shall use his best efforts to purchase tickets sufficiently in advance to
obtain lowest cost possible 
 Moving expenses- Michael will obtain 3 bids to include loading and unloading containers (maximum
of three) and full insurance costs and submit the bids to the Company. The Company will pay directly to the mover the lowest bid. 

  
 14

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