SEC Contract Filing

Filing Date: 2023-08-04

Document Content:
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<TYPE>EX-10.1
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<FILENAME>tm2322902d2_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2322902d2_ex10-1img001.jpg" ALT="">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Adrian</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of the Board of Directors of Fennec Pharmaceuticals Inc.
(&ldquo;<U>Fennec</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;), I am pleased to make you an executable offer to join Fennec Pharmaceuticals
EU Limited, a wholly owned subsidiary of Fennec, as its Chief Operating Officer (&ldquo;COO&rdquo;). The purpose of this agreement is
to clarify the terms of Employee&rsquo;s &ldquo;at will&rdquo; employment with the Company, including Employee&rsquo;s compensation level
and benefit entitlements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 1.&#8239;&#8239;&#8239;<B><U>Employment and Duties.</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. The Company hereby agrees to employ Employee
as COO of the Company and its parent corporation, Fennec Pharmaceuticals Inc. (the &ldquo;<U>Parent</U>&rdquo;), effective as of August
3, 2023 (the &ldquo;<U>Effective Date</U>&rdquo;). In that position, Employee will report directly to the Company&rsquo;s Chief Executive
Officer, and Employee hereby agrees to accept such employment upon the terms and conditions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. Employee will perform the duties inherent in
Employee&rsquo;s position in good faith and in a reasonable and appropriate manner. Employee will be expected to travel per their territory
alignment as reasonably necessary or advisable to perform and fulfill Employee&rsquo;s responsibilities under this Agreement. While employed
by the Company, you agree to work on a full-time basis exclusively for the Company and agree that you shall not, while you are employed
by the Company, be employed or engaged in any capacity, in promoting, undertaking or carrying on any other business that competes with
the Company or interferes or could reasonably interfere with your duties to the Company without our prior written permission. It is noted
that you currently hold non-executive director positions with PTC Therapeutics International and Medison Pharma and the Company grants
permission for these to continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. Employee shall be employed by the Company on
an &ldquo;at will&rdquo; basis, meaning either the Company or Executive may terminate Employee&rsquo;s employment at any time, with or
without cause or advance notice except as specifically set forth in Section 8 of this Agreement. Any contrary representations that may
have been made to Employee shall be superseded by this Agreement. This Agreement (inclusive of the Proprietary Information and Inventions
Agreement incorporated herein) shall constitute the full and complete agreement between Employee and the Company on the &ldquo;at will&rdquo;
nature of Employee&rsquo;s employment with the Company, which may be changed only in an express written agreement signed by Employee and
a duly authorized officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 2.&#8239;&#8239;&#8239;<B><U>Compensation.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. Employee&rsquo;s initial base salary will be
at the rate of EUR400,000 per year. Employee&rsquo;s base salary will be subject to adjustment by the Company's Board of Directors on
an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">B. Employee shall be
entitled to receive an annual discretionary bonus with a target (the &ldquo;<U>Target Bonus</U>&rdquo;) of forty percent (40%) of Employee&rsquo;s
base salary per 12-month pe