MAXIM PHARMACEUTICALS INC
EXHIBIT 10.5
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<DESCRIPTION>EXHIBIT 10.5
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<BR></FONT><FONT SIZE=2><B>Exhibit 10.5    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mi1021_employment_agreement"> </A>
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<BR></FONT><FONT SIZE=2><B>EMPLOYMENT AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THIS EMPLOYMENT AGREEMENT</B></FONT><FONT SIZE=2> (the "Agreement") is made and entered into effective as of October&nbsp;1, 2002, by
and between </FONT><FONT SIZE=2><B>MAXIM PHARMACEUTICALS,&nbsp;INC.</B></FONT><FONT SIZE=2>, (the "Company") and </FONT><FONT SIZE=2><B>DALE A. SANDER</B></FONT><FONT SIZE=2> ("Executive"). The
Company and Executive are hereinafter collectively referred to as the "Parties," and individually referred to as a "Party." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>The Company desires assurance of the association and services of Executive in order to retain Executive's experience,
skills, abilities, background and knowledge, and is willing to engage Executive's services on the terms and conditions set forth in this Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Executive desires to continue in the employ of the Company, and is willing to accept such employment on the terms and
conditions set forth in this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the foregoing recitals and the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties,
intending to be legally bound, agree as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>1.</B></FONT></DT><DD><FONT SIZE=2><B>EMPLOYMENT  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;Term.</B></FONT><FONT SIZE=2> The Company hereby employs Executive, and Executive hereby accepts employment by the
Company, upon the terms and conditions set forth in this Agreement, effective as of the date first set forth above ("Effective Date"). This Agreement shall continue in effect until terminated pursuant
to Section&nbsp;4 below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;Position.</B></FONT><FONT SIZE=2> Executive shall be the Vice-President, Corporate Development and shall serve in such other capacity
or capacities as the Company's Chief Executive Officer ("CEO") may from time to time prescribe. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;Duties.</B></FONT><FONT SIZE=2> Executive shall do and perform all services, acts or things necessary or advisable to manage and conduct the
business of the Company and which are normally associated with the position of Vice President, Corporate Development consistent with the Bylaws of the Company and as required or directed by the CEO. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;&nbsp;Policies and Practices.</B></FONT><FONT SIZE=2> The employment relationship between the Parties shall be governed by the policies and practices
established by the Company and the Board. The Executive acknowledges that he has read the Company's Employee Handbook, which governs the terms and conditions of her employment with the Company, along
with this Agreement. In the event that the terms of this Agreement differ from or are in conflict with the Company's policies or practices or the Company's Employee Handbook, this Agreement shall
control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.5&nbsp;&nbsp;&nbsp;&nbsp;Location.</B></FONT><FONT SIZE=2> Unless the Parties otherwise agree in writing, during the term of this Agreement, Executive shall perform the
services he is required to perform pursuant to this Agreement at the Company's offices, located at 8899 University Lane, Suite 400, San Diego, CA 92122 or at any other place at which the Company
maintains an office; provided, however, that the Company may from time to time require Executive to travel temporarily to other locations in connection with the Company's business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>2.</B></FONT></DT><DD><FONT SIZE=2><B>LOYAL AND CONSCIENTIOUS PERFORMANCE; NONCOMPETITION  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;Loyalty.</B></FONT><FONT SIZE=2> During Executive's employment by the Company, Executive shall devote her full business
energies, interest, abilities and productive time to the proper and efficient performance of her duties under this Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;Covenant Not to Compete.</B></FONT><FONT SIZE=2> During the term of this Agreement, Executive shall not engage in competition with the Company,
either directly or indirectly, in any manner or capacity, as adviser, principal, agent, partner, officer, director, employee, member of any association or otherwise, in any phase of the business of
developing, manufacturing and marketing of products which are in the same field of use or which otherwise compete with the products or proposed products of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;Agreement not to Participate in Company's Competitors</B></FONT><FONT SIZE=2>. During Executive's employment with the Company and any period in
which Executive is receiving compensation from the Company, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Executive
to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of
the Company or any of its Affiliates. Ownership by the Executive, as a passive investment, of less than one percent (1%) of the outstanding shares of capital stock of any corporation with one or more
classes of its capital stock listed on a national securities exchange or publicly traded on the Nasdaq Stock Market or in the over-the-counter market shall not constitute a
breach of this paragraph. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.</B></FONT></DT><DD><FONT SIZE=2><B>COMPENSATION AND BENEFITS  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;Base Salary.</B></FONT><FONT SIZE=2> While employed by the Company, as compensation for proper and satisfactory
performance of all duties to be performed hereunder, the Company shall pay Executive an annual base salary of Two Hundred Fifty Thousand Dollars ($250,000) per year ("Base Salary"), payable in regular
periodic payments in accordance with Company policy. Such salary shall be prorated for any partial year of employment on the basis of a 365-day fiscal year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;Discretionary Bonus.</B></FONT><FONT SIZE=2> In addition to Executive's base salary, Executive will be eligible to receive an annual
discretionary bonus of up to twenty percent (20%) of Executive's then current base salary. The bonus amount Executive may receive, if any, shall be discretionary and based upon Executive's performance
during the previous year as evaluated by the CEO and the Board in their sole and absolute discretion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.3&nbsp;&nbsp;&nbsp;&nbsp;Employment Taxes and Withholdings.</B></FONT><FONT SIZE=2> All of Executive's compensation shall be subject to customary withholding taxes and
any other employment taxes as are commonly required to be collected or withheld by the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.4&nbsp;&nbsp;&nbsp;&nbsp;Vacation.</B></FONT><FONT SIZE=2> Executive shall be entitled to vacation and illness days consistent with the Company's standard practice for
its employees generally. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.5&nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits.</B></FONT><FONT SIZE=2> Executive shall, at the discretion of the Board, be entitled to participate in the benefits for which
he is eligible under the terms and conditions of the standard Company benefits which may be in effect from time to time and provided by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.6&nbsp;&nbsp;&nbsp;&nbsp;Expense Reimbursement.</B></FONT><FONT SIZE=2> Executive shall be entitled to receive prompt reimbursement of all reasonable business and travel
expenses incurred by Executive in connection with the business of the Company. Such expenses must be properly accounted for under the policies and procedures established by the Company. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.</B></FONT></DT><DD><FONT SIZE=2><B>TERMINATION  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;Termination by the Company for Cause.</B></FONT><FONT SIZE=2> The Company may terminate Executive's employment under this
Agreement "for Cause" by delivery of written notice to Executive specifying the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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cause or causes relied upon for such termination. If Executive's employment under this Agreement is terminated by the Company for Cause under this section, Executive shall be entitled to receive only
accrued Base Salary and other accrued benefits required by law, prorated to the date of termination. Executive will not be entitled to severance pay, pay in lieu of notice or any other such
compensation. Grounds for the Company to terminate this Agreement "for cause" shall be limited to the occurrence of any of the following events: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(a)&nbsp;&nbsp;</B></FONT><FONT SIZE=2>If Executive is in material breach of any provision of this Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(b)&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Executive's engaging or in any manner participating in any activity which is competitive with or intentionally injurious
to the Company or which violates any provision of Sections 2 or 5 of this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(c)&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Executive's commission of any fraud against the Company or use or appropriation for her personal use or benefit of any
funds or properties of the Company not authorized by the Board to be so used or appropriated; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(d)&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Executive's conviction of any crime involving dishonesty or moral turpitude; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>(e)&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Conduct by Executive which in good faith and reasonable determination of the Board demonstrates gross unfitness to serve. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice of termination given pursuant to this Section&nbsp;4.1 shall effect termination as of the date specified in such notice or, in the event no such date is specified, on the
last day of the month in which such notice is delivered or deemed delivered as provided in Section&nbsp;7 below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;Termination by the Company Without Cause.</B></FONT><FONT SIZE=2> The Company may terminate the Executive's employment at any time without Cause
upon delivery of written notice to the Executive. Any notice of termination given pursuant to this Section&nbsp;4.2 shall effect termination as of the date specified in such notice or, in the event
no such date is specified, on the last day of the month in which such notice is delivered or deemed deliverable as provided in Section&nbsp;7 below. If such termination shall occur under this
Section&nbsp;4.2, then Executive shall be entitled to continuation of Base Salary and health benefits under COBRA for a period of six (6)&nbsp;months from said date of termination with such Base
Salary continuation to be at the rate set forth in Section&nbsp;3.1 or, as the case may be, at the rate of Executive's then current Base Salary in effect as of the date of termination. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;Termination by Mutual Agreement.</B></FONT><FONT SIZE=2> The parties may mutually agree at any time to terminate this Agreement upon such terms
and conditions as may be agreed upon in writing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;Termination Upon Death or Disability.</B></FONT><FONT SIZE=2> This Agreement shall terminate without notice upon the date of Executive's death or
the date when Executive becomes "completely disabled" (as defined below). In the event of termination due to death or complete disability, Executive or her estate or personal representative, as the
case may be, shall be entitled to receive Executive's Base Salary for a period of one month following the date of death or the date when Executive becomes completely disabled. For purposes of this
Agreement, the term "completely disabled" as used in this Agreement shall mean the inability of Executive to perform the essential functions of her position under this Agreement by reason of any
incapacity, physical or mental, which the Board of the Company, based upon medical advice or an opinion provided by a licensed physician acceptable to the Board of the Company and approved by the
Executive, which approval shall not be unreasonably withheld, determines to have incapacitated Executive from satisfactorily performing any or all essential functions of her position for the Company
during the foreseeable future. Based upon such medical advice or opinion, the determination of the Board of the Company shall be final and binding and the date such determination is made shall be the
date of such complete disability for purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.5&nbsp;&nbsp;&nbsp;&nbsp;Termination by Executive.</B></FONT><FONT SIZE=2> Notwithstanding any provision to the contrary herein, unless otherwise provided herein or
unless otherwise provided by law, Executive may at any time terminate </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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her employment with the Company hereunder. In such event, the Company shall not be liable to Executive for the payment of any amount other than accrued Base Salary and other accrued benefits required
by law, prorated to the date of termination. Executive will not be entitled to severance pay, pay in lieu of notice or any other such compensation. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>5.</B></FONT></DT><DD><FONT SIZE=2><B>CONFIDENTIAL INFORMATION; NONSOLICITATION  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;Confidential Information.</B></FONT><FONT SIZE=2> As a condition of this Agreement, Executive acknowledges and agrees
that he shall continue to be bound by the Company's "Proprietary Information and Inventions Agreement," attached hereto as Exhibit&nbsp;A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;Nonsolicitation.</B></FONT><FONT SIZE=2> While employed by the Company and for one (1)&nbsp;year thereafter, the Executive agrees that in order
to protect the Company's confidential and proprietary information from unauthorized use, that Executive will not, either directly or through others, solicit or attempt to solicit any employee,
consultant or independent contractor of the Company to terminate her or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other
person or business entity; or the business of any customer, vendor or distributor of the Company which, at the time of termination or one (1)&nbsp;year immediately prior thereto, was listed on
Company's customer, vendor or distributor list. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6.</B></FONT></DT><DD><FONT SIZE=2><B>ASSIGNMENT AND BINDING EFFECT  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>This Agreement shall be binding upon and inure to the benefit of Executive and Executive's heirs,
executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of Executive's duties under this Agreement, neither this Agreement nor
any rights or obligations under this Agreement shall be assignable by Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal
representatives. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>7.</B></FONT></DT><DD><FONT SIZE=2><B>NOTICES  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>All notices or demands of any kind required or permitted to be given by the Company or Executive
under this Agreement shall be given in writing and shall be personally delivered (and receipted for) or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows: </FONT></P>

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<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>If to the Company:</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2><BR>
Larry Stambaugh<BR>
Maxim Pharmaceuticals,&nbsp;Inc.<BR>
8899 University Center Lane, Suite 400<BR>
San Diego, CA 92122</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2><BR>
If to Executive:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2><BR>
Dale A. Sander<BR>
***<BR>
***</FONT></TD>
</TR>
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<P><FONT SIZE=2>Any
such written notice shall be deemed received when personally delivered or three (3)&nbsp;days after its deposit in the United States mail as specified above. Either Party may change its address
for notices by giving notice to the other Party in the manner specified in this section. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>8.</B></FONT></DT><DD><FONT SIZE=2><B>CHOICE OF LAW.  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>This Agreement is made in San Diego, California. This Agreement shall be construed and
interpreted in accordance with the laws of the State of California. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>9.</B></FONT></DT><DD><FONT SIZE=2><B>INTEGRATION  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>9.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Except as otherwise provided herein, this Agreement contains the complete, final and exclusive
agreement of the Parties relating to the subject matter of this Agreement, and supersedes all prior oral and written employment agreements or arrangements between the Parties. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>10.</B></FONT></DT><DD><FONT SIZE=2><B>AMENDMENT  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>10.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>This Agreement cannot be amended or modified except by a written agreement signed by Executive
and the CEO or Board of Directors of the Company. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>11.</B></FONT></DT><DD><FONT SIZE=2><B>WAIVER.  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>11.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived,
except with the written consent of the Party against whom the wavier in claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or
succeeding breach of the same or any other term, covenant, condition or breach. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>12.</B></FONT></DT><DD><FONT SIZE=2><B>SEVERABILITY  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>12.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>The finding by a court of competent jurisdiction of the unenforceability, invalidity or
illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the
invalid or unenforceable term or provision with a valid and enforceable term or provision which most accurately represents the parties' intention with respect to the invalid or unenforceable term or
provision. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>13.</B></FONT></DT><DD><FONT SIZE=2><B>INTERPRETATION; CONSTRUCTION  </B></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>13.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>The headings set forth in this Agreement are for convenience of reference only and shall not be
used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged, and has consulted with, her own independent counsel
and tax advisors with respect to the terms of this Agreement. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this
Agreement, and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>14.</B></FONT></DT><DD><FONT SIZE=2><B>REPRESENTATIONS AND WARRANTIES.  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>14.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>Executive represents and warrants that he is not restricted or prohibited, contractually or
otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and
that her execution and performance of this Agreement will not violate or breach any other agreements between Executive and any other person or entity. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>15.</B></FONT></DT><DD><FONT SIZE=2><B>COUNTERPARTS.  </B></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>15.1&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>This Agreement may be executed in two counterparts, each of which shall be deemed an original,
all of which together shall contribute one and the same instrument. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the Parties have executed this Agreement as of the date first above written. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>The Company:</FONT></TD>
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&nbsp;</FONT></TD>
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<TD COLSPAN=2><BR><FONT SIZE=2><B>MAXIM PHARMACEUTICALS,&nbsp;INC.</B></FONT></TD>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>LARRY G. STAMBAUGH</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Larry G. Stambaugh<BR>
Chairman of the Board, President and Chief Executive Officer</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
Date:</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
12/4/02</FONT><HR NOSHADE></TD>
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<TD COLSPAN=2><FONT SIZE=2><B>EXECUTIVE:</B></FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DALE A. SANDER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Dale A. Sander</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
Date:</FONT></TD>
<TD WIDTH="52%"><FONT SIZE=2><BR>
12/4/02</FONT><HR NOSHADE></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mj1021_exhibit_a_copy_of_executed_pro__exh03104"> </A>
<A NAME="toc_mj1021_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;A<BR>  COPY OF EXECUTED PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT    <BR>  </B></FONT></P>

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<P><br><A NAME="03SAN1021_6">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_mi1021_1">Exhibit 10.5</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_mi1021_2">EMPLOYMENT AGREEMENT</A></FONT><BR>

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<FONT SIZE=2><A HREF="#toc_mj1021_1">EXHIBIT A COPY OF EXECUTED PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT</A></FONT><BR>
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