Exhibit 10.3


 


SECURITIES
PURCHASE AGREEMENT


 


This Securities Purchase
Agreement (this “Agreement”) is dated as of April 19, 2013, between Bio-Path Holdings, Inc., a Utah corporation
(the “ Company ”), and the purchaser identified on the signature page hereto (the “ Purchaser ”).


 


WHEREAS, subject to
the terms and conditions set forth in this Agreement, the Company desires to issue and sell to the Purchaser, and the Purchaser
desires to purchase from the Company, securities of the Company as more fully described in this Agreement.


 


NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:


 


ARTICLE I


DEFINITIONS


 


 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Article I:


 


“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 Texas are authorized or required by law or other governmental action to close.


 


“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.


 


“Closing
Date” means the Business Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived.


 


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


 


“Common
Stock” means the common stock of the Company, no par value, and any other class of securities into which such securities
may hereafter be reclassified or changed.


 


“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction, other than
restrictions imposed by securities laws.


 


“Per
Share Purchase Price” equals $0.30, subject to adjustment for reverse or forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement but prior to the Closing.


 


“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 from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


“Shares”
means the number of shares of Common Stock as specified below the Purchaser’s name on the signature page of this Agreement
next to the heading “Shares.”


 


“Subscription
Amount” means the number of Shares multiplied by the Per Share Purchase Price.


 


“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.


 


“Transfer
Agent” means Fidelity Transfer Company, the current transfer agent of the Company, with a mailing address of 8915 S.
700 E. Suite 102, Sandy, Utah 84070 and a facsimile number of (801) 233-0589, and any successor
transfer agent of the Company.


 


ARTICLE II


PURCHASE AND SALE


 


2.1         Closing.
Upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this
Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase the Shares. Upon satisfaction
of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the Company or such
other location as the parties shall mutually agree.


 


2.2         Deliveries.


 


(a)          On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser or such other Person, as the
case may be, the following:


 


(i)         this
Agreement duly executed by the Company; and


 


(ii)        instructions
to the Transfer Agent instructing the Transfer Agent to issue the Shares to the Purchaser in accordance herewith.


 


(b)      On
or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:


 


(i)          this
Agreement duly executed by the Purchaser; and


 


(ii)        the
Subscription Amount by check or wire transfer to the account as specified in writing by the Company.


 




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2.3         Closing
Conditions.


 


(a)          The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:


 


(i)          the
accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Purchaser contained
herein (unless as of a specific date therein);


 


(ii)         all
obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been
performed in all material respects; and


 


(iii)        the
delivery by the Purchaser of the items set forth in Section 2.2(b).


 


(b)      The
obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:


 


(i)          the
accuracy in all material respects when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein);


 


(ii)         all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed
in all material respects; and


 


(iii)        the
delivery by the Company of the items set forth in Section 2.2(a).


 


ARTICLE III


REPRESENTATIONS AND
WARRANTIES


 


3.1        Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser:


 


(a)        
Organization. The Company is an entity duly incorporated, validly existing and in good standing under the laws of the jurisdiction
of its incorporation, with the requisite power and authority to own and use its properties and assets and to carry on its business
as currently conducted.


 


(b)          Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by all necessary corporate action on the part of the Company and no further corporate action is required
by the Company, the Board of Directors or the Company’s stockholders in connection therewith. Each Transaction Document to
which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with
the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer, fraudulent conveyance and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.


 




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(c)          Issuance
of the Shares. The Shares are duly authorized and, when issued and paid for in accordance with the Transaction Documents, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company.


 


(d)          Brokers
and Finders. Except for certain fees or commissions agreed upon and negotiated by the Company, no other Person will have, as
a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the
Company for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or
on behalf of the Company.


 


The Purchaser acknowledges
and agrees that the Company does not make and has not made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Section 3.1.


 


3.2         Representations
and Warranties of the Purchaser. The Purchaser hereby makes the following representations and warranties to the Company:


 


(a)          Organization;
Authority. The Purchaser is either an individual or an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and performance by the Purchaser of the transactions contemplated by this Agreement
have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable,
on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when
delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the
Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.


 


(b)          No
Conflicts. The execution, delivery and performance by the Purchaser of the Agreement and the consummation by it of the transactions
contemplated hereby do not and will not (i) conflict with or violate any provision of the Purchaser’s certificate or articles
of incorporation, bylaws or other organizational or charter documents, as applicable, or (ii) conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Purchaser is subject (including federal and state securities laws and regulations), or by which any property or asset
of the Purchaser is bound or affected.


 


(c)          Own
Account. The Purchaser is acquiring the Shares as principal for its own account and not with a present view toward the public
sale or distribution thereof.


 




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(d)          Purchaser
Status. At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is an “accredited investor”
as defined in Rule 501(a) of Regulation D under the Securities Act.


 


(e)          Experience
of the Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of
an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.


 


(f)          Disclosure
of Information. The Purchaser has had an opportunity to receive all information related to the Company requested by it and
to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the
offering of the Shares. The Purchaser has had access to and reviewed the Company’s Form 10-K, filed with the Commission on
April 1, 2013, together with all filed Form 10-Q, Form 8-K and other filings made by the Company with the Commission as available
on the Commission’s EDGAR website (collectively, the “SEC Documents”). The Purchaser has reviewed the
risk factors contained in the SEC Documents. The Purchaser has considered the risk factors and all other factors therein.


 


(g)          No
Registration. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act
by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of such Investor’s representations as
expressed herein or otherwise made pursuant hereto.


 


(h)          Rule
144. The Purchaser acknowledges that the Shares must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Purchaser is aware of the provisions of Rule 144 promulgated
under the Securities Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of
certain conditions. The Purchaser acknowledges and understands that the Company may not be satisfying the current public information
requirement of Rule 144 at the time the Purchaser wishes to sell the Shares, and that, in such event, the Purchaser may be
precluded from selling such securities under Rule 144, even if the other requirements of Rule 144 have been satisfied.
The Purchaser acknowledges that, in the event all of the requirements of Rule 144 are not met, registration under the Securities
Act or an exemption from registration will be required for any disposition of the Shares. The Purchaser understands that, although
Rule 144 is not exclusive, the Commission has expressed its opinion that persons proposing to sell restricted securities received
in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales and that such persons and the brokers
who participate in the transactions do so at their own risk.


 


(i)         Legends.
It is understood that certificates evidencing the Shares may bear the following or any similar legend:


 


(i) ”The
securities represented hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities
Act of 1933, as amended, (ii) such securities may be sold pursuant to Rule 144, or (iii) the Company has received an opinion of
counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of
1933, as amended, or qualification under applicable state securities laws.”




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(ii) If required
by the authorities of any state in connection with the issuance of sale of the Shares, the legend required by such state authority.


 


(j)          No
General Advertisement. The Purchaser did not learn of the investment in the Shares as a result of any public advertisement,
article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast
over television, radio or internet or presented at any seminar or other general advertisement.


 


(k)          Brokers
and Finders. Except for certain fees or commissions agreed upon and negotiated by the Company, no other Person will have, as
a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the
Company or the Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding
entered into by or on behalf of the Purchaser.


 


ARTICLE IV


MISCELLANEOUS


 


4.1         Termination. 
This Agreement may be terminated by the Purchaser or the Company by written notice to the other party if the Closing has not been
consummated on or before                 2013;
provided, however , that no such termination will affect the right of any party to sue for any breach by the other
party (or parties).


 


4.2         Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement.


 


4.3         Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.


 


4.4         Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:00 p.m. (Houston, Texas time)
on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth on the signature pages attached hereto on a day that is not a Business Day or later than 5:00
p.m. (Houston, Texas time) on any Business Day, (c) the second (2nd) Business Day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the
party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages attached hereto.


 




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4.5        Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any
manner impair the exercise of any such right.


 


4.6         Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.


 


4.7         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. Neither party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the
other party.


 


4.8         No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.


 


4.9         Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of Texas, without regard to the principles
of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of
the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or
its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in Houston, Texas. Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in Houston, Texas for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents),
and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence a Proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such Proceeding
shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Proceeding.


 


4.10       Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.


 


4.11       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.


 




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4.12       Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.


 


4.13       Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy
at law would be adequate.


 


4.14       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.


 


4.15       Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, 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 the Transaction Documents or any amendments hereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.


 


4.16       WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.


 


	Bio-Path Holdings, Inc.	 	Address for Notice:
	 	 	 	 
	By:		 	2626 South Loop
	 	Name:  Douglas P. Morris	 	Suite 180
	 	Title:  VP of Corporate Development	 	Houston, TX 77054
	 	 	 	 
	With a copy to (which shall not constitute notice):	 	 
	 	 	 
	Winstead PC	 	 
	Attn: William R. Rohrlich, II	 	 
	24 Waterway Avenue, Suite 500	 	 
	
        The Woodlands, Texas 77380

        Fax: (281) 681-5901
	 	 
	 	 	 


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK


SIGNATURE PAGE FOR PURCHASER FOLLOWS]


 




    	 



    	 



    

 


[PURCHASER SIGNATURE PAGE TO BPTH SECURITIES
PURCHASE AGREEMENT]


 


IN WITNESS WHEREOF,
the undersigned has caused this Securities Purchase Agreement to be duly executed by its respective authorized signatories as of
the date first indicated above.


 


Name of Purchaser: ________________________________________________________


 


Signature of Authorized Signatory of
Purchaser: _________________________________


 


Name of Authorized Signatory: _______________________________________________


 


Title of Authorized Signatory: ________________________________________________


 


Email Address of Authorized Signatory:_________________________________________


 


Facsimile Number of Authorized Signatory: ______________________________________


 


Address for Notice of Purchaser:


 


Address for Delivery of certificated Securities for the Purchaser
(if not same as address for notice):


 


Information for Delivery of uncertificated Securities by DWAC:


 


	Account Number:	 	 
	Account Name:	 	 
	DTC Number:	 	 


 


Subscription Amount: $_________________


Shares: _________________


 


EIN Number: [PROVIDE THIS UNDER SEPARATE COVER]