Document:

Exhibit 10.19

 

THE SECURITIES
REPRESENTED BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SECURITIES MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSFER IS IN
ACCORDANCE WITH RULE 144 OR SIMILAR RULE OR UNLESS THE COMPANY RECEIVES AN
OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
OF SAID ACT.

 

	
  No. WC-2

  	
  STOCK PURCHASE WARRANT

  
	
   

  	
  To Purchase Shares of Series B Preferred Stock
  of

  
	
   

  	
  Sunesis Pharmaceuticals
  Incorporated

  

 

THIS CERTIFIES that, for
value received, Three Crowns Capital (Bermuda) Limited (“Holder”), is entitled,
upon the terms and subject to the conditions hereinafter set forth, at any time
on or after the date hereof and on or prior to December 1, 2009 (the “Termination
Date”), but not thereafter, to subscribe for and purchase, from Sunesis
Pharmaceuticals Incorporated, a Delaware Corporation (the “Company”),
71,538 shares of Series B Preferred Stock (the “Shares”) at an exercise
price of $2.60 per share (the “Exercise Price”), subject to adjustment as set
forth below.

 

1.             Title
to Warrant.  Prior to the expiration hereof and subject to
compliance with applicable laws and the other provisions of this warrant, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company, referred to in Section 2 hereof, by the
holder hereof in person or by duly authorized attorney, upon surrender of this
Warrant together with the Assignment Form annexed hereto properly endorsed.

 

2.             Exercise
of Warrant.  The purchase rights represented by this
Warrant are exercisable by the registered holder hereof, in whole or in part,
at any time before the close of business on the Termination Date by the
surrender of this Warrant and the Notice of Exercise form annexed hereto duly
executed at the principal office of the Company at the address set forth in Section 15(c)
hereof (or such other office or agency of the Company as it may designate by
notice in writing to the registered holder hereof at the address of such holder
appearing on the books of the Company), and upon payment of the Exercise Price
for the Shares thereby purchased (by cash or by check or bank draft payable to
the order of the Company or by cancellation of indebtedness of the Company to
the holder hereof, if any, at the time of exercise in an amount equal to the
purchase price of the Shares thereby purchased); whereupon the holder of this
Warrant shall be entitled to receive a certificate for the number of shares of
Series B Preferred Stock so purchased.

 

3.             Right
to Convert Warrant.  The registered holder hereof shall have the
right to convert this Warrant, by the surrender of this Warrant and the Notice
of Conversion form

 

 

 

annexed hereto duly
executed at the principal office of the Company (or such other office or agency
of the Company as it may designate by notice in writing to the registered
holder hereof at the address of such holder appearing on the books of the
Company), in whole but not in part, at any time before the close of business on
the Termination Date, into the Shares as provided for in this Section 3.  Upon exercise of this conversion right, the
holder hereof shall be entitled to receive that number of Shares equal to the
quotient obtained by dividing [(A - B)(X)] by (A), where:

 

(A)  = the Fair Market Value (as defined below) of
one (1) Share on the date of conversion of this Warrant.

 

(B)  = the Exercise Price for one (1) Share under
this Warrant.

 

(X)  = the number of Shares issuable upon exercise
of this Warrant.

 

If the above calculation
results in a zero or a negative number, then no Shares shall be issued or
issuable upon conversion of this Warrant.

 

“Fair Market Value” of a
Share shall mean:

 

(a)           if the
conversion right is being exercised upon the occurrence of a transaction
specified in paragraph 10(a) hereof, the value of the consideration
(determined as set forth in the Company’s Articles of Incorporation, as
amended) to be received pursuant to such transaction by the holder of one (1)
Share issuable upon exercise of this Warrant;

 

(b)           if the
conversion right is being exercised upon the occurrence of the Company’s
initial public offering, the initial public offering price per share (before
deducting underwriting commissions and discounts and offering expenses)
multiplied by the number of shares of Common Stock issuable upon conversion of
one (1) Share issuable upon exercise of this Warrant;

 

(c)           if the
conversion right is being exercised after, and not in connection with the
Company’s initial public offering, and:

 

(i)            if traded on a
securities exchange, the fair market value shall be deemed to be the average of
the closing prices of the securities on such exchange over the thirty (30) day
period ending three (3) days before the day the current fair market value of
the securities is being determined; or

 

(ii)           if actively
traded over-the-counter, the fair market value shall be deemed to be the
average of the closing bid or sale prices (whichever are applicable) over the
thirty (30) day period ending three (3) days before the day the current fair
market value of the securities is being determined; and

 

2

 

(d)           in all other
cases, the fair value as determined in good faith by the Company’s Board of
Directors.

 

Upon conversion of this
Warrant, the registered holder hereof shall be entitled to receive a
certificate for the number of Shares determined as aforesaid.

 

4.             Issuance
of Stock; No Fractional Shares or Scrip.  Certificates for the stock purchased
hereunder or issuable upon conversion hereof shall be delivered to the holder
hereof promptly after the date on which this Warrant shall have been exercised
or converted as aforesaid.  The Company
covenants that all Shares that may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights represented by
this Warrant and of payment of the exercise price as provided herein, be fully
paid and nonassessable and free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).  The
Company agrees that, if at the time of the surrender of this Warrant and
exercise of the rights represented hereby, the holder hereof shall be entitled
to exercise such rights, the Shares so issued shall be and be deemed to be
issued to such holder as the record owner of such Shares as of the close of
business on the date on which this Warrant shall have been exercised or
converted as aforesaid.  No fractional
shares or scrip representing fractional shares shall be issued upon the
exercise or conversion of this Warrant. 
With respect to any fraction of a Share called for upon the exercise or
conversion of this Warrant, an amount equal to such fraction multiplied by the
then current price at which each Share may be purchased hereunder shall be paid
in cash to the holder of this Warrant.

 

5.             Charges,
Taxes and Expenses.  Issuance of certificates for the Shares upon
the exercise or conversion of this Warrant shall be made without charge to the
holder hereof 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 of this Warrant or in such name or names as may be directed by
the holder of this Warrant; provided, however, that in the event
certificates for Shares are to be issued in a name other than the name of the
holder of this Warrant, this Warrant when surrendered for exercise or
conversion shall be accompanied by the Assignment Form attached hereto duly
executed by the holder hereof; and provided  further, that upon
any transfer involved in the issuance or delivery of any certificates for the
Shares, the Company may require, as a condition thereto, the payment of a sure
sufficient to reimburse it for any transfer tax incidental thereto.

 

6.             No
Rights as Shareholders.  This Warrant does not entitle the holder
hereof to any voting rights or other rights as a shareholder of the Company
prior to the exercise or conversion thereof.

 

7.             Exchange
and Registry of Warrant.  This Warrant is exchangeable, upon the
surrender hereof by the registered holder at the above-mentioned office or
agency of the Company, for a new Warrant of like tenor and dated as of such
exchange.

 

The Company shall maintain
at the above-mentioned office or agency a registry showing the name and address
of the registered holder of this Warrant. 
This Warrant may be surrendered for exchange, transfer or exercise, in
accordance with its terms, at such office or agency of the

 

3

 

Company, and the Company
shall be entitled to rely in all respects, prior to written notice to the
contrary, upon such registry.

 

8.             Loss,
Theft, Destruction or Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon reimbursement to the Company
of all reasonable expenses incidental thereto, and upon surrender and
cancellation of this Warrant, if mutilated, the Company will make and deliver a
new Warrant of like tenor and dated as of such cancellation, in lieu of this
Warrant.

 

9.             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
be a Saturday or a Sunday or shall be a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a legal holiday.

 

10.           Anti-Dilution
Provision.

 

(a)           Merger, Sale of
Assets, etc..  In case of
(1) the Company’s consolidation or merger with or into another corporation
in which the Company is not the surviving entity, or a merger in which the
Company is the surviving entity but the shares of the Company’s capital stock
outstanding immediately prior to the merger are converted, by virtue of the
merger, into other property, whether in the form of securities, cash or
otherwise, or (2) the sale or transfer of all or substantially all of the
Company’s assets, then, as part of such reorganization, recapitalization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
there shall thereafter be deliverable upon the exercise of this Warrant or any
portion thereof (in lieu of or in addition to the number of Shares theretofore
deliverable, as appropriate), and without payment of any additional
consideration, the number of shares of stock or other securities or property to
which the holder of the number of Shares which would otherwise have been
deliverable upon the exercise of this Warrant or any portion thereof at the
time of such reorganization, reclassification, recapitalization, consolidation,
merger, sale or transfer would have been entitled to receive in such
reorganization, reclassification, recapitalization, consolidation, merger, sale
or transfer.  This Section 10(a)
shall apply to successive reorganization, reclassifications, recapitalizations,
consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this
Warrant.  If the per-share consideration
payable to the registered holder hereof for Shares in connection with any
transaction described in this Section 10(a) is in a form other than cash
or marketable securities, then the value of such consideration shall be
determined in good faith by the Company’s Board of Directors.

 

(b)           Reclassification,
etc..  If the Company at any time
shall, by subdivision, combination or reclassification of securities or
otherwise, change any of the securities for which purchase rights under this
Warrant exist into the same or a different number of securities of any class or
classes, this Warrant shall thereafter be exercisable to acquire such number
and kind of securities as would have been issuable as the result of such change
with respect to the securities that were subject to the purchase rights under
this Warrant immediately prior to such subdivision, combination, reclassification
or other change.  If the Shares issuable
upon the exercise of this Warrant are subdivided or combined into a greater or
smaller number of the

 

4

 

Shares, the purchase price under this Warrant
shall be proportionately reduced in case of subdivision of shares or
proportionately increased in the case of combination of shares, in both cases
by the ratio which the total number of the Shares to be outstanding immediately
after such event bears to the total number of the Shares outstanding
immediately prior to such event.

 

(c)           Cash
Distributions.  No
adjustment on account of cash dividends on the Shares issuable upon the
exercise of this Warrant will be made to the purchase price under this Warrant.

 

(d)           Authorized
Shares.  The Company covenants that,
during the period the Warrant is outstanding, it will reserve from its
authorized and unissued Preferred Stock a sufficient number of shares to
provide for the issuance of the Shares upon the exercise of any purchase rights
under this Warrant.  The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Shares upon the exercise
of the purchase rights under this Warrant.

 

(e)           Conversion
Price Adjustments.  The rate at
which the Shares are convertible into shares of Common Stock of the Company is
subject to adjustment as set forth in the Company’s Articles of Incorporation,
as amended.  Any adjustment to the
conversion rate of the Shares issuable upon the exercise of this Warrant
effected prior to any exercise or conversion of this Warrant shall apply to any
Shares thereafter issued pursuant to the terms hereof; provided, however, no
such adjustment shall be made if an adjustment for such event has been or will
be made pursuant to the terms of this warrant.

 

11.           Registration
Rights.  The
Shares shall have the registration rights set forth in the Restated Investors
Rights Agreement among the Company and certain investors dated as of November 19,
1999, as amended (the “Investors Rights Agreement”), and, effective as of the
date of issuance of such Shares, the term “Shares” as defined in the Investors
Rights Agreement shall include the Shares issuable upon exercise of this
Warrant and the term “Registrable Securities” as defined in the Investors
Rights Agreement shall include the shares of Common Stock issuable upon
conversion of the Shares.

 

12.           Restrictions
on Transferability of Securities.

 

(a)           Restrictions on
Transferability.  This
Warrant, the Shares issuable upon exercise of this Warrant, and the shares of
Common Stock issuable upon conversion of the Shares (collectively the “Securities”)
shall not be sold, assigned, transferred or pledged except upon the conditions
specified in this Section 12, which conditions are intended to ensure
compliance with the provisions of the Securities Act of 1933, as amended (the “Securities
Act”).  Each holder of any of the
Securities will cause any proposed purchaser, assignee, transferee, or pledgee
of the Securities held by such holder to agree to take and hold such Securities
subject to the provisions and upon the conditions specified in this Section 12.

 

(b)           Restrictive
Legend.  Each certificate representing
the Securities and any other securities issued in respect of the Securities
upon any stock split, stock dividend, recapitalization, merger, consolidation
or similar event, shall (unless otherwise permitted by the

 

5

 

provisions of Section 12(c) below) be
stamped or otherwise imprinted with a legend in the following form (in addition
to any legend required under applicable state securities laws):

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. 
SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR SIMILAR RULE
OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO
IT STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 

Each holder of Securities
and each subsequent transferee (hereinafter collectively referred to as a “Holder”)
consents to the Company making a notation on its records and giving
instructions to any transfer agent of the Securities in order to implement the
restrictions on transfer established in this Section 12.

 

(c)           Notice of
Proposed Transfers.  Each Holder
of a certificate representing the Securities, by acceptance thereof, agrees to
comply in all respects with the provisions of this Section 12(c).  Prior to any proposed sale, assignment, transfer
or pledge of any Securities (other than (i) a transfer not involving a
change in beneficial ownership, (ii) in transactions involving the
distribution without consideration of Securities by a Holder to any of its
partners, or retired partners, or to the estate of any of its partners or
retired partners, (iii) a transfer to an affiliated fund, partnership or
company, which is not a competitor of the Company, subject to compliance with
applicable securities laws or (iv) transfers in compliance with
Rule 144, so long as the Company is furnished with satisfactory evidence
of compliance with such Rule), unless there is in effect a registration
statement under the Securities Act covering the proposed transfer, the Holder
thereof shall give written notice to the Company of such Holder’s intention to
effect such transfer, sale, assignment or pledge.  Each such notice shall describe the manner
and circumstances of the proposed transfer, sale, assignment or pledge in
sufficient detail, and shall be accompanied, at such holder’s expense, by
either (i) an opinion of counsel (who shall, and whose opinion shall be,
addressed to the Company and reasonably satisfactory to the Company) to the
effect that the proposed transfer of the Securities may be effected without
registration under the Securities Act or (ii) a “no action” letter from
the Securities and Exchange Commission (the “Commission”) to the effect that
the transfer of such securities without registration will not result in a
recommendation by the staff of the Commission that action be taken with respect
thereto, whereupon the Holder of such Securities shall be entitled to transfer
such Securities in accordance with the terms of the notice delivered by such
Holder to the Company.  Each certificate
evidencing the Securities transferred as above provided shall bear, except if
such transfer is made pursuant to Rule 144, the appropriate restrictive legend
set forth in Section 12(b) above, except that such certificate shall not
bear such restrictive legend if in the opinion of counsel for such Holder and
in the opinion of counsel for the Company such legend is not required in order
to establish compliance with any provision of the Securities Act.

 

(d)           Removal of
Restrictions on Transfer of Securities.  Any legend referred to in Section 12(b)
hereof stamped on a certificate evidencing the Securities and the stock
transfer instructions and record notations with respect to the Securities shall
be removed, and the

 

6

 

Company shall issue a certificate without
such legend to the Holder of the Securities if the Securities are registered
under the Securities Act, or if such Holder provides the Company with an
opinion of counsel (which may be counsel for the Company) reasonably satisfactory
to the Company to the effect that a public sale or transfer of such security
may be made without registration under the Securities Act or such Holder
provides the Company with reasonable assurances, which may, at the option of
the Company, include an opinion of counsel (which may be counsel for the
Company) reasonably satisfactory to the Company, that such security can be sold
pursuant to paragraph (k) of Rule 144 (or any successor provision) under the
Securities Act.

 

13.           Investment
Representations of Holder.  With respect to the acquisition of any of the
Securities, Holder hereby represents and warrants to the Company as follows:

 

(a)           Experience.  Holder has substantial experience in
evaluating and investing in private placement transactions of securities in
companies similar to the Company so that it is capable of evaluating the merits
and risks of its investment in the Company and has the capacity to protect its
own interests.  Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the
Securities Act.

 

(b)           Investment.  Holder is acquiring the Securities for
investment for its own account, not as a nominee or agent, and not with the
view to, or for resale in connection with, any distribution thereof.  Holder understands that the Securities 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 Holder’s representations as expressed
herein.

 

(c)           Rule 144.  Holder acknowledges that the Securities must
be held indefinitely unless subsequently registered under the Securities Act,
or unless an exemption from such registration is available.  Holder is aware of the provisions of
Rules 144 and 144A promulgated under the Securities Act that permit
limited resale of securities purchased in a private placement subject to
satisfaction of certain conditions.

 

(d)           No Public
Market.  Holder understands that no
public market now exists for any of the securities issued by the Company and
that the Company has made no assurances that a public market will ever exist
for the Securities.

 

(e)           Access to Data.  Holder has had an opportunity to discuss the
Company’s business, management and financial affairs with the Company’s
management and has also had an opportunity to ask questions of the Company’s
officers, which questions were answered to its satisfaction.

 

14.           Notices.

 

(a)           Notice of
Public Offering.  If at any
time prior to the exercise or conversion of this Warrant in full the Company
shall determine to effect a registered public offering of its securities, then
the Company will give the holder of this Warrant at least 30 days prior
written notice of the proposed effective date of the transaction.

 

7

 

(b)           Notice of
Record Date.  If at any
time prior to the exercise or conversion of this Warrant in full the Company
takes a record of the holders of the Company’s stock for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other distribution, any right to subscribe for, purchase or otherwise acquire
any shares of stock of any class or any other securities or property, or to
receive any other right, the Company will give to the holder of this Warrant,
at least 30 days prior to the date specified therein, written notice specifying
the date on which any such record is to be taken for the purpose of such
dividend, distribution or right, and the amount and character of such dividend,
distribution or right.

 

15.           Miscellaneous.

 

(a)           Issue Date.  The provisions of this Warrant shall be
construed and shall be given effect in all respect as if it had been issued and
delivered by the Company on the date hereof. 
This Warrant shall be binding upon any successors or assigns of the
Company.  This Warrant shall constitute a
contract under the laws of the State of California and for all purposes shall be
construed in accordance with and governed by the laws of said state.

 

(b)           Waivers and
Amendments.  With the
written consent of the Company and Holder, the obligations of the Company and
the rights of Holder may be waived (either generally or in a particular
instance, either retroactively or prospectively and either for a specified
period of time or indefinitely), and with the same consent the Company and
Holder may enter into a supplementary agreement for the purpose of adding to or
changing in any manner or eliminating any of the provisions of this Warrant.

 

(c)           Notices.  All notices and other communications required
or permitted to be given under this Warrant shall be in writing and shall be
deemed effectively given upon personal delivery, delivery by nationally
recognized courier or upon deposit with the United States Post Office (by first
class mail, postage prepaid) addressed as follows:  (i) if to the Company, to Sunesis
Pharmaceuticals Incorporated, 3696 Haven Ave., Suite C, Redwood City, 94063,
Attention:  James A. Wells, and (ii) if
to Holder, to Three Crowns Capital (Bermuda) Limited, Mercury House, 101 Front
Street, Hamilton HM12, Bermuda, Attention: Peter Svennilson.

 

(d)           Survival.  The provisions of Section 12 hereof
shall survive the exercise or conversion of this Warrant and shall remain in
effect until such time as Holder no longer holds Securities.

 

8

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officers thereunto duly
authorized.

 

	
  Dated: December 1,
  1999

  	
   

  
	
   

  	
   

  
	
   

  	
  SUNESIS PHARMACEUTICALS

  
	
   

  	
  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daryl B. Winter

  	
   

  
	
   

  	
   

  	
  By:  Daryl
  B. Winter

  	
   

  
	
   

  	
   

  	
  Title:  Senior Vice President and General Counsel

  	
   

  

 

Agreed and Accepted:

 

	
  THREE CROWNS CAPITAL
  (BERMUDA)

  
	
  LIMITED

  
	
   

  
	
  By:

  	
  /s/

  	
   

  
	
  Title: Director

  

 

9

 

NOTICE OF EXERCISE

 

 

To:          Sunesis Pharmaceuticals
Incorporated

 

 

(1)           The undersigned
hereby elects to purchase
             shares
of Series B Preferred Stock of Sunesis Pharmaceuticals Incorporated
pursuant to the terms of the attached Warrant, and tenders herewith payment of
the purchase price in full, together with all applicable transfer taxes, if
any.

 

(2)           Please issue a
certificate of certificates representing said shares of Series B Preferred
Stock in the name of the undersigned or in such other name as is specified
below:

 

 

	
   

  	
   

  	
   

  
	
  (Name)

  
	
   

  
	
   

  	
   

  	
   

  
	
  (Address)

  

 

(3)           The undersigned
represents that the aforesaid shares of Series B Preferred Stock are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.

 

 

	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
  (Signature)

  

 

 

NOTICE OF CONVERSION

 

 

To:          Sunesis Pharmaceuticals
Incorporated

 

 

(1)           The undersigned
hereby elects to convert the attached Warrant into such number of shares of
Series B Preferred Stock of Sunesis Pharmaceuticals Incorporated as is
determined pursuant to Section 3 of such Warrant, which conversion shall
be effected pursuant to the terms of the attached Warrant.

 

(2)           Please issue a
certificate of certificates representing said shares of Sunesis Pharmaceuticals
Incorporated Series B Preferred Stock in the name of the undersigned or in such
other name as is specified below:

 

 

	
   

  	
   

  	
   

  
	
  (Name)

  
	
   

  
	
   

  	
   

  	
   

  
	
  (Address)

  

 

 

(3)           The undersigned
represents that the aforesaid shares of Sunesis Pharmaceuticals Incorporated
Preferred Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares.

 

 

	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
  (Signature)

  

 

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to purchase shares.)

 

 

FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to

 

 

	
   

  
	
  (Please Print)

  
	
   

  
	
  whose address is

  	
   

  
	
  (Please Print)

  

 

 

	
   

  	
  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 whatever, 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.Exhibit
10.20

 

THE SECURITIES REPRESENTED
BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. 
SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR SIMILAR RULE OR UNLESS
THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING
THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SAID ACT.

 

	
  No. 1

  	
  STOCK PURCHASE WARRANT

  
	
   

  	
  To Purchase Shares of Series C Preferred Stock
  of

  
	
   

  	
  Sunesis Pharmaceuticals Incorporated

  

 

THIS CERTIFIES that, for
value received, Broadview Ltd Limited (“Holder”), is entitled, upon the terms
and subject to the conditions hereinafter set forth, at any time on or after
the date hereof and on or prior to July 5, 2000 (the “Termination Date”), but
not thereafter, to subscribe for and purchase, from Sunesis Pharmaceuticals
Incorporated, a Delaware Corporation (the “Company”), 486,750 shares of Series
C Preferred Stock (the “Shares”) at an exercise price of $4.80 per share (the
“Exercise Price”), subject to adjustment as set forth below.

 

1.                                       Title to
Warrant.  Prior to the expiration hereof
and subject to compliance with applicable laws and the other provisions of this
warrant, this Warrant and all rights hereunder are transferable, in whole or in
part, at the office or agency of the Company, referred to in Section 2
hereof, by the holder hereof in person or by duly authorized attorney, upon
surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed.

 

2.                                       Exercise of
Warrant.  The purchase rights
represented by this Warrant are exercisable by the registered holder hereof, in
whole or in part, at any time before the close of business on the Termination
Date by the surrender of this Warrant and the Notice of Exercise form annexed
hereto duly executed at the principal office of the Company at the address set
forth in Section 15(c) hereof (or such other office or agency of the Company as
it may designate by notice in writing to the registered holder hereof at the
address of such holder appearing on the books of the Company), and upon payment
of the Exercise Price for the Shares thereby purchased (by cash or by check or
bank draft payable to the order of the Company or by cancellation of
indebtedness of the Company to the holder hereof, if any, at the time of
exercise in an amount equal to the purchase price of the Shares thereby
purchased); whereupon the holder of this Warrant shall be entitled to receive a
certificate for the number of shares of Series C Preferred Stock so purchased.

 

3.                                       Right to
Convert Warrant.  The
registered holder hereof shall have the right to convert this Warrant, by the
surrender of this Warrant and the Notice of Conversion form annexed hereto duly
executed at the principal office of the Company (or such other office or agency
of the Company as it may designate by notice in writing to the registered
holder hereof at the address of such holder appearing on the books of the
Company), in whole but not in part, at

 

 

any time before the close of
business on the Termination Date, into the Shares as provided for in this
Section 3.  Upon exercise of this
conversion right, the holder hereof shall be entitled to receive that number of
Shares equal to the quotient obtained by dividing [(A - B)(X)] by (A),
where:

 

	
  (A)
  =

  	
  the
  Fair Market Value (as defined below) of one (1) Share on the date of
  conversion of this Warrant.

  
	
   

  	
   

  
	
  (B)
  =

  	
  the
  Exercise Price for one (1) Share under this Warrant.

  
	
   

  	
   

  
	
  (X)
  =

  	
  the
  number of Shares issuable upon exercise of this Warrant.

  

 

If the above calculation
results in a zero or a negative number, then no Shares shall be issued or
issuable upon conversion of this Warrant.

 

“Fair Market Value” of a
Share shall mean:

 

(a)                                  if the
conversion right is being exercised upon the occurrence of a transaction
specified in paragraph 10(a) hereof, the value of the consideration
(determined as set forth in the Company’s Articles of Incorporation, as
amended) to be received pursuant to such transaction by the holder of one (1)
Share issuable upon exercise of this Warrant;

 

(b)                                 if the
conversion right is being exercised upon the occurrence of the Company’s
initial public offering, the initial public offering price per share (before
deducting underwriting commissions and discounts and offering expenses)
multiplied by the number of shares of Common Stock issuable upon conversion of
one (1) Share issuable upon exercise of this Warrant;

 

(c)                                  if the conversion
right is being exercised after, and not in connection with the Company’s
initial public offering, and:

 

(i)                                     if traded on a
securities exchange, the fair market value shall be deemed to be the average of
the closing prices of the securities on such exchange over the thirty (30) day
period ending three (3) days before the day the current fair market value of
the securities is being determined; or

 

(ii)                                  if actively
traded over-the-counter, the fair market value shall be deemed to
be the average of the closing bid or sale prices (whichever are applicable)
over the thirty (30) day period ending three (3) days before the day the
current fair market value of the securities is being determined; and

 

(d)                                 in all other
cases, the fair value as determined in good faith by the Company’s Board of
Directors.

 

2

 

Upon conversion of this
Warrant, the registered holder hereof shall be entitled to receive a
certificate for the number of Shares determined as aforesaid.

 

4.                                       Issuance of
Stock; No Fractional Shares or Scrip.  Certificates for the stock purchased
hereunder or issuable upon conversion hereof shall be delivered to the holder
hereof promptly after the date on which this Warrant shall have been exercised
or converted as aforesaid.  The Company
covenants that all Shares that may be issued upon the exercise of rights
represented by this Warrant will, upon exercise of the rights represented by
this Warrant and of payment of the exercise price as provided herein, be fully
paid and nonassessable and free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).  The
Company agrees that, if at the time of the surrender of this Warrant and
exercise of the rights represented hereby, the holder hereof shall be entitled
to exercise such rights, the Shares so issued shall be and be deemed to be
issued to such holder as the record owner of such Shares as of the close of
business on the date on which this Warrant shall have been exercised or
converted as aforesaid.  No fractional
shares or scrip representing fractional shares shall be issued upon the
exercise or conversion of this Warrant. 
With respect to any fraction of a Share called for upon the exercise or
conversion of this Warrant, an amount equal to such fraction multiplied by the
then current price at which each Share may be purchased hereunder shall be paid
in cash to the holder of this Warrant.

 

5.                                       Charges, Taxes
and Expenses.  Issuance of
certificates for the Shares upon the exercise or conversion of this Warrant
shall be made without charge to the holder hereof 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 of this Warrant or in such name or
names as may be directed by the holder of this Warrant; provided, however,
that in the event certificates for Shares are to be issued in a name other than
the name of the holder of this Warrant, this Warrant when surrendered for
exercise or conversion shall be accompanied by the Assignment Form attached
hereto duly executed by the holder hereof; and provided  further,
that upon any transfer involved in the issuance or delivery of any certificates
for the Shares, the Company may require, as a condition thereto, the payment of
a sure sufficient to reimburse it for any transfer tax incidental thereto.

 

6.                                       No Rights as
Shareholders.  This
Warrant does not entitle the holder hereof to any voting rights or other rights
as a shareholder of the Company prior to the exercise or conversion thereof.

 

7.                                       Exchange and
Registry of Warrant.  This
Warrant is exchangeable, upon the surrender hereof by the registered holder at
the above-mentioned office or agency of the Company, for a new Warrant of
like tenor and dated as of such exchange.

 

The Company shall maintain
at the above-mentioned office or agency a registry showing the name and
address of the registered holder of this Warrant.  This Warrant may be surrendered for exchange,
transfer or exercise, in accordance with its terms, at such office or agency of
the Company, and the Company shall be entitled to rely in all respects, prior
to written notice to the contrary, upon such registry.

 

3

 

8.                                       Loss, Theft,
Destruction or Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon reimbursement to the Company
of all reasonable expenses incidental thereto, and upon surrender and
cancellation of this Warrant, if mutilated, the Company will make and deliver a
new Warrant of like tenor and dated as of such cancellation, in lieu of this
Warrant.

 

9.                                       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 be a Saturday or a Sunday or shall be a
legal holiday, then such action may be taken or such right may be exercised on
the next succeeding day not a legal holiday.

 

10.                                 Anti-Dilution
Provision.

 

(a)                                  Merger, Sale of
Assets, etc..  In case of
(1) the Company’s consolidation or merger with or into another corporation
in which the Company is not the surviving entity, or a merger in which the
Company is the surviving entity but the shares of the Company’s capital stock
outstanding immediately prior to the merger are converted, by virtue of the
merger, into other property, whether in the form of securities, cash or
otherwise, or (2) the sale or transfer of all or substantially all of the
Company’s assets, then, as part of such reorganization, recapitalization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
there shall thereafter be deliverable upon the exercise of this Warrant or any
portion thereof (in lieu of or in addition to the number of Shares theretofore
deliverable, as appropriate), and without payment of any additional
consideration, the number of shares of stock or other securities or property to
which the holder of the number of Shares which would otherwise have been
deliverable upon the exercise of this Warrant or any portion thereof at the
time of such reorganization, reclassification, recapitalization, consolidation,
merger, sale or transfer would have been entitled to receive in such reorganization,
reclassification, recapitalization, consolidation, merger, sale or
transfer.  This Section 10(a) shall
apply to successive reorganization, reclassifications, recapitalizations,
consolidations, mergers, sales and transfers and to the stock or securities of
any other corporation that are at the time receivable upon the exercise of this
Warrant.  If the per-share
consideration payable to the registered holder hereof for Shares in connection
with any transaction described in this Section 10(a) is in a form other
than cash or marketable securities, then the value of such consideration shall
be determined in good faith by the Company’s Board of Directors.

 

(b)                                 Reclassification,
etc.  If the Company at any time
shall, by subdivision, combination or reclassification of securities or
otherwise, change any of the securities for which purchase rights under this
Warrant exist into the same or a different number of securities of any class or
classes, this Warrant shall thereafter be exercisable to acquire such number
and kind of securities as would have been issuable as the result of such change
with respect to the securities that were subject to the purchase rights under
this Warrant immediately prior to such subdivision, combination,
reclassification or other change.  If the
Shares issuable upon the exercise of this Warrant are subdivided or combined
into a greater or smaller number of the Shares, the purchase price under this
Warrant shall be proportionately reduced in case of subdivision of shares or
proportionately increased in the case of combination of shares, in both

 

4

 

cases by the ratio which the
total number of the Shares to be outstanding immediately after such event bears
to the total number of the Shares outstanding immediately prior to such event.

 

(c)                                  Cash
Distributions.  No
adjustment on account of cash dividends on the Shares issuable upon the
exercise of this Warrant will be made to the purchase price under this Warrant.

 

(d)                                 Authorized
Shares.  The Company covenants that,
during the period the Warrant is outstanding, it will reserve from its
authorized and unissued Preferred Stock a sufficient number of shares to
provide for the issuance of the Shares upon the exercise of any purchase rights
under this Warrant.  The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Shares upon the exercise
of the purchase rights under this Warrant.

 

(e)                                  Conversion
Price Adjustments.  The rate at
which the Shares are convertible into shares of Common Stock of the Company is
subject to adjustment as set forth in the Company’s Articles of Incorporation,
as amended.  Any adjustment to the
conversion rate of the Shares issuable upon the exercise of this Warrant
effected prior to any exercise or conversion of this Warrant shall apply to any
Shares thereafter issued pursuant to the terms hereof; provided, however,
no such adjustment shall be made if an adjustment for such event has been or
will be made pursuant to the terms of this warrant.

 

11.                                 Registration
Rights.  The Shares shall have the
registration rights set forth in the Sixth Amended and Restated Investors
Rights Agreement among the Company and certain investors dated as of July 5,
2000, as amended (the “Investors Rights Agreement”), and, effective as of the
date of issuance of such Shares, the tern “Shares” as defined in the Investors
Rights Agreement shall include the Shares issuable upon exercise of this
Warrant and the term “Registrable Securities” as defined in the Investors
Rights Agreement shall include the shares of Common Stock issuable upon
conversion of the Shares.

 

12.                                 Restrictions on
Transferability of Securities.

 

(a)                                  Restrictions on
Transferability.  This
Warrant, the Shares issuable upon exercise of this Warrant, and the shares of
Common Stock issuable upon conversion of the Shares (collectively the
“Securities”) shall not be sold, assigned, transferred or pledged except upon
the conditions specified in this Section 12, which conditions are intended to
ensure compliance with the provisions of the Securities Act of 1933, as amended
(the “Securities Act”).  Each holder of
any of the Securities will cause any proposed purchaser, assignee, transferee,
or pledgee of the Securities held by such holder to agree to take and hold such
Securities subject to the provisions and upon the conditions specified in this
Section 12.

 

(b)                                 Restrictive
Legend.  Each certificate representing
the Securities and any other securities issued in respect of the Securities
upon any stock split, stock dividend, recapitalization, merger, consolidation
or similar event, shall (unless otherwise permitted by the provisions of
Section 12(c) below) be stamped or otherwise imprinted with a legend in
the following form (in addition to any legend required under applicable state
securities laws):

 

5

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. 
SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR SIMILAR RULE
OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO
IT STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 

Each holder of Securities
and each subsequent transferee (hereinafter collectively referred to as a
“Holder”) consents to the Company making a notation on its records and giving
instructions to any transfer agent of the Securities in order to implement the
restrictions on transfer established in this Section 12.

 

(c)                                  Notice of
Proposed Transfers.  Each Holder
of a certificate representing the Securities, by acceptance thereof, agrees to
comply in all respects with the provisions of this Section 12(c).  Prior to any proposed sale, assignment,
transfer or pledge of any Securities (other than (i) a transfer not
involving a change in beneficial ownership, (ii) in transactions involving
the distribution without consideration of Securities by a Holder to any of its
partners, or retired partners, or to the estate of any of its partners or
retired partners, (iii) a transfer to an affiliated fund, partnership or
company, which is not a competitor of the Company, subject to compliance with
applicable securities laws or (iv) transfers in compliance with Rule 144,
so long as the Company is furnished with satisfactory evidence of compliance
with such Rule), unless there is in effect a registration statement under the
Securities Act covering the proposed transfer, the Holder thereof shall Give
written notice to the Company of such Holder’s intention to effect such
transfer, sale, assignment or pledge. 
Each such notice shall describe the manner and circumstances of the
proposed transfer, sale, assignment or pledge in sufficient detail, and shall
be accompanied, at such holder’s expense, by either (i) an opinion of
counsel (who shall, and whose opinion shall be, addressed to the Company and
reasonably satisfactory to the Company) to the, effect that the proposed
transfer of the Securities may be effected without registration under the
Securities Act or (ii) a “no action” letter from the Securities and
Exchange Commission (the “Commission”) to the effect that the transfer of such
securities without registration will not result in a recommendation by the
staff of the Commission that action be taken with respect thereto, whereupon
the Holder of such Securities shall be entitled to transfer such Securities in
accordance with the terms of the notice delivered by such Holder to the
Company.  Each certificate evidencing the
Securities transferred as above provided shall bear, except if such transfer is
made pursuant to Rule 144, the appropriate restrictive legend set forth in
Section 12(b) above, except that such certificate shall not bear such
restrictive legend if in the opinion of counsel for such Holder and in the
opinion of counsel for the Company such legend is not required in order to
establish compliance with any provision of the Securities Act.

 

(d)                                 Removal of
Restrictions on Transfer of Securities.  Any legend referred to in Section 12(b)
hereof stamped on a certificate evidencing the Securities and the stock
transfer instructions and record notations with respect to the Securities shall
be removed, and the Company shall issue a certificate without such legend to
the Holder of the Securities if the Securities are registered under the
Securities Act, or if such Holder provides the Company with an opinion of
counsel (which may be counsel for the Company) reasonably satisfactory to the

 

6

 

Company to the effect that a
public sale or transfer of such security may be made without registration under
the Securities Act or such Holder provides the Company with reasonable
assurances, which may, at the option of the Company, include an opinion of
counsel (which may be counsel for the Company) reasonably satisfactory to the
Company, that such security can be sold pursuant to paragraph (k) of Rule 144
(or any successor provision) under the Securities Act.

 

13.                                 Investment
Representations of Holder.  With
respect to the acquisition of any of the Securities, Holder hereby represents
and warrants to the Company as follows:

 

(a)                                  Experience.  Holder has substantial experience in
evaluating and investing in private placement transactions of securities in
companies similar to the Company so that it is capable of evaluating the merits
and risks of its investment in the Company and has the capacity to protect its
own interests.  Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the Securities
Act.

 

(b)                                 Investment.  Holder is acquiring the Securities for
investment for its own account, not as a nominee or agent, and not with the
view to, or for resale in connection with, any distribution thereof.  Holder understands that the Securities 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 Holder’s representations as expressed
herein.

 

(c)                                  Rule 144.  Holder acknowledges that the Securities must
be held indefinitely unless subsequently registered under the Securities Act,
or unless an exemption from such registration is available.  Holder is aware of the provisions of
Rules 144 and 144A promulgated under the Securities Act that permit
limited resale of securities purchased in a private placement subject to satisfaction
of certain conditions.

 

(d)                                 No Public
Market.  Holder understands that no
public market now exists for any of the securities issued by the Company and
that the Company has made no assurances that a public market will ever exist
for the Securities.

 

(e)                                  Access to Data.  Holder has had an opportunity to discuss the
Company’s business, management and financial affairs with the Company’s
management and has also had an opportunity to ask questions of the Company’s
officers, which questions were answered to its satisfaction.

 

14.                                 Notices.

 

(a)                                  Notice of
Public Offering.  If at any
time prior to the exercise or conversion of this Warrant in full the Company
shall determine to effect a registered public offering of its securities, then
the Company will give the holder of this Warrant at least 30 days prior
written notice of the proposed effective date of the transaction.

 

(b)                                 Notice of
Record Date.  If at any
time prior to the exercise or conversion of this Warrant in full the Company
takes a record of the holders of the Company’s stock for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other

 

7

 

distribution, any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class
or any other securities or property, or to receive any other right, the Company
will give to the holder of this Warrant, at least 30 days prior to the date
specified therein, written notice specifying the date on which any such record
is to be taken for the purpose of such dividend, distribution or right, and the
amount and character of such dividend, distribution or right.

 

15.                                 Miscellaneous.

 

(a)                                  Issue Date.  The provisions of this Warrant shall be
construed and shall be given effect in all respect as if it had been issued and
delivered by the Company on the date hereof. 
This Warrant shall be binding upon any successors or assigns of the
Company.  This Warrant shall constitute a
contract under the laws of the State of California and for all purposes shall
be construed in accordance with and governed by the laws of said state.

 

(b)                                 Waivers and
Amendments.  With the
written consent of the Company and Holder, the obligations of the Company and
the rights of Holder may be waived (either generally or in a particular instance,
either retroactively or prospectively and either for a specified period of time
of indefinitely), and with the same consent the Company and Holder may enter
into a supplementary agreement for the purpose of adding to or changing in any
manner or eliminating any of the provisions of this Warrant.

 

(c)                                  Notices.  All notices and other communications required
or permitted to be given under this Warrant shall be in writing and shall be
deemed effectively given upon personal delivery, delivery by nationally
recognized courier or upon deposit with the United States Post Office (by first
class mail, postage prepaid) addressed as follows:  (i) if to the Company, to Sunesis
Pharmaceuticals Incorporated, 3696 Haven Ave., Suite C, Redwood City, 094063,
Attention:  Daryl B. Winter, amd (ii) if
to Holder, to Broadview Ltd Limited, Clarendon House, 2 Church Street, Hamilton
HM 11, Bermuda, Attention: Peter Svennilson.

 

(d)                                 Survival.  The provisions of Section 12 hereof shall
survive the exercise or conversion of this Warrant and shall remain in effect
until such time as Holder no longer holds Securities.

 

8

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officers thereunto duly
authorized.

 

Dated:  July 7, 2000

 

	
   

  	
  SUNESIS PHARMACEUTICALS

  
	
   

  	
  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Daryl Winter

  
	
   

  	
  Senior Vice President

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
  Broadview Ltd Limited

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  	
   

  
	
  Peter Svennilson

  	
   

  
	
  Managing Director

  	
   

  
						

 

9

 

 

 

AMENDMENT NO. 1 TO STOCK PURCHASE
WARRANT GRANTED TO

BROADVIEW
LTD. LIMITED

This amendment is to the
STOCK PURCHASE WARRANT granted to Broadview Ltd. Limited on July 7, 2000 to
purchase from Sunesis Pharmaceuticals, Inc. 486,750 shares of Series C
Preferred Stock.

The first paragraph of
the agreement is deleted in its entirety and is replaced with the following:

THIS CERTIFIES that, for
value received, PSV Limited, formerly Three Crowns Capital (Bermuda) Limited
which in turned was formerly Broadview Ltd. Limited (the “Holder”), is entitled
upon the terms and subject to the conditions hereinafter set forth, at any time
on or after the date hereof and on or prior to July 7, 2010, but not
thereafter, to subscribe for and purchase, from Sunesis Pharmaceuticals
Incorporated, a Delaware Corporation (the “Company”), 486,750 shares of Series
C Preferred Stock (the “Shares”) at an exercise price of $4.80 per share (the
“Exercise Price”), subject to adjustment as set forth below.

PSV Limited:

	
  By:

  	
   

  
	
   

  	
  Peter A. S. Pearman

  
	
   

  	
  Director

  

Sunesis Pharmaceuticals, Inc.

	
  By:

  	
   

  
	
   

  	
  Daryl B. Winter

  
	
   

  	
  General Counsel

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