Document:

Exhibit 10.33

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) between Christopher Richied, an individual (the “Executive”), and Cancer Prevention Pharmaceuticals,
Inc. (“CPP”), a Delaware corporation, is effective as of January 1, 2016 (the “Effective Date”) and recites
and provides as follows:

 

WHEREAS, CPP desires
to continue to retain the services of Executive, and Executive desires to continue to be employed by CPP, all on the terms and
subject to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants herein contained, CPP and Executive agree as follows:

 

1.   
       EMPLOYMENT PERIOD. CPP hereby agrees to continue to employ Executive, and Executive
hereby agrees to continue to be employed by CPP, in accordance with the terms and provisions of this Agreement, for the
period commencing on the Effective Date and ending at midnight on December 31, 2018 (the “Employment
Period”).

 

2.      
    TERMS OF EMPLOYMENT.

 

(A)         POSITION
AND DUTIES.

 

(i)          During
the Employment Period, Executive shall serve as the Chief Financial Officer of CPP, and perform such duties and functions commensurate
with such title as the Board of Directors of CPP (the “Board”), shall reasonably determine. Executive’s services
shall be performed principally at CPP’s headquarters in Tucson, Arizona. However, from time to time, Executive may also be
required by his job responsibilities to travel on CPP business, and Executive agrees to do so. Executive shall not be required
to relocate from the Tucson, Arizona area.

 

(ii)         During
the Employment Period, Executive agrees to devote his full-time attention to the business and affairs of CPP and/or its subsidiaries.
Executive’s employment under this Agreement shall be Executive’s exclusive employment during the Employment Period.
Unless otherwise approved by the Board, Executive may not engage, directly or indirectly, in any other business, investment, or
activity that interferes with Executive’s performance of Executive’s duties hereunder, is contrary to the interest
of CPP or any of its subsidiaries, or requires any significant portion of Executive’s business time. The foregoing notwithstanding,
the parties recognize and agree that Executive may engage in personal investments, other business activities, and civic, charitable
or religious activities which do not conflict with the business and affairs of CPP or interfere with Executive’s performance
of his duties hereunder. Executive may not serve on the board of directors of any entity other than CPP during the Employment Period
without the written approval of the Board. Executive shall be permitted to retain any compensation received for approved service
on any unaffiliated corporation’s board of directors.

 

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(B)         COMPENSATION.

 

(i)          Base
Salary. During the Employment Period, Executive shall receive a base salary (“Base Salary”), which shall be paid
in equal installments on a biweekly basis, at the rate of Two Hundred Twenty Thousand Dollars ($220,000) per annum, less payroll
deductions and withholdings required by law or otherwise permitted under this Agreement. This base salary will be reviewed at least
annually and may be increased (but not decreased) at the discretion of CPP’s Board or Compensation Committee.

 

(ii)         Bonus.
In addition to Executive’s Base Salary, Executive shall be eligible to earn an annual cash bonus with the target amount equal
to thirty-five percent (35%) of his Base Salary (“Annual Bonus”) in addition to a discretionary equity bonus, with
the actual amount of any such bonuses increased or decreased in the sole and absolute discretion of CPP’s Board or Compensation
Committee. Executive’s Annual Bonus eligibility will be reviewed on an annual or more frequent basis by CPP’s Board
or Compensation Committee. In addition, upon the occurrence of: (i) the listing of CPP’s securities on an exchange,
and/or (ii) the completion of patient enrollment in CPP’s Phase 3 clinical trial with its product candidate CPP-1X/sul
for the treatment of familial adenomatous polyposis, Executive shall be eligible to receive an additional cash and/or equity bonus
in connection with either or both of the events referred to in clauses (i) and (ii) above, with the payment and amounts of any
such bonuses determined in the sole and absolute discretion of CPP’s Board or Compensation Committee.

 

(iii)        Expenses.
During the Employment Period, Executive shall be entitled to receive reimbursement or seek direct payment to vendors for all employment-related
expenses incurred by Executive in accordance with the policies, practices and procedures of CPP as in effect generally from time
to time after the Effective Date with respect to executives of CPP.

 

(iv)        Paid
Time Off (PTO). During the Employment Period, Executive shall accrue paid time off for vacation, sick and personal days at
a rate of 25 days per year (with 25 days in total in 2016), subject to a maximum accrual in accordance with CPP’s policy
regarding such accrual in effect on the Effective Date with respect to other executives of CPP.

 

(v)         Other
Benefits. During the Employment Period, Executive shall be entitled to continue participation in CPP’s 401K plan, or
in the event such plan is terminated, a comparable ERISA-qualified benefit plan, as well as such health insurance, dental and other
benefits, as are provided generally to other executives at CPP, in accordance with the policies, programs and practices of CPP
which are in effect from time to time after the Effective Date.

 

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3.     
     EARLY TERMINATION OF EMPLOYMENT.

 

(A)         DEATH
OR DISABILITY. Executive’s employment shall terminate automatically upon Executive’s death during the Employment Period.
In the event that Executive is disabled, as a result of mental or physical condition or illness, and as such cannot perform the
material functions of his job, even with reasonable accommodation, for a total of ninety (90) consecutive days or for a total of
six (6) months (whether or not such six (6) months is consecutive) during any twelve (12) consecutive month period, Executive’s
employment may be terminated by CPP upon CPP’s reasonable and good faith determination that Executive is so disabled (“Disability
Effective Date”). In the event that CPP intends to terminate the employment of Executive because of disability, CPP shall
give the Executive no less than thirty (30) days’ prior written notice of CPP’s intention to terminate Executive’s
employment. In the event that Executive denies that he is disabled from performing the material functions of his job, Executive
may, within sixty (60) days of the date of notice of CPP’s intention to terminate, request that his disability be determined
by an independent, licensed physician selected by CPP or its insurers and acceptable to Executive, with Executive’s acceptance
of the physician not to be unreasonably withheld. Promptly following such request by Executive, CPP shall arrange for an examination
of Executive and Executive shall cooperate fully in such examination. Executive shall remain employed under all the terms, provisions
and conditions of this Agreement, until the physician determines in writing whether Executive is disabled from performing the material
functions of his job. In the event that the physician determines that Executive is not disabled from performing the material functions
of his job, Executive shall continue with his employment under this Agreement. In the event that the physician determines that
Executive is disabled from performing the material functions of his job, Executive’s employment shall terminate seven (7)
days following such determination.

 

(B)         CAUSE.
CPP may terminate Executive’s employment during the Employment Period for Cause by giving written notice to Executive. For
purposes of this Agreement, “Cause” shall mean and be limited to (i) the conviction of Executive for committing a felony;
(ii) CPP’s good faith determination corroborated by independent evidence, or Executive’s admission, of Executive’s
performance of any act or his failure to act, for which if he were prosecuted and convicted, would amount to a felony involving
money or property of CPP or its subsidiaries, or which would constitute a felony in the jurisdiction where the act or failure to
act has occurred; (iii) CPP’s good faith determination corroborated by independent evidence, or Executive’s admission,
of the material failure, neglect, or refusal by Executive properly to discharge, perform or observe any or all of Executive’s
job duties, provided Executive has been given written notice of such failure, neglect or refusal, and has not cured such within
thirty (30) days thereafter; (iv) Executive’s material violation of any fiduciary duty or duty of loyalty owed to CPP; or
(v) the material breach of the Employee Intellectual Property, Confidentiality and Non-Compete Agreement.

 

(C)         GOOD
REASON. Executive may terminate his employment for Good Reason by giving written notice to CPP. For purposes of this Agreement,
“Good Reason” shall mean, in the absence of the consent of the Executive (it being agreed that consent to any of the
following is not deemed a consent to a similar or subsequent act by CPP), a reasonable determination by the Executive that any
of the following has occurred:

 

(i)          the
assignment to the Executive of any duties inconsistent in any material respect with the Executive’s position (including title
and reporting requirements, authority, duties or responsibilities as contemplated by Section 2(A) of this Agreement), or any other
action by CPP which results in a material diminution in such position, authority, duties or responsibilities excluding for this
purpose an isolated and insubstantial action not taken in bad faith and which is remedied by CPP within ten (10) days after receipt
of written notice thereof given by the Executive;

 

(ii)         following
a “Change of Control” (as hereinafter defined) or in the ninety (90) day period immediately preceding a Change in Control
CPP (a) reduces Executive’s Base Salary from Executive’s Base Salary immediately preceding the Change in Control or
(b) requires Executive to relocate from the Tucson, Arizona area; or

 

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(iii)        any
failure by CPP to comply with any of the provisions of this Agreement applicable to CPP, provided CPP has been given written notice
of such failure, neglect or refusal, and has not cured such within thirty (30) days thereafter, other than any isolated and insubstantial
failure not occurring in bad faith and which is remedied promptly after written notice thereof from Executive.

 

(D)         TERMINATION
FOR OTHER REASONS. CPP may terminate the employment of Executive without Cause by giving written notice to Executive at least thirty
(30) days prior to the Date of Termination. Executive may resign from his employment without Good Reason hereunder by giving written
notice to CPP at least thirty (30) days prior to the Date of Termination.

 

(E)         NOTICE
OF TERMINATION. Any termination shall be communicated by Notice of Termination to the other party. For purposes of this Agreement,
a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Executive’s employment under the provision so indicated, and (iii) if the Date of Termination (as defined
below) is other than the date of receipt of such notice, specifies the termination date. The failure by Executive or CPP to set
forth in the Notice of Termination any fact or circumstance shall not waive any right of Executive or CPP hereunder or preclude
Executive or CPP from asserting such fact or circumstance in enforcing Executive’s or CPP’s rights hereunder.

 

(F)         DATE
OF TERMINATION. “Date of Termination” shall mean (i) if Executive’s employment is terminated by CPP for Cause,
or by Executive for Good Reason, (a) the date of delivery of written notice, if by personal delivery or overnight carrier, or (b)
three (3) calendar days after the date of mailing of written notice, if transmitted by first class mail; provided, however, if
a cure period applies, then the Date of Termination shall mean the expiration date of said cure period if the breach is not cured
and provided, further that any notice sent under clause (a) or (b) shall also be sent via e-mail at the same time as the notice
is delivered to the carrier or mailed; (ii) if Executive’s employment is terminated by reason of Executive’s death
or disability, the date of death, or the effective date of disability as provided herein above; or (iii) if Executive’s employment
is terminated by CPP other than for Cause, death, or Disability or by Executive other than for Good Reason, the Date of Termination
shall be the 30th day following the transmission of Notice of Termination as specified in (D) of this section.

 

4.  
        OBLIGATIONS OF CPP UPON EARLY TERMINATION.

 

(A)         WITHOUT
CAUSE BY CPP OR FOR GOOD REASON BY EXECUTIVE. If, during the Employment Period, CPP shall terminate Executive’s employment
without Cause or Executive shall terminate employment for Good Reason:

 

(i)          CPP
shall pay to Executive, within thirty (30) days after the Date of Termination, any accrued base salary, PTO, expense reimbursement
and any other entitlements accrued by Executive under Section 2(B), to the extent not previously paid (the sum of the amounts described
in this subsection shall be hereinafter referred to as the “Accrued Obligations”).

 

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(ii)         CPP
shall continue to pay to Executive, in regular bi-weekly installments Executive’s Base Salary under the Agreement for a period
of twelve (12) months after the Date of Termination (ignoring any decrease that forms the basis for Executive’s resignation
for Good Reason).

 

(iii)        CPP
shall continue to provide benefits to Executive at least equal to those which would have been provided to him in accordance with
Section 2(B)(v), for a twelve (12) month period commencing on the termination date (the “Welfare Benefit Continuation”).
Executive’s rights under CPP’s benefit plans of general application shall be determined under the provisions of those
plans. If Executive commences employment with another employer and is eligible to receive paid medical or other welfare benefits
under another employer-provided plan, similar to the medical and other welfare benefits to be provided by CPP as described herein,
then the medical and other welfare benefits provided by CPP shall terminate.

 

(iv)        In
addition to the items specified in Section 4(A)(i) to (iii), CPP may, in its discretion, negotiate other mutually agreeable severance
arrangements with Executive in accordance with Section 4(F) below.

 

(v)         The
payments to be made to Executive under Section 4(A)(ii) through (iv) above shall be contingent upon Executive executing a release
in the form attached hereto as Exhibit A or a substantially similar form (the “Release”), such form to include a commitment
from Executive to comply with his confidentiality obligations under the Employee Intellectual Property, Confidentiality and Non-Compete
Agreement he executed with CPP. No payments will be made prior to the effectiveness of the Release.

 

(vi)        In
the event of termination by reason of Executive’s death, all stock options and shares of restricted stock that are not vested
at the time of termination shall immediately vest and any such stock options shall be exercisable by Executive’s Beneficiary
(as such term is defined in CPP’s 2016 Equity Incentive Plan), for a period of twenty-four (24) months from the date
of Executive’s death.

 

(vii)       In
the event that (a) CPP shall terminate Executive’s employment without Cause, (b) Executive shall terminate employment for
Good Reason, or (c) Executive’s employment is terminated due to Disability, Executive shall have the greater of (y) twelve
(12) months from such Date of Termination and (z) the date set forth in the applicable stock option agreement(s) to exercise any
stock options that were previously granted to Executive and that have vested as of such Date of Termination and/or have vested
as a result of such termination.

 

(B)         DEATH.
If Executive’s employment is terminated by reason of Executive’s death during the Employment Period, this Agreement
shall terminate without further obligation to Executive’s legal representatives under this Agreement, other than (i) for
payment of Accrued Obligations (which shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in
cash within sixty (60) days of the Date of Termination), and (ii) as set forth in Section 4(A)(vi).

 

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(C)         CAUSE
BY CPP OR WITHOUT GOOD REASON. If Executive’s employment shall be terminated for Cause by CPP or Executive terminates his
employment without Good Reason during the Employment Period, this Agreement shall terminate without further obligations to Executive
other than the obligation to pay to Executive the Accrued Obligations and the amount of any compensation previously deferred by
Executive (exclusive of Executive’s 401K plan or other then-existing ERISA-qualified benefit plan, which shall be subject
to the terms of said plan and applicable law), in each case to the extent theretofore unpaid, all of which shall be paid in cash
within thirty (30) days of the Date of Termination.

 

(D)         DISABILITY.
If Executive’s employment shall be terminated by reason of Executive’s disability during the Employment Period, this
Agreement shall terminate without further obligation to Executive, other than for payment of Accrued Obligations and the timely
payment or provision of the Welfare Benefit Continuation. Accrued Obligations shall be paid to Executive in a lump sum in cash
within thirty (30) days of the Date of Termination. Executive shall be entitled after the Disability Effective Date to receive
disability and other benefits as in effect at the Disability Effective Date with respect to other executives of CPP and their families.
In addition, CPP shall continue to pay to Executive in regular biweekly installments, Executive’s base salary under the Agreement
for a period of six (6) months following termination.

 

(E)         WELFARE
BENEFIT CONTINUATION. In the event that CPP is obligated hereunder to pay Welfare Benefit Continuation to Executive following termination
of Executive’s employment, CPP may satisfy its obligation to pay the medical insurance component of the Welfare Benefit Continuation
by advancing COBRA payments for the benefit of Executive.

 

(F)         CONTINUED
EMPLOYMENT. In the event that CPP and the Executive elect to not enter into a new employment agreement upon the expiration of the
Employment Period, and the Executive does not remain in the employment of CPP as an employee at will or otherwise, if CPP and the
Executive mutually agree, CPP shall continue to pay to Executive, in regular bi-weekly installments, Executive’s Base Salary
and other benefits described in Section 2(B)(iv) and (v) under this Agreement for a period of time mutually agreed to by CPP and
the Executive.

 

5.     
     RIGHTS AND OBLIGATIONS UPON A CHANGE IN CONTROL

 

In the event that (A)
six (6) months or less prior to a “Change in Control” (as defined in this Section 5) of CPP during the Employment Period
(i) the Executive is terminated without Cause; or (ii) the Executive terminates his employment for Good Reason; or (B) following
a Change in Control of CPP during the Employment Period: (i) the Executive is terminated without Cause within one (1) year after
the occurrence of a Change of Control, or (ii) the Executive terminates his employment for Good Reason within one (1) year after
the occurrence of a Change of Control, then CPP (or CPP’s successor) shall pay the Executive an amount equal to: (i) all
Accrued Obligations; (ii) one (1) times the Executive’s Base Salary in effect immediately prior to his termination; (iii)
one (1) times the amount of bonus, if any, paid to the Executive for the fiscal year preceding the Change in Control; and (iv)
all deferred compensation. Such payment shall be made in a lump sum payable on the date which is thirty (30) days after the Date
of Termination. In addition, all stock options and shares of restricted stock that are not vested at the time of such termination
shall immediately vest and any such stock options shall be exercisable until the greater of: (a) twenty-four (24) months from the
date of such termination, or (b) the last date on which the option may be exercised as set forth in the Executive’s respective
option agreement(s). CPP shall also continue for such period to permit the Executive to receive or participate at CPP’s expense
in all fringe benefits available to him pursuant to Section 2 above for a period of two (2) years after the termination of his
employment; provided, however, in no event shall the amount paid to the Executive pursuant to this Section 5 exceed
the maximum payment permitted by Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) or then
applicable law, and to the extent any “excess parachute payment,” as that phrase is defined in Section 280G(b) of the
Code or then applicable law, would result from the provisions of this Section 5, then the amount the Executive would otherwise
receive shall be reduced so that no “excess parachute payment” is made by CPP or received by the Executive.

 

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A “Change
in Control” of CPP shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall
have occurred:

 

(i)          any
Person (as defined below) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of CPP (not including in the securities
Beneficially Owned by such Person any securities acquired directly from CPP) representing 50% or more of CPP’s then outstanding
securities; or

 

(ii)         the
following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals
who, on the date of this Agreement, constitute the Board and any new director (other than a director whose initial assumption of
office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating
to the election of directors of CPP) whose appointment or election by the Board or nomination for election by CPP’s stockholders
was approved or recommended by a vote of at least a two-thirds of the directors then still in office who either were directors
on the date of this Agreement or whose appointment, election or nomination for election was previously so approved or recommended;
or

 

(iii)        there
is consummated a merger or consolidation of CPP with any other corporation other than (A) a merger or consolidation which would
result in the voting securities of CPP outstanding immediately prior to such merger or consolidation continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50%
of the combined voting power of the voting securities of CPP or such surviving entity or any parent thereof outstanding immediately
after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of CPP (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of CPP (not including
in the securities Beneficially Owned by such Person any securities acquired directly from CPP) representing 50% or more of the
combined voting power of CPP’s then outstanding securities; or

 

(iv)        the
stockholders of CPP approve a plan of complete liquidation or dissolution of CPP or there is consummated an agreement for the sale
or disposition by CPP of all or substantially all of CPP’s assets, other than a sale or disposition by CPP of all or substantially
all of CPP’s assets to an entity at least 75% of the combined voting power of the voting securities of which are owned by
Persons in substantially the same proportions as their ownership of CPP immediately prior to such sale.

 

“Person”
shall have the meaning set forth in Section 3(a)(9) of the Exchange Act except that such term shall not include: (i) CPP; (ii)
a trustee or other fiduciary holding securities under an employee benefit plan of CPP; (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders
of CPP in substantially the same proportions as their ownership of stock of CPP.

 

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6.       
   CONFIDENTIAL INFORMATION.

 

Executive acknowledges
that the Employee Intellectual Property, Confidentiality and Non- Compete Agreement by and between Executive and CPP is, and shall
remain, in full force and effect.

 

7.   
       Dispute Resolution. Any dispute,
controversy, or claim arising out of or in connection with this Agreement will be settled by arbitration in the State of
Arizona, pursuant to the rules of the American Arbitration Association. Any award will be final, binding and conclusive upon
the parties and a judgment rendered thereon may be entered in any court having jurisdiction thereof. For the avoidance
of doubt, the arbitrator(s) in any arbitration may award any remedy available at law or equity, including the remedies of
specific performance and injunction. The prevailing party in any proceeding regarding a dispute, controversy or claim
is entitled to recover all of its costs and attorneys’ fees incurred in each proceeding, including any and all appeals
or petitions from any proceeding. The prevailing party will be determined by the deciding tribunal based on which party
succeeds in obtaining the relief, or in successfully obtaining or securing more of the relief it sought than that sought by
the opposing party(ies).

 

Insofar as the
scope of CPP’s business is expected to be international, and that CPP competes with its competitors on an
international level, any restrictions contained in this Agreement shall apply broadly. The geographic scope of the foregoing
covenant is Canada, Europe, Japan and the United States of America. If the arbitrator should determine the foregoing scope is
too broad to be enforced, then the geographic scope will be the broadest scope permissible in the following sequential order
of geographic regions to arrive at a geographic scope that a court of competent jurisdiction determines is reasonable in
light of CPP’s circumstances and competitive situation: (1) the United States of America; (2) Arizona,
California, New York, New Jersey; and (3) Arizona.

 

8.     
     NO CONFLICTING OBLIGATIONS OF EXECUTIVE.

 

Executive represents
and warrants that he is not subject to any duties or restrictions under any prior agreement with any previous employer or other
person or entity, and that he has no rights or obligations which may conflict with the interests of CPP or with the performance
of Executive’s duties and obligations under this Agreement. Executive agrees to notify CPP immediately if any such conflicts
occur in the future.

 

9.       
   SUCCESSORS.

 

(A)         This
Agreement is personal to Executive and shall not be assignable by Executive.

 

(B)         This
Agreement shall inure to the benefit of CPP and its successors and assigns. CPP may assign this Agreement to any successor or affiliated
entity, subsidiary, sibling, or parent company, subject to any rights and obligations that may accrue in the event such assignment
triggers a Change in Control.

 

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10.         MISCELLANEOUS

 

(A)         This
Agreement shall be governed by and construed in accordance with the laws of the State of Arizona, without reference to the principles
of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This
Agreement, together with the Employee Intellectual Property, Confidentiality and Non- Compete Agreement by and between the parties,
contains the full and complete understanding between the parties hereto and supersedes all prior understandings, whether written
or oral pertaining to the subject matter hereof. This Agreement may not be amended or modified otherwise than by written agreement
executed by Executive and by the designated representative of the Board.

 

(B)         All
notices and other communications hereunder shall be in writing and shall be given by (i) hand delivery to the other party or (ii)
by registered or certified mail, return receipt requested, postage prepaid, to such address as either party shall have furnished
to the other in writing in accordance herewith, and additionally by e-mail to such e-mail address as either party shall have furnished
to the other in writing in accordance herewith. Notice may be given to CPP at its principal place of business or Executive at his
address and e-mail address set forth on the signature page hereto.

 

Notice to CPP
also must be given to:

 

Leslie Marlow, Esq.

Gracin & Marlow, LLP

The Chrysler
Building

405 Lexington
Avenue, 26th Floor

New York, New
York 10174

(212) 208-4657

 

(C)         The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

 

(D)         CPP
may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

 

(E)         The
failure of either party to insist upon strict compliance with any provision of this Agreement, or the failure to assert any right
either party may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right
of this Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
Executive has hereunto set Executive’s hand and, pursuant to the authorization from its Board of Directors, CPP has caused
these presents to be executed in its name on its behalf, all as of the day and year first above written.

 

CANCER PREVENTION PHARMACEUTICALS,
INC.,

a Delaware Corporation

 

	By:	/s/ Jeffrey Jacob	 	Date:	February 1, 2016
	 	Name: Jeffrey Jacob	 	 	 
	 	Its:  Chief Executive Officer	 	 	 

 

EXECUTIVE

 

	/s/ Christopher Richied	 	Date:	February 1, 2016
	Christopher Richied	 	 	 
	4301 N Painted Quail Drive	 	 	 
	Tucson, Arizona 85750	 	 	 
	 	 	 	 
	 	 	 	 
	(e-mail address)	 	 	 

 

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EXHIBIT A

 

RELEASE AGREEMENT

(To be signed on or after the Separation
Date)

 

		1.	Consideration. I understand that my position with Cancer Prevention Pharmaceuticals, Inc.
(the “CPP”) terminated effective [ ] (the “Separation Date”). CPP has agreed
that if I timely sign, date and return this Release Agreement (“Release”), and I do not revoke it, CPP
will provide me with certain severance benefits pursuant to the terms and conditions of that certain Employment Agreement between
myself and CPP effective as of January 1, 2016 (the “Employment Agreement”), and any agreements incorporated
therein by reference. I understand that I am not entitled to such severance benefits unless I timely sign this Release and allow
it to become effective.

 

		2.	General Release. In exchange for the consideration to be provided to me under the Employment
Agreement that I am not otherwise entitled to receive, I hereby generally and completely release, acquit and forever discharge
CPP and its subsidiary, and affiliated entities, and investors, along with its and their predecessors and successors and their
respective directors, officers, employees, shareholders, stockholders, partners, agents, attorneys, insurers, affiliates and assigns,
and CPP generally and completely releases, acquits and forever discharges me (collectively, the “Released Parties”),
of and from any and all claims, liabilities and obligations, both known and unknown, that arise from or are in any way related
to events, acts, conduct, or omissions occurring at any time prior to and including the date that this Release is executed (collectively,
the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out
of or in any way related to my employment with CPP, or the termination of that employment; (b) all claims related to my compensation
or benefits from CPP, including salary, bonuses, commissions, other incentive compensation, vacation pay and the redemption thereof,
expense reimbursements, fringe benefits, stock, stock options, or any other ownership or equity interests in CPP; (c) all claims
for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims,
including but not limited to claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(e) all federal, state, and local statutory claims, including but not limited to claims for discrimination, harassment, retaliation,
attorneys’ fees, penalties, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the National
Labor Relations Act, Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.), Genetic Information
Nondiscrimination Act of 2008 (“GINA”), Uniformed Services Employment and Reemployment Rights Act (“USERRA”),
the Employee Retirement Income Security Act (“ERISA”), the federal Americans with Disabilities Act of
1990 (as amended), the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”),
the federal Family and Medical Leave Act (“FMLA”), Arizona wage and hour laws (A.R.S. §23-101 et
seq.), the Arizona Civil Rights Act, the Arizona Employment Protection Act (A.R.S. §23-1501), and the Arizona Constructive
Discharge Statute (A.R.S. §23-1502).

 

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		3.	Excluded Claims. Notwithstanding the foregoing, the following are not included in the Released
Claims (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant to any
written indemnification agreement with CPP to which I am a party, the charter, bylaws, or operating agreements of CPP, or under
applicable law; (b) any rights that are not waivable as a matter of law; or (c) any claims arising from the breach of the severance
provision of the Employment Agreement. I acknowledge that nothing in this Agreement prevents me from filing, cooperating with,
or participating in any investigation or proceeding before the Equal Employment Opportunity Commission, the Department of Labor,
the Arizona Civil Rights Division of the Arizona Attorney General’s Office, or the Arizona Industrial Commission, Labor Department,
except that I hereby waive my right to any monetary benefits in connection with any such claim, charge, investigation or proceeding.
I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against
any of the Released Parties that are not included in the Released Claims.

 

		4.	ADEA Waiver. I acknowledge that I am knowingly and voluntarily waiving and releasing any
rights I may have under the ADEA (“ADEA Waiver”). I also acknowledge that the consideration given for
the ADEA Waiver is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised
by this writing, as required by the ADEA, that: (a) my ADEA Waiver does not apply to any rights or claims that arise after the
date I sign this Release; (b) I should consult with an attorney prior to signing this Release; (c) I have twenty-one (21) days
to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I
sign this Release to revoke the ADEA Waiver; and (e) the ADEA Waiver will not be effective until the date upon which the revocation
period has expired unexercised, which will be the eighth day after I sign this Release.

 

		5.	Release of Unknown Claims. In granting the release herein, which includes claims that may
be unknown to you at present, you acknowledge that you expressly waive and relinquish any and all rights and benefits under any
applicable law or statute providing, in substance, that a general release does not extend to claims which a party does not know
or suspect to exist in his or her favor at the time of executing the release, which if known by him or her would have materially
affected the terms of such release.

 

		6.	Other Agreements and Representations. I further agree: (a) not to voluntarily (except in
response to legal compulsion, which includes without limitation subpoena or response to governmental agency inquiry) assist any
third party in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other formal proceeding
against CPP, its parent or subsidiary entities, investors, affiliates, officers, directors, employees or agents; (b) to cooperate
fully with CPP, by voluntarily (without legal compulsion) providing accurate and complete information, in connection with CPP’s
actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters,
arising from events, acts, or failures to act that occurred during the period of my employment by CPP; and (c) I hereby
acknowledge and reaffirm my continuing obligations under the terms of my Employee Intellectual Property, Confidentiality and Non-
Compete Agreement that I executed with CPP). In addition, I hereby represent that I have received all the leave and leave benefits
and protections for which I am eligible, pursuant to FMLA or any applicable law or policy of CPP, and I have not suffered any on-the-job
injury for which I have not already filed a workers’ compensation claim.

 

    12 

     

    

 

This Release, together
with the Confidential Information Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between
CPP and me with regard to the subject matter hereof. I am not relying on any promise or representation by CPP that is not expressly
stated herein. This Release may only be modified by a writing signed by both me and a duly authorized officer of CPP.

 

CANCER PREVENTION PHARMACEUTICALS, INC.

 

	Signed:	 
	 	 
	Print Name:	 
	 	 
	Date:	 
	 	 
	UNDERSTOOD AND AGREED:
	 	 
	Signed:	 
	 	 
	Print Name:	 
	 	 
	Date:	 

 

    13Exhibit 10.34

 

CANCER PREVENTION PHARMACEUTICALS, INC.

 

2016 EMPLOYEE STOCK PURCHASE PLAN 

 

ADOPTED
BY THE BOARD OF DIRECTORS: January 29, 2016 

APPROVED
BY THE STOCKHOLDERS: January 29, 2016

 

	1.	GENERAL; PURPOSE. 

 

(a)        The
Plan provides a means by which Eligible Employees of the Company and certain designated Related Corporations may be given an opportunity
to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under
an Employee Stock Purchase Plan.

 

(b)        The
Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees
and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations.

 

	2.	ADMINISTRATION. 

 

(a)        The
Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as
provided in Section 2(c).

 

(b)        The
Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)        To
determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

 

(ii)        To
designate from time to time which Related Corporations of the Company will be eligible to participate in the Plan.

 

(iii)        To
construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it deems necessary or expedient to make the Plan fully effective.

 

(iv)        To
settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

 

(v)        To
suspend or terminate the Plan at any time as provided in Section 12.

 

(vi)        To
amend the Plan at any time as provided in Section 12.

 

(vii)        Generally,
to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company
and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan.

 

    	 	1	 

     

    

 

(viii)        To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign
nationals or employed outside the United States.

 

(c)        The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to
a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the
Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers
the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by
the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest
in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan
to a Committee, the Board will have the final power to determine all questions of policy and expediency that may arise in the administration
of the Plan.

 

(d)        All
determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and
will be final, binding and conclusive on all persons.

 

	3.	SHARES OF COMMON STOCK SUBJECT TO THE PLAN. 

 

(a)        Subject
to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that
may be issued under the Plan will not exceed 77,000 shares of Common Stock, plus the number of shares of Common Stock that are
automatically added on January 1st of each year for a period of up to ten years, commencing on the first January 1
following the IPO Date and ending on (and including) January 1, 2025, in an amount equal to 1% of the total number of shares
of Capital Stock outstanding on December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may
act prior to the first day of any calendar year to provide that there will be no January 1st increase in the share
reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares
of Common Stock than would otherwise occur pursuant to the preceding sentence.

 

(b)        If
any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased
under such Purchase Right will again become available for issuance under the Plan.

 

(c)        The
stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased
by the Company on the open market.

 

    	 	2	 

     

    

 

	4.	GRANT OF PURCHASE RIGHTS; OFFERING. 

 

(a)        The
Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting
of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form
and will contain such terms and conditions as the Board will deem appropriate, and will comply with the requirement of Section 423(b)(5)
of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an
Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings
need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the
document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed
27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

 

(b)        If
a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered
to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right
with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have identical exercise prices)
will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase
Right if different Purchase Rights have identical exercise prices) will be exercised.

 

(c)        The
Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first
Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock
on the Offering Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and
(ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first
Trading Day of such new Purchase Period.

 

	5.	ELIGIBILITY. 

 

(a)        Purchase
Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to
Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase
Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the Related Corporation, as the case
may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period
of continuous employment be equal to or greater than two years. In addition, the Board may provide that no Employee will be eligible
to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the
Company or the Related Corporation is more than 20 hours per week and more than five months per calendar year or such other criteria
as the Board may determine consistent with Section 423 of the Code.

 

(b)        The
Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or
dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs
thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering.
Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described
herein, except that:

 

(i)        the
date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

 

    	 	3	 

     

    

 

(ii)        the
period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such
Offering; and

 

(iii)        the
Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the
Offering, he or she will not receive any Purchase Right under that Offering.

 

(c)        No
Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such
Employee owns stock possessing five percent(5%) or more of the total combined voting power or value of all classes of stock of
the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the Code
will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding
Purchase Rights and options will be treated as stock owned by such Employee.

 

(d)        As
specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase Rights,
together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do
not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate
which exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect
to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding
at any time.

 

(e)        Officers
of the Company and any designated Related Corporation, if they are otherwise Eligible Employees, will be eligible to participate
in Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly
compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate.

 

	6.	PURCHASE RIGHTS; PURCHASE PRICE. 

 

(a)        On
each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase
up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated
by the Board, but in either case not exceeding 15% of such Employee’s earnings (as defined by the Board in each Offering)
during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends
on the date stated in the Offering, which date will be no later than the end of the Offering.

 

(b)        The
Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised
and shares of Common Stock will be purchased in accordance with such Offering.

 

    	 	4	 

     

    

  

(c)        In
connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares of Common Stock that
may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of
Common Stock that may be purchased by all Participants pursuant to such Offering and/or (iii) a maximum aggregate number of
shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase
of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed any such maximum aggregate
number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions)
allocation of the shares of Common Stock available will be made in as nearly a uniform manner as will be practicable and equitable.

 

(d)        The
purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of:

 

(i)        an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 

(ii)        an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

 

	7.	PARTICIPATION; WITHDRAWAL; TERMINATION. 

 

(a)        An
Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by completing and delivering to
the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify
the amount of Contributions not to exceed the maximum amount specified by the Board. Each Participant’s Contributions will
be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company
except where applicable law requires that Contributions be deposited with a third party. If permitted in the Offering, a Participant
may begin such Contributions with the first payroll occurring on or after the Offering Date (or, in the case of a payroll date
that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions from such
payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including to
zero) or increase his or her Contributions. If specifically provided in the Offering, in addition to making Contributions by payroll
deductions, a Participant may make Contributions through the payment by cash or check prior to a Purchase Date.

 

(b)        During
an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a withdrawal
form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such
Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute to such Participant
all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering shall thereupon
terminate. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate in
any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent
Offerings.

 

(c)        Purchase
Rights granted pursuant to any Offering under the Plan will terminate immediately if the Participant either (i) is no longer
an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or (ii) is
otherwise no longer eligible to participate. The Company will distribute to such individual all of his or her accumulated but unused
Contributions.

 

    	 	5	 

     

    

 

(d)        During
a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable
by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation
as described in Section 10.

 

(e)        Unless
otherwise specified in the Offering, the Company will have no obligation to pay interest on Contributions.

 

	8.	EXERCISE OF PURCHASE RIGHTS. 

 

(a)        On
each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock,
up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified
in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 

(b)        If
any amount of accumulated Contributions remains in a Participant’s account after the purchase of shares of Common Stock and
such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an Offering,
then such remaining amount will be held in such Participant’s account for the purchase of shares of Common Stock under the
next Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such Offering, in which
case such amount will be distributed to such Participant after the final Purchase Date, without interest. If the amount of Contributions
remaining in a Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required
to purchase one whole share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will not roll
over to the next Offering and will instead be distributed in full to such Participant after the final Purchase Date of such Offering
without interest.

 

(c)        No
Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan
are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all
applicable federal, state, foreign and other securities and other laws applicable to the Plan. If on a Purchase Date the shares
of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase
Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an effective registration statement
and the Plan is in material compliance, except that the Purchase Date will in no event be more than 6 months from the Offering
Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and
the Plan is not in material compliance with all applicable laws, no Purchase Rights will be exercised and all accumulated but unused
Contributions will be distributed to the Participants without interest.

 

	9.	COVENANTS OF THE COMPANY. 

 

The Company will
seek to obtain from each federal, state, foreign or other regulatory commission or agency having jurisdiction over the Plan such
authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder. If, after commercially
reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of
Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company
will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of
such Purchase Rights.

 

    	 	6	 

     

    

 

	10.	DESIGNATION OF BENEFICIARY. 

 

(a)        The
Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares
of Common Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares
and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change
such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company.

 

(b)        If
a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock
and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been
appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or
Contributions to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate.

 

	11.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; CORPORATE TRANSACTIONS. 

 

(a)        In
the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum
number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities
by which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number
of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es)
and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments,
and its determination will be final, binding and conclusive.

 

(b)        In
the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including
a right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding Purchase Rights,
or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights
or does not substitute similar rights for such Purchase Rights, then the Participants’ accumulated Contributions will be
used to purchase shares of Common Stock within ten business days prior to the Corporate Transaction under the outstanding Purchase
Rights, and the Purchase Rights will terminate immediately after such purchase.

 

    	 	7	 

     

    

 

	12.	AMENDMENT, TERMINATION OR SUSPENSION OF THE PLAN. 

 

(a)        The
Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a)
relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder
approval is required by applicable law or listing requirements, including any amendment that either (i) materially increases
the number of shares of Common Stock available for issuance under the Plan, (ii) materially expands the class of individuals
eligible to become Participants and receive Purchase Rights, (iii) materially increases the benefits accruing to Participants
under the Plan or materially reduces the price at which shares of Common Stock may be purchased under the Plan, (iv) materially
extends the term of the Plan, or (v) expands the types of awards available for issuance under the Plan, but in each of (i) through
(v) above only to the extent stockholder approval is required by applicable law or listing requirements.

 

(b)        The
Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended
or after it is terminated.

 

(c)        Any
benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension
or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with
the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with any laws, listing requirements,
or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations
and other interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such
regulations or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary
to obtain or maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights
without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies
with the requirements of Section 423 of the Code.

 

	13.	EFFECTIVE DATE OF PLAN. 

 

The Plan will become
effective immediately prior to and contingent upon the IPO Date. No Purchase Rights will be exercised unless and until the Plan
has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan
is adopted (or if required under Section 12(a) above, materially amended) by the Board.

 

	14.	MISCELLANEOUS PROVISIONS. 

 

(a)        Proceeds
from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

 

(b)        A
Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common
Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase
Rights are recorded in the books of the Company (or its transfer agent).

 

(c)        The
Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at
will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any
Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related Corporation
to continue the employment of a Participant.

 

    	 	8	 

     

    

 

(d)        The
provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of
laws rules.

 

	15.	DEFINITIONS. 

 

As used in the Plan, the following definitions
will apply to the capitalized terms indicated below:

 

(a)        “Board”
means the Board of Directors of the Company.

 

(b)        “Capital
Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

 

(c)        “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration
by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards
Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of
any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(d)        “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(e)        “Committee”
means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section
2(c).

 

(f)        “Common
Stock” means, as of the IPO Date, the common stock of the Company, having 1 vote per share.

 

(g)        “Company”
means Cancer Prevention Pharmaceuticals, Inc., a Delaware corporation.

 

(h)        “Contributions”
means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes
to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided
for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering
through payroll deductions.

 

(i)        “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i)         a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets
of the Company and its Subsidiaries;

 

    	 	9	 

     

    

 

(ii)        a
sale or other disposition of at least 90% of the outstanding securities of the Company;

 

(iii)        a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)        a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(j)        “Director”
means a member of the Board.

 

(k)        “Eligible
Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility
to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth
in the Plan.

 

(l)        “Employee”
means any person, including an Officer or Director, who is “employed” for purposes of Section 423(b)(4) of the
Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will
not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(m)        “Employee
Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee
stock purchase plan,” as that term is defined in Section 423(b) of the Code.

 

(n)        “Exchange
Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder.

 

(o)        “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)        If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market
with the greatest volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board
deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of
determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists.

 

(ii)        In
the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance
with applicable laws and in a manner that complies with Sections 409A of the Code.

 

(iii)        Notwithstanding
the foregoing, for any Offering that commences on the IPO Date, the Fair Market Value of the shares of Common Stock on the Offering
Date will be the price per share at which shares are first sold to the public in the Company’s initial public offering as
specified in the final prospectus for that initial public offering.

 

    	 	10	 

     

    

 

(p)        “IPO
Date” means the date on which the underwriting agreement between the Company and the underwriter(s) managing the
initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering, is executed.

 

(q)        “Offering”
means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at
the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering
Document” approved by the Board for that Offering.

 

(r)        “Offering
Date” means a date selected by the Board for an Offering to commence.

 

(s)        “Officer”
means a person who is an officer of the Company or a Related Corporation within the meaning of Section 16 of the Exchange
Act.

 

(t)        “Participant”
means an Eligible Employee who holds an outstanding Purchase Right.

 

(u)        “Plan”
means this Cancer Prevention Pharmaceuticals, Inc. 2016 Employee Stock Purchase Plan.

 

(v)        “Purchase
Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised
and on which purchases of shares of Common Stock will be carried out in accordance with such Offering.

 

(w)        “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first
Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

 

(x)        “Purchase
Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

(y)        “Related
Corporation” means any “parent corporation” or “subsidiary corporation” of the Company whether
now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

 

(z)        “Securities
Act” means the Securities Act of 1933, as amended.

 

(aa)        “Trading
Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but
not limited to the NYSE, NYSE MKT, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors
thereto, is open for trading.

 

    	 	11

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