Document:

Exhibit 10.14

 

PROMISSORY NOTE

 

	
  $100,000

  	
  April
  13, 2000

  

 

For value received, the undersigned promises
to pay Sunesis Pharmaceuticals Incorporated, a Delaware corporation (the “Company”),
at its principal office the principal sum of $100,000 with interest from the
date hereof at a rate of 6.60% per annum, compounded semiannually, on the
unpaid balance of such principal sum. Such principal and interest shall be due
and payable 180 days following the termination of the undersigned, but if the
fair market value of the vested shares of common stock subject to the certain
Option between the Company and the undersigned equal or exceed $5,000,000 for
any period of 30 consecutive calendar days following a public offering of the
Company’s shares, and the undersigned can legally dispose of the shares under
applicable securities laws throughout such 30-day period, then the entire
amount of the loan will thereupon become due on the date 180 days after the end
of such 30-day period.

 

Principal and interest are payable in lawful
money of the Unites States of America. AMOUNTS DUE UNDER THIS NOTE MAY BE PAID
AT ANY TIME WITHOUT PREMIUM OR PENALTY.

 

Notwithstanding the foregoing, this Note may
be forgiven in whole in part as expressly set forth in Section 6(c) of that
certain Employment Agreement between the Company and the undersigned.

 

Should suit be commenced to collect any sums
due under this Note, such sum as the Court may deem reasonable shall be added
hereto as attorney’s fees. The makers an endorsers have severally waived
presentment for payment, protest, notice of protest and notice of nonpayment of
this Note.

 

This Note, which is full recourse, is secured
by a pledge of certain shares of Common Stock of the Company and is subject to
the terms of a Pledge and Security Agreement between the undersigned and the
Company of even date herewith.

 

 

	
   

  	
  /s/ Daryl Winter

  	
   

  
	
   

  	
  Daryl WinterExhibit 10.15

 

PROMISSORY NOTE

 

	
  $135,000

  	
  5/17/2000

  

 

For value received, the undersigned promises
to pay Sunesis Pharmaceuticals Incorporated, a Delaware corporation (the “Company”),
at its principal office the principal sum of $135,000.00 with interest from the
date hereof at a rate of 6.60% per annum, compounded semiannually, on the
unpaid balance of such principal sum.  Such principal and interest shall be due and
payable on the earlier of (i) one hundred eighty (180) days after the date of
termination of your Continuous Status as an Employee or Consultant of the
Company, or (ii) May 1, 2005.

 

If the undersigned’s employment relationship
with the Company is terminated prior to payment in foil of this Note, this Note
shall be immediately due and payable.

 

Principal and interest are payable in lawful
money of the Unites States of America. AMOUNTS DUE UNDER THIS NOTE MAY BE PAID
AT ANY TIME WITHOUT PREMIUM OR PENALTY.

 

Should suit be commenced to collect any sums
due under this Note, such sum as the Court may deem reasonable shall be added
hereto as attorneys fees. The makers an endorsers have severally waived
presentment for payment, protest, notice of protest and notice of nonpayment of
this Note.

 

This Note, which is full recourse, is secured
by a pledge of certain shares of Common Stock of the Company and is subject to
the terms of a Pledge and Security Agreement between the undersigned and the
Company of even date herewith.

 

 

	
   

  	
  /s/ James Young

  	
   

  
	
   

  	
  Dr. James YoungExhibit 10.16

 

PROMISSORY NOTE

 

	
  Up to $4,000,000

  	
  December 18, 2002

  

 

FOR VALUE RECEIVED, the undersigned, SUNESIS
PHARMACEUTICALS, INC., a Delaware corporation (the “Borrower”), hereby promises
to pay to BIOGEN, INC., a Massachusetts corporation (the “Lender”), the
aggregate principal sum of up to Four Million Dollars ($4,000,000) which shall
be advanced by the Lender from time to time (each such advance a “Loan”) in
accordance with Section 1 below.

 

1.             Advancement of Loans

 

In each of the
ten (10) calendar quarters during the period beginning on January 1, 2003 and
ending on June 30, 2005, Borrower shall have the right to request a Loan from
the Lender of up to $400,000. Borrower may only make one such request in each
calendar quarter. Borrower’s right to borrow $400,000 per calendar quarter is
cumulative, and to the extent that Borrower makes no such request in any
quarter or requests a Loan in an amount less than $400,000 in any quarter, the
difference between the $400,000 quarterly borrowing limit and the amount
actually borrowed in any such quarter will be carried over into subsequent
quarters and Borrower shall have the right to borrow such amounts in any
subsequent quarter. Upon any such request by Borrower, Lender shall within five
(5) business days thereof advance such Loan to Borrower in lawful money of the
United States of America, at the principal place of business of the Borrower or
at such other place as the Borrower may designate from time to time in writing
to the Lender. Borrower authorizes Lender to list on Schedule A hereto
all Loans made by Lender hereunder, which notations shall, in the absence of
manifest error, be conclusive; provided, however, that the failure to make a
notation or the inaccuracy of the notation shall not limit or otherwise affect
the obligations of the Borrower under this Note. Notwithstanding anything
contained herein to the contrary, Borrower’s right to request any Loan
hereunder shall cease immediately upon receipt of notice from Lender of any
material breach by Borrower under that certain Research and Collaboration
Agreement, dated December [  ], 2002 by and between the Lender and
the Borrower (the “Collaboration Agreement”).

 

2.             Payments

 

(a)           Payments at Maturity of each Loan.
The outstanding accrued and unpaid interest and principal balance of each Loan
shall be due and payable in full on the date that is five (5) years from the
date of advance of each such Loan (each a “Loan Maturity Date”). If a Loan
Maturity Date shall fall on a Saturday or Sunday or a date

 

 

that is not
otherwise a day on which banking institutions are generally open for business
in Massachusetts, such Loan Maturity Date shall be the next succeeding day on
which banking institutions are generally open for business in Massachusetts.
This Note may be prepaid at any time without the prior written consent of the
Lender. Notwithstanding the foregoing, any amounts prepaid by Borrower shall
not be again available for future advances.

 

(b)                               Method
of Payment.  The Borrower shall pay
the outstanding accrued and unpaid interest and principal balance of each Loan
on the respective Loan Maturity Date in lawful money of the United States of
America, at the principal place of business of the Lender or at such other
place as the Lender may designate from time to time in writing to the Borrower.

 

3.             Interest

 

Interest shall
accrue on the then outstanding principal balance of this Note at an interest
rate per annum equal to three percent (3%) above LIBOR (as defined below). This
interest rate shall be set for each Loan as of the date of advance of each such
Loan, but shall be recalculated with respect to each outstanding Loan each
January 1st prior to the Loan Maturity Date. All accrued interest then
outstanding shall be payable in arrears on the first day of each quarter
commencing on April 1, 2003, until the outstanding principal balance is paid in
full, and if at any time the principal balance of this Note shall be prepaid in
whole or in part, or shall otherwise be paid in full, then all accrued interest
shall be payable at the time of such principal payment. “LIBOR” means the per
annum rate for deposits in United States dollars for one month appearing on the
Bloomberg British Bankers’ Association Official BBP LIBOR Fixings Page (as
defined below) as of 11:00 a.m. London, England, time, rounded, if necessary,
upward to the nearest one-hundredth of one percent (0.01 %). “Official BBA
LIBOR Fixings Page” means the display designated as page 1 of the “Official BBA
LIBOR Fixings” on the Bloomberg Financial Markets Commodities News Service (or
such other page as may replace the Official BBA LIBOR Fixings Page on that
service, or a comparable service as agreed to by Lender and Borrower, for the
purpose of displaying London interbank offered rates of major banks).

 

4.             Subordination

 

This Note
shall be subordinated to (i) all secured debt and liabilities of the Borrower
existing as of the date hereof or incurred hereafter and (ii) all liabilities
of the Borrower to institutional or commercial lenders and equipment lessors existing
as of the date hereof or incurred hereafter (including, without limitation any
lease obligations).

 

2

 

5.             Events of Default 

 

Upon the
occurrence of anyone or more of the following events (each, an “Event of
Default”), the Lender at its option may declare all amounts due hereunder,
including, without limitation, the entire unpaid principal balance of such Note
and any accrued, unpaid interest thereon, to be immediately due and payable
without notice or protest (both of which are hereby waived):

 

(a)                                The
failure to make any payment of principal or interest due pursuant to the terms
of such Note on or before the due date, which failure shall continue for a
period of thirty (30) days;

 

(b)                               The
failure to promptly, punctually, and faithfully perform or discharge any
liability or obligation of the Borrower to the Lender, which failure shall
continue for a period of thirty (30) days after written notice to the Borrower
by the Lender;

 

(c)                                The
material breach of any representation or warranty now or hereafter made by the
Borrower to the Lender in any document, instrument, agreement, or paper;

 

(d)                               (i)
The commencement by the Borrower of a voluntary case under 11 U.S.C. Section
101 et. seq. (the “Bankruptcy Code”) or any foreign, federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or (ii)
the consent by the Borrower to the entry of an order for relief in an
involuntary bankruptcy or similar case, or to the conversion of an involuntary
case to a voluntary case, under any such law, or (iii) the consent by the
Borrower to the appointment of, or the taking of possession by, a receiver,
trustee or other custodian for all or a substantial part of its properties, or
(iv) the making by the Borrower of any assignment for the benefit of creditors,
or (v) the admission by the Borrower in writing of its inability to pay its
debts as such debts become due, or (vi) the death, discontinuance of business,
dissolution, winding up, liquidation or cessation of existence by the Borrower;

 

(e)                                (i)
The entry by a court of a decree or order for relief with respect to the
Borrower in an involuntary case under the Bankruptcy Code or any applicable
foreign, federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, which decree or order is not stayed or dismissed within 60
days of the entry thereof, or (ii) the entry by a court of a decree or order
for the appointment of a receiver, liquidator, sequestrator, trustee, custodian
or other person having similar powers over the Borrower or over all or a
substantial part of its properties;

 

(f)                                  A
judgment, decree, writ, warrant of attachment or similar process in an amount
equal to or exceeding $20,000,000 is entered against the Borrower or any of its
assets, if such judgment, decree, writ, warrant of attachment or similar
process is not adequately covered by insurance or has not been

 

3

 

vacated,
discharged, appealed from (with execution or similar process continuously
stayed) within thirty (30) days of such judgment’s entry; or

 

(g)                                A
breach by Borrower under the Collaboration Agreement, which breach shall
continue unremedied for a period of thirty (30) days after notice to the Borrower
by the Lender.

 

Upon the occurrence and
continuance of any Event of Default hereunder, (i) the Lender may declare the
principal balance of this Note to be immediately due and payable, provided
however, in the case of an Event of Default described
in paragraphs (d) or (e) above, all amounts payable by the Borrower
hereunder, including, without limitation, the principal balance and all accrued
interest on this Note, shall automatically become immediately due and payable,
without notice, action or election by the Lender, and (ii) the Lender may
enforce any other rights granted pursuant to this Note, any other document, or
by applicable law. All of the rights of the Lender hereunder shall be
cumulative and not exclusive, and each of which may be exercised singly,
repetitively, in any combination, and in any order. The Lender’s rights and
remedies hereunder may be exercised without resort or regard to any other
source of satisfaction of any liabilities owing by the Borrower to the Lender.
No inconsistency between the default provisions of this Note and any other
agreement shall be deemed to create any additional notice, cure or grace period
or derogate from the express terms of such provisions. Notwithstanding the
foregoing, in the event of an Event of Default under paragraph (g) or an Event
of Default under paragraph (c) involving the Collaboration Agreement, the
Borrower shall not be entitled to any future advances under this Note, but any
outstanding principal and interest shall not automatically become due and
payable.

 

Upon the
occurrence of an Event of Default, the Borrower agrees to pay on demand all
out-of-pocket costs and expenses (including, without limitation, reasonable
attorneys’ fees) incurred or paid by the holder(s) hereof in collecting or enforcing
such Note.

 

6.             Collaboration Agreement.

 

Lender’s
obligation to advance any Loan pursuant to this Note shall be subject to any
terms set forth in the Collaboration Agreement.

 

7.              Notices.

 

All notices,
requests and other communications hereunder shall be in writing, shall be
addressed to the receiving party’s address set forth below or to such other
address as a party may designate by notice hereunder, and shall be either (i)
delivered by hand, (ii) made by facsimile or email transmission, (iii) sent by
private courier service, or (iv) sent by registered or certified mail, return
receipt requested, postage prepaid. The addresses and other contact information
for the parties are as follows:

 

	
  If to
  BORROWER:

  	
  If to
  LENDER:

  
	
  Sunesis
  Pharmaceuticals, Inc.

  	
  Biogen, Inc

  
	
  341 Oyster
  Point Blvd.

  	
  14 Cambridge
  Center

  
	
  South San
  Francisco, CA 94080

  	
  Cambridge,
  MA 02142

  

 

4

 

	
  Attention:
  Chief Financial Officer

  	
  Attention:
  Chief Financial Officer

  
	
  Tel: (650)
  266-3715

  	
  Tel: (617)
  679-2818

  
	
  Fax: (650)
  266-3506

  	
  Fax: (617)
  6979-3112

  

 

All notices, requests and other communications hereunder shall be
deemed to have been received either (i) if by hand, at the time of the delivery
thereof to the receiving party, (ii) if made by telecopy or facsimile
transmission, at the time that receipt thereof has been acknowledged by
electronic confirmation or otherwise, (iii) if sent by private courier, on the
third (3rd) business day following the day such notice is delivered to the
courier service, or (iv) if sent by registered or certified mail, on the fifth
(5th) business day following the day such mailing is made.

 

8.             Miscellaneous

 

(a)                                If
any action at law or in equity is necessary to enforce or interpret the terms
of this Note, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and necessary disbursements to any other relief to which such party
may be entitled.

 

(b)                               The
Borrower hereby waives presentment, demand, protest or notice of any kind in
connection with this Note. No failure on the part of the Lender in exercising
any right or remedy hereunder, and no single, partial or delayed exercise by
the Lender of any right or remedy shall preclude the full and timely exercise
by the Lender at any time of any right or remedy of the Lender hereunder
without notice. No course of dealing or other conduct, no oral agreement or
representation made by the Lender or usage of trade shall operate as a waiver
of any right or remedy of the Lender. This Note contains the entire agreement
between the parties with respect to the subject matter hereof, and supersedes
every course of dealing, other conduct, oral agreement or representation
previously made by the Lender. In the event that any court of competent
jurisdiction shall determine that any provision, or portion thereof, contained
in this Note shall be unenforceable in any respect, then such provision shall
be deemed limited to the extent that such court deems it enforceable, and the
remaining provisions of this Note shall nevertheless remain in full force and
effect.

 

(c)           None of the terms or
provisions of this Note may be excluded, modified, or amended except by a
written instrument duly executed on behalf of both the Borrower and the Lender
expressly referring hereto and setting forth the provision so excluded,
modified or amended.  No waiver or
forbearance of any of the rights and remedies of the Lender hereunder shall be
effective unless made specifically in a writing signed by the Lender, and any
such waiver or forbearance shall be effective only in the specific instance and
for the specific purpose for which given.

 

(d)                               This
Note shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the application of principles of conflicts
of law. The Borrower submits to the jurisdiction of the courts of the

 

5

 

State of
Delaware and of the United States District Courts situated therein for all
purposes with respect to this note.

 

(e)                                The
Borrower hereby expressly, knowingly and voluntarily waives all rights to trial
by jury in any action or proceeding arising out of, in connection with, or
related to this note, including, without limitation, in connection with any
defense, affirmative defense, counterclaim or the like asserted against the
Lender.

 

(f)            Section and
subsection headings are inserted for convenience of reference only and do not
form a part of this Note.

 

(g)           Neither this Note
nor any obligation hereunder may be assigned by Borrower without the written
consent of Lender.

 

(h)           The parties hereto
acknowledge and agree that: (i) each party and its counsel reviewed and
negotiated the terms and provisions of this Note and have contributed to its
revision; (ii) the rule of construction to the effect that any ambiguities are
resolved against the drafting party shall not be employed in the interpretation
of this Note; and (iii) the terms and provisions of this Note shall be
construed fairly as to all parties hereto and not in a favor of or against any
party, regardless of which party was generally responsible for the preparation
of this Note.

 

6

 

IN WITNESS
WHEREOF, the Parties have caused this Note to be executed by their duly
authorized officers as of the date first above written.

 

	
   

  	
  SUNESIS
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James W.
  Young

  	
   

  
	
   

  	
  Name: James
  W. Young

  
	
   

  	
  Title: Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BIOGEN, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

7

 

SCHEDULE
A

 

	
  Quarter Ending

  	
   

  	
  Available to Borrow

  	
   

  	
  Amount of Loan

  	
   

  
	
  March 31, 2003

  	
   

  	
  $

  	
  400,000

  	
   

  	
   

  	
   

  
	
  June 30, 2003

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  September 30, 2003

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2003

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  March 31, 2004

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  September 30, 2004

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2004

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  March 31, 2005

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2005

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

TRA 1739167v2

 

8

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