Document:

Exhibit 10.2

 

 

SUPPORT AGREEMENT

 

This Support
Agreement (this “Agreement”), is made as of December [●], 2020, by and between Leading
BioSciences, Inc., a Delaware corporation (the “Company”) and the Person set forth on Schedule A
hereto (the “Stockholder”).

 

WHEREAS, as of the date hereof, the Stockholder
is the holder of the number of shares, par value $0.01 per share (“PubCo Shares”), of Seneca Biopharma,
Inc., a Delaware corporation (“PubCo”), set forth opposite the Stockholder’s name on Schedule A
(all PubCo Shares and other securities of PubCo owned by the Stockholder, or hereafter issued to or otherwise acquired, whether
beneficially or of record, or owned by the Stockholder prior to the termination of this Agreement, as well as shares set forth
on Schedule A, being referred to herein as the “Subject Shares”);

 

WHEREAS, the Company, PubCo and Townsgate
Acquisition Sub 1, Inc., a Delaware corporation (“Merger Sub”), propose to enter into an Agreement and
Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which provides, among other things,
for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving company (the “Merger”),
upon the terms and subject to the conditions set forth in the Merger Agreement (capitalized terms used but not otherwise defined
herein shall have the respective meanings ascribed to such terms in the Merger Agreement); and

 

WHEREAS, as a condition to its willingness
to enter into the Merger Agreement, the PubCo has required that the Stockholder, and as an inducement and in consideration therefor,
the Stockholder (in the Stockholder’s capacity as a holder of the Subject Shares) has agreed to, enter into this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
do hereby agree as follows:

 

Article
I

VOTING AGREEMENT; GRANT OF PROXY

 

The Stockholder hereby covenants and agrees
that:

 

1.1.            
Voting of Subject Shares. From and after the date hereof, at every meeting of the holders of PubCo Shares (the “PubCo
Stockholders”), however called, and at every adjournment or postponement thereof (or pursuant to a written consent
if the PubCo Stockholders act by written consent in lieu of a meeting), the Stockholder shall, or shall cause the holder of record
on any applicable record date to, be present (in person or by proxy) and to vote the Subject Shares (a) in favor of adopting the
Merger Agreement and approving the Merger, the other Contemplated Transactions, the PubCo Stockholder Matters, and the other actions
contemplated by the Merger Agreement, (b) against approval of any proposal made in opposition to, or in competition with, the Merger
Agreement or the consummation of the Merger, and (c) against any Acquisition Proposal. Except as permitted under clauses (A) through
(H) of Section 1.4 below, Stockholder shall retain at all times the right to vote the Subject Shares in Stockholder’s
sole discretion and without any other limitation on those matters other than those set forth in this Section 1.1 that
are at any time or from time to time presented for consideration to the PubCo Stockholders.

 

     

     

    

1.2.            
No Inconsistent Arrangements. Except as provided hereunder or under the Merger Agreement, prior to PubCo obtaining
the Required PubCo Stockholder Vote, the Stockholder shall not, directly or indirectly, (a) create any Encumbrance other than
restrictions imposed by Law or pursuant to this Agreement on any Subject Shares, (b) transfer, sell, assign, gift or otherwise
dispose of (collectively, “Transfer”), or enter into any contract with respect to any Transfer of, the
Subject Shares or any interest therein, (c) grant or permit the grant of any proxy, power of attorney or other authorization
in or with respect to the Subject Shares, (d) deposit or permit the deposit of the Subject Shares into a voting trust or enter
into a voting agreement or arrangement with respect to the Subject Shares, or (e) take any action that, to the knowledge of
the Stockholder, would have the effect of preventing the Stockholder from performing the Stockholder’s obligations hereunder.
Any action taken in violation of the foregoing sentence shall be null and void ab initio. Notwithstanding the foregoing,
(i) the Stockholder may (A) make transfers or dispositions of the Subject Shares to any trust for the direct or indirect
benefit of the Stockholder or the immediate family of the Stockholder, (B) make transfers or dispositions of the Subject Shares
by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the
immediate family of the Stockholder, (C) make transfers of the Subject Shares to stockholders, direct or indirect affiliates
(within the meaning set forth in Rule 405 under the Securities Act), current or former partners (general or limited), members
or managers of the Stockholder, as applicable, or to the estates of any such stockholders, affiliates, partners, members or managers,
or to another corporation, partnership, limited liability company or other business entity that controls, is controlled by or is
under common control with the Stockholder, (D) make transfers that occur by operation of law pursuant to a qualified domestic
relations order or in connection with a divorce settlement, (E) make transfers or dispositions not involving a change in beneficial
ownership, (F) if the Stockholder is a trust, make transfers or dispositions to any beneficiary of the Stockholder or the
estate of any such beneficiary, (G) exercise an option or warrant (including a net or cashless exercise of such option or warrant)
to purchase PubCo Shares, and (H) Transfer PubCo Shares to PubCo to cover tax withholding obligations of the Stockholder in connection
with any option exercise or the vesting of any restricted stock or restricted stock unit award, provided that the
underlying PubCo Shares shall continue to be subject to the restrictions on transfer set forth in this Agreement. With respect
to clauses (A) through (F) above, the transferee agrees in writing to be bound by the terms and conditions of this Agreement and
either the Stockholder or the transferee provides the Company with a copy of such agreement promptly upon consummation of any such
Transfer, provided, further that no filing under the Exchange Act or other public announcement shall
be required or shall be made voluntarily in connection with the establishment of such an agreement, provided that
reasonable notice shall be provided to PubCo prior to any such filing and that that the underlying PubCo Shares shall continue
to be subject to the restrictions on transfer set forth in this Agreement. For purposes of this Agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.

 

     

     

    

1.3.            
Documentation and Information. The Stockholder shall permit and hereby authorizes the Company and PubCo to publish
and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure document that the Company
or PubCo reasonably determines to be necessary in connection with the Merger and any of the Contemplated Transactions, the Stockholder’s
identity and ownership of the Subject Shares and the nature of the Stockholder’s commitments and obligations under this Agreement.
PubCo is an intended third-party beneficiary of this Section 1.3.

 

1.4.            
Irrevocable Proxy. The Stockholder hereby revokes (or agrees to cause to be revoked) any proxies that the Stockholder
has heretofore granted with respect to the Subject Shares. The Stockholder hereby irrevocably appoints the Company as attorney-in-fact
and proxy for and on behalf of the Stockholder, for and in the name, place and stead of the Stockholder, to: (a) attend any
and all meetings of PubCo Stockholders, (b) vote, express consent or dissent or issue instructions to the record holder to
vote the Subject Shares in accordance with the provisions of Section 1.1 at any and all meetings of PubCo Stockholders
or in connection with any action sought to be taken by written consent of PubCo Stockholders without a meeting and (c) grant
or withhold, or issue instructions to the record holder to grant or withhold, consistent with the provisions of Section 1.1,
all written consents with respect to the Subject Shares at any and all meetings of PubCo Stockholders or in connection with any
action sought to be taken by written consent of PubCo Stockholders without a meeting. The Company agrees not to exercise the proxy
granted herein for any purpose other than the purposes described in this Agreement. The foregoing proxy shall be deemed to be a
proxy coupled with an interest, is irrevocable (and as such shall survive and not be affected by the death, incapacity, mental
illness or insanity of the Stockholder, as applicable) until the termination of this Agreement and shall not be terminated by operation
of law or upon the occurrence of any other event other than the termination of this Agreement pursuant to Section 4.2.
The Stockholder authorizes such attorney and proxy to substitute any other Person to act hereunder, to revoke any substitution
and to file this proxy and any substitution or revocation with the Secretary of PubCo. The Stockholder hereby affirms that the
proxy set forth in this Section 1.4 is given in connection with and granted in consideration of and as an inducement
to Company, PubCo and Merger Sub to enter into the Merger Agreement and that such proxy is given to secure the obligations of the
Stockholder under Section 1.1. The proxy set forth in this Section 1.4 is executed and intended to be irrevocable,
subject, however, to its automatic termination upon the termination of this Agreement pursuant to Section 4.2. With
respect to any Subject Shares that are owned beneficially by the Stockholder but are not held of record by the Stockholder (other
than shares beneficially owned by the Stockholder that are held in the name of a bank, broker or nominee), the Stockholder shall
take all action necessary to cause the record holder of such Subject Shares to grant the irrevocable proxy and take all other actions
provided for in this Section 1.4 with respect to such Subject Shares.

 

1.5.             
No Ownership Interest. Nothing contained in this Agreement will be deemed to vest in the Company any direct or indirect
ownership or incidents of ownership of or with respect to the Subject Shares. All rights, ownership and economic benefits of and
relating to the Subject Shares will remain and belong to the Stockholder, and the Company will have no authority to manage, direct,
superintend, restrict, regulate, govern or administer any of the policies or operations of PubCo or exercise any power or authority
to direct Stockholder in the voting of any of the Subject Shares, except as otherwise expressly provided herein with respect to
the Subject Shares and except as otherwise expressly provided in the Merger Agreement.

 

     

     

    

Article
II

REPRESENTATIONS AND WARRANTIES OF THE Stockholder

 

The Stockholder represents and warrants to the
Company that:

 

2.1.            
Organization; Authorization; Binding Agreement. The Stockholder, if not a natural person, is duly incorporated or
organized, as applicable, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization.
The Stockholder has full legal capacity and power, right and authority to execute and deliver this Agreement and to perform the
Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly
and validly executed and delivered by the Stockholder, and constitutes a legal, valid and binding obligation of the Stockholder
enforceable against the Stockholder in accordance with its terms, subject to the Enforceability Exceptions.

 

2.2.            
Ownership of Subject Shares; Total Shares. The Stockholder is the record or beneficial owner of the Subject Shares
and has good and marketable title to the Subject Shares free and clear of any Encumbrances (including any restriction on the right
to vote or otherwise transfer the Subject Shares), except (a) as provided hereunder, (b) pursuant to any applicable restrictions
on transfer under the Securities Act, (c) subject to any risk of forfeiture with respect to any PubCo Shares granted to the
Stockholder under an employee benefit plan of PubCo and (d) as provided in the Organizational Documents of PubCo. The Subject
Shares listed on Schedule A opposite the Stockholder’s name constitute all of the PubCo Shares owned by the Stockholder
as of the date hereof. Except pursuant to the Organizational Documents of PubCo, no Person has any contractual or other right or
obligation to purchase or otherwise acquire any of the Subject Shares. For purposes of this Agreement “Beneficial Ownership”
shall be interpreted as defined in Rule 13d-3 under the Exchange Act; provided that for purposes of determining
Beneficial Ownership, a Person shall be deemed to be the Beneficial Owner of any securities that may be acquired by such Person
pursuant to any Contract or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective
of whether the right to acquire such securities is exercisable immediately or only after the passage of time, including the passage
of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing).

 

2.3.            
Voting Power. The Stockholder has full voting power, with respect to the Subject Shares, and full power of disposition,
full power to issue instructions with respect to the matters set forth herein and full power to agree to all of the matters set
forth in this Agreement, in each case, with respect to all of the Subject Shares. None of the Subject Shares are subject to any
proxy, voting trust or other agreement or arrangement with respect to the voting of the Subject Shares, except as provided hereunder.

 

2.4.            
Reliance. The Stockholder has had the opportunity to review the Merger Agreement, including the provisions relating
to the Exchange Ratio and CVR, and this Agreement with counsel of the Stockholder’s own choosing. The Stockholder has had
an opportunity to review with its own tax advisors the tax consequences of the Merger and the Contemplated Transactions. The Stockholder
understands that it must rely solely on its advisors and not on any statements or representations made by PubCo, the Company or
any of their respective agents or representatives. The Stockholder understands that such Stockholder (and not PubCo, the Company
or the Surviving Corporation) shall be responsible for such Stockholder’s tax liability that may arise as a result of the
Merger or the Contemplated Transactions. The Stockholder understands and acknowledges that the Company, PubCo and Merger Sub are
entering into the Merger Agreement in reliance upon the Stockholder’s execution, delivery and performance of this Agreement.

 

     

     

    

2.5.            
Absence of Litigation. With respect to the Stockholder, as of the date hereof, there is no action, suit, investigation
or proceeding pending against, or, to the knowledge of the Stockholder, threatened in writing against, the Stockholder or any of
the Stockholder’s properties or assets (including the Subject Shares) that could reasonably be expected to prevent, delay
or impair the ability of the Stockholder to perform the Stockholder’s obligations hereunder or to consummate the transactions
contemplated hereby.

 

2.6.            
Non-Contravention. The execution and delivery of this Agreement by the Stockholder and the performance of the transactions
contemplated by this Agreement by the Stockholder does not and will not violate, conflict with, or result in a breach of: (a) the
Organizational Documents of such Stockholder, (b) any applicable Law or any injunction, judgment, order, decree, ruling, charge,
or other restriction of any Governmental Authority to which the Stockholder is subject, or (c) any Contract to which the Stockholder
is a party or is bound or to which the Subject Shares are subject, such that it could reasonably be expected to prevent, delay
or impair the ability of the Stockholder to perform the Stockholder’s obligations hereunder or to consummate the transactions
contemplated hereby.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and warrants to the Stockholder
that:

 

3.1.            
Organization; Authorization. The Company is a corporation duly incorporated, validly existing and in good standing
under the laws of Delaware. The consummation of the transactions contemplated hereby is within the Company’s corporate powers
and has been duly authorized by all necessary corporate actions on the part of the Company. The Company has full power and authority
to execute, deliver and perform this Agreement.

 

3.2.            
Binding Agreement. This Agreement has been duly authorized, executed and delivered by the Company and constitutes
a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the Enforceability
Exceptions.

 

Article
IV

MISCELLANEOUS

 

4.1.            
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
delivered and received hereunder (a) one Business Day after being sent for next Business Day delivery, fees prepaid, via a
reputable international overnight courier service, (b) upon delivery in the case of delivery by hand, (c) if sent by email
transmission prior to 6:00 p.m. recipient’s local time, upon transmission (provided, no “bounce back” or similar
message of non-delivery is received with respect thereto) or (d) if sent by email transmission after 6:00 p.m. recipient’s
local time and no “bounce back” or similar message of non-delivery is received with respect thereto, the Business Day
following the date of transmission; provided that in each case the notice or other communication is sent to the physical address
or email address set forth in accordance with the provisions of the Merger Agreement, and if to the Stockholder, to the Stockholder’s
address or electronic mail address set forth on a signature page hereto, or to such other address or electronic mail address as
the Stockholder may hereafter specify by written notice so given.

 

     

     

    

4.2.            
Termination. This Agreement shall terminate automatically, without any notice or other action by any Person, upon
the earlier of (a) the termination of the Merger Agreement in accordance with its terms and (b) the Effective Time. Upon
termination of this Agreement, neither party shall have any further obligations or liabilities under this Agreement; provided,
however, that (i) nothing set forth in this Section 4.2 shall relieve either party from liability for
any breach of this Agreement prior to termination hereof, and (ii) the provisions of this Article IV shall survive
any termination of this Agreement.

 

4.3.            
Confidentiality. Except to the extent required by applicable law or regulation, the Stockholder shall hold any non-public information
regarding this Agreement, the Merger Agreement and the Merger in strict confidence and shall not divulge any such information to
any third person until PubCo has publicly disclosed its entry into the Merger Agreement and this Agreement; provided, however,
that the Stockholder may disclose such information (a) to its attorneys, accountants, consultants, trustees, beneficiaries
and other representatives (provided such representatives are subject to confidentiality obligations at least
as restrictive as those contained herein), and (b) to any Affiliate, partner, member, stockholder, parent or subsidiary of
Stockholder, provided in each case that the Stockholder informs the Person receiving the information that
such information is confidential and such Person agrees in writing to abide by the terms of this Section 4.3.
Neither the Stockholder nor any of its Affiliates (other than PubCo, whose actions shall be governed by the Merger Agreement),
shall issue or cause the publication of any press release or other public announcement with respect to this Agreement, the Merger,
the Merger Agreement or the other transactions contemplated hereby or thereby without the prior written consent of the Company
and PubCo, except as may be required by applicable Law in which circumstance such announcing party shall make reasonable efforts
to consult with the Company and PubCo to the extent practicable. PubCo is an intended third-party beneficiary of this Section 4.3.

 

4.4.            
Amendments and Waivers. Any provision of this Agreement may be amended or waived if such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against
whom the waiver is to be effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege.

 

4.5.            
Binding Effect; Benefit; Assignment. The provisions of this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. Except as set forth in Section 1.3 and Section
4.3, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder
upon any person other than the parties hereto and their respective successors and assigns. Neither party may assign, delegate or
otherwise transfer any of its rights or obligations under this Agreement without the consent of the other party hereto, except
that the Company may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part,
to one or more of its Affiliates at any time; provided that such transfer or assignment shall not relieve the Company
of any of its obligations hereunder.

 

     

     

    

4.6.            
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. In any
action or proceeding between any of the Parties arising out of or relating to this Agreement or any of the Contemplated Transactions,
each of the Parties: (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court
of Chancery of the State of Delaware or, to the extent such court does not have subject matter jurisdiction, the United States
District Court for the District of Delaware or, to the extent that neither of the foregoing courts has jurisdiction, the Superior
Court of the State of Delaware; (b) agrees that all claims in respect of such action or proceeding shall be heard and determined
exclusively in accordance with clause (a) of this Section 4.6; (c) waives any objection to laying venue in any such
action or proceeding in such courts; (d) waives any objection that such courts are an inconvenient forum or do not have jurisdiction
over any party hereto; (e) agrees that service of process upon such Party in any such action or proceeding shall be effective if
notice is given in accordance with Section 4.1 of this Agreement; and (f) irrevocably and unconditionally waives the
right to trial by jury.

 

4.7.            
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and
all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise)
by all Parties by electronic transmission in .PDF format shall be sufficient to bind the Parties to the terms and conditions of
this Agreement.

 

4.8.            
Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings,
both written and oral, among or between any of the Parties with respect to the subject matter hereof and thereof.

 

4.9.            
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction. If a final judgment of a court of competent
jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the Parties agree that the court
making such determination shall have the power to limit such term or provision, to delete specific words or phrases or to replace
such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable term or provision, and this Agreement shall be valid and enforceable as so modified. In the event
such court does not exercise the power granted to it in the prior sentence, the Parties agree to replace such invalid or unenforceable
term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business
and other purposes of such invalid or unenforceable term or provision.

 

     

     

    

4.10.         
Specific Performance. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative with
and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any
one remedy will not preclude the exercise of any other remedy. The Parties agree that irreparable damage for which monetary damages,
even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms (including failing to take such actions as are required of it hereunder to
consummate this Agreement) or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of
the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at Law
or in equity, and each of the Parties waives any bond, surety or other security that might be required of any other Party with
respect thereto. Each of the Parties further agrees that it will not oppose the granting of an injunction, specific performance
or other equitable relief on the basis that any other Party has an adequate remedy at Law or that any award of specific performance
is not an appropriate remedy for any reason at Law or in equity.

 

4.11.         
Construction.

 

(a)              
For purposes of this Agreement, whenever the context requires: any singular term shall be deemed to include the plural, and
any plural term the singular, the masculine gender shall include the feminine and neuter genders; the feminine gender shall include
the masculine and neuter genders; and the neuter gender shall include masculine and feminine gender.

 

(b)             
The Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party
shall not be applied in the construction or interpretation of this Agreement.

 

(c)              
As used in this Agreement, “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by
those words or words of like import. The word “or” is not exclusive.

 

(d)             
Except as otherwise indicated, references to any Person include the successors and permitted assigns of that Person.

 

(e)              
Except as otherwise indicated, references to any statute are to that statute and to the rules and regulations promulgated thereunder,
in each case as amended, modified, re-enacted thereof, substituted, from time to time.

 

(f)               
Except as otherwise indicated, all references in this Agreement to “Sections,” “Articles,” and “Schedules”
are intended to refer to Sections or Articles of this Agreement and Schedules to this Agreement, respectively.

 

     

     

    

(g)              
The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part
of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

4.12.         
Further Assurances. Each of the Parties hereto will execute and deliver, or cause to be executed and delivered, all
further documents and instruments and use their respective reasonable best efforts to take, or cause to be taken, all actions and
to do, or cause to be done, all things necessary under applicable Law to perform their respective obligations as expressly set
forth under this Agreement.

 

4.13.         
Capacity as Stockholder. The Stockholder signs this Agreement solely in the Stockholder’s capacity as a holder
of PubCo Shares, and not in the Stockholder’s capacity as a director, officer or employee of PubCo or any of its Subsidiaries
or in the Stockholder’s capacity as a trustee or fiduciary of any employee benefit plan or trust. Notwithstanding anything
herein to the contrary, nothing herein shall in any way restrict a director or officer of PubCo in the exercise of his or her fiduciary
duties as a director or officer of PubCo or in his or her capacity as a trustee or fiduciary of any employee benefit plan or trust
or prevent or be construed to create any obligation on the part of any director or officer of PubCo or any trustee or fiduciary
of any employee benefit plan or trust from taking any action in his or her capacity as such director, officer, trustee or fiduciary.

 

4.14.         
No Agreement Until Executed. Irrespective of negotiations among the parties or the exchanging of drafts of this Agreement,
this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties
hereto unless and until (a) the PubCo Board has approved, for purposes of any applicable anti-takeover laws and regulations,
and any applicable provision of PubCo’s Organizational Documents, the Merger, (b) the Merger Agreement is executed by
all parties thereto, and (c) this Agreement is executed by all parties hereto.

 

(SIGNATURE PAGE FOLLOWS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first written above.

 

 

	 	Leading BioSciences, Inc.

                                

                                

		By: 	_______________________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first written above.

 

STOCKHOLDER

 

__________________________________

(Print Name of Stockholder)

 

__________________________________

(Signature)

 

__________________________________

(Name and Title of Signatory, if Signing

on Behalf of an Entity)

 

Address for Notices:

 

__________________________________

 

__________________________________

 

Email:_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Support Agreement]

 

     

     

    

Schedule A

 

	Name of Stockholder	
        No. Shares
	
        No. Options
	

        No.

        RSUs

	
        No. Warrants

	[•]	[•]	[•]	[•]	[•]Exhibit 10.3

 

Lock-Up Agreement 

 

December [·],
2020

 

Ladies and Gentlemen:

 

The undersigned (the “Stockholder”)
understands that: (i) Seneca Biopharma, Inc., a Delaware corporation (“PubCo”),
has entered into an Agreement and Plan of Merger, dated as of December 16, 2020 (the “Merger Agreement”),
with Leading BioSciences, Inc., a Delaware corporation (the “Company”)
and Townsgate Acquisition Sub 1, Inc., a Delaware corporation and wholly owned
subsidiary of PubCo (“Merger Sub”), pursuant to which Merger Sub will be merged with and into the Company
(the “Merger”) and the separate corporate existence of Merger Sub will cease and the Company will continue
as the surviving corporation; and (ii) in connection with the Merger, stockholders of the Company will receive shares of PubCo
Common Stock. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms
in the Merger Agreement.

 

As a material inducement to the willingness
of each of the Parties to enter into the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Stockholder hereby agrees that the Stockholder will not, subject to the exceptions set forth
in this letter agreement, during the period commencing upon the Effective Time and ending on the date that is 180 days after the
Effective Time (the “Restricted Period”), (a) offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of PubCo Common Stock or any securities convertible into or exercisable
or exchangeable for PubCo Common Stock, including without limitation, PubCo Common Stock or such other securities which may be
deemed to be beneficially owned by the Stockholder in accordance with the rules and regulations of the SEC and securities of PubCo
which may be issued upon exercise of a stock option or warrant (collectively, the “Stockholder’s Shares”),
(b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of
the Stockholder’s Shares, regardless of whether any such transaction described in clause (a) or (b) above is to be settled
by delivery of PubCo Common Stock or such other securities, in cash or otherwise or (c) make any demand for or exercise any right
with respect to the registration of any shares of PubCo Common Stock or any security convertible into or exercisable or exchangeable
for PubCo Common Stock, in each case other than (i) transfers of the Stockholder’s Shares as bona fide charitable
contributions, gifts or donations, (ii) transfers or dispositions of the Stockholder’s Shares to any trust for the direct
or indirect benefit of the Stockholder or the immediate family of the Stockholder, (iii) transfers or dispositions of the Stockholder’s
Shares by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member
of the immediate family of the Stockholder, (iv) transfers of the Stockholder’s Shares to stockholders, direct or indirect
affiliates (within the meaning set forth in Rule 405 under the Securities Act), current or former partners (general or limited),
members or managers of the Stockholder, as applicable, or to the estates of any such stockholders, affiliates, partners, members
or managers, or to another corporation, partnership, limited liability company or other business entity that controls, is controlled
by or is under common control with the Stockholder, (v) transfers that occur by operation of law pursuant to a qualified domestic
relations order or in connection with a divorce settlement, (vi) transfers or dispositions not involving a change in beneficial
ownership, (vii) if the Stockholder is a trust, transfers or dispositions to any beneficiary of the Stockholder or the estate of
any such beneficiary; provided that, in each case, the transferee agrees in writing to be bound by the terms and
conditions of this letter agreement and either the Stockholder or the transferee provides PubCo with a copy of such agreement promptly
upon consummation of any such transfer, (viii) transfers pursuant to a bona fide third party tender offer, merger, consolidation
or other similar transaction made to all holders of the PubCo’s capital stock involving a change of control of the PubCo,
provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Stockholder’s
Shares shall remain subject to the restrictions contained in this letter agreement, and (viv); and provided, further,
that in each case of clauses (i)-(vii), no filing by any party (donor, donee, transferor or transferee) under the Exchange Act
or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other
than filings made in respect of involuntary transfers or dispositions or a filing on a Form 5 made after the expiration of the
Restricted Period) and any such transfer or distribution shall not involve a disposition for value. For purposes of this letter
agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first
cousin.

 

    	 	1	 

     

    

Notwithstanding the restrictions imposed by
this letter agreement, the Stockholder may (a) exercise an option or warrant (including a net or cashless exercise of such option
or warrant) to purchase shares of PubCo Common Stock, provided that the underlying shares of PubCo Common Stock shall
continue to be subject to the restrictions on transfer set forth in this letter agreement, (b) transfer shares of PubCo Common
Stock to cover tax withholding obligations of the Stockholder in connection with any option exercise or the vesting of any restricted
stock or restricted stock unit award, (c) establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer
of PubCo Common Stock, provided that such plan does not provide for any transfers of PubCo Common Stock during the
Restricted Period and provided further, that, no filing under the Exchange Act or other public announcement shall
be required or shall be made voluntarily in connection with the establishment of such a plan, or (d) transfer or dispose of shares
of PubCo Common Stock acquired on the open market following the Effective Time.

 

Any attempted transfer in violation of this
letter agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or constructive
knowledge of the transfer restrictions set forth in this letter agreement, and will not be recorded on the stock transfer books
of PubCo. In order to ensure compliance with the restrictions referred to herein, the Stockholder agrees that PubCo may issue appropriate
“stop transfer” certificates or instructions. PubCo may cause the legend set forth below, or a legend substantially
equivalent thereto, to be placed upon any certificate(s) or other documents or instruments evidencing ownership of the Stockholder’s
Shares:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE
COMPANY.

 

The Stockholder hereby represents and warrants
that the Stockholder has full power and authority to enter into this letter agreement. All authority conferred or agreed to be
conferred and any obligations of the Stockholder under this letter agreement will be binding upon the successors, assigns, heirs
or personal representatives of the Stockholder.

 

In the event that any holder of PubCo’s
securities that is subject to a substantially similar agreement entered into by such holder, other than the Stockholder, is permitted
by PubCo to sell or otherwise transfer or dispose of shares of PubCo Common Stock for value other than as permitted by this or
a substantially similar agreement entered into by such holder, the same percentage of shares of PubCo Common Stock held by the
Stockholder shall be immediately and fully released on the same terms from any remaining restrictions set forth herein (the “Pro-Rata
Release”); provided, however, that such Pro-Rata Release shall not be applied unless
and until permission has been granted by PubCo to an equity holder or equity holders to sell or otherwise transfer or dispose of
all or a portion of such equity holders’ shares of PubCo Common Stock in an aggregate amount in excess of 1% of the number
of shares of PubCo Common Stock originally subject to a substantially similar agreement.

 

Upon the release of any of the Stockholder’s
Shares from this letter agreement, PubCo will cooperate with the Stockholder to facilitate the timely preparation and delivery
of certificates representing the Stockholder’s Shares without the restrictive legend above or the withdrawal of any stop
transfer instructions.

 

    	 	2	 

     

    

The Stockholder understands that each of PubCo
and the Company is relying upon this letter agreement in proceeding toward consummation of the Merger. The Stockholder further
understands that this letter agreement is irrevocable and is binding upon the Stockholder’s heirs, legal representatives,
successors and assigns.

 

This letter agreement and any claim, controversy
or dispute arising under or related to this letter agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, without regard to the conflict of laws principles thereof.

 

The Stockholder understands that if the Merger
Agreement is terminated in accordance with its terms, the Stockholder will be released from all obligations under this letter agreement.

 

This letter agreement may be executed by electronic
(i.e., PDF) transmission, which is deemed an original.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Very truly yours,
	 	 	 
	 	 	Print Name of Stockholder:	 	
 

	 	 	 
	 	 	 	 	Signature (for individuals):
	 	 	 
	 	 	 	 	
 

	 	 	 
	 	 	 	 	Signature (for entities):
	 	 	 	 
	 	 	 	 	By:	 	
 

	 	 	 	 	 
	 	 	 	 	 	 	Name:	 	
 

	 	 	 	 	 
	 	 	 	 	 	 	Title:	 	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Lock-up
Agreement]

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