Document:

Prepared by R.R. Donnelley Financial -- EX-4.5

 Exhibit 4.5 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUED UPON CONVERSION HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR REGISTERED OR QUALIFIED UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY JURISDICTION. SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION PROVISIONS OF SAID ACT AND THE
REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE JURISDICTIONS HAVE BEEN COMPLIED WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
OR THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING IN ALL SUCH JURISDICTIONS. 
 8%
SUBORDINATED CONVERTIBLE PROMISSORY NOTE 
  

			
	$[    ]	 	February 26, 2014

 FOR VALUE RECEIVED, ZP HOLDINGS, INC., a Delaware corporation (the “Company”), hereby
promises to pay to the order of [    ] (the “Payee”), the principal amount of [    ] Dollars ($[    ]) upon the earliest to occur of: (i) an Event of Default;
(ii) the date that is thirty days following an IPO; or (iii) the Maturity Date, unless earlier converted in accordance with Section 5 below. 

This unsecured Note is one of a series of Notes that are being issued pursuant to a Note Purchase Agreement, dated as of February 26,
2014, by and among the Company and the Purchasers named therein, including the Payee (as it may be amended from time to time, the “Purchase Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings
given to such terms in the Purchase Agreement. Each Note ranks equally and ratably with the other Notes without priority over one another. Any payments on the Notes (including any pre-payments made in accordance with Section 3) will be made in
proportion to the outstanding principal amount each such Note represents relative to the aggregate outstanding principal amount of all Notes. 

1. Interest. The principal balance of this Note outstanding from time to time shall bear simple interest at a rate of eight percent
(8%) per annum. Such interest shall accrue and shall be due and payable in arrears (together with principal) on the Maturity Date, subject to Sections 3, 4 and 5 below. 

2. Payments. Payment of principal and interest shall be made in lawful money of the United States of America in immediately available
funds at the address of the Payee set forth below, or at such other place as the holder hereof shall have designated to the Company in writing. 

3. Prepayment. The Company may accelerate and repay any portion of the outstanding principal and/or interest balance of this Note at a
time of its choosing (including in the absence of an Event of Default or prior to the Maturity Date) only upon the prior written consent of the Requisite Noteholders. 

 4. Events of Default. Upon the occurrence of any Event of Default, the entire unpaid
principal balance of this Note and all unpaid accrued interest hereunder shall become immediately due and payable without notice or demand. 

5. Conversion. 
 5.1.
Qualified Financing. Upon the closing of a Qualified Financing, the principal balance of this Note and any and all accrued and unpaid interest shall automatically convert into shares of Qualified Financing Securities at the Qualified
Financing Price (or the Discounted Qualified Financing Price if such Qualified Financing is consummated more than sixty (60) calendar days from the Closing), and the Payee shall execute all necessary documents in connection with such Qualified
Financing, subject to and all as more fully described in the Purchase Agreement. 
 5.2. Sale Transaction. Upon the closing of a Sale
Transaction, the Payee shall be entitled to receive in respect of this Note certain consideration as more fully described in the Purchase Agreement. 

6. New Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Note, the Company will issue a new promissory note, of like tenor and amount and dated the original date of this Note, in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the holder thereof agrees to indemnify and hold
harmless the Company in respect of any such lost, stolen, destroyed or mutilated Note. 
 7. Officers and Directors Not Liable. In no
event shall any officer or director of the Company be liable for any amounts due and payable pursuant to this Note. 
 8.
Miscellaneous. 
 8.1. The undersigned and every endorser or guarantor of this Note, regardless of the time, order or place of
signing, waives presentment, demand, protest and notice of every kind and assents to any one or more extensions or postponements of the time of payment or any other indulgences, to any substitutions, exchanges or releases of collateral available to
the Payee, if any, and to the additions or releases of any other parties or persons primarily or secondarily liable. 
 8.2. By accepting
this Note, the Payee and each subsequent holder of this Note acknowledges and agrees that all payments under this Note shall be expressly subordinate in right of payment and otherwise to any present or future debt obligation of the Company to any
bank or other institutional lender, including, but not limited to, the BioMed Indebtedness (as defined below) and to any present or future indebtedness on account of trade payables evidenced by secured promissory notes. Upon request by the Company,
the Payee and each subsequent holder of this Note agrees to confirm this subordination relationship to any such bank or institutional lender in a form reasonably acceptable to or required by such bank or other institutional lender. The
“BioMed Indebtedness” shall mean any and all indebtedness that may exist from time to time pursuant to that certain Secured Promissory Note, dated as of April 26, 2012, between the Company and BioMed Realty Holdings, Inc. or
any successor of transferee thereto, including any amendment, modification, continuation or replacement thereof. 

 8.3. The provisions of this Note shall be governed by, and construed and enforced in accordance
with, the substantive laws of the State of Delaware, without regard to its principles of conflicts of laws. 
 8.4. Notwithstanding anything
herein to the contrary, payment of any interest, expense or other amount shall not be required if such payment would be unlawful. In any such event, this Note shall automatically be deemed amended so that interest charges and all other payments
required hereunder, individually and in the aggregate, shall be equal to but not greater than the maximum permitted by law. 
 8.5. This
Note may be amended or modified, and any provision of this Note may be waived, only with the written consent of the Company, on the one hand, and either (a) the holder hereof or (b) the Requisite Noteholders, on the other hand;
provided, however, that in the case of clause (b), no such amendment, modification or waiver shall be effective without the written consent of the holder hereof to the extent such amendment, modification or waiver adversely affects the rights
of the holder of this Note in a manner different from those of the holders of the other Notes (other than differences related solely to the different principal amounts of the Notes). Any amendment effected in accordance with the immediately
preceding sentence shall be binding upon the Company, the Payee and each transferee of this Note. 
 8.6. In the event any one or more of
the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to
invalidate this Note, then and in any such event, such provision(s) only shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and
effect and in no way shall be affected, prejudiced, or disturbed thereby. 
 [remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Note as an instrument under seal as of the
date first above written. 
  

					
	ZP HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	Vikram Lamba
		 	Title:	 	President and CEO

 Signature Page to Convertible Promissory Note (February 2014)Prepared by R.R. Donnelley Financial -- EX-4.6

 Exhibit 4.6 

ZP HOLDINGS, INC. 
 STOCK
REPURCHASE OPTION AGREEMENT 
 (Peter Daddona) 

This Stock Repurchase Option Agreement (this “Agreement”) dated as of May 15, 2012, is made by and between ZP Holdings,
Inc., a Delaware corporation (the “Company”), and Peter Daddona (“Holder”). 
 WHEREAS, the Company and
Holder have entered into that certain Restricted Stock Purchase Agreement dated as of January 26, 2012 (the “Purchase Agreement”), pursuant to which the Company sold to Holder, and Holder purchased from the Company, 1,250,000
shares of common stock, $0.0001 par value per share, of the Company (“Common Stock”); 
 WHEREAS, on April 25, 2012,
the Company acquired Zosano Pharma, Inc., a Delaware corporation (“Zosano”), pursuant to the merger of ZP Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, with and into Zosano (the
“Merger”); 
 WHEREAS, in connection with the Merger, the Company and Holder desire to enter into this Agreement, which
will provide the Company an option to repurchase certain of the shares of Common Stock issued to Holder under the Purchase Agreement; 

NOW, THEREFORE, in consideration of the premises and the covenants set forth herein, and for other good and valuable consideration, the
parties hereby agree as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings:

 Qualified Sale: The sale of all or substantially all of the assets or issued and outstanding capital stock of the Company or
Zosano, or merger or consolidation involving the Company or Zosano in which stockholders of the Company or Zosano, respectively, immediately before such merger or consolidation do not own immediately after such merger or consolidation capital stock
or other equity interests of the surviving corporation or entity representing more than fifty percent in voting power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger or
consolidation. 
 Service: Service as a consultant, employee, officer or director. 

Shares: The shares of Common Stock issued to Holder under the Purchase Agreement and any other securities of the Company which may be
issued in exchange for or in respect of such shares of Common Stock, whether by way of stock split, stock dividend, combination of shares, reclassification, recapitalization, reorganization or any other means. 

Restricted Shares: Any Shares that are not Released Shares. 

Released: Released from the Company’s Repurchase Option (as defined in Section 2(a)). 

Released Shares: Any Shares that have Released in accordance with Section 2(b). 

 2. Repurchase of Restricted Shares. 

(a) Repurchase Option. 

(i) In the event of the voluntary termination by Holder of Holder’s Service with the Company and Zosano, or in the event of the
termination by the Company or Zosano for Cause (as defined in that certain employment letter agreement dated May 11, 2012 by and among Holder, Zosano and the Company) of Holder’s Service with the Company and Zosano, the Company shall upon
the effective date of such termination (the “Termination Date”) have an irrevocable, exclusive option (the “Repurchase Option”) for a period of 90 days from such date to repurchase all or any portion of the
Restricted Shares at a repurchase price of $0.0001 per share, appropriately adjusted in the event of a stock dividend, stock split, recapitalization, combination of shares or similar event occurring subsequent to the date of this Agreement. 

(ii) Unless the Company notifies Holder within 90 days after the Termination Date that it does not intend to exercise its Repurchase Option
with respect to some or all of the Restricted Shares, the Repurchase Option shall be deemed automatically exercised by the Company as of the 90th day following the Termination Date, provided, however, that the Company may notify Holder that
it is exercising its Repurchase Option as of a date prior to such 90th day. Unless Holder is otherwise notified by the Company pursuant to the preceding sentence that the Company does not intend to exercise its Repurchase Option as to some or all of
the Restricted Shares to which it applies on the Termination Date, execution of this Agreement by Holder constitutes written notice to Holder of the Company’s intention to exercise its Repurchase Option with respect to all Restricted Shares to
which such Repurchase Option applies. The Company, at its choice, may satisfy its payment obligation to Holder with respect to exercise of the Repurchase Option by any of (1) delivering a check to Holder in the amount of the purchase price for
the Restricted Shares being repurchased, (2) in the event Holder is indebted to the Company, canceling an amount of such indebtedness equal to the purchase price for the Restricted Shares being repurchased and (3) by a combination of
(1) and (2) so that the combined payment and cancellation of indebtedness equals such purchase price. The Company shall use good faith efforts to satisfy its payment obligation to Holder within 15 days after Company’s notice of
exercise of the Repurchase Option (or deemed exercise), and that if such payment is not effective within such 15 days from such date, the amount of the Company’s unsatisfied payment obligation shall bear interest at a rate of nine percent
(9%) per annum until the Company has satisfied its payment obligation under this Section 2(a)(ii). In the event of any exercise (or deemed automatic exercise) of the Repurchase Option pursuant to this Section 2(a)(ii) at such time as
Holder is indebted to the Company, the portion of such indebtedness equal to the purchase price of the Restricted Shares being repurchased shall be deemed automatically canceled as of the date of Company’s notice of exercise of the Repurchase
Option (or deemed exercise). As a result of any repurchase of Restricted Shares pursuant to this Section 2(a), the Company shall become the legal and beneficial owner of the Restricted Shares being repurchased and shall have all rights and
interest therein or related thereto, and the Company shall have the right to transfer to its own name the number of Restricted Shares being repurchased by the Company, without further action by Holder. 

(b) Release from Repurchase Option. 

  
 2 

 (i) The Shares are or will become Released as follows: 1/3rd of the Shares shall be deemed Released on the date hereof; and an additional 2/9th of the total Shares shall Release on each anniversary of the
effective date of the Purchase Agreement, so that the Shares shall be fully Released on the third anniversary of such date. 
 (ii)
Notwithstanding Section 2(b)(i), all Shares shall be deemed to have Released immediately prior to the consummation of a Qualified Sale. 

(iii) Notwithstanding Section 2(b)(i), if the Company notifies the Holder within 90 days after the Termination Date that it does not
intend to exercise its Repurchase Option with respect to some or all of the Restricted Shares, all Restricted Shares with respect to which the Company is not exercising its Repurchase Option shall be deemed to have Released on the date of such
notice. 
 (iv) All Release of Shares pursuant to this Agreement shall be conditioned upon Holder’s continuing Service with the
Company and/or Zosano from the date hereof through such Release date. 
 3. Restrictions on Transfer. Except for purchases of
Restricted Shares by the Company as contemplated by Section 2, no Restricted Shares nor any interest therein may be Transferred (as defined in the Purchase Agreement). 

4. Custody of Certificates; Legend. In order to facilitate the exercise of the Repurchase Option, the Company or its counsel shall hold
all certificates representing Restricted Shares, together with an adequate number of undated and otherwise blank stock powers executed by Holder. The Company shall have the right to cause transfers of Restricted Shares to be effected pursuant to
Section 4 of the Purchase Agreement. After any Shares become Released Shares, the Company shall, upon request of Holder, deliver to Holder a certificate or certificates representing such Released Shares. Each certificate representing Restricted
Shares shall prominently bear a legend in substantially the following form: 
 “The securities represented by this certificate are
subject to restrictions on transfer and repurchase rights pursuant to the terms of a Stock Repurchase Option Agreement, as amended from time to time, between the owner of this certificate and the Corporation. The Corporation will furnish a copy of
this agreement to the holder hereof without charge upon written request.” 
 5. Miscellaneous. 

(a) Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement between the parties with respect to the
subject matter hereof, and supersede all prior agreements, negotiations, representations and proposals, written or oral, relating to such subject matter. 

(b) Amendments. Neither this Agreement nor any provision hereof may be changed or modified except by an agreement in writing executed
by Holder and on behalf of the Company. 

  
 3 

 (c) Binding Effect of the Agreement. This Agreement shall inure to the benefit of, and be
binding upon, the Company, Holder and their respective estates, heirs, executors, transferees, successors, assigns and legal representatives. 

(d) Provisions Severable. In the event that any one or more of the provisions contained herein shall, for any reason, be held to be
invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and all other provisions shall remain in full force and effect. If any of the provisions of
this Agreement is held to be excessively broad, it shall be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. 

(e) Notices. All notices under this Agreement shall be effective (i) upon personal or facsimile delivery, (ii) two business
days after deposit in the United States mail as registered or certified mail postage fully prepaid, or (iii) one business day after pickup by any overnight commercial courier service, in each case sent or addressed to the Company at its
principal office or to Holder at his record address as carried in the stock records of the Company, as the case may be, or at such other address as either may from time to time designate in writing to the other. 

(f) Construction. A reference to a Section shall mean a Section of this Agreement unless otherwise expressly stated. The titles and
headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. The words “include,” “includes” and
“including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa. 
 (g) No Employment or Service
Agreement. This Agreement shall not be construed as an agreement by the Company to employ or engage Holder, nor is the Company obligated to employ or engage Holder by reason of this Agreement or the issuance of the Shares to Holder. 

(h) Section 83(b) Election. Holder will furnish to the Company a copy of any election made by Holder under Section 83(b) of
the Internal Revenue Code of 1986, as amended, with respect to the Shares. 
 (i) Applicable Law. This Agreement shall be construed
and enforced in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of laws. Holder consents to jurisdiction and venue in any state or federal court in the State of Delaware for the purposes of any action
relating to or arising out of this Agreement or any breach or alleged breach hereof, and to service of process in any such action by certified or registered mail, return receipt requested. 

(j) Disposition of Shares; Purchase by Nominee or Designee. Any Shares that the Company elects to purchase hereunder may be disposed of
by it in such manner as it deems appropriate with or without restrictions on the transfer thereof, and the Company may require their transfer to a nominee or designee as part of any purchase of Shares from Holder. 

  
 4 

 (k) Counterparts. This Agreement may be executed in one or more counterparts, all of which
together shall constitute one and the same Agreement. 
 [signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Repurchase Option Agreement as of
the date first above written. 
  

					
	ZP HOLDINGS, INC.
		
	By:	 	 /s/ Vikram Lamba

		 	Name:	 	Vikram Lamba
		 	Title:	 	President and Chief Executive Officer
	
	HOLDER:
	
	 /s/ Peter Daddona

	Peter Daddona

 — Signature Page to ZP Holdings, Inc. Stock Repurchase Option Agreement —

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