Document:

Exhibit
10.3

 

February
21, 2017

 

STRICTLY
CONFIDENTIAL

 

Jeffrey
Bacha

Chairman
& CEO

DelMar
Pharmaceuticals, Inc.

Suite
720 - 999 West Broadway

Vancouver,
British Columbia

Canada
V5Z 1K5

 

Dear
Mr. Bacha:

 

This
letter shall serve as an amendment (the “Amendment”) to that certain engagement letter (the “Original
Letter”), dated as of January 24, 2017, by and between DelMar Pharmaceuticals, Inc. (the “Company”)
and H.C. Wainwright & Co., LLC (“Wainwright”). Defined terms used herein and not otherwise defined herein
shall have the meaning ascribed to them in the Original Letter.

 

Wainwritght
and the Company hereby mutually agree to extend the Term of the Original Letter pursuant to Section B. for an additional 30 days.

 

Except
as modified by this letter, the terms, provisions and requirements of the Original Letter shall remain the same and in full force
and effect in accordance with the terms and provisions thereof.

 

	 	Very
    truly yours,
	 	 	 
	 	H.C.
    WAINWRIGHT & CO., LLC
	 	 	 
	 	By:	/s/
    Edward D. Silvera
	 	 	Name:
    Edward D. Silvera
	 	 	Title:
      COO

 

	Accepted
    and Agreed:	
	 	 	 
	DELMAR
                                         PHARMACEUTICALS, INC.

	
	 	 	 
	 By:	/s/
    Jeffrey A. Bacha	 
	 Name:	Jeffrey
    A. Bacha	
	Title	Chairman
    & CEOExhibit
10.4

 

April
4, 2017

 

STRICTLY
CONFIDENTIAL

 

Jeffrey
Bacha

Chairman
& CEO

DelMar
Pharmaceuticals, Inc. 

Suite 720 - 999 West Broadway

Vancouver,
British Columbia

Canada
V5Z 1K5

 

Dear
Mr. Bacha:

 

This
letter shall serve as an amendment (the “Amendment”) to that certain engagement letter, dated as of January
24, 2017, as amended on February 21, 2017 (the “Original Letter”), by and between DelMar Pharmaceuticals, Inc.
(the “Company”) and H.C. Wainwright & Co., LLC (“Wainwright”). Defined terms used herein
and not otherwise defined herein shall have the meaning ascribed to them in the Original Letter.

 

Wainwright
and the Company hereby mutually agree to extend the Term of the Original Letter pursuant to Section B. until April 20, 2017.

 

In
addition, Paragraph A.3 shall be amended and restated in its to read as follows:

 

Expense
Allowance. Out of the proceeds of the first Closing, the Company also agrees to pay Wainwright (a) a management fee equal
to 1.0% of the gross proceeds raised in case of an Offering which is a public offering; (b) $10,000 for non-accountable expenses;
and (c) up to $100,000 for fees and expenses of legal counsel in case of an Offering which is a public offering; plus the additional
reimbursable amount payable by the Company pursuant to Paragraph D.3 hereunder; provided, however, that such reimbursement amount
in no way limits or impairs the indemnification and contribution provisions of this Agreement. In addition, Wainwright will be
entitled to a management fee of 1.25% of the gross proceeds raised in an Alternate Transaction solely with respect to funds raised
from the Company Investors; provided that Wainwright and/or its principals invest at least $1.0 million in such transaction.

 

In
the event that this Agreement shall not be carried out for any reason during the Term, the Company shall be obligated to pay to
Wainwright its actual and accountable out-of-pocket expenses related to an Offering (including the fees and disbursements of Wainwright’s
legal counsel), in an amount not to exceed $50,000.

 

Except
as modified by this letter, the terms, provisions and requirements of the Original Letter shall remain the same and in full force
and effect in accordance with the terms and provisions thereof.

 

	 	Very
    truly yours,
	 	 	 
	 	H.C.
    WAINWRIGHT & CO., LLC
	 	 	 
	 	By:	/s/ Edward D. Silvera
	 	 	Name: Edward D. Silvera
	 	 	Title: COO

 

	Accepted
    and Agreed:	
	 	 	 
	DELMAR
                                         PHARMACEUTICALS, INC.

	
	 	 	 
	 By:	/s/
    Jeffrey A. Bacha	 
	 Name:	Jeffrey
    A. Bacha	
	Title	Chairman
    & CEOExhibit
4.1

 

THIS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

US
$38,896.00 

 

POSITIVEID
CORP.

10%
CONVERTIBLE REDEEMABLE NOTE

DUE
JANUARY 10, 2018

 

FOR
VALUE RECEIVED, POSITIVEID CORP. (the “Company”) promises to pay to the order of CROSSOVER CAPITAL FUND I, LLC and
its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of Thirty Eight
Thousand Eight Hundred Ninety Six Dollars exactly (U.S. $38,896.00) on January 10, 2018 (“Maturity Date”) and
to pay interest on the principal amount outstanding hereunder at the rate of 10% per annum commencing on April 10, 2017. The interest
will be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note. The principal of, and interest on, this Note are payable at 365 Ericksen Ave. NE #315, Bainbridge Island, WA 98110,
initially, and if changed, last appearing on the records of the Company as designated in writing by the Holder hereof from time
to time. This Note contains a $4,646 original issue discount such that the purchase price is $34,250 while the face amount is
$38,896. The Company will pay each interest payment and the outstanding principal due upon this Note before or on the Maturity
Date, less any amounts required by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed
to such Holder at the last address appearing on the records of the Company. The forwarding of such check or wire transfer shall
constitute a payment of outstanding principal hereunder and shall satisfy and discharge the liability for principal on this Note
to the extent of the sum represented by such check or wire transfer. Interest shall be payable in Common Stock (as defined below)
pursuant to paragraph 4(b) herein.

 

____

Initials

 

    	 

     

    

 

This
Note is subject to the following additional provisions:

 

1.
This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange,
except that Holder shall pay any tax or other governmental charges payable in connection therewith.

 

2.
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable
laws.

 

3.
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as
amended (“Act”) and applicable state securities laws. Any attempted transfer to a non-qualifying party
shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company and any agent of the
Company may treat the person in whose name this Note is duly registered on the Company’s records as the owner hereof
for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or
bound by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section
4(a) hereof, in addition to the requirements set forth in Section 4(a), and any prospective transferee of this Note, also
is required to give the Company written confirmation that this Note is being converted (“Notice
of Conversion”) in the form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy)
of such Notice of Conversion shall be the Conversion Date.

 

4.
(a) The Holder of this Note is entitled, at its option after cash payment, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”)
at a price (“Conversion Price”) for each share of Common Stock equal to 62.5% of the lowest
closing bid price of the Common Stock as reported on the National Quotations Bureau OTC exchange which the
Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future
(“Exchange”), for the twenty prior trading days including the day upon which a Notice
of Conversion is received by the Company or its transfer agent (provided such Notice of Conversion is delivered by fax or
other electronic method of communication to the Company or its transfer agent after 4 P.M. Eastern Standard or Daylight
Savings Time if the Holder wishes to include the same day closing price). If the shares have not been delivered within 3
business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the
shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Accrued
but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions of shares will be
issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To the extent the
Conversion Price of the Company’s Common Stock closes below the par value per share, the Company will take all steps
necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. The
Company agrees to honor all conversions submitted pending this increase. In the event the Company experiences a DTC
“Chill” on its shares, the conversion price shall be decreased to 52.5% instead of 62.5% while that
“Chill” is in effect. If the Company fails to maintain the share reserve at the 4x discount of the
note by June 10, 2017, the conversion discount shall be increased by 15.0% such that the Conversion Price shall be 47.5%
instead of 62.5%. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all
other shares of Company Common Stock beneficially owned by the Holder and its affiliates would exceed 9.9% of the outstanding
shares of the Common Stock of the Company. All the terms set forth herein, including but not limited to interest rate,
prepayment terms, conversion discount or lookback period will be adjusted downward (i.e. for the benefit of the Holder) if
the Company offers a more favorable conversion discount (whether via interest, rate OID or otherwise) or lookback period to
another party or otherwise grants any more favorable terms to any third party than those contained herein while this note is
in effect.

 

____

Initials

 

    	2 

     

    

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 10% per annum. Interest shall be paid by
the Company in Common Stock (“Interest Shares”). Holder may, at any time, send in a Notice of Conversion to the
Company for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest
Shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date
of such notice.

 

(c)
During the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as
follows: (i) if the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the
unpaid principal amount of this Note along with any interest that has accrued during that period, (ii) if the redemption is
after the 90th day this Note is in effect, but less than the 181st day this Note is in effect, then for
an amount equal to 140% of the unpaid principal amount of this Note along with any accrued interest. This Note may not be
redeemed after 180 days. The redemption must be closed and paid for within 3 business days of the Company sending the
redemption demand or the redemption will be invalid and the Company may not redeem this Note.

 

(d)
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series
of related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of
the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the
Company with or into another person or entity in which the Company is not the surviving entity (other than a merger which is
effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or
exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being
referred to as a “Sale Event”), then, in each case, the Company shall, upon request of the Holder, redeem this
Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at
the election of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of
accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion
Price.

 

(e)
In case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection
with which this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder
of this Note shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and
number of shares of stock or other securities or property (including cash) receivable upon such reclassification, capital
reorganization or other change, consolidation or merger by a holder of the number of shares of Common Stock that could have
been purchased upon exercise of the Note and at the same Conversion Price, as defined in this Note, immediately prior to such
Sale Event. The foregoing provisions shall similarly apply to successive Sale Events. If the consideration received by
the holders of Common Stock is other than cash, the value shall be as determined by the Board of Directors of the Company or
successor person or entity acting in good faith.

 

____

Initials

 

    	3 

     

    

 

5.
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6.
The Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest,
notice of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts
called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing
hereto.

 

7.
The Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be
incurred by the Holder in collecting any amount due under this Note.

 

8.
If one or more of the following described “Events of Default” shall occur:

 

(a)
The Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the
Company; or

 

(b)
Any of the representations or warranties made by the Company herein or in any certificate or financial or other written
statements heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of
this Note, or the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect;
or

 

(c)
The Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or
obligation of the Company under this Note or any other note issued to the Holder; or

 

(d)
The Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3)
make an assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the
appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a
petition for bankruptcy relief, consent to the filing of such petition or have filed against it an involuntary petition for
bankruptcy relief, all under federal or state laws as applicable; or

 

(e)
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business
without its consent and shall not be discharged within sixty (60) days after such appointment; or

 

____

Initials

 

    	4 

     

    

 

(f)
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume
custody or control of the whole or any substantial portion of the properties or assets of the Company; or

 

(g)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars
($50,000) in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall
remain unpaid, unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days
prior to the date of any proposed sale thereunder; or

 

(h)
The Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company
has entered and failed to cure such default within the appropriate grace period; or

 

(i)
The Company shall have its Common Stock delisted from an exchange (including the OTC exchange) or, if the Common Stock trades
on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days or ceases to file its
1934 act reports with the SEC;

 

(j)
If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of
the Board;

 

(k)
The Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within
3 business days of its receipt of a Notice of Conversion; or

 

(l)
The Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the
Holder.

 

(m)
The Company shall not be “current” in its filings with the Securities and Exchange Commission; or

 

(n)
The Company shall lose the “bid” price for its stock and a market (including the OTC marketplace or other
exchange)

 

Then,
or at any time thereafter, unless cured within 5 days, and in each and every such case, unless such Event of Default shall have
been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option
of the Holder and in the Holder’s sole discretion, the Holder may consider this Note immediately due and payable, without
presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby expressly
waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately,
and without expiration of any period of grace, enforce any and all of the Holder’s rights and remedies provided herein or
any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 24%
per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.
In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued beginning on the 4th
day after the conversion notice was delivered to the Company. This penalty shall increase to $500 per day beginning on the
10th day. The penalty for a breach of Section 8(n) shall be an increase of the outstanding principal amounts by 20%.
In case of a breach of Section 8(i), the outstanding principal due under this Note shall increase by 50%. If this Note is not
paid at maturity, the outstanding principal due under this Note shall increase by 10%. Further, if a breach of Section 8(m) occurs
or is continuing after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price
during the delinquency period as a base price for the conversion. For example, if the lowest closing bid price during the delinquency
period is $0.01 per share and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per
share.

 

____

Initials

 

    	5 

     

    

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole
for Failure to Deliver Loss. At the Holder’s election, if the Company fails for any reason to deliver to the Holder the
conversion shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder
incurs a Failure to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable
to the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

Failure
to Deliver Loss = [(High trade price at any time on or after the day of exercise) x (Number of conversion shares)]

 

The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder’s written notice to the Company.

 

9.
In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum
extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected
or impaired thereby.

 

10.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument
signed by the Company and the Holder.

 

11.
The Company represents that it is not a “shell” issuer and has never been a “shell” issuer or that if
it previously has been a “shell” issuer that at least 12 months have passed since the Company has reported form
10 type information indicating it is no longer a “shell issuer. Further. The Company will instruct its counsel to
either (i) write a 144 opinion to allow for salability of the conversion shares or (ii) accept such opinion from
Holder’s counsel.

 

____

Initials

 

    	6 

     

    

 

12.
The Company shall issue irrevocable transfer agent instructions reserving 341,500,000 shares of its Common Stock for
conversions under this Note and all prior notes between the parties (the “Share Reserve”). Upon full conversion
of this Note, any shares remaining in the Share Reserve shall be cancelled. The Company shall pay all transfer agent costs
associated with issuing and delivering the share certificates to Holder. If such amounts are to be paid by the Holder, it may
deduct such amounts from the Conversion Price. The company should at all times reserve a minimum of five times the amount of
shares required if the note would be fully converted. The Holder may reasonably request increases from time to time to
reserve such amounts. The Company will instruct its transfer agent to provide the outstanding share information to the Holder
in connection with its conversions.

 

13.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock
splits, recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

14.
This Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly
to be performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The
Holder and the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of
the State of New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in
counterparts, and the facsimile transmission of an executed counterpart to this Agreement shall be effective as an
original.

 

____

Initials

 

    	7 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto duly authorized.

 

Dated:
______________

 

	 	POSITIVEID
    CORP
	 	 	 
	 	By:	       
	 	Title:	 

 

____

Initials

 

    	8 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $___________ of the above Note into _________ Shares of Common Stock of POSITIVEID
CORP. (“Shares”) according to the conditions set forth in such Note, as of the date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes
and charges payable with respect thereto.

 

	Date of Conversion: 	 
	Applicable Conversion Price: 	 

	Signature: 	 
	 	[Print Name of Holder and Title of Signer]
	Address: 	 
	 	 

 

	SSN or EIN: 	 
	Shares are to be registered in the following name: 	 

 

	Name: 	 
	Address: 	 
	Tel: 	 
	Fax: 	 
	SSN or EIN: 	 
	 	 
	Shares are to be sent or delivered to the following account:
	 
	Account Name: 	 
	Address: 	 

 

____

Initials

 

    	9

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