Document:

Exhibit 10.3

 

CONVERTIBLE PROMISSORY NOTE 

AND NOTE PURCHASE AGREEMENT

MODIFICATION AGREEMENT

 

This Convertible Promissory
Note and Note Purchase Agreement Modification Agreement (“Agreement”) is made and entered into as of February __,
2011 by and between Cancer Prevention Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and _______________________________
(the “Holder”).

 

RECITALS

 

WHEREAS, the Holder
is the holder of the $__________________ principal face amount of Convertible Promissory Note (“Note”) dated June 11,
2010 issued by the Company which was issued pursuant to the Note Purchase Agreement between the Company and Holder of even date
with the Note (the “Purchase Agreement”). Capitalized terms used but otherwise defined herein shall have the meaning
assigned to such terms in the Note.

 

WHEREAS, Section 12
of the Note provides that the terms of the Note may be modified and amended by agreement between the Company and the Holder.

 

WHEREAS, the Company
and the Holder desire to modify and amend the Note in the manner hereinafter provided.

 

AGREEMENTS

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the Company and the Holder hereby
modify and amend the Note in the following, but no other way:

 

1.            Maturity
Date. The Note is hereby amended to provide that the Maturity Date shall be February 17, 2012.

 

2.            Automatic
Conversion. Section 2(a) of the Note is amended to read as follows:

 

(a)          Automatic
Conversion. If prior to the Maturity Date, the Company consummates a Qualified Financing (defined below), all principal of
and accrued and unpaid interest on this Note shall automatically convert into fully paid and nonassessable shares of the type
of security issued in such Qualified Financing (“Qualified Securities”) at a conversion
price per share (“Conversion Price”) equal to a discounted percentage of the per share price of the Qualified
Securities issued in a Qualified Financing, which discount escalates over time in accordance with the following schedule (expressed
as a percentage of the share price of the Qualified Securities):

 

ConvertPromNoteMod

 

     

     

    

 

	 	(i)	 	 	From date of issuance	 	 	85	%
	 	(ii)	 	 	August 17, 2010	 	 	82.5	%
	 	(iii)	 	 	November 17, 2010	 	 	80	%
	 	(iv)	 	 	February 17, 2011	 	 	77.5	%
	 	(v)	 	 	May 17, 2011	 	 	75	%
	 	(vi)	 	 	August 17, 2011	 	 	72.5	%
	 	(vii)	 	 	November 17, 2011	 	 	70	%
	 	(viii)	 	 	February 17, 2012	 	 	68.5	%

 

For example,
if a Qualified Financing takes place on May 18, 2011 and the price of the Qualified Security is $6.00, the Notes would automatically
convert into Qualified Securities at the rate of $4.50 per share (75%).

 

3.            Warrant
Coverage. Section 1(b) of the Purchase Agreement is amended to read as follows:

 

(a)          Issuance
of Warrants. In consideration for the purchase by the Lenders of the Notes, the Company will issue to each Lender a warrant
in the form attached hereto as Exhibit B (each, a “Warrant” and, collectively, the “Warrants”).
The number of shares for which the Warrant shall be exercisable shall initially be equal to 15% of the principal amount of the
Notes purchased by such Lender hereunder (“Coverage Percentage”) divided by the Exercise Price, which term is
defined in the Warrant. The Coverage Percentage shall increase over time in accordance with the following schedule:

 

	 	August 17, 2010	 	 	 	17.5	%
	 	November 17, 2010	 	 	 	20	%
	 	February 17, 2011	 	 	 	22.5	%
	 	May 17, 2011	 	 	 	25	%
	 	August 17, 2011	 	 	 	27.5	%
	 	November 17, 2011	 	 	 	30	%
	 	February 17, 2012	 	 	 	32.5	%

 

4.          Remaining
Terms Unchanged. Except as otherwise specifically provided herein, the Note and the Purchase Agreement shall remain in full
force and effect in accordance with their respective terms.

 

Dated: February ____,
2011

 

HOLDER

 

	 	 	Cancer Prevention Pharmaceuticals, Inc.
	Name	 	 
	 	 	 
	 	 	 
	 	 	 	 	 
	Name	Eugene Gerner, CSO 	 

 

    2Exhibit 10.4

 

MODIFICATION TO

CONVERTIBLE PROMISSORY NOTE 

 

This Modification to
Convertible Promissory Note (“Modification Agreement”) is made and entered into as of February __, 2012 by and between
Cancer Prevention Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and _________________ (the “Holder”).

 

RECITALS

 

WHEREAS, the Holder
is the holder of the $____________________ principal face amount of Convertible Promissory Note (“Note”) dated June
15, 2010 issued by the Company’s predecessor, Cancer Prevention Pharmaceuticals, LLC, an Arizona limited liability company
(the “LLC”) pursuant to the Note and Warrant Purchase Agreement between the LLC and Holder of even date with the Note
(the “Purchase Agreement”) and modified on February 10, 2011. The Note has been assumed by and is the obligation of
the Company.

 

WHEREAS, Section 12
of the Note provides that the terms of the Note may be modified and amended by written agreement between the Company and the Holder.

 

WHEREAS, the Company
and the Holder desire to modify and amend the Note in the manner hereinafter provided.

 

AGREEMENTS

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the Company and the Holder hereby
modify and amend the Note and Warrant in the following, but no other way:

 

1.            Maturity
Date. The Note is hereby amended to provide that the Maturity Date (as defined in the Note) shall be September 17, 2012.

 

2.            Remaining
Terms Unchanged. Except as otherwise specifically provided herein, the Note, and Purchase Agreement shall remain in full force
and effect in accordance with their respective terms.

 

3.            Representations
and Warranties of Holder. The Holder hereby represents and warrants that in executing this Modification Agreement and amending
the Note and Warrant:

 

3.1           Adequate
Disclosure and Review of and Access to Information. I have completed my own independent due diligence investigation of the
Company and believe that I am familiar with and fully aware of the Company’s business operations, current financial condition
and prospects as well as the significant risks associated with its business. Such investigation consisted of an interview with
a senior executive officer of the Company to discuss risk and other factors that will influence the Company’s operations
and business prospects and a review of such financial and corporate information as deemed necessary by me. I was given full and
ample opportunity during the meeting to ask questions concerning the Company and its current business and financial condition.

 

ConvertPromNoteMod

 

     

     

    

 

3.2           Speculative
Investment; Ability to Assume Financial Risk. I am aware of and understand that the Note and Warrant are speculative investments
which involve a high degree of risk of loss by me of my entire investment. I am able to assume the economic risks of extending
the Maturity Date.

 

3.3           No
Representations. I am relying exclusively upon my own due diligence and not on representations concerning the Company, its
products, prospects or financial condition, express or implied.

 

3.4           Financial
Experience. I have sufficient knowledge and experience in business and financial matters to evaluate the risks of extending
the Maturity Date.

 

Dated:  February ____,
2012

 

HOLDER

	Name	Cancer Prevention Pharmaceuticals, Inc.	 
	 	 	 

 

	By:	 	 	By:	 
	Its:	 	 	Its:	CEO

 

    2Exhibit 10.5

 

		
        Cancer Prevention Pharmaceuticals,
        Inc.

        1760 E. River Road, Suite
        250

        Tucson, AZ 85718

        Phone: 520-908-7774

 

January 20, 2011

 

Jeffrey Jacob

 

Dear Jeffrey:

 

It is our pleasure to offer you employment at Cancer
Prevention Pharmaceuticals, Inc. (CPP) as Chief Executive Officer for the Company. Your place of work will be the CPP headquarters
at 1760 E. River Road, Suite 250, Tucson, AZ 85718 beginning January 24, 2011. The following outlines the key elements of your
employment:

 

		1.	Salary; Equity Awards

 

Your starting annual salary will be $60,000.00 payable
in bi-weekly installments and subject to deductions for taxes and other withholdings as required by law and the polices of the
Company.

 

Your annual salary will be subject to adjustment based
on an annual review of your performance during the previous year, the Company’s overall performance during that year, and
the Company’s policy then in effect for salary adjustments. The first review of your performance and annual salary will occur
at the end of the Company’s fiscal year following the first full year of employment.

 

Management will recommend to the Company’s board
that you be granted stock options under CPP’s Stock Option Plan, the amount of exercise price and vesting schedule of which
will be presented to the Company’s Board of Directors for consideration and approval.

 

		2.	Benefits

 

You will be eligible to participate in the Company’s
benefit programs. These programs include:

 

		a.	Medical, dental, and vision insurance for you and your dependents, which may require a modest contribution on your part based
on Company policy.

 

		b.	The Company’s Stock Option Plan. In addition to the initial award described above, you may be eligible for additional
awards in recognition of your service.

 

	 
	www.CanPrevent.com

 

     

     

    

 

		c.	Ten paid holidays, (New Year’s Day, Memorial Day, Independence Day, Labor Day, Veteran’s Day, Thanksgiving-2 days,
Christmas-2 days, and one “floating holiday” defined per company policy.

 

		d.	Paid time off (PTO) is accrued throughout the duration of employment, including ten paid vacation days.

 

		e.	Reimbursement of business expenses in accordance with Company policy in effect at the time.

 

		3.	Duties and Responsibilities

 

The Chief Executive Officer is classified as a regular
full-time exempt position. Your duties and responsibilities include overseeing all operations of the company, developing and implementing
company strategic goals and objectives, managing company strategy to bring our drug through FDA approval to market, overseeing
all drug development management activities, managing all regulatory filings, managing all fund raising activities, managing the
company’s financial and physical resources.

 

		4.	Start Date

 

It is recognized that your duties will begin on January
24, 2011.

 

As a condition to your accepting employment, you
must sign and deliver to the Company its standard Employee Intellectual Property, Confidentiality and Non-Compete Agreement before
your start date.

 

This letter is not to be considered a contract guaranteeing
employment for any specific duration; although both parties have the intention of establishing an employment contract that will
revise your compensation, benefits and other terms commensurate with industry standards for your position. As an at-will employee,
both you and the Company have the right to terminate your employment at any time.

 

This offer for employment is in effect for ten days.
If not accepted by the end of that ten-day period, the offer for employment will be deemed withdrawn.

 

We are looking forward to your joining Cancer Prevention
Pharmaceuticals.

 

Sincerely,

 

	 	/s/ Eugene Gerner	 	 
	 	Eugene Gerner	 	Agreed to and Accepted by:
	 	CSO	 	 	 
	 	 	 	/s/ Jeffrey Jacob
	 	 	 	 	 
	 	 	 	Date	1/20/2011

 

	 
	www.CanPrevent.com

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