Document:

EXHIBIT 10.03

 

AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT (this "Amendment")
is entered into and made effective as of May 3, 2021, by and among Palisade Bio, Inc., a Delaware corporation formerly known as Seneca
Biopharma, Inc. (the "Company"), Leading Biosciences, Inc., a Delaware corporation ("PrivateCo") and
the investor listed on the signature page attached hereto (the "Buyer").

 

RECITALS

 

A.        The
Company, PrivateCo and the Buyer previously entered into that certain Securities Purchase Agreement dated as of December 16, 2020 (the
"Securities Purchase Agreement");

 

B.        Pursuant
to Section 10(e) of the Securities Purchase Agreement, the Required Holders (as defined therein), the Company and PrivateCo desire to
amend the Securities Purchase Agreement pursuant to the terms and conditions of this Amendment;

 

C.        Following
the consummation of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of December 16, 2020, by and
among the Company, PrivateCo and Townsgate Acquisition Sub 1, Inc., a wholly owned subsidiary of the Company, on April 27, 2021, the Company
assumed those certain warrants to purchase common stock issued by PrivateCo to the Buyer on December 17, 2020 and February 1, 2021 (collectively,
the "Bridge Warrants"); and

 

D.        Pursuant
to Section 9 of the Bridge Warrants, the Required Holders (as defined therein) and the Company desire to amend the Bridge Warrants pursuant
to the terms and conditions of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants and conditions set forth below, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

		1.	AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT. 

		a.	Section 1(c)(ii)(a) of the Securities Purchase Agreement is hereby deleted in its entirety and replaced
with the following:

"(a) the earlier to occur of (x) each Reset Date (as defined
below) and (y) with respect to any Buyer, the first (1st) Trading Day following the delivery, if any, to Seneca of a written notice by
such Buyer (an "Early Delivery Notice") at any time from the end of the
fifth (5th) Trading Day (as defined in the Warrants) immediately preceding each Reset Date indicating that such Buyer elects to determine
the Per Share Price (as defined below) of such Reset Date using, (x) with respect to the Initial Reset Date (as defined below), eighty-five
(85%) of the sum of the five (5) lowest Weighted Average Prices (as defined in the Warrants) of the Seneca Common Stock during the period
beginning on the ninth (9th) tenth (10th)
Trading Day immediately preceding such the Initial
Reset Date and ending on the date such Buyer delivers such Early Delivery Notice to Seneca, inclusive
(as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits
or other similar events during such period), divided by five (5) and (y) with respect to each other Reset Date, the sum of the five (5)
lowest Weighted Average Prices (as defined in the Warrants) of the Seneca Common Stock during the period beginning on the ninth
(9th) tenth (10th) Trading Day immediately preceding such Reset Date and
ending on the date such Buyer delivers such Early Delivery Notice to Seneca, inclusive
(as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits
or other similar events during such period), divided by five (5) (each such earlier date, a "First Additional Exchange Shares
Delivery Date"); and/or"

 

    	 

    	 

    

 

		b.	The definition of "Per Share Price" set forth in Section 1(c) of the Securities Purchase Agreement
is hereby deleted in its entirety and replaced with the following:

""Per Share Price" means (i) with respect to
the Initial Reset Date, 85% multiplied by the arithmetic average of the five (5) lowest Weighted Average Prices of the Common Stock during
the period beginning on the ninth (9th) tenth (10th)
Trading Day immediately preceding the Initial Reset Date and ending, with respect to each applicable Buyer, on the First Additional Exchange
Shares Delivery Date related to such Initial Reset Date, inclusive (as adjusted for stock
splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events
related to the Common Stock occurring after such First Additional Exchange Shares Delivery Date
the applicable Reset Date), and (ii) with respect to all other Reset Dates, the arithmetic
average of the five (5) lowest Weighted Average Prices of the Common Stock during the period beginning on the ninth
(9th) tenth (10th) Trading Day immediately preceding the applicable Reset
Date and ending, with respect to each applicable Buyer, on the First Additional Exchange Shares Delivery Date related to such Reset Date,
inclusive (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations,
reverse stock splits or other similar events related to the Common Stock occurring after such First
Additional Exchange Shares Delivery Date the applicable Reset Date)."

 

		c.	Section 18(nn) of the Form of Warrant attached as Exhibit C to the Securities Purchase Agreement is hereby
deleted in its entirety and replaced with the following: 

""Reset Price" means the arithmetic average
of the five (5) lowest Weighted Average Prices of the Common Stock during the ten (10) Trading Day period ending
on immediately preceding the applicable Reset Date (as adjusted for stock
splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events
during such period) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations,
reverse stock splits or other similar events occurring after the applicable Reset Date)."

 

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		2.	AMENDMENT TO THE BRIDGE WARRANTS.  

Section 18(oo) of the Bridge Warrants is hereby deleted in its
entirety and replaced with the following: 

""Reset Price" means (i) with respect to the
Equity Closing Date, the Closing Per Share Price, (ii) with respect to the First Interim Reset Date, 85% multiplied by the arithmetic
average of the five (5) lowest Weighted Average Prices of the Common Stock during the ten (10) Trading Day period ending
on immediately preceding the First Interim Reset Date (as adjusted for
stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar
events during such period) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations,
reverse stock splits or other similar events occurring after the First Interim Reset Date), and (iii) with respect to all other Reset
Dates occurring hereunder, the arithmetic average of the five (5) lowest Weighted Average Prices of the Common Stock during the ten (10)
Trading Day period ending on immediately preceding
the applicable Reset Date (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations,
reverse stock splits or other similar events during such period) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations,
reclassification, combinations, reverse stock splits or other similar events occurring after the applicable Reset Date)."

 

		3.	REPRESENTATIONS AND WARRANTIES. The Company and PrivateCo, severally and not jointly, represents
and warrants to the Buyer, and the Buyer represents and warrants to the Company and PrivateCo as of the date hereof that: (a) such Person
(as defined in the Securities Purchase Agreement) is an entity duly organized and validly existing under the laws of the jurisdiction
of its formation, has the requisite power and authority to execute and deliver this Amendment and to carry out and perform all of its
obligations under the terms of this Amendment; (b) this Amendment has been duly executed and delivered on behalf of such Person, and this
Amendment constitutes the valid and legally binding obligation of such Person enforceable against such Person in accordance with its terms,
except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and
remedies; (c) the execution, delivery and performance by such Person of this Amendment and the consummation by such Person of the transactions
contemplated hereby will not (i) result in a violation of the organizational documents of such Person, (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Person is a party, or (iii) result in
a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Person,
except in the case of clause (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or
in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Person to perform its obligations hereunder.

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		4.	NO MNPI. The Company hereby agrees and acknowledges that the transactions contemplated by this
Amendment do not constitute material, nonpublic information of the Company or any of its Subsidiaries. The Company understands and confirms
that the Buyer will rely on the foregoing in effecting transactions in securities of the Company.

		5.	CONTINUING EFFECTIVENESS; ENTIRE AGREEMENT. Except as expressly modified by this Amendment, the
Securities Purchase Agreement and the Bridge Warrants shall remain in full force and effect in accordance with their terms. This Amendment
shall be deemed an amendment to each of the Securities Purchase Agreement and the Bridge Warrants and shall become effective as of the
date hereof. The terms of this Amendment amend and modify the Securities Purchase Agreement and Bridge Warrants as if fully set forth
in the Securities Purchase Agreement and Bridge Warrants, respectively. As of the date hereof, (i) all references in the Securities Purchase
Agreement to "the Agreement" or "this Agreement," as applicable, shall refer to the Securities Purchase Agreement,
as modified by this Amendment and (ii) all references in the Bridge Warrants to "this Warrants" or "Bridge SPA Warrants,"
as applicable, shall refer to the Bridge Warrants, as modified by this Amendment. If there is any conflict between the terms, conditions
and obligations of this Amendment and the Securities Purchase Agreement or the Bridge Warrants, this Amendment's terms, conditions and
obligations shall control.   This Amendment constitutes the entire agreement between and among the parties hereto with respect
to the subject matter hereof, and supersedes in their entirety all prior negotiations and agreements with respect to such subject matter,
whether written or oral.

		6.	GOVERNING LAW; SEVERABILITY. All questions concerning the construction, validity, enforcement and
interpretation of this Amendment shall be governed by the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. If any provision of this Amendment is prohibited by law or otherwise
determined to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the
validity of the remaining provisions of this Amendment so long as this Amendment as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as
close as possible to that of the prohibited, invalid or unenforceable provision(s).

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		7.	HEADINGS. The headings of this Amendment are for convenience of reference and shall not form part
of, or affect the interpretation of, this Amendment.

		8.	ASSIGNABILITY. This Amendment shall be binding upon and inure to the benefit of the parties and
their respective successors and assigns.

		9.	COUNTERPARTS. This Amendment may be executed in two (2) or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

[Signature Pages Follow]

 

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 IN WITNESS WHEREOF, the parties have executed this Amendment
as of the date first written above.

 

	 	PALISADE BIO, INC.
	 	 
	 	 
	 	 	 
	 	By:	/s/ Thomas M. Hallam
	 	Name:	Thomas M. Hallam, Ph.D.
	 	Title:	Chief Executive Officer 
	 	 	 
	 	 	 
	 	 	 
	 	LEADING BIOSCIENCES, INC.
	 	 
	 	 
	 	 	 
	 	By:	/s/ Thomas M. Hallam
	 	Name:	Thomas M. Hallam, Ph.D.
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	ALTIUM GROWTH FIND, LP.
	 	 
	 	 
	 	 	 
	 	By:	/s/ Mark Gottlieb
	 	Name:	Mark Gottlieb
	 	Title:	Signatory

 

 

 

 

 

 

[Signature Page to Amendment Agreement]EX-4.1

 Exhibit 4.1 

SPECIMEN UNIT CERTIFICATE 

NUMBER UNITS U- 
  

			
	 SEE REVERSE FOR
 CERTAIN

DEFINITIONS
	  	 ISRAEL AMPLIFY 
 PROGRAM CORP.

 CUSIP _______ 

This certifies that ___________________ is the owner of ___________________ 

UNITS CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-FIFTH OF ONE REDEEMABLE WARRANT TO PURCHASE
ONE CLASS A ORDINARY SHARE 
 Each Unit (“Unit”) consists of one Class A ordinary share, par value $0.0001 per share
(“Ordinary Shares”), of Israel Amplify Program Corp., a Cayman Islands exempted company (the “Company”), and one-fifth of one redeemable warrant. Each whole warrant (each, a
“Warrant”) entitles the holder to purchase one Ordinary Share for $11.50 per share (subject to adjustment). Each Warrant will become exercisable commencing on the later of (i) 30 days after the Company’s completion of a merger, share
exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (a “Business Combination”) and (ii) 12 months from the closing of the Company’s initial public offering, and
will expire unless exercised before 5:00 p.m., New York City time, on the date that is five years after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration
Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to [ ], 2021, unless Cowen and Company, LLC elects to allow earlier separate trading, subject to the
Company’s filing with the Securities and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the initial
public offering and issuing a press release announcing when separate trading will begin. No fractional warrants will be issued upon separation of the Units and only whole warrants are exercisable. The terms of the Warrants are governed by a Warrant
Agreement, dated as of [ ], 2021 (the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), and are subject to the terms and provisions
contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York
10004, and are available to any Warrant holder on written request and without cost. 
 Upon the consummation of the Business Combination, the Units
represented by this certificate will automatically separate into the Ordinary Shares and Warrants comprising such Units. 
 This certificate is not valid
unless countersigned by the Transfer Agent and Registrar of the Company. 
 This certificate shall be governed by and construed in accordance with the
internal laws of the State of New York. 
 Witness the facsimile signatures of its duly authorized officers. 

 

					
	By	  	  
	  	  

		  	Chairman of the Board of Directors	  	Chief Executive Officer

 Israel Amplify Program Corp. 

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations or restrictions of such preferences and/or rights. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

															
	TEN COM	  	—	  	 as tenants in common
	  	UNIF GIFT MIN ACT	  	—	  		  	Custodian	  	
		  		  		  		  		  	  
	  		  	  

		  		  		  		  		  	(Cust)	  		  	(Minor)
	TEN ENT	  	—	  	as tenants by the entireties	  		  		  	 under Uniform Gifts to Minors Act

		  		  		  		  		  	(State)
	JT TEN	  	—	  	as joint tenants with right of survivorship 
and not as tenants in common	  		  		  		  		  	

 Additional abbreviations may also be used though not in the above list. 

For value received ___________________ hereby sells, assigns and transfers unto ___________________ 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

____________________Units represented by the within certificate, and do hereby irrevocably constitute and appoint ____________________ Attorney to transfer
the said Units on the books of the within named Company with full power of substitution in the premises. 
  

					
	Dated	 	  
	  	
		 		  	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

	
	Signature(s) Guaranteed:
	  

	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C.
RULE 17Ad-15 OR ANY SUCCESSOR RULES).

 In each case, as more fully described in the Company’s final prospectus dated [ ], 2021, the holder(s) of this
certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that
(i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates because it does not consummate an initial business combination within the period of time set forth in the Company’s amended and restated
memorandum and articles of association, as the same may be amended from time to time, (ii) the Company redeems the Ordinary Shares sold in its initial public offering in connection with a shareholder vote to amend the Company’s amended and
restated memorandum and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection with the
Company’s initial business combination or to redeem 100% of the Ordinary Shares if the Company does not complete its initial business combination within 

 
the time period set forth therein or (B) with respect to any other provision relating to the rights of holders of the Ordinary Shares, or (iii) if the holder(s) seek(s) to redeem for
cash his, her or its respective Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business combination) setting forth the details of a
proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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