Document:

Exhibit 10.1

 

NOTE PURCHASE AGREEMENT

 

THIS NOTE PURCHASE AGREEMENT (this “Agreement”),
made as of the date set forth on the signature page hereto, is between Champions Oncology, Inc., a Delaware corporation (the “Company”),
and the other party hereto (the “Purchaser”).

 

WHEREAS, the Company desires to sell an
unsecured convertible promissory note in the form attached hereto as Exhibit A (the “Note”) in the principal
amount (the “Principal Amount”) set forth on the signature page hereto, convertible into shares of common stock
of the Company (the “Common Stock”);

 

WHEREAS, on the terms and subject to the
conditions set forth herein, the Purchaser desires to purchase from the Company, and the Company desires to sell to the Purchaser,
the Note.

 

NOW, THEREFORE, in consideration of the
mutual promises herein made and in consideration of the representations, warranties, and covenants herein contained, the Purchaser
and the Company hereby agree as follows:

 

ARTICLE
I

 

SALE
OF THE Note; CLOSING

 

1.1           The
Note. Subject to all of the terms and conditions hereof, at the Closing (as hereinafter defined), the Company agrees to
issue and to sell to the Purchaser, and the Purchaser agrees to purchase, the Note.

 

1.2           The
Closing. The sale and purchase of the Note issued pursuant to Section 1.1 hereof shall take place at a closing (the
“Closing”) to be held at such place and time as the Company and the Purchaser may determine (the “Closing
Date”). At the Closing, the Company shall deliver to the Purchaser the Note, against receipt by the Company from the
Purchaser of the Principal Amount (the “Purchase Price”). The Note delivered by the Company at the Closing will
be registered in the Purchaser’s name in the Company’s records.

 

1.3           Sale
of Other Note. For the avoidance of doubt, notwithstanding anything to the contrary contained herein, the Purchaser acknowledges
that the Company is selling an additional Note to one other purchaser.

 

1.4           Deliveries
at the Closing.

 

(a)          At
the Closing, the Company shall deliver to the Purchaser the Note registered in the name of the Purchaser.

 

    	 

    	 

    

 

(b)          At
the Closing, the Purchaser shall deliver to the Company the Purchase Price for the Note.

 

ARTICLE
II

 

CONDITIONS
TO THE OBLIGATIONS OF THE PARTIES

 

2.1           Conditions
to the Obligations of the Purchaser. The obligation of the Purchaser to consummate the transactions to be performed by
it in connection with the Closing are, unless otherwise indicated, subject to the satisfaction or waiver by the Purchaser of the
following conditions as of the Closing:

 

(a)          Representations
and Warranties. The representations and warranties set forth in this Agreement shall be true, correct and complete in all respects
on and as of the Closing Date.

 

(b)          Absence
of Litigation. There shall not be (i) any order of any nature issued by a governmental entity with competent jurisdiction directing
that the transactions provided for herein or any aspect of them not be consummated as herein provided or (ii) any proceeding before
any governmental entity pending wherein an unfavorable order would prevent the performance of this Agreement or the Note or the
consummation of any aspect of the transactions or events contemplated hereby, declare unlawful any aspect of the transactions or
events contemplated by this Agreement, cause any aspect of the transactions contemplated by this Agreement to be rescinded or,
in the reasonable opinion of the Purchaser, have a material adverse effect on the Company.

 

(c)          No
Consent or Approval Required. No consent, approval or authorization of, or declaration to or filing with, any person or entity
is required for the valid authorization, execution and delivery by the Company of the Note or for its consummation of the transactions
contemplated hereby or thereby or for the valid authorization, issuance and delivery of the Note or for the valid authorization,
reservation, issuance and delivery of the Common Stock issuable upon conversion of the Note, other than those consents, approvals,
authorizations, declarations or filings which have been obtained or made, as the case may be, or as may be required by federal
and/or state securities laws.

 

(d)          Corporate
Action and Other Proceedings. All corporate action and other proceedings required to be taken by the Company in connection
with the transactions contemplated hereby to be consummated at or prior to the Closing shall have been taken.

 

(e)          Due
Diligence. As of the Closing, the Purchaser shall be satisfied in its sole discretion with the results of its due diligence
investigation and review of the Company.

 

(f)          Concurrent
Closings. The closing of the sale of a Note to the other purchaser referred to in Section 1.3 shall have occurred concurrently
with the Closing.

 

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2.2           Conditions
to the Obligations of the Company. The obligations of the Company to consummate the transactions to be performed by it
in connection with any Closing are, unless otherwise indicated, subject to the satisfaction or waiver by the Company of the following
conditions as of the Closing:

 

(a)          Representations
and Warranties. The representations and warranties of the Purchaser set forth in this Agreement shall be true, correct and
complete in all respects on and as of the Closing Date.

 

(b)          Documents
and Certificates. Each document and any other instrument, certificate or document referred to in Section 1.4 to which the Purchaser
is a party shall have been duly executed and delivered by the Purchaser and shall be in full force and effect.

 

(c)          Payment
of Purchase Price. The Purchaser shall have delivered to the Company the Purchase Price.

 

ARTICLE
III

 

REPRESENTATIONS
AND WARRANTIES OF COMPANY

 

As a material inducement to the Purchaser
to enter into and perform its obligations under this Agreement, the Company hereby represents and warrants to the Purchasers as
of the date hereof and, except as otherwise specifically provided herein, the Closing Date as follows:

 

3.1           Authorization.

 

(a)          The
Company has all requisite power and authority to execute and deliver this Agreement and the Note and any and all instruments necessary
or appropriate in order to effectuate fully the terms and conditions of each such document and all related transactions and to
perform its obligations under each such document. Each of this Agreement and the Note has been duly authorized by all necessary
action (corporate or otherwise) on the part of the Company, and each such document has been duly executed and delivered by the
Company, and constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms and
conditions, except as enforceability thereof may be limited by any applicable bankruptcy, reorganization, insolvency or other laws
affecting creditors’ rights generally or by general principles of equity.

 

(b)          The
authorization, issuance, sale and delivery of the Note have been duly authorized by all requisite action of the Company’s
board of directors and shareholders, including, but not limited to, with respect to conflicts of interest and the Purchaser being
an executive officer of the Company. The Note, when issued in compliance with the provisions of this Agreement, will be validly
issued, fully paid and nonassessable. The Common Stock issuable upon conversion of the Note, when issued, will be validly issued,
fully paid and nonassessable.

 

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3.2           Non-contravention.
The execution, delivery and performance by the Company of this Agreement and the Note, the consummation of the transactions documented
hereby and compliance with the provisions hereof, including the issuance, sale and delivery of the Note have not and shall not,
and the issuance, sale and delivery of the Common Stock issuable upon conversion of the Note, shall not, except as specifically
contemplated hereby or thereby, (a) violate any law to which the Company or any of its assets is subject, (b) violate any provision
of the Company’s Certificate of Incorporation or Bylaws, (c) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any notice
under any contract to which the Company is a party or by which any of the assets of the Company is bound or (d) result in the imposition
of any lien upon any of the assets of the Company. Other than federal securities filings and state “blue sky” securities
filings, the Company has not been or is not required to give any notice to, make any filing with, or obtain any authorization,
consent or approval of any governmental entity or any other person for the valid authorization, issuance and delivery of the Note
or for the valid authorization, reservation, issuance and delivery of the Common Stock issuable upon conversion of the Note.

 

3.3           Offering
Exemption. Based in part upon and assuming the accuracy of the representations of the Purchaser in Article IV, the offering,
sale and issuance of the Note and the Common Stock issuable upon conversion of the Note have been, are, and will be, exempt from
registration under the Act, and such offering, sale and issuance is also exempt from registration under applicable state securities
and “blue sky” laws. The Company has made or will make all requisite filings and has taken or will take all action
necessary to be taken to comply with all federal and state securities or “blue sky” laws applicable to the offering,
sale and issuance of the Note and the Common Stock issuable upon conversion of the Note.

 

3.4           Brokers
or Finders. There are no claims for brokerage commissions or finder’s fees or similar compensation in connection
with the transactions contemplated by this Agreement or the Note based on any arrangement made by or on behalf of the Company,
and the Company agrees to indemnify and hold the Purchaser harmless from and against any costs or damages incurred as a result
of any such claim.

 

ARTICLE
IV

 

Representations
and Warranties of THE Purchaser

 

As a material inducement to the Company
to enter into and perform its obligations under this Agreement, the Purchaser hereby represents and warrants to the Company as
follows:

 

4.1           Authorization.

 

The Purchaser has full power and authority
to enter into this Agreement and the other documents to which it is a party, and any and all instruments necessary or appropriate
in order to effectuate fully the terms and conditions of each such document and all related transactions and to perform its obligations
under each such document. Each document has been duly authorized by all necessary action (corporate or otherwise) on the part of
the Purchaser, and each such document constitutes valid and legally binding obligations of the Purchaser, enforceable in accordance
with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally and (b) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

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4.2           Experience.
The Purchaser is an accredited investor within the meaning of Regulation D promulgated by the Securities and Exchange Commission
under the Act and, by virtue of its experience in evaluating and investing in private placement transactions of securities in companies
similar to the Company, the Purchaser is capable of evaluating the merits and risks of its investment in the Company and has the
capacity to protect its own interests. The Purchaser has had access to the Company’s senior management and has had the opportunity
to conduct such due diligence review as it has deemed appropriate.

 

4.3           Investment.
The Purchaser is acquiring the Note for investment for its own account, not as a nominee or agent, and not with the view to, or
for resale in connection with, any distribution of any part thereof. The Purchaser understands that the Note and the Common Stock
issuable upon conversion of the Note have not been registered under the Act or applicable state and other securities laws by reason
of a specific exemption from the registration provisions of the Act and applicable state and other securities laws, the availability
of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations expressed herein.

 

4.4           Legends.
To the extent applicable, each certificate or other document evidencing any of the Note and any Common Stock issued upon conversion
of the Note, as the case may be, shall be endorsed with the legend set forth below, and the Purchaser covenants that, except to
the extent such restrictions are waived by the Company, the Purchaser shall not transfer the Note or Common Stock represented by
any such certificate without complying with the restrictions on transfer described in the legends endorsed on such certificate:

 

“[THIS SECURITY AND, IF APPLICABLE,
THE SECURITIES ISSUABLE UPON CONVERSION OR EXERCISE HEREOF]/[THE SECURITIES REPRESENTED BY THIS CERTIFICATE] HAVE NOT BEEN
REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND
SOLD ONLY IN ACCORDANCE WITH THAT CERTAIN NOTE PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE OTHER PARTY NAMED THEREIN, AND IF
REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR IF THE COMPANY IS PROVIDED
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER FEDERAL AND STATE SECURITIES LAWS IS
NOT REQUIRED.”

 

4.5           Rule
144. The Purchaser acknowledges and understands that it must bear the economic risk of this investment for an indefinite
period of time because the Note (and the Common Stock issuable upon conversion of the Note) must be held indefinitely unless subsequently
registered under the Act and applicable state and other securities laws or unless an exemption from such registration is available.
The Purchaser acknowledges and understands that Rule 144 promulgated under the Act requires, among other conditions, a one-year
holding period prior to the resale of securities acquired in a non-public offering without having to satisfy the registration requirements
under the Act.

 

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4.6           No
Public Market. The Purchaser understands that no public market now exists for the Note and that there is no assurance that
a public market will ever exist for the Note.

 

4.7           Brokers
or Finders. There are no claims for brokerage commissions or finder’s fees or similar compensation in connection
with the transactions contemplated by this Agreement or the Note based on any arrangement made by or on behalf of the Purchaser,
and the Purchaser agrees to indemnify and hold the Company harmless from and against any costs or damages incurred as a result
of any such claim.

 

ARTICLE
V

 

ADDITIONAL
AGREEMENTS

 

5.1           Restrictions
on Transfer of the Note and Common Stock. The Note and the Common Stock issuable upon conversion thereof may be sold, transferred,
assigned, pledged, distributed, encumbered or otherwise disposed of, either voluntarily or involuntarily, directly or indirectly,
only in accordance with applicable law.

 

5.2           Transaction
Expenses and Taxes. The Company shall pay its own expenses and the expenses of Purchaser, including any legal fees and
expenses, arising in connection with the negotiation and execution of this Agreement, the Note and the other documents, the related
due diligence and the consummation of the transactions contemplated hereby and thereby.

 

ARTICLE
VI

 

Miscellaneous

 

6.1           No
Third Party Beneficiaries. Except as expressly provided herein, this Agreement shall not confer any rights or remedies
upon any person other than the parties hereto and their respective successors and permitted assigns, personal representatives,
heirs and estates, as the case may be.

 

6.2           Entire
Agreement. This Agreement, the Note and the other documents contemplated hereby constitute the entire agreement among the
parties hereto and supersede any prior understandings, agreements or representations by or among such parties, written or oral,
that may have related in any way to the subject matter of any document, including, without limitation, any term sheet or letter
of intent, between the Company and the Purchaser.

 

6.3           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other party hereto.

 

6.4           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which, together,
shall constitute one and the same instrument.

 

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6.5           Notices.
All notices, requests, demands, claims, and other communications required or permitted hereunder shall be in writing and shall
be deemed to have been duly given if delivered personally, sent by nationally recognized overnight courier or mailed by registered
or certified mail (return receipt requested), postage prepaid, to the parties hereto at the following respective addresses (or
at such other address for any such party as shall be specified by like notice):

 

 

If to the Company, to:

 

Champions Oncology, Inc.

One University Plaza, Suite 307

Hackensack, NJ 07601

Attention:David Sidransky

 

with a copy to:

 

Epstein, Becker & Green, P.C.

1227 25th Street NW, Suite 700

Washington, DC 20037

Attention:        Christopher M. Locke, Esq.

 

If to the Purchaser, to the address set forth for the
Purchaser on the signature page attached hereto.

 

All such notices and other communications shall be deemed to
have been given and received (a) in the case of personal delivery, on the date of such delivery, (b) in the case of delivery by
nationally recognized overnight courier, on the third business day following dispatch, and (c) in the case of mailing, on the seventh
business day following such mailing.

 

6.6           Governing
Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE, OR ANY OTHER JURISDICTION)
THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING,
THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH
JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

6.7           Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed
by the Company and the Purchaser. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant
hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach
of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

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6.8           Incorporation
of Exhibits. The Exhibits identified in this Agreement are incorporated herein by reference and made a part hereof.

 

6.9           Construction.
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not
be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language
used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule
of strict construction shall be applied against any such party.

 

6.10         Interpretation.
Accounting terms used but not otherwise defined herein shall have the meanings given to them under GAAP. As used in this Agreement
(including the Exhibits and amendments hereto and thereto), the masculine, feminine and neuter gender and the singular or plural
number shall be deemed to include the others whenever the context so requires. References to Articles and Sections refer to articles
and sections of this Agreement. Similarly, references to Exhibits refer to the exhibits attached to this Agreement. Unless the
content requires otherwise, words such as “hereby,” “herein,” “hereinafter,” “hereof,”
“hereto,” “hereunder” and words of like import refer to this Agreement. The article and section headings
contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of
this Agreement.

 

6.11         Independence
of Covenants and Representations and Warranties. All covenants hereunder shall be given independent effect so that if a
certain action or condition constitutes a default under a certain covenant, the fact that such action or condition is permitted
by another covenant shall not affect the occurrence of such default, unless expressly permitted under an exception to such initial
covenant. In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation
or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar
subject matter is correct or is not breached will not affect the incorrectness of or a breach of a representation and warranty
hereunder.

 

6.12         Remedies.
The parties hereto shall each have and retain all other rights and remedies existing in their favor at law or equity, including,
without limitation, any actions for specific performance and/or injunctive or other equitable relief (including, without limitation,
the remedy of rescission) to enforce or prevent any violations of the provisions of this Agreement.

 

6.13         Severability.
It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of
this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to
be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

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6.14         Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT.

 

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blank]

 

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IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year written below.

 

CHAMPIONS ONCOLOGY, INC.

 

	By:	 	 
	 	Name: David Sidransky	 
	 	Title:  Chairman of the Board of Directors	 

 

	THE PURCHASER:	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	Name (please print)	 
	 	 
	 	 
	Address	 
	 	 
	 	 
	City, State, Zip Code	 
	 	 
	$1,000,000	 
	Principal amount of Note	 
	 	 
	December 1, 2014	 
	Date	 

 

Signature Page
to Note Purchase Agreement

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF NOTEExhibit 10.2

 

THIS NOTE AND, IF APPLICABLE, THE SECURITIES
ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY IN ACCORDANCE WITH THAT CERTAIN NOTE PURCHASE AGREEMENT BETWEEN
THE ISSUER AND THE OTHER PARTY NAMED THEREIN, AND IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND
STATE SECURITIES LAWS OR IF THE ISSUER IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT REGISTRATION AND QUALIFICATION
UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT REQUIRED.

 

CHAMPIONS ONCOLOGY, INC.

 

CONVERTIBLE PROMISSORY NOTE

 

ISSUE
DATE: DECEMBER 1, 2014

 

FOR VALUED RECEIVED, pursuant to the terms
of this convertible promissory note (the “Note”), the undersigned, CHAMPIONS ONCOLOGY, INC. (the “Issuer”),
hereby promises to pay to the order of ____________ or its assigns (the “Noteholder”), the principal sum of
One Million Dollars ($1,000,000) (the “Principal Amount”), together
with any accrued interest thereon, in the manner set forth below. All payments hereunder shall be made as set forth below, and
each such payment shall be made in lawful money of the United States of America.

 

This Note is subject
to the following terms and conditions:

 

Section 1.    Note
Purchase Agreement. This Note is one of two “Notes” issued pursuant to Note Purchase Agreements between the
Issuer and the respective purchasers named therein (the “Note Purchase Agreements”). This Note is subject to
the terms and conditions of that certain Note Purchase Agreement by and between the Issuer and the original Noteholder hereof (the
“Note Purchase Agreement”), and capitalized terms not expressly defined herein shall have the meaning ascribed
to such terms in the Note Purchase Agreement.

 

Section 2.     Payment.
The entire balance of this Note, including any accrued but unpaid interest, shall be due and payable, if not already converted,
no later than ninety (90) days after the issuance of this Note (the “Maturity Date”). Such payment shall be
made (i) upon surrender of this Note to the Issuer at its offices at One University Plaza, Suite 307, Hackensack, NJ 07601, or
at such other place as is designated in writing by the Issuer and (ii) by wire transfer of immediately available funds to an account
designated by the Noteholder by written notice to the Issuer prior to the issuance of the Note.

 

Section 3.     Interest.

 

(a)          The
per annum rate of interest to be charged on the Principal Amount shall be [twelve percent (12%)] simple interest, payable on the
Maturity Date, with interest accruing from the date hereof (the “Issue Date”). Interest shall be computed on
the basis of a year of 360 days (consisting of twelve 30-day months) and the actual number of days elapsed. .

 

    	 

    	 

    

 

(b)          Notwithstanding
anything to the contrary in this Note or any related writing, all agreements between the Issuer and the Noteholder, whether now
existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand
for payment or acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by the
Noteholder exceed the maximum amount permissible under applicable law. The right to accelerate maturity of sums due under this
Note does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and
the Noteholder does not intend to charge or collect any unearned interest in the event of acceleration. If, from any circumstance
whatsoever, interest would otherwise be payable to the Noteholder in excess of the maximum lawful amount, the interest payable
to the Noteholder shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Noteholder
shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal
to any excessive interest shall be applied to the reduction of the principal hereof and not to the payment of interest, or if such
excessive interest exceeds the unpaid balance of the principal hereof such excess shall be refunded to the Issuer. All interest
paid or agreed to be paid to the Noteholder shall, to the extent permitted by applicable law, be amortized, prorated, allocated
and spread throughout the full period until payment in full of the principal (including the period of any extension or renewal
hereof) so that the interest hereon for such full period shall not exceed the maximum amount permitted by applicable law. This
paragraph shall control all agreements between the Issuer and the Noteholder.

 

Section 4.     Affirmative
Covenants. So long as this Note remains outstanding, the Issuer covenants and agrees that:

 

(a)          Notice
of Event of Default. The Issuer will provide the Noteholder with prompt written notice upon the occurrence of any Event of
Default (as defined in Section 9).

 

(b)          Reservation
and Availability of Common Stock. The Issuer shall at all times have authorized and reserved, free from any preemptive or similar
rights, and shall keep available out of its authorized and unissued Common Stock (the “Common Stock”), the number
of shares of Common Stock that will be sufficient to permit the conversion in full of this Note. “The Company shall use its
best efforts to cause the shares of Common Stock into which this Note is convertible, to be listed on any domestic securities exchange
upon which shares of Common Stock are listed at the time of such conversion.

 

Section 5.    Optional
Conversion at Equity Financing. The Principal Amount outstanding under this Note and any unpaid accrued interest thereon,
upon the closing of the first equity financing of the Issuer that occurs after the issuance of this Note (the “Equity
Financing”), may be, at the option of the Noteholder, converted into the securities issued in such Equity Financing (the
“Securities”). The number of shares of Issuer stock issuable upon conversion of this Note in such an optional
conversion shall be equal to the quotient obtained by dividing (x) the Principal Amount plus any unpaid accrued interest thereon
by (y) the product (the “Discounted Per Share Price”) obtained by multiplying (A) the per share price paid in
the Equity Financing, by (B) 0.95; provided that if warrants are issued in the Equity Financing, then upon such optional conversion,
the Noteholder shall be issued the number of such warrants that the Noteholder would have been issued had the Noteholder purchased
Securities, at the Discounted Per Share Price, for the conversion amount in the Equity Financing.

 

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Section 6.    Optional
Conversion at Maturity. The Principal Amount outstanding under this Note and unpaid accrued interest hereon shall be convertible
at the option of the Noteholder upon written notice to the Issuer, if the Equity Financing has not occurred by the Maturity Date.
The number of shares of Common Stock issuable upon conversion of this Note in such an optional conversion shall be equal to the
quotient obtained by dividing (x) the Principal Amount plus any unpaid accrued interest thereon by (y) the volume weighted average
closing price of the Issuer’s Common Stock for the five trading days prior to conversion.

 

Section 7.     Cancellation
of Note Upon Conversion; No Fractional Shares. The Issuer and the Noteholder each agree to execute any and all documents
that may be required in connection with any such conversion, and upon receipt by the Noteholder of a stock certificate representing
Common Stock issued pursuant to a conversion, the Noteholder shall surrender this Note to the Issuer for cancellation. No fractional
shares of Common Stock will be issued upon conversion of this Note. In lieu of any fractional shares to which the Noteholder would
otherwise be entitled, the Issuer shall pay cash equal to such fractional share.

 

Section 8.    Payment
of Note; Seniority; Unsecured. Subject to Section 1 hereof, the Issuer will punctually pay or cause to be paid the
amounts due hereunder at the dates and places and in the manner specified herein. Any sums required to be withheld from any payment
on this Note by operation of law or pursuant to any order, judgment, execution, treaty, rule or regulation may be withheld by the
Issuer and paid over in accordance therewith. Payment of the Principal Amount and interest on this Note shall be senior in right
of payment to all junior indebtedness of the Issuer, including but not limited to indebtedness for borrowed money from institutional
investors and lease financings, but shall rank pari pasu with the indebtedness incurred pursuant to the other Note Purchase Agreement.
The performance of the Issuer’s obligations under this Note is not secured by any of the Issuer’s assets or revenues.

 

Section 9.     Events
of Default. The following are Events of Default hereunder:

 

(a)          any
failure by the Issuer to pay when due all or any Principal Amount and interest hereunder; or

 

(b)          any
material representation or warranty by the Issuer set forth in the Note Purchase Agreement pursuant to which the Note was purchased
proves to have been incorrect, false or misleading in any material respect; or

 

(c)          the
Issuer, pursuant to or within the meaning of any Bankruptcy Law (as defined below):

 

(i)          commences
a voluntary case or proceeding;

 

(ii)         consents
to the entry of an order for relief against it in an involuntary case or proceeding;

 

    	- 3 -

    	 

    

 

(iii)        consents
to the appointment of a Custodian (as defined below) of it or for all or substantially all of its property;

 

(iv)        makes
a general assignment for the benefit of its creditors; or

 

(v)         admits
in writing its inability to pay its debts as the same become due; or

 

(d)          a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)          is
for relief against the Issuer or any of its subsidiaries in an involuntary case;

 

(ii)         appoints
a Custodian of the Issuer or any of its subsidiaries or for all or substantially all of the property of the Issuer or any of its
subsidiaries; or

 

(iii)        orders
the liquidation of the Issuer or any of its subsidiaries;

 

and, in each case,
such order or decree remains unstayed and in effect for sixty (60) consecutive days.

 

The term “Bankruptcy
Law” means title 11 of the U.S. Code, or any similar United States federal or state law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 10.     Remedies on Default. Upon the occurrence or existence of an Event of Default, the Noteholder, by notice in writing
to the Issuer (the “Acceleration Notice”), may declare the principal amount of the Note and all accrued and
unpaid interest to be due and payable immediately, without presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived, in the event that the Issuer shall not have cured such Event of Default within ten (10) business
days after receipt of such notice, except in the case of any Event of Default under Sections (9)(c) and (d) above,
in which event acceleration shall be automatic, become immediately due and payable. Upon the occurrence of any Event of Default,
the Noteholder may, in addition to declaring all amounts due hereunder to be immediately due and payable, pursue any available
remedy, whether at law or in equity.

 

Section 11.     Loss, Theft, Destruction or Mutilation of Note. Upon notice by the Noteholder to the Issuer of the loss, theft, destruction
or mutilation of this Note, and of indemnity or security reasonably satisfactory to the Issuer, and upon reimbursement to the Issuer
of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Note, if mutilated, the Issuer will
make and deliver a new Note of like tenor, in lieu of this Note.

 

Section
12.     Notice. Except as otherwise expressly specified
herein, all notices, requests and other communications required or permitted hereunder shall be in writing and shall be sent
by a nationally recognized overnight courier service; by certified or registered mail, return receipt requested; or by hand
delivery:

 

If to the Issuer:

 

Champions Oncology, Inc.

 

    	- 4 -

    	 

    

  

One University Plaza, Suite 307

Hackensack, NJ 07601

Attention:David
Sidransky

 

If to the Noteholder,
to the address set forth in the signature page in the Note Purchase Agreement pursuant to which this Note was issued or such other
address as provided by the Noteholder to the Issuer in writing.

 

Any party may designate
a different notice address or contact person with respect to such party by providing a notice describing such changes to the other
party hereto in accordance with the provisions of this Section 12. Any notice sent by a nationally recognized overnight mail courier
service shall be deemed to be delivered to the address shown on the mailing receipt on the third business day after dispatch upon
proper evidence of mailing for purposes of this Section 12. Any notice sent by certified or registered mail, return receipt requested,
shall be deemed to be delivered five business days after mailing. Any notice sent by hand delivery shall be deemed delivered as
of the date of delivery.

 

Section 13.     Amendments.
This Note may not be changed orally, but only, in the case of an amendment or modification by an agreement in writing and signed
by the Issuer and the Noteholders representing at least 51% in interest of the then outstanding Notes (determined by principal
amount), and in the case of a waiver, by the party (or in the case of the Noteholder, by the Noteholders representing at least
51% in interest of the then outstanding Notes) against whom enforcement of any waiver is sought; provided, that no such amendment,
modification or waiver shall be binding on a Noteholder without such Noteholder’s consent in the event that the amendment,
modification or waiver (i) reduces the rate, or extends the time of payment, of any interest on any Note; (ii) reduces
the amount, or extends the time of payment of any installment or other payment of principal on any Note; or (iii) decreases
or forgives the principal amount of any Note.

 

Section 14.     Governing
Law; Waiver of Jury Trial; Forum. This Note shall be construed in accordance with and governed by the laws of the State
of New York without regard to principles of conflicts of laws. EACH PARTY HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION
OR PROCEEDING FOR THE ENFORCEMENT OR COLLECTION OF THIS NOTE. In the event that a judicial proceeding is necessary, the exclusive
forums for resolving disputes arising out of or relating to this Note are either the Supreme Court of the State of New York in
and for the County of New York or the federal courts for such State and County, and all related appellate courts; the parties hereby
irrevocably consent to the jurisdiction of such courts and agree to said venue.

 

Section 15.    Collection
Costs. In the event that the Noteholder shall, after the occurrence and during the continuance of an Event of Default (and
provided that the Noteholder shall be permitted, at such time, to enforce its rights hereunder and retain payments received hereunder),
turn this Note over to an attorney for collection, the Issuer shall further be obligated to the Noteholder for the Noteholder’s
reasonable attorneys’ fees and expenses incurred in connection with such collection, if successful.

 

    	- 5 -

    	 

    

 

Section 16.     Severability.
The holding of any provision of this Note to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Note, which shall remain in full force and effect. If any provision of this Note shall be declared
by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision
shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining
conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent
they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision unless
so expressed herein.

 

Section 17.     Successors
and Assigns; Assignment. All the covenants, stipulation, promises and agreements in this Note contained by or on behalf
of the Issuer shall bind its successors and assigns, whether or not so expressed. Notwithstanding anything to the contrary in this
Note or any related writing, the Noteholder shall have the right to assign all or any portion of this Note at any time, and from
time to time, to an affiliate of the Noteholder.

 

Section 18.     Headings.
The headings in this Note are solely for convenience of reference and shall be given no effect in the construction or interpretation
of this Note.

 

[SIGNATURE PAGE FOLLOWS]

 

    	- 6 -

    	 

    

  

IN WITNESS WHEREOF,
the Issuer has duly caused this Note to be signed on its behalf, in its corporate name and by its duly authorized officer as of
Issue Date set forth above.

 

	 	CHAMPIONS ONCOLOGY, INC.
	 	 
	 	By:	 
	 	 	Name: David Sidransky
	 	 	Title:   Chairman of the Board of Directors

 

    	- 7 -

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