Document:

EX-4.32

 Exhibit 4.32 

LOCK-UP AND VOTING AGREEMENT 

This Lock-Up and Voting Agreement (this “Lock-Up and
Voting Agreement”) is being delivered to you in connection with an understanding by and between Palisade Bio, Inc., a Delaware corporation (the “Company”), and the person or persons named on the signature pages hereto (collectively,
the “Holder”). 
 Reference is hereby made to the public offering (the “Offering”) of Class A Units
(“Class A Units”) consisting of common stock, par value $0.01 per share, of the Company (the “Common Stock”) and warrants (the “Warrants”) and Class B Units
(“Class B Units”) consisting of Series B Convertible Preferred Stock and Warrants to the public investors in the Offering. 

The Company has filed with the U.S. Securities and Exchange Commission a Registration Statement,
No. 333-265769 on Form S-1 (as the same may be amended from time to time, the “Registration Statement”) for the registration, under the Securities
Act of 1933, as amended (the “Securities Act”) of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants (the “Warrant Shares,” the shares of Common Stock a part of the
Class A Units and the shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock, the “Shares”). 

The Holder agrees solely with the Company that, from the public announcement of the final pricing of the Offering (the “Effective
Date”) and ending at 5:00 pm (New York City time) on __________ (such period, the “Restricted Period”), neither the Holder, nor any affiliate of the Holder (“Affiliate”) which (x) had or has knowledge
of the transactions contemplated by the Offering, (y) has or shares discretion relating to the Holder’s investments or trading or information concerning the Holder’s investments, including in respect of the Shares, or (z) is
subject to the Holder’s review or input concerning such Affiliate’s investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell, dispose or otherwise transfer, directly or
indirectly, (including, without limitation, any sales, short sales, swaps or any derivative transactions that would be equivalent to any sales or short positions) on any trading day on the primary trading market of the Company during the Restricted
Period, shares of Common Stock, including the Shares, beneficially owned by the Holder during the Restricted Period (“Restricted Shares”). 

Additionally, the Holder agrees to vote all shares of Common Stock it beneficially owns on and after the Effective Date, including the Shares
as described in the Company’s preliminary proxy statement on Schedule 14A, to be filed by the Company with the U.S. Securities and Exchange Commission following the Effective Date relating to a special meeting of the Company’s
stockholders. For clarity, the Holder’s agreement to vote its shares of Common Stock in accordance with the immediately preceding sentence, does not require the Holder to vote its shares for or against any particular proposal or proposals,
whether or not such proposal or proposals are recommended by the Company’s board of directors. 
 Notwithstanding anything herein to
the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, or any part, of the Restricted Shares to any third party (an “Assignee”) in a transaction which does not need to be reported
on the Nasdaq consolidated tape, without complying with (or otherwise limited by) the restrictions set forth in this Lock-Up and Voting Agreement; provided that, as a condition to any such sale or transfer an
authorized signatory of the Company and such Assignee duly execute and deliver a Lock-Up and Voting Agreement in the form of this Lock-Up and Voting Agreement (an
“Assignee Agreement”, and each such transfer, a “Permitted Transfer”). 

 Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Lock-Up and Voting Agreement must be in writing and shall be delivered to the Holder at the e-mail address or facsimile number on the signature
page hereto. 
 This Lock-Up and Voting Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior negotiations, letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto. 

This Lock-Up and Voting Agreement may be executed simultaneously in any number of counterparts. Each
counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. This Lock-Up and Voting Agreement may be executed and accepted by facsimile or .PDF
signature and any such signature shall be of the same force and effect as an original signature. 
 The terms of this Lock-Up and Voting Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and assigns. 

This Lock-Up and Voting Agreement may not be amended or modified except in writing signed by each of
the parties hereto. 
 All questions concerning the construction, validity, enforcement and interpretation of this Lockup and Voting
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. 

Each party hereto acknowledges that, in view of the uniqueness of the transactions contemplated by this
Lock-Up and Voting Agreement, the other party or parties hereto will not have an adequate remedy at law for money damages in the event that this Lock-Up and Voting
Agreement has not been performed in accordance with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms hereof in addition to any other remedy it may seek, at law or in equity.

 The obligations of the Holder under this Lock-Up and Voting Agreement are several and not joint
with the obligations of any other holder of any of the Shares issued under the Registration Statement (each, an “Other Holder”), and the Holder shall not be responsible in any way for the performance of the obligations of any Other
Holder under any such other agreement. Nothing contained in this Lock-Up and Voting Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Lock-Up and Voting Agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Lock-Up and Voting Agreement or any other agreement. The Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with
the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Lock-Up and Voting
Agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose. 
 The
Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered to any Other Holder with respect to any restrictions on the sale of Class A Units or
Class B Units substantially in the form of this Lock-Up and Voting Agreement (or any amendment, modification, waiver or release thereof) (each an “Other Agreement”), is or will be more
favorable to such Other Holder than those of the Holder and this Lock-Up and Voting Agreement, and the Company agrees to use reasonable best efforts to enforce the terms of any Other

 
Agreement. If, and whenever on or after the date hereof, the Company enters into an Other Agreement with terms that are materially different from this
Lock-Up and Voting Agreement, then (i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this Lock-Up and Voting Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive
the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Other Agreement; provided that, upon written notice to the Company, at any time the Holder may elect not to accept the benefit of any such amended or
modified term or condition, in which event the term or condition contained in this Lock-Up and Voting Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification
as if such amendment or modification never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and equally to each Other Agreement. 

[The remainder of the page is intentionally left blank] 

 The parties hereto have executed this Lock-Up and
Voting Agreement as of the date first set forth above. 
  

			
	PALISADE BIO, INC.
		
	By:	 	 
		 	Name: Thomas M. Hallam, Ph.D.
		 	Title: Chief Executive Officer
		 	E-mail:

 [Signature Page to Palisade Bio, Inc. Lock-Up and Voting
Agreement] 

 The parties hereto have executed this Lock-Up and
Voting Agreement as of the date first set forth above. 
 Agreed to and Acknowledged: 

 

			
	HOLDER
		
	By:	 	 
		 	Name:
		 	Title:
		 	E-mail:
		 	Facsimile:

 [Signature Page to Palisade Bio, Inc. Lock-Up and Voting Agreement]EX-10.31

 Exhibit 10.31 

LEAK-OUT AGREEMENT 

August __, 2022 
 This agreement
(the “Leak-Out Agreement”) is being delivered to you in connection with an understanding by and between Palisade Bio, Inc., a Delaware corporation (the “Company”), and the
person or persons named on the signature pages hereto (collectively, the “Holder”). 
 Reference is hereby made to
(a) the Underwriting Agreement, dated August __, 2022, by and among the Company and Ladenburg Thalmann & Co. Inc. (“Ladenburg”), as representative of the several underwriters named therein (the “Underwriting
Agreement”) in connection with the follow-on public offering (the “Offering”) by the Company, pursuant to which the Holder and certain other purchasers acquired (i) shares of
voting common stock (“Common Stock”) of the Company (“Shares”), (ii) Series B Convertible Preferred Stock of the Company (the “Preferred Shares”), and (iii) warrants of the Company to purchase
Shares (the “Common Warrants,” and together with the Shares and Preferred Shares, the “Securities”) and (b) the registration statement on Form S-1 (File
No. 333-265769) (“Registration Statement”). Capitalized terms not defined herein shall have the meaning as set forth in the Underwriting Agreement, unless otherwise set forth herein. 

The Holder agrees solely with the Company that from the pricing date of the Offering that the Underwriting Agreement is entered into by and
between the Company and Ladenburg and ending at 4:00 pm (New York City time) on August __, 2022 (such period, the “Restricted Period”), neither the Holder, nor any affiliate of such Holder which (x) had or has knowledge of the
transactions contemplated by the Underwriting Agreement, (y) has or shares discretion relating to such Holder’s investments or trading or information concerning such Holder’s investments, including in respect of the Securities, or
(z) is subject to such Holder’s review or input concerning such affiliate’s investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell, dispose or otherwise transfer, directly
or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative transactions that would be equivalent to any sales or short positions) on any Trading Day during the Restricted Period (any such date, a “Date of
Determination”), shares of Common Stock, or shares of Common Stock underlying any Common Stock Equivalents, as well as the shares of Common Stock issuable upon conversion of the Preferred Shares and upon exercise of the Common Warrants, in
an amount representing more than, when measured at any given point during the applicable Date of Determination, ___%1 of the cumulative trading volume of the Common Stock for such date (which
cumulative trading volume shall include pre-market, market and post-market trading volume for such date) as reported by Bloomberg, LP (“Leak-Out
Percentage”), provided that, for purposes of clarity, the Leak-Out Percentage of the cumulative trading volume of the Common Stock on the applicable Date of Determination applies at each moment during
such Date of Determination. 
 Notwithstanding anything herein to the contrary, during the Restricted Period, the Holder may, directly or
indirectly, sell or transfer all, or any part, of any “restricted securities” (as defined in Rule 144) to any Person (an “Assignee”) in a transaction which does not need to be reported on the consolidated tape on the
Company’s principal Trading Market, without complying with (or 
  

	1 	 Pro rata portion of 30% among investors executing Leak-Out Agreements,
based on the aggregate amount to be paid by each such investor for the Class A Units and/or Class B Units 

 
otherwise limited by) the restrictions set forth in this Leak-Out Agreement; provided, that as a condition to any such sale or transfer an authorized
signatory of the Company and such Assignee duly execute and deliver a leak-out agreement in the form of this Leak-Out Agreement (an “Assignee
Agreement”, and each such transfer a “Permitted Transfer”) and, subsequent to a Permitted Transfer, sales of the Holder and the Holder’s Trading Affiliates and all Assignees (other than any such sales that constitute
Permitted Transfers) shall be aggregated for all purposes of this Leak-Out Agreement and Assignee Agreements. 

Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing and shall be given to Ladenburg, who subsequently shall deliver such notice, consent, waiver or other communication to the Company or Holder, as applicable. 

This Leak-Out Agreement constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all prior negotiations, letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto. 

This Leak-Out Agreement may be executed simultaneously in any number of counterparts. Each counterpart
shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or PDF signature and any such
signature shall be of the same force and effect as an original signature. 
 The terms of this
Leak-Out Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and assigns. 

This Leak-Out Agreement may not be amended or modified except in writing signed by each of the parties
hereto. 
 All questions concerning the construction, validity, enforcement and interpretation of this
Leak-Out Agreement shall be governed by Sections 7.7 and Section 7.13 of the Underwriting Agreement. 

Each party hereto acknowledges that, in view of the uniqueness of the transactions contemplated by this
Leak-Out Agreement, the other party or parties hereto may not have an adequate remedy at law for money damages in the event that this Leak-Out Agreement has not been
performed in accordance with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms hereof in addition to any other remedy it may seek, at law or in equity. 

The obligations of the Holder under this Leak-Out Agreement are several and not joint with the
obligations of any other holder of any of the Securities issued under the Underwriting Agreement (each, an “Other Holder”) or any other holder of any of the Securities issued under the Registration Statement (each, a
“Prospectus Purchaser Other Holder”) pursuant to any other agreement, and the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder or any Prospectus Purchaser Other Holder under any
such other agreement. Nothing contained herein or in this Leak-Out Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders or any Prospectus
Purchaser Other Holder as a partnership, an association, a joint venture or any other 

 
kind of entity, or create a presumption that the Holder and the Other Holders or any Prospectus Purchaser Other Holder are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Leak-Out Agreement and the Company acknowledges that the Holder and the Other Holders or any Prospectus Purchaser Other Holder are not acting in concert or
as a group with respect to such obligations or the transactions contemplated by this Leak-Out Agreement or any other agreement. The Company and the Holder confirm that the Holder has independently participated
in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Leak-Out Agreement, and it shall not be necessary for any Other Holder or any Prospectus Purchaser Other Holder to be joined as an additional party in any proceeding for such purpose. 

The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the
terms offered to any Other Holder or any Prospectus Purchaser Other Holder with respect to any restrictions on the sale of Securities substantially in the form of this Leak-Out Agreement (or any amendment,
modification, waiver or release thereof) (each a “Settlement Document”), is or will be more favorable to such Other Holder than those of the Holder and this Leak-Out Agreement. If, and
whenever on or after the date hereof, the Company enters into a Settlement Document with terms that are materially different from this Leak-Out Agreement, then (i) the Company shall provide notice thereof
to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this Leak-Out Agreement shall be, without any further action by the Holder or the Company, automatically
amended and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Settlement Document, provided that upon written
notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this Leak-Out Agreement
shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and equally to
each Settlement Document. 
 [The remainder of the page is intentionally left blank] 

 The parties hereto have executed this Leak-Out Agreement as of the
date first set forth above. 
  

			
	Sincerely,
	
	PALISADE BIO, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED TO AND ACCEPTED:
	
	“HOLDER”
	
	  

		
	By:	 	  

		 	Name:
		 	Title:

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