Document:

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

Effective __________________
(the “Effective Date”), Cancer Prevention Pharmaceuticals, Inc., a Delaware corporation with offices
at 1760 E. River Road, Suite 250, Tucson, Arizona 85718, FAX: 520-232-2191, (“CPP”) and _______________
(the “Indemnitee”), residing at _____________________, FAX: ______________, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged and intending to be legally bound hereby, agree as follows
(certain initially-capitalized terms appearing in this Agreement are defined in ARTICLE X below):

 

ARTICLE I

BACKGROUND

 

SECTION 1.1. CPP believes
it is essential to retain and attract qualified directors and officers.

 

SECTION 1.2. Both CPP
and the Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of
corporations, especially those corporations whose securities are publicly traded.

 

SECTION 1.3. Although
CPP’s Certificate and Bylaws require CPP to indemnify and advance expenses to its directors and officers to the extent permitted
by the DGCL, CPP and the Indemnitee recognize the Indemnitee’s need for: (a) substantial protection against personal liability
based on the Indemnitee’s reliance on the Certificate and Bylaws; (b) specific contractual assurance that the protection
promised by the Certificate and Bylaws will be available to the Indemnitee, regardless of, among other things, any amendment to
or revocation of the Certificate or Bylaws or any change in the composition of the Board or acquisition transaction relating to
CPP; and (c) an inducement to continue to provide effective services to CPP as a director or officer in the face of the increased
risk of litigation and personal liability based on claims that may be made against the Indemnitee arising from the Indemnitee’s
service as an officer or director.

 

SECTION 1.4. The Indemnitee
is or will become a director or officer of CPP and is willing to provide that service or continue in that service or, at CPP’s
request, to serve as a director or officer of another enterprise as consideration, inter alia, for CPP’s covenants
set forth in this Agreement.

 

SECTION 1.5. Accordingly,
and as an inducement to the Indemnittee’s service and continued service as a director or officer of CPP or, at CPP’s
request, of another entity or enterprise, CPP wishes to provide for the indemnification of the Indemnitee, to advance expenses
to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and to provide for the continued coverage
of the Indemnitee under CPP’s directors’ and officers’ liability insurance policies.

 

ARTICLE II

INDEMNIFICATION

 

SECTION 2.1. Generally.
If the Indemnitee: (a) was or is a party to any Proceeding; or (b) was or is involved as a party, witness, or otherwise, in any
Proceeding; CPP must indemnify the Indemnitee to the fullest extent permitted by the DGCL against Liabilities reasonably incurred
or suffered by the Indemnitee in connection with that Proceeding, subject to the limitations set forth below if, to the extent
required by the DGCL, the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believes to be in the interest
of CPP, or, in the case of a criminal proceeding, the Indemnitee had no reasonable cause to believe the Indemnitee’s conduct
was unlawful. CPP is obligated to so indemnify the Indemnitee if the Indemnitee is involved as a party, witness or otherwise, and
whether the basis of the Proceeding is the Indemnitee’s or another person’s alleged action in an official capacity
as a director or officer or in any other capacity while serving as a director or officer. It is the intent of the parties that
the Indemnitee be indemnified under this Agreement for any and all acts of negligence, gross negligence, intentional misconduct,
or willful misconduct to the extent indemnification thereof is allowed pursuant to applicable law.

 

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SECTION 2.2. Partial
Indemnity; Indemnification for Expenses. If the Indemnitee is entitled under any provision of this Agreement or the DGCL to
indemnification by CPP for a portion, but not all, of the total Liabilities, e.g., only Expenses or a portion thereof,
CPP will indemnify the Indemnitee for that portion. Moreover, to the extent that the Indemnitee has been successful on the merits
or otherwise (including termination of any claim, issue or matter in any Proceeding through dismissal with or without prejudice)
in the defense of any Proceeding or in defense of any claim, issue or matter therein, CPP must indemnify the Indemnitee against
those Expenses incurred in connection with that Proceeding and with respect to those claims, issues or matters. CPP will have the
foregoing obligation notwithstanding any determination by the Reviewing Party or lack thereof adverse to the Indemnitee’s
rights to be indemnified under this Agreement for any Liabilities or Expenses. However, CPP will not have any obligation to indemnify
the Indemnitee for those Expenses to the extent a Delaware Court makes a Final Determination that the Indemnitee is liable to CPP
for those Expenses, unless and to the extent that Delaware Court determines that CPP may indemnify the Indemnitee for those Expenses
or portion thereof, in which case CPP must indemnify the Indemnitee for those Expenses or portion thereof that the Delaware Court
determines CPP may indemnify the Indemnitee.

 

SECTION 2.3. Limitations.
CPP will not have any obligation to indemnify the Indemnitee under this Agreement:

 

(a) in connection
with any claims initiated or brought by the Indemnitee against CPP or any director or officer of CPP, except for claims initiated
or brought by the Indemnitee pursuant to SECTION 3.3 or 7.2, and then only to the extent specified therein, and except for claims
initiated or brought by the Indemnitee that CPP has joined in or consented to the initiation or bringing thereof; or

 

(b) if the
Reviewing Party has determined that applicable law or public policy would not permit the Indemnitee to be indemnified (including
Liabilities incurred, profits to be disgorged, and reimbursements to be made pursuant to a violation of Section 16(c) of the Exchange
Act or any other provision of the Exchange Act such as Sections 304 and 306 of the Sarbanes-Oxley Act of 2002) and, if the determination
is challenged by the Indemnitee, to the extent it is confirmed by a Final Determination; or

 

(c) if the
Reviewing Party has determined that indemnification of the Indemnitee is permitted under this Agreement, but it is subsequently
determined by a Final Determination that indemnification violates applicable law or public policy, in which case the Indemnitee
hereby undertakes to reimburse CPP for all amounts paid hereunder that are determined to be paid in violation of applicable law
or public policy; or

 

(d) for any
amounts paid in settlement of any action or claim effected without CPP’s written consent, which may not be unreasonably withheld
(it being understood that among the reasons CPP may withhold consent is the approval of that settlement is not in the best interest
of CPP or its stockholders), or for any judicial award if CPP was not given a reasonable and timely opportunity, at its expense,
to participate in the defense of the Proceeding leading to that award; or

 

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(e) for any
Liability suffered or incurred by Indemnitee to the extent the Indemnitee has otherwise actually received payment under any Bylaw,
vote, agreement, or insurance policy (except as otherwise provided in SECTION 5.1) or other form of compensation or indemnification
of the amounts that CPP is otherwise obligated to indemnify the Indemnitee hereunder.

 

CPP may be required to submit the question
of indemnification or the scope of its obligations hereunder to the U.S. Securities and Exchange Commission, a state governmental
authority, or to a court for a determination of the lawful scope or enforceability of CPP’s obligations hereunder. The Indemnitee
agrees to submit to and abide by any determination or judgment so rendered.

 

SECTION 2.4. Indemnification
of Appointing Stockholder. If: (a) the Indemnitee is or was serving at the request or appointment of an Appointing Stockholder;
(b) the Appointing Stockholder is a party to or a participant in any Proceeding; and (c) the Appointing Stockholder’s involvement
in the Proceeding is related to an Indemnifiable Event; then, to the extent resulting from any claim based on an Indemnifiable
Event, the Appointing Stockholder will be entitled to indemnification hereunder for Expenses to the same extent as the Indemnitee.
With respect to each Appointing Stockholder: (i) CPP’s indemnification obligations to the Appointing Stockholder under this
SECTION are primary and any obligation of the Appointing Stockholder to advance Expenses to the Indemnitee or to provide indemnification
for Liabilities incurred by the Indemnitee are secondary; and (ii) to the extent legally permitted and to the extent required by
this Agreement, the Certificate or Bylaws (or any other agreement between the Indemnitee and CPP), CPP is required to advance the
full amount of Expenses incurred by the Indemnitee and is liable for the full amount of all Liabilities, without regard to any
rights or claims the Indemnitee may have or may make against the Appointing Stockholder.

 

ARTICLE III

ADVANCEMENT OF EXPENSES

 

SECTION 3.1 Generally.
To the extent not prohibited by the DGCL, CPP must advance Expenses (which need not have been actually incurred at the time of
the written request provided in this ARTICLE) to the Indemnitee on or before the date ten business days after CPP receives a written
request to that effect from the Indemnitee (an “Expense Advance”) from time to time during the
pendency of any Proceeding and thereafter, but no less frequently than quarterly, and no more frequently than monthly. Each request
for an Expense Advance must be accompanied by: (a) a written affirmation from the Indemnitee that Indemnitee believes, in good
faith, that he or she has met the standard of conduct necessary for the Indemnitee to be indemnified under applicable law: and
(b) reasonable supporting documentation pertaining to the Expenses identified in the Expense Advance, which must include any applicable
receipts and invoices (which, for invoices from legal counsel, may be redacted to preserve attorney-client privilege or work-product
protection).

 

SECTION 3.2. Conditions
to Payment of Expense Advance.

 

Subsection 3.2.1. Undertaking
to Reimburse. CPP may condition the payment of any Expense Advance on the Indemnitee’s providing to CPP an undertaking
by or on behalf of the Indemnitee to repay any Expense Advance or portion thereof if a Final Determination is made that the Indemnitee
is not entitled to be indemnified for the pertinent Expenses by CPP or that expenses comprising the Expense Advance do not constitute
Expenses under this Agreement. The Indemnitee will not be obligated to repay any Expense Advance until the date three months after
the date on which a Final Determination, if any, is rendered, either in the pertinent Proceeding or in an Enforcement Proceeding
(as defined below), whichever is later, that the Indemnitee is not entitled to be indemnified for those Expenses or the expenses
comprising the Expenses Advance do not constitute Expenses under this Agreement. The Indemnitee acknowledges and agrees that the
execution and delivery of this Agreement constitutes the undertaking described in this Subsection. The Indemnitee’s obligation
to reimburse CPP for Expense Advances pursuant to this ARTICLE will be unsecured and will not bear interest.

 

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Subsection 3.2.2. Assumption
of Defense. If the Indemnitee requests CPP to pay Expenses under this Agreement, CPP has the right, to the extent permissible
under law, to assume sole control of the defense of the Proceeding pertaining to those Expenses, or to participate in it, by providing
the Indemnitee written notice (the “Defense Notice”) of CPP’s exercise of that right with
counsel of CPP’s choice. The Defense Notice must identify the counsel chosen by CPP for those purposes. CPP’s counsel
must be reasonably acceptable to the Indemnitee. If the Indemnitee does not notify CPP in writing of its reasonable objections,
if any, to the counsel identified in the Defense Notice on or before the date ten business days after delivery of the Defense Notice
to the Indemnitee, the Indemnitee will be deemed to have approved CPP’s choice of counsel identified therein for those purposes.
Upon delivery of the Defense Notice, the approval (or deemed approval) of CPP’s counsel, and CPP’s actual retention
of counsel for those purposes, CPP will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently
incurred by the Indemnitee for that Proceeding. The Indemnitee may retain separate counsel in that Proceeding, which counsel for
the Indemnitee will be retained at the Indemnitee’s sole cost and expense unless: (a) CPP earlier authorized the Indemnitee
to retain separate counsel at CPP’s expense; (b) the Indemnitee earlier and timely objected to CPP’s choice of counsel
in writing because the Indemnitee reasonably concluded that there may be a conflict of interest between CPP and the Indemnitee
in the conduct of any defense in that Proceeding and the basis for that reasonable conclusion is set forth in the Indemnitee’s
timely written objection delivered to CPP; or (c) CPP fails to retain, in fact, counsel or otherwise actively pursue the defense
of the Proceeding within a reasonable time. In the case of clause (a), (b) or (c) above, then CPP will indemnify the Indemnitee
for, and advance to the Indemnitee, the actual and reasonable fees and expenses of the Indemnitee’s counsel to defend that
Proceeding as provided in this Agreement.

 

Subsection 3.2.3. Cooperation
of the Parties. During the preparation and pendency of any Proceeding that CPP has elected to defend pursuant to Subsection
3.2.2 above, the Indemnitee must cooperate with CPP in its efforts to defend the Proceeding. To that end, and without limiting
the generality of the foregoing, the Indemnitee must keep CPP reasonably informed as to matters or information in the Indemnitee’s
possession or control or that come to the attention of the Indemnitee in the course of the Proceeding. The foregoing obligation
is subject to the Indemnitee's desire or need to preserve any attorney-client privilege, or work-product privilege, with or of
the Indemnitee’s counsel, which will take precedence.

 

SECTION 3.3. Expenses
in Enforcement Proceedings. It is CPP’s intent that, to the fullest extent permitted by law, the Indemnitee not be required
to incur legal fees and other costs and expenses associated with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement by litigation, arbitration or otherwise because the cost and expense thereof would substantially detract
from the benefits intended to be extended to Indemnitee hereunder. Therefore, if the Indemnitee elects to commence an Enforcement
Proceeding, then, during its pendency, and upon the Indemnitee’s request, CPP must advance to the Indemnitee the Expenses
incurred by the Indemnitee in connection with any claim asserted against, or action brought by, the Indemnitee in that Enforcement
Proceeding (collectively, “Enforcement Expenses”). CPP must advance the Enforcement Expenses (which
need not have been actually incurred at the time of the written request provided in this SECTION) to the Indemnitee on or before
the date ten business days after CPP receives each written request to that effect from the Indemnitee. The advance required under
the immediately preceding sentence must be made in each Enforcement Proceeding regardless of whether the Indemnitee ultimately
is determined to be the successful party in that action or with respect to that claim. If the Indemnitee is successful on any underlying
claims in the Enforcement Proceeding, in whole or in part, then CPP’s will be obligated to pay the Indemnitee all Enforcement
Expenses incurred by the Indemnitee in the Enforcement Proceeding. The Indemnitee hereby undertakes to repay CPP the Enforcement
Expenses advanced (without interest) by CPP if the Indemnitee is not successful in any underlying claims made or asserted in the
Enforcement Proceeding. If the Indemnitee commences an Enforcement Proceeding, then during its pendency, CPP must continue to pay
Expense Advances pursuant to SECTIONS 3.1 and 3.2 until a Final Determination is rendered in the pertinent Proceeding or Enforcement
Proceeding that the Indemnitee is not entitled to be indemnified by CPP.

 

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SECTION 3.4. Timing.
The Indemnitee’s rights under this ARTICLE continue through the Final Determination rendered with respect to each Proceeding.
Any dispute as to the reasonableness of any Expense or the qualification of actual costs and expenses as an Expense may not delay
an Expense Advance by CPP or any advance of Enforcement Expenses. CPP must defer the resolution of any dispute regarding the reasonableness
or qualification of any Expenses or Enforcement Expenses to the date of the Final Determination in the pertinent Proceeding.

 

SECTION 3.5. Limitations.
Except as provided in SECTION 3.3, CPP will not have any obligation to provide Expense Advances under this Agreement in connection
with any Proceeding described in SECTION 2.3 above. CPP is not obligated under this ARTICLE to advance expenses and costs incurred
by the Indemnitee in connection with any claims or actions that do not pertain to an Indemnifiable Event. However, CPP may elect,
in its sole discretion, to make an advance of expenses and costs not required hereunder, and may do so upon such terms and conditions
as the Board, in its sole discretion, deems appropriate.

 

ARTICLE IV

PROCEDURE PERTAINING TO INDEMNIFICATION
RIGHTS

 

SECTION 4.1. Procedures
for Exercise of Indemnification Rights.

 

Subsection 4.1.1.
Notification by the Indemnitee. To obtain indemnification under this Agreement, the Indemnitee must submit to the Secretary
or President of CPP a written request for indemnification (the “Indemnification Request”) containing
a description of the nature of the Proceeding and any facts known to the Indemnitee pertinent to the Proceeding or claims made
therein. The Indemnification Request must be accompanied by supporting documentation and information in the Indemnitee’s
possession or reasonably available to the Indemnitee as may be reasonably necessary to determine whether and to what extent the
Indemnitee is entitled to indemnification under this Agreement. The Indemnitee must provide the Indemnification Request promptly
upon being served with any summons, citation, subpoena, complaint, indictment, information or other document or notice relating
to any Proceeding. The failure of the Indemnitee to make an Indemnification Request, or to provide it in a timely fashion, does
not relieve CPP of its obligations to Indemnitee hereunder, except to the extent that the failure actually and materially prejudices
CPP’s interests, including the loss or diminution of coverage under any D&O Insurance arising from such failure. If CPP
knows of the pendency or commencement of any Proceeding against or pertaining to the Indemnitee for which it has not received an
Indemnification Request, CPP must promptly notify the Indemnitee in writing of that knowledge, which notice by CPP will be deemed
the Indemnification Request required of the Indemnitee hereunder.

 

Subsection 4.1.2. Appointment
of the Reviewing Party by the Board. Upon receipt of the Indemnification Request, CPP’s Secretary or the President, as
the case may be, must promptly advise the Board in writing of the Indemnification Request. Upon receipt of the Indemnification
Request, the Board, at its next meeting or upon a special meeting convened for that purpose, will appoint the Reviewing Party to
determine if the Indemnitee is entitled to indemnification under this Agreement for the specific case set forth in the Indemnification
Request. The Indemnitee must cooperate with the Reviewing Party in its process of making that determination, including providing
to the Reviewing Party promptly after its request any documentation or information that is not privileged or otherwise protected
from disclosure not earlier provided, is reasonably available to Indemnitee and is reasonably related to that determination. CPP
must promptly reimburse the Indemnitee, and indemnify and hold the Indemnitee harmless, from and against any costs or expenses
(including attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the Reviewing Party irrespective
of the determination as to Indemnitee’s entitlement to indemnification.

 

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Subsection 4.1.3.
Determination by the Reviewing Party. CPP will cause the Reviewing Party to promptly undertake to determine if the Indemnitee
is entitled to indemnification under this Agreement for the specific matters set forth in the Indemnification Request. Subject
to Subsection 4.1.4 below, the Reviewing Party need not make a determination regarding the Indemnitee’s right to indemnification
and reimbursement before the Final Determination is given in the pertinent Proceeding, except as provided in the immediately following
sentence. The Reviewing Party must make a determination regarding the Indemnitee’s right to indemnification and reimbursement
at the earlier of: (a) sixty days after the Final Determination in the applicable Proceeding; or (b) if the Reviewing Party’s
determination is necessary to avail the Indemnitee any benefit from D&O Insurance (as defined below), ninety days after the
date on which the Reviewing Party is appointed. If the foregoing determination is not timely made, the Reviewing Party will be
deemed to determine that the Indemnitee is entitled to indemnification under this Agreement. The time periods specified above will
be automatically extended thirty days one-time upon the written notice of the Reviewing Party to the Indemnitee if the Reviewing
Party is making a good faith and diligent effort to timely render a determination.

 

Subsection 4.1.4.
Payments of Indemnified Amounts. If the Reviewing Party determines that Indemnitee is permitted to be indemnified hereunder,
payment to the Indemnitee of the amounts then due and owing under this Agreement, to the extent not earlier made, must be made
within ten days after the date on which that determination is finally made or deemed made. While the Reviewing Party’s determination
pursuant to Subsection 4.1.3 is pending, CPP must, nonetheless, pay the Indemnitee any Expense Advances in the manner and subject
to the conditions contemplated by this Agreement.

 

Subsection 4.1.5
Special Independent Counsel as the Reviewing Party. If the Special Independent Counsel (as defined below) is the Reviewing
Party, the Special Independent Counsel must act by a written opinion with regard to the specific case set forth in the Indemnification
Request, which written opinion will be given to the Board and a copy of which will be delivered to the Indemnitee. CPP must pay
the reasonable fees of the Special Independent Counsel and indemnify the Special Independent Counsel against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement
of Special Independent Counsel pursuant to this Agreement. “Special Independent Counsel” means
an attorney licensed in a State of the United States selected by CPP, and approved by the Indemnitee, which approval may not be
unreasonably withheld, delayed or conditioned, that: (a) has not performed services for CPP or the Indemnitee within the five years
immediately preceding the date of the Indemnitee’s request for indemnification or payment hereunder; and (b) under the applicable
standards of professional conduct then prevailing, does not have a conflict of interest in representing either CPP or the Indemnitee
in an action to determine the Indemnitee’s rights under this Agreement. If the parties fail to agree upon the Special Independent
Counsel on or before the date twenty days after the pertinent Indemnification Request, either party may petition a Delaware Court
for resolution of any objection that the Indemnitee may have to the Special Independent Counsel, or the appointment of an alternative
Special Independent Counsel by the Delaware Court, which appointment will be binding upon the parties. CPP will pay any and all
actual and reasonable expenses incurred by the Indemnitee in petitioning that court, which actual and reasonable expenses are will
be subject to advance payment by CPP pursuant to an Expense Advance in the manner provided in ARTICLE III.

 

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SECTION 4.2. Presumptions;
Burden of Proof. The Indemnitee will be presumed to have acted in good faith to the extent the Indemnitee’s actions that
are the subject of a Proceeding are based on the records or books of account of CPP or any Third-Party Enterprise to which the
Indemnifiable Event pertains. The records or books include financial statements, information supplied to the Indemnitee by the
officers of CPP or the Third-Party Enterprise, and the advice of legal counsel for CPP or the Third-Party Enterprise, and reports
made by independent certified public accountants, appraisers, experts or consultants retained by CPP or the Third-Party Enterprise.
In making its determination under SECTION 4.1 above, the Reviewing Party: (a) may not impute to the Indemnitee the knowledge, actions
or failure to act of any director, officer, agent or employee of CPP or that entity or enterprise other than the Indemnitee; and
(b) must presume that the Indemnitee is entitled to indemnification under this Agreement. In connection with any determination
by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified under this Agreement, CPP will bear
the burden of proof to establish by a preponderance of the evidence that the Indemnitee is not so entitled. This Agreement is to
be interpreted and enforced so as to provide indemnification to the Indemnitee to the fullest extent now or hereafter permitted
by law.

 

SECTION 4.3. Effect
of Reviewing Party Determination. If the Reviewing Party makes a determination other than a determination that the Indemnitee
substantively would not be permitted to be indemnified in whole or in part under applicable law, that determination will be conclusive
and binding on CPP and the Indemnitee, except as provided in the immediately following sentence. Any determination by the Reviewing
Party may be reconsidered and amended if the Reviewing Party learns that the Indemnification Request contains a misstatement of
a material fact or an omission of a material fact necessary to make the Indemnification Request not misleading or except to the
extent the indemnification or reimbursement is prohibited under applicable law. If the Indemnitee commences Enforcement Proceedings
in connection with the Reviewing Party’s determination or failure to timely make a determination, then: (a) any determination
made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law will not be binding
under this Agreement or be used as a defense, or create a presumption with regard to the Indemnitee’s rights under this Agreement,
in the Enforcement Proceedings; and (b) any failure of the Reviewing Party to make a determination with regard to the Indemnitee’s
rights under this Agreement before the commencement of an Enforcement Proceeding will not be used as a defense, or create a presumption
with regard to the Indemnitee’s rights under this Agreement, in the Enforcement Proceedings.

 

ARTICLE V

INSURANCE

 

SECTION 5.1. D&O
Insurance. To the extent CPP maintains an insurance policy(ies) providing liability insurance for its directors, officers,
employees, agents, fiduciaries, or similar functionaries or those of any Third-Party Enterprise (“D&O Insurance”),
CPP must cause the D&O Insurance to cover the Indemnitee in accordance with their terms thereof to the maximum extent of the
coverage available thereunder for any director or officer of CPP. If, at the time of CPP’s receipt of an Indemnification
Request, CPP has D&O Insurance in effect, CPP must give prompt notice of the commencement of any Proceeding to the carriers
of the D&O Insurance in accordance with the procedures set forth in the underlying policies. Thereafter, CPP must take all
necessary or desirable action to cause those carriers to pay, on behalf of the Indemnitee, all amounts payable as a result of the
Proceeding in accordance with the terms of the D&O Insurance. CPP will not be obligated under this Agreement to make any payment
to the Indemnitee in connection with any Liabilities incurred or suffered by the Indemnitee for which payment has actually been
made to or on behalf of the Indemnitee under any insurance policy, agreement or other indemnification or risk-of-loss arrangement
maintained by or for the benefit of CPP or any Third-Party Enterprise, except that: (a) CPP must pay any excess of the Liabilities
incurred or suffered by the Indemnitee over the amount paid under any insurance, agreement or arrangement; and (b) payments made
to the Indemnitee by insurance coverage maintained by or on behalf of an Appointing Stockholder will not be considered payments
actual made to or on behalf of the Indemnitee.

 

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SECTION 5.2. Scope
of CPP’s Obligations Regarding D&O Insurance. Except as provided in this SECTION 5.2, CPP is not obligated to obtain
D&O Insurance although, if, as of the Effective Date, CPP does not provide D&O Insurance to Indemnitee, CPP will exercise
commercially reasonable efforts to obtain D&O Insurance on such terms and subject to such policy limits and deductibles as
the Board may determine in its discretion. If the Indemnitee is a director of CPP during the term of this Agreement, but ceases
to be a director of CPP for any reason, CPP must procure a run-off or tail directors’ and officers’ liability insurance
policy (the “Tail Policy”) covering the Indemnitee with respect to claims arising from Indemnifiable
Events that occurred before the time Indemnitee ceased to be a director of CPP. The Tail Policy must provide coverage, without
any lapse, for six years after the time the Indemnitee ceased to be a director of CPP in reasonable amounts and type of coverage
(and size of deductibles) that are common for members of CPP’s industry of comparable standing, or, if CPP has D&O Insurance
during the relevant periods, substantially comparable to D&O Insurance coverage that was most protective of Indemnitee in the
twelve months immediately preceding the date on which Indemnitee ceased to be a director of CPP. Except in the case of a Change
of Control, CPP may satisfy the foregoing obligations without purchasing a separate Tail Policy through continued or extended coverage
under any D&O Insurance satisfying the foregoing obligations covering the Indemnitee and in effect at the end of the Indemnitee’s
term as director. If, and at the time that, the D&O insurance described in the immediately preceding sentence expires, CPP
must procure a Tail Policy that satisfies the requirements specified above for the Tail Policy for the amount of time remaining
in the six-year period specified above. If the Indemnitee ceases to be an officer or a director of CPP in connection with a Change
in Control or at or during the one-year period after the occurrence of a Change in Control, CPP must procure a Tail Policy covering
Indemnitee that meets the requirements specified above and lasts for the full six-year period specified above.

 

SECTION 5.3. Notice
of Changes to D&O Insurance. If CPP procures D&O Insurance, CPP must advise the Indemnitee of the terms thereof and
provide the Indemnitee a copy of the D&O Insurance. At the request of the Indemnitee, CPP will provide a certificate of coverage
to the Indemnitee evidencing the D&O Insurance. CPP must notify the Indemnitee of any proposed material reduction in the coverage
for Indemnitee or termination or expiration of the coverage for Indemnitee provided by the D&O Insurance.

 

SECTION 5.4. Subrogation.
If CPP pays any amount under this Agreement for which reimbursement is available under any D&O Insurance, CPP will be subrogated
to the extent of that payment to all of the rights of recovery of the Indemnitee (other than against the Appointing Stockholder)
under those insurance policies. The Indemnitee must execute all papers required by CPP and take all action necessary to secure
those rights to the benefit of CPP, including any documents as may be necessary to enable CPP to bring suit to enforce those rights.
All Expenses relating to Indemnitee’s compliance with the foregoing must be borne by CPP.

 

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ARTICLE VI

CONSIDERATIONS IN THE INDEMNITEE’S
FAVOR

 

SECTION 6.1. Rights
and Remedies Not Exclusive; Most-Favored Treatment. The rights of the Indemnitee under this Agreement are in addition to any
other rights the Indemnitee may have under any statute, any provision of the Certificate or Bylaws, vote of stockholders or disinterested
directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding office. No
amendment, alteration or repeal of the Certificate and/or Bylaws or any provision thereof will adversely affect the Indemnitee’s
rights hereunder. To the extent that a change in the DGCL, Certificate or Bylaws after the Effective Date permits greater indemnification
by agreement than would be afforded currently under the Certificate, the Bylaws and this Agreement, it is the intent of the parties
that the Indemnitee enjoy by this Agreement the greatest benefits afforded by that change, in which event this Agreement will be
deemed amended to provide the greatest benefits without further action of the parties hereto. However, if any change in the DGCL,
Certificate and/or Bylaws after the Effective Date lessens the indemnification otherwise available hereunder, this Agreement will
be interpreted in light of the provisions of the DGCL, Certificate or Bylaws that confer the greatest rights of indemnification
available before that change. The rights and remedies provided in this Agreement are not intended to be exclusive of any other
right or remedy but are cumulative and in addition to every other right and remedy given under this Agreement or now or hereafter
existing at law or in equity or otherwise. The assertion of a right or remedy does not preclude the concurrent assertion of any
other right or remedy.

 

SECTION 6.2. No
Presumption; Burden of Proof. For purposes of this Agreement, to the fullest extent permitted by law, the termination without
a Final Determination of any Proceeding or of any claim, issue or matter therein by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, does not (except as otherwise provided
in this Agreement) by itself adversely affect the rights of the Indemnitee to indemnification or create a presumption that: (a)
the Indemnitee did not meet any particular standard of conduct or have any particular belief; or (b) a court has determined that
indemnification is not permitted by applicable law. In the interest of the prudent expenditure of judicial economy the parties’
resources, any termination without a Final Determination of a Proceeding or any claim, issue or matter therein creates the presumption
that the Indemnitee was successful on the merits or otherwise in that Proceeding or with respect to that claim, issue or matter
to the extent permitted by applicable law. CPP bears the burden of proof as to whether the Indemnitee failed to meet any applicable
standard of conduct that makes it permissible under the law for CPP to indemnify the Indemnitee, in whole or in part.

 

SECTION 6.3. Limitations.
No legal action shall be brought and no cause of action shall be asserted by or on behalf or in the right of CPP or any affiliate
of CPP against the Indemnitee, the Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after
the date two years after the date of accrual of that cause of action. Any claim or cause of action of CPP or its affiliate will
be extinguished and deemed released unless asserted by the timely filing of a legal action within that period. If any shorter period
of limitations is otherwise applicable to any cause of action, then the shorter period will apply and not the two-year period provided
above. If any state law requires a longer period under the circumstances that may not be altered by contract, then the longer period
will apply and not the two-year period provided above.

 

SECTION 6.4. CPP
Bound by this Agreement; Consent to Enforcement Proceedings. To the fullest extent not prohibited by applicable law, CPP is
precluded from asserting in any judicial or other proceedings that the terms of this Agreement are not valid, binding and enforceable.
CPP must stipulate in any proceeding or before any tribunal that CPP is bound by all the provisions of this Agreement. CPP may
not oppose the Indemnitee’s rights to commence an Enforcement Proceeding. CPP hereby consents to service of process for,
and to appear in, any Enforcement Proceeding

 

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ARTICLE VII

CERTAIN RIGHTS AND REMEDIES OF THE INDEMNITEE

 

SECTION 7.1. Right
to Contribution. If the Reviewing Party determines that any indemnification contemplated by this Agreement is not permitted
under applicable law, CPP, in lieu of indemnifying Indemnitee, must make a proportionate contribute to the total amount of any
and all Liabilities assessed against or incurred or paid by the Indemnitee on account of any Proceeding for which indemnification
under this Agreement is not permitted (the “Contribution Base”). The amount of that contribution
will be a portion of the Contribution Base determined to reflect the relative fault of CPP and all other parties to that Proceeding
who may be at fault with respect to the matters addressed by that Proceeding that give rise to the Indemnitee’s obligation
to pay the Contribution Base (collectively, the “Contributing Parties”). The relative fault of
the Contributing Parties and the Indemnitee will be determined by reference to the relative fault of Indemnitee as determined by
the court or other governmental agency assessing the Contribution Base, or if not apportioned, by the Reviewing Party after giving
effect to, among other things, the relative intent, knowledge, access to information, conduct (active or passive) and opportunity
to prevent or correct the subject matter of the Proceedings and other relevant equitable considerations of the Indemnitee and the
Contributing Parties. Contribution required by this SECTION 7.1 may not be made on the basis of simple pro rata allocation or any
other method of allocation that does not take account the relative fault of the Indemnitee and the Contributing Parties.

 

SECTION 7.2. Right
to Commence Enforcement Proceeding. The Reviewing Party has the right to bring, commence or invoke any action, lawsuit, proceeding,
arbitration, mediation, or other dispute resolution proceeding to: (a) seek indemnification or an Expense Advance by CPP under
this Agreement or any other agreement or provision of the Certificate or Bylaws now or hereafter in effect relating to any Liability
or Proceeding; (b) recover under any D&O Insurance maintained by CPP; (c) contest, oppose, or seek reversal of, a determination
by the Reviewing Party that the Indemnitee is not entitled to indemnification, in whole or in part, under this Agreement or applicable
law; (d) seek a determination that the Indemnitee is entitled to indemnification, in whole or in part, under this Agreement or
applicable law because the Reviewing Party has failed to timely make a determination within any time period specified in Subsection
4.1.3; (e) seek enforcement of, or assert claims and seek compensatory damages, based on CPP’s breach of any provision of
this Agreement, including CPP’s failure to make timely payment of any Expense Advance or any other indemnification amounts
due under ARTICLES II, III or IV. Each of the foregoing is referred to herein as an “Enforcement Proceeding.”
If the Indemnitee does not commence the Enforcement Proceeding on or before the date 180 days after the date on which the event
or determination giving rise to the claims in the Enforcement Proceeding occur, the Indemnitee may not commence that Enforcement
Proceeding with regard to that event or determination thereafter. Delaware law, without regard to its conflict of laws rules, will
apply to any Enforcement Proceeding.

 

SECTION 7.3. Settlements.
CPP may not settle any Proceeding in any manner that would impose any fine or other obligations or constraints on the Indemnitee
with the Indemnitee’s prior written consent, which will not be unreasonably withheld, conditioned or delayed. Without limiting
the generality of the foregoing, CPP may not settle any Proceeding in any manner that would subject the Indemnitee to any order,
judgment or decree temporarily, preliminarily or permanently under any federal or states securities laws without the Indemnitee’s
prior written consent, which will not be unreasonably withheld, conditioned or delayed.

 

SECTION 7.4. Equitable
Remedies. CPP hereby irrevocably stipulates that its obligations under this Agreement special and unique, and that its failure
to comply with this Agreement will irreparably damage or injure the Indemnitee such that no remedy at law may afford the Indemnitee
adequate protection or compensation for, that damage or injury. Accordingly, in addition to all other remedies available at law
or equity, the Indemnitee may seek to enforce this Agreement by equitable remedies, including injunction and specific performance,
in any court of competent jurisdiction. CPP waives any requirement for the posting of any bond or other collateral that may be
required to seek equitable relief.

 

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ARTICLE VIII

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

SECTION 8.1. By
the Indemnitee. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and consents from third
parties that are necessary: (a) for his or her employment with CPP on the terms and conditions set forth in this Agreement; and
(b) to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with
any third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous business
relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full
performance of his or her duties and obligations hereunder. The Indemnitee covenants to serve or continue to serve faithfully and
to the best of his or her ability as a director, officer, employee or agent, as the case may be, of CPP and any Affiliate or other
entity designated by CPP for that service, which service will be at the will of CPP. However, notwithstanding the foregoing, nothing
herein is intended to be, and may not be construed as, an employment agreement between the Indemnitee and CPP or any of its Affiliates
or related entities.

 

SECTION 8.2. By
CPP. CPP represents and warrants that: (a) the execution, delivery and performance of this Agreement by CPP are within its
corporate power, and have been duly authorized by all necessary corporate action; and (b) CPP has full power and authority to enter
into this Agreement and to perform its lawful obligations hereunder.

 

ARTICLE IX

MISCELLANEOUS

 

SECTION 9.1. Complete
Agreement. This Agreement and the documents expressly referred to herein, including the Certificate and Bylaws, represent and
constitute the entire understanding and agreement of the parties pertaining to the subject matter of this Agreement, and any and
all prior and contemporaneous oral or written negotiations, representations, warranties, statements, promises, understandings and
agreements with respect to that subject matter, including any prior indemnification agreements between the Indemnitee and CPP or
its predecessors in interest, are superseded by this Agreement. There are no warranties, representations or other agreements between
the parties in connection with the subject matter of this Agreement except as expressly stated in this Agreement. For the avoidance
of doubt, this Agreement supplements, and is not in lieu of, the Certificate, the Bylaws, the DGCL and any other applicable law,
and any indemnification made available to the Indemnitee under the Operating Agreement. No rights of the Indemnitee under the Certificate,
the Bylaws, the DGCL, the Operating Agreement or any other applicable law are diminished or abrogated by this Agreement.

 

SECTION 9.2. Amendment of this
Agreement; Waiver. Except as provided in SECTION 6.1, no supplement, modification or amendment of this Agreement will be binding
unless executed in writing by both parties. A party's consent to, or express or implied waiver of, any provision of this Agreement
or the other party's breach of its obligations hereunder will not be deemed to be, or construed as, a consent to, or waiver of,
any other provisions or other breach of the same or any other obligations of the other party. A party's failure to: (a) complain
of any act, or failure to act, by the other party; (b) declare the other party in default, irrespective of how long the default
continues; (c) insist upon the strict performance of any obligation or condition of this Agreement; or (d) exercise any right or
remedy consequent upon a breach thereof; does not constitute a waiver by that party of its rights, the breach, or any other obligation
or condition. A party's consent in any one instance does not limit or waive the necessity to obtain that party's consent in any
future instance. In any event, no consent, waiver or amendment is effective for any purpose hereunder unless that consent, waiver
or amendment is in a writing allowed for the purposes of giving notice under this Agreement, and that writing is signed by, or
it otherwise confirmed as coming from, the party granting that consent or waiver, or entering into the amendment.

 

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SECTION 9.3. Assignment.
CPP may assign this Agreement, without the Indemnitee’s prior written approval: (a) to any business entity with which it
may hereafter merge or consolidate; or (b) to any business entity purchasing all, or substantially all, of the assets relating
to this Agreement. CPP will give notice to the Indemnitee of any assignment made pursuant to the foregoing sentence promptly after
making that assignment. In connection with an assignment of the type allowed by the first sentence of this SECTION, CPP must require
and cause the successor business entity to sign and deliver a written agreement in form and substance satisfactory to the Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that CPP would be required to
perform if no such succession had taken place. Any other assignment by CPP will require the prior written approval of the Indemnitee,
which approval may not be unreasonably withheld. When properly assigned, this Agreement will be binding upon and inure to the benefit
of, and be enforceable by, the parties, their respective successors and assigns, spouses, heirs, and personal and legal representatives.

 

SECTION 9.4. Survival
and Term. All agreements and obligations of CPP under this Agreement will continue during the period the Indemnitee is an officer,
director, employee, agent, fiduciary or similar functionary of CPP, and for so long as the Indemnitee is or was serving at CPP’s
request as an officer, director, agent, fiduciary, administrator or similar functionary of any Third-Party Enterprise, and will
continue and survive thereafter until the latest to occur of: (a) the date one year after the Final Determination is rendered in
all pending Proceedings to which this Agreement pertain and any action brought by the Indemnitee pursuant to SECTIONS 3.3 or 7.2;
or (b) the date ten years after the date on which the Indemnitee last serves in any of the aforementioned capacities for or at
the request of CPP.

 

SECTION 9.5. Headings.
The headings of the various ARTICLES, SECTIONS and Subsections of this Agreement are used solely for the convenience of the parties,
do not form a part of this Agreement and are not intended to affect the interpretation or meaning of this Agreement or to define,
limit, extend or describe its scope or intent.

 

SECTION 9.6. Notices.
All notices, requests, demands and other communications provided in this Agreement must be in writing and will be deemed to have
been made or given: (a) on the date delivered, if personally delivered; (b) if sent by confirmed facsimile, at the date and time
of transmission as indicated on the received facsimile if sent during normal business hours of the notified party, or if not, on
the next business day; (c) on the date three days after being sent by registered or certified mail, return receipt requested,
postage prepaid; or (d) on the date one day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All notices must be addressed to the party entitled to notice at the address
indicated below or at such other address as such party may designate by ten days' advance written notice under this Paragraph to
the other party to this Agreement:

 

	To CPP:	To the Indemnitee:

Cancer Prevention Pharmaceuticals, Inc.

1760 E. River Road

Suite 250

Tucson, AZ 85718

Fax: 520-232-2191

 

For purposes of this Agreement, a notice
will be considered “written” or “in writing” if it is in a form on conventional paper or facsimile, or
if it is in electronic form (such as an email). Notice of change of address will be effective only when done in accordance with
this SECTION.

 

SECTION 9.7. Computation
of Time. In computing any period of time for purposes of this Agreement, the day or date of the act, notice, event or default
from which the designated period of time begins to run will not be included. The last day of the period so computed will be included,
unless it is a Saturday, Sunday or a federal holiday in the United States, in which event the period runs until the end of the
next day which is not a Saturday, Sunday or federal holiday in the United States. All references to days, months, quarters or years
are references to calendar days, calendar months, calendar quarters or calendar years, unless otherwise indicated.

 

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SECTION 9.8. Severability.
The provisions of this Agreement are severable in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) is held to be invalid, illegal, void or otherwise unenforceable. In that event, the remaining
provisions will remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions
of this Agreement (including each portion of this Agreement containing any provision held to be invalid, illegal, void or otherwise
unenforceable, that is not itself invalid, illegal, void or unenforceable) will be modified and construed to the extent necessary
to resolve the conflict and to give effect to the intent manifested by the provision held invalid, illegal, void or unenforceable.
Any modification or construction will take into account that this Agreement is intended to confer upon the Indemnitee indemnification
rights to the fullest extent permitted by applicable laws.

 

SECTION 9.9. Governing
Law. This Agreement shall be construed and enforced under the internal laws of the State of Delaware, U.S.A., without regard
to its choice of law principles.

 

SECTION 9.10. Counterparts.
This Agreement may be executed in two or more identical counterparts, each of which will be deemed to be an original, and all of
which, taken together, will constitute one and the same Agreement. Delivery of this Agreement by facsimile will have the same force
and effect as delivery of signatures on the original Agreement, and each party may use facsimile signatures as evidence of the
execution and delivery of the Agreement by all parties to the same extent that an original signature could be used.

 

ARTICLE X

RULES OF INTERPRETATION; INDEX OF DEFINED
TERM; CERTAIN DEFINITIONS

 

SECTION 10.1. Certain
Rules of Interpretation.

 

Subsection 10.1.1.
Interpretation and Governance Hierarchy. The Certificate, Bylaws and this Agreement: (a) are complementary; (b) subject
to SECTION 6.1, should be read together to avoid inconsistent interpretations; and (c) should be interpreted so as to yield harmonious
and consistent intents and interpretations in accord with the intents and purposes of this Agreement. However, if any provisions
of those documents cannot be read in any manner other than a one that produces an irreconcilable conflict between or among them,
the following hierarchy of precedence will control for purposes of interpreting and applying the provisions of this Agreement:
(1) first, this Agreement; (2) second, the Certificate; (3) third, the Bylaws; and (4) fourth, any resolution or consent of the
Board or CPP’s stockholders. For the avoidance of doubt, if any document that stands in higher priority is silent with regard
to a particular matter, then, with regard to that matter, that silence will be deemed permissive with regard to the indemnification
of the Indemnitee for Liabilities incurred in any Proceeding.

 

Subsection 10.1.2.
Interpretation of the Term “Include.”  The term “include” (and its conjugated verb or cognate noun
forms) means “to include without limitation” and “to include but not limit to,” regardless of whether the
words “without limitation” or “but not limited to” or their equivalent actually follow it.

 

Subsection 10.1.3.
Conjugated Verb Forms and Cognate Noun Forms of Terms. If a word or phrase is defined, its other grammatical forms, such
as any conjugated verb form or cognate noun form, have a corresponding meaning. If a word or phrase is not capitalized, then the
word or phrase must be interpreted in accordance with its commonly used meaning, although any words or phrases that have well-known
technical or trade meanings must be interpreted in accordance with that meaning.

 

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Subsection 10.1.4.
Gender and Number. Whenever used in this Agreement: (a) the singular includes the plural, and the plural include the singular;
(b) any masculine, feminine or gender-neutral pronoun includes the other and any trust, partnership, limited liability company,
firm, or corporation, all as the context and meaning of this Agreement may require.

 

Subsection 10.1.5.
Recitals. ARTICLE I is integral to this Agreement. All references in this Agreement to “Agreement” or “this
Agreement” encompass ARTICLE I.

 

SECTION 10.2. Index
of Defined Terms. The following terms are not defined in SECTION 10.3 below, but their definitions may be found in the ARTICLE,
SECTION, or Subsection set opposite the term below.

 

	(a)	CPP:	Introductory paragraph.
	(b)	Contributing Parties:	SECTION 7.1.
	(c)	Contribution Base:	SECTION 7.1.
	(d)	Defense Notice:	Subsection 3.2.2.
	(e)	D&O Insurance:	SECTION 5.1.
	(f)	Deliverable:	Subsection 2.2.2.
	(g)	Enforcement Expenses:	SECTION 3.3.
	(h)	Enforcement Proceeding:	SECTION 7.2.
	(i)	Expense Advance:	SECTION 3.1.
	(j)	Indemnification Request:	Subsection 4.1.1.
	(k)	Indemnitee:	Introductory paragraph.
	(l)	Special Independent Counsel	Subsection 4.1.5.
	(m)	Tail Policy:	SECTION 5.2.

 

SECTION 10.3. Definitions.
The following terms, which appear as initially-capitalized terms in this Agreement, are defined below.

 

Subsection 10.3.1.
“Appointing Stockholder” means a stockholder of CPP that has the right to designate, appoint or
elect a member of the Board or an officer of CPP and who has exercised that right by designated, appointed or elected the Indemnitee
to serve in any one of those capacities.

 

Subsection 10.3.2
“Board” means the Board of Directors of CPP.

 

Subsection 10.3.3.
“Bylaws” means the bylaws of CPP as adopted by the Board, and amended by the Board from time to
time.

 

Subsection 10.3.4.
“Certificate” means the Certificate of Incorporation of CPP, as amended from time to time.

 

Subsection 10.3.5.
“Change in Control” means each of the following circumstances

 

(a) Ownership
Change. A Change of Control occurs if, after the Effective Date, any “person” becomes the “beneficial owner,”
as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of CPP representing 50% or more of the
total combined voting power represented by CPP’s then outstanding Voting Securities. The term “person,” as used
in the preceding sentence, has the meaning used in Sections 13(d) and 14(d) of the Exchange Act, but does not include:

 

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(i) a trustee or other fiduciary
holding securities under an employee benefit plan of CPP;

 

(ii) a corporation owned, directly
or indirectly, by the stockholders of CPP in substantially the same proportions as their ownership of stock of CPP; or

 

(iii) as of the Effective Date,
any beneficial stockholder or group (as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors
thereof) of beneficial ownership of securities possessing more than 50% of the total combined voting power of CPP’s outstanding
securities;

 

(b) Board
Change. A Change of Control occurs if, during any period of two consecutive years, individuals cease to constitute a majority
of the Board if, at the beginning of that period, those individuals were members of the Board or, if later elected, were either
elected by at least two-thirds of the directors then in office or whose nomination for election by CPP’s stockholders was
approved by a vote of at least two-thirds of the directors then in office.

 

(c) Merger
or Sale of All Assets. A Change of Control occurs if the stockholders of CPP approve:

 

(i) a merger or consolidation
of CPP with any other corporation, other than a merger or consolidation that would result in the Voting Securities of CPP outstanding
immediately beforehand continuing to represent (either by remaining outstanding or by being converted into Voting Securities of
the surviving entity) at least 50% of the total voting power represented by the Voting Securities of CPP or such surviving entity
outstanding immediately after such merger or consolidation; or

 

(ii) the stockholders of CPP
approve a plan of complete liquidation of CPP; or

 

(iii) the stockholders of CPP
approve an agreement for the sale or disposition by CPP, in one transaction or a series of transactions, of all or substantially
all of CPP’s assets.

 

Subsection 10.3.6.
“Delaware Court” means any court, state or federal, sitting in the State of Delaware having subject
matter jurisdiction over the claims brought in a proceeding and in which venue is proper.

 

Subsection 10.3.7.
“DGCL” means the General Corporation Law of the State of Delaware, as the same exists or may hereafter
be amended or interpreted. Any amendment or interpretation of the DGCL made after the Effective Date will be considered within
the meaning of the term “DGCL” only to the extent that the amendment or interpretation permits CPP to provide broader
indemnification rights than were permitted as of the Effective Date or before the amendment or interpretation, whichever affords
the broader indemnification rights.

 

Subsection 10.3.8.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder.

 

Subsection 10.3.9.
“Expense” means actual and reasonable attorneys’ fees and all other actual and reasonable
costs, expenses and obligations actually paid or incurred in connection with investigating, defending, being a witness in or participating
in (including on appeal), or preparing for any of the foregoing, any Proceeding. Without limiting the generality of the foregoing,
and for the avoidance of doubt, “costs” and “expenses” include:

 

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(a) all actual
and reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being
or preparing to be a witness in, or otherwise involved in, a Proceeding;

 

(b) actual
and reasonable expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for,
and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent;

 

(c)  if
any payments by CPP under this Agreement are subject to any federal, state or local income or excise tax, amounts as are necessary
to place Indemnitee in the same after-tax position, after giving effect to all applicable taxes, Indemnitee would have been in
had the payments made by CPP not been subject to that tax;

 

(d) the amount
of any deductibles paid or payable by the Indemnitee under any D&O Insurance, any amounts exceeding payments required to be
made by the carrier of any D&O Insurance;

 

(e) actual
and reasonable expenses, costs and obligations, including reasonable attorneys’ fees and costs, incurred by Indemnitee in
connection with any Enforcement Proceeding, but if CPP is an opposing party in an Enforcement Proceeding, those expenses will be
presumed to be included in the term “Expense” through the Final Determination of the Enforcement Proceedings, at which
time the actual and reasonable expenses described in this clause (d) will be included in the term “Expense” if the
Indemnitee prevails in any claim that interpretation, enforcement or defense; and

 

(f) any
fine or penalties, which include any excise taxes assessed with respect to any employee benefit plan.
  

Subsection 10.3.11. “Final
Determination” means the determination of a tribunal from which no appeal can be or is taken, and includes a
final disposition of a Proceeding effected through settlement by which all rights of appeal are waived or exhausted or final dismissal
by a court or other investigative or administrative body from which no appeal can be or is taken. The Board may not make a Final
Determination of a Proceeding.

 

Subsection 10.3.12.
“Indemnifiable Event” means any event or occurrence that takes place before or after the execution
of this Agreement related to: (a) the fact that the Indemnitee is or was a director or officer of CPP; or (b) the fact that the
Indemnitee is or was serving at the request of CPP; or (c) anything done or not done by the Indemnitee when in any of those capacities.
The term “serving at the request of CPP” includes any service as a director, officer, trustee, general partner, managing
member, fiduciary, employee or agent which imposes duties on, or involves services by, such director, officer, trustee, general
partner, managing member, fiduciary, employee or agent for, or to the benefit of, CPP and, to the extent requested by CPP, any
Third-Party Enterprise.

 

Subsection 10.3.13.
“Liabilities” means any and all Expenses, liability, and loss including all judgments, fines,
ERISA excise taxes or penalties, amounts paid or to be paid in settlement of any Proceeding, any claims or amounts paid as contribution
brought by officers, director, employees of the Company (other than the Indemnitee) who may be jointly liable with the Indemnitee
in any Proceeding, and any interest, assessments, or other charges imposed thereon, and any federal, state, local, or foreign taxes
imposed on any director or officer as a result of the actual or deemed receipt of any payments under this Agreement.

 

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Subsection 10.3.14.
“Operating Agreement” means that certain Operating Agreement of Cancer Prevention Pharmaceuticals,
LLC, CPP’s predecessor in interest.

 

Subsection 10.3.15.
“Proceeding” means: (a) any threatened, pending or completed action, suit, arbitration, mediation,
alternative dispute resolution mechanisms, administrative hearing, inquiry, investigation or proceeding, and any appeal thereof,
whether civil, criminal, administrative or investigative pertaining to, brought by reason of, or arising in part out of, an Indemnifiable
Event; or (b) any inquiry or investigation, whether conducted by CPP or any other party, that the Indemnitee in good faith believes
might lead to the institution of any action described in (a) above. Without limiting the generality of the foregoing, a Proceeding
includes any threatened, pending or completed action, suit, arbitration mediation or proceeding, and any appeal thereof, by which
claims of contribution are brought by any officer, director or employee of CPP, other than the Indemnitee, who may be jointly liable
with the Indemnitee .

 

Subsection 10.3.16.
“Reviewing Party” means one of the following:

 

(a) the disinterested
directors of the Board, even though less than a quorum, who will act by majority vote with regard to the specific case set forth
in an Indemnification Request;

 

(b) a committee
of disinterested directors of the Board designated by a majority vote of the disinterested directors of the Board, even though
less than a quorum, who will act by majority vote with regard to the specific case set forth in the Indemnification Request;

 

(c) the Special
Independent Counsel if either: (i) there are no disinterested directors of the Board or if the disinterested directors so direct;
or (ii) there has been a Change in Control, other than a Change in Control which has been approved by a majority of the Board who
were directors immediately before the Change in Control, or a Change in Control in connection with which the Indemnitee waives
the requirement under this Subsection 10.3.16(c)(ii) that the Special Independent Counsel be designated as the Reviewing Party,
in which case the Reviewing Party may be any deliberative body chosen in the manner specified in this Subsection; or

 

(d) the stockholders
of CPP if so designated by a majority vote of the Board.

 

For purposes of the foregoing, disinterested
directors are those members of the Board who are not a party to a given Proceeding that is the subject of an Indemnification Request.

 

Subsection 10.3.17.
“Third-Party Enterprise” means any one or more of CPP’s subsidiaries or any foreign or domestic
entity, sole proprietorship, trust, or employee benefit plan for which an individual, at CPP’s request, serves as a director,
officer, partner, member, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary.

 

Subsection 10.3.18.
“Voting Securities” mean any securities of CPP that vote generally in the election of directors.

 

    - 17 -

     

    

 

CPP, Inc. Indemnification Agreement with [ ]

 

IN WITNESS WHEREOF,
the parties have duly executed and delivered this Agreement or caused an authorized representative to execute and delivery this
Agreement to be effective the Effective Date.

 

	Cancer Prevention Pharmaceuticals, Inc.	 	The Indemnitee
	 	 	 
	 	 	 
	Name and Title	 	Name
	 	 	 
	By:	                	 	By:	                
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    - 18 -Exhibit 10.2

 

NOTE AND
WARRANT PURCHASE AGREEMENT

 

This
Note and Warrant Purchase Agreement (the “Agreement”) is made effective as of March __, 2011 (the “Effective
Date”) by and among Cancer Prevention Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and
the persons named on the Schedule of Lenders attached hereto as Schedule I (individually a “Lender” and
collectively, the “Lenders”).

 

RECITALS

 

Whereas,
in order to provide the Company with capital needed to conduct its business, the Company desires to borrow and the Lenders
are willing to loan to the Company up to an aggregate principal amount of $2,000,000 (the “Maximum Loan Amount”)
on the terms set forth herein.

 

AGREEMENT

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.          The
Notes and Warrants

 

(a)          Issuance
of Notes. At the Closing (as defined below), the Company agrees to issue and sell to each of the Lenders, and, subject to all
of the terms and conditions hereof, each of the Lenders severally agrees to purchase a convertible promissory note in the form
of Exhibit A hereto (each, a “Note” and, collectively, the “Notes”) in an amount
equal to the amount set forth opposite such Lender’s name on Schedule I hereto. The obligations of the Lenders
to purchase Notes are several and not joint. The aggregate principal amount for all Notes issued hereunder shall not exceed the
Maximum Loan Amount.

 

(b)          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 until the occurrence
of either a Qualified Financing or Optional Conversion:

 

	(i)	 	June 15, 2011	 	 	17.5	%
	(ii)	 	September 15, 2011	 	 	20	%
	(ii)	 	December 15, 2011	 	 	22.5	%
	(iii)	 	March 15, 2012	 	 	25	%
	(iv)	 	June 15, 2012	 	 	27.5	%
	(v)	 	September 15, 2012	 	 	30	%

 

     

     

    

 

(c)          Delivery.
The initial sale and purchase of the Notes and Warrants (the “Initial Closing”) hereunder shall take place remotely
by the exchange of signatures electronically, or at such time, place, and manner upon which the Company and the initial Lenders
shall agree, either orally or in writing (the “Initial Closing Date”). The Effective Date is the Initial Closing
Date. The Company may conduct one or more additional closings (each, an “Additional Closing”) to be held remotely
by the exchange of signatures, or at such time and place as the Company and the Lenders participating in such Additional Closing
may determine (each, an “Additional Closing Date”). Each of the Initial Closing and any Additional Closings
may be referred to herein as a “Closing,” and the Initial Closing Date and each Additional Closing Date may be referred
to herein as a “Closing Date.”  At each Closing, the Company will deliver to each of the Lenders participating
in such Closing the respective Note and Warrant to be purchased by such Lender, against receipt by the Company of the corresponding
purchase price set forth on Schedule I hereto (the “Purchase Price”). Schedule I shall be updated
as necessary to reflect the purchase and sale of additional Notes and Warrants at each Additional Closing.

 

(d)          Registration
in Lender Name. Each of the Notes and Warrants will be registered in such Lender’s name in the Company’s records.

 

(e)          Use
of Proceeds. The proceeds of the sale and issuance of the Notes and Warrants shall be used to advance the development programs
of the Company, including completion of key agreements with suppliers and parties participating in the Company’s clinical
programs; development of FDA regulatory documents (IND and SPA application); recruitment of key team members; and general working
capital purposes.

 

(f)          Payments.
If the Notes are not converted pursuant to their terms, the Company will make all cash payments due under the Notes in immediately
available funds by 11:00 a.m. Pacific time on the date such payment is due in the manner and at the address for such purpose
specified below each Lender’s name on Schedule I hereto, or at such other address as a Lender or other registered
holder of a Note may from time to time direct in writing.

 

2.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Lender as follows. For purposes of these
representations and warranties, the phrase “to the Company’s knowledge” shall mean the actual knowledge of Jeffrey
Jacob, Eugene W. Gerner, Ph.D., and Frank Meyskens, Jr. following reasonable investigation and due diligence.

 

(a)          Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the state of Delaware and has all requisite corporate power and authority to own its properties and assets and to carry
on its business as now conducted and as presently proposed to be conducted. The Company is duly qualified and authorized to do
business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its
properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so
would not have a material adverse effect on the Company or its business.

 

    2 

     

    

 

(b)          Corporate
Power. The Company has all requisite legal and corporate power to execute and deliver this Agreement, issue the Notes and Warrants
and carry out and perform its obligations under the terms of this Agreement and under the terms of the Notes and Warrants.

 

(c)          Due
Authorization and Valid Issuance. All action on the part of the Company, its officers and directors necessary for the authorization,
execution, delivery of, and the performance of all obligations of the Company under this Agreement, the Notes, Warrants and all
other agreements executed in connection with this Agreement have been taken or will be taken prior to the Additional Closing to
which this Agreement relates (“Current Closing”). This Agreement and the Notes and Warrants, when executed and delivered
by the Company, shall each constitute the valid and legally binding obligations of the Company, enforceable in accordance with
their terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization or other laws of general application
relating to or affecting the enforcement of creditors’ rights, the relief of debtors, (b) the effect of rules of law governing
the availability of equitable remedies and (c) with respect to rights to indemnity, subject to federal and state securities laws.
Shares of capital stock of the Company shall be duly and validly reserved and, when issued in compliance with the provisions of
the Company’s then applicable charter, will be validly issued, fully paid, and nonassessable. The Notes, Warrants and applicable
shares of capital stock issuable upon conversion or exercise thereof, when issued in the foregoing manner and in compliance with
the provisions of this Agreement, will be free of any liens or encumbrances other than as set forth herein and under state or federal
securities laws.

 

(d)          Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state, or local governmental authority by the Company is required in connection with the consummation of the
transactions contemplated by this Agreement, or any agreement contemplated herein except for such qualifications or filings under
the Securities Act of 1933 (the “1933 Act”) and the regulations thereunder and all other applicable securities
laws of the United States as may be required in connection with the transactions contemplated by this Agreement. All such qualifications
will be effective on or prior to each Closing and all such filings will be made within the time prescribed by applicable law.

 

(e)          Compliance
with Laws. The Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic
or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its
properties, the violation of which would materially and adversely affect the business, assets, liabilities, financial condition,
operations or prospects of the Company.

 

(f)          Compliance
with Other Instruments. The Company is not in violation or default of any term of its Certificate of Incorporation or Bylaws,
or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment,
decree, order or writ, other than such violation(s) that, taken individually or in the aggregate, would not have a material adverse
effect on the Company. The execution, delivery and performance of this Agreement, the Notes, and the Warrants and the consummation
of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with, or constitute,
with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree,
order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the
suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable
to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has
satisfied or obtained all waivers reasonably necessary with respect to any preemptive rights, rights of first refusal or similar
rights in order for the Company to consummate the transactions contemplated hereunder without any third party obtaining any rights
to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated
hereunder.

 

    3 

     

    

 

(g)          Litigation.
There is no action, suit, proceeding, claim, arbitration or investigation pending or, to the Company’s knowledge, threatened
against the Company, its activities, properties or assets or, to the Company’s knowledge, against any director, officer,
or employee of the Company in connection with such director’s officer’s, or employee’s relationship with, or
actions taken on behalf of, the Company. The foregoing includes, without limitation, actions, suits, proceedings, or investigations
pending or threatened involving the prior employment of any of the Company’s employees, their use in connection with the
Company’s business of any information or techniques allegedly proprietary to any of their former employers, or their obligations
under any agreements with prior employers. The Company is not a party or subject to the provisions of any order, writ, injunction,
judgment, or decree of any court or government agency or instrumentality. There is no action, suit, proceeding, or investigation
by the Company currently pending or that the Company intends to initiate.

 

(h)          Registration
Rights. The Company has not granted or agreed to grant any person or entity any rights (including “piggyback” registration
rights) to have any securities of the Company registered with the United States Securities and Exchange Commission (“SEC’)
or any other governmental authority.

 

(i)           Capitalization.
Immediately prior to the Current Closing, the stock ownership in the Company is as set forth on Exhibit C (“Capitalization
Table”). Except as set forth on the Capitalization Table, (A) no person owns of record or is known to the Company to
own beneficially any equity interest in the Company, (B) no subscription, warrant, option, convertible security, or other right
(contingent or other) to purchase or otherwise acquire from the Company (or, to the Company’s knowledge, from any other person
or entity) any equity interest or securities of the Company is authorized or outstanding, and (C) there are no additional commitments
by the Company to issue or authorize equity interests, subscriptions, warrants, options, convertible securities, or other such
rights or to distribute to holders of any of its equity interests or securities any evidence of indebtedness or assets. Except
as set forth in the Company’s Certificate of Incorporation or as contemplated herein, the Company has no obligation to purchase,
redeem, or otherwise acquire any of its equity interests or securities or any interest therein or to make or pay any dividend or
distribution. Except as set forth in the Company’s Certificate of Incorporation , there are no voting trusts, proxies, or
other member agreements, pledge agreements, buy-sell agreements, rights of first refusal, preemptive rights (statutory or contractual),
or other restrictions on the transfer of any interests or securities of the Company (whether or not the Company is a party thereto).

 

    4 

     

    

 

(j)           Proprietary
Information of Third Parties. To the Company’s knowledge, no third party has claimed or has reason to claim that any
person employed by or affiliated with the Company has (a) violated or may be violating to any material extent any of the terms
or conditions of his employment, non-competition, or non-disclosure agreement with such third party, (b) disclosed or may be disclosing,
or utilized or may be utilizing, any trade secret or proprietary information or documentation of such third party, or (c) interfered
or may be interfering in the employment relationship between such third party and any of its present or former employees, or has
requested information from the Company which suggests that any such claim might be contemplated. To the Company’s knowledge,
no person employed by or affiliated with the Company has improperly utilized or proposes to improperly utilize any trade secret
or any information or documentation proprietary to any former employer, and to the Company’s knowledge, no person employed
by or affiliated with the Company has violated any confidential relationship that such person may have had with any third party,
in connection with the development, manufacture, or sale of any product or proposed product or the development or sale of any service
or proposed service of the Company, and the Company has no reason to believe there will be any such utilization or violation. To
the Company’s knowledge, none of the execution or delivery of this Agreement, the Notes or Warrants, and any other related
agreements and documents executed in connection with the Current Closing, or the carrying on of the business of the Company as
officers, employees, or agents by any officer, director, or key employee of the Company, or the conduct or proposed conduct of
the business of the Company, will materially conflict with or result in a material breach of the terms, conditions, or provisions
of or constitute a material default under any contract, covenant, or instrument under which any such person is obligated.

 

(k)          Title
to Assets. The Company has valid and marketable title to all of its assets now carried on its books free of any liens, charges,
or encumbrances of any kind whatsoever, except such encumbrances and liens that arise in the ordinary course of business and do
not materially impair the Company’s ownership or use of such property or assets. The Company does not own any real property.
The Company is in compliance in all material respects under all leases for property and assets under which it is operating, and
all such leases are valid and subsisting and are in full force and effect.

 

(l)           Intellectual
Property Assets. The Company owns or possesses adequate licenses or other rights to use all patents, patent applications, trademarks,
trademark applications, service marks, service mark applications, trade names, copyrights, manufacturing processes, formulae, trade
secrets, and know how (collectively, “Intellectual Property”) necessary or material to the conduct of its business
as conducted, without any infringement of the rights of others, and as proposed to be conducted. No claim is pending or, to the
Company’s knowledge, threatened to the effect that the operations of the Company infringe upon or conflict with the asserted
rights of any other person under any Intellectual Property, and, to the Company’s knowledge, there is no basis for any such
claim (whether or not pending or threatened). No claim is pending or, to the Company’s knowledge, threatened to the effect
that any such Intellectual Property owned or licensed by the Company, or which the Company otherwise has the right to use, is invalid
or unenforceable by the Company, and, to the Company’s knowledge, there is no basis for any such claim (whether or not pending
or threatened). To the Company’s knowledge, all material technical information developed by and belonging to the Company
that has not been patented has been kept confidential. The Company has not granted or assigned to any other person or entity any
right to manufacture, have manufactured, or assemble the products or proposed products or to provide the services or proposed services
of the Company.

 

    5 

     

    

 

(m)          Investments
in Other Persons. The Company has not made any loan or advance to any person which is outstanding on the Effective Date, nor
is the Company obligated or committed to make any such loan or advance, nor does the Company own any capital stock, interests or
assets comprising the business of, obligations of, or any interest in, any person.

 

(n)          Assumptions,
Guaranties, etc. of Indebtedness of Other Persons. The Company has not assumed, guaranteed, endorsed, or otherwise become directly
or contingently liable for any material amount of indebtedness of any other person for (including, without limitation, liability
by way of agreement, contingent or otherwise, to purchase, to provide funds for payment, to supply funds to, or otherwise invest
in the debtor, or otherwise to assure the creditor against loss), except for guaranties by endorsement of negotiable instruments
for deposit or collection in the ordinary course of business.

 

(o)          Disclosure.
The Company’s representations in this Agreement do not contain any untrue statement of a material fact or omit a material
fact necessary to make the statements contained herein or therein, taken as a whole, not misleading.

 

(p)          No
Brokers or Finders. No person has or will have, as a result of the transactions contemplated by this Agreement, any right,
interest, or valid claim against or upon the Company for any commission, fee, or other compensation as a finder or broker arising
out of the transactions contemplated by this Agreement.

 

(q)          Employees.
Each of the former and current officers and employees of the Company has executed a Non-Disclosure Agreement and/or Consulting
Agreement substantially in the form or forms that have been delivered to special counsel to the Lender, and such agreements are
in full force and effect. No former or current officer or employee of the Company has excluded works or inventions made prior to
his or her employment with the Company from his or her assignment of inventions pursuant to such employee’s Non-Disclosure
Agreement or Consulting Agreement. No officer or key employee of the Company has advised the Company in writing that he intends
to terminate employment with the Company. To the Company’s knowledge, the Company has complied in all material respects with
all applicable laws relating to the employment of labor, including provisions relating to wages, hours, equal opportunity, collective
bargaining, and the payment of Social Security and other taxes, and with the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”).

 

(r)           ERISA.
No employee benefit plan established or maintained, or to which contributions have been made, by the Company, which is subject
to Part 3 of Subtitle B of Title I of ERISA had an accumulated funding deficiency (as such term is defined in Section 302 of ERISA)
as of the last day of the most recent fiscal year of such plan ended prior to the date hereof, and no material liability to the
Pension Benefit Guaranty Corporation has been incurred with respect to any such plan by the Company.

 

3.            Representations
and Warranties of Lender. Each Lender, for that Lender alone, represents and warrants to the Company upon the acquisition of
the Note and the Warrant as follows:

 

    6 

     

    

 

(a)          Binding
Obligation. Such Lender has full legal capacity, power and authority to execute and deliver this Agreement and to perform its
obligations hereunder. This Agreement is a valid and binding obligation of the Lender, enforceable in accordance with its terms,
except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity.

 

(b)          Securities
Law Compliance. Such Lender has been advised that the Notes, the Warrants and the underlying securities have not been registered
under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements is available. Such Lender is
aware that the Company is under no obligation to effect any such registration with respect to the Notes, the Warrants or the underlying
securities or to file for or comply with any exemption from registration. Such Lender is purchasing the Notes or Warrants to be
acquired by such Lender hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for
resale in connection with, the distribution thereof. Such Lender has such knowledge and experience in financial and business matters
that such Lender is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment
and is able to bear the economic risk of such investment for an indefinite period of time. Such Lender is an accredited investor
as such term is defined in Rule 501 of Regulation D under the Securities Act. The offer to purchase the Note and Warrant
was directly communicated to such Lender by the Company and at no time was Lender presented with or solicited by a leaflet, public
promotional meeting, newspaper or magazine article, radio or television advertisement or any other form of general advertising
or general solicitation.

 

(c)          Access
to Information. Such Lender acknowledges that the Company has given such Lender access to the corporate records and accounts
of the Company and to all information in its possession relating to the Company, has made its officers and representatives available
for interview by such Lender, and has furnished such Lender with all documents and other information required for such Lender to
make an informed decision with respect to the purchase of the Notes and the Warrants.

 

(d)          Speculative
Investment, Ability to Assume Financial Risk. Such Lender is aware of and understands that a purchase of the Notes is a speculative
investment that involves a high degree of risk of loss of Lender’s entire loan. Lender is able to assume the economic risks
as holder of the Notes and can absorb a complete loss on such transaction without significantly affecting its financial well-being.

 

(e)          Legends.
Lender is aware and agrees that the Notes and Warrants will bear the following legend:

 

THIS NOTE AND THE SECURITIES ISSUABLE UPON
THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
the Arizona securities act or the securities laws of any other state or jurisdiction. They may not be purchased with a view for
distribution or resale, and may only be offered, sold, mortgaged, pledged, hypothecated, or otherwise transferred in compliance
with either an effective registration statement for such security under the act or any applicable state securities act, or an opinion
of counsel for the company that registration is not required under such act or the laws of any other jurisdiction. 

 

    7 

     

    

 

(f)           Specific
Disclosures. Lender understands that:

 

(i)          The
Company is a newly formed business that has no operating history and no revenues. Its success will depend upon its ability to develop
and obtain regulatory approval of its targeted pharmaceutical products.

 

(ii)         Even
if the Company is successful in developing and obtaining patent rights and regulatory approval if its pharmaceutical products,
third parties may challenge or seek to invalidate or circumvent its patents and patent applications.

 

(iii)        The
purchase of a Note is a speculative investment that involves a high degree of risk of loss by Lender of its entire investment.

 

(iv)         Audited
financial statements are not being furnished with respect to the Company.

 

(v)          The
Company competes in the highly competitive cancer research market and in many cases its competitors are better financed and currently
have more established market awareness and distribution than the Company. The Company’s research and development efforts
may not succeed in developing commercially viable products.

 

(vi)         The
Company will be dependent on the availability of its senior executive officers who will be responsible for the overseeing the Company’s
research and development efforts.

 

(vii)        The
sale of the Notes is intended to provide “bridge financing” until the Company can complete one or more financings critical
to its research and development activities. There is no assurance that the Company will be successful in completing an additional
financing or in such research and development activities.

 

4.            Conditions
to Closing of the Lenders. Each Lender’s obligations at the Closing in which such Lender participates are subject to
the fulfillment, on or prior to the applicable Closing Date, of all of the following conditions, any of which may be waived in
whole or in part by a Lender with respect to such Lender’s obligations at such Closing:

 

(a)          Representations
and Warranties. The representations and warranties made by the Company in Section 2 hereof shall have been true
and correct when made, and shall be true and correct on the applicable Closing Date.

 

(b)          Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal
and state securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful
sale and issuance of the Notes and Warrants.

 

    8 

     

    

 

(c)          Legal
Requirements. At the applicable Closing, the sale and issuance by the Company, and the purchase by the Lenders, of the Notes
and Warrants shall be legally permitted by all laws and regulations to which the Lenders or the Company are subject.

 

(d)          Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the applicable Closing
and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Lenders.

 

(e)          Transaction
Documents. The Company shall have duly executed and delivered to the Lenders the following documents:

 

(i)          This
Agreement; and

 

(ii)         Each
Note and Warrant issued hereunder.

 

5.            Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Notes and Warrants at the Current Closing
to the Lenders participating in the Current Closing is subject to the fulfillment, on or prior to the applicable Closing Date,
of the following conditions, any of which may be waived in whole or in part by the Company:

 

(a)          Representations
and Warranties. The representations and warranties made by the Lenders in Section 3 hereof shall be true and correct
when made, and shall be true and correct on such Closing Date.

 

(b)          Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after such Closing Date with certain federal
and state securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful
sale and issuance of the Notes and Warrants.

 

(c)          Legal
Requirements. At such Closing, the sale and issuance by the Company, and the purchase by the Lenders participating in such
Closing, of the Notes and Warrants shall be legally permitted by all laws and regulations to which the Lenders or the Company are
subject.

 

(d)          Purchase
Price. Each Lender participating in such Closing shall have delivered to the Company the Purchase Price in respect of the Note
and Warrant being purchased by such Lender referenced in Section 1 hereof.

 

6.            Covenants
of Company. The Company agrees to perform the following obligations:

 

(a)          Reservation
of Stock. The Company shall take all reasonable steps necessary to ensure that the Company has a sufficient number of shares
of capital stock of the Company authorized to cover the conversion of the Notes and the exercise of the Warrants prior to such
conversion and/or exercise.

 

(b)          No
Future Debt. The Company will not incur any additional indebtedness in excess of the Maximum Loan Amount nor allow any lien
or encumbrance to be placed upon any assets of the Company without the prior written consent of the Lenders holding Notes representing
principal of at least $500,000, which must include Translational Accelerator, LLC (“TRAC”) so long as TRAC is
a Lender.

 

    9 

     

    

 

(c)          Future
Financing. TRAC shall have the right but not the obligation to invest up to an additional $2,500,000 in a Qualified Financing
(as defined in the Note) in addition to the amount converted pursuant to its Note. Subject to the approval of the lead investor,
each Lender other than TRAC shall have the right to invest the principal amount of its Note in such Qualified Financing.

 

7.            Miscellaneous.

 

(a)          Survival
of Warranties. The representations, warranties and covenants of the Company and each Lender contained in or made pursuant to
this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any
investigation of the subject matter thereof made by or on behalf of the Lender, his counsel or the Company, as the case may be.

 

(b)          Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement is intended to confer upon any third party any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(c)          Governing
Law. This Agreement shall be governed by and construed under the internal laws of the State of Arizona without giving effect
to conflict of laws or principles.

 

(d)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Facsimile copies of signed signature pages will be deemed binding originals.

 

(e)          Headings.
The headings and captions used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. All references in this Agreement to sections, paragraphs, and exhibits shall, unless otherwise provided, refer
to sections and paragraphs hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

 

(f)          Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon personal delivery to the party to be notified, upon receipt when sent by telex, electronic mail (email)
or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, or five days after having
been sent by registered or certified mail, postage prepaid; or one day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at 1760 E.
River Road, Suite 250, Tucson, AZ  85718, and to the Lender at the address shown on the Signature Page or at such other address
as the parties may designate by giving 10 days advance written notice to the other parties hereto.

 

    10 

     

    

 

(g)          Attorneys’
Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement the prevailing party
shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which
such party may be entitled.

 

(h)          Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and holders of Notes holding at least a majority of the aggregate principal amount of the Notes outstanding.

 

(i)          Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms.

 

(j)          Entire
Agreement. This Agreement, together with all exhibits and schedules hereto, constitutes the entire agreement and understanding
of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings duties or obligations between the parties with respect to the subject matter hereof.

 

(k)          Further
Assurances. From and after the date of this Agreement, upon the request of Lender or the Company, the Company and the Lender
shall execute and deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm
and carry out and to effectuate fully the intent and purposes of this Agreement.

 

(l)          Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to Lender, upon any breach or default of
the Company under this Agreement, shall impair any such right, power or remedy of Lender nor shall it be construed to be a waiver
of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor
shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent or approval of any kind or character on the part of any holder of any breach or default under this
Agreement, or any waiver on the part of Lender of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or
otherwise afforded to Lender, shall be cumulative and not alternative.

 

[Signature Page Follows]

 

    11 

     

    

 

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

 

CANCER PREVENTION PHARMACEUTICALS, INC.

 

	 	 
	Jeffrey Jacob, CEO	 
	 	 
	LENDER	 
	 	 
	 	 

 

	Address:	 	 
	 	 	 
	 	 	 
	 	 

 

Amount
of Investment: $ _______

 

[Signature
Page to CPP/Lender Note and Warrant Purchase Agreement]

 

    12

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