Exhibit 10.16


 


LICENSE AGREEMENT


AMENDMENT #7


 


WHEREAS, effective as of December 1, 2014,
and as further amended, Miromatrix Medical Inc., a corporation organized under the laws of the State of Delaware and having an office
10399 West 70th Street, Eden Prairie, MN 55344 ("Miromatrix") and Mayo Foundation for Medical Education and Research, a not
for profit corporation with an address at 200 First Street SW, Rochester, MN 55905 ("Mayo") executed a License Agreement (the
 "Agreement") for Services as outlined in the Agreement.


 


WHEREAS, Miromatrix and Mayo wish to amend said
Agreement.


 


NOW, THEREFORE, Miromatrix and Mayo agree as follows:


 


		1.	The Term of the Agreement shall be extended to December 31, 2021.
	 	 	 



		2.	Miromatrix has agreed to provide additional funding of $317,600 for extension described in #1 above. Accordingly,
the attached Exhibit B-5 shall amend Section 3 of the Agreement.
	 	 	 



		3.	Except as specifically provided herein, the terms and conditions of the Agreement shall remain in force.



 


IN WITNESS WHEREOF, the Parties have executed
this Amendment which shall be effective as of the last dated signature below.


 


	MIROMATRIX MEDICAL INC.	 	MAYO FOUNDATION FOR MEDICAL
		 	EDUCATION AND RESEARCH




 


	By:	/s/ Jeff Ross	 	By:	 
	Name:	Jeff Ross	 	Name:	 
	Title:	CEO	 	Title:	 
	Date:	2/26/21	 	Date:	 



 






 






    


     


    

 


Budget - Exhibit B-5


 


	
     

    Budget

     

    PI Name:     Scott Nyberg, MD, PhD

    MCR Funding Proposal Number: FP86573-A1-A1-A1-A1-A1-A1

    Sponsor: Miromatrix Medical Inc.

    Date: 2/25/21

     

	Study Title: Amendment #7: Miromatrix/Mayo Transplantable Liver Project (Nyberg)



 


	 	 	Additional funding to extend project through 12/31/21**	 
	Personnel:	 	$	137,485	 
	Dr. Scott Nyberg, PI	 	 	 	 
	Bruce Amiot, Business Analyst	 	 	 	 
	 	 	 	 	 
	Lab Supplies & Internal Services:	 	$	105,284	 
	 	 	 	 	 
	Sub-Total	 	$	242,769	 
	Indirects (30%)	 	$	72,831	 
	 	 	 	 	 
	BUDGET TOTAL (excluding fees)	 	$	315,600	 
	One-time, non-refundable fees:	 	 	 	 
	IACUC Initial Review Fee	 	$	2,000.00	 
	Total Fees:	 	$	2,000.00	 
	BUDGET TOTAL	 	$	317,600.00	 







	Payment Terms: The total budget will be payable in four payments. The first payment of $80,900, which includes the $2,000 non-refundable Initial IACUC Review Fee, will be due upon the execution of this contract for amendment #7; the second payment of $78,900 will be due on June 12021, the third payment of $78,900 will be due on August 12021, and the fourth payment of $78,900 will be due on November 1, 2021. Milestones of this sponsored research will include a minimum of 16 experiments according to two Mayo IACUC approved protocols [A0005683-evaluation of the ELAP device in a reversible model of ALF (12 experiments), A00003996-liver transplantation in pigs to compare donor grafts (4 experiments)] before the end of 2021.
	*Salary and benefit
    rate information is confidential. Mayo cannot share individual costs or rate information, as this would be against Mayo policy
	**This
    budget only reflects the additional funds that are being added with amendment #7.