Exhibit 10.3


 





University
of Minnesota


 


SECOND AMENDMENT
TO EXCLUSIVE PATENT LICENSE AGREEMENT


 


THIS
SECOND AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Amendment Second”) is entered into and effective as of the
date of last signature (the “Second Amendment Effective Date”) by and between Regents of the University of Minnesota,
a Minnesota constitutional corporation under the laws of the state of Minnesota, having a place of business at 1000 Westgate Drive,
Suite 160, St. Paul, MN 55114 (the “University”), and Miromatrix Medical Inc. a corporation under the laws of the state of
Delaware having a business address of 18683 Bearpath Trail, Eden Prairie, MN 55347 (the “Company”) (The University or the
Company may be referred to below as a “Party” or jointly as the “Parties”).


 


BACKGROUND


 


The
Parties entered into an Exclusive Patent License Agreement, dated and effective as of 04 February 2010 (the “EPLA”), and
as amended under the Amendment First dated and effective as of 17 November 2010) (the “Amendment First”) under which the
University granted to the Company an exclusive license to the University’s intellectual property rights in the Licensed Technology,
as described more fully in the EPLA and the Amendment First. The Parties now wish, inter alia, to amend the Company’s rights
and obligations under the EPLA as provided in this Amendment Second.


 


NOW,
THEREFORE, the Parties agree as follows:


 


		1.	Capitalized
                                            terms not otherwise defined in this Amendment Second have the meanings ascribed to them in
                                            the EPLA.



 


		2.	The
                                            Parties hereby amend the EPLA as of the Second Amendment Effective Date as follows:



 


		2.1	The language in Section 5.3 of
the ELPA is amended by adding the following language to the end of the Section:



 


“61/379,073
US 08 March 2012 Methods of Recellularizing A Tissue or Organ for Improved Transplantability”


 


		2.2	The language in Section 9(v) of
the EPLA, as amended, beginning with “on or before June 30, 2013” is deleted and replaced with “on or before June 30,
2014”



 


		2.3	The language in the first sentence
of Section 11.4.2 of the EPLA, beginning with “Beginning on the date in which” and ending with “royalty obligation
applies:” is deleted and replaced with “Beginning in the calendar year in which any Licensed Product or combination of Licensed
Products first achieves cumulative Commercial
Sales of five million dollars ($5,000,000), the following minimum annual royalty obligation applies:”



 


		2.4	The language in the last sentence
of Section 11.4.2 of the ELPA beginning with “If the date” and ending with “end of that year.”, is deleted.



 


		3.	Except
                                            as amended in this Amendment Second, all the terms and conditions of the EPLA shall remain
                                            unchanged and in full effect.



 


		4.	This
                                            Amendment Second may be executed concurrently 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. Electronic execution and delivery of this Amendment Second shall be binding and
                                            enforceable for all purposes.



 






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IN
WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Second Amendment to the Exclusive
Patent license Agreement as of the Second Amendment Date.


 





	Regents of the University of Minnesota	 	Miromatrix Medical Inc.
	 	 	 
	 	 	 	 	 
	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen 
	 	Jay W. Schrankler	 	 	Robert Cohen 
	 	Executive Director	 	 	President & CEO 
	 	Office for Technology Commercialization	 	 	 
	 	 	 	 	 
	Date: 3/12/2013	 	Date: 3/12/2013


 






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