Exhibit 10.3


 


AMENDMENT NUMBER ONE TO AGREEMENT


 


This is the first amendment (“Amendment No. 1”)
to the AMENDED AND RESTATED PATENT LICENSE AGREEMENT (the “License Agreement”), between The Board
of Regents of The University of Texas System (“Board”) on behalf of The University of Texas Health Science
Center at Houston (“UTHSC-H”) and PLx Pharma Inc., a Texas corporation with its principal place of business
at 8285 El Rio, Suite 130, Houston, Texas 77054 (“PLx”), with an Effective Date of December 11,
2009. Board, UTHSC-H, and PLx may individually be referred to as Party or collectively as the Parties. All capitalized or
bolded terms used in this Amendment and not otherwise defined herein shall have the meanings assigned to those terms in
the License Agreement.


 


WHEREAS, the parties entered into a the License Agreement;
and, The parties hereby desire to amend the License Agreement;


 


Now, therefore, the parties do hereby agree as follows:


 


Section 5.1(c) shall be amended and restated in its entirety
as follows:


 


		c.	A minimum annual royalty due on each anniversary of the Effective Date and continuing for the term of this Agreement
as follows:



 


		i)	[*] due and payable on beginning on January 8, 2011 of this Agreement and on each anniversary
of the Effective Date prior to an FDA approval for Sale of a Licensed Product; and



 


		ii)	[*] due and payable on each anniversary of the Effective Date after receipt of an
FDA approval for Sale of a Licensed Product and each subsequent anniversary of the Effective Date thereafter.



 


If the running royalties paid under
5.1(b) during a given year are less than the amounts specified in this Section 5.l(c) for such year, then PLx shall pay
an amount equal to the difference between the amount paid under 5.l(b) and the corresponding minimum annual royalty for that year
as specified in this Section 5.1(c) with the final quarterly report of that year, or December 15th of such year if no report is
due.


 


Except as expressly provided in this Amendment No. 1, all
other terms, conditions and provisions of the Patent License Agreement shall continue in full force and effect as provided
therein.


 


(Signature Page Follows)


 


Amendment No. 1 to Patent License Agreement


The University of Texas System and PLx Pharma, Inc.


 




    	 	Page 1 of 2	 



     


    

 


	On Behalf of the Board of Regents of The	 	PLX PHARMA INC.
	University of Texas System	 	  	 
	 	 	By:	/s/ Ronald R. Zimmerman
	By:	/s/ T. Kevin Dillon	 	Ronald R. Zimmerman
	T. Kevin Dillon	 	President and Chief Executive Officer
	Senior Executive  Vice President,  Chief Operating and Financial  Officer	 	 
	University of Texas Health Science Center at Houston	 	 
	 	 	 
	Date:	4/14/11	 	Date: 	4/15/11


 


	Approved as to Content:	 	 
	 	 	 	 
	By:	/s/ Peter J. Davies	 	 
	Peter J. Davies, M.D., Ph.D.	 	 
	Provost & Executive  Vice President of Research	 	 
	The University  of Texas Health Science Center at Houston	 	 
	 	 	 
	Date: 	3/29/11	 	 
	 	 	 


 


	Read and Understood:	 	 
	 	 	 
	By:	/s/ Lenard M. Lichtenberger	 	 
	Lenard M. Lichtenberger Ph.D.	 	 
	Inventor	 	 
	 	 	 
	Date: 	4/15/11	 	 


 


Amendment No. 1 to Patent License Agreement


The University of Texas System and PLx Pharma, Inc.


 




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