Document:

Exhibit 10.3

 

Second Amendment to Licensing Agreement

 

This Second Amendment
to the Licensing Agreement (“Second Amendment”) is effective on the date the parties have fully signed the Second
Amendment (“Effective Date of the Second Amendment”) and memorializes an agreement reached between PharmaCyte
Biotech, Inc., formerly Nuvilex, Inc. (“Licensee”), and Austrianova Singapore Pte. Ltd. (“Licensor”)
on 30 August 2017 relating to the Licensing Agreement between the Parties dated as of June 25, 2013, as amended by the First Amendment
to the Licensing Agreement dated as of 24 June 2016 (collectively, “Licensing Agreement”). Licensee and Licensor
are referred to in this Second Amendment individually as a “Party” and collectively as the “Parties.”
Defined terms in the Licensing Agreements have the same meaning in this Second Amendment as they do in the Licensing Agreement.

 

Recitals

 

		A.	The Parties entered into the Licensing Agreement to, among other things, provide Licensee with
an exclusive worldwide license to use the Cell-in-a-Box® Trademark and its Associated Technology with genetically
modified non-stem cell lines and IPS stem cells specifically designed to produce insulin or other critical components for the treatment
of diabetes, to conduct research, to use in clinical trials, to obtain market approval and to market and sell products and treatments
utilizing the Cell-in-a-Box® Trademark and its Associated Technology world-wide;

 

		B.	Section 1.11 of the Licensing Agreement defines “Scope of the Agreement” to mean the
use of cells encapsulated using the Cell-in-a-Box® Trademark and its Associated Technology that are genetically
modified or non-modified non-stem cell lines and IPS stem cells specifically designed to produce insulin for the treatment of diabetes.
Further, it shall mean the use of cells encapsulated using the Cell-in-a-Box® Trademark and its Associated Technology
that are other defined adult stem cell phenotypes designed to produce insulin for the treatment of diabetes that are mutually agreed
to in writing by, and are mutually acceptable to, the Parties. The Parties desire to change the definition of “Scope of the
Agreement” in accordance with the amended Section 1.11 below;

 

		C.	Section 3.1.1 of the Licensing Agreement provides that Licensee shall pay to Licensor royalties
equal to ten percent (10%) of Gross Sales Value of all Products sold by Licensee. The Parties desire to change the amount of royalties
Licensee shall pay to Licensor in accordance with the amended Section 3.1.1 below;

 

		D.	Section 3.1.2 of the Licensing Agreement provides that Licensee shall pay to Licensor royalties
equal to twenty percent (20%) of the amount received by Licensee from Sub-Licensees on Sub-Licensees’ Gross Sales Value.
The Parties desire to change the amount of royalties Licensee shall pay to Licensor pursuant to Section 3.1.2 in accordance with
the amended Section 3.1.2 below;

 

		E.	Section 3.2 of the Licensing Agreement provides Licensee shall pay Licensor certain milestone payments
upon the occurrence of certain events (“Milestone Payments”). The Parties desire to delete Section 3.2 in its entirety
from the Licensing Agreement;

 

		F.	The Parties desire to add a new Section 3.2 to the Licensing Agreement in accordance with the new
Section 3.2 below;

 

		G.	The Parties desire to add a new Section 10.6 to the Licensing Agreement in accordance with the
new Section 10.6 below; and

 

		H.	The Parties desire to update the address of their registered office and principal place of business
and modify certain references to them in the Licensing Agreement.

 

 

 

    	 	1	 

     

    

 

Agreement

 

For good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Licensing Agreement
is hereby amended as follows:

 

		1.	In the preamble to the Licensing Agreement, the address of the registered office and principal
place of business of Licensee shall be amended to read: “Austrianova Singapore Pte. Ltd., a Singapore corporation having
its registered office and principal place of business at 3 Biopolis Drive, #05-19 Synapse, Singapore 138623, Reg. No. 200705334K
and its Affiliates (“Licensor”), and”

 

		2.	In the preamble to the Licensing Agreement, the name of Licensee shall be amended to its new name
and address to read: “PharmaCyte Biotech, Inc., a Nevada corporation having its principal place of business at 23046 Avenida
de la Carlota, Suite 600, Laguna Hills, California 92653 USA and its Affiliates (“Licensee”).”

 

		3.	In the preamble to the Licensing Agreement, Section C shall be deleted and the following inserted
in its place: ““Licensee and Licensor now desire to enter into this Agreement whereby Licensee is granted an exclusive
worldwide license to use the Cell-in-a-Box® Trademark and its Associated Technology with all cells and cell lines
of any kind or description now or hereafter identified, including, but not limited to, primary cells, mortal cells, immortal cells
and stem cells at all stages of differentiation and from any source specifically designed to produce insulin for the treatment
of diabetes, to research, have made by Licensor, use in clinical trials, obtain market approval, market and sell products and treatments
utilizing the Cell-in-a-Box® Trademark and its Associated Technology world-wide.”

 

		4.	Section 1.11 of the Licensing Agreement shall be deleted and the following inserted in its place:
“Scope of the Agreement:” shall mean the use of cells encapsulated using the Cell-in-a-Box®
Trademark and its Associated Technology that are cells and cell lines of any kind or description now or hereinafter identified,
including, but not limited to, primary cells, mortal cells, immortal cells and stem cells at all stages of differentiation and
from any source specifically designed to produce insulin for the treatment of diabetes.”

 

		5.	Section 3 of the Licensing Agreement shall be deleted and the following inserted in its place:
“Royalties and Other Consideration.”

 

		6.	Section 3.1.1 of the Licensing Agreement shall be deleted and the following inserted in its place: “Four percent (4%)
of Gross Sales Value of all Products sold by Licensee; and”

 

		7.	Section 3.1.2 of the Licensing Agreement shall be deleted and the following inserted in its place:
“Twenty percent (20%) of the amount received by Licensee from Sub-Licensees on Sub-Licensees Gross Sales Value, provided,
however, that in the event the sublicensing royalty rate received by Licensee is four percent (4%) or less, Licensor shall
receive fifty percent (50%) of the amount of money received by Licensee from Sub-Licensees. For any amount received by Licensee
over the sublicensing royalty rate of four percent (4%), Licensor shall receive twenty percent (20%) of that amount.” For
the avoidance of doubt the following two examples are given. Example 1: Sub-Licensee has a Gross Sales Value of One Thousand Dollars
US (US$1000.00). Licensee receives a four percent (4%) royalty rate from Sub-Licensee equal to Forty Dollars US (US$40.00). In
this example, Licensee pays Licensor 50% of this royalty in the amount of Twenty Dollars US (US$20.00). Example 2: Sub-Licensee
has a Gross Sales Value of One Thousand Dollars US (US$1000.00). Licensee receives a six percent (6%) royalty rate from Sub-Licensee
in the amount of Sixty Dollars US (US$60.00) USD). In this example, Licensee pays Licensor 50% of the amount corresponding to a
four percent royalty in the amount of Twenty Dollars US (US$20.00) and twenty percent (20%) of the amount over four percent (4%)
(20% of US$20.00 is equal to US$4.00) to give a total royalty to Licensor of Twenty-Four Dollars US (US$24.00).

 

 

 

    	 	2	 

     

    

 

		8.	Section 3.2 shall be deleted and the following inserted in its place: “Other Consideration.
Subject to the terms of this Agreement, Licensee shall pay to Licensor other consideration of:”

 

		9.	Sections 3.2.1, 3.2.2, 3.2.3. and 3.2.4 of the Licensing Agreement shall be deleted and the following
Section 3.2.1. inserted in their place: “Except as otherwise provided in Section 3.1.2, Licensor shall receive fifty percent
(50%) of any other financial and non-financial consideration Licensee receives from a Sub-Licensee.”

 

		10.	Section 3.3 of the Licensing Agreement shall be deleted and the following inserted in its place:
“Quarterly Payments. All payments due pursuant to Section 3.1.1 shall be paid within thirty (30) days of the end of
the relevant calendar quarter. All payments due pursuant to Sections 3.1.2 and 3.2.1 shall be paid within forty-five (45) days
after the calendar quarter in which the payment is received by Licensee from a Sub-Licensee.”

 

		11.	In Section 3.6 of the Licensing Agreement, reference to “NVLX” shall be replaced with
“Licensee” and reference to “ASPL” shall be replaced with “Licensor.”

 

		12.	In Section 4.1 and Section 4.2 of the Licensing Agreement, any reference to “NVLX”
or “Nuvilex” shall be replaced with “Licensee.”

 

		13.	A new Section 10.6 shall be added to the Licensing Agreement to read as follows: “Licensor
shall not solicit, negotiate or entertain any inquiry regarding the potential acquisition of the Cell-in-a-Box®
Trademark and its Associated Technology for a period of one (1) year from August 30, 2017.”

 

		14.	Except as provided in this Second Amendment, all the other provisions of the Licensing Agreement
shall remain in full force and effect.

 

		15.	This Second Amendment constitutes the entire, final and complete agreement and understanding between
the Parties and replaces and supersedes all prior discussions and agreements between them with respect to the subject matter of
this Second Amendment, including the Binding Term Sheet between the Parties and SG Austria Pte. Ltd. dated 30 August 2017. No amendment,
modification or waiver of any terms or conditions of this Second Amendment shall be effective unless made in writing and signed
by a duly authorized officer of each Party.

 

		16.	This Second Amendment may be executed in counterparts, each of which shall be an original and all
of which shall constitute together the same document. The Parties agree that execution of this Second Amendment by exchanging facsimile,
PDF, or electronic signatures shall have the same legal force and effect as the exchange of original signatures.

 

IN WITNESS WHEREOF,
each Party has executed this Second Amendment by its duly authorized representative on the date indicated below.

 

	PharmaCyte Biotech, Inc.	 	Austrianova Singapore Pte. Ltd.
	 	 	 
	 	 	 
	By: /s/ Dr. Kenneth L. Waggoner                    	 	By: /s/ Dr. Brian Salmons                    
	Printed Name: Dr. Kenneth L. Waggoner	 	Printed Name: Dr. Brian Salmons
	Title: Chief Executive Officer	 	Title: Chief Executive Officer
	Date: May 14, 2018	 	Date: May 14, 2018

 

 

 

 

    	 	3Exhibit

Exhibit 10.2
FIRST AMENDMENT TO SUPPLY AND OFFTAKE AGREEMENT
THIS FIRST AMENDMENT TO SUPPLY AND OFFTAKE AGREEMENT (this “First Amendment”) is entered into as of the First Amendment Closing Date (as defined below), between Macquarie Energy North America Trading Inc., a Delaware corporation (“Macquarie”), and Calumet Shreveport Refining, LLC, a Delaware limited liability company, formerly known as Calumet Shreveport Lubricants & Waxes, LLC, a Delaware limited liability company, and successor by merger to Calumet Shreveport Fuels, LLC, a Delaware limited liability company (the “Company”).
RECITALS
A.Macquarie and the Company entered into that certain Supply and Offtake Agreement dated June 19, 2017 (as amended by the Assumption Agreement defined below and as otherwise amended, restated, supplement or modified from time to time, the “Supply and Offtake Agreement”).

B.Reference is made to the certain Assumption and Acknowledgment Agreement (the “Assumption Agreement”) dated September 1, 2017 by and among Macquarie, Calumet Specialty Products Partners, L.P., a Delaware limited partnership (“Parent”), Calumet Lubricants Co., Limited Partnership, an Indiana limited partnership, Calumet Montana Refining, LLC, a Delaware limited liability company, Calumet Shreveport Lubricants & Waxes, LLC, a Delaware limited liability company (“LW”), and Calumet Shreveport Fuels, LLC, an Indiana limited liability company (“Fuels”), whereby, among other things, upon Fuels’ merger with and into LW effective as of September 1, 2017, with LW as the surviving entity of the merger, and with LW being renamed, upon the consummation of such merger, as “Calumet Shreveport Refining, LLC”, the Company acquired, assumed, adopted, ratified and acknowledged all of the Shreveport Transaction Rights and Obligations as defined in the Assumption Agreement.

C.Macquarie and the Company have agreed to amend certain provisions of the Supply and Offtake Agreement, and each of Macquarie and the Company is willing to enter into such amendments as more particularly described herein, subject to the terms and conditions of this First Amendment.

D.Macquarie and the Company agree that Macquarie is entering into this First Amendment solely at the request of the Company and that the Company will receive one or more material benefits from the entry into such amendments. 

E.Capitalized terms used but not defined in this First Amendment have the meanings set forth therefor in the Supply and Offtake Agreement.

AGREEMENTS AND AMENDMENTS
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned parties hereby agree as follows:
I.Amendments to Supply and Offtake Agreement.

(a)Article 1.1, Definitions, of the Supply and Offtake Agreement is hereby amended by adding the following new definitions in their proper alphabetical order:

“Assumption Agreement” means the Assumption and Acknowledgment Agreement dated September 1, 2017 by and among Macquarie, Parent, Calumet Lubricants Co., Limited Partnership, an Indiana limited partnership, Calumet Montana Refining, LLC, a Delaware limited liability company, LW and Fuels.
“First Amendment” means the First Amendment to Supply and Offtake Agreement dated as of the First Amendment Closing Date by and among Macquarie, the Company and Parent.
“First Amendment Closing Date” means March 28, 2018. 
(b)Section 13.1, Provision of Financial Information, of the Supply and Offtake Agreement is hereby amended and restated so as to read in its entirety as follows:

“Provision of Financial Information.  Calumet Shreveport Refining, LLC shall provide Macquarie (i) within one hundred twenty (120) days following the end of each of its fiscal years, (a) a copy of the Parent’s annual report, containing audited consolidated financial statements of the Parent and its consolidated subsidiaries for such fiscal year certified by independent certified public accountants and (b) the balance sheet, statement of income and statement of cash flow of the Parent for such fiscal year, as reviewed by the Parent’s independent certified public accountants, and (ii) within sixty (60) days after the end of its first three fiscal quarters of each fiscal year, a copy of the Parent’s quarterly report, containing unaudited consolidated financial statements of the Parent and its consolidated subsidiaries for such fiscal quarter; provided that so long as the Parent is required to make public filings of its quarterly and annual financial results pursuant to the Exchange Act, such filings are available on the SEC’s EDGAR database and such filings are made in a timely manner, then Calumet Shreveport Refining, LLC shall not be required to provide such annual or quarterly reports to Macquarie.”
II.Conditions Precedent.  This First Amendment shall be effective on the date when the following conditions precedent have been satisfied:

(a)Macquarie and the Company shall each have received this First Amendment duly executed by Macquarie, the Company and Parent; and

(b)Macquarie and the Company shall each have received such other documents and deliveries from each other as each may reasonably request.

III.Representations, Warranties and Covenants.  Each of Macquarie and the Company represent and warrant to each other that (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this First Amendment, (b) this First Amendment has been duly authorized and approved by all requisite company action on the part of Macquarie and the Company, respectively, (c) no other consent of any Person (other than, in respect of the Company, a consent of the Parent in respect of its Guaranty, which is set forth herein) is required for this First Amendment to be effective, and (d) the execution and delivery of this First Amendment does not violate its respective organizational documents.  

IV.Ratification of Guaranty.  Parent hereby acknowledges and ratifies and reaffirms its guaranty of the Guaranteed Obligations under and as defined in the Guaranty, and all of its obligations under and in respect thereof, in favor of Macquarie, and agrees that such Guaranty remains in full force and 

effect and continues to be the legal, valid, and binding obligation of Parent enforceable in accordance with its terms (as the same are modified by this First Amendment).  Parent confirms and agrees that neither the execution of this First Amendment nor the consummation of the transactions described herein shall in any way affect, impair or limit the covenants, liabilities, obligations and duties of Parent under the Guaranty.  

V.Scope of Amendment; Reaffirmation.  

(a)All references hereafter to the Supply and Offtake Agreement shall refer to the Supply and Offtake Agreement as amended by this First Amendment.  Except as modified by this First Amendment, the Transaction Documents are unchanged and continue in full force and effect.  However, in the event of any inconsistency between the terms of the Supply and Offtake Agreement (as amended by this First Amendment) and any other Transaction Document, the terms of the Supply and Offtake Agreement shall control (except solely with respect to any fees, amounts and payments set forth in the Fee Letter, as amended from time to time, as to which the Fee Letter shall control) and such other document shall be deemed to be amended to conform to the terms of the Supply and Offtake Agreement.  

(b)Each of Macquarie and the Company hereby reaffirms its obligations under the Transaction Documents to which it is a party and agrees that all Transaction Documents to which it is a party remain in full force and effect and continue to be its legal, valid, and binding obligations enforceable in accordance with their terms (as the same are modified by this First Amendment).  

VI.Miscellaneous.

(a)Form.  Each agreement, document, instrument or other writing to be furnished to Macquarie and the Company, as applicable, under any provision of this First Amendment must be in form and substance satisfactory to the parties hereto and their counsel.

(b)Headings.  The headings and captions used in this First Amendment are for convenience only and will not be used to construe the meaning or intent of the terms of this First Amendment, the Supply and Offtake Agreement, or the other Transaction Documents.

(c)Successors and Permitted Assigns.  This First Amendment is binding upon, and inures to the benefit of the parties to this First Amendment and their respective successors and permitted assigns.  Unless otherwise provided in the Transaction Documents, all covenants, agreements, indemnities, representations and warranties made in any of the Transaction Documents survive and continue in effect as long as the Transaction Obligations are outstanding.  Nothing expressed or implied in this First Amendment is intended to create any rights, obligations or benefits under the Supply and Offtake Agreement, as amended hereby, in any person other than the parties thereto and hereto and their respective successors and permitted assigns.

(d)Invalidity.  If any Article, Section or provision of this First Amendment shall be determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed to be deleted from the Supply and Offtake Agreement, as amended hereby, and the remaining portions of the Supply and Offtake Agreement, as amended hereby, shall remain in full force and effect.

(e)Multiple Counterparts.  This First Amendment may be executed in one or more counterparts by the parties hereto and initially delivered by facsimile transmission, pdf or otherwise, with original signature pages to follow, and all such counterparts shall together constitute one and the same instrument.

(f)GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.

(g)FINAL AGREEMENT.  THE TERMS OF THIS FIRST AMENDMENT, THE SUPPLY AND OFFTAKE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS CONSTITUTE THE ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND THERETO WITH RESPECT TO THE MATTERS SET FORTH HEREIN AND THEREIN, AND NO REPRESENTATIONS OR WARRANTIES SHALL BE IMPLIED OR PROVISIONS ADDED IN THE ABSENCE OF A WRITTEN AGREEMENT TO SUCH EFFECT BETWEEN THE PARTIES HERETO OR THERETO.  THIS FIRST AMENDMENT, THE SUPPLY AND OFFTAKE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.  No promise, representation or inducement has been made by any party hereto or thereto that is not embodied in the Supply and Offtake Agreement, as amended by this First Amendment, or the other Transaction Documents, and no party hereto or thereto shall be bound by or liable for any alleged representation, promise or inducement not so set forth herein or therein.

[Signatures on Following Pages.]
 

IN WITNESS WHEREOF, this First Amendment is executed effective as of the First Amendment Closing Date.

MACQUARIE ENERGY NORTH AMERICA TRADING INC.

By:      /s/  Dereje TJ Tedla            
Name:  Dereje TJ Tedla
Title:  Division Director

By:      /s/  Patricia Donnelly        
Name:  Patricia Donnelly
Title:  Division Director

Signature Page to first Amendment to Supply and Offtake Agreement

CALUMET SHREVEPORT REFINING, LLC

		
	By:
	Calumet Refining, LLC, its sole member

		
	By:
	Calumet Operating, LLC, its sole member

		
	By:
	Calumet Specialty Products Partners, L.P., its sole member

		
	By:
	Calumet GP, LLC, its general partner

		
	By:
	    /s/  D. West Griffin                    

Name:    D. West Griffin
Title:    Executive Vice President and Chief Financial Officer

Agreed and accepted by Parent solely for purposes of evidencing its assent to Article IV of this First Amendment:

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

By:      Calumet GP, LLC, its general partner

By:         /s/  D. West Griffin        
Name: D. West Griffin
Title: Executive Vice President and 
Chief Financial Officer

Signature Page to first Amendment to Supply and Offtake Agreement

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