Document:

Blueprint

  Exhibit
10.1

MabVax
Therapeutics Holdings, Inc.

11535
Sorrento Valley Rd., Suite 400

San
Diego, CA 92121

Phone:
(858) 259-9405

 

  August
9, 2017

 

HS
Contrarian Investments, LLC

68
Fiesta Way

Fort
Lauderdale, FL 33301

Attn:
John Stetson

 

Re:
Letter Agreement

 

Dear
Mr. Stetson,

 

MabVax Therapeutics Holdings, Inc. (the
“Company”) and HS Contrarian Investments, LLC
(“HSCI”) hereby
agree pursuant to this agreement (this “Letter
Agreement”) that:

 

A.

$2,350,000
Financing

 

HSCI
and certain other investors shall purchase an aggregate of
$2,350,000 securities of the Company in a registered direct
offering (the “$2,350,000 Financing”). The $2,350,000
Financing shall consist of newly designated Series J Convertible
Preferred Stock (the “Series J Preferred Stock”). The
Series J Preferred Stock shall include a 125% liquidation
preference, 4.99% beneficial ownership limitations, price
protection with a $0.10 floor and a Nasdaq blocker. The purchase
price per share of common stock issuable upon conversion of the
Series J Preferred Stock (the “J Conversion Shares”)
shall be $0.55.

 

B.

Inducement
Shares

 

The
Company shall issue newly designated shares of Series K Convertible
Preferred Stock (the “Series K Preferred Stock”)
issuable into an aggregate of 6,500,000 shares in the form of
Series K Preferred Stock (the “Inducement Shares”)
stock to be distributed to certain existing investors who
participate in the $2,350,000 Financing. The Company shall issue
the Series K Preferred Stock within three trading days of closing
the $2,350,000 Financing. The Series K Preferred Stock shall be
substantially similar to the common stock but include a 4.99%
beneficial ownership blocker and may not be converted into common
stock prior to obtaining shareholder approval.

 

C.

Proxy Statement

 

The company shall file a proxy
statement for a special meeting of shareholders within 10 days of
closing the $2,350,000 Financing. Proposals shall include
(i) an amendment to the Company’s Certificate of
Incorporation to effect a reverse stock split of its issued and
outstanding common stock by a ratio of not less than one-for-two
and not more than one-for-twenty at any time prior to one year from
the date of the special meeting, with the exact ratio to be set at
a whole number within this range as determined by the Board of
Directors, (ii) the issuance of securities in one or more
non-public offerings where the maximum discount at which securities
will be offered will be equivalent to a discount of 30% below the
market price of the common stock, as required by and in accordance
with Nasdaq Marketplace Rule 5635(d), (iii) the issuance of
securities in one or more non-public offerings where the maximum
discount at which securities will be offered will be equivalent to
a discount of 20% below the market price of the Common Stock, as
required by and in accordance with Nasdaq Marketplace Rule 5635(d),
(iv) the issuance of the Series J Conversion Shares and (v) the
issuance of the Inducement Shares.

 

 

-1-

 

 

 

D.

Follow-On Financing

 

HSCI
will commit to investing an additional $1,000,000 in a new private
or public offering of up to $8,000,000 (the “$8,000,000
Financing”). The $8,000,000 Financing shall sign and close
following shareholder approval of each of the proposals identified
in Section C of this letter.

 

E.

Management

 

The employment terms of all management shall be reduced to two
years from three years. Management shall defer portions of their
salary for the remainder of the year, which shall be paid upon the
earlier of completion of the $8,000,000 Financing or a business
transaction that represents, or transactions in the aggregate that
represent, in excess of $10,000,000.

 

F.

Miscellaneous

 

The rights herein are specific to HSCI,
and may only be exercised by the managing
partner/president of HSCI
which is John Stetson.  Such rights shall not be assigned
or transferred to or assumed by any other party or individual,
voluntarily or by operation of law, and any such purported
assignment, transfer or assumption shall be void and of no force or
effect.

 

This Letter Agreement shall be governed by the laws of the state of
New York, without giving effect to any conflict of laws provision,
and may not be amended other than through a written agreement
executed by the Company and HSCI.

 

As used herein, “HSCI” shall mean any person or entity
controlled by, in control of, or in common control with John
Stetson.

 

 

-2-

 

 

 

MabVax Therapeutics Holdings, Inc.

 

 

	

 

	
 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
J.
David Hansen

	

 

	

 

	

Name  

	
J. David
Hansen

	

 

	

 

	

Title  

	

President and Chief
Executive Officer

	

 

 

HS Contrarian Investments LLC

 

 

	

 

	
 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/
John
Stetson 

	

 

	

 

	

Name   

	
John
Stetson

	

 

	

 

	

Title   

	

Manager

	

 

 

 

 

-3-Exhibit
10.1

 

AMENDMENT
NO. 2 TO AMENDED AND RESTATED UNSECURED TERM

PROMISSORY NOTE 

 

This
AMENDMENT No. 2 entered into this 23 day of May, 2017 (this “Amendment”) to the Amended and Restated
Unsecured Term Promissory Note effective September 1, 2015, issued by Myomo, Inc., a Delaware corporation (the “Maker”),
to Sandcastle Limited Partnership (the “Lender”), as amended by Amendment No. 1 to Amended and Restated Unsecured
Term Promissory Note on June 29, 2016 (“Amendment No. I”).

 

WHEREAS,
Maker issued to Steve Kelly on October 18, 2010 an Unsecured Term Convertible Promissory Note in the original stated principal
amount of $250,000 (as amended prior to the effectiveness of the Restated Note (as defined below), the “Original Note”);

 

WHEREAS,
effective as of September 1, 2015, Maker and Lender amended and restated the Original Note in its entirety, in order to, among
other things, reflect the transfer by Steve Kelly of all rights, title and interest to Lender under the Original Note (the “Restated
Note”);

 

WHEREAS,
on June 29, 2016, the Maker and Lender amended the Restated Note pursuant to Amendment No. 1 to, among other things, modify
the repayment terms, provide for repayment in shares of the Maker’s capital stock in certain circumstances, and for subordination
of the Restated Note to certain other indebtedness of the Maker, all as provided for in Amendment No. 1.

 

WHEREAS,
Maker and Lender now wish to further amend the Restated Note on the terms and conditions set forth herein, pursuant to Section
11 of the Restated Note, as amended to date.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Effective
Date. This Amendment shall be effective as of the date first set forth above.

 

2.            Payments.

 

a.          Section
1 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

The
outstanding balance shall bear interest at a rate of ten percent (10%) per annum, compounded annually based on a 365-day year,
until such time as there is no amount outstanding hereunder. Subject to Section 2 hereof, all outstanding amounts then due under
this Note shall be due and payable within thirty (30) days following the completion of a financing by Maker with the principal
purpose of raising capital, pursuant to which it sells its common stock, preferred stock or other equity securities, in a single
transaction or series of transactions in any twelve (12) month period, with combined cumulative gross proceeds of not less than
ten million dollars ($10,000,000); (a “Qualified Financing”), provided, however, that the proceeds of any convertible
notes issued by Maker prior to May 23, 2017 and converted into the common stock of Maker as part of any initial public stock offering
by Maker shall not be included in determining whether a Qualified Financing has occurred, provided, that, if no such Qualified
Financing is completed on or before June 8, 2019, all outstanding amounts under this Note shall be due and payable on June 8,
2019. Notwithstanding the above, if the Maker is acquired, the outstanding balance of this Note shall be due and payable within
thirty (30) days following the acquisition.

 

     

     

    

 

3.            Repayment
in Stock:

 

a.         Section
2 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

Notwithstanding
anything to the contrary, the Maker may elect, in its sole discretion, to repay up to fifty percent (50%) (rounded down to the
nearest whole cent) of the aggregate outstanding amount (the principal amount and all accrued but unpaid interest thereon) under
this Note as of the date this Note becomes due and payable pursuant to Section 1 of this Note (such date, “the Repayment
Date”, and such amount, the “Stock Repayment Amount”) by issuing, no later than five (5) business days following
the Repayment Date, shares of Maker’s common stock, preferred stock or other equity securities (as applicable) equal to the Stock
Repayment Amount divided by that number equal to 80% of the price per share of Maker’s common stock as of the Repayment Date.

 

4.          Amendment
Provision. This Amendment is entered into by Maker and Lender in a manner consistent with the provisions of Section 11 of
the Restated Note. Except as expressly set forth in this Amendment, the Restated Note is not amended or modified, Lender has not
waived the terms of any of the Restated Note, and the terms and conditions of the Restated Note are ratified and confirmed and
such terms shall remain in full force and effect.

 

5.          General.
Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Restated Note. This Amendment 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. The terms of this Amendment shall be construed in accordance with the laws of the Commonwealth of
Massachusetts, without regard to choice of law provisions.

 

    	 	2	 

     

    

 

Legal
Disclaimer: Myomo, Inc. may, in the future, undertake a public offering pursuant to Regulation A under the Act. No money or other
consideration is being solicited at this time with respect to such an offering, and if sent in response to these materials for
such an offering, it will not be accepted. No offer to buy securities can be accepted and no part of the purchase price can be
received for an offering under Regulation A until an offering statement is qualified by the U. S. Securities and Exchange Commission,
and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its
acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation A offering
is non-binding and involves no obligation or commitment of any kind.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written above.

 

	LENDER:	 	MAKER:
	SANDCASTLE
    LIMITED PARTNERSHIP	 	MYOMO,
    INC.
	 	 	 	 	 
	By:	/s/
    Christopher Archambault	 	By:	/s/
    Paul R. Gudonis
	Name:	Christopher
    Archambault	 	Paul
    R. Gudonis
	Title:	Duly
    Authorized	 	Chief
    Executive Officer

 

    	 	4	 

     

    

 

AMENDMENT
NO. 2 TO AMENDED AND RESTATED UNSECURED TERM

PROMISSORY NOTE

 

This
AMENDMENT No. 2 entered into this 23 day of May, 2017 (this “Amendment”) to the Amended and Restated
Unsecured Term Promissory Note effective September 1, 2015, issued by Myomo, Inc., a Delaware corporation (the “Maker”),
to Sandcastle Limited Partnership (the “Lender”), as amended by Amendment No. 1 to Amended and Restated
Unsecured Term Promissory Note on June 29, 2016 (“Amendment No. 1”).

 

WHEREAS,
Maker issued to Steve Kelly on May 25, 2011 an Unsecured Term Convertible Promissory Note in the original stated principal
amount of $75,000 (as amended prior to the effectiveness of the Restated Note (as defined below), the “Original Note”);

 

WHEREAS,
effective as of September 1, 2015, Maker and Lender amended and restated the Original Note in its entirety, in order to, among
other things, reflect the transfer by Steve Kelly of all rights, title and interest to Lender under the Original Note (the “Restated
Note”);

 

WHEREAS,
on June 29, 2016, the Maker and Lender amended the Restated Note pursuant to Amendment No. 1 to, among other things, modify
the repayment terms, provide for repayment in shares of the Maker’s capital stock in certain circumstances, and for subordination
of the Restated Note to certain other indebtedness of the Maker, all as provided for in Amendment No. 1.

 

WHEREAS,
Maker and Lender now wish to further amend the Restated Note on the terms and conditions set forth herein, pursuant to Section
11 of the Restated Note, as amended to date.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Effective
Date. This Amendment shall be effective as of the date first set forth above.

 

2.            Payments.

 

a.         Section
1 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

The
outstanding balance shall bear interest at a rate of ten percent (10%) per annum, compounded annually based on a 365-day year,
until such time as there is no amount outstanding hereunder. Subject to Section 2 hereof, all outstanding amounts then due under
this Note shall be due and payable within thirty (30) days following the completion of a financing by Maker with the principal
purpose of raising capital, pursuant to which it sells its common stock, preferred stock or other equity securities, in a single
transaction or series of transactions in any twelve (12) month period, with combined cumulative gross proceeds of not less than
ten million dollars ($10,000,000); (a “Qualified Financing”), provided, however, that the proceeds of any convertible
notes issued by Maker prior to May 23, 2017 and converted into the common stock of Maker as part of any initial public stock offering
by Maker shall not be included in determining whether a Qualified Financing has occurred, provided, that, if no such Qualified
Financing is completed on or before June 8, 2019, all outstanding amounts under this Note shall be due and payable on June 8,
2019. Notwithstanding the above, if the Maker is acquired, the outstanding balance of this Note shall be due and payable within
thirty (30) days following the acquisition.

 

     

     

    

 

3.            Repayment
in Stock:

 

a.         Section
2 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

Notwithstanding
anything to the contrary, the Maker may elect, in its sole discretion, to repay up to fifty percent (50%) (rounded down to the
nearest whole cent) of the aggregate outstanding amount (the principal amount and all accrued but unpaid interest thereon) under
this Note as of the date this Note becomes due and payable pursuant to Section 1 of this Note (such date, “the Repayment
Date”, and such amount, the “Stock Repayment Amount”) by issuing, no later than five (5) business days following
the Repayment Date, shares of Maker’s common stock, preferred stock or other equity securities (as applicable) equal to the Stock
Repayment Amount divided by that number equal to 80% of the price per share of Maker’s common stock as of the Repayment Date.

 

4.           Amendment
Provision. This Amendment is entered into by Maker and Lender in a manner consistent with the provisions of Section 11 of
the Restated Note. Except as expressly set forth in this Amendment, the Restated Note is not amended or modified, Lender has not
waived the terms of any of the Restated Note, and the terms and conditions of the Restated Note are ratified and confirmed and
such terms shall remain in full force and effect.

 

5.           General.
Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Restated Note. This Amendment 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. The terms of this Amendment shall be construed in accordance with the laws of the Commonwealth of
Massachusetts, without regard to choice of law provisions.

 

    	 	2	 

     

    

 

Legal
Disclaimer: Myomo, Inc. may, in the future, undertake a public offering pursuant to Regulation A under the Act. No money or other
consideration is being solicited at this time with respect to such an offering, and if sent in response to these materials for
such an °flexing, it will not be accepted No offer to buy securities can be accepted and no part of the purchase price can
be received for• an offering under Regulation A until an offering statement is qualified by the U. S. Securities and Exchange
Commission, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice
of its acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation
A offering is non-binding and involves no obligation or commitment of any kind.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written above.

 

	LENDER:	 	MAKER:
	SANDCASTLE
    LIMITED PARTNERSHIP	 	MYOMO,
    INC.
	 	 	 	 	 
	By:	/s/
    Christopher Archambault	 	By:	/s/
    Paul R. Gudonis
	Name:	Christopher
    Archambault	 	Paul
    R. Gudonis
	Title:	Duly
    Authorized	 	Chief
    Executive Officer

 

    	 	4	 

     

    

 

AMENDMENT
NO. 2 TO AMENDED AND RESTATED UNSECURED TERM

PROMISSORY NOTE 

 

This
AMENDMENT No. 2 entered into this 23 day of May, 2017 (this “Amendment”) to the Amended and Restated
Unsecured Term Promissory Note effective September 1, 2015, issued by Myomo, Inc., a Delaware corporation (the “Maker”),
to Sandcastle Limited Partnership (the “Lender”), as amended by Amendment No. 1 to Amended and Restated Unsecured
Term Promissory Note on June 29, 2016 (“Amendment No. 1”).

 

WHEREAS,
Maker issued to Steve Kelly on January 25 2011 an Unsecured Term Convertible Promissory Note in the original stated principal
amount of $250,000 (as amended prior to the effectiveness of the Restated Note (as defined below), the “Original Note”);

 

WHEREAS,
effective as of September 1, 2015, Maker and Lender amended and restated the Original Note in its entirety, in order to, among
other things, reflect the transfer by Steve Kelly of all rights, title and interest to Lender under the Original Note (the “Restated
Note”);

 

WHEREAS,
on June 29, 2016, the Maker and Lender amended the Restated Note pursuant to Amendment No. 1 to, among other things, modify
the repayment terms, provide for repayment in shares of the Maker’s capital stock in certain circumstances, and for subordination
of the Restated Note to certain other indebtedness of the Maker, all as provided for in Amendment No. 1.

 

WHEREAS,
Maker and Lender now wish to further amend the Restated Note on the terms and conditions set forth herein, pursuant to Section
11 of the Restated Note, as amended to date.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Effective
Date. This Amendment shall be effective as of the date first set forth above.

 

2.            Payments.

 

a.          Section
1 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

The
outstanding balance shall bear interest at a rate of ten percent (10%) per annum, compounded annually based on a 365-day year,
until such time as there is no amount outstanding hereunder. Subject to Section 2 hereof, all outstanding amounts then due under
this Note shall be due and payable within thirty (30) days following the completion of a financing by Maker with the principal
purpose of raising capital, pursuant to which it sells its common stock, preferred stock or other equity securities, in a single
transaction or series of transactions in any twelve (12) month period, with combined cumulative gross proceeds of not less than
ten million dollars ($10,000,000); (a “Qualified Financing”), provided, however, that the proceeds of any convertible
notes issued by Maker prior to May 23, 2017 and converted into the common stock of Maker as part of any initial public stock offering
by Maker shall not be included in determining whether a Qualified Financing has occurred, provided, that, if no such Qualified
Financing is completed on or before June 8, 2019, all outstanding amounts under this Note shall be due and payable on June 8,
2019. Notwithstanding the above, if the Maker is acquired, the outstanding balance of this Note shall be due and payable within
thirty (30) days following the acquisition.

 

     

     

    

 

3.            Repayment
in Stock:

 

a.         Section
2 of the Restated Note is deleted in its entirety and the following is inserted in lieu thereof:

 

Notwithstanding
anything to the contrary, the Maker may elect, in its sole discretion, to repay up to fifty percent (50%) (rounded down to the
nearest whole cent) of the aggregate outstanding amount (the principal amount and all accrued but unpaid interest thereon) under
this Note as of the date this Note becomes due and payable pursuant to Section 1 of this Note (such date, “the Repayment
Date”, and such amount, the “Stock Repayment Amount”) by issuing, no later than five (5) business days following
the Repayment Date, shares of Maker’s common stock, preferred stock or other equity securities (as applicable) equal to the Stock
Repayment Amount divided by that number equal to 80% of the price per share of Maker’s common stock as of the Repayment Date.

 

4.            Amendment
Provision. This Amendment is entered into by Maker and Lender in a manner consistent with the provisions of Section 11 of
the Restated Note. Except as expressly set forth in this Amendment, the Restated Note is not amended or modified, Lender has not
waived the terms of any of the Restated Note, and the tenns and conditions of the Restated Note are ratified and confirmed and
such terms shall remain in full force and effect.

 

5.            General.
Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Restated Note. This Amendment 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. The terms of this Amendment shall be construed in accordance with the laws of the Commonwealth of
Massachusetts, without regard to choice of law provisions.

 

    	 	2	 

     

    

 

Legal
Disclaimer: Myomo, Inc. may, in the future, undertake a public offering pursuant to Regulation A under the Act. No money or other
consideration is being solicited at this tune with respect to such an offering, and if sent in response to these materials for
such an offering, it will not be accepted. No offer to buy securities can be accepted and no part of the purchase price can he
received for an offering under Regulation A until an offering statement is qualified by the U. S. Securities and Exchange Connnission,
and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its
acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation A offering
is non-binding and involves no obligation or commitment of any kind.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written above.

 

	LENDER:	 	MAKER:
	SANDCASTLE
    LIMITED PARTNERSHIP	 	MYOMO,
    INC.
	 	 	 	 	 
	By:	/s/
    Christopher Archambault	 	By:	/s/
    Paul R. Gudonis
	Name:	Christopher
    Archambault	 	Paul
    R. Gudonis
	Title:	Duly
    Authorized	 	Chief
    Executive Officer

 

 

 

4

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