Document:

Form of Lock-Up Agreement

EXHIBIT 10.32

Form of Lock-Up Agreement

________, 2013

Aegis Capital Corp.

810 Seventh Avenue, 18th Floor

New York, New York 10019

Ladies and Gentlemen:

The undersigned understands that Aegis Capital Corp. (the “Representative”) proposes to enter into an Underwriting Agreement (the “Underwriting Agreement”) with Heat Biologics, Inc., a Delaware corporation (the “Company”), providing for the public offering (the “Public Offering”) of shares of common stock, par value $0.0001 per share, of the Company (the “Shares”).

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending 180 days after the date of the final prospectus (the “Prospectus”) relating to the Public Offering (the “Lock-Up Period”), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities.  Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; provided that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, “family member” means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made.  The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s Lock-Up Securities except in compliance with this lock-up agreement.

If (i) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Representative waives, in writing, such extension; provided, however, that this extension of the Lock-Up Period shall not apply to the extent that FINRA has amended or repealed NASD Rule 2711(f)(4), or has otherwise provided written interpretive guidance regarding such rule, in each case, so as to eliminate the prohibition of any broker, dealer, or member of a national securities association from publishing or distributing any research report, with respect to the securities of an Emerging Growth Company prior to or after the expiration of any agreement between the broker, dealer, or member of a national securities association and the Emerging Growth Company or its shareholders that restricts or prohibits the sale of securities held by the Emerging Growth Company or its shareholders after the initial public offering date.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement during the period from the date hereof to and including the 34th day following the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period (as may have been extended pursuant to the previous paragraph) has expired. 

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed or “friends and family” Shares that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver.  Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release.  The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; provided that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of this lock-up agreement.  In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called “10b5-1” plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering.  The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement is not executed by September 30, 2013, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to the initial closing date of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions.  Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

Very truly yours,

___________________________________________

(Name - Please Print)

___________________________________________

(Signature)

___________________________________________

(Name of Signatory, in the case of entities - Please Print)

___________________________________________

(Title of Signatory, in the case of entities - Please Print)

Address:

__________________________________

_________________________________

_________________________________Agreement Amendment

EXHIBIT 10.33

AGREEMENT

This Agreement (this “Agreement”), dated as of May 23, 2013, is entered into by and among Heat Biologics, Inc., a Delaware corporation (the “Company”), and the several undersigned purchasers (individually, a “Purchaser” and collectively, the “Purchasers”).  Certain capitalized terms used herein are defined in the Series B Preferred Stock Purchase Agreement (the “SPA”), dated as of March 25, 2013, entered into by and among the Company and the Purchasers.  

RECITALS

A. 

WHEREAS, the Company and the Purchasers are parties to the SPA, pursuant to which the Purchasers acquired shares of Series B-1 Preferred Stock, par value $0.0001 per share, and committed to make an additional investment in the Company and acquire shares of Series B-2 Preferred Stock and warrants upon fulfillment of certain conditions set forth in the SPA.  

B. 

WHEREAS, the Company has filed a registration statement with the Securities and Exchange Commission for its initial public offering of its common stock (the “IPO”) for which Aegis Capital Corp. (“Aegis”) is acting as the representative of the underwriters.

C. 

WHEREAS, to facilitate the IPO, the Company has requested that certain amendments be made to the SPA.

D. 

WHEREAS, the Purchasers desire to facilitate the IPO and approve and effect the requested changes. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and to facilitate the IPO and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

1. 

Notwithstanding anything to the contrary that may be contained in the SPA, each Purchaser’s obligation to acquire, and the Company’s obligation to issue, Series B-2 Shares and Warrants under the SPA shall  hereby be terminated effective immediately and automatically upon  the consummation of a Qualified Public Offering (as defined in the Company’s Third Amended and Restated Certificate of Incorporation), and any provisions of the SPA providing for or otherwise contemplating the acquisition or issuance of the Series B-2 Shares or Warrants shall be deemed to have no further force or effect, ab initio,  regardless of whether or not any stated or otherwise contemplated condition to their acquisition or issuance is met at a future date.  In consideration thereof, the Company hereby agrees to issue to the Purchasers, on a pro rata basis, based on their respective shares of Series B-1 Preferred Stock so owned, upon the consummation of a Qualified Public Offering, a number of shares of common stock having an aggregate value equal to $361,668, to be calculated based upon the initial public offering price in the Qualified Public Offering. 

2. 

Each Purchaser shall execute a lock up agreement provided by Aegis in the form attached hereto as Exhibit A. 

3. 

The SPA and the exhibits and schedules thereto, as amended by this Agreement, contains the entire agreement between the parties hereto regarding the subject matter thereof, and there are no agreements, warranties or representations which are not set forth therein or herein.  This 

Agreement may not be modified or amended except by an instrument in writing duly signed by or on behalf of the parties hereto.  

4. 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed entirely within the State, without regard to conflict of laws principles.

5. 

This Agreement shall be binding upon the parties and inure to the benefit of the successors and assigns of the respective parties hereto; provided, however, that neither this Agreement nor any of the rights hereunder may  be assigned by any of the Purchasers  hereto without the prior written consent of the Company .

6. 

This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

7. 

In the event of any conflict between the terms or provisions of this Agreement and the SPA, then this Agreement shall prevail in all respects.

8. 

Notwithstanding anything contained herein to the contrary, in the event a Qualified Public Offering is not consummated on or before December 31, 2013, this Agreement shall terminate and be of no force or effect whatsoever (i.e., the rights and obligations of the parties shall be as though this Agreement never existed).

HEAT BIOLOGICS, INC.

By:  ______________________

Name: Jeff Wolf

Title: President

		
	 
	 

	 
	PURCHASER:

 

	 
	_____________________________________

INSERT NAME OF PURCHASER

 

By:

______________________________

Name:

Title:

Number of Shares held by Purchaser and Class of Preferred Stock held ______________________

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