Document:

Amendent No. 2 to the Exclusive License Agreement

 Exhibit 10.3 
 AMENDMENT NO. 2 
 to the Exclusive License Agreement
between 
 VIRGINIA COMMONWEALTH UNIVERSITY 
 INTELLECTUAL PROPERTY FOUNDATION 
 and 
 OXYGEN BIOTHERAPEUTICS, INC. 
 Whereas, Virginia Commonwealth University Intellectual Property Foundation (LICENSOR) and Oxygen Biotherapeutics, Inc. (LICENSEE, formally Synthetic Blood International, Inc.) are parties to an
Exclusive License Agreement entered into on May 21st,
2008; 
 Whereas, Section 2.2 of the Agreement states that “LICENSOR grants to LICENSEE, and LICENSEE accepts, an exclusive
first option to enter into good faith negotiations for a license in the FIELD OF USE to include any inventions with respect to oxygen therapeutics invented by Dr. Bruce Spiess together with other inventors (if no inventor objects in writing) in
this AGREEMENT upon payment of $25,000 fee.”, and; 
 Whereas, LICENSOR, in a letter dated December 4, 2008, notified LICENSEE
of such invention described in VCU invention disclosure 08-052, entitled “Intravenous Perfluorocarbon Emulsions for the Treatment of Traumatic Brain and Spinal Cord (Central Nervous System) Injury.” LICENSEE has elected to include this
invention in the Exclusive License Agreement by paying the $25,000 fee on January 15,2009, and; 
 NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. In Appendix A, the
following invention is added to the list of Licensed Patents: 
 4. PCT application and US patent application filed
July 17,2009, Serial Nos. PCT/US2009/004165 and 12/460,409, respectively, entitled “METHOD OF TREATING TRAUMATIC BRAIN INJURY” based on VCU invention 08-052. 
  

									
	Agreed and Accepted:
			
	Oxygen Biotherapeutics, Inc.	 		 	VCU Intellectual Property Foundation
	By	 		 		 	By	 	
			
	 /s/ Michael Jebsen
	 		 	 /s/ Ivelina S. Metcheva

	Name	 	Michael Jebsen	 		 	 Ivelina S. Metcheva, Ph.D., MBA
 President

	Title	 	CFO	 		 
					
	Date:	 	 3/8/2010
	 		 	Date:	 	 3/10/10Waiver - Convertible Note

 Exhibit 10.5 
 WAIVER – CONVERTIBLE NOTE 
 This Waiver is given
with respect to the Convertible Note Due January 2013 identified at the foot of this Waiver (the “Note”), by the person whose signature appears at the foot of this Waiver, who is the holder of the Note (the “Holder”), to Oxygen
Biotherapeutics, Inc., a Delaware corporation (the “Company”). The Company is the successor to Synthetic Blood International, Inc., a New Jersey corporation, which originally issued the Note. Capitalized terms used herein that are not
otherwise defined shall have the meaning ascribed to such terms in the Warrant. 
 Recital 
 The Company and Holder agree and acknowledge that the obligation to register the Conversion Shares pursuant to Section 6 of the Note
will divert financial and other resources from the Company’s operations, which is contrary to the Holder’s desire to see long-term growth and development of the Company and an increase in shareholder value. The parties further acknowledge
that the obligation to register the Conversion Shares by January 2009 is of nominal value to the Holder in light of the Holder’s interest in the long-term growth of the Company and the Holder’s right to exercise its conversion rights under
Section 4 of the Note. 
 Waiver 
 In consideration of the foregoing Recital, the Holder, for itself and its successors and assigns, waives and releases the Company from any and all present and future duties, obligations and liabilities
set forth in Section 6 of the Note. 
 Except as specifically provided for herein, all terms of the original Note shall
remain in full force and effect. 
 EXECUTED by the Holder this      day of
             2008. 
  

			
	  

	Holder Signature
	Name:	 	  

	Title:	 	  

  

			
		
	Holder’s Name:	 	  

	Note No.:Amendment - Common Stock Purchase Warrant

 Exhibit 10.6 
 AMENDMENT - COMMON STOCK PURCHASE WARRANT 
 This
Amendment to the Common Stock Purchase Warrant identified at the foot of this Amendment (the “Warrant”), is made and entered into this      day of
            , 2008, by and between Oxygen Biotherapeutics, Inc., a Delaware corporation and formerly Synthetic Blood International, Inc. (the “Company”), and the
Holder of the Warrant whose signature appears at the foot of this Amendment. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms in the Warrant. 
 Recitals 
 The Company and
Holder agree and acknowledge that the obligation to register the Warrant Shares pursuant to Section 5(f) of the Warrant will divert financial and other resources from the Company’s operations, which is contrary to the Holder’s desire
to see long-term growth and development of the Company and an increase in shareholder value. The parties further acknowledge that the obligation to register the Warrant Shares by January 2009 is of nominal value to the Holder in light of the
Holder’s interest in the long-term growth of the Company. 
 Agreement 
 In consideration of the foregoing Recitals, the Holder, for itself and its successors and assigns, agrees with the Company as follows:

 1. Section 2(c) of the Warrant is hereby deleted in its entirety and the following new section 2(c) is inserted in lieu thereof:

 c) Cashless Exercise. If at any time after the registration statement contemplated by
Section 5(f), below, is declared effective by the Securities and Exchange Commission there is not an effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder for more
than 30 consecutive days, then after the expiration of such 30-day period and so long as there remains no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder this
Warrant may also be exercised during such period of non-registration by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where: 
  

					
	(A)	 	=	 	the closing bid price on the Trading Day immediately preceding the date of such election;
			
	(B)	 	=	 	the Exercise Price of this Warrant, as adjusted; and
			
	(X)	 	=	 	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless
exercise.

 2. Section 5(f) of the Warrant is hereby deleted in its entirety and the following new
section 5(f) is inserted in lieu thereof: 
 f) Registration of Warrant Shares. The Company shall file a
registration statement under the Securities Act with the Securities and Exchange Commission (the “Commission”) on or before August 14, 2009, for the purpose of registering for resale the Warrant Shares, and shall use its best efforts
to keep such registration statement continuously effective under the Securities Act until all such shares covered by such registration statement have been sold or the Warrant Shares (or the Warrant Shares issuable through exercise under
Section 2(c)) may be sold without restriction pursuant to Rule 144 as determined by the counsel to the Company pursuant to a written opinion letter to such effect. The Holder shall provide to the Company in writing all information reasonably
required by the Company to comply with its disclosure obligations in the registration statement imposed by the Securities Act and the regulations promulgated thereunder. The failure of the Holder for any reason to provide such information at least
five Business Days prior to the filing of the registration statement covering the Warrant Shares (and five Business Days prior to any pre or post effective amendment to such registration Statement) shall effect a termination of any obligation of the
Company to file any registration statement pertaining to the Warrant Shares, the Company shall have no liability to the Holder with respect thereto, and the Holder’s right to exercise this warrant in the manner provided for in Section 2(c)
shall be void and unenforceable. 
 3. Except as specifically provided for herein, all terms of the original Warrant shall remain in full force
and effect. 
 AGREED AND ENTERED INTO this      day of
             2008, by the undersigned thereunto duly authorized. 
  

									
	  
	 		 	Warrant No.	 	  

	Print Holder’s Name	 		 		 	
				
	  
	 		 		 	
	Holder Signature	 		 		 	
					
	Name:	 	  
	 		 		 	
					
	Title:	 	  
	 		 		 	
				
	Oxygen Biotherapeutics, Inc.	 		 		 	
					
	By	 	  
	 		 		 	
					
	Name:	 	  
	 		 		 	
					
	Title:	 	  
	 		 		 	

  

 2Second Amendment of Supplemental Executive Thrift Plan

 Exhibit 10.3 
 SECOND AMENDMENT 
 OF 
 FEDERAL HOME LOAN BANK OF INDIANAPOLIS 
 SUPPLEMENTAL EXECUTIVE THRIFT PLAN 
 (As Amended and Restated
Effective June 1, 2003) 
 WHEREAS, the Federal Home Loan Bank of Indianapolis (the “Bank”) maintains the Federal
Home Loan Bank of Indianapolis Supplemental Executive Thrift Plan (As Amended and Restated Effective June 1, 2003) (the “SETP”); and 
 WHEREAS, participation and benefit accruals in the SETP were frozen effective as of December 31, 2004; and 
 WHEREAS, pursuant to Article VI, the Board of Directors of the Bank (the “Board”) has determined to terminate the SETP in accordance with Treasury Regulation §1.409A-3(j)(ix)(C), effective
as of December 23, 2009, the date as of which the Bank received notice from the Federal Housing Finance Agency that the Board had authority to take this action; 
 NOW, THEREFORE, pursuant to the power reserved to the Board under Article VII of the SETP, the SETP is hereby amended and terminated, effective as of December 23, 2009, by adding a New Supplement B
to read as follows: 
 1. By replacing Article IV in its entirety with the following: 
 “SUPPLEMENT B 
 TERMINATION 
 Section B-1 Application.
The purpose of this Supplement is to terminate the Plan, effective as of December 23, 2009 (the “Termination Date”). The provisions of this Supplement supersede the provisions of the Plan to the extent necessary to eliminate any
inconsistency between the Plan and this Supplement. 
 Section B-2 Cessation of Benefit Accrual. A
Participant’s benefit under the Plan will be limited to his accrued benefit as of the Termination Date, which will equal the Participant’s vested account balance as of December 23, 2009. Participants will not accrue any additional
benefits after the Termination Date; provided, however, investment credits earned after the Termination Date shall continue to be allocated to Investment Accounts. 
 Section B-3 Continued Participation. All employees who are Participants on the Termination Date will continue
as Participants with respect to their Investment Account under the Plan until the balances in those Investment Accounts are distributed to them or to their beneficiaries as provided under the terms of the Plan. 

 Section B-4 Distribution of Benefits. Participants’
Investment Accounts will be paid in a single sum on or after December 24, 2010, but in no event later than December 24, 2011; provided, however, if a Participant dies before distribution of his benefits under the Plan is made, the
Participant’s entire balance under the Plan will be distributed to the Participant’s designated beneficiary in the form of a single sum as soon as administratively practicable after the Participant’s death.” 
 The SETP shall remain the same in all other respects. 
 IN WITNESS WHEREOF, the Federal Home Loan Bank of Indianapolis has caused this amendment to be executed on its behalf by its duly authorized officers this 15th day of March, 2010, but effective as of the
date set forth above. 
  

			
	 FEDERAL HOME LOAN BANK OF
 INDIANAPOLIS

		
	By:	 	 /s/ MILTON J. MILLER

		 	Milton J. Miller, President and CEO

  

	
	ATTEST:
	
	 /s/ JONATHAN R. WEST

	 Jonathan R. West, Senior Vice President
 and General Counsel

  

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