Document:

Exhibit 10.31

 

AMENDMENT
TO COLLABORATION AND LICENSE AGREEMENT BETWEEN NANOMERICS LTD. AND VIRPAX PHARMACEUTICALS, INC.

 

This
Amendment to the Collaboration and License Agreement (this “Amendment”) is made effective as of December 31,
2020 (the “Amendment Effective Date”) between Virpax Pharmaceuticals, Inc. (“Virpax”) and
Nanomerics Ltd. (“Nanomerics”). Virpax and Nanomerics are each sometimes referred to herein as a “Party”
and, collectively, as the “Parties.”

 

WHEREAS,
Virpax and Nanomerics are parties to that certain Collaboration and License Agreement, dated as August 7, 2020, (the “Nanomerics
License Agreement”);

 

WHEREAS,
the Parties desire to modify certain terms of the Nanomerics License Agreement as set forth in this Amendment;

 

WHEREAS,
any capitalized term not separately defined in this Amendment shall have the meaning ascribed to it in the License Agreement,
and

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

		1.	Amendment.

 

		i.	The
                                         defined term “Funding Expiry Date” in Section 1 of the Nanomerics License
                                         Agreement shall be deleted and replaced in its entirety with the following:

 

“Funding
Expiry Date” means the date (if any) specified as such in the Funding Plan and as defined in Section Error! Reference
source not found, or if no such date is specified the 31st of March 2021.

 

		2.	Term
                                         of Amendment. This Amendment shall be in effect from the Amendment Effective Date
                                         and shall continue for the term of the Nanomerics License Agreement.

 

		3.	Full
                                         Force and Effect. Except as specifically modified or amended by the terms of this
                                         Amendment, the Nanomerics License Agreement and all provisions contained therein are,
                                         and shall continue, in full force and effect and are hereby ratified and confirmed.

 

		4.	Integration.
                                         The Nanomerics License Agreement, as amended by this Amendment, contains the entire agreement
                                         of the Parties with regard to this Amendment and the Nanomerics License Agreement, and
                                         supersedes and replaces any prior agreements as to that matter. Neither this Amendment
                                         nor the Nanomerics License Agreement may be changed or modified, in whole or in part,
                                         except by an instrument in writing signed by the Parties.

 

[Remainder
of Page Intentionally Left Blank]

 

     

     

    

 

THIS
AMENDMENT IS EXECUTED by the authorised representatives of the Parties on the dates indicated below but effective as of the Amendment
Effective Date.

 

	Signed
    for and on behalf of	 	Signed
    for and on behalf of
	 	 	 
	NANOMERICS
    LTD	 	VIRPAX
    PHARMACEUTICALS, INC.
	 	 	 
	/s/
Andreas G. Schatzlein	 	/s/
    Anthony P. Mack
	Name:
    Andreas G. Schatzlein	 	Name:
    Anthony P. Mack
	 	 	 
	Title:
    Chief Executive Officer	 	Title:
    Chairman & Chief Executive Officer
	 	 	 
	Date:
    5 Jan 2021	 	Date:
    January 5, 2021

 

 

-2-Exhibit 10.32

 

FOURTH
AMENDMENT TO THE SERVICES CONVERTIBLE PROMISSORY NOTE BETWEEN VIRPAX PHARMACEUTICALS, INC. AND RRD INTERNATIONAL, LLC

 

This
Fourth Amendment to the Services Convertible Promissory Note (Exhibit A to the Service Provider Convertible Note Purchase Agreement
dated August 29, 2019, this “Amendment”) is entered into on December 31, 2020 (the “Effective Date”) between
Virpax Pharmaceuticals, Inc., (the “Virpax”) and RRD International, LLC (“RRD” or “Service Provider”).
Virpax and RRD may be collectively referred to herein as the “Parties.”

 

W
I T N E S S E T H:

 

WHEREAS,
the Parties entered into that certain Services Convertible Promissory Note dated August 29, 2019, (the “Note”) which
described the terms under which RRD would loan certain amounts to Virpax the terms under which Virpax would repay such amounts;
and

 

WHEREAS,
Amendment 1 to the Note amended the Note in order to: (1) amend the definitions of Qualified Financing and Conversion Date to
extend the dates therein from March 31, 2020 to September 30, 2020; (2) amend the definition of Maximum in order to increase the
amount of principal from $400,000 to $600,000; (3) amend the terms of conversion to provide for RRD, at its option, to convert
the note into equity or cash (all or in part) upon a Qualified Financing or upon the Conversion Date; and (4) provide for the
payment of all interest accrued up to March 31, 2020.

 

WHEREAS,
Amendment 2 to the Note amended the Note in order to: (1) amend and restate Exhibit A to the Note to increase the amount of the
Principal Balance from $434,260 to $493,480; (2) amend the definitions of Qualified Financing and Conversion Date to extend the
dates therein from September 30, 2020 to November 30, 2020; and (3) provide for the payment of all interest accrued between April
1, 2020 through November 30, 2020 in the amount of $30,431 and the continued accrual of interest until this Note is satisfied.

 

WHEREAS,
Amendment 3 to the Note amended the Note in order to: (1) amend the definitions of Qualified Financing and Conversion Date to
extend the dates therein from November 30, 2020 to December 31, 2020; and (2) amend and restate Section 3(a) to provide RRD (Service
Provider) with the option of receiving the outstanding principle as cash or equity in the event a Qualified Financing has not
occurred by the Conversion Date.

 

WHEREAS,
per Amendment 3, a Qualified Financing cannot occur beyond December 31, 2020, the Parties desire to further amend the Note in
order to amend the definition of Conversion Date to extend the date therein from December 31, 2020 to January 31, 2021.

 

NOW
THEREFORE, the Parties in consideration of the mutual covenants and agreements hereinafter set forth agree as follows:

 

		1.	The
                                         Note is hereby amended as follows:

 

		A.	Amend
                                         the Definitions of Conversion Date. The term “Conversion Date” is hereby
                                         amended to extend the date therein from December 31, 2020 to January 31, 2021.

 

		B.	Amend
                                         and Restate Section 3(a). Section 3(a) is hereby amended and restated as follows:

 

“Conversion.
If on or prior to January 31, 2021 (the “Conversion Date”), a Qualified Financing has not occurred, then the Company
shall provide all outstanding principal and interest under this Services Note to RRD in the form of cash.”

 

		2.	This
                                         Amendment shall commence on the Effective Date.

 

		3.	Except
                                         as amended hereby, all of the terms and conditions of the Agreement are hereby ratified
                                         and confirmed and shall remain in full force and effect.

 

IN
WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives as of the Effective
Date.

  

     

     

    

 

ACKNOWLEDGED,
ACCEPTED AND AGREED TO:

 

RRD
INTERNATIONAL, LLCVIRPAX PHARMACEUTICALS, INC.

 

 

	By:	/s/J.
    Scott Tarrant	 	By: 	/s/ Anthony P. Mack
	Name:  	J.
    Scott Tarrant	 	Name: 	Anthony
P. Mack
	Title:	President
    and CEO	 	Title:	Chairman & CEO
	Date:	12/31/2020	 	Date:	December 31, 2020Exhibit 10.33

 

PROMISSORY NOTE

 

	$75,000.00	West Chester, Pennsylvania

January 7, 2021

 

For value received,
the undersigned, Virpax Pharmaceuticals, Inc., a Delaware corporation, (herein called “Maker”), promises to pay to
the order of Anthony P. Mack (herein, together with its successors and assigns who become holders of this Promissory Note (the
“Note”), called “Holder”) at the address set forth on the signature page hereof, or such other place as
Holder may designate in writing, the principal sum of $75,000.00 together with simple interest on the unpaid principal amount from
time to time owing hereunder, commencing on the above date, at the rate of 1.35% per annum.

 

Interest and principal
payments on this Note shall be payable as follows:

 

Interest shall accrue
on this Note and not be payable until the maturity date described below (or repayment of the Note). All principal and accrued and
unpaid interest under this Note shall be payable on January 6, 2022 (the “Maturity Date”), when the entire principal
balance and any accrued interest on this Note shall be due and payable. Maker shall pay all of Holder’s costs, expenses,
and attorneys’ fees incurred in connection with the collection or enforcement of this Note.

 

All payments required
hereunder shall be calculated on the basis of a 360-day year, divided into twelve 30-day months.

 

This Note may be prepaid
in whole or in part at any time without penalty or bonus.

 

Both principal and
interest shall be paid by Maker in lawful money of the United States of America. This Note has been executed under and shall be
construed and enforced in accordance with the laws of the State of New York from time to time in effect, except to the extent that
the United States federal laws preempt or otherwise control the laws of the State of New York, including without limitation the
extent to which the United States federal law permits Holder to contract for, charge or receive a greater amount of interest than
do the laws of the State of New York. This Note is unsecured.

 

No delay or omission
on the part of Holder hereof in exercising any right hereunder shall operate as a waiver of such right or of any other right under
this Note.

 

Neither this Note nor
any term hereof may be waived, amended, discharged, modified, changed, or terminated orally, nor shall any waiver of any provision
hereof be effective except by an instrument in writing signed by Maker and Holder thereof.

 

Whenever used herein,
the words “Maker” and “Holder” shall be deemed to include their respective heirs, personal representatives,
successors and assigns.

 

All notices to be given
under this Note shall be deemed served upon receipt by the addressee or, if mailed, upon the expiration of twenty-four (24) hours
after deposit in the United States Postal Service, certified mail, postage prepaid, addressed to the address of Maker or Holder
as set forth in the books and records of Virpax Pharmaceuticals, Inc.

 

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INTENTIONALLY LEFT BLANK]

 

     

     

    

 

	Signed on January 7, 2021.	 
	 	 
	MAKER	 
	 	 
	/s/ Jeffrey Gudin	 
	 	 
	Virpax Pharmaceuticals, Inc.	 
	 	 
	By: Jeffrey Gudin	 
	 	 
	EVP, Chief Medical Officer	 
	 	 
	HOLDER	 
	 	 
	/s/ Anthony P. Mack	 
	 	 
	Anthony P. Mack	 

 

[Signature
page to Unsecured Promissory Note]

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