Document:

Exhibit 10.51

 

	CONFIDENTIAL	EXECUSION
  VERSION

 

[***]
Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this Document because it is both not material
and is the type that the registrant treats as private or confidential.

 

Amendment 2 to collaboration and license agreement

 

This
Amendment #2 (hereinafter “Amendment 2”) is signed as of the signature date(s) below and made effective December 20
2021, below (“Amendment 2 Effective Date”) and entered into by and between VBI Vaccines, Inc. a company organized
under the laws of the Province of British Columbia, Canada (“VBI”) and having a principal place of business at 310
Hunt Club Road, Suite 201, Ottawa ON K1V 1C1, and Brii Biosciences Limited, an exempted company organized under the laws of the Cayman
Islands (“Brii Bio”) having its registered office at Vistra (Cayman) Limited, PO Box 3119, Grand Pavilion Hibiscus
Way, 802 West Bay Road Grand Cayman KYI-1205. VBI and Brii Bio are referred to individually as a “Party” and are collectively
referred to as the “Parties”.

 

WHEREAS,
this Amendment 2 amends the Collaboration and License Agreement with an effective date of December 4, 2018 between VBI and Brii Bio
(the “Agreement”) and as amended by the Amending Agreement with an effective date of April 8, 2021 (“Amendment
1”); and

 

WHEREAS,
VBI and Brii Bio find it in their respective interests to amend the Agreement.

 

NOW
THEREFORE, in consideration of the promises and covenants herein contained, the Parties hereto agree as follows:

 

	 	1.	Amendment to Article 1- Definitions. As of the Amendment
2 Effective Date, Article 1 of the Agreement shall be amended as follows:

 

	 	a.	Section 1.18 shall be revised as follows:

 

	 	i.	“Collaboration Clinical Trial(s)” or “Collaboration
Clinical Study(ies)” shall mean the Phase II Clinical Trial, and the BRII-179 + PEG-IFN Phase II combination clinical
study, to be conducted in accordance with the Development Plan in the Licensed Territory for the purpose of comparing VBI-2601
and a Novel Composition across multiple cohorts and dosing regimens.

 

	 	b.	Section 1.98 shall be added to the Agreement and shall read
as follows:

 

	 	i.	“Combo Clinical Trial” shall mean the BRII-179/BRII-835
combination Phase II clinical study.

 

    	 

     

    

 

CONFIDENTIAL

 

	 	c.	Section 1.99 shall be added to the Agreement and shall read
as follows:

 

	 	 	“Combo
  Animal Study” shall mean the toxicology study in rats using the Licensed Product and (ii) a further study of the Licensed
  Product alone and with BRII-835 siRNA in a chronic HBV-AAV mouse model in support of the Combo Clinical Trial..

 

	 	2.	Amendment
  to Section 6.4-Rights of Reference. As of the Amendment 2 Effective Date the following changes to Section 6.4 will apply:

 

	 	a.	Each
    Party shall have the right to cross reference, file or incorporate by reference any regulatory submission, in connection with the
    Collaboration Clinical Trial, for any Licensed Product, or any component thereof (including all Approvals), in order to support regulatory
    submissions that such Party may make for a Licensed Product in its respective territory. 
	 	 	 
	 	b.	With
    respect to any data arising out of the Combo Clinical Trial, Brii Bio shall be the sole owner of any such data. Brii Bio agrees to
    publish the topline data (“Topline Data”) from the Combo Clinical Trial as soon as reasonable after the interim &
    final data readouts in compliance with Applicable Laws and Brii Bio’s publication procedures. Brii Bio will make reasonable
    efforts to include individual baseline clinical status and biomarker data from the Combo Clinical Trial in the publication to the
    extent practical and permitted by Applicable Laws. 
	 	 	 
	 	c.	VBI
    shall have the right to cross reference, file or incorporate by reference such Topline Data to the extent necessary to support its
    regulatory submissions for Licensed Products outside of the Licensed Territory. To the extent VBI requires additional clinical data
    from the Combo Clinical Trial necessary to support VBI’s regulatory submissions for Licensed Products outside of the Licensed
    Territory, the Parties shall discuss in good faith a resolution to such written request from the Regulatory Authority.
	 	 	 
	 	d.	All
other uses of such data by VBI are limited solely to those permitted by this Agreement, and VBI may not use such data for any other purpose
without the prior consent of Brii Bio during and after the Term. For the avoidance of doubt, no Party shall be obligated as a result
of this Section 6.4 to develop or prepare additional information or materials beyond those that it has otherwise developed or prepared
for its own purposes. For the avoidance of doubt, in the event that the Parties decide not to jointly develop and implement a Global
Development Plan pursuant to Section 5.5, then neither Party shall have the right to reference any data obtained by the other Party pursuant
to independent Clinical Trials conducted by such other Party, except that the Parties shall provide to each other any information or
data generated in any Clinical Trials regarding the safety of the Licensed Products.

 

    	 

     

    

 

CONFIDENTIAL

 

	 	3.	Amendment to Section 12 to add 12.9 – As of the Amendment 2 Effective Date Section 12.9 shall be added to the Agreement
  and shall read as follows:

 

	 	12.9	Brii
Bio hereby grants VBI a non-exclusive, royalty free license under the Brii Bio Technology arising from the data generated in these Combo
Animal Study and Combo Clinical Trial solely for VBI’s use in the development, manufacture or commercialization of the Licensed
Product in combination with an siRNA in the Field in the VBI Territory, and only to the extent that such license of Brii Bio Technology
[***]. VBI acknowledges and agrees that Vir-2218 (i.e., BRII 835) is [***] subject to the terms and conditions of a separate collaboration
agreement between Vir and Brii Bio. 
	 	 	 
	 	 	Brii
    represents and agrees that, to Brii’s knowledge, any interest in or rights to [***] by virtue of its collaboration therewith,
    [***] pursuant to the Agreement or this Amendment #2 and [***]. 

 

	 	4.	Amendment
    to Section 6.1(c)(i)-Licensed Territory. As of the Amendment 2 Effective Date the following changes to 6.1(c)(i) will apply:

 

	 	 	Brii
    Bio, or its designated Affiliate, shall have the sole right to prepare and submit, and shall be the sole and exclusive owner
    of, all Regulatory Documentation in the Licensed Territory, including applications for Marketing Approval and all Marketing
    Approvals in the Licensed Territory, provided that VBI shall have the right to cross reference such Regulatory Documentation and
    Marketing Approvals in the VBI Territory subject to the limitations in Section 6.4.

 

	 	5.	Amendment
    to Section 17.7-Notices. As of the Amendment 2 Effective Date Section 17.7 is amended to reflect the following:

 

	 	 	a.
    To VBI:

 

	 	i.	VBI
Vaccines Inc.
	 	 	160
    Second Street. 3rd Floor
	 	 	Cambridge,
    MA 02142

 

	 	6.	Amendment
    to Schedule 7.1(a). As of the Amendment 2 Effective Date, Schedule 7.1(a) shall be deleted and replaced with the following:

 

Schedule
7.1(a)

 

Clinical
Supply Key Terms

 

***

 

	 	7.	Except
    as specifically amended hereby, all terms of the Agreement remain in full force and effect. In the event of any conflict between
    the Agreement and this Amendment 2, the provisions of this Amendment 2 shall prevail. All terms not otherwise defined herein shall
    have the meanings ascribed to such terms in the Agreement.
	 	 	 
	 	8.	This
    Amendment 2 to the Agreement may be executed in two or more counterparts, each of which shall be an original and such counterparts
    together shall constitute the entire Amendment 2 to the Agreement. Electronically executed and electronically transmitted signatures
    shall have the full force and effect of an original signature.

 

    	 

     

    

 

CONFIDENTIAL

 

IN
WITNESS WHEREOF, each of the Parties has caused this Amendment 2 to be duly executed by its authorized representative on the date set
forth below.

 

	BRII BIOSCIENCES LIMITED	 	VBI VACCINES INC. 
	 	 	 	 	 
	/s/ Zhi Hong	 	/s/
                                            Jeff Baxter

	Name:	Zhi Hong	 	Name:	Jeff Baxter
	Title:	 Chief Executive Officer	 	Title:	Chief Executive Officer
	Date:	 December 20, 2021	 	Date:	 December 20, 2021Exhibit 10.52

 

AMENDMENT
TO CONSULTING AGREEMENT

 

This
Amendment to Consulting Agreement (the “Amendment”), effective as of January 1st, 2022 (the “Effective
Date”), is by and between Variation Biotechnologies Inc., a corporation incorporated pursuant to the laws of Canada (the “Company”)
having an address of 310 Hunt Club Road East, Ottawa, Ontario K1V 1C1 and F. Diaz-Mitoma Professional Corporation (Ontario corporation
number 002356634) having an address of 210 Barrow Crescent, Kanata, Ontario K2L 2C7 (“Consultant”). The Consultant
and Company are sometimes referred to as a “Party” and are collectively referred to as the “Parties”.

 

WHEREAS,
the Company and Consultant are parties to a certain Consulting Agreement dated July 1, 2016, amended as of January 1, 2017, amended January
1, 2018, amended January 1, 2019, January 1, 2020, and further amended as of January 1, 2021 (the “Consulting Agreement”);

 

AND
WHEREAS, the Consultant and the Company wish to amend the Consulting Agreement on the terms and conditions set out in this Amendment;

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein, the Parties agree as follows:

 

1.
Amendment to Section 1(a). As of the Effective Date, Section 1(a) of the Consulting Agreement shall be deleted in its entirety and
replaced with the following:

 

(a)
Term. This Agreement shall be in effect beginning on the Effective Date and, unless terminated earlier pursuant to the provisions
of this Section 1, shall continue until December 31, 2022 (the “Term”). This Agreement may be renewed any number of
times, with or without a short interruption in continuity of Services (as defined below), by written notice from the Company which is
accepted by signature of the Consultant.

 

2.
Amendment to Section 5(a). As of the Effective Date, Section 5(a) of the Consulting Agreement shall be deleted in its entirety and
replaced with the following:

 

5.
Payment for Consulting Services.

 

(a)
Consideration. As consideration for the Services, the Company shall pay Consultant a fee of $50,000.00 CAD per month (plus
any HST or GST payable).

 

3.
Replacement of Appendix C. As of the Effective Date, Appendix C of the Consulting Agreement shall be deleted in its entirety and
replaced with the version of Appendix C attached as Schedule A to this Amendment.

 

4.
Consulting Agreement to Remain in Full Effect. Except as amended by this Amendment, the Consulting Agreement shall continue to be
in full force and effect, without amendment, and is hereby ratified and confirmed. The Consulting Agreement shall henceforth be read
and construed in conjunction with this Amendment.

 

5.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable therein.

 

6.
Further Assurances. Each Party shall do such further acts and execute such further documents as may be required to give effect to
this Amendment and carry out the intent thereof.

 

7.
Binding Effect. This Amendment shall be binding on and inure to the benefit of the Parites and their respective successors and assigns.

 

8.
Execution and Counterparts. This Amendment may be executed in counterparts, including counterpart signature pages or counterpart
facsimile or scanned signature pages (each of which shall be deemed an original), all of which together shall constitute one and the
same instrument.

 

(Signature
page follows.)

 

    	 

     

    

 

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

 

	 	VARIATION BIOTECHNOLOGIES INC.
	 	 	                                    
	 	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	F. DIAZ-MITOMA PROFESSIONAL CORPORATION
	 	 	 
	 	/s/
    Dr. Francisco Diaz-Mitoma
	 	Name:	Dr.
    Francisco Diaz-Mitoma
	 	Title:	President

 

    	 

     

    

 

Schedule
A

 

Appendix
C – Performance Incentives

 

Bonus
payable as of February 15th, 2022 – CAD $223,560

 

		1.	The
                                            Company shall cause VBI Vaccines Inc., a British Columbia corporation (the “Parent”)
                                            to grant to Francisco Diaz-Mitoma, as designee of Consultant, 400,000 stock options
                                            (the “Options”), each Option exercisable for one common share of Parent,
                                            to be granted effective as of January 27, 2022, which was the date on which the board
                                            of directors of Parent approved such grant, and to be subject to the provisions of the Plan.
                                            Conditions regarding the Options and their exercise, including the exercise price, the term
                                            of the Options and the timing of vesting shall be set out in an Option Agreement between
                                            the Parent and Francisco Diaz-Mitoma. The common shares issuable upon exercise of the Options
                                            shall bear the appropriate legend to indicate such shares are “control securities”
                                            as defined in General Instruction C.1(a) of Form S-8.

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