Document:

Exhibit 10.1

 

 

	 	 
	 	200 U.S. 9, Suite 500, Manalapan Township, NJ 07726

 

  

March 31, 2021

 

 

Harold Hoium

Chief Executive Officer

Hybrid Medical LLC

5200 Wilson Road, Suite 150

Edina, Minnesota 55424

 

 

Dear Harold:

 

This letter agreement
(this “Second Letter Agreement”) is being entered into as of March 31, 2021 (the "Effective Date") by and between
Metuchen Pharmaceuticals LLC ("METUCHEN") and Hybrid Medical LLC ("HYBRID") (referred to herein collectively as the
 "Parties") to amend the License Agreement entered into between the Parties on March 24, 2020 pursuant to Section 12.11
thereof, as amended by that certain letter agreement (the “First Letter Agreement”) dated September 24, 2020 between METUCHEN
and HYBRID (as amended by the First Letter Agreement, the "License Agreement"). Except as specifically provided herein, nothing
in this Second Letter Agreement is intended to, nor shall it, modify the License Agreement in any manner, including, but not limited to,
the Milestone Payments as set forth in Section 4.2 of the License Agreement. Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the License Agreement.

 

The
Parties hereby acknowledge that METUCHEN has previously paid to HYBRID (i) the Upfront Payment in the sum of $100,000 pursuant to Section
4.1.1 of the License Agreement, (ii) an additional payment of $100,000 pursuant to Section 4.1.2 of the License Agreement to
extend the term of the Agreement for a Second Period to September 24, 2020, and (iii) additional payments of $50,000 and $100,000, respectively,
pursuant to the First Letter Agreement to extend the term of the Agreement for a Second Period to March 24, 2021. The Parties further
hereby acknowledge that METUCHEN intends to exercise its right to terminate this agreement at the end of the Second Period pursuant to
Section 4.1.3 unless the Parties can reasonably agree to certain amendments to the License Agreement. The Parties further hereby
acknowledge their mutual desire to enter into this Second Letter Agreement to further extend the Second Period referred to in Section
4.1.3 of the License Agreement for an additional six (6) months to September 24, 2021 to permit additional time for the Parties to
consider certain amendments to the License Agreement. Accordingly, in consideration of the foregoing, METUCHEN shall pay HYBRID a
one-time, non-creditable and non-refundable payment of Two Hundred Thousand U.S. Dollars ($200,000), which shall be payable within seven
(7) calendar days of the Effective Date, and the Parties mutually agree to extend the Second Period until
September 24, 2021 with all other rights and obligations remaining. For the avoidance of doubt, (i) $75,000 of this payment shall be a
non-creditable payment for purposes of Section 4.1.3 (Second Period) and Section 4.2 (Milestone Payments) of the License
Agreement, and (ii) $125,000 of the this payment shall be deemed to be a payment by METUCHEN in full satisfaction of its obligation to
pay the First Anniversary Milestone Payment set forth in Section 4.2.1. METUCHEN further acknowledges that this Second Letter
Agreement shall not impact the agreements made between HYBRID and Custom RX, LLC, including, but not limited to, Amendment No. 3 to the
Distributor Agreement dated July 17, 2020.

 

     

     

    

 

	 	 
	 	200 U.S. 9, Suite 500, Manalapan Township, NJ 07726

 

 

If the foregoing
is acceptable to you, please sign and date this Second Letter Agreement in the space provided below and return it to me.

 

[Signature page follows]

 

     

     

    

 

	 	 
	 	200 U.S. 9, Suite 500, Manalapan Township, NJ 07726

 

 

	 	Sincerely,
	 	 
	 	 
	 	/s/ Fady Boctor
	 	Fady Boctor, Chief Commercial Officer
	 	Metuchen Pharmaceuticals, LLC

  

 

Agreed and Accepted as of March 31, 2021:

 

 

	Hybrid Medical LLC	 
	 	 	 
	By:	/s/ Harold Hoium	 
	Name:	Harold Hoium	 
	Title: 	Chief Executive OfficerExhibit
10.5 

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000 	Dated as of January 8, 2021
	 	New York, New York

 

Innovatus Life
Sciences Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay
to the order of Innovatus Life Sciences Acquisition Sponsor, LLC or its registered assigns or successors in interest (the
 “Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of
the United States of America, on the terms and conditions described below.  All payments on this Note shall be made by
check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.

 

1. Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) September 30, 2021 or (ii) the date on which
Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no
circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be
obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. Interest. No interest
shall accrue on the unpaid principal balance of this Note.

 

3. Drawdown Requests. Maker
and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related to Maker’s
initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier
of: (i) September 30, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written
request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be
drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall
fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the
maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount is drawn
down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts
shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.

 

4. Application of Payments. All
payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction
of the unpaid principal balance of this Note.

 

5. Events of Default. The
following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.

 

 (c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

     

     

    

  

6. Remedies.

 

(a) Upon the
occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to
be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b) Upon the
occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8. Unconditional Liability. Maker
hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be
affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to
the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become
parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9. Notices. All notices,
statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.

 

10. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

     

     

    

  

12. Trust Waiver.  Notwithstanding
anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the
 “IPO”) to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the
proceeds of the sale of the shares of Class A common stock to be issued in a private placement to occur prior to the closing of
the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities
and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the trust account for any reason whatsoever.

 

13. Amendment; Waiver.  Any
amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page
follows]

 

     

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	INNOVATUS LIFE SCIENCES ACQUISITION CORP.
	 	 	 
	 	By:  	/s/ David Schiff
	 	 	Name: David Schiff
	 	 	Title: Chief Executive Officer

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