Document:

Exhibit 10.2

 

AMENDMENT
#1 TO

LICENSE
AGREEMENT

 

This
Amendment #1, dated as of October 21, 2013 (this “Agreement”), to the Original License Agreement (as defined below)
is by and between the University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group,
a Virginia not-for-profit corporation of the Commonwealth of Virginia, having its principal offices at 250 West Main Street, Charlottesville,
VA 29902 (“UVA LVG”), and ADial Pharmaceuticals, LLC, a Virginia limited liability company (“Adial”
and together with “UVA LVG”, the “Parties”).

 

WHEREAS,
the Parties have entered into that certain licensing agreement dated as of January 21, 2011 (“Original License Agreement”);
and

 

WHEREAS,
the Parties wish to amend the Original License Agreement as provided herein.

 

NOW,
THEREFORE in consideration of the premises set forth above and the mutual covenants set forth below, the parties hereto agree
as follows:

 

AGREEMENT

 

1.       Section
3.5(A) of the Original License Agreement is hereby deleted in its entirety and replaced with the following text:

 

“A
milestone payment of one hundred seventy five thousand dollars (U.S. $175,000) in the following installments:

 

		(i)	twenty
                                         thousand dollars ($20,000) shall be paid upon the initiation of Phase III clinical trials
                                         (defined as the dosing of the first patient) by or on behalf of Adial, an Affiliate,
                                         or Sublicensee for the first Licensed Product., and
		(ii)	one
                                         hundred fifty five thousand dollars ($155,000) shall be paid upon the earliest to occur
                                         of:

 

		a.	the
                                         completion of the Phase III clinical trial (defined as the dosing of the last patient)
                                         by or on behalf of Adial, an Affiliate, or Sublicensee for the first Licensed Product;
		b.	the
                                         execution of a Sublicense as defined in Section 1.16 of the Original License Agreement;
		c.	an
                                         Assignment as defined in Article 13 of the Original License Agreement; or
		d.	a
                                         Sale of Adial. For the purpose of this Section 3.5(A), “Sale” shall mean
                                         any transaction or series or combination of transactions, other than in the ordinary
                                         course of trade or business, whereby, directly or indirectly, control of Adial or all
                                         of substantially all of its securities or assets is transferred for consideration (in
                                         cash or marketable securities), including, without limitation, a sale or exchange of
                                         capital stock or assets, a merger or consolidation, a recapitalization by third parties,
                                         a tender or exchange offer, a leveraged buy-out, and/or the formation of a joint venture.
                                         For purposes of the foregoing, “control” means the possession, directly or
                                         indirectly, of the power to direct or cause the direction of the management and business
                                         of Adial, through the ownership of more than 50% of the voting securities of Adial.”

 

     

     

    

 

2.       Section
10.2(1) and Section 10.2(2) are hereby deleted in their entirety and replaced with the following text:

 

		a)	“Commercial
                                         general liability: One million Dollars ($1,000,000) each occurrence, two million Dollars
                                         ($2,000,000) general aggregate. Adial shall have thirty (30) days following the Effective
                                         Date to obtain such coverage;
		b)	Products
                                         liability: From the date immediately prior to any Phase I clinical trial: two million
                                         Dollars ($2,000,000) each occurrence, five million Dollars ($5,000,000) aggregate;
		c)	Products
                                         liability: From the date immediately prior to any sale, lease, or other transfer of Licensed
                                         Product: ten million Dollars ($ 10,000,000) each occurrence, ten million Dollars ($10,000,000)
                                         aggregate; and
		d)	At
                                         any given time, if consistent with the risk profile of Adial and reasonably required
                                         in writing by UVA LVG’s insurance carrier, the Parties shall negotiate, in good
                                         faith, reasonable changes to the amounts of insurance coverages and/or financial ratings
                                         of Adial’s insurance carrier. UVA LVG shall provide Adial with (i) a 30-day prior
                                         written notice of any request to negotiate a change to its insurance coverage under this
                                         section and (ii) an additional reasonable period for Adial to make any agreed upon changes
                                         to its insurance coverage. Further, in the event Adial anticipates sales of Licensed
                                         Products in a field of heightened risk, Adial will notify UVA LVG of such plans.

 

3.       Except
as provided herein, the terms and obligations of the Parties under the Original License Agreement shall remain as specified therein.

 

    	 	2	 

     

    

 

IN
WITNESS WHEREOF, the Parties have entered into this Agreement as of the date first written above.

 

	University
    of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group 
	 	 	 	 	 
	By:	/s/
Michael P. Straightiff	 	By:	/s/
    Erik L. Hewlett
	Name: 	Michael
    P. Straightiff, Director	 	Name: 	Erik
    L. Hewlett
	Date:
     	October
    23, 2013	 	Date:
     	October
    25, 2013

 

	ADial
    Pharmaceuticals, LLC	 
	 	 	 
	By:	/s/
James Dada	 
	Name: 	James
    Dada, VP, Finance	 
	Date:
     	October
    21, 2013	 

 

 

3Exhibit 10.3

 

AMENDMENT #2 TO

LICENSE AGREEMENT

 

This Amendment #1, dated
as of May 18, 2016 (this “Agreement”), to the Original License Agreement (as defined below) is by and between the
University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group, a Virginia not-for-profit
corporation of the Commonwealth of Virginia, having its principal offices at 250 West Main Street, Charlottesville, VA 29902 (“UVA
LVG”), and ADial Pharmaceuticals, LLC, a Virginia limited liability company (“Adial” and together with
“UVA LVG”, the “Parties”).

 

WHEREAS, the Parties have
entered into that certain licensing agreement dated as of January 21, 2011 and as amended on October 21, 2013 (together, “Original
License Agreement”); and

 

WHEREAS, the Parties wish to amend the Original
License Agreement as provided herein.

 

NOW, THEREFORE in consideration
of the premises set forth above and the mutual covenants set forth below, the parties hereto agree as follows:

 

AGREEMENT

 

1.       The
date in Section 4.2 A. is changed to December 31, 2017.

 

2.       The
date in Section 4.2 B. is changed to December 31, 2021.

 

3.       The
date in Section 4.2 C. is changed to December 31, 2022.

 

4.       Except
as provided herein, the terms and obligations of the Parties under the Original License Agreement shall remain as specified therein.

 

IN WITNESS WHEREOF, the
Parties have entered into this Agreement as of the date first written above.

 

	University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group  	 	ADial Pharmaceuticals, LLC
	 	 	 
	By:	/s/ Michael P. Straightiff	 	By:	/s/ William B. Stilley
	Name: 	Michael P. Straightiff	 	Name: 	William Stilley, CEO
	Date:	May 17, 2016	 	Date:	April 18, 2016Exhibit 10.4

 

AMENDMENT #3 TO

LICENSE AGREEMENT

 

This Amendment #3, dated
as of March 27, 2017 (this “Agreement”), to the Original License Agreement (as defined below) is by and between the
University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group, a Virginia not-for-profit
corporation of the Commonwealth of Virginia, having its principal offices at 722 Preston Avenue, Suite 107, Charlottesville, VA
29903 (“UVA LVG”), and ADial Pharmaceuticals, LLC, a Virginia limited liability company (“Adial”
and together with “UVA LVG”, the “Parties”).

 

WHEREAS, the Parties
have entered into that certain licensing agreement dated as of January 21, 2011 and as amended on October 21, 2013, and as further
amended on May 18, 2016 (together, “Original License Agreement”); and

 

WHEREAS, the Parties
wish to amend the Original License Agreement as provided herein.

 

NOW, THEREFORE in consideration
of the premises set forth above and the mutual covenants set forth below, the parties hereto agree as follows:

 

AGREEMENT

 

1.        The date in Section 4.2 A. is changed to December 31, 2018.

 

2.        Except as provided herein, the terms and obligations of the Parties under the Original License Agreement shall remain as specified
therein.

 

IN WITNESS WHEREOF,
the Parties have entered into this Agreement as of the date first written above.

 

	University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group	 	ADial Pharmaceuticals, LLC
	 	 	 	 	 
	By:	
        /s/ Patrick J. Klepcyk
	 	By:	/s/ William Stilley
	Name:	Patrick J. Klepcyk, Director Licensing	 	Name:	William Stilley, CEO
	Date:	April 6, 2017	 	Date:	April 6, 2017
	 	 	 	 	 
	By:	/s/ Erik L. Hewlett	 	 	 
	Name:	Erik L. Hewlett	 	 	 
	Date:	April 19, 2017

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