Document:

Exhibit 10.3

AMENDMENT NO. 2 TO ASSET PURCHASE AGREEMENT

 

This Amendment No. 2 (this
“Amendment No. 2”) to the Purchase Agreement (as defined below) is made and entered into as of December
5, 2019, by and between Spherix Incorporated, a Delaware corporation (“Buyer”), and CBM BioPharma, Inc.,
a Delaware corporation (“Seller”). Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Purchase Agreement.

 

WHEREAS, Buyer and
Seller (collectively, the “Parties”) have entered into that certain Asset Purchase Agreement, dated as
of May 15, 2019, as amended by that certain Amendment No. 1 to Asset Purchase Agreement, dated as of May 30, 2019 (collectively,
the “Purchase Agreement”), in the form attached hereto as Exhibit A;

 

WHEREAS, Section
2.1(b) of the Purchase Agreement provides that Buyer shall issue shares of Buyer Preferred Stock to Seller to the extent that
the issuance of Buyer Common Stock pursuant to the Purchase Agreement would cause Seller’s beneficial ownership of Buyer
Common Stock immediately following the issuance of such Buyer Common Stock to exceed 9.99% (such beneficial ownership limitation,
the “Limitation”);

 

WHEREAS, the mutual
intent of the Parties was for the asset sale contemplated by the Purchase Agreement to qualify as a tax-free reorganization within
the meaning of Section 368 of the Internal Revenue Code and the Purchase Agreement to constitute a plan of reorganization; and

 

WHEREAS, Seller
and Buyer, to effect the mutual intent of the Parties, wish to amend the Purchase Agreement to provide that, in lieu of Buyer Preferred
Stock, the Parties take certain actions in connection therewith.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and in accordance with the terms of the Purchase Agreement, the Parties hereto, intending to be legally bound, do
hereby acknowledge and agree as follows:

 

1.              
Amendments to Purchase Agreement. The Parties hereby agree that the Purchase Agreement is hereby amended as follows:

Section 2.1(b)
of the Purchase Agreement is hereby amended and restated in its entirety as follows:

(b)       pay
to Seller an amount equal to Eight Million U.S. Dollars ($8,000,000) (the “Purchase Price”) consisting
of (i) an aggregate number of shares of common stock, par value $0.0001 per share, of Buyer (the “Buyer Common Stock”)
as shall be equal to Seven Million U.S. Dollars ($7,000,000) (the “Stock Consideration”) consisting of
an aggregate number of shares of Buyer Common Stock equal to the Stock Consideration divided by Buyer Common Stock Price, and (ii)
cash consideration in the amount of One Million U.S. Dollars ($1,000,000) (the “Cash Consideration Amount”,
and together with the Stock Consideration, the “Purchase Consideration”);

     

     

    

 

Section 2.1(d)
of the Purchase Agreement is hereby amended and restated in its entirety as follows:

(d)       deposit
with the Escrow Agent such number of shares of Buyer Common Stock as shall equal seven percent (7%) of the Stock Consideration
deliverable to Seller (including any equity securities paid as dividends or distributions with respect to such shares of Buyer
Common Stock, the “Escrow Shares”) to hold in escrow in a segregated escrow account (the “Escrow
Account”) in accordance with the terms of the Escrow Agreement and this Agreement.

Section 3.3(a)
of the Purchase Agreement is hereby amended to delete the reference to “Preferred Stock Consideration” thereunder.

Section 3.3(c)
of the Purchase Agreement is hereby deleted and replaced with “Intentionally Deleted”.

Sections 5.4,
5.5 and 6.12 of the Purchase Agreement are hereby amended to remove all references to and provisions relating to
“Underlying Shares”.

Section 6.6
of the Purchase Agreement is hereby deleted and replaced with “Intentionally Deleted”.

Annex I to
the Purchase Agreement is hereby amended to remove the definitions of and all other references to “Buyer Preferred Stock”,
“Certificate of Designation” and “Underlying Shares”, and to delete the reference to “Series L convertible
preferred stock” from the “Qualified Financing” definition.

 

2.              
Miscellaneous.

a)              
Except as modified by this Amendment No. 2, all terms and conditions of the Purchase Agreement shall remain in full force
and effect and are hereby in all respects ratified and affirmed. All references in the Purchase Agreement to the “Agreement”
shall be deemed to refer to the Purchase Agreement, as amended by this Amendment No. 2.

b)              
This Amendment No. 2 may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same instrument. An executed facsimile or electronic .pdf counterpart of this Amendment No.
2 shall be deemed to be an original for all purposes.

c)              
This Amendment No. 2 shall be governed by and interpreted in accordance with the laws of the State of Delaware (without
giving effect to its choice of law principles). For purposes of any Action arising out of or in connection with this Amendment
No. 2 or any transaction contemplated hereby, each of the Parties (a) irrevocably submits to the exclusive jurisdiction and venue
of any state or federal court located within New York County in the State of New York (or in any appellate courts thereof), (b)
agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address
shall be effective service of process for any Action with respect to any matters to which it has submitted to jurisdiction in this
Section 2(c), and (c) waives and covenants not to assert or plead, by way of motion, as a defense or otherwise, in any such Action,
any claim that it is not subject personally to the jurisdiction of such court, that the Action is brought in an inconvenient forum,
that the venue of the Action is improper or that this Amendment No. 2 or the subject matter hereof may not be enforced in or by
such court, and hereby agrees not to challenge such jurisdiction or venue by reason of any offsets or counterclaims in any such
Action.

    2 

     

    

 

d)              
Each provision of this Amendment No. 2 shall be considered severable and if for any reason any provision or provisions herein
are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality
shall not impair the operation of or affect those portions of this Amendment No. 2 which are valid, enforceable and legal.

 

[SIGNATURE PAGES FOLLOW]

 

 

 

    3 

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Amendment No. 2 as of the day and year first written above.

	 	Buyer:
	 	 
	 	SPHERIX INCORPORATED, a Delaware
    corporation
	 	 
	 	By:	/s/
    Anthony Hayes
	 	 	Name: Anthony Hayes
	 	 	Title: Chief Executive Officer

	 	Seller:
	 	 
	 	CBM BIOPHARMA, INC., a Delaware
    corporation
	 	 
	 	By:	/s/
    Scott Wilfong
	 	 	Name: Scott Wilfong
	 	 	Title: Chief Executive Officer 

 

 

 

 

    4 

     

    

 

 

 

EXHIBIT A

 

Purchase Agreement

 

 

 

 

 

 

 

    5EX-4.3

 Exhibit 4.3 

DESCRIPTION OF SECURITIES REGISTERED 
 UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 
 The
following is a summary of the shares (the “Shares”) of the SPDR® Gold MiniSharesSM Trust (“GLDM”), a series of The World Gold Trust (the “Trust”), which is the only class of securities of GLDM that is registered under Section 12 of the Securities Exchange Act
of 1934. 
 GENERAL 
 The Trust
was formed as a Delaware statutory trust on August 27, 2014 and consists of multiple series (each, a “Series”). Each Series issues common units of beneficial interest that represent units of fractional undivided beneficial interest in
and ownership of such Series. GLDM is the only operational Series. The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”). 
 Each Share represents an equal beneficial interest in the net assets of GLDM, and each holder of the Shares (the “Shareholder”) is entitled to receive such holder’s pro rata share of
distributions of income and capital gains, if any, made with respect to GLDM. Upon redemption of the Shares, the applicable Shareholder shall be paid solely out of the funds and property of GLDM. All Shares are fully paid and non-assessable. 
 SHARE SPLITS 
 If the Sponsor believes that the per Share price in the secondary market for Shares has fallen outside a desirable trading price range, the Sponsor may cause GLDM to declare a split or reverse split in
the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a Creation Unit (100,000 Shares). 

DISTRIBUTIONS 
 No Share shall have any
priority or preference over any other Share with respect to dividends or distributions of the Trust or otherwise. All dividends and distributions shall be made ratably among all Shareholders from the assets of GLDM according to the number of Shares
held of record by such Shareholders on the record date for any dividend or distribution or on the date of termination of the Trust, as the case may be. 
 VOTING AND APPROVALS 
 Under the Fourth Amended and Restated Agreement and Declaration of
Trust dated as of April 16, 2018, between the Sponsor and the Delaware Trust Company, Shareholders have no voting rights except as the Sponsor may consider desirable and so authorize in its sole discretion. 

THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY 
 The Depository Trust Company (“DTC”) acts as securities depository for the Shares. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the
Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC was created
to hold securities of DTC Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through electronic book-entry changes. This eliminates the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to
others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC is expected to agree with and represent to the DTC Participants that it
will administer its Book-Entry System in accordance with its rules and bylaws and the requirements of law. 

 Individual certificates will not be issued for the Shares. Instead, one or more global certificates
will be signed by the BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, as the administrator of the Trust (the “Administrator”) and the Sponsor on behalf of GLDM, registered in the name of Cede & Co., as
nominee for DTC, and deposited with the Administrator on behalf of DTC. The global certificates will evidence all of the Shares outstanding at any time. The representations, undertakings and agreements made on the part of GLDM in the global
certificates are made and intended for the purpose of binding only GLDM and not the Administrator or the Sponsor individually. 
 Upon the
settlement date of any creation, transfer or redemption of Shares, DTC will credit or debit, on its book-entry registration and transfer system, the amount of the Shares so created, transferred or redeemed to the accounts of the appropriate DTC
Participants. The Administrator and the Authorized Participants will designate the accounts to be credited and charged in the case of creation or redemption of Shares. 
 Beneficial ownership of the Shares will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial
interests in the Shares will be shown on, and the transfer of ownership will be effected only through, records maintained by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the
records of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the account through which the Shareholder
has purchased their Shares a written confirmation relating to such purchase. 
 Shareholders that are not DTC Participants may transfer the
Shares through DTC by instructing the DTC Participant or Indirect Participant through which the Shareholders hold their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance
with the rules of DTC. Transfers are made in accordance with standard securities industry practice. 
 DTC may decide to discontinue providing
its service with respect to Creation Units and/or the Shares by giving notice to the Administrator and the Sponsor. Under such circumstances, the Administrator and the Sponsor will either find a replacement for DTC to perform its functions at a
comparable cost or, if a replacement is unavailable, terminate GLDM. 
 The rights of the Shareholders generally must be exercised by DTC
Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial
intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for
securities held in book-entry form through DTC.

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