Document:

Exhibit 10.31

 

TENTH AMENDMENT, WAIVER AND CONSENT

 

This Tenth Amendment, Waiver
and Consent (“Tenth Consent”), is made and entered into effective as of June ____, 2017 (the “Effective Date”),
by and among Accelerated Pharma, Inc., a Delaware corporation (the “Company”), and the parties identified on the signature
page hereto (each a “Purchaser” and collectively, “Purchasers”). Capitalized terms used but not defined
herein will have the meanings assigned to them in the Securities Purchase Agreements and Transaction Documents (as defined below).
Capitalized terms defined herein shall be incorporated in the Transaction Documents, as appropriate.

 

WHEREAS, the Company and
Purchasers identified on Schedule A entered into Securities Purchase Agreements (“Securities Purchase Agreements”)
and other Transaction Documents (collectively, “Transaction Documents”) dated as of December 23, 2014, May 8, 2015,
June 11, 2015, November 6, 2015, April 20, 2016, April 22, 2016, May 9, 2016, May 27, 2016 and July 15, 2016 (the April 20, 2016,
April 22, 2016, May 9, 2016, May 27, 2016 and several other Securities Purchase Agreements with dates ranging between July 15,
2016 through October 6, 2016 (all collectively the “Securities Purchase Agreements”); and

 

WHEREAS, the Transaction
Documents were previously amended and certain consents and waivers were granted pursuant to a certain Amendment, Waiver and Consent
entered into as of May 8, 2015 (the “First Amendment”), as further amended on November 6, 2015 pursuant to a Second
Amendment, Waiver and Consent (the “Second Amendment”), as further amended on April 20, 2016 pursuant to a Third Amendment,
Waiver and Consent (the “Third Amendment”), as further amended on May 9, 2016 pursuant to a Fourth Amendment, Waiver
and Consent (the “Fourth Amendment”), as further amended on July 15, 2016 pursuant to a Fifth Amendment, Waiver and
Consent (the “Fifth Amendment”), as further amended and restated on September 16, 2016 (the “Fifth Amended and
Restated Amendment”), as further amended on October 2, 2016 pursuant to a Sixth Amendment, Waiver and Consent (the “Sixth
Amendment”), as further amended on November 30, 2016 pursuant to a Seventh Amendment, Waiver and Consent (the “Seventh
Amendment”), as further amended on January 30, 2017 pursuant to an Eighth Amendment, Waiver and Consent (the “Eighth
Amendment”), and as further amended on March 13, 2017 pursuant to a Ninth Amendment, Waiver, Restructuring and Consent (the
“Ninth Amendment,” and together with the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth
Amendment, Fifth Amended and Restated Amendment, the Sixth Amendment, the Seventh Amendment, and Eighth Amendment, the “Prior
Amendments”); and

 

WHEREAS, pursuant to the
Transaction Documents, the Company issued to the Purchasers Secured Convertible Notes (“Notes”) and Warrants (which
Warrants have been subsequently exchanges for shares of the Company’s common stock, the “Exchange Shares”); and

 

WHEREAS, the Company wishes
to amend the definition of Qualified Offering as it is defined in Section 1.1 of the Securities Purchase Agreements and the accompanying
Transaction Documents and as amended pursuant to the Prior Amendments; and

 

WHEREAS, the Company is
requesting that Purchasers waive any Events of Default that occurred or may have occurred prior to the date hereof; and

 

WHEREAS, the Company is
requesting that the Purchasers of the Notes (“2014 Purchasers”) issued on December 23, 2014 (“2014 Notes”)
and the Purchasers of the Notes (the “2015 Purchasers”) issued in May, June and November of 2015 (the “2015 Notes”)
agree to the extension of the Maturity Date of the December 2014 Notes and the 2015 Notes to July 31, 2017; and

 

    	 	1	 

     

    

 

WHEREAS, the Company is
requesting that all holders of Notes consent and agree to, in accordance with the terms of the Securities Purchase Agreements,
the terms of a contemplated private placement offering by the Company of Series B Convertible Preferred Stock (the “Series
B Stock”) and Warrants in the minimum aggregate amount of $2 million and the maximum aggregate amount of $3 million (the
“Preferred Stock Placement”), which private placement is anticipated to close concurrently with the Company’s
anticipated initial public offering; and

 

WHEREAS, the Company and
Purchasers agree to the following amendments, waivers and consents, which amendments, waivers and consents shall be effective upon
the approval of all Purchasers, with such approval when achieved to be deemed effective as of the Effective Date.

 

NOW, THEREFORE, the Company
and Purchasers hereby agree as follows:

 

1.          The
Maturity Date of the 2014 Notes and the 2015 Notes is extended to August 14, 2017.

 

2.          The
definition of “Qualified Offering” in Section 1.1 of the Securities Purchase Agreement is deleted and replaced with
the following:

 

“Qualified Offering” means
the occurrence of an offering of the Company’s Common Stock which closes in one or more closings in connection with which
the Company receives not less than $5,000,000 of gross cash proceeds from the sale of Common Stock on or before August 14, 2017
at a pre-money valuation on a fully diluted basis of at least $20,000,000.”

 

3.            As
of the Effective Date, the Purchasers waive (i) any Events of Default that have occurred or may have occurred prior to the date
hereof, and (ii) any restrictions contained in the Transaction Documents in order to afford the Company the opportunity to implement
a Qualified Offering.

 

4.          As
of the Effective Date, the Purchasers consent and agree to the Preferred Stock Placement and waive any restrictions contained in
the Transaction Documents in order to afford the Company the opportunity to implement the Preferred Stock Placement. The Purchasers
expressly acknowledge that in connection with the Preferred Stock Placement, certain existing investors of the Company will be
afforded the opportunity to exchange their Company securities for shares of Series B Preferred. A copy of the draft Securities
Purchase Agreement for the Series B Preferred is attached hereto as Exhibit A, and the Purchasers (in connection with the foregoing
consent, agreement and waiver to the Preferred Stock Placement) acknowledge that they have read such Securities Purchase Agreement,
understand the terms thereof and waive and forego any rights they may have to participate in the Preferred Stock Placement.

 

5.          The
undersigned Purchaser hereby acknowledges, ratifies and confirms in all respects the Prior Amendments.  

 

6.          The
undersigned Purchaser represents to the Company that it is the holder of the Notes and Exchange Shares in the amounts set forth
on Schedule A hereto, it has not sold, transferred or otherwise assigned any of the Notes and Exchange Shares and it has
the authority to enter into and deliver this Ninth Consent.

 

7.          The
Company represents that Schedule A hereto identifies all of the holders and sets forth the amounts as of the date herein
of all of the securities issued or issuable pursuant to the Securities Purchase Agreements and that the Transaction Documents have
not been previously amended nor any waiver of any term thereof granted by any party thereto other than as set forth in the Prior
Amendments and this Tenth Consent.

 

    	 	2	 

     

    

 

8.          This
Tenth Consent may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute
one and the same instrument. This Ninth Consent may be signed and delivered by facsimile or electronically and such facsimile or
electronically signed and delivered Tenth Consent shall be enforceable.

 

9.          This
Tenth Consent shall be included in the definition of Transaction Documents as such term is defined in the Securities Purchase Agreements.

 

10.         Sections
5.4, 5.5, 5.12 and 5.21 of the Securities Purchase Agreements are incorporated herein by reference.

 

11.         Except
as expressly set forth herein, this Tenth Consent shall not be deemed to be a waiver, amendment or modification of any provisions
of the Transaction Documents or of any right, power or remedy of the Purchaser, or constitute a waiver of any provision
of the Transaction Documents (except to the extent herein set forth), or any other document, instrument and/or agreement executed
or delivered in connection therewith and any other agreement to which the Purchaser may be parties to, in each case whether arising
before or after the date hereof or as a result of performance hereunder or thereunder. Except as set forth herein, the Purchaser
reserves all rights, remedies, powers, or privileges available under the Transaction Documents and any other agreement to
which the Purchaser may be parties to, at law or otherwise. This Tenth Consent shall not constitute a novation or satisfaction
and accord of the Transaction Documents or any other document, instrument and/or agreement executed or delivered in connection
therewith and any other agreement to which the Purchaser may be a party to.         

 

IN WITNESS WHEREOF, the Company and the undersigned
Purchasers have caused this Eighth Consent to be executed as of the date first written above.

 

	 	ACCELERATED PHARMA, INC.
	 	the “Company”
	 	 	 
	 	By:	 
	 	 	Michael Fonstein, Chief Executive Officer

 

“PRIOR PURCHASER”

 

	Name of Prior Purchaser:	 

 

	Signature of Authorized Signatory of Prior Purchaser:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

    	 	3	 

     

    

 

Exhibit A

 

Series B Preferred Stock Securities Purchase
Agreement

 

[attached hereto]

 

    	 	4	 

     

    

 

SCHEDULE A 

 

	PURCHASERS OF DECEMBER 23,
 2014	 	PURCHASE
 PRICE AND
 PRINCIPAL
 AMOUNT OF
 NOTE	 	 	Exchange Shares	 
	CURBER INTERNATIONAL LTD.	 	$	400,000.00	 	 	 	61,251	 
	MORRIS FUCHS	 	$	50,000.00	 	 	 	7,656	 
	NACHUM STEIN	 	$	100,000.00	 	 	 	15,312	 
	AMERICAN EUROPEAN INSURANCE CO.	 	$	100,000.00	 	 	 	15,312	 
	HSI PARTNERSHIP	 	$	50,000.00	 	 	 	7,656	 
	RR INVESTMENT 2012 LP	 	$	50,000.00	 	 	 	7,656	 
	TOTALS	 	$	750,000.00	 	 	 	114,843	 

 

    	 	5	 

     

    

 

SCHEDULE A (continued)

 

	PURCHASERS OF MAY 8, 2015 AND JUNE 11, 2015	 	PURCHASE PRICE
 AND PRINCIPAL
 AMOUNT OF NOTE	 	 	Exchange
 Shares	 
	2004 LEON SCHARF IRREVOCABLE TRUST CORP.	 	$	100,000.00	 	 	 	22,250	 
	HOCH FAMILY EQUITIES LLC	 	$	50,000.00	 	 	 	11,121	 
	RR INVESTMENT 2012 LP	 	$	500,000.00	 	 	 	111,228	 
	API BIO INVESTORS, LLC	 	$	340,000.00	 	 	 	75,639	 
	ABRAHAM BELSKY	 	$	50,000.00	 	 	 	11,121	 
	EDWIN W. COLMAN CHILDREN’S TRUST	 	$	100,000.00	 	 	 	22,250	 
	ELI INZLICHT-SPREI	 	$	25,000.00	 	 	 	5,565	 
	HARVEY LANG	 	$	25,000.00	 	 	 	5,565	 
	ALPHA CAPITAL ANSTALT	 	$	750,000.00	 	 	 	166,845	 
	BRIO CAPITAL MASTER FUND LTD.	 	$	110,000.00	 	 	 	24,470	 
	BERNHARD LAZARUS	 	$	50,000.00	 	 	 	11,121	 
	TOTALS	 	$	2,100,000.00	 	 	 	467,175	 

 

    	 	6	 

     

    

 

SCHEDULE A (continued)

 

	PURCHASERS OF NOVEMBER 6, 2015	 	PURCHASE
 PRICE AND
 PRINCIPAL
 AMOUNT OF
 NOTE	 	 	Exchange 
 Shares	 
	API BIO INVESTORS, LLC	 	$	220,000.00	 	 	 	48,945	 
	MORDECHAI MARC BELSKY	 	$	50,000.00	 	 	 	11,121	 
	KEREN BROCHA	 	$	35,000.00	 	 	 	7,785	 
	CHAIM GROSS	 	$	30,000.00	 	 	 	6,675	 
	HOCH FAMILY EQUITIES, LLC	 	$	100,000.00	 	 	 	22,250	 
	MORRIS FUCHS	 	$	50,000.00	 	 	 	11,121	 
	ELI INZLICHT-SPREI	 	$	15,000.00	 	 	 	3,338	 
	TOTALS	 	$	500,000.00	 	 	 	111,235	 

 

    	 	7	 

     

    

 

SCHEDULE A (continued)

 

	PURCHASERS OF APRIL 2016	 	PURCHASE PRICE
 AND PRINCIPAL
 AMOUNT OF NOTE	 	 	Exchange
 Shares	 
	2004 LEON SCHARF IRREVOCABLE TRUST CORP.	 	$	100,000.00	 	 	 	29,697	 
	VENTURE CAP GROUP LLC	 	$	50,000.00	 	 	 	14,842	 
	NACHUM STEIN	 	$	40,000.00	 	 	 	11,872	 
	AMERICAN EUROPEAN INSURANCE CO.	 	$	40,000.00	 	 	 	11,872	 
	HSI PARTNERSHIP	 	$	20,000.00	 	 	 	5,942	 
	PURCHASERS OF MAY 2016	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	MANUEL S. SCHARF	 	$	100,000.00	 	 	 	29,697	 
	SCHEIN VENTURES LLC	 	$	100,000.00	 	 	 	29,697	 

 

    	 	8	 

     

    

 

SCHEDULE A (continued)

 

	PURCHASERS OF JULY 2016	 	PURCHASE PRICE
 AND PRINCIPAL
 AMOUNT OF NOTE	 	 	Exchange Shares	 
	ALPHA CAPITAL ANSTALT	 	$	50,000.00	 	 	 	14,842	 
	RAYMOND DAYAN	 	$	40,000.00	 	 	 	11,872	 
	BRIO CAPITAL MASTER FUND LTD.	 	$	25,000.00	 	 	 	7,422	 
	EDWIN W. COLMAN CHILDREN’S TRUST	 	$	50,000.00	 	 	 	14,842	 
	2004 LEON SCHARF IRREVOCABLE TRUST CORP.	 	$	50,000.00	 	 	 	14,842	 
	Additional 2016 Purchasers	 	 	 	 	 	 	 	 
	Yuri Rabinovich	 	$	50,000.00	 	 	 	14,842	 
	Ross Overbeek	 	$	20,000.00	 	 	 	5,942	 
	Michael H. Schwartz Profit Sharing Plan	 	$	120,000.00	 	 	 	35,625	 
	Masoud Toghraie	 	$	200,000.00	 	 	 	59,378	 
	Walter Schenker IRA #1374	 	$	50,000.00	 	 	 	14,842	 
	Scott Greenberg	 	$	50,000.00	 	 	 	14,842	 
	D&R Partners LLC	 	$	50,000.00	 	 	 	14,842	 
	AJH Holdings LLC	 	$	50,000.00	 	 	 	14,842	 
	Sturling Advisors LLP	 	$	105,000.00	 	 	 	31,175	 
	Asher Hartman	 	$	26,000.00	 	 	 	7,718	 
	TOTALS	 	$	1,386,000	 	 	 	411,487	 

 

    	 	9EX-10.1

 Exhibit 10.1 

Amendment to the Intrexon Corporation 2013 Omnibus Incentive Plan, as Amended 

The first paragraph of Section 6.02 of the Intrexon Corporation 2013 Omnibus Incentive Plan is amended to read as follows: 

“6.02 Aggregate Limit 
 The
maximum aggregate number (the “Maximum Aggregate Number”) of shares of Common Stock which may be subject to Awards under this Plan is 18,000,000 shares of Common Stock.”

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