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CONFIDENTIAL TREATMENT REQUESTED

 

  EXHIBIT
10.7

 

  

MabVax Therapeutics Holdings, Inc.

11535 Sorrento Valley Road, Suite 400

San Diego, CA 92121

 

 

June
27, 2018

 

Memorial
Sloan-Kettering Institute for Cancer Research

1275
York Ave.

New
York, NY 10065

 

Re: 

Side
Letter Agreement to the Exclusive License Agreement, dated June 30,
2008 and amended on May 11, 2011, between MabVax Therapeutics
Holdings, Inc. (“MabVax”) and Sloan-Kettering Institute
for Cancer Research (“SKI”) (the “SKI License
Agreement”)

 

Dear
Sir/Madame,

 

This
Side Letter Agreement relates to the SKI License Agreement
(“Side Letter”), under which SKI granted MabVax an
exclusive license under SKI’s rights in the invention that is
the subject of the disclosure entitled “Polyvalent Conjugate
Vaccines for Cancer” (SK#14491), and patent rights
thereon.

 

As we
have discussed, MabVax and Y-mAbs Therapeutics Inc.
(“YmAbs”) wish to enter into a Sublicense Agreement
(the “Sublicense Agreement”), in the form attached
hereto as Exhibit
A, pursuant to which MabVax would sublicense to YmAbs
certain of MabVax’s patent rights and know-how for
development and commercialization of products for the prevention or
treatment of neuroblastoma by means of administering a bi-valent
ganglioside vaccine (the “Field”), including certain
patent rights granted to MabVax pursuant to the SKI License
Agreement.

 

In this
Side Letter, MabVax and SKI agree to certain understandings with
respect to their respective rights and obligations under the SKI
License Agreement. Specifically, this Side Letter clarifies the
rights and obligations of MabVax and SKI with respect to
sublicensing and payments due to SKI under the SKI License
Agreement.

 

Capitalized
terms used, but not defined herein, shall have the respective
meanings ascribed to them in the SKI License Agreement, as the
context requires.

 

MabVax
and SKI hereby agree to the following:

 

1.

SKI
hereby consents to YmAbs as a sublicensee for Licensed Products in
the Field, effective upon the Effective Date of the Sublicense
Agreement.

 

2.

SKI
acknowledges and agrees that all amounts payable to SKI under
Article V of the SKI License Agreement arising out of YmAbs’
practice of the rights sublicensed to it pursuant to the Sublicense
Agreement, subject to paragraph 5 below, when and if it becomes
effective, shall be made directly by YmAbs to SKI, and YmAbs hereby
agrees to pay such amounts directly to SKI in accordance with the
terms of the SKI License Agreement, subject to paragraph 5
below.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

 

CONFIDENTIAL TREATMENT REQUESTED

  

 

3.

SKI
and MabVax agree that the amounts payable by YmAbs to SKI under the
Sublicense Agreement as described in paragraph 2 shall not be
treated as Non-Royalty Sublicense Revenue pursuant to Section
5.1(c) of the SKI License Agreement.

 

4.

Notwithstanding
the foregoing, MabVax agrees to pay SKI the following
amounts:

 

i.

[***]

 

ii.

[***]

 

iii.

[***]

 

iv.

[***]

 

v.

[***]

 

Payments for i, ii,
iii and iv shall be made to SKI within ten (10) days of the
Effective Date of the Sublicense Agreement. Payment for v shall be
made within ten (10) days of receipt of such consideration from
YmAbs.

 

The
amounts listed in 4.i – 4iv constitute payments that are owed
by MabVax to SKI relating to Licensed Products within the Field (as
defined in the Sublicense Agreement).

 

5.

SKI
and MabVax agree to amend the SKI License Agreement solely with
respect to YmAbs (or its sublicensees) so that the following shall
apply:

 

i.

YmAbs
(or its sublicensees) shall pay SKI the annual minimum royalty
payments due to SKI under Section 5.1(e) of the SKI License
Agreement, as follows:

 

a.

[***]

 

b.

[***]

 

c.

[***]

 

 

ii.

YmAbs
(or its sublicensees) shall [***];

 

iii.

any
payment terms of YmAbs (or its sublicensees) towards SKI shall be
due within a minimum of sixty (60) days from the relevant event
triggering the obligation to make such payment; and

 

iv.

the
rights of YmAbs (or its sublicensees) and the corresponding
obligations of SKI towards YmAbs (or its sublicensees) under
Section 7.5 of the SKI License Agreement shall continue to be in
force until at least [***] from the Effective Date of the
Sublicense Agreement.

 

6.

SKI
acknowledges and agrees that [***].

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

 

 

CONFIDENTIAL TREATMENT REQUESTED

  

7.

SKI
and MabVax acknowledge and agree that this Side Letter shall be
deemed a contract for the benefit of third parties, namely YmAbs
(or its sublicensees), and that YmAbs (or its sublicensees) as a
third party beneficiary shall immediately acquire the rights that
affect any of YmAbs’ (or its sublicensees’) current or
future obligations towards SKI and/or MabVax under the Sublicense
Agreement and that YmAbs shall, furthermore, be entitled to enforce
any of the provisions hereof by all remedies available at law
and/or in equity.

 

If
the foregoing accurately sets forth the agreement of the parties
with respect to the subject hereof, kindly indicate your
acknowledgment, consent, and agreement thereto by countersigning
below and returning an executed copy of this Side Letter to the
undersigned.

 

Sincerely,

 

MabVax
Therapeutics Holdings, Inc.

 

By:
/s/ J. David
Hansen

 

Name:
J. David Hansen

 

Title:
President and CEO

 

ACKNOWLEDGED, CONSENTED TO, AND AGREED:

 

Sloan-Kettering
Institute for Cancer Research

 

By: /s/
Eric M. Cottington,
Ph.D.

Name:
Eric M. Cottington, Ph.D.

 

Title:
Senior VP Research & Technology Management

 

ACKNOWLEDGED BY:

 

Y-mAbs
Therapeutics Inc.

 

By:
/s/ Thomas
Gad

Thomas
Gad

 

Chairman,
President

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

CONFIDENTIAL TREATMENT REQUESTED

EXHIBIT A

 

SUBLICENSE AGREEMENT

 

	

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.Blueprint

  EXHIBIT
10.8

 

CONSENT
UNDER AND SECOND AMENDMENT TO LOAN AND SECURITY
AGREEMENT

 

 

THIS
CONSENT UNDER AND SECOND AMENDMENT to Loan and Security Agreement
(this “Amendment”) is entered into as of
July 3, 2018 (the “Second
Amendment Date”), by and among OXFORD FINANCE LLC, a
Delaware limited liability company with an office located at 133
North Fairfax Street, Alexandria, Virginia 22314 (in its individual
capacity, “Oxford”; and in its capacity as
Collateral Agent, “Collateral
Agent”), the Lenders listed on Schedule 1.1 thereof
from time to time including Oxford in its capacity as a Lender
(each a “Lender”
and collectively, the “Lenders”), and MABVAX THERAPEUTICS
HOLDINGS, INC., a Delaware corporation with offices located at
11533 Sorrento Valley Road, Suite 400, San Diego, CA 92121
(“Holdings”),
MABVAX THERAPEUTICS, INC., a Delaware corporation with offices
located at 11533 Sorrento Valley Road, Suite 400, San Diego, CA
92121 (“MabVax”
and together with Holdings, individually and collectively, jointly
and severally, “Borrower”).

 

WHEREAS, Collateral
Agent, Borrower and the Lenders party thereto from time to time
have entered into that certain Loan and Security Agreement, dated
as of January 15, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”) pursuant to which
the Lenders have provided to Borrower certain loans in accordance
with the terms and conditions thereof;

 

WHEREAS, Holdings
anticipates entering into a certain Asset Purchase and License
Agreement, on July 3, 2018, contract number 43088525, with
Boehringer Ingelheim International GmbH, with a principal place of
business at Binger Strasse 173, 55216 Ingelheim, Germany
(“BII”), the
form of which is attached hereto as Exhibit A (the “Asset
Purchase and License
Agreement”) and in connection with the consummation of
the transactions contemplated therein pay certain fees to Greenhill
& Co., LLC (“Greenhill”) in the aggregate
amount of Three Hundred Eighty-Five Thousand Dollars ($385,000.00)
(the “Greenhill
Payment”) in six equal monthly installments commencing
with the date of the consummation of the transactions contemplated
in the Asset Purchase and License Agreement;

 

WHEREAS, Borrower
has requested that Collateral Agent and Lenders consent to the
sale, conveyance, assignment and transfer of Borrower’s
right, title and interest in and to certain of Borrower’s
assets by Borrower to BII pursuant to the Asset Purchase and
License Agreement (the “Acquired Assets”), as described
in Section 2 hereof, the licenses granted by Borrower to BII
pursuant to the Asset Purchase and License Agreement, the release
of any encumbrances, if any, under the Loan Agreement that relate
to the Acquired Assets, and to the making of the Greenhill Payment,
in each case to the extent that such consent may be required
pursuant to Section 7.1 of the Loan Agreement;

 

WHEREAS, Collateral
Agent and Lenders have agreed to provide such consents, but only to
the extent set forth herein, in accordance with the terms and
subject to the conditions set forth herein, and in reliance upon
the representations and warranties set forth herein;

 

WHEREAS, in
connection with and in consideration for providing the
aforementioned consents and other provisions set forth herein,
Borrower, Lenders and Collateral Agent desire to amend certain
provisions of the Loan Agreement as provided herein and subject to
the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the promises, covenants and
agreements contained herein, and other good and valuable
consideration, the receipt and adequacy of which are hereby
acknowledged, Borrower, Lenders and Collateral Agent hereby agree
as follows:

 

 

1.

Capitalized terms
used herein but not otherwise defined shall have the respective
meanings given to them in the Loan Agreement.

 

 

 

2.

Subject to the
terms and conditions hereof, Collateral Agent and Lenders hereby
consent to the grant of the licenses and the sale, conveyance,
assignment and transfer of the Acquired Assets, by Borrower to BII
pursuant to and strictly in accordance with the terms of the Asset
Purchase and License Agreement (and without any amendments thereto,
unless such amendments (i) are not material, (ii) do not adversely
affect the consideration to be received by Borrower under the Asset
Purchase and License Agreement (including, without limitation, the
amount, form and dates thereof), and (iii) do not represent
transactions that would

 

-1-

 

 

require
the consent of Collateral Agent or the Lenders or the Required
Lenders under the terms of the Loan Agreement). Collateral Agent
and Lenders agree that they shall have no right and title to and in
the Acquired Assets which are released from the scope of, and shall
be unencumbered by the Loan Agreement. For clarity, the Loan
Agreement shall not apply to, and shall have no force and effect as
far as the Acquired Assets are concerned.

 

 

3.

Subject to the
consummation of the transactions contemplated by the Asset Purchase
and License Agreement, as consented to herein, Collateral Agent and
Lenders hereby consent to the making of the Greenhill Payment over
a course of six months in equal monthly installments.

 

4.

Borrower hereby
reaffirms the security interest granted by Borrower previously in
Section 4.1 of the Loan Agreement with respect to the Collateral
(prior to the date hereof) and hereby grants Collateral Agent, for
the ratable benefit of the Lenders, to secure the payment and
performance in full of all of the Obligations, a continuing
security interest in, and pledges to Collateral Agent, for the
ratable benefit of the Lenders, such part of the Collateral that
was not pledged previously or in which security interest was not
granted prior to the Second Amendment Date, wherever located,
whether now owned or hereafter acquired or arising, and all
proceeds and products thereof. Furthermore, Borrower hereby
authorizes Collateral Agent to file financing statements or take
any other action required to perfect Collateral Agent’s
security interests in the Collateral, without notice to Borrower,
with all appropriate jurisdictions to perfect or protect Collateral
Agent’s interest or rights under the Loan Documents,
including a notice that any disposition of the Collateral, except
to the extent permitted by the terms of this Amendment, by
Borrower, or any other Person, shall be deemed to violate the
rights of Collateral Agent under the Code. For the avoidance of
doubt, none of the assets sold, conveyed, assigned and transferred
by Borrower to BII under the Asset Purchase and License Agreement
shall be part of the Collateral and the Loan Agreement shall not
apply to such assets.

 

 

5.

Section 2.2(b) of
the Loan Agreement is hereby amended and restated in its entirety
as follows:

 

 

 

(b)            

Repayment. Borrower shall make
monthly payments of interest only commencing on the first
(1st) Payment Date following
the Funding Date of each Term Loan, and continuing on the Payment
Date of each successive month thereafter through and including the
Payment Date immediately preceding the Amortization Date. Borrower
agrees to pay, on the Funding Date of each Term Loan, any initial
partial monthly interest payment otherwise due for the period
between the Funding Date of such Term Loan and the first Payment
Date thereof. Commencing on the Amortization Date, and continuing
on the Payment Date of each month thereafter through June 1, 2018,
Borrower shall make consecutive equal monthly payments of
principal, together with applicable interest, in arrears, to each
Lender, as calculated by Collateral Agent (which calculations shall
be deemed correct absent manifest error) based upon: (1) the amount
of such Lender’s Term Loan, (2) the effective rate of
interest, as determined in Section 2.3(a), and

(3) a
repayment schedule equal to thirty-six (36) months; provided,
however, that the payment of principal that otherwise would have
been due on the Amortization Date will be due and payable on May 1,
2017 along with any other payment of principal due on May 1, 2017.
Borrower shall make monthly payments of interest only commencing on
July 1, 2018, and continuing on the Payment Date of each successive
month thereafter through and including December 1, 2018. Commencing
on the January 1, 2019, and continuing on the Payment Date of each
month thereafter, Borrower shall make consecutive equal monthly
payments of principal, together with applicable interest, in
arrears, to each Lender, as calculated by Collateral Agent (which
calculations shall be deemed correct absent manifest error) based
upon: (1) the unpaid principal amount of such Lender’s Term
Loan as of January 1, 2019, (2) the effective rate of interest, as
determined in Section 2.3(a), and (3) a repayment schedule equal to
fourteen (14) months. The Final Payment and all unpaid principal
and accrued and unpaid interest with respect to each Term Loan are
due and payable in full on the Maturity Date. Each Term Loan may
only be prepaid in accordance with Sections 2.2(c) and
2.2(d).

 

 

6.

Section 2.5 of the
Loan Agreement is hereby amended by deleting the word
“and” immediately following Section 2.5(d), replacing
“.” at the end of Section 2.5(e) with “;
and” and adding Section 2.5(f) thereto as
follows:

 

-2-

 

 

(f)            

Amendment Fee. A fully earned
and non-refundable amendment fee in the amount of Five Thousand
Dollars ($5,000.00), which shall become due and payable upon the
earlier of: (i) the Maturity Date, (ii) the acceleration of any
Term Loan, or (iii) the prepayment of a Term Loan pursuant to
Section 2.2(c) or (d).

 

 

7.

Section 5.2(d) of
the Loan Agreement is hereby amended and restated as
follows:

 

 

 

Borrower and each
of its Subsidiaries is the sole owner of the Intellectual Property
each respectively purports to own, free and clear of all Liens
other than Permitted Liens. (i) Each of Borrower’s and its
Subsidiaries’ Copyrights, Trademarks and issued Patents are
valid and enforceable and no part of Borrower’s or its
Subsidiaries’ Intellectual Property has been judged invalid
or unenforceable, in whole or in part, and (ii) to the best of
Borrower’s knowledge, no claim has been made that any part of
the Intellectual Property or any practice by Borrower or its
Subsidiaries violates the rights of any third party except to the
extent such claim could not reasonably be expected to have a
Material Adverse Change.

Except
as noted on the Perfection Certificates, neither Borrower nor any
of its Subsidiaries is a party to, nor is bound by, any material
license or other material agreement with respect to which Borrower
or such Subsidiary is the licensee that (i) prohibits or otherwise
restricts Borrower or its Subsidiaries from granting a security
interest in Borrower’s or such Subsidiaries’ interest
in such material license or material agreement or any other
property, or (ii) for which a default under or termination of could
interfere with Collateral Agent’s or any Lender’s right
to sell any Collateral. Borrower shall provide written notice to
Collateral Agent and each Lender within ten (10) days of Borrower
or any of its Subsidiaries entering into or becoming bound by any
license or agreement with respect to which Borrower or any
Subsidiary is the licensee (other than over the counter software
that is commercially available to the public).

 

 

8.

Section 6.2(a)(vii)
of the Loan Agreement is hereby amended and restated in its
entirety as follows:

 

prompt
notice of (A) any material change in the composition of the
Intellectual Property, (B) the registration of any copyright,
including any subsequent ownership right of Borrower or any of its
Subsidiaries in or to any copyright, patent or trademark, including
a copy of any such registration, and (C) any event that could
reasonably be expected to materially and adversely affect the value
of the Intellectual Property;

 

 

 

9.

Section 6.7 of the
Loan Agreement is hereby amended and restated in its entirety as
follows:

 

 

Borrower and each
of its Subsidiaries shall: (a) use commercially reasonable efforts
to protect, defend and maintain the validity and enforceability of
its Intellectual Property that is material to Borrower’s
business;

(b)
promptly advise Collateral Agent in writing of material
infringement by a third party of its Intellectual Property; and (c)
not allow any Intellectual Property material to Borrower’s
business to be abandoned, forfeited or dedicated to the public
without Collateral Agent’s prior written consent. If Borrower
or any of its Subsidiaries (i) obtains any patent, registered
trademark or servicemark, registered copyright, registered mask
work, or any pending application for any of the foregoing, whether
as owner, licensee or otherwise, or (ii) applies for any patent or
the registration of any trademark or servicemark, then Borrower or
such Subsidiary shall substantially contemporaneously provide
written notice thereof to Collateral Agent and each Lender and
shall execute such intellectual property security agreements and
other documents and take such other actions as Collateral Agent
shall reasonably request in its good faith business judgment to
perfect and maintain a first priority perfected security interest
in favor of Collateral Agent, for the ratable benefit of the
Lenders, in such property. If Borrower or any of its Subsidiaries
decides to register any copyrights or mask works in the United
States Copyright Office, Borrower or such Subsidiary shall: (x)
provide Collateral Agent and each Lender with at least fifteen (15)
days prior written notice of Borrower’s or such
Subsidiary’s intent to register such copyrights or mask works
together with a copy of the application it intends to file with the
United States Copyright Office (excluding exhibits thereto); (y)
execute an intellectual property security agreement and such other
documents and take such other actions as Collateral Agent may
reasonably request in its good faith business judgment to perfect
and maintain a first priority perfected security interest in favor
of Collateral Agent, for the ratable benefit of the Lenders, in the
copyrights or mask works intended to be registered with the United
States Copyright Office; and (z)

 

-3-

 

 

record
such intellectual property security agreement with the United
States Copyright Office contemporaneously with filing the copyright
or mask work application(s) with the United States Copyright
Office. Borrower or such Subsidiary shall promptly provide to
Collateral Agent and each Lender with evidence of the recording of
the intellectual property security agreement necessary for
Collateral Agent to perfect and maintain a first priority perfected
security interest in such property.

 

 

10.

Section 13.1 of the
Loan Agreement is hereby amended by amending and restating the
following definition therein as follows:

 

 

 

“Loan Documents” are, collectively,
this Agreement, the Warrants, the Perfection Certificates, each
Compliance Certificate, each Disbursement Letter, the Post Closing
Letter, the IP Agreement, any subordination agreements, any note,
or notes or guaranties executed by Borrower or any other Person,
and any other present or future agreement entered into by Borrower,
any Guarantor or any other Person for the benefit of the Lenders
and Collateral Agent in connection with this Agreement; all as
amended, restated, or otherwise modified.

 

 

11.

Section 13.1 of the
Loan Agreement is hereby further amended by adding the following
definitions thereto in alphabetical order:

 

 

 

“Second Amendment Date” is July 3,
2018.

 

 

“IP Agreement” is that certain
Intellectual Property Security Agreement entered into by and
between Borrower and Collateral Agent dated as of the Second
Amendment Date, as such may be amended from time to
time.

 

 

12.

Exhibit A to the Loan Agreement
is hereby amended and restated in its entirety as set forth on
Exhibit B
hereto.

 

 

 

13.

Borrower hereby
represents and warrants that a complete and accurate list of its
Intellectual Property as of the Second Amendment Date is attached
hereto as Exhibit
C.

 

 

 

14.

Borrower hereby
authorizes Collateral Agent to file financing statements,
amendments to financing statements or take any other action
required to perfect Collateral Agent’s security interests in
the Collateral (as such term has been amended pursuant to this
Amendment) , without notice to Borrower, with all appropriate
jurisdictions to perfect or protect Collateral Agent’s
interest or rights under the Loan Documents, including a notice
that any disposition of the Collateral, except to the extent
permitted by the terms of the Loan Documents, by Borrower, or any
other Person, shall be deemed to violate the rights of Collateral
Agent under the Code.

 

 

 

15.

The Amortization
Table attached to the Disbursement Letter dated as of the Effective
Date is hereby replaced in its entirety with the Amortization Table
attached hereto as Exhibit
D.

 

 

 

16.

Limitation of
Amendment and consents.

 

a.

The amendments and
consents set forth above are effective for the purposes set forth
herein and shall be limited precisely as written and, subject
always to Section 18 of this Amendment, shall not be deemed to (i)
be a consent to any amendment, waiver or modification of any other
term or condition of any Loan Document, or (ii) otherwise prejudice
any right, remedy or obligation which Lenders or Borrower may now
have or may have in the future under or in connection with any Loan
Document, as amended hereby.

 

 

b.

This Amendment
shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Loan Documents, except as
herein amended, are hereby ratified and confirmed and shall remain
in full force and effect.

 

-4-

 

 

17.

To induce
Collateral Agent and Lenders to enter into this Amendment, Borrower
hereby represents and warrants to Collateral Agent and Lenders and
covenants as follows:

 

 

a.

Immediately after
giving effect to this Amendment (i) the representations and
warranties contained in the Loan Documents are true, accurate and
complete in all material respects as of the date hereof (except to
the extent such representations and warranties relate to an earlier
date, in which case they are true and correct as of such date), and
(ii) no Event of Default has occurred and is
continuing;

 

 

 

b.

Borrower has the
power and due authority to execute and deliver this Amendment and
to perform its obligations under the Loan Agreement, as amended by
this Amendment;

 

 

c.

The organizational
documents of Borrower delivered to Collateral Agent on the
Effective Date, and updated pursuant to subsequent deliveries by
the Borrower to the Collateral Agent, remain true, accurate and
complete and have not been amended, supplemented or restated and
are and continue to be in full force and effect;

 

 

 

d.

Neither the
organizational documents of Borrower nor any of its governing
documents grant any right to any stockholder of Borrower or any
other Person to prohibit Borrower from the sale of Borrower’s
equity securities. The Borrower is not party to any agreement
(other than the Borrower’s agreements set forth in the Loan
Documents) with any stockholder of Borrower or any other Person
that would impede Borrower’s ability to incur
indebtedness.

 

 

e.

The execution and
delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, do not and will not contravene (i) any law or
regulation binding on or affecting Borrower, (ii) any contractual
restriction with a Person binding on Borrower, (iii) any order,
judgment or decree of any court or other governmental or public
body or authority, or subdivision thereof, binding on Borrower,
or

(iv)
the organizational documents of Borrower;

 

 

f.

The execution and
delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, do not require any order, consent, approval,
license, authorization or validation of, or filing, recording or
registration with, or exemption by any governmental or public body
or authority, or subdivision thereof, binding on Borrower, except
as already has been obtained or made;

 

 

g.

This Amendment has
been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance
with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles
relating to or affecting creditors’ rights; and

 

 

h.

In connection with
the transactions contemplated in the Asset Purchase and License
Agreement, Borrower will not be obligated to pay any broker,
investment banker or other similar fees other than the Greenhill
Payment (the aggregate amount of which is Three Hundred Eight Five
Thousand Dollars ($385,000.00) as set forth above and Borrower
shall make such payment to Greenhill in six equal monthly
installments commencing with the consummation of the aforementioned
transactions.

 

 

18.

Notwithstanding
anything to the contrary in this Amendment, and/or the Loan
Agreement, Collateral Agent and Lenders agree that the Loan
Agreement, as amended, shall not apply to, and shall have no force
and effect as far as the Acquired Assets are concerned, and that
the Acquired Assets with regard to Loan Agreement, as amended, are
free and clear of any security interest, pledge, attachment,
easement, restriction, hypothecation, mortgage, lien (statutory or
otherwise), option, conditional sale agreement, right of first
refusal or right of first offer (including any agreement to grant
any of the foregoing), or any other encumbrance under the Loan
Agreement.

 

-5-

 

 

19.

Except as expressly
set forth herein, the Loan Agreement shall continue in full force
and effect without alteration or amendment. This Amendment and the
Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements.

 

 

 

20.

The Borrower hereby
remises, releases, acquits, satisfies and forever discharges the
Lenders and Collateral Agent, their agents, employees, officers,
directors, predecessors, attorneys and all others acting or
purporting to act on behalf of or at the direction of the Lenders
and Collateral Agent (“Releasees”), of and from
any and all manner of actions, causes of action, suit, debts,
accounts, covenants, contracts, controversies, agreements,
variances, damages, judgments, claims and demands whatsoever, in
law or in equity, which any of such parties ever had, now has or,
to the extent arising from or in connection with any act, omission
or state of facts taken or existing on or prior to the date hereof,
may have after the date hereof against the Releasees, for, upon or
by reason of any matter, cause or thing whatsoever relating to or
arising out of the Loan Agreement or the other Loan Documents on or
prior to the date hereof through the date hereof. Without limiting
the generality of the foregoing, the Borrower waives and
affirmatively agrees not to allege or otherwise pursue any
defenses, affirmative defenses, counterclaims, claims, causes of
action, setoffs or other rights they do, shall or may have as of
the date hereof, including the rights to contest: (a) the right of
Collateral Agent and each Lender to exercise its rights and
remedies described in the Loan Documents; (b) any provision of this
Amendment or the Loan Documents; or (c) any conduct of the Lenders
or other Releasees relating to or arising out of the Loan Agreement
or the other Loan Documents on or prior to the date
hereof.

 

 

21.

This Amendment
shall be deemed effective as of the Second Amendment Date upon (a)
the due execution and delivery to Collateral Agent of this
Amendment by each party hereto, (b) the execution and delivery by
Borrower of the IP Agreement, (c) Collateral Agent’s receipt
of the fully executed and complete Purchase and License Agreement,
and (d) Borrower’s payment of all Lenders’ Expenses
incurred through the date hereof, which may be debited (or
ACH’d) from any of Borrower’s accounts.

 

 

 

22.

This Amendment may
be executed in any number of counterparts, each of which shall be
deemed an original, and all of which, taken together, shall
constitute one and the same instrument.

 

 

23.

This Amendment and
the rights and obligations of the parties hereto shall be governed
by and construed in accordance with the laws of the State of New
York.

 

 

 

[Balance
of Page Intentionally Left Blank]

 

-6-

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this
Amendment to be executed as of the date first set forth
above.

 

 

 

BORROWER:

 

 

MABVAX
THERAPEUTICS HOLDINGS, INC.

 

 

By /s/
David
Hansen                                                

Name:
.David Hansen

Title:              

President
and CEO

 

BORROWER:

 

 

 

MABVAX THERAPEUTICS, INC.

 

 

 

By:
/s/ J. David
Hansen

 

 

 

 

COLLATERAL AGENT AND LENDER:

 

 

OXFORD
FINANCE LLC

 

 

By: /s/ Colette H.
Featherly

Name:
Colette H. Featherly

Title:
Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-7-

 

 

Exhibit A

 

 

 

Asset
Purchase and License Agreement

 

 

-8-

 

 

Exhibit B

 

 

 

Description of Collateral

 

 

 

The
Collateral consists of all of Borrower’s right, title and
interest in and to the following personal property:

 

 

All
goods, Accounts (including health-care receivables), Equipment,
Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles
(including all Intellectual Property), commercial tort claims,
documents, instruments (including any promissory notes), chattel
paper (whether tangible or electronic), cash, deposit accounts and
other Collateral Accounts, all certificates of deposit, fixtures,
letters of credit rights (whether or not the letter of credit is
evidenced by a writing), securities, and all other investment
property, supporting obligations, and financial assets, whether now
owned or hereafter acquired, wherever located; and

 

All
Borrower’s Books relating to the foregoing, and any and all
claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions
and improvements to and replacements, products, proceeds and
insurance proceeds of any or all of the foregoing.

 

Notwithstanding the
foregoing, the Collateral does not include (i) more than 65% of the
total combined voting power of all classes of stock entitled to
vote the shares of capital stock (the “Shares”) of any
Foreign Subsidiary, if Borrower demonstrates to Collateral
Agent’s reasonable satisfaction that a pledge of more than
sixty five percent (65%) of the Shares of such Subsidiary creates a
present and existing adverse tax consequence to Borrower under the
U.S. Internal Revenue Code; and (ii) any license or contract, in
each case if the granting of a Lien in such license or contract is
prohibited by or would constitute a default under the agreement
governing such license or contract (but (A) only to the extent such
prohibition is enforceable under applicable law and (B) other than
to the extent that any such term would be rendered ineffective
pursuant to Sections 9-406, 9-408 or 9-409 (or any other Section)
of Division 9 of the Code); provided that upon the termination,
lapsing or expiration of any such prohibition, such license or
contract, as applicable, shall automatically be subject to the
security interest granted in favor of Collateral Agent hereunder
and become part of the “Collateral.”

 

-9-

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