Document:

AMENDMENT TO LICENSE AGREEMENT

EXHIBIT 10.18

AMENDMENT TO LICENSE AGREEMENT (XXXX97-14) 

Amendment to the License Agreement (the "Amendment") dated the 11th day of July, 2008 (the "Effective Date"), by and between the University of XXXX and its XXXX ("LICENSOR"), and HEAT BIOLOGICS, INC., a Delaware corporation ("LICENSEE"), under the direction of XXXX, to wit: LICENSE AGREEMENT relating to the technology and product identified as the XXXX Cancer Vaccine (XXXX97-14) , and hereinafter referred to as "License Agreement". 

WHEREAS, LICENSOR and LICENSEE entered into that certain Stockholders Agreement dated the 11th day of July, 2008, granting to the LICENSOR certain rights to participate in future stock offerings by the LICENSEE (hereinafter referred to as the "Stockholders Agreement"); and 

WHEREAS, LICENSOR is the owner and holder of eight percent (8%) of all issued and outstanding common stock of LICENSEE in each class and series on a fully­diluted basis pursuant to the terms and conditions of the License Agreement; together with the University of XXXX Investor Rights Agreement effective July I 1, 2008, and the Common Stock Subscription Agreement dated July 1, 2008; and 

WHEREAS, LICENSEE has a past due and outstanding license issue fee obligation to LICENSOR, as set forth in section 8.1(a) of the License Agreement, as follows: 

One hundred fifty thousand ($150,000.00) dollars obligation, past due and outstanding, to wit: Payable within thirty (30) days of the Effective Date, on or before August 11, 2008; and 

WHEREAS, LICENSEE has past due and outstanding patent fees and costs obligations to LICENSOR in the amount of eleven thousand seventeen and 09/1 00 ($11, 017.09) dollars pursuant to section 5.1 of the License Agreement; and 

WHEREAS, LICENSEE has a past due and outstanding license issue fee obligation together with past due and outstanding patent fees and costs obligations to LICENSOR pursuant to the License Agreement, in the total amount of one hundred sixty one thousand seventeen and 09/100 ($161,017.09) dollars; and 

WHEREAS, LICENSEE has requested an extension of the payment dates for past due license issue fees together with past due patent fees and costs, and LICENSOR desires to extend the foregoing payment dates. 

NOW THEREFORE, for the mutual promises and other good and valuable consideration contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

LICENSOR agrees to extend the payment dates of the foregoing past due license issue fee together with past due patent fees and costs owed by LICENSEE pursuant to the License Agreement, under the following terms and conditions: 

1.

LICENSOR shall extend the payment deadline of all past due license issue fees and past due patent fees and costs under the License Agreement, in the total amount of one hundred sixty one thousand seventeen and 09/100 ($161,017.09) dollars to August 11, 2009 (the "Extension Date") 

Portions herein identified by [XXXX] have been omitted pursuant to a request for confidential treatment under Rule 406 of the Securities Exchange Act of 1933, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission

2.

LICENSOR shall be issued XXXX percent (XXXX%) fully-dilutable common shares of the total number of LICENSEE common shares issued and outstanding, which stock issuance shall be evidenced as follows: 

Section 8.5 of the License Agreement is hereby amended and restated in its entirety to read as follows: 

As partial consideration for the license granted pursuant to this Agreement, LICENSEE shall issue to LICENSOR a fully paid, nonassessable number of common shares equal to eight percent (8%) of the total number of LICENSEE issued and outstanding common shares in each class and series on a fully-diluted basis, at all times until and including the later of such time that LICENSEE has received more than two million dollars ($2,000,000) in cash proceeds after the Effective Date of this Agreement from equity investments by parties unaffiliated with LlCENSEE as of the Effective Date of this Agreement ("Qualified Investment"). For the avoidance of doubt, such anti-dilution protection for the foregoing shares shall continue to apply through the duration of and until immediately after, the Qualified Investment pursuant to this Agreement and any Amendments thereto, whichever is later. Furthermore, LICENSEE shall issue to LICENSOR fully-dilutable common shares equal to two and one half percent (2.5%) of the total number of LICENSEE common shares in each class and series issued and outstanding. LICENSEE shall affect the issuance of the foregoing fully-diluted shares by concurrent execution of an appropriate Stockholders Agreement, Investor Rights Agreements, and Common Stock Subscription Agreement, together with appropriate Amendments thereto evidencing the foregoing issuance of such fully-dilutable common shares to LICENSOR, the terms of which are incorporated by reference herein. 

3.

LICENSEE shall pay LICENSOR, as additional consideration for the payment Extension Date granted by LICENSOR under this Amendment, the sum of twelve thousand five hundred ($12,500.00) dollars, to be due and payable on or before such Extension Date. 

4.

LICENSOR hereby reserves the right, at its sale and absolute discretion, to seek any and all remedies available at law or in equity, for the nonpayment by the LICENSEE of any and all license issue fees together with patent fees and costs due and payable by the Extension Date. 

5.

LICENSOR and LICENSEE mutually agree and confirm that the following sections of the License Agreement remain in full force and effect, and agree to be bound by the terms and conditions specified therein: section 6. entitled INDEMNIFICATION, section 21. entitled AMENDMENT, and section 25. entitled ENTIRE AGREEMENT. LICENSOR and LICENSEE further mutually agree and confirm that in all other respects the License Agreement shall remain in full force and effect in accordance with all other terms and conditions specified therein, and agree to be bound by the terms and conditions set forth therein. 

This Amendment is entered into and made effective as of the last signature date set forth below. 

Portions herein identified by [XXXX] have been omitted pursuant to a request for confidential treatment under Rule 406 of the Securities Exchange Act of 1933, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth below. 

LICENSOR: 

XXXX

			
	By: 

	 
	 

	 
	XXXX

	 

	 
	XXXXXXXX

	 

Date: _______ Advancement 

LICENSEE: 

HEAT BIOLOGICS, INC. 

			
	By: 

	 
	 

	 
	Jeffrey Wolf 

	 

	 
	President 

	 

Portions herein identified by [XXXX] have been omitted pursuant to a request for confidential treatment under Rule 406 of the Securities Exchange Act of 1933, as amended. A complete copy of this document has been filed separately with the Securities and Exchange CommissionFirst Amendment to Loan and Security Agreement

Exhibit 10.19

FIRST AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

This First Amendment to Loan and Security Agreement (the "Amendment"), is entered into as of November 30, 2012 by and between SQUARE I BANK (the "Bank") and HEAT BIOLOGICS. INC. and HEAT BIOLOGICS I, INC. (collectively known as the “Borrower").

RECITALS

Borrower and Bank arc parties 10 that certain Loan and Security Agreement dated as of August 7, 2012 (as amended from time to time, the "Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment.

NOW THEREFORE the parties agree as follows:

1)

Bank and Borrower hereby acknowledge and agree that, until Borrower’s achievement of the Equity Milestone, as more particularly described in Section 6.7(b) of the Agreement (as in effect as of the date of this Amendment), Borrower shall not request, and Bank shall not be obligated to make, any additional Credit Extensions under the Agreement.

2)

Bank hereby waives Borrower's existing violation of the Term Sheet Milestone covenant, as more particularly described in Section 6.7(b) of the Agreement (as in effect immediately prior to the date of this Amendment).

3)

Section 6.7(b) of the Agreement is hereby amended and restated, as follows:

(b) 

Equity Milestone.  On or before December 15, 2012, Borrower shall have received at least $5,000,000 in net Cash proceeds from the sale or issuance of Borrower's equity securities to investors acceptable to Bank.

4)

The defined term "Term Sheet Milestone" and its definition in Exhibit A to the Agreement are hereby deleted.

5)

Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

6)

Borrower represents and warrants that the representations and warranties contained in the Agreement arc true and correct as of the date of this Amendment.

7)

This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

8)

As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

a)  this Amendment, duly executed by Borrower;

b) payment of all Bank Expenses, including Bank's expenses for the documentation of this Amendment and any related documents, which may be debited from any of Borrower's accounts; and 

c)  such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

[Signature Page to Follow]

IN WITNESS WHEREOF the undersigned have executed this Amendment as of the first date above written.

					
	HEAT BIOLOGICS, INC.

	 
	SQUARE 1 BANK

	 
	 
	 
	 

	By:  

	/s/ Jeff Wolf

	 
	By:

	 

	Name:  

	Jeff Wolf

	 
	Name:

	 

	Title:  

	CEO

	 
	Title:

	 

	 
	 
	 
	 

	 
	 
	 
	 

	HEAT BIOLOGICS I, INC.

	 
	 

	 
	 
	 
	 

	By:  

	/s/ Jeff Wolf

	 
	 

	Name:  

	Jeff Wolf

	 
	 

	Title:  

	CEO

	 
	 

[Signature Page to First Amendment to Loan and Security Agreement]

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