Document:

Exhibit 10.7

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL
AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

FIRST AMENDMENT TO EXCLUSIVE
LICENSE AGREEMENT

 

This FIRST AMENDMENT
TO EXCLUSIVE LICENSE AGREEMENT (this "First Amendment") is made as of the 11th day of August, 2016,
by and between the University of Pittsburgh Of the Commonwealth System of Higher Education, a non-profit corporation organized
and existing under the laws of the Commonwealth of Pennsylvania ( “University") and iBio. Inc., ("Licensee").

 

WHEREAS, University
and Licensee have previously entered into an Exclusive License Agreement with effective date of January 14, 2014; and

 

WHEREAS, the parties
wish to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency which are hereby acknowledged,
the parties hereby agree as follows:

 

	 	1.	Amendments to Agreement.

 

Article 3.2 of Agreement
is hereby deleted and replaced in its entirety with the following:

 

"In addition,
Licensee shall adhere to each of the following milestones:

 

		(a)	Commence production of a plant-based peptide comprised of the Licensed Technology by March 31,
2014;

 

		(b)	File an Investigational New Drug application (IND) covering the Licensed Technology with the FDA
or Foreign equivalent by June 30, 2017;

 

		(c)	Enrollment of first patient in a Phase I clinical trial or foreign equivalent covering the Licensed
Technology by June 30, 2018;

 

		(d)	Enrollment of first patient in a Phase Il clinical trial or foreign equivalent
covering the Licensed Technology by June 30, 2020;

 

		(e)	Enrollment of first patient in a Phase Ill clinical trial or foreign equivalent
covering the Licensed Technology by June 30, 2023; and

 

		(f)	Filing of the first BLA or foreign equivalent covering the Licensed Technology
by June 30, 2027."

 

    

     

    

 

Article
3.3 of Agreement is hereby deleted and replaced in its entirety with the following:

 

"For
a single time as of the Effective date this First Amendment, if a milestone in Section 3.2 has not been completed within the timeframe
allotted, through no fault of Licensee, and following Commercially Reasonable Best Efforts of Licensee to meet such milestone,
Licensee may request in writing from the University a six (6) month extension to meet such milestone and subsequent timeframes
relying upon meeting such milestone ("First Request"), and University approval of such First Request shall not be unreasonably
withheld. If after the First Request the same milestone is missed a second time
or another milestone is missed, through no fault of Licensee, and following Commercially Reasonable Best Efforts of Licensee to
meet such milestone, Licensee may request, in writing, a second extension to meet such milestone and subsequent timeframes relying
upon meeting such milestone ("Second Request"), and Licensee shall be deemed to have fulfilled the milestone requirement
if Licensee makes a penalty payment of [***]. In such case, in addition to the penalty payment required, Licensee
and University shall negotiate a new time for attainment of such missed milestone
and subsequent timeframes relying upon the meeting of a previous milestone will also be adjusted. If after the First Request or
Second Request Licensee fails to meet any revised milestone date, University may terminate the License Agreement and upon termination
all rights and interest to the Patent Rights and all other rights granted by University
pursuant to Section 2.1 shall revert to University."

 

	3.	Miscellaneous.

 

		(a)       Except as specifically amended above, all terms of the Agreement shall
                                            remain in full force and effect. To the extent that there are any inconsistencies between the terms of the Agreement and the
                                            terms of the First Amendment, the terms of this First Amendment shall prevail in effect.

 

		(b)      The parties acknowledge that this First Amendment and the Agreement set
                                            forth the entire understanding and intentions of the parties hereto as to the subject matter hereof and supersedes all
                                            previous understandings between the parties, written or oral, regarding such subject matter.

 

    

     

    

 

IN WITNESS WHEREOF,
the parties represent and warrant that each has the authority to
bind the party to this Agreement and hereto have executed this First Amendment as of the date first written above.

 

	 	UNIVERSITY OF PITTSBURGH OF THE 

COMMONWEALTH SYSTEM OF HIGHER

 EDUCATION
	 	 
	 	 
	 	 
	 	By:	 /s/ Marc S. Malandro                
	 	Name: Marc S. Malandro
	 	Title: Associate Vice Chancellor for Technology 

Management and Commercialization

 

	Reviewed and approved by OGC	 
	University of Pittsburgh	 
	 	 
	 	 
	 	 
	By:	               	 
	Date: 8/14/16	 

 

	 	LICENSEE: IBIO, INC.
	 	 
	 	 
	 	 
	 	By: 	/s/ Robert L.
    Erwin        
	 	Name: Robert L. Erwin
	 	Title: PresidentExhibit 10.8

 

SECOND AMENDMENT TO EXCLUSIVE
LICENSE AGREEMENT

 

This SECOND AMENDMENT
TO EXCLUSIVE LICENSE AGREEMENT (this "Second Amendment") is made as of the November 2, 2020, by and between the
University of Pittsburgh of the Commonwealth System of Higher Education, a non-profit corporation organized and existing under
the laws of the Commonwealth of Pennsylvania (“University") and iBio. Inc., ("Licensee").

 

WHEREAS, University
and Licensee have previously entered into an Exclusive License Agreement with effective date of January 14, 2014 as previously
amended by the parties on August 11, 2016; and

 

WHEREAS, the parties
wish to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for good and valuable consideration, the receipt and sufficiency which are hereby acknowledged,
the parties hereby agree as follows:

 

1.                 
Amendments to Agreement. Section 3.2 (b)-(f) of the Agreement is hereby deleted and replaced
in its entirety with the following:

 

"(b)            
File an Investigational New Drug application (IND) covering the Licensed Technology with the FDA or Foreign equivalent by December
31, 2021;

 

(c)              
Enrollment of first patient in a Phase I clinical trial or foreign equivalent covering the Licensed Technology by March
31, 2022;

 

(d)              
Enrollment of first patient in a Phase Il clinical trial or foreign equivalent covering the Licensed Technology by June
30, 2023;

 

(e)              Enrollment
of first patient in a Phase Ill clinical trial or foreign equivalent covering the Licensed Technology by June 30, 2026; and

 

(f)              Filing
of the first BLA or foreign equivalent covering the Licensed Technology by December 31, 2029"

 

	2.	Miscellaneous.

 

(a)              
Except as specifically amended above, all terms of the Agreement shall remain in full force and effect. To the extent that
there are any inconsistencies between the terms of the Agreement and the terms of the First Amendment, the terms of this First
Amendment shall prevail in effect.

 

(b)              
The parties acknowledge that this First Amendment and the Agreement set forth the entire understanding and intentions of
the parties hereto as to the subject matter hereof and supersedes all previous understandings between the parties, written or oral,
regarding such subject matter.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties represent and warrant that each has the authority to
bind the party to this Agreement and hereto have executed this First Amendment as of the date first written above.

 

	 	UNIVERSITY OF PITTSBURGH OF THE 

COMMONWEALTH SYSTEM OF HIGHER 

EDUCATION
	 	 
	 	By: 	/s/ Evan Facher
	 	Name: 	Evan Facher, Ph.D.
	 	Title: 	Director, Innovation Institute Vice Chancellor
    for Innovation and Entrepreneurship
	 	 
	 	LICENSEE: IBIO, INC.
	 	 
	 	By: 	/s/ Robert L. Erwin
	 	Name: Robert L. Erwin
	 	Title: PresidentExhibit 10.22

  

  
    

    

    FOURTH AMENDMENT TO MASTER REPURCHASE AGREEMENT

     

    THIS FOURTH AMENDMENT TO MASTER REPURCHASE AGREEMENT (this “Amendment”), dated December 4, 2019, by and among MORGAN STANLEY BANK, N.A. (“Buyer”), KREF LENDING IV LLC (“Seller”)
      and KKR REAL ESTATE FINANCE HOLDINGS L.P. (“Guarantor”) amends that certain Master Repurchase and Securities Contract Agreement, dated December 6, 2016, by and between Buyer and Seller, as modified by that certain Omnibus Amendment, dated as
      of November 10, 2017 by and among Guarantor, Seller and Buyer, as further modified by that certain First Amendment to Repurchase Agreement, dated as of December 31, 2018 by and between Buyer and Seller, as further modified by that certain Second
      Amendment to Repurchase Agreement, dated March 14, 2019 by and between Buyer and Seller, and as further modified by that certain Third Amendment to Master Repurchase Agreement dated June 7, 2019 by and among Guarantor, Seller and Buyer (as the same
      has been or may be further amended, modified and/or restated from time to time, the “Repurchase Agreement”) and the other Transaction Documents as provided herein. 

     

    RECITALS

     

    WHEREAS, the parties hereto desire to make certain amendments to the Repurchase Agreement and the other Transaction Documents as provided herein.

     

    NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

     

    	

          	1.	
            Amendment to the Repurchase Agreement. The definition of “Facility Amount” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

          

     

    “Facility Amount” shall mean $600,000,000 as such amount may be reduced in accordance with Section 9(c) of this Agreement.

     

    	

          	2.	
            Provided no Event of Default is then continuing, upon written request of Seller and effective upon payment by Seller to Buyer of the Adjusted Upfront Fee (as defined below), the Facility Amount shall be
              increased by $150,000,000. The “Adjusted Upfront Fee” shall mean an amount equal to the product of (i) 0.75% multiplied by (ii) $150,000,000 multiplied by (iii) a fraction, the numerator of which is the number of days from the
              effective date of such increase in the Facility Amount to the Facility Termination Date and the denominator of which is the number of days from the date of the Repurchase Agreement to the Facility Termination Date. From and after the
              effective date of such increase in the Facility Amount, the definition of Facility Amount shall be deemed to be amended and restated in its entirety as follows:

          

     

    “Facility Amount” shall mean $750,000,000 as such amount may be reduced in accordance with Section 9(c) of this Agreement.

     

    

    
      
        

    

    	

          	3.	
            Defined Terms. Capitalized terms used but not defined herein shall have the meanings set forth in the Repurchase Agreement.

          

     

    	

          	4.	
            Ratification and Authority.

          

     

    (a)      Seller hereby represents and warrants that (i) Seller has the power and authority to enter into this Amendment and to perform its obligations under the Repurchase Agreement as amended hereby
      and the other Transaction Documents, (ii) Seller has by proper action duly authorized the execution and delivery of this Amendment and (iii) this Amendment has been duly executed and delivered by Seller and constitutes Seller’s legal, valid and
      binding obligations, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

     

    (b)     Seller hereby (i) unconditionally ratifies and confirms, renews and reaffirms all of its obligations under the Repurchase Agreement and each of the other Transaction Documents, (ii)
      acknowledges and agrees that such obligations remain in full force and effect, binding on and enforceable against it in accordance with the terms of the Repurchase Agreement as amended hereby and the other Transaction Documents, in each case, subject
      to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and (iii) represents, warrants and covenants that it is not in default under the Repurchase Agreement or
      any of the other Transaction Documents beyond any applicable notice and cure periods, and there are no defenses, offsets or counterclaims against Seller’s obligations under the Repurchase Agreement or the other Transaction Documents.

     

    
      (c)      Guarantor, by its signature below, hereby (i) unconditionally approves and consents to the execution by Seller of this Amendment and the modifications to the Transaction Documents effected
        thereby, (ii) unconditionally ratifies, confirms, renews, and reaffirms all of its obligations under the Guaranty, (iii) acknowledges and agrees that its obligations under the Guaranty remain in full force and effect, binding on and enforceable
        against it in accordance with its terms subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and (iv) represents, warrants and covenants that it is
        not in default under the Guaranty beyond any applicable notice and cure periods, and there are no defenses, offsets or counterclaims against its obligations under the Guaranty. Guarantor hereby represents and warrants that it has the power and
        authority to enter into this Amendment and has by proper action duly authorized the execution and delivery of this Amendment by Guarantor.

    

     

    

    
      
        

    

    	

          	5.	
            Continuing Effect. Except as expressly amended by this Amendment, the Repurchase Agreement, the Guaranty and the other Transaction Documents remain in full force and effect in accordance with their
              respective terms.

          

     

    	

          	6.	
            References in Transaction Documents. All references to the Repurchase Agreement in any Transaction Document, or in any other document executed or delivered in connection therewith shall, from and after
              the execution and delivery of this Amendment, be deemed a reference to the Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

          

     

    	

          	7.	
            Governing Law. This Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York.

          

     

    	

          	8.	
            Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same
              instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof.

          

     

    [Signatures appear on the next page.]

     

    

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered in their names as of the date first above written.

     

    

    	 	
            BUYER:

          
	 	 
	 	
            MORGAN STANLEY BANK, N.A.,

          
	 	
            a national banking association

          
	 	 
	 	
            By:

          	
            /s/ Anthony Preisano

          	 
	 	

          	
            Name: Anthony Preisano

          
	 	

          	
            Title: Authorized Signatory

          

    

    

    [Signatures continue on the next page.]

     

    

    
      
        

    

    	 	
            SELLER:

          
	

          
	 	
            KREF LENDING IV LLC,

          
	 	
            a Delaware limited liability company

          
	 	 
	 	By:	
            /s/ Patrick Mattson

          	 
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Authorized Signatory

          

     

    

    	 	
            GUARANTOR:

          
	 	 
	 	
            KKR REAL ESTATE FINANCE HOLDINGS L.P.,

          
	 	
            a Delaware limited partnership

          
	 	 
	 	
            By: KKR REAL ESTATE FINANCE TRUST INC.,

          
	 	
            
               its general partner

            

          
	 	 

    	 	By:	
            /s/ Patrick Mattson

          	 
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Authorized Signatory

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