Document:

Exhibit
10.1

 

SECOND
AMENDMENT TO

WAIVER
OF CERTAIN RIGHTS UNDER LICENSE AGREEMENT

 

This
Second Amendment Agreement (this “Second Amendment”), dated as of December 1, 2022, is made by and among ZyVersa Therapeutics,
Inc., a Florida corporation (“Company” or “Licensee”), and L&F Research, LLC, a Florida limited liability
company (“LFR”), with respect to that certain Waiver Agreement (the “Agreement”), dated as of March 2, 2022 and
previously amended by an Amendment dated as of August 26, 2022 (the “First Amendment”). Copies of the Agreement and First
Amendment are attached hereto as Exhibit 1. All capitalized terms used and not defined herein or in the Agreement or First Amendment
shall have the meanings set forth in the License.

 

Recital

 

Whereas,
Company and LFR desire to amend the Agreement as previously amended, to extend the Waiver Period and make certain conforming changes.

 

Now,
Therefore, in receipt of consideration the receipt
and sufficiency of which is acknowledged, LFR and Licensee agree as follows:

 

1.
The Recital set forth above is incorporated herein by reference and made a part of this Second Amendment.

 

2.
The Waiver Period shall be extended by an additional two months and twenty-eight days beyond January 3, 2023, and to effectuate this
change, the term “Waiver Period” is hereby amended, for all purposes of the Agreement, to mean the period from March 22,
2020 through March 31, 2023, inclusive.

 

3.
The December 31, 2022 date set forth in Sections 3 and 4 of the Agreement, as previously extended to May 3, 2023, shall also be further
extended by two months and twenty-eight days. To effectuate this change, the term “May 3, 2023”, as preciously inserted to
replace the term “December 31, 2022”, is hereby deleted from each place where it is inserted in the Agreement as previously
amended, and in lieu thereof the term “July 31, 2023” is hereby inserted.

 

4.
This Second Amendment (1) contains the entire agreement of LFR and Licensee concerning the subject matter hereof, (2) may be altered
only in writing signed by both Parties, (3) shall become effective once signed by both Parties below and (4) may be executed in counterparts,
each of which shall be an original, but when taken together, such counterparts shall constitute one and the same instrument. This Second
Amendment shall be governed by the laws of the state of Florida.

 

5.
The Agreement as previously amended is hereby ratified and confirmed as being in full force and effect, as modified hereby.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

In
Witness Whereof, the Parties haves duly executed
this Second Amendment by signing below.

 

	 	L&F Research LLC
	 	 
	 	By:	 	/s/
    Marc A. Golden
	 	Name:	 	Marc
    A. Golden
	 	Title:	 	CEO
	 	Date:	 	12/23/2022

 

	ACCEPTED AND AGREED TO:	 
	 	 
	ZyVersa Therapeutics, Inc.	 
	 	 	 	 
	By:	 	/s/
    Steve Glover	 
	Name:	 	Steve
    Glover	 
	Title:	 	CEO	 
	Date:	 	12/23/2022	 

 

    	 

    	 

    

 

EXHIBIT
1

 

WAIVER
AGREEMENT DATED AS OF MARCH 2, 2022

 

WAIVER
OF CERTAIN RIGHTS UNDER LICENSE AGREEMENT

 

This
Waiver Agreement (this “Agreement”), dated as of March 2, 2022 (the “Effective Date”) is made by and among
Zyversa Therapeutics, Inc., a Florida corporation (“Company” or “Licensee”), and L&F Research, LLC,
a Florida limited liability company (“LFR”). Company and LFR are each referred to as a “Party” or collectively
as the “Parties.” All capitalized terms used and not defined herein shall have the meanings set forth in the License
(as defined below).

 

RECITALS

 

WHEREAS,
Company and LFR entered into a license agreement on December 15, 2015 which license was amended by Amendment 1 effective as of January
9, 2020 (the “License’)

 

WHEREAS,
under Section 9.2 of the License, if Licensee has failed for any reason to pay LFR any or all money owed when and as due under the
License (such failure being a “Payment Breach” under the License), then LFR can terminate the License on 10 days written
notice to Licensee (the “LFR Termination Right”) or keep the License in place and pursue legal and equitable remedies (the
“LFR Remedies Right”); and

 

WHEREAS,
Section 4.3 of the License provides that FDA’s acceptance of an IND for a “Compound” or “Product” constitutes
a Compensation Milestone Event triggering the obligation of Licensee to pay $500,000 to LFR within 30 days (the “IND Milestone
Payment”); and

 

WHEREAS,
Section 4.3 of the License further provides that successful completion of Phase 1 Clinical Trial program with results sufficient
to commence Phase 2a Clinical Trial, or commencement of Phase 2a Clinical Trial without the necessity of Phase 1 Clinical Trials, with
FDA concurrence (this being referred to as the “Phase 1/Phase 2 Milestone”) constitutes a Compensation Milestone Event triggering
the obligation of Licensee to pay $500,000 to LFR within 30 days (the “First Phase1/Phase2 Milestone Payment”), and to pay
an additional $500,000 to LFR on the first anniversary of the achievement of the Phase1/Phase 2 Milestone (the “Second Phase1/Phase
2 Milestone Payment”); and

 

WHEREAS,
on February 20, 2020, the FDA issued a “Study May Proceed” Letter (the “FDA Letter”) to Licensee, authorizing
Licensee’s commencement of Phase 2 clinical trials of a Compound and constituting the FDA’s acceptance of Licensee’s
IND with respect thereto; and

 

WHEREAS,
the February 20, 2020 FDA Letter indicating the FDA’s acceptance of Licensee’s IND and authorizing Licensee’s commencement
of Phase 2 clinical trials triggered Licensee’s obligation under Section 4.3 of the License to pay LFR (a) both the IND Milestone
Payment and the First Phase 1/Phase 2 Milestone Payment on or before March 21, 2020, and (b) the Second Phase 1/Phase 2 Milestone Payment
on or before February 20, 2021; and

 

WHEREAS,
as of the Effective Date, Licensee has not yet paid LFR the IND Milestone Payment or the First Phase 1/Phase 2 Milestone Payment
or the Second Phase 1/Phase 2 Milestone Payment, nor has LFR at any time provided Licensee a termination notice under Section 9.2 of
the License with respect to said ongoing Payment Breaches; and

 

WHEREAS,
Licensee has requested LFR’s waiver of the LFR Termination Right and the LFR Remedies Right solely with respect to the Payment
Breaches relating to the IND Milestone Payment and the First Phase 1/Phase 2 Milestone Payment and the Second Phase 1/Phase 2 Milestone
Payment, solely covering the period through August 31, 2022, inclusive, and LFR is willing to grant this waiver on the terms and subject
to the limitations set forth below.

 

    	 

    	 

    

 

NOW,
THEREFORE, in receipt of consideration the receipt and sufficiency of which is acknowledged, LFR and Licensee agree as follows:

 

1.
The Recitals set forth above are incorporated herein by reference and made a part of this Agreement of Waiver.

 

2.
LFR hereby waives both the LFR Termination Right and the LFR Remedies Right, solely to the extent said LFR Termination Right and
LFR Remedies Right would be triggered by the failure of Licensee to pay to LFR part or all of the IND Milestone Payment (the “IND
Milestone Payment Breach”), the First Phase 1/Phase 2 Milestone Payment (the “First Phase 1/Phase 2 Milestone Payment Breach”)
and/or the Second Phase 1/Phase 2 Milestone Payment (the “Second Phase 1/Phase 2 Milestone Payment Breach”; and the IND Milestone
Payment Breach and the First Phase 1/Phase 2 Milestone Payment Breach and the Second Phase 1/Phase 2 Milestone Payment Breach being collectively
the “Three Breaches”) which waiver shall remain in effect during the period from March 22, 2020 through August 31, 2022,
inclusive (the “Waiver Period”).

 

3.
Notwithstanding anything contained elsewhere herein, if the License is terminated pursuant to its terms or rescinded, revoked or
otherwise voided at any time on or before December 31, 2022 for any reason other than the Three Breaches during the Waiver Period, then
this waiver will be null and void as if never granted, and the obligation of Licensee to pay LFR the IND Milestone Payment and the First
Phase 1/Phase 2 Milestone Payment on or before March 21, 2020, and the obligation of Licensee to pay the Second Phase1/Phase 2 Milestone
Payment on or before February 20, 2021, will be reinstated as if this Waiver had never been provided.

 

4.
Notwithstanding anything contained elsewhere herein, if the Licensee undergoes a Bankruptcy Event at any time on or before December
31, 2022, then this waiver will be null and void as if never granted, and the obligation of Licensee to pay LFR the IND Milestone Payment
and the First Phase 1/Phase 2 Milestone Payment on or before March 21, 2020, and the obligation of Licensee to pay the Second Phase1/Phase
2 Milestone Payment on or before February 20, 2021, will be reinstated as if this Waiver had never been provided. For purposes hereof,
a “Bankruptcy Event” shall mean (1) the Licensee commencing any case, proceeding or other action (A) under any existing or
future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets; or (2) the Licensee making
a general assignment for the benefit of its creditors; or (3) the commencement against the Licensee of any such case, proceeding or other
action which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged
or unbonded for 60 days.

 

5.
For the sake of clarity, LFR does not hereby waive either or both of the LFR Termination Right and/or the LFR Remedies Right arising
from (1) a failure by Licensee to pay to LFR any or all of the $500,000 IND Milestone Payment, the $500,000 First Phase 1/Phase 2 milestone
Payment and/or the $500,000 Second Phase 1/Phase 2 Milestone Payment (a) following expiration of the Waiver Period or (b) during or after
the Waiver Period if there occurs a termination of the License in circumstances described in Section 3 above or (c) during or after the
Waiver Period if there occurs a Bankruptcy Event as described in Section 4 above, or 92) a failure by Licensee to timely pay to LFR any
other amount when due under the License; and LFR does not hereby waive any rights under the License other than those expressly waived
hereby on the conditions set forth herein.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

In
Witness Whereof, the Parties haves duly executed
this Second Amendment by signing below.

 

	 	L&F Research LLC
	 	 	 	 
	 	By:	 	/s/
    Marc A. Golden
	 	Name:	 	Marc A. Golden
	 	Title:	 	CEO
	 	Date:	 	3/7/2022

 

ACCEPTED
AND AGREED TO:

 

ZyVersa
Therapeutics, Inc.

 

	By:	 	/s/
    Steve Glover	 
	Name:	 	Steve Glover	 
	Title:	 	CEO	 
	Date:	 	3/7/2022	 

 

    	 

    	 

    

 

FIRST
AMENDMENT DATED AS OF AUGUST 26, 2022

 

AMENDMENT
TO WAIVER OF CERTAIN RIGHTS UNDER LICENSE AGREEMENT

 

This
Amendment Agreement (this “Amendment”), dated as of August 26, 2022, is made by and among ZyVersa Therapeutics, Inc.,
a Florida corporation (“Company” or “Licensee”), and L&F Research, LLC, a Florida limited liability
company (“LFR”), with respect to that certain Waiver Agreement (the “Agreement”), dated as of March 2,
2022, a copy of which as executed is attached hereto as Exhibit 1. All capitalized terms used and not defined herein or in the Agreement
shall have the meanings set forth in the License.

 

RECITAL

 

WHEREAS,
Company and LFR desire to amend the Agreement to extend the Waiver Period and make certain conforming changes.

 

NOW
THEREFORE, in receipt of consideration the receipt and sufficiency of which is acknowledged, LFR and Licensee agree as follows:

 

1.
The Recital set forth above is incorporated herein by reference and made a part of this Amendment.

 

2.
The Waiver Period shall be extended by four months and three days, and to effectuate this change, the term “Waiver Period”
is hereby amended, for all purposes of the Agreement to mean the period from March 22, 2020 through January 3, 2023, inclusive.

 

3.
The December 31, 2022 date set forth in Sections 3 and 4 of the Agreement shall also be extended by four months and three days. To
effectuate this change, the term “December 31, 2022”, is hereby deleted from each place where it is written in the Agreement
as previously executed, and in lieu thereof the term “May 3, 2023” is hereby inserted.

 

4.
This Amendment (1) contains the entire agreement of LFR and Licensee concerning agreed amendments to the Agreement, (2) may be altered
only in writing signed by both Parties, (3) shall become effective once signed by both Parties below and (4) may be executed in counterparts,
each of which shall be an original, but when taken together, such counterparts shall constitute one and the same instrument. This Second
Amendment shall be governed by the laws of the state of Florida.

 

5.
The Agreement is hereby ratified and confirmed as being in full force and effect, as modified hereby.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

In
Witness Whereof, the Parties haves duly executed
this Second Amendment by signing below.

 

	 	L&F Research LLC
	 	 	 	 
	 	By:	 	/s/
    Marc A. Golden
	 	Name:	 	Marc A. Golden
	 	Title:	 	CEO
	 	Date:	 	8/29/2022

 

ACCEPTED
AND AGREED TO:

 

ZyVersa
Therapeutics, Inc.

 

	By:	 	/s/
    Steve Glover	 
	Name:	 	Steve Glover	 
	Title:	 	CEO	 
	Date:	 	8/15/2022Exhibit
4.1

 

DESCRIPTION
OF CAPITAL STOCK

 

The
following describes the general terms and provisions of the common stock and certain provisions of the Articles of Incorporation, as
amended (the “Articles of Incorporation”), and the Third Amended and Restated Bylaws (the “Bylaws”)
of NuZee, Inc. (the “Company”), and certain related rights. This description is only a summary and is qualified in
its entirety by reference to the Articles of Incorporation and the Bylaws, each of which have been filed with the Securities and Exchange
Commission, and applicable law.

 

Authorized
Capital Stock

 

The
authorized capital stock of the Company consists of 200,000,000 shares, par value $0.00001 per share (“common stock”).

 

Voting
Rights

 

Each
outstanding share of common stock entitles the holder thereof to one non-cumulative vote per share on all matters on which stockholders
may vote. Holders of shares of common stock do not have cumulative voting rights with respect to the election of directors or any other
matter.

 

Cumulative
voting allows a minority stockholder to vote a portion or all of its shares for one or more candidates for seats on the Company’s
board of directors (the “Board”). Without cumulative voting, a minority stockholder will not be able to gain as many
seats on the Board based on the number of shares of our stock the stockholder holds as compared to the number of seats the stockholder
would be able to gain if cumulative voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder
to gain a seat on the Board to influence the Board’s decision regarding a takeover.

 

Dividends

 

The
holders of common stock have equal ratable rights to dividends from funds legally available therefor when, as and if declared by the
Board. The Company has not paid any cash dividends to stockholders. The declaration of any future cash dividend will be at the discretion
of the Board and will depend upon the Company’s earnings, if any, the Company’s capital requirements and financial position,
the Company’s general economic conditions and other pertinent conditions. It is the Company’s present intention not to pay
any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in the Company’s business operations.

 

No
Preemptive or Similar Rights

 

The
holders of common stock have no preemptive or other subscription or conversion rights. In addition, the shares of common stock are not
subject to redemption by operation of a sinking fund or otherwise. All outstanding shares of common stock are fully paid and nonassessable.

 

Liquidation
Rights

 

In
the event of the Company’s liquidation, dissolution or winding up of the Company, the holders of common stock will be entitled
to share ratably in all of the Company’s assets that are available for distribution after payment in full of all of the Company’s
liabilities.

 

Certain
Bylaws Provisions

 

The
Bylaws contain certain provisions that may have the effect of delaying, deferring or discouraging another party from acquiring control
of the Company. These provisions, which are summarized below, are intended to discourage coercive takeover practices and inadequate takeover
bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with the Board.

 

    	 

     

    

 

Term
of Directors. The Bylaws provide that each director shall hold office until the next annual meeting of shareholders and until a successor
is duly elected and qualified or until the director’s earlier death, resignation, retirement, disqualification or removal.

 

Number
of Directors. The Bylaws provide that the Board shall consist of not less than one and not more than 13 members.

 

Vacancies
on the Board. The Bylaws provide that vacancies on the Board, including newly created directorships, may be filled only by a majority
vote of directors then in office, and directors so chosen shall hold office for a term expiring at the next annual meeting of stockholders
or until such director’s successor shall have been duly elected and qualified, unless sooner displaced. Accordingly, the Board
could prevent any stockholder from filling any new directorships with such stockholder’s own nominee.

 

Stockholder
Meetings. The Bylaws provide that a special meeting of stockholders may be called only by the holders of twenty-five percent (25%)
of the voting shares of the Company, or by the Company’s president, or by the Board or a majority thereof.

 

Stockholder
Action by Written Consent. The Bylaws provide that any action that may be taken at any annual or special meeting of the stockholders
may be taken without a meeting if, before or after the action, a written consent thereto is signed by stockholders holding at least a
majority of the voting power, except that if any greater proportion of voting power is required for such action at a meeting, then such
greater proportion of written consents is required.

 

Advance
Notice of Stockholder Proposals. The Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination
of candidates for election as directors. The procedures permit stockholders to submit proposals (including director nominations) at any
annual meeting of stockholders if advance notice thereof has been timely delivered to, or mailed and received by, the secretary of the
Company not less than 90 nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting of stockholders.
However, if the annual meeting of stockholders is changed by more than 30 calendar days before or after such anniversary date, different
timing provisions will apply as set forth in the Bylaws. These provisions do not apply to stockholder proposals made pursuant to Rule
14a-8 under the Securities Exchange Act of 1934, as amended. These provisions might preclude our stockholders from bringing matters before
our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures
are not followed.

 

Anti-Takeover
Effects of Nevada Law

 

In
addition to the Bylaws provisions described above, the State of Nevada, where we are incorporated, has enacted statutes that could also
prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even
though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.
We have not opted out of these statutes.

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