Document:

Exhibit 10.2

 

University
of Minnesota

 

FIRST AMENDMENT
TO EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS
FIRST AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Amendment 1ST “) is entered into this 17th
day of November, 2010 by and between Regents of the University of Minnesota, a Minnesota constitutional corporation under
the laws of the state of Minnesota, having a place of business at 1000 Westgate Drive, Suite 160, St. Paul, MN 55114 (the “UNIVERSITY”),
and Miromatrix Medical Inc., a corporation under the laws of the state of Delaware, having a business address of 18683 Bearpath Trail,
Eden Prairie, MN 55347 (the “COMPANY”).

 

BACKGROUND

 

UNIVERSITY
and COMPANY entered into an Exclusive Patent License Agreement, dated and effective as of 04 February 2010, (the “EPLA”),
under which the UNIVERSITY granted to COMPANY an exclusive license to UNIVERSITY’S rights in numerous patents, as described more
fully in the EPLA.

 

The
parties now wish to amend and clarify the Licensees’ rights and obligations under the EPLA.

 

NOW,
THEREFORE, the parties agree as follows:

 

		1.	The
                                            language in Section 9(v) of the EPLA beginning with “within the latter of one (1) year
                                            after the Effective Date of six months after hiring a vice president of product development”
                                            is struck and replaced with “on or before June 30, 2013”
	 	 	 

		2.	Capitalized
                                            terms not otherwise defined in this Amendment 1St have the meaning provided in
                                            the EPLA.
	 	 	 

		3.	All
                                            other terms and conditions of the EPLA shall remain unchanged and in full effect.
	 	 	 

		4.	This
                                            Amendment may be executed concurrently in two or more counterparts, each of which shall be
                                            deemed an original, but all of which together shall constitute one and the same instrument.
                                            Facsimile execution and delivery of this Agreement shall be binding and enforceable for all
                                            purposes.

 

    1 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this Fourth Amendment to License
Agreement.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.
	 	 	 
	 	 	 	 	 
	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen 
	 	Jay W. Schrankler	 	 	Robert Cohen 
	 	Executive Director	 	 	President & CEO 
	 	Office for Technology Commercialization	 	 	 
	 	 	 	 	 
	Date: 11/17/2010	 	Date: 11/20/2010

 

    2 

     

    

 

University
of Minnesota

 

FIRST AMENDMENT
TO EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS
FIRST AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Amendment 1st”) is entered into this ___
day of November, 2010 by and between Regents of the University of Minnesota, a Minnesota constitutional corporation under the
laws of the state of Minnesota, having a place of business at 1000 Westgate Drive, Suite 160, St. Paul, MN 55114 (the “UNIVERSITY”),
and Miromatrix Medical Inc., a corporation under the laws of the state of Delaware, having a business address of 18683 Bearpath Trail,
Eden Prairie, MN 55347 (the “COMPANY”).

 

BACKGROUND

 

UNIVERSITY
and COMPANY entered into an Exclusive Patent License Agreement, dated and effective as of 04 February 2010, (the “EPLA”),
under which the UNIVERSITY granted to COMPANY an exclusive license to UNIVERSITY’S rights in numerous patents, as described more
fully in the EPLA.

 

The
parties now wish to amend and clarify the Licensees’ rights and obligations under the EPLA.

 

NOW,
THEREFORE, the parties agree as follows:

 

		1.	The
                                            language in Section 9(v) of the EPLA beginning with “within the latter of one (1) year
                                            after the Effective Date of six months after hiring a vice president of product development”
                                            is struck and replaced with “on or before June 30, 2013”
	 	 	 

		2.	Capitalized
                                            terms not otherwise defined in this Amendment IS` have the meaning provided in the EPLA.
	 	 	 

		3.	All
                                            other terms and conditions of the EPLA shall remain unchanged and in full effect.
	 	 	 

		4.	This
                                            Amendment may be executed concurrently in two or more counterparts, each of which shall be
                                            deemed an original, but all of which together shall constitute one and the same instrument.
                                            Facsimile execution and delivery of this Agreement shall be binding and enforceable for all
                                            purposes.

 

    1 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this Fourth Amendment to License Agreement.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.
	 	 	 
	 	 	 	 	 
	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen 
	 	Jay W. Schrankler	 	 	Robert Cohen 
	 	Executive Director	 	 	President & CEO 
	 	Office for Technology Commercialization	 	 	 
	 	 	 	 	 
	Date: 11/17/10	 	Date: 11/20/10

 

    2Exhibit 10.3

 

University
of Minnesota

 

SECOND AMENDMENT
TO EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS
SECOND AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Amendment Second”) is entered into and effective as of the
date of last signature (the “Second Amendment Effective Date”) by and between Regents of the University of Minnesota,
a Minnesota constitutional corporation under the laws of the state of Minnesota, having a place of business at 1000 Westgate Drive,
Suite 160, St. Paul, MN 55114 (the “University”), and Miromatrix Medical Inc. a corporation under the laws of the state of
Delaware having a business address of 18683 Bearpath Trail, Eden Prairie, MN 55347 (the “Company”) (The University or the
Company may be referred to below as a “Party” or jointly as the “Parties”).

 

BACKGROUND

 

The
Parties entered into an Exclusive Patent License Agreement, dated and effective as of 04 February 2010 (the “EPLA”), and
as amended under the Amendment First dated and effective as of 17 November 2010) (the “Amendment First”) under which the
University granted to the Company an exclusive license to the University’s intellectual property rights in the Licensed Technology,
as described more fully in the EPLA and the Amendment First. The Parties now wish, inter alia, to amend the Company’s rights
and obligations under the EPLA as provided in this Amendment Second.

 

NOW,
THEREFORE, the Parties agree as follows:

 

		1.	Capitalized
                                            terms not otherwise defined in this Amendment Second have the meanings ascribed to them in
                                            the EPLA.

 

		2.	The
                                            Parties hereby amend the EPLA as of the Second Amendment Effective Date as follows:

 

		2.1	The language in Section 5.3 of
the ELPA is amended by adding the following language to the end of the Section:

 

“61/379,073
US 08 March 2012 Methods of Recellularizing A Tissue or Organ for Improved Transplantability”

 

		2.2	The language in Section 9(v) of
the EPLA, as amended, beginning with “on or before June 30, 2013” is deleted and replaced with “on or before June 30,
2014”

 

		2.3	The language in the first sentence
of Section 11.4.2 of the EPLA, beginning with “Beginning on the date in which” and ending with “royalty obligation
applies:” is deleted and replaced with “Beginning in the calendar year in which any Licensed Product or combination of Licensed
Products first achieves cumulative Commercial
Sales of five million dollars ($5,000,000), the following minimum annual royalty obligation applies:”

 

		2.4	The language in the last sentence
of Section 11.4.2 of the ELPA beginning with “If the date” and ending with “end of that year.”, is deleted.

 

		3.	Except
                                            as amended in this Amendment Second, all the terms and conditions of the EPLA shall remain
                                            unchanged and in full effect.

 

		4.	This
                                            Amendment Second may be executed concurrently in two or more counterparts, each of which
                                            shall be deemed an original, but all of which together shall constitute one and the same
                                            instrument. Electronic execution and delivery of this Amendment Second shall be binding and
                                            enforceable for all purposes.

 

    1 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Second Amendment to the Exclusive
Patent license Agreement as of the Second Amendment Date.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.
	 	 	 
	 	 	 	 	 
	By:	/s/ Jay W. Schrankler	 	By:	/s/ Robert Cohen 
	 	Jay W. Schrankler	 	 	Robert Cohen 
	 	Executive Director	 	 	President & CEO 
	 	Office for Technology Commercialization	 	 	 
	 	 	 	 	 
	Date: 3/12/2013	 	Date: 3/12/2013

 

    2Exhibit 10.4

 

THIRD AMENDMENT

 

TO EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS
THIRD AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Third Amendment”) is made and entered effective as of the
date of the last signature (the “Third Amendment Effective Date”), by and between Regents of the University of Minnesota
(the “University”), a Minnesota constitutional corporation under the laws of the state of Minnesota, having a place of
business at 200 Oak Street, SE, Suite 280, Minneapolis, Minnesota 55455, and Miromatrix Medical Inc., a corporation under the laws
of the state of Delaware having a business address of 18683 Bearpath Trail, Eden Prairie, MN 55347 (the “Company”) each
a “Party” and collectively, the “Parties”).

 

BACKGROUND

 

The
Parties entered into an Exclusive Patent License Agreement, dated and effective as of 04 February 2010 (the “EPLA”), and
as amended under the First Amendment dated and effective as of 17 November 2010 (the “First Amendment”) and under the Second
Amendment dated and effective as 12 March 2013 (the “Second Amendment”), under which the University granted to the Company
an exclusive license to the University’s intellectual property rights in the Licensed Technology, as described more fully in the
EPLA and First Amendment and Second Amendment. The Parties now wish, inter alia, to amend the Company’s rights and obligations
under the EPLA as provided in this Third Amendment.

 

NOW,
THEREFORE, THE PARTIES AGREE THAT:

 

		1.	Capitalized
                                            terms not otherwise defined in this Third Amendment have the meanings ascribed to them in
                                            the EPLA.

 

		2.	Section
                                            1.4 of the EPLA is hereby revised to replace subsection (i) as follows:

 

“(i)       the
transfer of a Licensed Product to a third party for consideration for use in the development or testing of a Licensed Product, so long
as such development or testing is being conducted prior to the availability of that particular Licensed Product.”

 

		3.	Section
                                            1.4 of the EPLA is hereby revised to add a new subsection (iv) as follows:

 

“(iv)
the transfer of a Licensed Product to a third party solely for use as a promotional tool and not usable for any medical purpose.”

 

		4.	General,
                                            Except as amended, deleted, or otherwise modified by the First Amendment, Second Amendment
                                            and this Third Amendment, the terms of the EPLA shall remain in full force and effect.

 

[Signature Page
Follows]

 

    1 

     

    

 

IN
WITNESS WHEREOF, acting through their respective duly authorized representatives, the University and the Company have duly executed,
delivered and entered into this Third Amendment as of the Third Amendment Effective Date.

 

	Regents of the University of Minnesota	 	Miromatrix Medical Inc.  
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Richard Huebsch	 	By:	/s/ Robert Cohen  
	Name:	Richard Huebsch	 	Name:	Robert Cohen
	Title:	Assoc. Director, Office for Tech. Comm.	 	Title:	President & CEO
	 	 	 	 	 
	Date: 12/16/2014	 	Date: 12/11/14  

 

    2

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