SEC Contract Filing

Filing Date: 2024-04-29

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ea020478401ex10-1_nkgen.htm
<DESCRIPTION>LETTER AGREEMENT, DATED APRIL 28, 2024, BY AND BETWEEN THE COMPANY AND METEORA
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LETTER AGREEMENT REGARDING UNSECURED NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Letter Agreement (&ldquo;<B>Letter</B> &ldquo;),
dated as of April 28, 2024, is made between <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Meteora
Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC</B></FONT> (collectively, &ldquo;<B>Lender</B>&rdquo;)
and <B>NKGEN BIOTECH, INC. </B> (&ldquo;<B>Borrower</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower has
executed that certain Unsecured Promissory Note in the original principal amount of $330,000, dated as of March 26, 2024 (as the same
may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its provisions, the &ldquo;<B>Note</B>&rdquo;)
in favor of the Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrower notified
the Lender that on April 9, 2024, it received cash proceeds from any source or series of related or unrelated sources on or after the
Issue Date in an amount greater than $5,000,000 (such cash proceeds greater than $5,000,000, the &ldquo;<B>Excess Proceeds</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Lender may, in
its sole discretion, require the Borrow to repay all or any portion of the outstanding Principal Amount and interest (including any Default
Interest) then due under the Note pursuant to Section 1.10 of the Note (the &ldquo;<B>Repayment Right</B>&rdquo;) with such Excess Proceeds;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Lender has informed
the Borrower that it will not exercise the Repayment Right with respect to all or any portion of the outstanding Principal Amount and
interest (including any Default Interest) under the Note and that it will not exercise the Repayment Right with respect to all or any
portion of the outstanding Principal Amount and interest (including any Default Interest) then due under the Note until the amount of
Excess Proceeds exceeds $5,000,000 (such the time at which the amount of such Excess Proceeds exceeds to $5,000,000, the &ldquo;<B>Next
Repayment Right Time</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in consideration
for the Lender&rsquo;s decision not to exercise the Repayment Right, the Borrower desires to (i) pay an amount equal to $69,600 in immediately
available funds (the &ldquo;<B>Cash Consideration</B>&rdquo;), (ii) issue to the Lender 250,000 shares (the &ldquo;<B>Consideration Shares</B>&rdquo;)
of the Borrower&rsquo;s common stock, par value 0.0001 (the &ldquo;<B>Common Stock</B>&rdquo;), and (iii) issue to Lender warrants to
purchase 330,000 shares of Common Stock (the &ldquo;<B>Warrants</B>&rdquo;) at an exercise price of $2.00 per share of Common Stock with
such Warrants having a five year term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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