SEC Contract Filing

Filing Date: 2025-05-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea023978001ex10-1_nkgen.htm
<DESCRIPTION>LETTER AGREEMENT, DATED APRIL 25, 2025, BY AND BETWEEN NKGEN BIOTECH, INC. AND KEPOS ALPHA MASTER FUND L.P.
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Warrant Downside Protection Conversion and Share Issuance
(Common Stock Purchase Warrant Issued April 25, 2024)</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 1.5pt 0pt 1.15pt">To: Kepos Alpha Master Fund L.P., 11 Times Square, 35th
Floor New York, NY 10036 <U STYLE="font-style: normal; font-weight: normal; text-decoration: none">PIPES@keposcapital.com</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.15pt">From: NKGen Biotech, Inc. 3001 Daimler Street Santa Ana,
CA, 92705 <U STYLE="text-decoration: none">jgraf@nkgenbiotech.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.15pt">Dear Kepos Alpha Master Fund L.P.:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 1.5pt 0pt 1.15pt">This letter agreement (this &ldquo;Letter&rdquo;) sets
forth the terms and mutual acknowledgements regarding the conversion of certain warrants held by Kepos Alpha Master Fund L.P. (&ldquo;Kepos&rdquo;)
in NKGen Biotech, Inc. (the &ldquo;Company&rdquo;) pursuant to that certain Subscription Agreement, entered into on or about September
20, 2023 and Common Stock Purchase Warrant originally issued to Kepos by the Company on or about September 20, 2023 and subsequently amended
and restated on April 25, 2024 (the &ldquo;Warrant&rdquo;). Capitalized terms used but not otherwise defined in this Letter shall have
the meanings given to them in the Warrant.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 1. Exercise of Warrants and Issuance of Warrant Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 1.5pt 0pt 1.15pt">In connection with an exercise of Downside Protection
on the Third Reset Date, and Pursuant to Section 2(e) of the Warrant, Kepos hereby elects to exercise 555,555 warrants (the &ldquo;Warrants&rdquo;)
on a cashless basis. Upon such exercise, the Company shall issue to Kepos 555,555 shares of the Company&rsquo;s common stock (the &ldquo;Warrant
Shares&rdquo;). The parties acknowledge and agree that, notwithstanding anything to the contrary in the Warrant, the parties intend for
this Letter to serve as sufficient notice and documentation of Kepos&rsquo; election to exercise its right to Downside Projection on these
Warrants, and that, in this specific instance, Kepos shall not be required to fill out or provide the Exercise Notice as set forth in
Exhibit A to the Warrant or notice of extercise of Downside Protection, nor NKGen provide the Acknowledgment as set forth in Exhibit B
to the Warrant.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 2. Issuance of Shares in Lieu of Third Reset Date Additional Downside Consideration Cash Payment</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 5.4pt 0pt 1.15pt">Pursuant to Section 2(e) of the Warrant, Kepos is entitled
to receive Additional Downside Consideration in the amount of $509,555, calculated as $0.9172 per warrant for each of the 555,555 Warrants.
Kepos hereby expressly agrees to receive 2,038,220 shares of the Company&rsquo;s common stock (the &ldquo;Additional Shares&rdquo;), calculated
at a price of $0.25 per share, in full and complete satisfaction of the $509,555 in Additional Downside Consideration to which Kepos is
otherwise entitled under the Warrant. Upon issuance and delivery of the Additional Shares as set forth herein, Kepos shall have no further
right to receive any cash or other consideration in respect of the Additional Downside Consideration for the Warrants in connection with
the Third Reset Date.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 3. Total Shares to be Issued</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.15pt">The Company shall issue to Kepos a total of 2,593,775 shares
of common stock, consisting of:</P>

<P STYLE="font: 10pt Times New Roman