Second Amendment to Loan Agreement, dated as of October 18, 2016, by and between Byodine Holding S.A. and the Registrant

EXHIBIT 10.16

AMENDMENT No. 2

TO LOAN AGREEMENT

This Amendment to Loan Agreement (the “Amendment”) is made and entered into as of October 18, 2016, by and between Biodyne Holding SA, a Swiss corporation (the “Lender”) and Hancock Jaffe Laboratories, Inc., a Delaware corporation, (the “Borrower”).

RECITALS

WHEREAS, the Lender and the Borrower are party to a Loan Agreement, dated as of June 30, 2015 (the “Loan Agreement”) and Convertible Promissory Notes with the right of transfer as determined by the Lender in accordance with Section 4 of the Loan Agreement.

WHEREAS, the Lender and the Borrower desire to amend the Loan Agreement to provide for an extension of funding and repayment periods.

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

Section 1.1 of the Loan Agreement is hereby amended to read as follows:

Section 1.1.: This Agreement sets out the terms and conditions upon which the Lender will make available to the Borrower a loan of up to USD 2,200,000 (two million two hundred thousand US Dollars) in several installments through December 29, 2016.

Section 5 of the loan agreement is hereby amended to read as follows:

IN WITNESS WHEREOF, the parties have executed this Amendment to the Loan Agreement as of the date first written above.