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Second Amendment to License Agreement with Cytocom Inc., effective December 31, 2018 and signed April 8, 2019

Contract Categories: Intellectual Property - License Agreements
EX-10.60 3 ex10-60.htm


Exhibit 10.60




This amendment (“Third Amendment”) to the Second Amendment to The License Agreement is effective December 31, 2018 (“Effective Date”) by and between Cytocom Inc., a for profit corporation duly organized and existing under the laws of the Commonwealth of Delaware, having an office at 3001 Aloma Ave, Winter Park, FL 32792 (“CYTO”), and Immune Therapeutics Inc., a Florida Corporation, having an office at 2431 Aloma Ave #124 Winter Park, FL 32792 (“IMUN and or Company or Licensee”). CYTO and Licensee may each be referred to individually as “Party” and collectively as “Parties”.




WHEREAS, the Parties entered into that certain Amended License Agreement, effective May 1, 2018 (the “License Agreement”); and


WHERAS, as a consequence of the License Agreement, the Company deconsolidated CYTO as of May 1, 2018 in its financial reporting, and following that date has accounted for its retained interest in CYTO under the equity method of accounting;


WHERAS, effective December 31, 2018, the Parties entered into the Second Amendment to the License Agreement (“Second Amendment”) to clarify and confirm certain obligations of the Parties incurred by either Party before the December 31, 2018 that would become the sole obligations of CYTO on and after that date (“Debt Obligations”);


WHEREAS, the Parties have determined that additional clarification and confirmation is needed with respect to the Debt Obligations;


NOW THEREFORE, in consideration of the foregoing and the mutual promises and covenants set forth herein and for good and valuable consideration, the adequacy and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:


1. Definitions. For purposes of this Third Amendment, all capitalized terms shall have the meaning ascribed by the License Agreement unless expressly amended herein.


1.1   “Accounts Payable” means those accounts payable obligations and accrued liabilities as specified in Schedule A “Cytocom Inc. Accounts Payable and Accrued Obligations” attached hereto.
1.2 “Notes Payable” means those obligations owed under certain promissory notes as specified in Schedule B “Cytocom Inc. Notes Payable” hereto.


2. Cancellation and Replacement of Schedule 1 of the Second Amendment. The Parties hereby agree that Schedule 1 of the Second Amendment will be cancelled and replaced in its entirety by Schedule A “Cytocom Inc. Accounts Payable and Accrued Obligations” attached hereto.


3. Cancellation and Replacement of Schedule 2 of the Second Amendment. The Parties hereby agree that Schedule 2 of the Second Amendment will be cancelled and replaced in its entirety by Schedule B “Cytocom Inc. Notes Payable” attached hereto.


4. Interpretation. Except to the extent specifically amended by this Second Amendment, all terms and conditions set forth in the License Agreement shall remain unchanged and in full force and effect.


5. Entire Agreement. This Third Amendment, in conjunction with the License Agreement and Second Amendment, constitutes the entire agreement between the Parties regarding the subject matter hereof and supersedes any prior understandings, agreements or representations between the Parties, written or oral, relating to the subject matter hereof.


6. Counterparts. This Third Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original as against a Party whose signature appears thereon, and each of which shall together constitute one and the same instrument. Any counterpart signature page delivered by electronic means or by facsimile transmission shall be deemed to have the same force and effect as an originally executed signature page.




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IN WITNESS WHEREOF, the Parties, intending to be legally bound hereby, have each caused a duly authorized representative to execute this Third Amendment on the day and year set forth below.


Immune Therapeutics, Inc.   Cytocom, Inc.
By: /s/ Kevin Phelps   By: /s/ Michael Handley
Name: Kevin Phelps   Name: Michael Handley
Title: Chief Executive Officer   Title: President
Date: May 12, 2020   Date: May 12, 2020


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Schedule A


Cytocom Inc. Accounts Payable and Accrued Obligations


Vendors and Accounts Payable  Amount ($) 
Advanced Biostrategies, Inc.  $7,500.00 
Aronstam Management Services Inc    36,000.00  
Austin Legal Group APC    37,500.00  
Birch Stewart Kolash Birch LLP    20,570.00  
ClearTrust, LLC    750.00  
Cooley LLP   103,655.92 
Corporate Creations   561.85 
Dr. Jill Smith    24,670.00  
Dr. Nicholas J. Sisti Esq.   (500.00)
Elisa DeLaet Jagerson   37,500.00 
Emas Pharma   10,000.00 
Gateway Medical, LLC   65,000.00 
Husch Blackwell LLP   4,586.70 
Jacqueline Young   170,000.00 
LDN Research Group LLC    74,670.00  
Molski Management Services Inc    25,000.00  
The Pennsylvania State University    8,747.00  
TOTAL  $ 626,211.47  


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Schedule A (continued)


Cytocom Inc. Accounts Payable and Accrued Obligations


Creditors and Accrued Obligations  Amount ($) 
Noreen Griffin  $520,000.00 
Kelly Wilson   32,000.00 
Robert Wilson   32,000.00 
TOTAL  $584,000.00 


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Schedule B


Cytocom Inc. Notes Payable


Borrower at Date of Note Signing  Effective Date of Note  Note Holder/ Lender  Principal Amount of Note ($)   Maturity Date  Accrued Interest
& Fees at 12/31/2018 ($)
   Total Owing at 12/31/2018 ($) 
Cytocom  6/16/2015  MJW Properties  $25,000.00   9/30/2015  $3,775.00   $28,775.00 
Cytocom  9/30/2015  Richard Gostanian   400,000.00   9/30/2016   104,153.42    504,153.42 
Cytocom  1/8/2016  RJ Dailey   80,000.00   1/8/2017   12,011.00    92,011.00 
Cytocom  2/8/2016  Paul Akin   50,000.00   2/8/2017   14,479.45    64,479.45 
Immune  3/9/2016  Paul Akin   20,000.00   3/8/2017   5,705.56    25,705.56 
Immune  9/30/2016  Paul Akin   25,000.00   9/30/2017   2,448.75    27,448.75 
Immune  11/1/2016  Richard Gostanian   275,000.00   11/1/2017   26,422.92    301,422.92 
Immune  12/31/2016  Richard Gostanian   30,000.00   2/18/1982   2,777.50    32,777.50 
Immune  3/31/2017  Paul Akin   5,000.00   3/31/2018   436.67    5,436.67 
Immune  9/30/2017  Paul Akin   25,000.00   9/30/2018   1,916.46    26,916.46 
Cytocom  3/31/2018  Jared Kroeger   50,000.00   3/31/2019   1,909.72    51,909.72 
Cytocom  3/31/2018  Richard Gostanian   101,000.00   3/31/2019   3,857.64    104,857.64 
Cytocom  3/31/2018  RJ Dailey   70,000.00   3/31/2019   6,307.29    76,307.29 
Cytocom  3/31/2018  Susan St Ledger   75,000.00   3/31/2019   2,864.58    77,864.58 
Cytocom  5/14/2018  Susan St Ledger   50,000.00   5/14/2019   1,604.17    51,604.17 
Cytocom  6/30/2018  Paul Akin   10,000.00   6/30/2019   255.56    10,255.56 
Cytocom  6/30/2018  Richard Gostanian   37,500.00   6/30/2019   958.33    38,458.33 
Cytocom  6/30/2018  RJ Dailey   50,000.00   6/30/2019   1,277.78    51,277.78 
Cytocom  7/1/2018  Alan Cunningham   83,000.00   7/1/2019   2,080.68    85,080.68 
Cytocom  7/13/2018  Alan Cunningham   10,000.00   7/13/2019   237.50    10,237.50 
Cytocom  8/23/2018  Richard Kelley   10,000.00   12/23/2018   575.83    10,575.83 
Cytocom  9/30/2018  Richard Gostanian   62,000.00   9/30/2019   792.22    62,792.22 
Cytocom  9/30/2018  RJ Dailey   30,000.00   9/30/2019   383.33    30,383.33 
TOTAL        $1,573,500.00      $197,231.36   $1,770,731.36 


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