THIRD AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT
UC Agreement Control No. 2006-04-0026
This third amendment ("Third Amendment") to the Exclusive License Agreement ("Agreement"), effective August 29, 2007 is made by and between The Regents of the University of California, a California corporation ("The Regents"), and Putney Drug Corp, a Delaware company ("Licensee").
|A.||The Regents and Licensee are parties to the Agreement, dated as of July II, 2005.|
|B.||The Agreement was amended on November 8, 2005 ("First Amendment") and on January 3, 2007 ("Second Amendment");|
The parties agree as follows:
I. Amend Paragraph I.l ("Regents' Patent Rights") to include UC Case No. 2007
2. In consideration for adding UC Case No. 2007-561 to the Agreement, a milestone payment in the new Paragraph 4.5, which reads as follows, is added to the Agreement:
4.5 Licensee will pay The Regents, in either cash or publicly traded equity, twenty thousand dollars ($20,000) upon issuance of the first US patent claiming priority to the provisional filing (SN 60/933,030).
IN WITNESS WHEREOF, the parties have executed this Third Amendment to the Agreement by their duly authorized representatives for good and valuable consideration.
|PUTNEY DRUG CORP.||THE REGENTS OF THE UNIVERSITY OF CALIFORNIA|
|By: /s/ Steve Kanzer||By: /s/ Emily Waldron Loughran|
|Name: Steve Kanzer||Name: Emily Waldron Loughran|
|Title: President||Title: Director of Licensing|
|Dated: August 30, 2007||Dated: September 4, 2007|