ZyVersa amends license agreement with L&F Research, waives termination rights on $1.5M milestone payments

ZyVersa Therapeutics, Inc.

LFR waives termination rights for $1M milestone payments until March 31, 2023, contingent on ZyVersa forgiving $351,579 note and paying $648,421 cash.
LFR waives termination rights for $500K milestone payment until Jan 31, 2024 or 10 days after ZyVersa raises $30M equity.
ZyVersa to forgive $351,579 promissory note from LFR as part of consideration for the waiver.
Put option agreement between ZyVersa and LFR will expire upon forgiveness of the note.
If conditions not met, waivers become void and original payment obligations reinstated.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ZyVersa Therapeutics, Inc. amended Amendment and Restatement Agreement with L&F Research LLC (LFR) (effective 2023-02-28).

Action: amendment
Agreement: license
Counterparty: L&F Research LLC (LFR)
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, ZyVersa Therapeutics, Inc., a Delaware corporation (the "Company") and LFR entered into an Amendment and Restatement Agreement (the "Restatement"), amending and restating the previously disclosed Waiver of Certain Rights Under License Agreement, dated March 2, 2022, by and between ZyVersa Therapeutics, Inc., a Florida corporation ("Old ZyVersa") and LFR, as amended (the "Waiver Agreement").

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Source: SEC EDGAR

accession 0001493152-23-006692

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