VBI Vaccines Inc (VBIV)

[cheynew]

Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed, on September 16, 2020, VBI Vaccines Inc. (the “Company”), as guarantor, and Variation Biotechnologies Inc., a Canadian federal corporation and a wholly-owned subsidiary of the Company (“Variation”), as the recipient, entered into a Contribution Agreement (the “Agreement”) with Her Majesty The Queen in Right of Canada, as represented by the Minister of Industry (the “Minister”), pursuant to which Variation is obligated to develop a novel, broadly reactive coronavirus vaccine against SARS-COV2 (“COVID-19”), Middle East Respiratory Syndrome and Severe Acute Respiratory Syndrome, and/or a monovalent vaccine targeting only COVID-19 through Phase 2 studies (such undertaking, the “Project”). Pursuant to the Agreement, the Company agreed to complete the Project in or before the first quarter of 2022 (the “Project Completion Date”), which will be conducted exclusively in Canada, except as permitted otherwise under certain circumstances.

On March 28, 2022, the Company and the Minister signed an amendment (the “Amendment”) to the Agreement, the main purpose of which was to extend the collaboration and move the Project Completion Date from March 31, 2022 to December 31, 2023.