Where does the master Agreement state that one or the other can authorize its sale?  i don't think its intent is to be anything other than an entity through which commercialization monies of the IP would flow.  

Variation of terms ?  Do you mean a rewrite of the contract?  Yeah that might change things but would no doubt require approval on both sides.

I am guessing TPL and PTSC created the master agreement.  They can probably rewrite it, dissolve it etc with the proper approvals including shareholder approval.  Probably all sorts of SEC regulations to which the agreement would need to adhere if a rewrite involved a material shift in ownership.  JMO