Document:

EX-10.4

 EXHIBIT 10.4 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 

1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. 

IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE 

ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE 

SECURITY UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO 

BORROWER THAT SUCH REGISTRATION IS NOT REQUIRED. 

ORAGENICS, INC. 
 CONVERTIBLE
PROMISSORY NOTE 
  

			
	$1,956,000	  	September 30, 2013

 FOR VALUE RECEIVED, the undersigned, Oragenics, Inc., a Florida corporation, with an address of 4209
Eisenhower Boulevard, Suite 125, Tampa, FL 33634 (together with its successors and permitted assigns, the “Maker”), hereby promises to pay to the order of Intrexon Corporation, a Virginia corporation (together with its
successors and assigns, the “Holder”), at 1750 Kraft Drive, Suite 1400, Blacksburg, VA 24060, or at such other place as may be designated from time to time in writing by the Holder, without setoff, the principal sum of
$1,956,000, or such lesser amount as may remain outstanding from time to time, together with simple interest thereon at the rate provided below, all in accordance with the following terms and provisions: 

1. Definitions. The following terms, unless the context otherwise requires, have the following meanings: 

(a) “Act” has the meaning set forth in the legend to this Note. 

(b) “Conversion Price” shall equal the closing price per share on the last trading day immediately prior to the date of
conversion. 
 (c) “Conversion Shares” has the meaning set forth in Section 8(a) of this Note. 

(d) “Event of Default” has the meaning set forth in Section 14 of this Note. 

(e) “Exclusive Channel Collaboration Agreement” means the Exclusive Channel Collaboration Agreement dated September 30,
2013 by and between the Maker and the Holder. 
 (f) “Holder” has the meaning set forth in the preamble to this Note. 

(g) “Indebtedness” means, as to any Person, (i) all obligations of such Person for borrowed money (including, without
limitation, reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured), (ii) all obligations of such Person evidenced by notes, bonds, debentures or

 
similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued commercial or trade
liabilities arising in the ordinary course of business, (iv) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or
upon the happening of a contingency, (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of such property), (vi) all obligations of such Person under leases which have been or should be, in accordance with GAAP, recorded as capital leases and
(vii) all indebtedness secured by any Lien (other than Liens in favor of lessors under leases other than leases included in clause (vi) above) on any property or asset owned or held by that Person regardless of whether the indebtedness
secured thereby shall have been assumed by that Person or its non-recourse to the credit of that Person. 
 (h) “Maker” has
the meaning set forth in the preamble to this Note. 
 (i) “Maturity Date” shall mean December 31, 2013, or such later
date as may be agreed by the Holder with the Holder’s prior written consent. 
 (j) “Note” means the Promissory Note
in accordance with all the terms and provisions set forth herein. 
 (k) “Stock Purchase and Issuance Agreement” means the
Stock Purchase and Issuance Agreement, dated September 30, 2013, by and between the Maker and the Holder, as amended. 
 2. Stock Purchase and
Issuance Agreement. This Note has been executed and delivered by the Maker pursuant to the terms and conditions of the Stock Purchase and Issuance Agreement. This Note represents partial payment of the technology access fee to be paid by Maker
to Holder under the Exclusive Channel Collaboration Agreement in exchange for certain license rights and other good and valuable consideration. 
 3.
Interest Rate. The unpaid principal balance of this Note outstanding from time to time shall bear interest at a simple rate of interest equal to three percent (3%) per annum. After the occurrence and during the continuance of an Event of
Default, interest shall accrue on all amounts due hereunder at a simple rate of interest equal to five percent (5%) per annum. Interest shall be calculated on the basis of actual number of days elapsed over a year of three hundred sixty
(360) days. 
 4. Interest Payments. Without the prior written consent of the Holder, the Maker shall not be permitted to make a payment of
interest under this Note prior to the Maturity Date or such earlier date that this Note is repaid pursuant to Section 6 of this Note. 

  
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 5. Principal Payments. If not sooner paid, the entire unpaid principal balance of this Note and all unpaid
accrued interest thereon shall be due and payable on the Maturity Date. 
 6. Prepayment. This Note may be prepaid in whole or in part at any time at
the election of the Maker. 
 7. Application of Payments. Payments made by the Maker pursuant to the terms of this Note shall be applied as follows:
first, to any unpaid accrued collection costs and expenses; second, to any unpaid accrued interest; and third, to the principal balance of this Note. 

8. Conversion. 
 (a) Conversion
Election. Prior to the Maturity Date, the Maker shall have the right to convert the entire outstanding principal amount of this Note into a number of shares of the Maker’s common stock (the “Conversion Shares”). The number
of Conversion Shares to be issued upon such conversion under this Section 8(a) shall be equal to the quotient obtained by dividing (i) the principal balance of the Note outstanding at the time of conversion by (ii) the
Conversion Price (as adjusted for stock splits, stock dividends, recapitalizations and similar adjustments of the Common Stock). 
 (b)
Shareholder Approval. Prior to exercising its right to convert this Note, the Maker shall take such actions as are reasonably necessary and advisable to permit the conversion of this Note into the Conversion Shares, including without
limitation soliciting the requisite NYSE required shareholder approval to authorize the issuance of such Conversion Shares. The Maker agrees that, prior to receipt of the requisite NYSE required shareholder approval, it shall not have the right to
convert this Note or to issue the Conversion Shares. 
 (d) Conversion Procedure. 

(i) Conversion Notice. If this Note is converted pursuant to Section 8(a), the Maker shall give written notice to the
Holder, notifying the Holder of its election to convert this Note and specifying the outstanding premium to be converted. Upon receipt of such notice, the Holder shall surrender this Note at the Maker’s principal executive office, or, if this
Note has been lost, stolen, destroyed or mutilated, then, in the case of loss, theft or destruction, the Holder shall deliver an indemnity agreement reasonably satisfactory in form and substance to the Maker or, in the case of mutilation, the Holder
shall surrender and cancel this Note. The Maker shall, as soon as practicable thereafter, issue and deliver to the Holder, at the address requested by the Holder, a certificate or certificates for the Conversion Shares to which the Holder shall be
entitled upon such conversion (bearing any such legends as are required by applicable state and federal securities laws in the opinion of counsel to the Maker). Such conversion shall be deemed to have been made immediately prior to the close of
business on the date of receipt by Holder of the notice of conversion, and on and after such date the Person entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares. 

  
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 (ii) Condition to Conversion. It shall be a condition to the conversion of the Note in
accordance with this Section 8 that the Maker obtain the requisite NYSE required shareholder approval to issue the Conversion Shares issuable upon conversion of the Notes. 

(iii) Fractional Shares. No fractional shares shall be issued upon conversion of this Note. In lieu of the Maker issuing any fractional
shares to the Holder upon the conversion of this Note, the Maker shall pay to the Holder in cash the amount of the unconverted principal balance of this Note that would otherwise be converted into such fractional share. 

(iv) Effect of Conversion. Upon conversion of this Note and issuance of the Conversion Shares, the Maker shall be forever released from
all of its obligations and liabilities under this Note. 
 9. Assignment. Subject to the restrictions on transfer described in Section 11
of this Note, the rights and obligations of the Maker and the Holder shall be binding upon and inure to the benefit of the permitted successors, assigns, heirs, administrators and transferees of the parties hereto. 

10. Amendment. Any provision of this Note may be amended or modified with the prior written consent of both the Holder and the Maker. 

11. Transfer of this Note. Subject to applicable securities laws, the Holder may assign this Note or any of its rights hereunder to any of its
Affiliates; provided that, for the avoidance of doubt, the Holder may not assign this Note or any of its rights hereunder to any Person that is not an Affiliate of the Holder without the prior written consent of the Maker. With respect to any
such transfer of this Note, the Holder will give written notice to the Maker prior thereto, describing briefly the manner thereof, together with a written opinion of such Holder’s counsel, in a form reasonably satisfactory to the Maker, to the
effect that such offer, sales or other distribution may be effected without registration or qualification under any federal or state law then in effect. Promptly upon receiving such written notice and opinion of counsel, the Maker, as promptly as
practicable but in no event later than five (5) Business Days after receipt of such notice and opinion, shall notify the Holder that the Holder may sell or otherwise dispose of this Note in accordance with the terms of the notice delivered to
the Maker, subject to any additional applicable restrictions. If a determination has been made pursuant to this Section 11 that the opinion of counsel for the Holder is not reasonably satisfactory to the Maker, the Maker shall so notify
the Holder promptly after such determination has been made. This Note thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Act, unless in the opinion of counsel for the
Maker such legend is not required, in order to ensure compliance with the registration or qualification requirement of any federal or state law then in effect. The Maker may issue stop transfer instructions to its transfer agent in connection with
such restrictions. 
 12. Shareholder Status. The Holder currently owns certain capital stock of Maker. Nothing contained in this Note shall be
construed as conferring upon the Holder (prior to conversion in accordance with Section 8 of this Note) any additional rights to vote or to receive dividends or to 

  
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consent or to receive notice as a shareholder in respect of any meeting of shareholders for the election of directors of the Maker or of any other matter, or any rights whatsoever as a
shareholder of the Maker. 
 13. Negative Covenants. So long as there remains any outstanding and unpaid principal or interest under this Note, the
Maker hereby agrees to abide by the restrictions and negative covenants set forth in this Section 13, unless the Maker first obtains the written consent of Holder to permit the Maker to take the action that would otherwise result in a
breach of this Section 13. 
 (a) Maker Financing. The Maker shall not raise capital through the issuance of debt, or any
instruments convertible into or exchangeable for debt, unless: (i) in connection with and contemporaneous with the closing of the financing for such capital raise, the Maker shall repay this Note in full, or (ii) prior to the closing of
the financing for such capital raise Maker documents to Holder’s reasonable satisfaction that Maker shall have and shall retain sufficient liquidity to pay off the Note in full by the Maturity Date, and, after satisfying Holder, all such debt
from the capital raise is subordinated to this Note. 
 (b) Obligations Under this Note. The Maker shall not, by amendment of its
organizational documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Note, but shall at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Holder hereunder. 

14. Default and Remedies. If any of the events specified in this Section 14 shall occur (herein individually referred to as
an “Event of Default”), the Holder shall, so long as such condition exists (after giving effect to any applicable cure period set forth below), declare the entire outstanding principal balance and unpaid accrued interest hereon
immediately due and payable, by notice in writing to the Maker. 
 (a) Default in the payment of the principal or unpaid accrued interest on
this Note when due and payable if such default is not cured by the Maker within fifteen (15) Business Days after the Maker receives written notice of such default. 

(b) A material default in the observance or performance of any other covenant or agreement contained in this Note, which default continues for
a period of fifteen (15) Business Days after the Maker receives written notice specifying the default. 
 (c) Termination of the
Exclusive Channel Collaboration Agreement other than as a result of Holder’s material breach of the Exclusive Channel Collaboration Agreement. 

(d) The institution by the Maker of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy
or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under Title 11 of the United States Code, or any other applicable federal or state law, or the consent by it to the filing
of any such petition or the appointment of a receiver, 

  
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liquidator, assignee, trustee or other similar official of the Maker, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, which action
is not dismissed within sixty (60) days of the commencement thereof. 
 (e) If, within sixty (60) days after the commencement of
an action against the Maker (and service of process in connection therewith on the Maker) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such
action shall not have been resolved in favor of the Maker or all orders or proceedings thereunder affecting the operations or the business of the Maker stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if,
within sixty (60) days after the appointment without the consent or acquiescence of the Maker of any trustee, receiver or liquidator of the Maker or of all or any substantial part of the properties of the Maker, such appointment shall not have
been vacated. 
 (f) The decision by the board of directors of the Maker to cease or substantially cease its operations or wind up the
affairs of the Maker. 
 15. Allocation of Costs. If this Note is not paid in accordance with its terms, the Maker shall pay to the Holder, in
addition to principal and accrued interest thereon, all costs of collection of the principal and accrued interest, including, but not limited to, reasonable attorneys’ fees, court costs and other costs for the enforcement of payment of this
Note. 
 16. Waiver. No waiver of any obligation of the Maker under this Note shall be effective unless it is in a writing signed by the Holder. A
waiver by the Holder of any right or remedy under this Note on any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right or remedy at any time. The Maker hereby expressly waives
presentment, demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof, except as expressly
provided for herein, and hereby consents to any delays, extensions of time, renewals or waivers that may be granted or consented to by the Holder hereof with respect to the time of payment or any other provision hereof. 

17. Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or
certified first-class mail, return receipt requested, facsimile, electronic mail, courier service or personal delivery to the addresses listed in the Stock Purchase and Issuance Agreement. All such notices and communications shall be deemed to have
been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service, five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and upon receipt if
sent via facsimile or electronic mail. 
 18. Governing Law. This Note is delivered in and shall be enforceable in accordance with the laws of the
State of Florida (other than its conflict of laws principles) and shall be construed in accordance therewith, and shall have the effect of a sealed instrument. 

  
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 19. Severability. In the event any one or more of the provisions of this Note shall for any reason be held
to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any such event, such
provision(s) only shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced or
disturbed thereby. 
 20. No Personal Liability. Neither the officers, the directors or the shareholders of the Maker nor any Person executing this
Note on behalf of the Maker shall be liable personally or be subject to any personal liability or accountability with respect to the obligations of this Note or the Stock Purchase and Issuance Agreement by reason of the issuance hereof. 

[remainder of page intentionally blank] 

  
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 Exhibit 10.4 

IN WITNESS WHEREOF, the Maker has executed and delivered this Note as a sealed instrument as of the date first above written. 

 

			
	Oragenics, Inc.
		
	By:	 	/s/ John N. Bonfiglio
	Name:	 	John N. Bonfiglio
	Title:	 	President and CEO

 [Signature Page to Promissory Note]EX-10.1

 EXHIBIT 10.1 

SENIOR SECURED PROMISSORY NOTE 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND HAS BEEN ACQUIRED WITHOUT A VIEW TO
DISTRIBUTION AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL FOR THE HOLDER
(CONCURRED IN BY LEGAL COUNSEL FOR THE CORPORATION) THAT SUCH REGISTRATION IS NOT REQUIRED AS TO SUCH SALE OR OFFER 
  

			
	$37,960.00	 	Date: September 25, 2013

 For value received, Bioject Medical Technologies Inc., an Oregon corporation (the “Company”), promises to pay
to Life Sciences Opportunity Fund II, L.P. (the “Holder”) the principal sum of Thirty Seven Thousand Nine Hundred Sixty and 00/100 dollars ($37,960.00), together with interest thereon as set forth herein (this “Note”). 

The following is a statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the
acceptance of this Note, agrees: 
  

	1.	Payment Terms and Security. The unpaid principal balance from time to time outstanding under this Note shall bear interest at the rate of 15% per annum. The outstanding principal balance of and accrued but
unpaid interest under this Note shall be repaid by the Company on or before March 31, 2014 (March 31, 2014 or as extended, the “Maturity Date”) unless prepaid or extended pursuant to the terms hereof. Except as otherwise provided
herein, both principal and interest shall be payable on the Maturity Date in lawful money of the United States of America to the Holder at the address listed on the signature page hereto (or at such other location as shall be designated by the
Holder in a written notice to the Company), in same day funds. This Note is secured by a pledge of all the intellectual property and ownership rights of the Company and its wholly owned subsidiary, Bioject Inc., in the device known as the vial
adapter, pursuant to an Intellectual Property Security Agreement in the form attached hereto as Exhibit A. 

  

	2.	Events of Default. If any of the events specified in this Section 2 shall occur (herein individually referred to as an “Event of Default”), the Holder of the Note may, so long as such condition
exists, declare the entire principal and unpaid accrued interest hereon immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived: 

 

	 	(a)	Default in the payment of the principal and unpaid accrued interest of this Note when due and payable if such default is not cured by the Company within ten (10) business days after the Holder has given the Company
written notice of such default; or 

	 	(b)	Any breach by the Company of any representation, warranty, or covenant in this Note; provided, that, in the event of any such breach, to the extent such breach is susceptible to cure, such breach shall not have been
cured by the Company within ten (10) business days after written notice to the Company of such breach; or 

  

	 	(c)	The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the
benefit of its or any of its creditors, (iii) be dissolved or liquidated in full or in part, (iv) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against
it or (v) take any action for the purpose of effecting any of the foregoing; or 

  

	 	(d)	Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered, or such case or proceeding shall not
be dismissed, discharged or stayed within 60 days of commencement. 

 Notwithstanding anything to the contrary contained
herein, if any of the events described in Sections 2(c) or (d) occur, this Note shall be automatically accelerated and the entire principal and unpaid accrued interest thereon shall immediately become due and payable without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived. 
  

	3.	Mandatory Prepayment. Prior to the Maturity Date, this Note will be prepaid from the net proceeds of any sales of the intellectual property and/or ownership rights of the Company and its subsidiary, Bioject Inc.,
in the device known as the vial adapter. 

  

	4.	Assignment. The rights and obligations of the Company and the Holder of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

  

	5.	Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Holder. No waiver by any party of any default, misrepresentation, or
breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any
prior or subsequent such occurrence. 

	6.	Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed
telex or facsimile (provided that notice is also given under clause (c) below) if sent during normal business hours of the recipient; if not sent during normal business hours of the recipient, then on the next business day, or (c) upon
receipt by the party to be notified by nationally recognized overnight courier service. All communications shall be sent to a party at the address as such party may designate by three (3) days advance written notice to the other party hereto,
and if not so designated, to the address of record. 

  

	7.	Governing Law; Waiver of Jury Trial. This Note shall be governed by and construed in accordance with the laws of the state of New York. The parties hereto waive all right to trial by jury in any action or
proceeding to enforce or defend any rights under this Note. 

  

	8.	Heading; References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note. Except where otherwise indicated, all references herein to Sections
refer to Sections hereof. 

 IN WITNESS WHEREOF, each of the Company has executed this Senior Secured Promissory Note as of
the date first above written. 
  

			
	BIOJECT MEDICAL TECHNOLOGIES INC.
		
	By	 	 /s/ Christine M. Farrell

	Name:	 	Christine M. Farrell
	Title:	 	Vice President of Finance

 SENIOR SECURED PROMISSORY NOTE 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND HAS BEEN ACQUIRED WITHOUT A VIEW TO
DISTRIBUTION AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL FOR THE HOLDER
(CONCURRED IN BY LEGAL COUNSEL FOR THE CORPORATION) THAT SUCH REGISTRATION IS NOT REQUIRED AS TO SUCH SALE OR OFFER 
  

			
	$212,040	 	Date: September 25, 2013

 For value received, Bioject Medical Technologies Inc., an Oregon corporation (the
“Company”), promises to pay to Life Sciences Opportunity Fund II (Institutional), L.P. (the “Holder”) the principal sum of Two Hundred Twelve Thousand Forty and 00/100 dollars ($212,040), together with interest thereon as
set forth herein (this “Note”). 
 The following is a statement of the rights of the Holder and the conditions to which this Note
is subject, and to which the Holder, by the acceptance of this Note, agrees: 
  

	1.	Payment Terms and Security. The unpaid principal balance from time to time outstanding under this Note shall bear interest at the rate of 15% per annum. The outstanding principal balance of and accrued but
unpaid interest under this Note shall be repaid by the Company on or before March 31, 2014 (March 31, 2014 or as extended, the “Maturity Date”) unless prepaid or extended pursuant to the terms hereof. Except as otherwise provided
herein, both principal and interest shall be payable on the Maturity Date in lawful money of the United States of America to the Holder at the address listed on the signature page hereto (or at such other location as shall be designated by the
Holder in a written notice to the Company), in same day funds. This Note is secured by a pledge of all the intellectual property and ownership rights of the Company and its wholly owned subsidiary, Bioject Inc., in the device known as the vial
adapter, pursuant to an Intellecutal Property Security Agreement in the form attached hereto as Exhibit A. 

  

	2.	Events of Default. If any of the events specified in this Section 2 shall occur (herein individually referred to as an “Event of Default”), the Holder of the Note may, so long as such condition
exists, declare the entire principal and unpaid accrued interest hereon immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived: 

 

	 	(a)	Default in the payment of the principal and unpaid accrued interest of this Note when due and payable if such default is not cured by the Company within ten (10) business days after the Holder has given the Company
written notice of such default; or 

	 	(b)	Any breach by the Company of any representation, warranty, or covenant in this Note; provided, that, in the event of any such breach, to the extent such breach is susceptible to cure, such breach shall not have been
cured by the Company within ten (10) business days after written notice to the Company of such breach; or 

  

	 	(c)	The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the
benefit of its or any of its creditors, (iii) be dissolved or liquidated in full or in part, (iv) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against
it or (v) take any action for the purpose of effecting any of the foregoing; or 

  

	 	(d)	Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered, or such case or proceeding shall not
be dismissed, discharged or stayed within 60 days of commencement. 

 Notwithstanding anything to the contrary contained
herein, if any of the events described in Sections 2(c) or (d) occur, this Note shall be automatically accelerated and the entire principal and unpaid accrued interest thereon shall immediately become due and payable without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived. 
  

	3.	Mandatory Prepayment. Prior to the Maturity Date, this Note will be prepaid from the net proceeds of any sales of the intellectual property and/or ownership rights of the Company and its subsidiary, Bioject Inc.,
in the device known as the vial adapter. 

  

	4.	Assignment. The rights and obligations of the Company and the Holder of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

  

	5.	Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Holder. No waiver by any party of any default, misrepresentation, or
breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any
prior or subsequent such occurrence. 

	6.	Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed
telex or facsimile (provided that notice is also given under clause (c) below) if sent during normal business hours of the recipient; if not sent during normal business hours of the recipient, then on the next business day, or (c) upon
receipt by the party to be notified by nationally recognized overnight courier service. All communications shall be sent to a party at the address as such party may designate by three (3) days advance written notice to the other party hereto,
and if not so designated, to the address of record. 

  

	7.	Governing Law; Waiver of Jury Trial. This Note shall be governed by and construed in accordance with the laws of the state of New York. The parties hereto waive all right to trial by jury in any action or
proceeding to enforce or defend any rights under this Note. 

  

	8.	Heading; References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note. Except where otherwise indicated, all references herein to Sections
refer to Sections hereof. 

 IN WITNESS WHEREOF, each of the Company has executed this Senior Secured Promissory Note as of
the date first above written. 
  

			
	BIOJECT MEDICAL TECHNOLOGIES INC.
		
	By	 	 /s/ Christine M. Farrell

	Name:	 	Christine M. Farrell
	Title:	 	Vice President of Finance

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