Document:

EX-10.28

 Exhibit 10.28 
 SORRENTO THERAPEUTICS, INC. 
 INDEPENDENT DIRECTOR COMPENSATION POLICY

 (as amended through December 12, 2012) 
 Non-employee members of the board of directors (the “Board”) of Sorrento Therapeutics, Inc. (the “Company”), shall be eligible to receive cash and equity
compensation (e.g., option grants) as set forth in this Independent Director Compensation Policy effective as of September 6, 2012 (the “Effective Date”) and amended as of December 12, 2012. The cash compensation
and option grants described in this Independent Director Compensation Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any
parent or subsidiary of the Company (each, an “Independent Director”) who may be eligible to receive such cash compensation or options, unless such Independent Director declines the receipt of such cash compensation or
options by written notice to the Company. This Independent Director Compensation Policy shall remain in effect until it is revised or rescinded by further action of the Board. 
 1. Cash Compensation. 
 (a) Annual Retainers. Each Independent
Director shall be eligible to receive an annual retainer of $25,000 for service on the Board. In addition, an Independent Director serving as: 
 (i) chairman of the Board shall be eligible to receive an additional annual retainer of $5,000 for such service; 
 (ii) chairman of the Audit Committee shall be eligible to receive an additional annual retainer of $5,000 for such service; 
 (iii) chairman of the Compensation Committee shall be eligible to receive an additional annual retainer of $5,000 for such service; and 

(iv) chairman of the Science Committee shall be eligible to receive an additional annual retainer of $5,000 for such service.

 The annual retainers shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the
officers of the Company for administrative or other reasons. 
 (b) Additional Cash Compensation. In the event the Board
determines that an Independent Director’s service to the Company in such capacity at any time requires extraordinary efforts, such Independent Director shall be eligible to receive additional compensation as may be approved by the Board in
connection with such additional service. 
 2. Equity Compensation. The options described below shall be granted under
and shall be subject to the terms and provisions of the Company’s 2009 Stock Incentive Plan (as amended from time to time, the “2009 Plan”) and shall be granted subject to the execution and delivery of option agreements,
including attached exhibits, in substantially the same forms previously approved by the Board, setting forth the vesting schedule applicable to such options and such other terms as may be required by the 2009 Plan. 

(a) Initial Options. A person who is an Independent Director on the Effective Date, or who is initially elected or appointed to
the Board following the Effective Date, and who is an Independent Director at the time of such initial election or appointment, shall be eligible to receive a non-

 
qualified stock option to purchase 400,000 shares of common stock (subject to adjustment as provided in the 2009 Plan) (provided that such award shall be 450,000 shares of common stock if the
Independent Director is also serving as the chairman of the Board as of the Effective Date or as of the date of such initial election or appointment) as soon as practicable following the Effective Date or on the date of such initial election or
appointment, as applicable (each, an “Initial Option”). 
 (b) Termination of Employment of Employee
Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not
receive an Initial Option grant pursuant to clause 2(a) above. 
 (c) Terms of Options Granted to Independent Directors

 (i) Exercise Price. The per share exercise price of each option granted to an Independent Director shall equal 100%
of the Fair Market Value (as defined in the 2009 Plan) of a share of common stock on the date the option is granted. 
 (ii)
Vesting. Unless otherwise determined by the Board, Initial Options granted to Independent Directors shall become exercisable in forty-eight equal monthly installments on the last day of each one-month period of service following the date of
the Initial Option grant (or, with respect to the Initial Options granted to those individuals who were Independent Directors as of the Effective Date, following September 6, 2012), such that each Initial Option shall be 100% vested on the
fourth anniversary of the date of grant (or, with respect to the Initial Options granted to those individuals who were Independent Directors as of the Effective Date, on September 6, 2016), subject to the director’s continuing service on
the Board through such dates. The term of each option granted to an Independent Director shall be ten years from the date the option is granted. No portion of an option which is unexercisable at the time of an Independent Director’s termination
of service to the Company shall thereafter become exercisable. Initial Options shall vest in the event of a Change in Control (as defined in the 2009 Plan). 

  
 2EX-10.29

 Exhibit 10.29 
 STOCK OPTION CANCELLATION AGREEMENT AND OPTION AMENDMENT 
 This STOCK
OPTION CANCELLATION AGREEMENT AND OPTION AMENDMENT (this “Agreement”) is made this 30th day of September, 2012 (the “Effective Date”), between Sorrento Therapeutics, Inc., a Delaware corporation (the
“Company”), and Richard G. Vincent (the “Optionee”). 
 WHEREAS, Optionee currently holds the
following options (the “Options”) to purchase an aggregate of 3,725,000 shares of the common stock (the “Common Stock”) of the Company granted to Optionee pursuant to the Company’s 2009 Stock Incentive Plan
(the “Plan”), each of which are also listed on Attachment 1 hereto: 
 (a) Options to purchase 100,000
shares of the Common Stock of the Company were granted to Optionee pursuant to that certain Stock Option Award Agreement dated as of February 5, 2010 (the “2010 Option Agreement”). 

(b) Options to purchase 500,000 shares of the Common Stock of the Company were granted to Optionee pursuant to that certain Stock Option
Award Agreement dated as of March 7, 2011 (the “2011 Option Agreement”). 
 (c) Options to purchase
125,000 shares of the Common Stock of the Company were granted to Optionee pursuant to that certain Stock Option Award Agreement dated as of February 6, 2012 (the “February 2012 Option Agreement”). 

(d) Options to purchase 3,000,000 shares of the Common Stock of the Company were granted to Optionee pursuant to that certain Stock
Option Award Agreement dated as of September 22, 2012 (the “September 2012 Option Agreement”). 

WHEREAS, the Board of Directors of the Company has requested, and Optionee has agreed, to cancel 725,000 of the Options
granted pursuant to the September 2012 Option Agreement, which are identified on Attachment 1 hereto as the “Cancelled Options,” to terminate any right, title or interest Optionee may have in or to the Cancelled Options and
any shares of Common Stock issuable upon exercise of the Cancelled Options, and to amend the September 2012 Option Agreement to reflect such cancellation, which cancellation, termination and amendment shall be effective on the Effective Date. 

 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Optionee hereby agree as follows: 

1. Cancellation and Amendment. Effective as of the Effective Date: 

(a) Optionee hereby waives, relinquishes and gives up any and all right, title or interest that the Optionee may have in or to the
Cancelled Options or any Common Stock issuable upon exercise of the Cancelled Options; and 

 (b) The Cancelled Options are hereby terminated and cancelled and shall be of no further
force or effect. 
 (c) The September 2012 Option Agreement is hereby amended to provide that the “Number of Shares Subject
to Option” in Section 1 shall be “2,275,000.” Except as specifically set forth above, all of the remaining terms of the September 2012 Option Agreement shall remain unchanged and in full force and effect. 

2. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California without
reference to the choice of law principles thereof. 
 3. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
 4. Amendment and Modification.
This Agreement may be amended, modified and supplemented only by a written document executed by the parties which specifically states that it is an amendment, modification or supplement to this Agreement. 

5. Severability. If any provision of this Agreement shall be found invalid or unenforceable in whole or in part, then such
provision shall be deemed to be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable or shall be deemed excised from this Agreement as such circumstances may require, and this Agreement shall be
construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted or as if such provision had not been originally incorporated herein, as the case may be.

 6. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same document. 
 7. Advice of Counsel and Tax Advisor.
Optionee represents and warrants that he has read this Agreement, has had adequate time to consider this Agreement, and has had an opportunity to consult with an attorney and his personal tax advisor prior to executing this Agreement. Optionee
acknowledges that he understands the meaning and effect of this Agreement and has executed this Agreement knowingly, voluntarily and with the intent of being bound by this Agreement. 

8. Complete Agreement. This Agreement, the September 2012 Option Agreement and the Plan constitute the entire agreement between
Optionee and the Company and they are the complete, final and exclusive embodiment of their agreement with regard to this subject matter. This Agreement is entered into without reliance on any promise or representation other than those expressly
contained herein. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company and Optionee have caused this Agreement to be executed as of
the date and year first above written. 
  

			
	SORRENTO THERAPEUTICS, INC.
		
	By:	 	     /s/ Henry Ji

	Name:	 	Henry Ji, Ph.D.
	Title:	 	President & CEO

  

			
	OPTIONEE
		
	Signature:	 	     /s/ Richard G. Vincent

	Print Name:	 	Richard G. Vincent

 ATTACHMENT 1 
 OPTIONS AND CANCELLED OPTIONS 
  

					
	 Date of Notice of Stock

Option Award
 Agreement
	  	 Number of Shares of

Company Common
 Stock Subject to Option
	  	 Number of Shares of

Company Common
 Stock With Respect to
 which Option is to be

Cancelled (“Cancelled
 Options”)

	 February 5, 2010
	  	100,000	  	N/A
			
	 March 7, 2011
	  	500,000	  	N/A
			
	 February 6, 2012
	  	125,000	  	N/A
			
	 September 22, 2012
	  	2,275,000	  	725,000

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