Document:

Exhibit 4.7

 

Form of Subordinated Note

 

(FACE OF SECURITY)

 

[Each Global Security shall bear substantially the following legend:

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

[If the Security has original issue discount for U.S. federal income
tax purposes, insert tax legend:

 

[FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; PLEASE CONTACT
PETER P. PFREUNDSCHUH, CHIEF FINANCIAL OFFICER, VOYAGER THERAPEUTICS, INC., 64 SIDNEY STREET, CAMBRIDGE, MASSACHUSETTS 02139, TELEPHONE:
(857) 259-5340, TO OBTAIN INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND THE YIELD TO
MATURITY.]]

 

     

     

    

 

VOYAGER THERAPEUTICS, INC.

[ Title of Security ]

 

	No. [ ]	CUSIP No.: [ ]
	 	 
	 	[Common Code][ISIN]: [ ]
	 	 
	 	[$ ]

 

Voyager Therapeutics, Inc., a Delaware corporation
(the “Issuer”, which term includes any successor corporation), for value received promises to pay to [If the Security is
a Global Security — CEDE & CO.][If the Security is not a Global Security — __________] or registered assigns,
the principal sum of __________on __________,__________ (the “Maturity Date”) [If the Security is to bear interest prior
to maturity, insert—, and to pay interest thereon from __________ or from the most recent interest payment date to which interest
has been paid or duly provided for, [semiannually in arrears on __________ and __________ in each year], commencing __________,__________
(each, an “Interest Payment Date”) at the rate of [___% per annum], until the principal hereof is paid or made available
for payment [If applicable insert—, and (to the extent that the payment of such interest shall be legally enforceable) at
the rate of ___% per annum on any overdue principal and on any overdue installment of interest]. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Holder in
whose name this Security (or one or more predecessor Securities) is registered at the close of business on the record date for such interest,
which shall be the _______ or _______ (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each,
an “Interest Record Date”). Interest will be computed on the basis of [a 360-day year of twelve 30-day months].]

 

[If the Security is not to bear interest prior
to maturity, insert—The principal of this Security shall not bear interest except in the case of a default in payment of principal
upon acceleration, upon redemption or at maturity and, in each such case, the overdue principal of this Security shall bear interest at
the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the
date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal
shall be payable on demand.]

 

Reference is made to the further provisions set
forth on the reverse of this Security contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused this Security to be signed
manually or by facsimile by its duly authorized officer under its corporate seal.

 

	 	VOYAGER THERAPEUTICS, INC.
	 	 
	 	 
	 	By:	 	              
	 	 	Name:	 
	 	 	Title:	 

 

Attest:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

This is one of the Securities of the series designated
herein and referred to in the within-mentioned Indenture.

 

Dated: [ ]

 

	 	____________, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Title:	           

 

     

     

    

 

(REVERSE OF SECURITY)

 

VOYAGER THERAPEUTICS, INC.

 

[ Title of Security ]

 

1. Indenture

 

This Security is one of a duly authorized issue
of debentures, notes or other evidence of indebtedness (hereinafter called the “Securities”) of the Issuer of the series hereinafter
specified, which series is initially limited in aggregate principal amount to [$] ____________, all of such Securities issued and
to be issued under an Indenture dated as of ________, _____ (the “Indenture”) between the Issuer and __________________________
as trustee (the “Trustee”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The
terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as in effect on the date of the Indenture. The Securities are subject to all such terms, and Holders are referred to the
Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control.

 

This Security is one of a series of Securities
designated pursuant to the Indenture [and a [Supplemental Indenture] dated _____, _____, issued pursuant to Section 2.01 and
Section 2.03 thereof (the “Supplemental Indenture”)] as ________________. The Securities are general unsecured obligations
of the Issuer. The Issuer may, subject to the provisions of the Indenture and applicable law, issue additional Securities of any series
under the Indenture.

 

2. Method of Payment.

 

The Issuer shall pay interest on the Securities
(except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately
preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date
and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect principal payments. The Issuer shall
pay Principal and interest in money of [the United States] that at the time of payment is legal tender for payment of public and
private debts. [However, the payments of interest, and any portion of the Principal (other than interest payable at maturity or on any
redemption or repayment date or the final payment of Principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately
available funds by __________[a./p.m.], New York City time (or such other time as may be agreed to between the Issuer and the Paying
Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions
to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which
such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security
or Securities aggregating the same principal amount as the unredeemed principal amount of the Securities surrendered.]

 

3. Redemption.

 

[The Securities of this series may be redeemed
at any time [on or after ______, ______], as a whole or in part, at the option of the Issuer, upon mailing notice of such
redemption not less than 10 and not more than 60 days to the Holders of such Securities, at a redemption price equal to ___________.]

 

4. Paying Agent and Security Registrar

 

Initially, [the Trustee] will act as Paying Agent
and Security Registrar. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders.

 

     

     

    

 

5. Denominations; Transfer; Exchange.

 

The Securities are in registered form, without
coupons, in denominations of [$2,000] and multiples of [$1,000]. A Holder shall register the transfer of or exchange Securities
in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture.
[The Issuer need not register the transfer of or exchange (a) any Securities for a period of fifteen (15) days preceding the first
notice that such Securities are to be redeemed, or (b) any Securities selected, called or being called for redemption in whole or
in part, except, in the case of any Security to be redeemed in part, the portion thereof not to be so redeemed.]

 

6. Persons Deemed Owners.

 

The registered Holder of a Security shall be treated
as the owner of it for all purposes.

 

7. Unclaimed Funds.

 

If funds for the payment of principal or interest
remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer. After that, all liability of the
Trustee and such Paying Agent with respect to such funds shall cease.

 

8. Defeasance.

 

The Indenture [as amended by the Supplemental
Indenture] contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain
restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth therein, which
provisions [apply] to this Security.

 

9. Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Securities of
this series, [the Supplemental Indenture] and the provisions of the Indenture relating to the Securities of this series may be amended
or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of this
series then outstanding, and any existing Default or Event of Default, other than the non-payment of the principal amount of or interest
on the Securities of this series, or compliance with certain provisions may be waived with the consent of the Holders of a majority in
aggregate principal amount of all the Securities of this series, then outstanding. Without notice to or consent of any Holder, the parties
thereto may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency,
provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely
affect the rights of any Holder of a Security.

 

10. Defaults and Remedies.

 

If an Event of Default (other than certain bankruptcy
Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of Securities of this series then outstanding (voting as a separate class) by notice in writing to the Issuer (and also to the
Trustee if such notice is given by the Holders) may declare [the entire principal] of the Securities of this series and the interest
accrued thereon, if any, to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy
Event of Default with respect to the Issuer occurs and is continuing, then [the entire principal] of the Securities then outstanding
and interest accrued thereon, if any, shall become automatically due and payable immediately in the manner and with the effect provided
in the Indenture. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee
is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits,
subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then outstanding
to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing
Defaults or Events of Default if it determines that withholding notice is in their interest.

 

     

     

    

 

11. Subordination.

 

Reference is made to the Indenture, including,
without limitation, provisions subordinating the payment of principal of and premium, if any, and interest on the Securities to the prior
payment in full of all Senior Indebtedness as defined in the Indenture. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

12. Trustee Dealings with Issuer.

 

The Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.

 

13. No Recourse Against Others.

 

No stockholder, director, officer, employee or
incorporator, past, present or future as such, of the Issuer or any predecessor or successor corporation thereof shall have any liability
for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or
their creation. Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part
of the consideration for the issuance of the Securities.

 

14. Authentication.

 

This Security shall not be valid until the Trustee
manually signs the certificate of authentication on this Security.

 

15. Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the name
of a Holder of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

16. CUSIP Numbers.

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance
may be placed only on the other identification numbers printed hereon.

 

17. Governing Law.

 

The laws of the State of New York shall govern
the Indenture and this Security thereof, and for all purposes this Security shall be governed by and construed in accordance with the
laws of such State without regard to any principle of conflict of laws that would require or permit the application of the laws of any
other jurisdiction, except as may otherwise be required by mandatory provisions of law.

 

     

     

    

 

ASSIGNMENT FORM

 

I or we assign and transfer this Security to

 

	 
	(Print or type name, address and zip code of assignee or transferee)
	 
	 
	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ______________________________________________
agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for him.

 

	Dated:	 	 	Signed:	 
	 	 	 	 	(Signed exactly as name appears on the other side of this Security)

 

	Signature

 Guarantee:	 	 	 	 
	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)EX-10.4

  Exhibit 10.4

  BRIDGE LOAN AGREEMENT

  Dated as of September 30, 2022

  Sorrento Therapeutics, Inc., a Delaware corporation (the “Borrower”), and B. Riley Commercial Capital, LLC (the “Lender”) agree as follows:

  Article I 

  AMOUNTS AND TERMS OF THE ADVANCES

  Section 1.01. The Advances.

  The Lender agrees, on the terms and conditions hereinafter set forth, to make an advance (the “Advance”) to the Borrower, into the account of the Borrower at the Lender, on the date hereof in an amount not to exceed $41,670,000.00 (the “Commitment”).

  Section 1.02. Making the Advance.

  (a)The Advance shall be made on the date hereof, subject to the conditions below, upon receipt by the Lender of written notice (the “Advance Notice”), given by the Borrower to the Lender on the date hereof.  Not later than 11:00 A.M. (New York City time) on the date hereof and upon fulfillment of the applicable conditions set forth in Article II, the Lender will make such Advance, less the applicable Commitment Fee for the Advance as described in Section 1.03 and less the fee payable pursuant to the Fee and Advisory Letter as described in Section 2.01(g),   available to the Borrower in same day funds in the account of the Borrower at the Lender.

  (b)The Advance Notice shall be irrevocable and binding on the Borrower.  The Borrower shall indemnify the Lender against any loss or reasonable and documented out of pocket cost or expense incurred by the Lender as a result of any failure to fulfill on or before the date specified in the Advance Notice for the Advance, the applicable conditions set forth in Article II, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the Lender to fund the Advance when the Advance, as a result of such failure, is not made on such date.

  Section 1.03. Commitment Fee.

  The Borrower agrees to pay to the Lender commitment fee of 1.0% of the aggregate amount of the Advance specified in the Advance Notice (the “Commitment Fee”), which Commitment Fee shall be earned and payable upon the Lender making the Advance to the Borrower, and which Commitment Fee the Borrower hereby directs the Lender to deduct from the amount of the Advance provided to the Borrower pursuant to Section 1.02(a).

  Section 1.04. Repayment.

  The Borrower shall repay the aggregate unpaid principal amount of the Advance in accordance with a promissory note of the Borrower, in substantially the form of Exhibit A hereto (the “Note”), evidencing the indebtedness resulting from the Advance and delivered to the Lender pursuant to Article II.

   

  

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  Section 1.05. Interest.

  The Borrower shall pay interest on the unpaid principal amount of the Advance from the date of such Advance until such principal amount shall be paid in full, at a rate equal at all times to 6.0% per annum; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate equal at all times to 15% per annum.  In addition, upon the occurrence and during the continuance of an Event of Default (defined below), the Advance shall bear interest at the rate equal at all times to 15% per annum.

  Section 1.06. Prepayments.

  The Borrower shall have the right prior to the Maturity Date to prepay, plus any accrued but unpaid interest thereon, any principal amount of the Advance.

  Section 1.07. Certain Definitions.

  (a)“Business Day” means a day of the year on which banks are not required or authorized to close in New York City.

  (b)“Maturity Date” means January 31, 2023. 

  Section 1.08. Payments and Computations.

  (a)The Borrower shall repay all of the outstanding balance of the Advance hereunder and under the Note, as well as any accrued and unpaid interest and fees not later than 11:00 A.M.  (New York City time) on the Maturity Date in U.S. dollars to the Lender at its address referred to in Section 6.02 in same day funds.

  (b)The Borrower hereby authorizes the Lender, if and to the extent payment is not made when due hereunder or under the Note, to charge from time to time against any or all of the Borrower’s accounts with the Lender any amount so due.

  (c)All computations of interest shall be made by the Lender on the basis of a year of 360 days.

  Article II 

  CONDITIONS OF LENDING

  Section 2.01. Condition Precedent to Initial Advance.

  The obligation of the Lender to make the Advance is subject to the condition precedent that the Lender shall have received on or before the day of such Advance the following, each dated such day, in form and substance reasonably satisfactory to the Lender:

  (a)The Note.

   

  

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  (b)Certified copies of the resolutions of the Board of Directors of the Borrower approving this Agreement and the Note, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement and the Note.

  (c)A certificate of the Chief Executive Officer of the Borrower certifying (1) that each of the representations and warranties contained in Section 3.01 hereof are true in all material respects (without duplication of materiality) and shall be true in all material respects (without duplication of materiality) on the date of the Advance (or such earlier date, if so specified); (2) that no event has occurred and is continuing, or would result from such Advance or from the application of the proceeds therefrom, which constitutes an Event of Default (as defined in Section 5.01 hereof) or would constitute an Event of Default but for the requirement that notice be given or time elapse or both; and (3) the names and true signatures of the officers of the Borrower authorized to sign this Agreement and the Note and the other documents to be delivered hereunder.

  (d)An opinion of Paul Hastings LLP, counsel for the Borrower, in form and substance reasonably satisfactory to the Lender with respect to such customary matters as the Lender may reasonably request.

  (e)An opinion of Duane Morris LLP, counsel for the Lender, as to such customary matters as the Lender may reasonably request.

  (f)The Advance Notice.

  (g)A Fee and Advisory Letter between the Borrower and B. Riley Securities, Inc.

  (h)Receipt of such other approvals or documents as the Lender may reasonably request.

  Article III 

  REPRESENTATIONS AND WARRANTIES

  Section 3.01. Representations and Warranties of the Borrower.

  The Borrower represents and warrants as follows:

  (a)The Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction indicated at the beginning of this Agreement.

  (b)The execution, delivery and performance by the Borrower of this Agreement and the Note are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Borrower’s charter or by-laws or (ii) law or any contractual restriction binding on or affecting the Borrower, except, in the case of this clause (ii), to the extent it could not reasonably be expected to have a material adverse change on the Borrower.

  (c)No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement or the Note, except for those that have otherwise 

   

  

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  been obtained or made on or prior to the date hereof and which remain in full force and effect on the date that the Borrower receives the initial Advance.

  (d)This Agreement is, and the Note when delivered hereunder will be, legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms, subject to bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights.

  (e)The consolidated financial statements of the Borrower included or incorporated by reference in the Company’s Registration Statement on Form S-3ASR (File No. 333-261888) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”) on December 23, 2021 and the final Prospectus, dated December 23, 2021, included therein (the “Prospectus”), together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Borrower and its subsidiaries as of the dates indicated and the consolidated statement of operations, consolidated statement of cash flows and consolidated statement of stockholders’ equity (deficit) of the Borrower for the periods specified, except that such unaudited financial statements are subject to normal year-end adjustments and lack footnotes required by GAAP, and have been prepared in compliance in all material respects with the requirements of the Securities Act and Exchange Act, as applicable, and in conformity with generally accepted accounting principles (“GAAP”) in the United States as in effect as of the time of filing applied on a consistent basis (except for such adjustments to accounting standards and practices as are noted therein) during the periods involved.

  (f)There is no pending or, to the knowledge of the Borrower, threatened action or proceeding affecting the Borrower or any of its subsidiaries before any court, governmental agency or arbitrator, which may materially adversely affect the financial condition or operations of the Borrower or any subsidiary or which purports to affect the legality, validity or enforceability of this Agreement or the Note.

  (g)The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.

  Article IV 

  COVENANTS OF THE BORROWER

  Section 4.01. Affirmative Covenants.

  So long as the Note shall remain unpaid or the Lender shall have any Commitment hereunder, the Borrower will, unless the Lender shall otherwise consent in writing:

  (a)Use of Proceeds.  Only use the proceeds from the Advance for working capital and general corporate purposes, which may include marketed product inventory build-up, capital expenditures, research and development expenditures, regulatory affairs expenditures, clinical trial expenditures, acquisitions of new technologies and investments and business combinations.

   

  

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  (b)Compliance with Laws, Etc.  Comply, and cause each of its subsidiaries to comply, in all material respects with all applicable laws, rules, regulations and orders, such compliance to include, without limitation, paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property except to the extent contested in good faith.

  (c)Reporting Requirements.  Furnish to the Lender such information respecting the condition or operations, financial or otherwise, of the Borrower or any of its subsidiaries as the Lender may from time to time reasonably request.

  Section 4.02. Negative Covenants.

  So long as the Note shall remain unpaid or the Lender shall have any Commitment hereunder, the Borrower will not, without the written consent of the Lender:

  (a)Liens, Etc.  Create or suffer to exist, or permit any of its subsidiaries to create or suffer to exist, any lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, upon or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any of its subsidiaries to assign, any right to receive income, in each case to secure or provide for the payment of any Debt, except for Permitted Liens.  “Permitted Liens” means (i) liens for taxes not yet due and payable, for less than $100,000 in the aggregate, or which are being contested in good faith by appropriate proceedings diligently pursued, provided that provision for the payment of all such taxes has been made on the books of such person as may be required by GAAP, consistently applied; (ii) mechanics’, materialmen’s, banker’s, carriers’, warehousemen’s and similar liens and encumbrances arising in the ordinary course of business and securing obligations of such person that are not overdue for a period of more than 60 days, for less than $100,000 in the aggregate, or are being contested in good faith by appropriate proceedings diligently pursued, provided that in the case of any such contest (1) any proceedings commenced for the enforcement of such liens and encumbrances shall have been duly suspended; and (2) such provision for the payment of such liens and encumbrances has been made on the books of such person as may be required by GAAP, consistently applied; (iii) liens arising in connection with worker’s compensation, unemployment insurance, old age pensions and social security benefits and similar statutory obligations which are not overdue, for less than $100,000 in the aggregate, or are being contested in good faith by appropriate proceedings diligently pursued, provided that in the case of any such contest (1) any proceedings commenced for the enforcement of such liens shall have been duly suspended; and (2) such provision for the payment of such liens has been made on the books of such person as may be required by GAAP, consistently applied; (iv) liens incurred in the ordinary course of business to secure the performance of statutory obligations arising in connection with progress payments or advance payments due under contracts with the United States government or any agency thereof entered into in the ordinary course of business; (v) liens incurred or deposits made in the ordinary course of business to secure the performance of statutory obligations, bids, leases, fee and expense arrangements with trustees and fiscal agents and other similar obligations (exclusive of obligations incurred in connection with the borrowing of money, any lease-purchase arrangements or the payment of the deferred purchase price of property), provided that full provision for the payment of all such obligations set forth in clauses (iv) and (v) has been made on the books of such person as may be required by GAAP, consistently applied; (vi) (1) liens arising in connection with capital leases (and attaching only to 

   

  

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  the property being leased and the proceeds thereof), (2) liens that constitute purchase money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property, provided that any such lien attaches to such property within ninety (90) days of the acquisition thereof and attaches solely to the property so acquired and the proceeds thereof, and (3) any lien existing on any property or asset prior to the acquisition thereof by the Borrower or any subsidiary of the Borrower or existing on any property or asset of any person that becomes a subsidiary of the Borrower after the date of this Agreement prior to the time such person becomes a subsidiary of the Borrower, provided that such lien is not created in contemplation of or in connection with such acquisition or such person becoming a subsidiary of the Borrower, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof except by the amount of any interest, premiums or penalties required to be paid plus fees and expenses associated therewith; (vii) attachments, appeal bonds, judgments and other similar liens arising in connection with court or legal proceedings, which do not result in an Event of Default, provided the execution or other enforcement of such liens is effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings; (viii) survey exceptions, easements, zoning and other statutory restrictions, rights of way, restrictions, land use or similar laws and regulations affecting real property, minor defects or irregularities in title and other similar liens not interfering in any material respect with the ordinary conduct of the business of the Borrower; (ix) deposits to secure the performance of bids, trade contracts, leases and other obligations of a like nature, in each case, in the ordinary course of business; (x) customary rights of set-off, revocation, refund or chargeback under deposit agreements or under the Uniform Commercial Code or common law of banks or other financial institutions where the Borrower or any of its subsidiaries maintains deposits in the ordinary course of business; (xi) any interest or title of a lessor, sublessor, licensor or sublicensor under any lease or license permitted hereunder and any leases, subleases, licenses or sublicenses granted by the Borrower or any of its subsidiaries to third parties in the ordinary course of business and not interfering in any material respect with the business of the Borrower or such subsidiary; (xii) purported liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; (xiii) other liens; provided that aggregate amount of all obligations of the Borrower and its subsidiaries secured by such liens does not exceed $100,000 at any time outstanding and so long as such liens do not attach to accounts receivable or inventory of the Borrower; and (xiv) liens incurred in connection with the restructuring or refinancing of any Debt as described in the Registration Statement and the Prospectus.

  (b)Debt.  Create or suffer to exist, or permit any of its subsidiaries to create or suffer to exist, any Debt other than as described in the Registration Statement and the Prospectus, including any filings with the SEC made by Borrower that are incorporated by reference therein, prior to the date hereof and other Permitted Debt; provided that the Borrower shall be permitted to restructure or refinance any Debt described in the Registration Statement and the Prospectus (provided that such restructured or refinanced Debt (A) is not for a greater principal amount than the existing Debt, (B) does not purport to restrict the repayment of indebtedness under this Agreement and the Note, and (C) no Event of Default shall have occurred and be continuing hereunder).  “Debt” means (i) indebtedness for borrowed money, (ii) obligations evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations to pay the deferred purchase price of property or services, (iv) obligations as lessee under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, (v) 

   

  

  7

  obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clause (i) through (iv) above, and (vi) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA.  “Permitted Debt” means (i) indebtedness arising hereunder; (ii) current unsecured trade payables and accrued liabilities arising in the ordinary course of the Borrower’s business (including, without limitation, obligations under operating leases); (iii) purchase money indebtedness and capital leases incurred in connection with the acquisition of fixed assets in an aggregate amount not exceeding $50,000 at any one time outstanding; (iv) indebtedness of a subsidiary acquired after the date of this Agreement or an entity merged into or consolidated with the Borrower or any subsidiary of the Borrower after the date of this Agreement and indebtedness assumed in connection with the acquisition of assets, which indebtedness, in each case, exists at the time of such acquisition, merger or consolidation and is not created in contemplation of such event and where such acquisition, merger or consolidation is permitted by this Agreement; (v) indebtedness in respect of netting services, overdraft protection and otherwise in connection with deposit accounts or similar accounts incurred in the ordinary course of business, provided such debt is extinguished within five (5) days of its incurrence; (vi) indebtedness incurred in the ordinary course of business in connection with the financing of insurance premiums of the Borrower or any of its subsidiaries; (vii) indebtedness arising from agreements of the Borrower providing for indemnification, adjustment of purchase price or acquisition price or similar obligations (including earn-outs), in each case, incurred or assumed in connection with the acquisition contemplated on the date hereof; and (viii) other indebtedness of Borrower in an aggregate amount not in excess of $50,000 in the aggregate at any time outstanding.

  (c)Dividends, Etc.  Declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Borrower, or purchase, redeem or otherwise acquire for value (or permit any of its subsidiaries to do so) any shares of any class of capital stock of the Borrower or any warrants, rights or options to acquire any such shares, now or hereafter outstanding, except that the Borrower may (i) declare and make any dividend payment or other distribution payable in common stock of the Borrower, and (ii) purchase, redeem or otherwise acquire shares of its common stock or warrants, rights or options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common stock, provided, that, immediately after giving effect to such proposed action, no Event of Default or event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default would exist.

  (d)Mergers, Etc.  Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any person or entity, or permit any of its subsidiaries to do so, except for Permitted Dispositions.  “Permitted Dispositions” means (i) sales of inventory in the ordinary course of its business, (ii) disposition of (1) surplus, obsolete, worn out, replaced, no longer used or useful, unmerchantable, or unsalable equipment in the ordinary course of business and (2) assets of Borrower to the extent the market value of the property so disposed of does not exceed $100,000 during any single fiscal year, (iii) abandonment, lapse or other dispositions of intellectual property that is, in the reasonable good faith judgment of the Borrower or its subsidiary, either no longer economically practicable or commercially desirable to maintain or no longer necessary for the conduct of the business of the Borrower or any of its 

   

  

  8

  subsidiaries, (iv) dispositions of cash or cash equivalents, in each case, in a manner not prohibited by the other terms of this Agreement, (v) sales, transfers and other dispositions of accounts receivable (or notes accepted to evidence same) in connection with the compromise, settlement or collection thereof in the ordinary course of business, (vi) the lease, assignment, license or sub-license or sub-lease of any real or personal property in the ordinary course of business to the extent the same does not materially interfere with the business of the Borrower, (vii) the license or sublicense of intellectual property, (viii) the granting of Permitted Liens, (ix)  any involuntary loss, damage or destruction of property, (x) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property; and (xi) any business combination involving Scilex Holding Company and Vickers Vantage Corp. I.

  Article V 

  EVENTS OF DEFAULT

  Section 5.01. Events of Default.

  If any of the following events (“Events of Default”) shall occur and be continuing:

  (a)The Borrower shall fail to pay any principal of, or interest on, the Note when the same becomes due and payable; or

  (b)Any representation or warranty made by the Borrower herein or by the Borrower (or any of its officers) in connection with this Agreement shall prove to have been incorrect in any material respect when made; or

  (c)The Borrower shall fail to perform or observe any term, covenant or agreement contained in this Agreement if such failure shall remain unremedied for 5 Business Days after written notice thereof shall have been given to the Borrower by the Lender; or

  (d)The Borrower or any of its subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of its subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 30 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any of its subsidiaries shall take any corporate action to authorize any of the actions set forth above in this subsection (d);

  then, and in any such event, the Lender (i) may, by notice to the Borrower, declare its obligation to make the Advance to be terminated, whereupon the same shall forthwith terminate, and (ii) may, by notice to the Borrower, declare the Note, all interest thereon and all other amounts payable 

   

  

  9

  under this Agreement to be forthwith due and payable, whereupon the Note, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower or any of its subsidiaries under the Federal Bankruptcy Code, (a) the obligation of the Lender to make Advances shall automatically be terminated and (b) the Advances, the Note, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.

  Article VI 

  MISCELLANEOUS

  Section 6.01. Amendments, Etc.

  No amendment or waiver of any provision of this Agreement or the Note, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

  Section 6.02. Notices, Etc.

  All notices and other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and shall be delivered:  if to the Borrower, at its address at 4955 Directors Place, San Diego, CA 92121, Attention: Henry Ji, Ph.D.; and if to the Lender, at its address at 11100 Santa Monica Blvd, Ste 800, Los Angeles, CA 90025, Attention: General Counsel; or, as to each party, at such other address as shall be designated by such party in a written notice to the other party.  Each such notice or other communication shall be deemed given (i) when delivered personally, by email or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). 

  Section 6.03. No Waiver; Remedies.

  No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder or under the Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

  Section 6.04. Costs, Expenses and Taxes.

  The Borrower agrees to pay promptly after demand all reasonable and documented costs and expenses in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement, the Note and the other documents to be delivered hereunder, 

   

  

  10

  including, without limitation, plus disbursements for searches, recordings and similar expenses for counsel for the Lender with respect to the negotiation and delivery of this Agreement and the Note, in all cases in an amount not to exceed $25,000.  The Borrower further agrees to pay promptly after demand all reasonable and documented costs and expenses, if any (including reasonable outside counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Note and the other documents to be delivered hereunder, including, without limitation, reasonable outside counsel fees and expenses in connection with the enforcement of rights under this Section 6.04.  In addition, the Borrower shall pay any and all stamp and other taxes payable or determined to be payable in connection with the execution and delivery of this Agreement, the Note and the other documents to be delivered hereunder, and agrees to save the Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes.

  Section 6.05. Right of Set-off.

  Upon the occurrence and during the continuance of any Event of Default the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, but excluding balances held or assets in respect of payroll accounts, employee benefit accounts, trust accounts, withholding accounts and other similar fiduciary accounts to the extent such funds are necessary to pay payroll, employee benefits and other similar payments accrued and/or payable in the ordinary course of business) at any time held and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and the Note, whether or not the Lender shall have made any demand under this Agreement or the Note and although such obligations may be unmatured.  The Lender agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application.  The rights of the Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Lender may have.

  Section 6.06. Binding Effect.

  This Agreement shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender.  This Agreement and the Note may not be assigned or transferred by the Lender to any person other than (a) an affiliate of the Lender or (b) so long as no Event of Default is then continuing, any other person (other than a natural person) in the business of making loans and other extensions of credit with the prior written consent of the Borrower.  The Lender may pledge this Agreement and the Note and grant security interests herein and therein to any financing source of the Lender.

  Section 6.07. Governing Law.

  This Agreement and the Note shall be governed by, and construed in accordance with, the laws of the State of New York.

   

  

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  [Signature Page Follows]

   

   

  

  	 

  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

   

  				
	 
	SORRENTO THERAPEUTICS, INC.

	 
	 

	 
	 

	 
	By:
	/s/ Henry Ji, Ph.D.

	 
	 
	Name:
	Henry Ji, Ph.D.

	 
	 
	Title:
	President & CEO

	 
	 
	 
	 

	 
	 
	 
	 

	 
	B. Riley COMMERCIAL CAPITAL, LLC

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Phillip J. Ahn

	 
	 
	Name:
	Phillip J. Ahn

	 
	 
	Title:
	CFO

   

  [Signature Page to Bridge Loan Agreement]

   

  

  	 

  EXHIBIT A

  PROMISSORY NOTE

   

  		
	$41,670,000
	Dated: September 30, 2022

   

  FOR VALUE RECEIVED, the undersigned, SORRENTO THERAPEUTICS, INC., a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to B. Riley COMMERCIAL CAPITAL, LLC (the “Lender”) the principal amount of FORTY-ONE MILLION SIX HUNDRED SEVENTY THOUSAND DOLLARS ($41,670,000) or, if less, the aggregate principal amount of the Advance made by the Lender to the Borrower pursuant to the Loan Agreement (as hereinafter defined) outstanding on the Maturity Date (as defined in the Loan Agreement).

  The Borrower promises to pay interest on the principal amount of the Advance from the date of such Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Loan Agreement referred to below.

  Principal, interest fees and expenses hereunder and under the Loan Agreement are payable in lawful money of the United States of America to the Lender at 11100 Santa Monica Blvd, Ste 800, Los Angeles, CA 90025, in same day funds.

  This Promissory Note is the Note referred to in, and is entitled to the benefits of, the Bridge Loan Agreement dated as of September 30, 2022 (as may be amended or restated from time to time, the “Loan Agreement”), between the Borrower and the Lender.  The Loan Agreement, among other things, (i) provides for the making of an advance (the “Advance”) by the Lender to the Borrower in an aggregate principal amount not to exceed at any time outstanding the U.S. dollar amount first above mentioned, the indebtedness of the Borrower resulting from such Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified.

   

  				
	 
	SORRENTO THERAPEUTICS, INC.

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	 
	 

	 
	 
	 
	Name: Henry Ji, Ph.D.

	 
	 
	 
	Title: President & CEO

   

  -1-

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