SEC Contract Filing

Filing Date: 2024-04-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>tm2411469d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">Execution Version</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURED CONVERTIBLE PROMISSORY NOTE</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; width: 10%; text-align: left"><B>DATE:</B></TD><TD STYLE="text-align: justify; width: 90%">April&nbsp;5,
 2024</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><B>BORROWER:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">NKGen
 Operating Biotech,&nbsp;Inc., 3001 Daimler St., Santa Ana, CA 92705</FONT></TD></TR>
 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><B>LENDER:</B></TD><TD STYLE="text-align: justify">BDW Investments LLC</TD></TR>
 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="white-space: nowrap; text-align: left"><B>PRINCIPAL:</B></TD><TD STYLE="text-align: justify">Up to $5,000,000.00</TD></TR>
 </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOR VALUE RECEIVED</B>, the undersigned, NKGEN
OPERATING BIOTECH,&nbsp;INC. (&ldquo;<B>Borrower</B>&rdquo;) promises to pay to the order of BDW Investments LLC (&ldquo;<B>Lender</B>&rdquo;)
(i)&nbsp;in lawful money of the United States of America or, (ii)&nbsp;at the sole discretion of the Lender, in the form of equity with
the issue to Lender of shares of common stock of NKGEN BIOTECH,&nbsp;INC. (&ldquo;<B>Parent</B>&rdquo;), par value $0.0001 per share
(the &ldquo;<B>Common Stock</B>&rdquo;), priced at $2.00 per share with applicable registration rights (the &ldquo;<B>Alternative Equity
Repayment</B>&rdquo;), the principal amount of up to Five Million&nbsp;&amp; 00/100 Dollars ($5,000,000.00) or so much as may be outstanding,
together with accrued interest and any other amounts due hereunder on October&nbsp;4, 2026 (the &ldquo;<B>Maturity Date</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used in this Secured Term Promissory
Note (this &ldquo;<B>Note</B>&rdquo;) and not otherwise defined herein shall have the meanings assigned to them in that certain Equity
and Business Loan Agreement entered into by the Borrower, the Parent and the Lender dated of even date herewith (as it may be amended,
restated or replaced from time to time, the &ldquo;<B>Loan Agreement</B>&rdquo;). This Note is made pursuant to, is entitled to the benefits
of, and is subject to the provisions of, the Loan Agreement. As used herein, the term &ldquo;Loan Documents&rdquo; means collectively,
this Note, the Loan Agreement, the Security Agreement, and any and all other instruments, agreements and documents executed by Borrower
for the benefit of the Lender. In the event of any conflict between the terms of the Loan Agreement and the terms of this Note, the terms
of the Loan Agreement shall prevail. The Obligations evidenced by this Note are secured by Liens on the Collateral created under, pursuant
to and in connection with the Security Agreement and the other Loan Documents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that no Event of Default has occurred,
interest shall accrue on all amounts outstanding hereunder at a rate equal to the Applicable Rate, payable in immediately available U.S.
Dollars on the first calendar day of each calendar month, and, except as otherwise set forth herein, (i)&nbsp;upon any prepayment of
this Note, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, and (ii)&nbsp;on the Maturity Date. Interest
will be computed on the basis of a 360-day year for the actual number of days elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan evidenced by this Note is not a revolving
loan. Accordingly, principal amounts which are repaid may not be reborrowed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, without affecting the obligation
of the Borrower or any sureties, guarantors, endorsers, accommodation parties or other persons liable or to become liable on this Note
to pay the outstanding principal balance of this Note and observe the covenants of Borrower contained in this Note or the other Loan
Documents, without giving notice to or obtaining the consent of the Borrower or any such sureties, guarantors, endors