Letter Agreement, dated September 21, 2023, by and between Scilex Holding Company and Sorrento Therapeutics, Inc
Exhibit 10.9
September 21, 2023
Sorrento Therapeutics, Inc.
4955 Directors Place
San Diego, CA 92121
Attention: Mohsin Y. Meghji
Re: Assumption and Assignment of Legal Fees and Expenses
Ladies and Gentlemen:
Reference is hereby made to that certain Stock Purchase Agreement, dated as of September 19, 2023, by and between Scilex Holding Company, a Delaware corporation (Scilex), and Sorrento Therapeutics, Inc., a Delaware corporation (Sorrento) (as may be amended or restated from time to time, the Purchase Agreement). Each capitalized term used in this letter (the Letter Agreement) but not otherwise defined herein shall have the meaning ascribed to it in the Purchase Agreement.
Pursuant to and in accordance with Section 1 of the Purchase Agreement, Sorrento hereby assigns, and Scilex hereby irrevocably and unconditionally assumes, all of the obligations of Sorrento to Paul Hastings LLP for those legal fees and expenses reflected in Paul Hasting LLPs proof of claim #238 filed with the Bankruptcy Court (attached hereto as Exhibit A) in the amount of $12,249,244.09 (the Obligations). Scilex and Paul Hastings LLP each hereby agree and acknowledge that the Obligations shall be the sole responsibility of Scilex.
Except as expressly set forth herein, this Letter Agreement will not amend, modify or otherwise affect the terms and conditions of the Purchase Agreement, which will remain in full force and effect in accordance with the terms thereof.
This Letter Agreement may be executed electronically and in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
[Signature page follows]
Sincerely, | ||
SCILEX HOLDING COMPANY | ||
By: | /s/ Jaisim Shah | |
Name: Jaisim Shah | ||
Title: Chief Executive Officer and President |
[Signature Page to Scilex Assumption of Fees Letter Agreement]
ACKNOWLEDGED AND AGREED: | ||
SORRENTO THERAPEUTICS, INC. | ||
By: | /s/ Mohsin Y. Meghji | |
Name: Mohsin Y. Meghji | ||
Title: Chief Restructuring Officer | ||
The undersigned hereby consents to the assignment and assumption of the Obligations as set forth above. | ||
Paul Hastings LLP | ||
/s/ Paul Hastings LLP |