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Exhibit 10.3
 
ENGAGEMENT LETTER

May 30, 2013
 
Benjamin & Jerold Brokerage LLC
80 Broad Street, Suite 526
New York, NY 10004

Re:
BioTime, Inc.

 
Registered Direct Offering of Common Shares and Warrants

Gentlemen:

BioTime, Inc. (“BioTime”) plans to offer to selected investors an opportunity to
purchase BioTime common shares, no par value (“Shares”) and common share
purchase warrants (“Warrants”) in “units” consisting of one Share and
one-quarter of a Warrant per unit.  The purchase price per unit is expected to
be $4.155.  The units will be offered in a “registered direct” offering under
the Securities Act of 1933, as amended, through our shelf registration statement
on Form S-3.  BioTime agrees to pay to you a fee in the amount of 5% of the
total purchase price of any units purchased in the offering by your client
Delaware Street Capital LLC; provided, that (a) a fee will be paid to you only
upon the closing of the sale of the units to your client and will be based on
the amount of their investment accepted by BioTime, (b) an investment by your
client is subject to their execution of a Stock and Warrant Purchase Agreement
in the form approved by BioTime for the offering, and (c) BioTime reserves the
right, in its sole discretion, to accept, reject, or limit the investment by
your client.

If the foregoing is acceptable to you, please sign below in the place provided.

 
BioTime, Inc.
     
s/Robert W. Peabody
 
Robert W. Peabody,
 
Chief Financial Officer

ACCEPTED AND AGREED:

Benjamin & Jerold Brokerage LLC

By:
s/David Hanna        
Title:
President  

 
 

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