# EDGAR Filing Document

**Accession Number:** 0001708599
**File Stem:** 0001493152-23-007763
**Filing Date:** 2023-3
**Character Count:** 374849
**Document Hash:** 4ceee5d838c3708369f329d47fcf0e29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-007763.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001493152-23-007763

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230309

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AgeX Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001708599
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 821436829
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38519
- **FILM NUMBER:** 23735598

**BUSINESS ADDRESS:**
- **STREET 1:** 1101 MARINA VILLAGE PARKWAY
- **STREET 2:** SUITE 201
- **CITY:** ALAMEDA
- **STATE:** CA
- **ZIP:** 94501
- **BUSINESS PHONE:** 510-671-8370

**MAIL ADDRESS:**
- **STREET 1:** 1101 MARINA VILLAGE PARKWAY
- **STREET 2:** SUITE 201
- **CITY:** ALAMEDA
- **STATE:** CA
- **ZIP:** 94501

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): **March 9, 2023**

**AgeX Therapeutics, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-38519** | **82-1436829** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

**1101 Marina Village Parkway**

**Suite 201**

**Alameda, California 94501**

(Address of principal executive offices)

**(510) 671-8370**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of exchange on which registered** |
| Common Stock, par value $0.0001 per share AGE | NYSE American |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

**Item 1.01 - Entry into a Material Definitive Agreement.**

On March 13, 2023, AgeX Therapeutics, Inc. ("***AgeX***") and Juvenescence Limited ("***Juvenescence***") entered into a Secured Convertible Promissory Note (the "***Juvenescence Note***") pursuant to which Juvenescence has loaned to AgeX $10,000,000. AgeX used the proceeds from the Juvenescence Note to finance the purchase of a Convertible Promissory Note (the "***Serina Note***") issued by Serina Therapeutics Inc., an Alabama corporation ("***Serina***") to AgeX on March 15, 2023, pursuant to the terms of a Convertible Note Purchase Agreement, dated March 15, 2023 (the "***Serina Note Purchase Agreement***"), between AgeX and Serina. For more information regarding the Serina Note and Serina Note Purchase Agreement, please see the "***Summary of the Serina Note***" section below.

Serina has developed a proprietary drug delivery polymer technology based upon the polymer poly (2-oxazoline), or POZ™, and is developing a pipeline of proprietary and partnered programs applying this platform to Parkinson's disease, cannabinoids, cancer, and pain. Serina has recently applied POZ technology to developing a lipid nanoparticle (LNP) for use across multiple indications such as SARS-CoV-2 and influenza, and gene therapy and cancer immunotherapy. AgeX's decision to borrow $10,000,000 from Juvenescence and to lend the loan proceeds to Serina was made in order to provide financing to Serina in contemplation of corporate restructuring plans that include a potential merger between AgeX and Serina in which AgeX would be the surviving company. AgeX's restructuring plans also include a potential spinoff of AgeX's subsidiary Reverse Bioengineering, Inc. ("***Reverse Bio***") through a distribution of some or all of the shares of capital stock of Reverse Bio held by AgeX to AgeX stockholders following a financing of Reverse Bio through the sale of shares of Reverse Bio common stock to private investors (the "***Reverse Bio Financing***"). If the Reverse Bio spinoff is completed, Reverse Bio would become a separate publicly traded company.

No definitive agreement regarding a merger between AgeX and Serina has been negotiated or executed nor has the merger been approved by the respective boards of directors of AgeX and Serina. Further, a merger cannot be consummated unless approved by the stockholders of AgeX and Serina. Accordingly, there is no assurance that AgeX and Serina will reach agreement on the terms of a merger or that, if such an agreement is reached, the stockholders of AgeX and Serina will approve the merger.

Definitive agreements regarding the Reverse Bio Financing and a Reverse Bio spinoff have not yet been executed, nor has AgeX's board of directors (the "***AgeX Board***") approved the Reverse Bio spinoff. Accordingly, there is a risk that the Reverse Bio Financing and the Reverse Bio spinoff may never be consummated.

***Summary of the Juvenescence Note and Security Agreement***

*Principal; Maturity; Origination Fee*

AgeX has borrowed $10,000,000 from Juvenescence pursuant to the Juvenescence Note. The outstanding principal balance of the Juvenescence Note will become due and payable on March 13, 2026 (the "***Repayment Date***"). In lieu of accrued interest, AgeX will pay Juvenescence an origination fee in an amount equal to 7% of the loan funds disbursed to AgeX, which will accrue in two installments. The origination fee will become due and payable on the earliest to occur of (i) conversion of the Juvenescence Note into shares of AgeX common stock, (ii) repayment of the Juvenescence Note in whole or in part (provided that the origination fee shall be prorated for the amount of any partial repayment), and (iii) the acceleration of the Repayment Date of the Juvenescence Note following an Event of Default as defined in the Juvenescence Note.

If (a) AgeX and Serina have not entered into a definitive merger agreement by June 13, 2023; (b) a merger between AgeX and Serina is terminated or either party gives notice to terminate the merger agreement; or (c) the merger is not consummated by March 13, 2024, then AgeX may, after written notice to Juvenescence, pay and satisfy in full the principal balance and accrued origination fees under the Juvenescence Note by tendering to Juvenescence the Serina Note and shares of capital stock of Serina, if any, that may have been issued to AgeX upon conversion of the Serina Note in whole or in part.

*Conversion to Common Stock or Other Securities*

AgeX may convert the loan balance and any accrued but unpaid origination fee into AgeX common stock or "units" if AgeX consummates a sale of common stock (or common stock paired with warrants or other convertible securities in "units") in which the gross sale proceeds are at least $10,000,000. If less than $25,000,000 is raised through the sale of common stock or units, the conversion price per share or units shall be the lowest price at which shares or units are sold. If at least $25,000,000 is raised, the conversion price per share shall be 85% of the "Market Price" of AgeX common stock determined as provided in the Juvenescence Note.

 

Juvenescence may convert the outstanding principal amount of the Juvenescence Note plus the accrued origination fee into AgeX common stock at the market price per share of AgeX common stock. Juvenescence may not convert the Juvenescence Note to AgeX common stock before the earlier of (i) a merger between AgeX and Serina, and (ii) March 13, 2024. Any conversion of the Juvenescence Note into AgeX common stock is subject to certain restrictions to comply with applicable requirements of the NYSE American where AgeX common stock is listed.

*Default Provisions*

 

*Restrictive Covenants*

The Juvenescence Note includes certain covenants that among other matters such as financial reporting: (i) impose financial restrictions on AgeX while the Juvenescence Note remains unpaid, including restrictions on the incurrence of additional indebtedness by AgeX and its subsidiaries, except that AgeX's wholly-owned subsidiary Reverse Bio will be permitted to incur debt convertible into equity not guaranteed or secured by the assets of AgeX or any other AgeX subsidiary, and the restrictions on the incurrence of indebtedness applicable to Reverse Bio will end if it raises more than $15,000,000 in debt or equity by May 14, 2023; (ii) require that AgeX use loan proceeds and funds that may be raised through certain equity offerings only for research and development work, professional and administrative expenses, and for general working capital; and (iii) prohibit AgeX from making additional investments in other entities including subsidiaries, subject to certain permitted investments in Reverse Bio and Serina, unless AgeX obtains the written consent of Juvenescence to a transaction that otherwise would be prohibited or restricted.

*Security Agreement*

AgeX has entered into an Amended and Restated Security Agreement (the "***Security Agreement***") that amends the February 14, 2022 Security Agreement between AgeX and Juvenescence and adds the Juvenescence Note to the obligations secured by the Security Agreement. The Security Agreement grants Juvenescence a security interest in substantially all of the assets of AgeX, including a security interest in shares of AgeX subsidiaries that hold certain assets, as collateral for AgeX's loan obligations. If an Event of Default occurs, Juvenescence will have the right to foreclose on the assets pledged as collateral.

*Incorporation of Exhibits by Reference*

The descriptions or discussions of the Juvenescence Note and the Security Agreement in this Form 8-K (this "***Report***") are summaries only and do not purport to be complete statements of the terms and conditions of those agreements or instruments, and each is qualified in all respects by reference to the full text of the applicable agreement or instrument filed as an Exhibit to this Report, which Exhibits are incorporated by reference into this Report.

***Summary of the Serina Note***

On March 15, 2023, AgeX and Serina entered into the Serina Note Purchase Agreement, pursuant to which AgeX has agreed to lend to Serina an aggregate principal amount of $10,000,000 (the "***Serina Note***"). Interest on the principal amount under the Serina Note accrues on the unpaid principal amount at a simple interest rate equal to 7% per annum, computed on the basis of the 360-day year of twelve 30-day months. The outstanding principal balance of the Serina Note will become due and payable on March 15, 2026 (the "***Maturity Date***").

In connection with the issuance of the Serina Note, AgeX is entitled to elect one member to the board of directors of Serina and receive certain information and inspection rights as well as participation rights for subsequent equity issuances.

*Conversion of Serina Note into Serina Preferred Stock*

The principal balance of the Serina Note with accrued interest will automatically convert into Serina preferred stock if Serina raises at least $25,000,000 through the sale of shares of Serina preferred stock. The conversion price per share shall be the lower of (a) 80% of the lowest price at which the shares of preferred stock were sold, and (b) a "capped price" equal to $105,000,000 divided by Serina's then fully diluted capitalization. AgeX has the option to convert the Serina Note into Serina preferred stock after a sale of Serina preferred stock regardless of the amount sold by Serina.

AgeX may (i) at its election, upon a change of control (as defined in the Serina Note), convert the Serina Note in whole or in part into either (a) cash in an amount equal to 100% of the outstanding principal amount of the Serina Note, plus interest, or (b) into the highest ranking shares of Serina then issued at a conversion price equal to the lowest price per share at which the most senior series of Serina shares has been sold in a single transaction or a series of related transactions through which Serina raised at least $5,000,000 or (ii) if the Serina Note remains outstanding as of the maturity date, AgeX may convert the Serina Note into the most senior shares of Serina issued at the time of conversion at a conversion price equal to the capped price.

Upon the consummation of a merger between AgeX and Serina, the Serina Note would remain outstanding and become an intercompany asset of AgeX and an intercompany liability of Serina.

*Default Provisions*

The outstanding principal balance of the Serina Note with accrued interest may become immediately due and payable prior to the Maturity Date if an Event of Default as defined in the Serina Note occurs. In addition to this and any other remedy, both in equity and in law, upon the occurrence of an Event of Default, an interest rate of 10% per annum and computed on the basis of the 360-day year of twelve 30-day months, shall apply to the Convertible Amount until fully paid. Events of Default under the Serina Note include: (i) the commission of any act of bankruptcy by Serina or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X), (ii) the execution by Serina of a general assignment for the benefit of creditors, (iii) the filing by or against Serina or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) of a petition in bankruptcy or any petition for relief under the federal bankruptcy act (or, in each case, under any similar insolvency law) or the continuation of such petition without dismissal for a period of 60 calendar days or more, (iv) the appointment of a receiver or trustee to take possession of the property or assets of Serina or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X), (v) failure of Serina to pay any amount due under the Serina Note when due, which failure to pay is not cured by Serina within 5 business days of written notice thereof, (vi) unless waived by AgeX, Serina's material breach of any representation, warranty or covenant of Serina under the Serina Note Purchase Agreement, Serina Note or other agreements entered in connection therewith, which breach, if curable, is not cured by Serina within 10 business days of written notice by AgeX thereof, (vii) Serina or any subsidiary shall default on any of its obligations under any indebtedness which default causes the indebtedness thereunder to (x) become prematurely due and payable, (y) be placed on demand or (z) become capable of being declared by or on behalf of a creditor thereunder to be prematurely due and payable or being placed on demand, in each case, as a result of such default or any provision having a similar effect (howsoever prescribed), (viii) any monetary judgment, writ or similar final process shall be entered or filed against Serina, any subsidiary or any of their respective property or other assets for more than $250,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of 45 calendar days, and (ix) Serina experiences a Material Adverse Effect (as defined in the Serina Note Purchase Agreement).

 

*Restrictive Covenants*

The Serina Note Purchase Agreement and Serina Note each includes certain covenants that among other matters such as financial reporting: (i) impose financial restrictions on Serina while the Serina Note remains unpaid, including restrictions on the incurrence of additional indebtedness by Serina and its subsidiaries; (ii) require that Serina use note proceeds and funds that may be raised through certain equity offerings only for research and development work, professional and administrative expenses, and for general working capital; and (iii) prohibit Serina from entering into any material sale or transfer transactions outside of the ordinary course of business, other than in a merger between AgeX and Serina, without the consent of AgeX.

*Subordination Agreement*

In connection with the issuance of the Serina Note, Serina, each other holder of Serina indebtedness (each a "***Serina Lender***"), and AgeX entered into a Subordination Agreement, dated March 15, 2023, pursuant to which each Serina Lender agreed to subordinate to AgeX's rights of repayment with respect to the obligations owed under the Serina Note Purchase Agreement and the Serina Note (i) all Serina indebtedness owed to such Serina Lender under certain convertible notes between each Serina Lender and Serina, which aggregate principal amount of all of such convertible notes equals $1,450,000, and (ii) any related security interests.

*Incorporation of Exhibits by Reference*

The descriptions or discussions of the Serina Note Purchase Agreement, the Serina Note and the Subordination Agreement in this Report are summaries only and do not purport to be complete statements of the terms and conditions of those agreements or documents, and each is qualified in all respects by reference to the full text of the applicable agreement or document filed as an Exhibit to this Report, which Exhibits are incorporated by reference into this Report.

***Amendment of Certain Loan from Juvenescence***

On March 13, 2023, AgeX and Juvenescence entered into a Third Amendment to that certain Secured Convertible Facility Agreement, dated March 30, 2020 (the "***2020 Loan Agreement***"), to extend to March 30, 2024 the repayment date for the outstanding principal balance of the loans under the 2020 Loan Agreement. The full text of the Third Amendment to the Secured Convertible Facility Agreement is filed as an Exhibit to this Report and is incorporated herein by reference.

**Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant**

***Juvenescence Note***

On March 14, 2023, AgeX borrowed $10,000,000 under the Juvenescence Note. The portion of Item 1.01 describing pertinent terms of the Juvenescence Note as incorporated into this Item 2.03 by reference.

***Indemnification Agreements***

On March 13, 2023, AgeX executed that certain Letter of Indemnification in Lieu of or Supplemental to a Medallion Signature Guarantee ("***Letter of Indemnification***"), pursuant to which AgeX agreed to indemnify American Stock Transfer & Trust Company, LLC and its affiliates, successors and assigns (the "***AST Indemnity***") from and against any and all claims, damages, liabilities or losses arising out of the transfer of all of the AgeX common stock held by Juvenescence to its wholly-owned subsidiary, Juvenescence US Corp. (the "***Share Transfer***"). In connection with AgeX's execution of the Letter of Indemnification, AgeX and Juvenescence entered into that certain Transfer of Shares of AgeX Therapeutics, Inc. Common Stock – Indemnification Agreement, pursuant to which Juvenescence agreed to indemnify AgeX against any and all claims, damages, liabilities or losses arising out of the Share Transfer or AST Indemnity.

**Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

AgeX Director Resignation

On March 9, 2023, Dr. Michael D. West resigned from AgeX's Board. Dr. West informed AgeX that he will continue to serve as AgeX's Chief Executive Officer and that his resignation as a director was not because of a disagreement with AgeX on any matter relating to AgeX's operations, policies, or practices. Dr. West, who presently also serves as Chief Executive Officer of Reverse Bio, is expected to transition into service solely as a director and Chief Executive Officer of Reverse Bio at a future date in expectation of a Reverse Bio spinoff after completion of the Reverse Bio Financing.

**Forward-Looking Statements**

Any statements that are not historical fact (including, but not limited to, statements that contain words such as "may," "will," "believes," "plans," "intends," "anticipates," "expects," and "estimates" and related to the transactions described below and plans and expectations with respect thereto) should be considered to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are based on assumptions or judgments about future events and economic conditions that may or may not be correct or necessarily take place and that are by their nature subject to significant risks, uncertainties and contingencies. These forward-looking statements include, but are not limited to, statements regarding the AgeX-Serina merger, the Reverse Bio Financing, and the Reverse Bio spinoff (collectively, the "Potential Transactions"), and AgeX's, Serina's and Reverse Bio's plans and expectations with respect to the Potential Transactions.

There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this Report. With respect to a potential AgeX-Serina merger, these risks and uncertainties include: the possibility that AgeX and Serina will not reach agreement as to the definitive terms of a merger and will not enter into a merger agreement; stockholders of AgeX or Serina may not approve the AgeX-Serina merger; a condition to consummating the AgeX-Serina merger may not be satisfied; one or more material agreements that may be entered into in connection with the AgeX-Serina merger may be terminated by a party to the agreement; AgeX may be unable to obtain approval to list on the NYSE American the shares of AgeX common stock expected to be issued pursuant to the AgeX-Serina merger; and the closing of the AgeX-Serina merger might be delayed or not occur at all. With respect to the Reverse Bio spinoff, these risks and uncertainties include: the possibility that AgeX and Reverse Bio will not reach agreement as to terms of the Reverse Bio spinoff in definitive agreements with respect to the contemplated spinoff and could abandon any plans to spinoff Reverse to AgeX stockholders; a condition to effecting the Reverse Bio spinoff may not be satisfied; one or more material agreements entered into connection with the Reverse Bio spinoff could be terminated by a party to the agreement; Reverse Bio might not be able to satisfy the listing qualifications to list its shares on the NYSE American or any other national stock exchange; the Reverse Bio spinoff might not achieve the desired tax treatment, resulting in unanticipated taxes to AgeX and AgeX stockholders; the number of shares of Reverse Bio common stock that AgeX may distribute to its stockholders may be limited, or a distribution of such shares may be prohibited, by provisions of the Delaware General Corporation Law that generally limit Delaware corporations, including AgeX, from distributing assets to their stockholders in an amount that exceeds the excess of their assets over liabilities; and the Reverse Bio spinoff may not occur at all. In addition, the Potential Transactions could cause AgeX to face additional risks, including risks associated with conducting and financing Serina's research and product development programs; risks associated with conducting clinical trials of Serina product candidates and obtaining Food and Drug Administration or other regulatory approvals to market product candidates; product liability risks; potential adverse changes to business or employee relationships, including changes resulting from the announcement or completion of either of the Potential Transactions; the risk that changes in AgeX's capital structure, management, and governance following either of these Potential Transactions could have adverse effects on the market value of AgeX common stock; the ability of AgeX, Serina and Reverse Bio to retain and hire key personnel and maintain relationships with their suppliers and service providers; the risk these transactions could distract AgeX management from ongoing business operations or cause AgeX, Serina, and Reverse Bio to incur substantial costs; the impact of world health events, including the COVID-19 pandemic and any related economic downturn; the risk of changes in governmental regulations or enforcement practices; uncertainty as to AgeX's ability to achieve targets in its research and development programs, to commercialize product candidates, and to generate revenues and profits; AgeX's ability to meet guidance, market expectations and internal projections, and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and may be beyond AgeX's control.

Additional factors that could cause actual results to differ materially from the results anticipated in these forward-looking statements are contained in AgeX's periodic reports filed with the Securities and Exchange Commission ("***SEC***") under the heading "Risk Factors" and other filings that AgeX may make with the SEC. Undue reliance should not be placed on these forward-looking statements that speak only as of the date they are made, and except as required by law, AgeX disclaims any intent or obligation to update these forward-looking statements.

The description or discussion in this Report of any contract or agreement is a summary only and is qualified in all respects by reference to the full text of the applicable contract or agreement.

**No Offer or Solicitation**

This communication is for informational purposes only and is not intended to and does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, sale or solicitation would be unlawful, prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

**Important Additional Information Will be Filed with the SEC**

AgeX intends to file with the Securities and Exchange Commission ("***SEC***") a Registration Statement on Form S-4 in connection with the proposed merger with Serina, including a definitive Proxy Statement of AgeX. **INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT/PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED BY AGEX OR SERINA WITH THE SEC IN THEIR ENTIRETY CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AGEX, SERINA, THE PROPOSED MERGER TRANSACTION AND RELATED MATTERS.** Investors and stockholders will be able to obtain free copies of the Registration Statement and the definitive Proxy and other documents filed with the SEC by AgeX and Serina through the website maintained by the SEC at <u>www.sec.gov</u>. In addition, investors and stockholders will be able to obtain free copies of the information statement and the proxy statement and other documents filed with the SEC by AgeX on AgeX's Investor Relations website at <u>https://investors.agexinc.com/</u>.

**Item 9.01 - Financial Statements and Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 10.1 | [Secured Convertible Promissory Note dated March 13, 2023, executed by AgeX Therapeutics, Inc. and Juvenescence Limited†](ex10-1.htm) |
| 10.2 | [Amended and Restated Security Agreement, dated March 13, 2023, between AgeX Therapeutics, Inc. and Juvenescence Limited†](ex10-2.htm) |
| 10.3 | [Convertible Note Purchase Agreement, dated March 15, 2023, between AgeX Therapeutics, Inc. and Serina Therapeutics, Inc.†](ex10-3.htm) |
| 10.4 | [Convertible Promissory Note, dated March 15, 2023, between AgeX Therapeutics, Inc. and Serina Therapeutics, Inc.](ex10-4.htm) |
| 10.5 | [Subordination Agreement, dated March 15, 2023, between AgeX Therapeutics, Inc., Serina Therapeutics, Inc. and the other investors signatory thereto†](ex10-5.htm) |
| 10.6 | [Third Amendment to that certain Secured Convertible Facility Agreement, dated March 30, 2020, by and between AgeX Therapeutics, Inc. and Juvenescence Limited](ex10-6.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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†Schedules and exhibits to this Exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished to the Securities and Exchange Commission or its staff upon request.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | AGEX THERAPEUTICS, INC. | AGEX THERAPEUTICS, INC. |
| Date: March 15, 2023 | By: | */s/ Andrea E. Park&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* |
|  |  | Chief Financial Officer |

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## Exhibit 10.1

**Exhibit 10.1**

**THIS SECURED CONVERTIBLE PROMISSORY NOTE** is issued on March 13, 2023 (the "**Issue Date**"),

**BY**

(1) **AGEX THERAPEUTICS, INC.**, a company incorporated in Delaware with its primary address at 1101 Marina Village Parkway, Suite 201, Alameda,
 CA 94501 (the "**Borrower** ");

**TO AND IN FAVOR OF**

(2) **JUVENESCENCE LIMITED**, a company incorporated in the Isle of Man with company number 018008V and its registered office at 1st Floor Viking
 House, St Pauls Square, Ramsey, Isle of Man, IM8 1GB (the "**Lender** "), each a "**party**" and together
 the "**parties** ".

The Borrower has issued this Secured Convertible Promissory Note (this "**Note**") to evidence the Loan (as defined below), and promises to pay and perform the Loan and this Note on the terms and conditions set forth herein, and the Lender has agreed to accept this Note and to provide a secured convertible loan to the Borrower, not exceeding the aggregate principal amount of $10,000,000 (ten million dollars) on the terms and conditions set out in this Note.

---

| | |
|:---|:---|
| 1 | **Interpretation** |

---

1.1 Definitions
 used in this Note include the following defined terms.

"**19.9% Cap**" means 19.9% of the number of Shares outstanding on the Issue Date.

"**50% Cap**" means one share less than 50% of the total outstanding shares of the Borrower as of the date on which the 50% Cap is determined.

"**Address for Service**" means the address shown in Section 16.2 or such other address as the Borrower may from time to time designate by written notice to the Lender.

"**Adjusted Market Price**" means product of the Market Price multiplied by 0.85. "**Advance**" means the funds loaned to Borrower through the Drawdown.

"**Applicable Exchange**" means NYSE American stock exchange or any other national stock exchange on which the Shares are listed.

"**Budget**" means initially the 52-week budget commencing on January 1, 2023 and delivered to, and accepted by, Lender on or prior to the date hereof, and thereafter the 52- week forward looking budget of the Borrower, which is approved by the Lender in its sole discretion from time to time, which after the initial budget shall include actual expenditures for the preceding 52-week period then ended (or until January 1, 2023, if shorter) and a variance analysis for such period of actual expenditures versus forecasted cash expenditure included in the most recent Budget covering any portion of such period.

"**Business Day**" means a day other than (i) a Saturday or Sunday or (ii) public holiday in London or New York on which banks are closed or are permitted to be closed open for general business.

"**Collateral**" means all property of the Borrower described as "Collateral" in the Security Agreement, together with all other property that now or hereafter secures (or is intended to secure) obligations of the Borrower under this Note and the other Loan Documents.

"**Commitment**" means $10,000,000.

"**Conversion Date**" means, in the event that the Borrower elects the conversion option described in Section 7, the date of consummation of a Qualified Offering.

"**Conversion Notice**" has the meaning set out in Section 8.2 below.

"**Default**" means and is a reference to any Event of Default or any condition, event or occurrence that with the passing of time, the giving of notice or both will be an Event of Default, including without limitation any misrepresentation or breach under this Note that remains uncured beyond any cure period provided in Section 13.1.

**Drawdown**" means the borrowing of the Advance in the amount of the Drawdown Amount.

**"Drawdown Amount**" means $10,000,000.

"**Drawdown Market Price**" with respect to the Advance means the Market Price of the Shares as of the date of the Drawdown Notice.

"**Drawdown Notice**" means a request for an Advance substantially in the form set out in Schedule part 1 (Form of Drawdown Notice) of this Note;

"**Event of Default**" means any one of the events mentioned in Section 13 (Events of Default) of this Note.

"**Indebtedness**" includes any obligation for the payment or repayment of money borrowed (whether borrowed by the Borrower or as to which the Borrower is a surety or guarantor of payment or is secured by a Lien on any property of the Borrower), including any advance and any obligation evidenced by a note or similar instrument and any capital lease (as defined under GAAP other than any lease of any real property), and any guaranty of any obligation for the payment or repayment of money borrowed, but excluding trade payables and similar obligations arising in the ordinary course of business.

"**Investment**" means (i) any purchase or other acquisition by the Borrower of, or of a beneficial interest in, any equity interests or Indebtedness of any other person and (ii) any loan (including guarantees) or advance constituting Indebtedness of such other person (other than accounts receivable, credit card and debit card receivables, trade credit, advances to customers, advances to officers, directors, members of management and employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures, in each case, in the ordinary course of business) or capital contribution by the Borrower to any other person. For the avoidance of doubt, permitting a Subsidiary to utilize the premises and services of the Borrower on a cost or cost plus basis shall not constitute an Investment.

"**IP Security Agreements**" means, collectively, each (i) Notice of Grant of Security Interest in Copyrights, (ii) Notice of Grant of Security Interest in Trademarks and/or (iii) Notice of Grant of Security Interest in Patents executed and delivered from time to time by Borrower in accordance with the terms of the Security Agreement.

"**Investment Representations Schedule**" means the representations and warranties made by the Lender in Part A and the Borrower in Part B of Schedule 2 (Investment Representations) of this Note.

"**Loan**" means, the Advance made by the Lender under this Note.

"**Loan Documents**" means, collectively, this Note, the Security Agreement, the IP Security Agreements and each other document, instrument or agreement now or hereafter delivered by an Obligor or other person to the Lender in connection with the transactions contemplated by this Note.

**"Mandatory Prepayment Trigger Event"** has the meaning ascribed in Section 12.5.

"**Market Price**" means the last closing price of the Borrower's shares on the NYSE American stock exchange (or other national securities exchange on which the Borrower's shares may be listed) preceding the delivery of the relevant Drawdown Notice or Conversion Notice, as applicable; provided, that if the Borrower's shares are not listed on any such securities exchange, the "Market Price" shall mean (a) the closing sales price of the Borrower's shares on such day as quoted on the OTC Markets Group, Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC Pink (collectively the "Pink OTC Markets"), or similar quotation system or association; or (b) if there have been no sales of the Borrower's shares on the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Borrower's shares quoted on the Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive trading days ending on the trading day immediately prior to the day as of which "Market Price" is being determined; provided, further, that if at any time the Borrower's shares are not listed on any domestic securities exchange or quoted on the Pink OTC Markets or similar quotation system or association, the "Market Price" of the Borrower's shares shall be the fair market value per share as determined jointly by the Borrower's Board of Directors and the Lender.

"**Outstanding Amount**" means, at any time, the outstanding and unpaid amount of the Loan including any unpaid Origination Fee and any amounts payable in cash under this Note and unpaid.

"**Permitted Reverse Investment**" means the assignment to Reverse of the Specified Assets.

"**Permitted Uses**" has the meaning set out in Section 12.5 below.

"**Qualified Merger**" has the meaning ascribed in the Serina CLN.

"**Qualified Offering – Type 1**" means the sale of Shares (or Units as contemplated by Section 7.3) to investors in a bona fide investment transaction or series of related transactions in which the aggregate gross proceeds to the Borrower of the Shares (or Units) sold in such offering after the Issue Date, before deduction of, as applicable, underwriting discounts and commissions, placement agent fees and offering expenses, is not less than $10,000,000 and less than $25,000,000 (in connection with a series of related transactions, such as sales of Shares (or Units) in an at-the-market offering pursuant to a single registration statement under the Securities Act, the Qualified Offering shall be deemed to have occurred at the first sale or closing that occurs where aggregate proceeds equal or exceed $10,000,000).

"**Qualified Offering – Type 2**" means the sale of Shares (or Units as contemplated by Section 7.3) to investors in a bona fide investment transaction or series of related transactions in which the aggregate gross proceeds to the Borrower of the Shares (or Units) sold in such offering after the Issue Date, before deduction of, as applicable, underwriting discounts and commissions, placement agent fees and offering expenses, is not less than $25,000,000 (in connection with a series of related transactions, such as sales of Shares (or Units) in an at-the-market offering pursuant to a single registration statement under the Securities Act, the Qualified Offering shall be deemed to have occurred at the first sale or closing that occurs where aggregate proceeds equal or exceed $25,000,000).

"**Qualified Offering**" means a Qualified Offering – Type 1 or Qualified Offering –Type 2.

"**Repayment Date**" means the day falling on the third anniversary of the Issue Date, or, if such day is not a Business Day, the next Business Day, unless the Loan has been accelerated as contemplated by Section 13.2, in which case such date.

"**Reverse**" means Reverse Bioengineering Inc., a Delaware corporation.

"**Reverse Financing Condition**" means the consummation by Reverse of debt or equity financing with net cash proceeds in excess of $15,000,000 on or before 14 May 2023.

"**Security Agreement**" means the Security and Pledge Agreement, dated as of February 14, 2022, by and among the Borrower and the Lender, together with all schedules and exhibits thereto, and without limiting Section 1.2(a) below, as amended, supplemented and modified from time to time.

"**Security Agreements**" means the Security Agreement and the IP Security Agreements.

"**Serina"** means Serina Therapeutics, Inc., an Alabama corporation.

"**Serina CLN**" means the Secured Convertible Promissory Note in the principal amount of $10,000,000 payable issued by Serina to Borrower in the form attached hereto as Exhibit A or in form and substance otherwise acceptable to the Lender.

"**Shares**" means shares of common stock, par value $0.0001 per share, of the Borrower.

"**Sharia**" means the principles and standards of the Islamic Sharia (where applicable), issued by the Accounting and Auditing Organization for Islamic Financial Institutions as of February 14, 2022.

"**Sharia Supervisor**" means an Islamic finance scholar who is a member of a recognized Islamic commercial bank's Sharia supervisory committee or board.

"**Specified Assets**" means the intellectual property and other assets of the Borrower set forth on Schedule 3 hereto, as may be updated from time to time by the Borrower with the written consent of the Lender, in its sole discretion.

"**Subsidiary**" means, with respect to any person (the "**parent**") at any date, any corporation, company, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than **50%** of the ordinary voting power for the election of the members of the governing body or, in the case of a partnership, more than **50%** of the general partnership interests are, as of such date, owned or controlled by the parent and/or one or more subsidiaries of the parent.

"**Tax**" includes any form of taxation, levy, duty, charge, contribution, withholding (including backup withholding) or impost of whatever nature (including any applicable fine, penalty, or surcharge).

"**Term**" means the period commencing the Issue Date and expiring on the Repayment Date.

"**Termination Notice**" means a notice from the Lender to the Borrower given pursuant to Section 13.2 terminating this Note and the Loan.

"**Units**" means units consisting of Shares together with warrants or any other security convertible into Shares, sold in a Qualified Offering.

"**VAT**" means value added tax as provided for in the Value Added Tax Act 1996 and any other tax of a similar nature.

1.2 References
 in this Note to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any document is deemed to include a reference to such document, including any of its schedules, annexes or exhibits, in each case, as amended, novated, supplemented, substituted or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any person includes its respective successors, assigns and transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a provision of a statute is, unless otherwise indicated, deemed to include a reference to such provision as amended, modified or re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a time of day is the time in New York City on the specified date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular, where the context so admits, is deemed to include the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a "person" is deemed to include a reference to a company, partnership, unincorporated body and any other entity and vice versa.

1.3 **Titles** – Section headings shall not affect the meaning of that or any other provision.

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| | |
|:---|:---|
| **2** | **The Loan** |

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2.1 Subject
 to the terms and conditions of this Note, the Lender has agreed to make the Loan available to the Borrower; provided that the Loan
 amount shall not exceed the Commitment.

2.2 The
 Advance will be used by the Borrower solely to finance the purchase of the Serina CLN pursuant to the terms of the Convertible Note
 Purchase Agreement, dated as of the date hereof, between the Borrower and Serina (the "Serina CLN Purchase Agreement"),
 which will be in the form attached hereto as Exhibit B or in form and substance acceptable to the Lender..

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| | |
|:---|:---|
| **3** | **Drawings** |

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3.1 **Mechanics for Drawdown** – Provided the conditions set forth in Section 10 have been met by the Borrower, then on the execution of
 this Note by the Parties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower shall submit to the Lender a duly completed Drawdown Notice in respect of the Drawdown in the amount of $10,000,000;

(b) on
 receipt of the Drawdown Notice at paragraph (a) above, the Lender shall make the Advance to the Borrower.

3.2 [Reserved]

3.3 **Disbursement** – Subject to the terms herein, the Lender shall make the Advance available to the Borrower by payment to the account of
 the Borrower specified in writing in the relevant Drawdown Notice.

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| | |
|:---|:---|
| **4** | **Draw-Down Shares and Interest** |

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4.1 **Interest Rate** –No interest shall be charged on any sums outstanding under the Loan whatsoever as the Borrower hereby recognizes
 and agrees that the principle of the payment of interest is not permitted by Sharia and accordingly to the extent that any legal
 system would (but for the provisions of this Section) impose (whether by contract or by statute) any obligation to pay interest,
 the Borrower hereby irrevocably and unconditionally expressly waives and rejects any entitlement to recover interest from each other.

4.2 The
 Borrower recognizes that the receipt and payment of interest is prohibited under Sharia and accordingly agree that if any claims
 for amounts due under this Note are made in a court of law and that court imposes an obligation to pay interest on the amounts being
 claimed, the Borrower hereby irrevocably and unconditionally expressly waives and rejects any entitlement to recover such interest
 and to the extent any amounts of interest are received by the Lender, it will pay such amounts received to a charity designated by
 an agreed and recognized Sharia Supervisor.

4.3 Notwithstanding
 anything to the contrary in this Section 4, the Borrower shall pay to the Lender an origination fee consisting of (i) 3.50% of the
 aggregate principal amount of the Advance, which amount shall accrue on the principal amount of the Advance at the making of the
 Advance and be fully earned at such time *plus* (ii) 3.50% of the aggregate principal amount of the Advance, which amount shall
 accrue and be fully earned on the earliest of (A) the date falling six calendar months after the date
 of this Note, (B) the date on which the Note is converted in accordance with Section 7 or Section 8 below, (C) the date on which
 the Note is repaid (or required to be repaid) in accordance with Section 6 and (D) the date on the Loan has been accelerated as contemplated
 by Section 13.2 (collectively, the "**Origination Fee** "). The Origination Fee shall be payable on the earliest to
 occur of (i) conversion pursuant to Section 7 or Section 8, (ii) upon repayment of the Loan in whole or in part (provided that the
 Origination Fee shall be pro rated for the amount of any partial repayment) and (iii) the acceleration of the Loan pursuant to Section
 13.2. If the Origination Fee becomes payable as a result of a conversion pursuant to Section 7 or Section 8, the Lender shall have
 the right to elect, in its sole discretion, to accept such Origination Fee in cash or Shares, and if the Lender elects for the Origination
 Fee to be paid in Shares, the amount of such Origination Fee shall be added to the principal amount of the Loan outstanding for calculating
 the total number of Shares issuable to the Lender pursuant to Section 7 or Section 8. For the avoidance of doubt, any portion of
 the Origination Fee not paid prior to the Repayment Date shall be paid by the Borrower to the Lender in full on the Repayment Date.
 Notwithstanding anything to the contrary in this Section 4.3 or elsewhere in this Note, in the event that any amount of the Loan
 is repaid with Specified Proceeds as a result of any Mandatory Prepayment Trigger Event, the Origination Fee with respect to the
 portion of the Loan so repaid, if not earned, due and payable prior to such Mandatory Prepayment Trigger Event, shall be, and be
 deemed to be, earned on and as of the occurrence of such Mandatory Prepayment Trigger Event and shall be due and payable on the date
 of the prepayment of the Loan with the Specified Proceeds in accordance with Section 6.2.

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| | |
|:---|:---|
| **5** | **Representations and Warranties** |

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5.1 On
 the Issue Date, the Lender makes the representations and warranties as set out in Part A of Schedule 2 and the Borrower makes the
 representations and warranties as set out in Part B of Schedule 2. The Borrower agrees and acknowledges that the Lender has accepted
 this Note and made the Commitment in reliance on the representations and warranties made by them respectively in Schedule 2.

5.2 The
 representations and warranties shall be made by the Parties on execution of this Note and shall be deemed made by the Borrower on
 and as of the date of the Drawdown Request, the proposed draw date for the Advance and the date on which the Advance is made by the
 Lender. The Borrower agrees and acknowledges that the Lender has accepted the Drawdown Request and made the Advance in reliance on
 the representations and warranties made by the Borrower in Schedule 2.

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| | |
|:---|:---|
| **6** | **Repayment** |

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6.1 The
 Borrower shall repay the Loan to the Lender, in whole or in part, on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the Borrower's election upon at least seven Business Days' prior written notice, any Business Day occurring on or before
 the Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date required pursuant to Section 18.4 or Section 13.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 the Repayment Date.

In each case, amounts repaid may not be reborrowed under this Note.

6.2 In
 the event that a Mandatory Prepayment Trigger Event occurs, the Borrower shall, within three (3) Business Days of such Mandatory
 Prepayment Trigger Event, prepay the existing Indebtedness of the Borrower, in direct order of maturity (with the Indebtedness of
 the Borrower with the earliest maturity date prepaid first, then the Indebtedness of the Borrower with the next earliest maturity
 date, and so forth until the Indebtedness of the Borrower with the latest maturity date), in the amount of the aggregate Specified
 Proceeds (other than amounts used for Permitted Uses or designated by the Borrower for use for Permitted Uses and actually used for
 such Permitted Uses within 180 days) received in connection with such Mandatory Prepayment Trigger Event and, if applicable, any
 origination fee payable therewith including, in the case of a prepayment of this Note, the Origination Fee in accordance with Section
 4.3.

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| | |
|:---|:---|
| **7** | **Borrower Conversion** |

---

7.1 At
 the Borrower's election, in lieu of repayment, the Outstanding Amount may be converted, in whole but not in part, into a number
 of fully paid and non-assessable Shares, subject to and determined as provided in Section 7.3 below, as of the date of, and in all
 cases subject to the consummation of, a Qualified Offering provided, that no Event of Default shall at the time exist and be continuing.

7.2 In
 order to elect to convert the Outstanding Amount into Shares in connection with a Qualified Offering in accordance with this Section
 7, the Borrower shall give Lender notice of such election not less than five (5) Business Days prior to the anticipated Conversion
 Date, specifying the anticipated Conversion Date, the anticipated aggregate proceeds to the Borrower and the other anticipated terms
 of the Qualified Offering.

7.3 With
 respect to a Qualified Offering – Type 1, the number of Shares or Units issuable upon conversion of the Outstanding Amount
 shall be the quotient of (x) the Outstanding Amount, divided by (y) the lowest price per Share or Unit paid by investors for Shares
 or Units in the Qualified Offering before deducting underwriting commissions and discounts, placement agent commissions and fees,
 and other expenses of the Qualified Offering. With respect to a Qualified Offering – Type 2, the number of Shares or Units
 issuable upon conversion of the Outstanding Amount shall be the quotient of (x) the Outstanding Amount, divided by (y) the Adjusted
 Market Price. In lieu of any fractional Share or Unit to which the Lender would otherwise be entitled, the Borrower shall pay cash
 equal to the product of such fraction multiplied by the price of such Share or Unit in the Qualified Offering.

7.4 [Reserved]

7.5 If
 under the rules of the Applicable Exchange, approval by the stockholders of Borrower would be required in connection with the issuance
 of Shares or Units upon any conversion under this Section 7, then unless and until such stockholder approval has been obtained, (a)
 the maximum amount of the Advance that may be converted into Shares or Units (including Shares issued separately or as a part of
 a Unit) at a Borrower Conversion Price lower than the Drawdown Market Price applicable to the Advance being converted shall be an
 amount entitling Lender to receive a number of Shares that, when added to any Shares (including Shares that are part of a Unit) issued
 to Lender in the Qualified Offering or that are otherwise deemed by the Applicable Exchange to be issued to Lender connection with
 the consummation of the Qualified Offering, would equal the 19.9% Cap, and (b) the maximum amount of the Outstanding Amount that
 may be converted into Shares or Units shall be an amount entitling Lender to receive a number of Shares (including Shares that are
 part of a Unit) that, when added to other Shares owned by Lender immediately prior to such Qualified Offering and added to any Shares
 (including Shares that are part of a Unit) issued to Lender in the Qualified Offering and any Shares issued to Lender upon the exercise
 of warrants in connection with the conversion or in connection with the Qualified Offering, would equal the 50% Cap. To the extent
 any Outstanding Amount cannot be so converted as a result of the 19.9% Cap or the 50% Cap such amount shall remain outstanding as
 loan funds in accordance with the terms of this Note.

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| | |
|:---|:---|
| **8** | **Lender Conversion** |

---

8.1 At
 any time after the date which is ninety (90) days following the earlier of (i) the occurrence of a Qualified Merger and (ii) March
 13, 2024, while funds under this Note remain outstanding, at the Lender's election, in lieu of repayment, the Outstanding Amount
 (or any part thereof) may be converted into a number of fully paid and non-assessable Shares of the Borrower. The conversion price
 shall be equal to the Market Price on the date prior to the date the Lender delivers a Conversion Notice
 in accordance with Section 8.2 below; provided that from and after the consummation of a Qualified Offering – Type 2 the conversion
 price shall be the Adjusted Market Price on the date of consummation of such Qualified Offering – Type 2.

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| | |
|:---|:---|
| 8.2 | In order to elect to convert some or all of the Outstanding Amount into Shares the Lender shall give to the Borrower a notice of such election (a "Conversion Notice") specifying a date which is not less than five (5) Business Days following on which the amount of the Outstanding Commitment to be converted (as notified in the Conversion Notice) shall be converted to new Shares. The number of Shares issued by the Borrower shall be rounded down to the nearest whole number of shares (i.e. no fractional shares shall be issued by the Borrower). |
| 8.3 | If under the rules of the Applicable Exchange approval by the stockholders of Borrower would be required in connection with the issuance of Shares upon any conversion under this Section 8, then unless and until such stockholder approval has been obtained, (a) at any time the conversion price as calculated in accordance with Section 8.1 would be less than the Drawdown Market Price applicable to the Drawdown Amount being converted, the maximum amount of the Drawdown Amount that may be converted into Shares shall be the amount entitling Lender to receive a number of Shares that, when added to any Shares previously or contemporaneously issued to Lender upon a conversion subject to the restrictions of this Section 8.3(a), would equal the 19.9% Cap, and (b) the maximum amount of the Outstanding Amount that may be converted into Shares shall be subject to the 50% Cap. To the extent any Outstanding Amount cannot be so converted as a result of the 19.9% Cap or the 50% Cap such funds shall remain outstanding as loan funds in accordance with the terms of this Note. |
| **9** | **Tax** |
| 9.1 | **Withholdings** – If at any time the Borrower is required by law to make any deduction or withholding from any payment due from the Borrower to the Lender, the Borrower shall simultaneously pay to the Lender whatever additional amount is necessary to ensure that the Lender receives a net sum equal to the payment it would have received had no deduction or withholding been made. If the Lender is entitled to an exemption from or reduction of withholding tax with respect to payments hereunder, the Lender shall deliver to the Borrower such properly completed and executed documentation prescribed by law as will permit such payments to be made without withholding or at a reduced rate of withholding. |
| 9.2 | The Borrower shall also promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. |
| **10** | **Documentary Conditions Precedent to Drawdown** |
| 10.1 | This Note shall not become effective until the date on which each of the following conditions are satisfied (or waived by the Lender): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Counterparts
 of this Note. The Lender shall have received counterparts of this Note duly executed by the Borrower and the Lender.

(c) No
 Default or Event of Default shall have occurred and be continuing.

(d) Other
 Documents. The Lender shall have received such other documents as the Lender shall have reasonably requested from the Borrower including,
 without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 secretary certificate of the Borrower with copies of Borrower's Certificate of Incorporation, as amended, Bylaws, and authorizing
 resolutions of the Board of Directors and applicable committees thereof of the approving Borrower's entry into and performance
 of its obligations under this Note;

(ii) a
 certificate from the Secretary of State of Delaware and each other state in which Borrower is qualified to do business confirming
 that Borrower is a corporation in good standing in such state; and

(iii) a
 certificate of a senior officer of the Borrower certifying to the accuracy of the condition set forth in Sections 10.1(b) and (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 representations and warranties as set out in Part B of Schedule 2 made by the Borrower shall be true and correct in all material
 respects on and as of the Restatement Date, except to the extent any such representations and warranties expressly relate to an earlier
 date, in which case they shall be true and correct in all material respects as of such earlier date (*provided* that any such
 representation and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct
 in all respects after giving effect to such qualification) and a senior officer of the Borrower shall have certified as to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Lien
 and Intellectual Property Searches. The Lender shall have received lien searches and intellectual property searches on the Borrower
 and its Subsidiaries whose results are satisfactory to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security
 Agreement Ratification and Amendment. The Lender shall have received an amendment and ratification of the Security Agreement in the
 form of Exhibit C to this Note, dated as of the Issuance Date, duly executed by the Borrower and the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perfection.
 The Borrower shall have provided (or in the case of clause (i) hereof, substantially simultaneously with the funding of the Advance,
 shall provide) to the Lender (i) an indorsement in blank, together with the original Serina CLN, (ii) a collateral assignment of
 the Serina CLN Purchase Agreement and agreements executed by the Borrower in connection therewith and (iii) any IP Security Agreements
 in the forms attached as exhibits to the Security Agreement with respect to any intellectual property
 of the Borrower not otherwise subject to an IP Security Agreement, and shall, on or prior to the Issuance Date, file such IP Security
 Agreements with the United States Patent and Trademark Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Serina
 CLN. The Borrower shall provide to the Lender, contemporaneously with the funding of the Note, evidence that the proceeds of this
 Note have been paid to consummate the Borrower's purchase of the Serina CLN, together with a true and correct copy of the Serina
 CLN Purchase Agreement and the original Serina CLN, together with a an indorsement in blank and such other documentation as the Lender
 shall reasonably require in connection with perfecting Lender's security interest in the Serina Note and the Serina CLN Purchase
 Agreement.

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| | |
|:---|:---|
| **11** | **Omitted** |
| **12** | **Covenants of the Borrower** |
| 12.1 | At all times while the Loan is outstanding, the Borrower covenants that it shall not (without the prior written consent of the Lender), and shall not permit its Subsidiaries to, borrow or commit to borrow any funds (or otherwise incur any Indebtedness), grant or create or attempt to create or permit or suffer to subsist any mortgage, security interest, guarantee, charge, lien (other than (i) a lien arising in the ordinary course of business by operation of law, (ii) capital leases, to the extent included in a Budget prior to the incurrence thereof or consented to in writing by the Lender prior to the incurrence thereof, and (iii) purchase money Indebtedness interests for newly acquired equipment, to the extent included in a Budget prior to the incurrence thereof or consented to in writing by the Lender prior to the incurrence thereof and provided that any lien securing such purchase money indebtedness is granted within 90 days of the incurrence thereof and does not encumber or otherwise extend to any property of the Borrower other than the property acquires with such purchase money indebtedness) or other encumbrance, trust agreement, declaration of trust, or trust arising by operation of law over or in respect of its or its assets (including, without limitation, the Collateral and any other assets covered by the Security Agreements), unless and until the Outstanding Amount and all amounts owed to the Lender (as a lender) pursuant to the Loan Documents have been repaid in full by or on behalf of the Borrower. For the avoidance of doubt, the Borrower shall only be entitled to apply for and draw- down, and permit its Subsidiaries to apply for and draw down, Government backed debt or other financial support (available as a result of the Covid-19 pandemic), including but not limited to funding available under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) signed into law March 27, 2020, with the prior written consent of the Lender, and grants (whether or not subject to repayment or revenue sharing obligations) from federal, state or local governments, agencies, or instrumentalities (including but not limited to the National Institutes of Health and the California Institute for Regenerative Medicine); provided that, to the extent such grants include a repayment or revenue sharing obligation, such grant has been included in a Budget prior to entry into a binding agreement or application requiring repayment or revenue sharing or has been consented to in writing by the Lender. Notwithstanding the foregoing, (i) Reverse shall be permitted to enter into Indebtedness consisting of a convertible note financing so long as such Indebtedness is not guaranteed by any other Subsidiary of the Borrower or by the Borrower or secured on any assets of another Subsidiary of the Borrower or the Borrower and (ii) this Section 12.3 shall not restrict any incurrence of Indebtedness or liens by Reverse on or after the date that Reverse satisfies the Reverse Financing Condition. |

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12.2 Promptly,
 and in any event within one (1) Business Day of the execution thereof, the Borrower covenants to furnish the Lender with (i) notice
 of the execution of the Serina CLN Purchase Agreement, the Serina CLN and in each case, any amendments thereof, attaching final executed
 copies of such documents and (ii) notice of the execution of any other material documents related to the Serina CLN Purchase Agreement
 and the Serina CLN entered into by the Borrower, attaching final executed copies of such documents.

12.3 On
 or prior to the date of any "at-the-market" issuance of capital stock of the Borrower (but not more than three (3) Business
 Days prior), the Borrower shall certify to the Lender either (i) that the Borrower shall use all of such net cash proceeds (after
 deducting the reasonable and documented fees and commissions of the sales agent or broker and any other customary, reasonable and
 documented transaction expenses ()"**Specified Proceeds**") solely for the purpose of the Borrower's research
 and development work (including through third-party contractors), professional and administrative expenses, and for general working
 capital only (in accordance with a Budget) ()"**Permitted Uses**") and thereafter actually use such Specified Proceeds
 solely for Permitted Uses or (ii) that the Borrower elects to apply all or a portion such Specified Proceeds as required by Section
 6.2 (an election under this clause (ii), a "**Mandatory Prepayment Trigger Event** ").

12.4 The
 Borrower shall not make any Investment in any other person (including, for avoidance of doubt, any subsidiary of the Borrower) without
 the prior written consent of the Lender in its sole discretion, other than (a) the Permitted Reverse Investment, (b) the Serina CLN
 pursuant to the terms of the Serina CLN Purchase Agreement, (c) the Qualified Merger (as defined in the Serina CLN Purchase Agreement),
 provided that the Borrower has provided at least 10 Business Days' (or such shorter period as the Lender may agree in its sole
 discretion) prior written notice of terms and conditions thereof and such terms and conditions shall be acceptable to the Lender,
 (d) shares of Serina capital stock pursuant to a conversion of the Serina CLN, and (e) as otherwise as specified in a Budget or approved
 in writing by the Lender in its sole discretion. In connection with any proposed Investment, the Borrower shall provide the Lender
 with a detailed accounting of the amount and purpose of such Investment and any consent given by the Lender shall only apply to the
 Investment if so used.

12.5 The
 Borrower, as promptly as reasonably practical, and in any event no later than December 31, 2023, shall submit to its stockholders,
 and recommend that its stockholders approve (which may be by written consent), in accordance with the Borrower's organizational
 documents and the rules of the Applicable Exchange, resolutions to cause the 50% Cap and the 19.9% Cap to be lifted entirely with
 respect to the obligations under this Note and to take any and all actions necessary or advisable and as required under and in compliance
 with Borrower's Certificate of Incorporation and Bylaws, applicable laws, and the rules of the
 Applicable Exchange, including at the request of the Lender, in furtherance thereof.

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| | |
|:---|:---|
| 13 | **Events of Default** |

---

13.1 **Events** – Each of the following is an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Payment** – the Borrower (i) fails to pay any principal amount payable by it in the manner and at the time provided under and in
 accordance with this Note or (ii) fails to pay any other amount payable by it in the manner and at the time provided under and in
 accordance with this Note or any other Loan Document and the failure in this clause (ii) is not remedied within three (3) Business
 Days following the date the payment was to be made;

(b) **Obligations** – if the Borrower fails to perform any of its covenants or obligations or fail to satisfy any of the conditions under this
 Note or any other Loan Document and, such failure (if capable of remedy) remains unremedied to the satisfaction of the Lender (in
 its sole discretion) for ten (10) Business Days after the earlier of (i) notice requiring its remedy has been given by the Lender
 to the Borrower and (ii) actual knowledge of the failure by senior officers of the Borrower;

(c) **Other Indebtedness** – if any Indebtedness of Borrower or any of its Subsidiaries in excess of $100,000 becomes due and payable,
 or a breach or other circumstance arises thereunder such that the applicable lender is entitled to declare such Indebtedness due
 and payable, prior to its due date, or any Indebtedness of Borrower in excess of $25,000 is not paid on its due date;

(d) **Carrying on Business** – if Borrower or any of its Subsidiaries stops payment of its debts generally or ceases or threatens to cease
 to carry on its business or is unable to pay its debts as they fall due or is deemed by a court of competent jurisdiction to be unable
 to pay its debts as they fall due, or enters into any arrangements with its creditors generally;

(e) **Insolvency** – if (i) an involuntary proceeding (other than a proceeding instituted by Lender or an affiliate of Lender) shall be commenced
 or an involuntary petition shall be filed seeking liquidation, reorganization or other relief in respect of Borrower or any of its
 Subsidiaries, or of all or a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership
 or similar law now or hereafter in effect or (ii) an involuntary appointment of a receiver, trustee, custodian, sequestrator, conservator
 or similar official for Borrower (or any such Subsidiary) or for a substantial part of its assets occurs (other than in a proceeding
 instituted by Lender or an affiliate of Lender), and, in any such case, such proceeding shall continue undismissed and unstayed for
 sixty (60) consecutive days without having been dismissed, bonded or discharged or an order of relief is entered in any such proceeding;

(f) **Illegality** – if it becomes unlawful for the Borrower to perform all or any of its obligations under this Note or any authorisation,
 approval, consent, license, exemption, filing, registration or other requirement of any governmental,
 judicial or public body or authority necessary to enable the Borrower to comply with its obligations under this Note or to carry
 on its business is not obtained or, having been obtained, is modified in a manner that precludes the Borrower or its Subsidiaries
 from conducting their business in any material respect, or is revoked, suspended, withdrawn or withheld or fails to remain in full
 force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Expropriation** – the issuance or levy of any judgment, writ, warrant of attachment or execution or similar process against all or any
 material part of the property or assets of the Borrower or any of its Subsidiaries if such process is not released, vacated or fully
 bonded within sixty (60) calendar days after its issue or levy;

(h) **Court Action** – if any injunction, order, judgment or decision of any court is entered or issued which, in the opinion of the
 Lender, materially and adversely affects, or is reasonably likely so to affect, the ability of the Borrower or any of its Subsidiaries
 to carry on its business or to pay amounts owed to Lender under this Note; and

(i) **Transfer of Assets** – if Borrower, whether in a single transaction or a series of related transactions, sells, leases, licenses,
 consigns, transfers or otherwise disposes of any material portion of its assets (it being understood that any such disposition with
 respect to any asset or assets with a fair value of at least $250,000 is material), other than (i) Investments permitted pursuant
 to Section 12.6, (ii) sales, transfers and dispositions of inventory in the ordinary course of business, (iii) any termination of
 a lease of real or personal property that is not necessary in the ordinary course of the Borrower's business, could not reasonably
 be expected to have a material adverse effect and does not result from Borrower's default, and (iv) any sale, lease, license,
 consignment, transfer or other disposition of assets that are no longer necessary in the ordinary course of business or which has
 been approved in writing by the Lender.

 other Loan Document shall at any time cease to constitute valid and perfected security and/or liens on any material portion of the
 Collateral intended to be covered thereby; (ii) except for expiration in accordance with its terms, the Security Agreement or any
 other Loan Document pursuant to which a lien is granted by Borrower in favor of the Lender shall for whatever reason be terminated
 or shall cease to be in full force and effect; (iii) the enforceability of the Security Agreement or any other Loan Document pursuant
 to which a lien is granted by Borrower in favor of the Lender shall be contested by or on behalf of Borrower or any of its Subsidiaries
 thereto, (iv) Borrower shall assert that its obligations under this Note or any other Loan Document shall be invalid or unenforceable,
 or (v) a loss, theft, damage or destruction occurs with respect to a material portion of the Collateral.

(k) **Financial Condition** – if there is any change in the financial condition of the Borrower and its Subsidiaries which, in the opinion
 of the Lender, materially and adversely affects, or is reasonably likely so to affect, the ability
 of the Borrower to perform any of its obligations under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Misrepresentation** – if any representation, warranty or statement made, repeated or deemed made or repeated by the Borrower in this Note,
 or pursuant to the Loan Documents, is incomplete, untrue, incorrect or misleading in any material respect when made, repeated or
 deemed made.

13.2 **Remedies** – If an Event of Default has occurred and is continuing, the Lender may do all or any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice to the Borrower, declare the Outstanding Amount and all accrued fees and other sums owed by the Borrower under or in connection
 with this Note to be immediately due and payable and the same will become so due and payable;

(b) by
 notice to the Borrower (a "Termination Notice"), declare the outstanding balance of the Commitment to be immediately
 reduced to zero effective as of the date of such notice, and the same will be so reduced;

(c) exercise
 any remedies available to the Lender under the Security Agreement, the other Loan Documents, and/or applicable law;

(d) revoke
 in writing any consent to funding any Advance made as contemplated under Section 3.2, and upon such written revocation the Lender
 shall have no obligation to fund any such Advance; and

(e) exercise
 all of the rights and remedies of a secured creditor under the New York Uniform Commercial Code.

Notwithstanding the foregoing, if an Event of Default as contemplated under Section 13.1(e) shall occur, (i) the Outstanding Amount and all accrued fees and other sums owed by the Borrower under or connection with this Note shall be immediately due and payable without notice or other action on the part of the Lender or any other person and (ii) the Commitment automatically shall reduce to zero and the Lender shall have no obligation to fund any Advance.

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| | |
|:---|:---|
| **14** | **Liability** |
| 14.1 | **General Costs** – Subject to Section 18.1, the Borrower will from time to time on demand reimburse the Lender for all costs and expenses (including legal fees and disbursements) and any VAT chargeable on them incurred in the preservation, enforcement and collection of this Note and the other Loan Documents, including without limitation, the Security Agreement. |
| 14.2 | **Stamp duties** – The Borrower will pay on demand all stamp and other duties and Taxes, if any, to which this Note may be subject or give rise and indemnify the Lender on demand against any and all liabilities with respect to or resulting from any delay or omission on the part of the Borrower to pay any such duties or Taxes. |

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---

| | |
|:---|:---|
| 14.3 | **Liability** – Without duplication of and subject to the limitations set forth under the expense reimbursement obligations pursuant to Section 14.1 above, the Borrower shall indemnify the Lender and any affiliates thereof (each such person being called an "**Indemnitee**"), against, and hold each Indemnitee harmless from, any and all losses, claims, damages, out- of-pocket costs, actual liabilities and related expenses, excluding in any event lost profits arising out of, in connection with, or as a result of the execution, enforcement or delivery of any Loan Document or any other agreement or instrument contemplated thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the use of proceeds of the Advances or any other transactions contemplated hereby. To the extent permitted by applicable law, the Borrower shall not assert, and Borrower hereby waives and releases, any claim against any other such person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in any way related to, the Loan Documents or any or any agreement or instrument contemplated thereby or referred to therein, the transactions contemplated hereby or thereby, or any act or omission or event occurring in connection therewith, and each such person further agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor; <u>provided</u> that the foregoing shall in no event limit the Borrower's indemnification obligations in this Section 14.3. |
| 15.0 | **Payments** |
| 15.1 | **Currency** – The Borrower shall discharge each obligation in the currency in which it is due under this Note. If at any time the Lender receives any payment (including by set-off) referable to any of the liabilities of the Borrower under this Note from any source in a currency other than the currency in which it is due, then such payment shall take effect as a payment to the Lender of the amount in the due currency which the Lender is able to purchase (after deduction of any relevant costs) with the amount of the payment so received in accordance with its usual practice. |
| 15.2 | **Funds** – All payments made by Borrower to the Lender shall be made in immediately available cleared funds on its due date (and, if such date is not a Business Day, on the immediately preceding Business Day) to the credit of such account as the Lender may designate. Such payments shall be made in full without set-off or counterclaim and free and clear of any deduction or withholding for or on account of any Tax (save for such deductions or withholdings as are required by law) or any other matter. Notwithstanding the foregoing, at the Lender's sole discretion, the Lender may elect to accept the assignment of the Serina Note to the Lender as payment for a portion of the Loan equal to the principal amount of the Serina Note so assigned in lieu of payment in immediately available cleared funds. |

---

15.3 **Tender of Serina CLN or Serina Capital Stock** – Notwithstanding any other provision of this Note or the Security Agreement, at
 any time within ninety (90) days following the occurrence of any of the following events (and provided Borrower has given Lender
 at least ten (10) Business Days prior notice), Borrower may pay and satisfy in full the Outstanding Amount by tendering to Lender
 the Serina CLN and the shares of capital stock of Serina issued to Borrower upon conversion (in whole or in part) of the Serina CLN,
 if any, by delivering the original Serina CLN and all such shares of capital stock of Serina, if any, in each case duly endorsed
 for transfer to Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Borrower
 and Serina have not entered into a definitive merger agreement for a Qualified Merger (a "**Qualified Merger Agreement** ")
 by June 13, 2023;

b) The
 Qualified Merger Agreement is terminated or either party gives notice to terminate the Qualified Merger Agreement; or

c) A
 Qualified Merger is not consummated by March 13, 2024.

Other than as expressly set forth above in this Section 15.3, Lender is not obligated to accept any form of payment on the Outstanding Amount other than as provided for in Section 15.2.

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| | |
|:---|:---|
| **16** | **Communications** |
| 16.1 | **Written** – All communications under this Note must be in writing. |
| 16.2 | **Addresses** – Any communication may be sent by prepaid post, or email or delivered to the Lender or an Obligor at its address or email address shown below or as may otherwise by notified to the relevant party in writing. Communications to the Borrower may also be sent to a place of business for it last known to the Lender or delivered to one of its officers. Each party to this Note irrevocably consents to service of process in the manner provided for in this Section 16.2. Nothing in any Loan Document will affect the right of any party to this Note to serve process in any other manner permitted by law. |

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| | |
|:---|:---|
| **To the Lender**: | Juvenescence Limited |
|  | First Floor, Viking House |
|  | St. Paul's Square |
|  | Ramsey, Isle of Man IM8 1GB |
|  | Attention: Gregory Bailey |
|  | Email: |
| **To the Borrower:** | AgeX Therapeutics, Inc. |
|  | 1101 Marina Village Parkway, Suite 201 |
|  | Alameda, California 94501 |
|  | Attention: Andrea Park, Chief Financial Officer |
|  | Email: |

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| | |
|:---|:---|
| 16.3 | **Delivery** – A communication by either of the parties, if sent by post, will be deemed made on the day after posting by first class post, postage prepaid (but, if to another country, five (5) days after posting by airmail, postage prepaid). Any communication sent by email will be deemed effective on the date of transmission if sent on a Business Day not later than 5:00 p.m. local time at the location of the recipient, or the next Business Day if sent on a day other than a Business Day or later than 5:00 p.m. local time at the location of the recipient. |
| **17** | **Assignation and Transfer** |
| 17.1 | **Transfer by Lender** – The Lender may assign its rights and obligations under this Note, in whole or in part, to any other person upon simultaneous written notice to the Borrower; provided further that upon such assignment such other person shall be deemed to make the representations and warranties in Part A of Schedule 2 to the Borrower. After giving effect to such assignment, such person shall be deemed the "Lender" from such time for all purposes hereunder. |

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| | |
|:---|:---|
| 17.2 | **No transfer by Borrower** – Borrower may not transfer any of its rights or obligations under this Note. |
| 17.3 | **Register** – Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a copy of each assignment delivered to it and a register (the "**Register**") for the recordation of the names and addresses of the Lenders and the obligations owing to the Lenders from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower and the Lenders may treat each person whose name is recorded in the Register as a Lender hereunder for all purposes of this Note. The Register shall be available inspection by an Obligor at any reasonable time and from time to time upon reasonable prior notice. This section shall be construed so that the obligations under this Note are at all times maintained in "registered form" within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended, and any related regulations (and any relevant or successor provisions). |
| **18** | **Miscellaneous** |
| 18.1 | **Costs and Expenses** – The Borrower shall be responsible for its own costs in relation to the preparation and execution of this Note and shall pay the reasonable and proper costs of the Lender in preparing and finalizing this Note. |
| 18.2 | **Delays** – The rights and powers of the Lender under this Note will not be affected or impaired by any delay or omission by the Lender in exercising them or by any previous exercise of any such rights or powers. |
| 18.3 | **Severability** – Each of the provisions of this Note shall be severable and distinct from one another and if at any time anyone or more of these provisions (or any part of them) is or becomes invalid, illegal or unenforceable the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. |
| 18.4 | **Illegality** – If at any time it becomes unlawful for the Lender to allow the Commitment to remain in effect or to make, fund or allow the Outstanding Amount to remain outstanding then the Lender will promptly notify the Borrower and: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Lender will not be required to make any additional Advances and the Commitment will be reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Lender so requires by notice to the Borrower, the Borrower and/or the Borrower will repay the Outstanding Amount and pay to the
 Lender all other sums owed by the Borrower under this Note, all on such date as the Lender may reasonably specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 **Entire Agreement** 

This Note, together with the other Loan Documents, constitutes the entire agreement between the parties relating to the Loan and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 **Termination** 

Upon (i) the payment in full to the Lender of the Outstanding Amount, (ii) the conversion of the whole of the Outstanding Amount by the issuance to the Lender of the Shares in accordance with Sections 7 or 8, and delivery to the Lender of one or more valid share certificates for such Shares (or in lieu of certificates, evidence of direct registration in the records of the transfer agent in the case of such Shares), or (iii) any combination thereof which shall satisfy the Outstanding Amount, this Note shall terminate and the Borrower shall be forever released from its obligations under this Note, except to the extent that any obligations of the Borrower under Sections 9 (Tax), 14 (Liability), and 18 (Miscellaneous) shall survive such termination and remain be valid and effective.

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| | |
|:---|:---|
| **19** | **Counterparts** |

---

This Note may be executed in any number of counterparts, which shall together constitute one agreement. Any party may enter into this Note by signing any such counterpart. This Note and any Drawdown Notice or other notice or communication may be executed with signatures transmitted among the parties by pdf attached to an electronic mail, and no party shall deny the validity of a signature or this Note signed and transmitted by pdf attached to an electronic mail on the basis that a signed document is represented by a copy or facsimile and not an original.

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| | |
|:---|:---|
| **20** | **Law and Jurisdiction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 **Law** - This Note shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 **Jurisdiction** – Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
 jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of
 the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
 to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
 agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the
 extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
 shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Notwithstanding
 the foregoing, nothing in any Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding
 relating to any Loan Document against the Borrower or its properties in the courts of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 Each
 of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
 any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
 to any Loan Document in any court referred to Section 20.2. Each of the parties hereto hereby irrevocably waives, to the fullest
 extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

20.4 **WAIVER OF JURY TRIAL**. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
 TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS
 CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
 AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
 SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
 NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

**IN WITNESS WHEREOF**, the parties hereto have caused this Note to be duly executed by their respective authorized officers as of the day and year first above written

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| | |
|:---|:---|
| **JUVENESCENCE LIMITED** | **JUVENESCENCE LIMITED** |
|  | */s/ Denham Eke* |
| By: | Denham Eke |
| Title: | Director |

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---

| | |
|:---|:---|
| **AGEX THERAPEUTICS, INC.** | **AGEX THERAPEUTICS, INC.** |
|  | */s/ Michael West* |
| By: | Michael West |
| Title: | Chief Executive Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

AMENDED AND RESTATED SECURITY AGREEMENT

Dated as of March 13, 2023

among

AgeX Therapeutics, Inc.

and

Each Other Grantor

From Time to Time Party Hereto

and

Juvenescence Limited

as Agent and Initial Lender

<u>**TABLE OF CONTENTS**</u>

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I DEFINED TERMS | ARTICLE I DEFINED TERMS | 1 |
| &nbsp;&nbsp;&nbsp;<u>Section 1.1</u> | <u>Definitions</u> | 1 |
| &nbsp;&nbsp;&nbsp;<u>Section 1.2</u> | <u>Certain Other Terms</u> | 7 |
| ARTICLE II [Reserved] | ARTICLE II [Reserved] | 8 |
| ARTICLE III GRANT OF SECURITY INTEREST | ARTICLE III GRANT OF SECURITY INTEREST | 8 |
| &nbsp;&nbsp;&nbsp;<u>Section 3.1</u> | <u>Collateral</u> | 8 |
| &nbsp;&nbsp;&nbsp;<u>Section 3.2</u> | <u>Grant of Security Interest in Collateral</u> | 9 |
| ARTICLE IV REPRESENTATIONS AND WARRANTIES | ARTICLE IV REPRESENTATIONS AND WARRANTIES | 9 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.1</u> | <u>Title; No Other Liens</u> | 9 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.2</u> | <u>Perfection and Priority</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.3</u> | <u>Jurisdiction of Organization; Chief Executive Office</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.4</u> | <u>Locations of Inventory, Equipment and Books and Records</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.5</u> | <u>Pledged Collateral</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.6</u> | <u>Instruments and Tangible Chattel Paper Formerly Accounts</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.7</u> | <u>Intellectual Property</u> | 10 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.8</u> | <u>Commercial Tort Claims</u> | 11 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.9</u> | <u>Specific Collateral</u> | 11 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.10</u> | <u>Enforcement</u> | 11 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.11</u> | <u>Additional Representations and Warranties of the Note</u> | 12 |
| &nbsp;&nbsp;&nbsp;<u>Section 4.12</u> | <u>Margin Stock</u> | 12 |
| ARTICLE V COVENANTS | ARTICLE V COVENANTS | 12 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.1</u> | <u>Maintenance of Perfected Security Interest; Further Documentation and Consents</u> | 12 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.2</u> | <u>Changes in Locations, Name, Etc.</u> | 13 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.3</u> | <u>Pledged Collateral</u> | 13 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.4</u> | <u>Accounts</u> | 14 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.5</u> | <u>Pledged Uncertificated Stock</u> | 14 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.6</u> | <u>Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper</u> | 14 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.7</u> | <u>Intellectual Property</u> | 15 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.8</u> | <u>Notices</u> | 16 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.9</u> | <u>Notice of Commercial Tort Claims</u> | 17 |
| &nbsp;&nbsp;&nbsp;<u>Section 5.10</u> | <u>Perfection Certificate</u> | 17 |
| ARTICLE VI REMEDIAL PROVISIONS | ARTICLE VI REMEDIAL PROVISIONS | 17 |
| &nbsp;&nbsp;&nbsp;<u>Section 6.1</u> | <u>UCC and Other Remedies</u> | 17 |
| &nbsp;&nbsp;&nbsp;<u>Section 6.2</u> | <u>Accounts and Payments in Respect of General Intangibles</u> | 20 |
| &nbsp;&nbsp;&nbsp;<u>Section 6.3</u> | <u>Pledged Collateral</u> | 21 |
| &nbsp;&nbsp;&nbsp;<u>Section 6.4</u> | <u>Proceeds to be Turned over to and Held by Agent</u> | 22 |

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i

**TABLE OF CONTENTS**

(continued)

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| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;<u>Section 6.5</u> | <u>Sale of Pledged Collateral</u> | 22 |
| &nbsp;&nbsp;&nbsp;<u>Section 6.6</u> | <u>Deficiency</u> | 23 |
| ARTICLE VII THE AGENT | ARTICLE VII THE AGENT | 23 |
| &nbsp;&nbsp;&nbsp;<u>Section 7.1</u> | <u>Agent's Appointment as Attorney-in-Fact</u> | 23 |
| &nbsp;&nbsp;&nbsp;<u>Section 7.2</u> | <u>Authorization to File Financing Statements</u> | 25 |
| &nbsp;&nbsp;&nbsp;<u>Section 7.3</u> | <u>Authority of Agent</u> | 25 |
| &nbsp;&nbsp;&nbsp;<u>Section 7.4</u> | <u>Duty; Obligations and Liabilities</u> | 25 |
| ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 26 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.1</u> | <u>Reinstatement</u> | 26 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.2</u> | <u>Release of Collateral; Termination of Agreement</u> | 26 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.3</u> | <u>Independent Obligations</u> | 26 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.4</u> | <u>No Waiver by Course of Conduct</u> | 26 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.5</u> | <u>Amendments in Writing</u> | 27 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.6</u> | <u>Additional Grantors; Additional Pledged Collateral</u> | 27 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.7</u> | <u>Notices</u> | 27 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.8</u> | <u>Successors and Assigns</u> | 27 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.9</u> | <u>Counterparts</u> | 27 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.10</u> | <u>Severability</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.11</u> | <u>Governing Law</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.12</u> | <u>Submission to Jurisdiction</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.13</u> | <u>Service of Process</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.14</u> | <u>Non-Exclusive Jurisdiction</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.15</u> | <u>Waiver of Jury Trial</u> | 28 |
| &nbsp;&nbsp;&nbsp;<u>Section 8.16</u> | <u>Expenses and Indemnification</u> | 28 |

---

ii

ANNEXES AND SCHEDULES

---

| | |
|:---|:---|
| Annex 1 | Form of Pledge Amendment |
| Annex 2 | Form of Joinder Agreement for Additional Grantor |
| Annex 3 | Form of Intellectual Property Security Agreement |
| Annex 4 | Form of Notice of Additional Notes |
| Schedule 1 | Commercial Tort Claims |
| Schedule 2 | Filings |
| Schedule 3 | Jurisdiction of Organization; Chief Executive Office |
| Schedule 4 | Location of Inventory and Equipment |
| Schedule 5 | Pledged Collateral |
| Schedule 6 | Intellectual Property |
| Schedule 7 | Perfection Certificate |
| Schedule 8 | Grantors' and Agent's Addresses for Notice |

---

iii

AMENDED AND RESTATED SECURITY AGREEMENT, dated as of March 13, 2023, by AgeX Therapeutics, Inc., a Delaware corporation, (the "**Borrower**") and each of the other entities that becomes a party hereto, including pursuant to <u>Section 8.6</u> (together with the Borrower, the "**Grantors**" and each a "**Grantor**"), in favor of Juvenescence Limited, a company incorporated in the Isle of Man (the "**Initial Lender**"), in its capacity as the Lender under the Notes referred to below and as agent for itself and any other lender under the Notes (in such capacity, together with its successors and permitted assigns, "**Agent**" and the Agent and the Lenders from time to time under the Notes, together with their respective successors and permitted assigns, the "**Secured Parties**"). This Agreement amends and restates in its entirety that certain Security Agreement, dated as of February 14, 2022, by the Borrower and the Grantors in favor of the Initial Secured Parties.

W I T N E S S E T H:

**WHEREAS**, the Borrower has issued that certain Secured Convertible Promissory Note, dated as of the date hereof (as amended and restated by that certain Amended and Restated Secured Convertible Promissory Note, dated as of February 9, 2023, and as further amended, supplemented, amended and restated or otherwise modified from time to time, (and including all replacements and refinancings thereof) the "**Original Note**"), and the Initial Lender has accepted and entered into the Note;

WHEREAS, the Borrower has issued that certain Secured Convertible Promissory Note, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time (and including all replacements and refinancings thereof) the "**Serina Funding Note**", together with the Original Note and any Additional Note, the "**Notes**" and each a "**Note**");

**WHEREAS**, it is a condition to the obligation of the Lender under the Notes that the Borrower shall have executed and delivered this Agreement to Agent;

NOW, THEREFORE, in consideration of the premises and to induce the Lender and the other Secured Parties to make their respective extensions of credit to the Borrower, each Grantor hereby agrees with Agent as follows:

<u>ARTICLE I</u>

<u>DEFINED TERMS</u>

<u>Section 1.1 Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used herein without definition are used as defined in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following terms have the meanings given to them in the UCC and terms used herein without definition that are defined in the UCC have the meanings given to them in the UCC (such meanings to be equally applicable to both the singular and plural forms of the terms defined): "**account**", "**account debtor**", "**as-extracted collateral**", "**certificate**", "**certificated security**", "**chattel paper**", "**commercial tort claim**", "**commodity contract**", "**deposit account**", "**document**", "**electronic chattel paper**", "**equipment**", "**farm products**", "**fixture**", "**general intangible**", "**goods**", "**health-care- insurance receivable**", "**instruments**", "**inventory**", "**investment property**", "**letter-of-credit right**", "**proceeds**", "**record**", "**securities account**", "**security**", "**supporting obligation**" and "**tangible chattel paper**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following terms shall have the following meanings:

"**Additional Note**" means (i) an "Additional Note" as defined in any Note and (ii) any promissory note or other instrument or agreement issued, executed and delivered by Borrower or any other Grantor evidencing any loan, loan commitment or other financial accommodation made or held by any Secured Party, which instrument or agreement (or any Loan Document executed in connection therewith) includes a provision stating that the obligations thereunder are secured by the security interests and liens granted under this Agreement.

"**Affiliate**" means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote more than 50% of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"**Agreement**" means this Security Agreement, as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time.

"**Applicable IP Office**" means the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or political subdivision thereof.

"**Collateral**" has the meaning specified in <u>Section 3.1</u>.

"**Contractual Obligations**" means, as to any Person, any provision of any security (whether in the nature of Stock, Stock Equivalents or otherwise) issued by such Person or of any agreement, undertaking, contract, license, indenture, mortgage, deed of trust or other instrument, document or agreement (other than a Loan Document) to which such Person is a party or by which it or any of its Property is bound or to which any of its Property is subject.

"**Copyrights**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to copyrights and all works of authorship and moral, mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith.

"**Domestic Subsidiary**" means any Subsidiary incorporated, organized or otherwise formed under the laws of the United States, any state thereof or the District of Columbia.

"**Electronic Transmission**" means each document, notice, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by electronic mail, e-mail or E-Fax, or otherwise to or from an E-System.

"**Excluded Deposit Account**" means any payroll account or other employee wage and benefit account, petty cash account, tax account (including, without limitation, withholding tax accounts and sales tax accounts), escrow account and fiduciary account, together with the funds or other property held in or maintained in any such account (so long as any such account is used solely for such purpose) and other deposit accounts with an aggregate average monthly balance of less than $250,000.

"**Excluded Equity**" means (a) any voting stock in excess of 65% of the outstanding voting stock of any (i) First Tier Foreign Subsidiary, which, pursuant to the terms of the Notes, is not required to guaranty the Obligations and (ii) Domestic Subsidiary that has no material assets other than Stock or Stock Equivalents of one or more Foreign Subsidiaries and (b) any Stock of any Subsidiary owned by a Subsidiary described in clause (a) above. For the purposes of this definition, "**voting stock**" means, with respect to any issuer, the issued and outstanding shares of each class of Stock of such issuer entitled to vote (within the meaning of Treasury Regulations § 1.956-2(c)(2)).

"**Excluded Property**" means, collectively, (i) Excluded Equity; (ii) any permit or license or any Contractual Obligation entered into by any Grantor (A) that prohibits or requires the consent of any Person other than any Grantor or any of its Affiliates which has not been obtained as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Obligation or any Stock or Stock Equivalent related thereto (so long as any agreement with such third party that provides for such prohibition or requirement was not entered into in contemplation of the acquisition of such asset or entering into of such agreement or for the purposes of creating such prohibition or restriction) or (B) to the extent that any Requirement of Law applicable thereto prohibits the creation of a Lien thereon (including any requirement thereunder to obtain the consent of any Governmental Authority), but only, with respect to the prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other Requirement of Law; (iii) any lease, license or agreement or any Property subject to a purchase money security interest, Capital Lease Obligations or similar arrangement, in each case to the extent, that a grant of a security interest therein in favor of the Agent would, under the terms of such lease, license or agreement, violate or invalidate such lease, license or agreement or purchase money security interest, Capital Lease Obligation or similar arrangement or create a right of termination in favor of any other party (other than any Grantor or any Affiliate thereof) thereto after giving effect to the anti-assignment provisions of the UCC or other Requirement of Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable Requirement of Law notwithstanding such prohibition; (iv) any "intent to use" Trademark applications for which a "statement of use" or "amendment to allege use" has not been filed (but only until such statement is filed) and to the extent, and solely during the period, if any, in which the grant of a security interest therein would impair the validity or enforceability of such intent to use Trademark application under applicable Requirement of Law; (v) all owned real property not constituting Material Real Property; (vi) all leasehold interests in real property; (vii)(a) any motor vehicles, aircraft and other assets subject to certificates of title (except to the extent a security interest therein can be perfected by the filing of UCC financing statements), (b) letter of credit rights with a claim value of less than $500,000 (in the aggregate) to the extent not constituting supporting obligations (except to the extent a security interest therein can be perfected by the filing of UCC financing statements) and (c) commercial tort claims with a claim value of less than $500,000 individually; (viii) governmental licenses or state or local franchises, charters and authorizations and any other property and assets to the extent that the Agent may not validly possess a security interest therein under applicable Requirement of Law (including, without limitation, rules and regulations of any Governmental Authority) or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization, other than to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Requirement of Law notwithstanding such prohibition; (ix) margin stock; (x) any Stock in any non-wholly-owned Subsidiaries to the extent that (a) the granting of a security interest in such Stock in favor of the Agent is not permitted by the terms of such issuing Person's organizational or joint venture documents or otherwise require the consent of a Person or Persons who are not Subsidiaries of the Borrower or (b) the granting of a security interest (including any exercise of remedies) in such Stock in favor of the Agent would result in a change of control, repurchase obligation or other adverse consequence to any Grantor; (xi) those assets as to which the Borrower reasonably determines (in consultation with the Agent), that the cost (including, without limitation, the cost of title insurance, surveys or flood insurance, if necessary) of obtaining a security interest in or perfection thereof are excessive in relation to the benefit to the Secured Parties of the security to be afforded thereby; (xii) those property or assets for which the creation or perfection of pledges or of security interests in, would result in adverse tax consequences to the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower (in consultation with the Agent); and (xiii) Excluded Deposit Accounts; <u>provided</u>, <u>however</u>, "**Excluded Property**" shall not include any proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property).

"**First Tier Foreign Subsidiary**" means a Foreign Subsidiary held directly by Borrower.

"**Foreign Subsidiary**" means, with respect to any Person, a Subsidiary of such Person, which Subsidiary is not a Domestic Subsidiary.

"**Governmental Authority**" means any nation, sovereign or government, any state or other political subdivision thereof, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, including any central bank, stock exchange, regulatory body, arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self- regulatory organization (including the National Association of Insurance Commissioners).

"**Guarantor**" has the meaning ascribed thereto in the recitals to this Agreement.

"**Intellectual Property**" means all rights, title and interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Software, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

"**Internet Domain Name**" means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to internet domain names.

"**IP Ancillary Rights**" means all rights, title and interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all ancillary rights relating thereto, including all Copyrights, Patents, Software, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses.

"**IP Licenses**" means all Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting any right, title and interest in or relating to any Intellectual Property.

"**Lien**" means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or otherwise), security interest or other security arrangement and any other preference, priority or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing (but not including the interest of a lessor under a lease which is not a Capital Lease).

"**Loan Document**" means "Loan Document" as defined in any Note.

"**Margin Stock**" means "margin stock" as such term is defined in Regulation T, U or X of the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

"**Material Intellectual Property**" means Intellectual Property that is owned by or licensed to a Grantor pursuant to a written agreement and material to the conduct of any Grantor's business.

"**Material Real Property**" means any parcel of real property and improvements thereto owned in fee simple by a Grantor and which has a fair market value (estimated in good faith by the Grantor) in excess of $500,000 as of the time such property is acquired (or, if such property is owned by a Person at the time it becomes a Grantor, as of such date); provided, however, the term "Material Real Property" shall not include any Excluded Property.

"**Obligations**" means all indebtedness evidenced by the Original Note, the Serina Funding Note, any Additional Note and other indebtedness, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower and any other Grantor to any Secured Party or any other Person required to be indemnified, that arises under any Loan Document, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired.

"**Patents**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to letters patent and applications therefor, including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations in part of the same.

"**Person**" means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity of governmental agency.

"**Pledged Certificated Stock**" means all certificated securities and any other Stock or Stock Equivalent of any Person evidenced by a certificate, instrument or other similar document, in each case owned by any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all Stock and Stock Equivalents listed on <u>Schedule 5</u>. Pledged Certificated Stock excludes any Excluded Property and any Cash Equivalent Investments.

"**Pledged Collateral**" means, collectively, the Pledged Stock and the Pledged Debt Instruments.

"**Pledged Debt Instruments**" means all right, title and interest of any Grantor in instruments evidencing any indebtedness owed to such Grantor or other obligations, owed to such Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all indebtedness described on <u>Schedule 5</u>, issued by the obligors named therein. Pledged Debt Instruments excludes any Excluded Property and any Cash Equivalent Investments.

"**Pledged Investment Property**" means any investment property of any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments. Pledged Investment Property excludes any Excluded Property and any Cash Equivalent Investments.

"**Pledged Stock**" means all Pledged Certificated Stock and all Pledged Uncertificated Stock.

"**Pledged Uncertificated Stock**" means any Stock or Stock Equivalent of any Person that is not Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or general partner in any partnership or as a member of any limited liability company, in any case, not constituting Pledged Certificated Stock, all right, title and interest of any Grantor in, to and under any Organization Document of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including in each case those interests set forth on <u>Schedule 5</u>, to the extent such interests are not certificated. Pledged Uncertificated Stock excludes any Excluded Property and any Cash Equivalent Investments.

"**Property**" means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

"**Related Person**" means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates.

"**Requirement of Law**" means, with respect to any Person, the common law and any federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.

"**Secured Obligations**" has the meaning set forth in <u>Section 3.2</u>.

"**Software**" means (i) all computer programs, including source code and object code versions, (ii) all data, databases and compilations of data, whether machine readable or otherwise, and (iii) all documentation, training materials and configurations related to any of the foregoing.

"**Stock**" means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting.

"**Stock Equivalents**" means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.

"**Subsidiary**" means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

"**Trademark**" means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, trade dress and other source or business identifiers and, in each case, whether registered or not, all goodwill associated therewith, all registrations and recordations thereof, all applications in connection therewith and all common law rights in connection therewith.

"**Trade Secrets**" means, with respect to any Grantor, all of such Grantor's right, title and interest (and all related IP Ancillary Rights) in and to the following: (a) confidential and proprietary information, including unpatented inventions, invention disclosures, engineering or other data, information, production procedures, know-how, financial data, customer lists, supplier lists, supply chain, manufacture, business and marketing plans, methods, processes, schematics, algorithms, techniques, analyses, proposals, source code and data collections; (b) all income, royalties, damages, claims and payments now or hereafter due and/or payable with respect to any of the foregoing, including, without limitation, damages, claims and payments for past, present and future misappropriation or infringements of any of the foregoing; (c) all rights to sue for past, present and future misappropriation or infringements of any of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (d) all rights corresponding to any of the foregoing, in each case, excluding any items constituting Excluded Property.

"**UCC**" means the Uniform Commercial Code as from time to time in effect in the State of New York; <u>provided</u>, <u>however</u>, that, in the event that, by reason of mandatory provisions of any applicable Requirement of Law, any of the attachment, perfection or priority of Agent's or any other Secured Party's security interest in any Collateral is governed by the Uniform Commercial Code of a jurisdiction other than the State of New York, "**UCC**" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions.

<u>Section 1.2 Certain Other Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. References herein to an Annex, Schedule, Article, Section or clause refer to the appropriate Annex or Schedule to, or Article, Section or clause in this Agreement. Where the context requires, provisions relating to any Collateral when used in relation to a Grantor shall refer to such Grantor's Collateral or any relevant part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Interpretive Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Defined Terms</u>. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>The Agreement</u>. The words "hereof", "herein", "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Common Terms</u>. The term "including" is not limiting and means "including without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Performance; Time</u>. Whenever any performance obligation hereunder (other than a payment obligation) shall be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding", and the word "through" means "to and including." If any provision of this Agreement refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision shall be interpreted to encompass any and all means, direct or indirect, of taking, or not taking, such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Contracts</u>. Unless otherwise expressly provided herein, references to agreements and other contractual instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments, thereto, restatements and substitutions thereof and other modifications and supplements thereto which are in effect from time to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document.

<u>Laws</u>. References to any statute or regulation are to be construed as including all statutory and regulatory provisions related thereto or consolidating, amending, replacing, supplementing or interpreting the statute or regulation.

<u>ARTICLE II</u>

<u>[Reserved]</u>

<u>ARTICLE III</u>

<u>GRANT OF SECURITY INTEREST</u>

<u>Section 3.1 Collateral</u>

For the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may acquire any right, title or interests is collectively referred to as the "**Collateral**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all accounts, chattel paper, deposit accounts, documents (as defined in the UCC), equipment, general intangibles, instruments, inventory, investment property, letter of credit rights and any supporting obligations related to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the commercial tort claims with a claim value in excess of $500,000 described on <u>Schedule 1</u> and on any supplement thereto received by Agent pursuant to <u>Section 5.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all books and records pertaining to any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all property of such Grantor held by any Secured Party, including all property of every description, in the custody of or in transit to such Secured Party for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such Grantor may have any right or power, including but not limited to cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all other goods (including but not limited to fixtures) and personal property of such Grantor, whether tangible or intangible and wherever located; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not otherwise included, all proceeds of the foregoing; <u>provided</u>, <u>however</u>, notwithstanding the foregoing, no Lien or security interest is hereby granted on any Excluded Property, and such Excluded Property shall not be Collateral; <u>provided</u>, <u>further</u>, that if and when any such property then owned by a Grantor shall cease to be Excluded Property, such property shall be deemed Collateral and a Lien on and security in such property shall be deemed granted therein.

<u>Section 3.2 Grant of Security Interest in Collateral</u>

Each Grantor, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations (the "**Secured Obligations**"), hereby mortgages, pledges and hypothecates to Agent for the benefit of the Secured Parties, and grants to Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title and interest in, to and under the Collateral of such Grantor.

<u>ARTICLE IV</u>

<u>REPRESENTATIONS AND WARRANTIES</u>

Each Grantor hereby represents and warrants each of the following to the Secured Parties:

<u>Section 4.1 Title; No Other Liens</u>

Except for the Lien granted to Agent pursuant to this Agreement or any other Loan Document or other Liens expressly permitted by the terms of each Note ("**Permitted Security**"), such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. Such Grantor is the record and beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates and (b) has rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder.

<u>Section 4.2 Perfection and Priority</u>

The security interest granted pursuant to this Agreement constitutes a valid and continuing perfected security interest in favor of Agent in all Collateral subject, for the following Collateral, to the occurrence of the following: (a) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on <u>Schedule 2</u> (which, in the case of all filings and other documents referred to on such schedule, have been delivered to Agent in completed and duly authorized form), (b) [reserved], (c) in the case of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate filings having been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, (d) in the case of letter-of-credit rights that are not supporting obligations of Collateral, the execution of a Contractual Obligation granting control to Agent over such letter-of-credit rights and (e) in the case of electronic chattel paper, the completion of all steps necessary to grant control to Agent over such electronic chattel paper. Such security interest shall be prior to all other Liens on the Collateral except for Permitted Security having priority over Agent's Lien by operation of law or expressly permitted pursuant to the terms of each Note upon (i) in the case of all Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property, the delivery thereof to Agent of such Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property consisting of instruments and certificates, in each case properly endorsed for transfer to Agent or in blank and (ii) in the case of all other instruments and tangible chattel paper that are not Pledged Certificated Stock, Pledged Debt Instruments or Pledged Investment Property, the delivery thereof to Agent of such instruments and tangible chattel paper. As of the date hereof (or, if later, as of the acquisition of such property by such Person, or such property is owned by a Person at the time it becomes a Grantor, as of such date), except as set forth in this <u>Section 4.2</u>, all actions by each Grantor necessary to protect and perfect the Lien granted hereunder on the Collateral have been, or will be, substantially concurrently with the effectiveness of this Agreement, duly taken; provided that, notwithstanding the foregoing, the Grantors shall not be required to enter into control agreements with respect to deposit accounts.

<u>Section 4.3 Jurisdiction of Organization; Chief Executive Office</u>

Such Grantor's jurisdiction of organization, legal name and organizational identification number, if any, and the location of such Grantor's chief executive office or sole place of business, in each case as of the date hereof, is specified on <u>Schedule 3</u> and such <u>Schedule 3</u> also lists all jurisdictions of incorporation, legal names and locations of such Grantor's chief executive office or sole place of business for the five years preceding the date hereof.

<u>Section 4.4 Locations of Inventory, Equipment and Books and Records</u>

On the date hereof, such Grantor's inventory and equipment (other than inventory or equipment in transit) and books and records concerning the Collateral are kept at the locations listed on <u>Schedule 4</u>.

<u>Section 4.5 Pledged Collateral</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Pledged Stock pledged by such Grantor hereunder (i) is listed on <u>Schedule 5</u>, constitutes Pledged Certificated Stock represented by the certificates set forth on <u>Schedule 5</u> or Pledged Uncertificated Stock, as set forth on <u>Schedule 5</u>, constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on <u>Schedule 5</u> and(ii) has been duly authorized, validly issued and is fully paid and non-assessable (other than Pledged Stock in limited liability companies and partnerships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date hereof, all Pledged Collateral (other than Pledged Uncertificated Stock) and all Pledged Investment Property consisting of instruments and certificates has been delivered to Agent in accordance with <u>Section 5.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default, Agent shall be entitled to exercise all of the rights of the Grantor granting the security interest in any Pledged Stock, and a transferee or assignee of such Pledged Stock shall become a holder of such Pledged Stock to the same extent as such Grantor and be entitled to participate in the management of the issuer of such Pledged Stock to the extent, if any, that of the Grantor which holds such Pledged Stock has such rights and, upon the transfer of the entire interest of such Grantor, such Grantor shall, by operation of law, cease to be a holder of such Pledged Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any issuer of any Pledged Uncertificated Stock, each Grantor represents and warrants to Agent that, (i) such Pledged Uncertificated Stock is (x) not dealt in or traded on securities exchanges or in securities markets, (y) not "investment company securities" (as defined in Section 8-103(b) of the UCC) and (z) the issuer of such Pledged Uncertificated Stock has not "opted-in" to Article 8 of the UCC with respect to the equity interests issued by it by providing in any of its certificate or articles of formation, partnership agreement, operating agreement or any other entity governance document or any other document governing or evidencing the equity interests issued by it that the equity interests issued by it shall be "securities" as governed by and defined in Article 8 of the UCC.

<u>Section 4.6 Instruments and Tangible Chattel Paper Formerly Accounts</u>

No amount payable to such Grantor under or in connection with any account is evidenced by any instrument or tangible chattel paper that has not been delivered to Agent, properly endorsed for transfer, to the extent delivery is required by <u>Section 5.6(a)</u>.

<u>Section 4.7 Intellectual Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 6</u> sets forth a true and complete list of the following Intellectual Property such Grantor owns, controls, licenses or otherwise has the right to use pursuant to a written agreement: (i) Intellectual Property that is registered or subject to applications for registration, (ii) Internet Domain Names and corresponding hosts and (iii) Material Intellectual Property and material Software (other than commercial off the shelf software), separately identifying that owned, controlled and licensed to such Grantor and including for each of the foregoing items (A) the owner, (B) the title, (C) the jurisdiction in which such item has been registered or otherwise arises or in which an application for registration has been filed, (D) as applicable, the registration or application number and registration or application date and (E) any IP Licenses or other rights (including franchises) received or granted by the Grantor with respect thereto, including without limitation all in-bound IP Licenses or sublicense agreements, exclusive out- bound IP Licenses or sublicense agreements, or other material rights of any Person to use Intellectual Property (but excluding in-bound IP Licenses of over-the-counter software that is commercially available to the public).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date hereof, except as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on such Grantor's business, assets or condition, or its ability to perform its obligations under this Agreement, the Notes and the Loan Documents, all Intellectual Property owned by such Grantor is in full force and effect, subsisting, unexpired and enforceable and has not been abandoned and, to each Grantor's knowledge, is valid. No breach or default of any IP License constituting Material Intellectual Property shall be caused by any of the following, and none of the following shall limit or impair the ownership, use, validity or enforceability of, or any rights of such Grantor in, any Material Intellectual Property: (i) the consummation of the transactions contemplated by any Loan Document or (ii) any holding, decision, judgment or order rendered by any Governmental Authority. There are no pending (or, to the knowledge of such Grantor, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes challenging the ownership, inventorship, use, validity, enforceability of, or such Grantor's rights in, any Material Intellectual Property of such Grantor. Except as would not reasonably be expected to have a material adverse effect on such Grantor's business, assets or condition, or its ability to perform its obligations under this Agreement, the Notes and the Loan Documents, to Grantor's knowledge (i) no Person has been or is infringing, misappropriating, diluting, violating or otherwise impairing any Intellectual Property of such Grantor and (ii) such Grantor is not in material breach or default of any IP License.

<u>Section 4.8 Commercial Tort Claims</u>

The only commercial tort claims of any Grantor existing on the date hereof (regardless of whether the amount, defendant or other material facts can be determined and regardless of whether such commercial tort claim has been asserted, threatened or has otherwise been made known to the obligee thereof or whether litigation has been commenced for such claims) are those listed on <u>Schedule 1</u>, which sets forth such information separately for each Grantor.

<u>Section 4.9 Specific Collateral</u>

None of the Collateral is or is proceeds or products of farm products, as-extracted collateral, health- care-insurance receivables or timber to be cut.

<u>Section 4.10 Enforcement</u>

No permit, notice to or filing with any Governmental Authority or any other Person or any consent from any Person is required for the exercise by Agent of its rights (including voting rights) provided for in this Agreement or the enforcement of remedies in respect of the Collateral pursuant to this Agreement, including the transfer of any Collateral, except (a) filings or recordings in connection with the Liens granted to Agent hereunder, (b) those obtained or made and delivered to Agent on or prior to the date hereof, (c) as may be required in connection with the disposition of any portion of the Pledged Collateral by laws affecting the offering and sale of securities or other assets generally, or (d) any approvals that may be required to be obtained from any bailees or landlords to collect or gain access to the Collateral.

<u>Section 4.11 Additional Representations and Warranties of the Notes</u>

The information set forth on <u>Schedule 7</u> hereto (Perfection Certificate) is complete, true and correct as of the date hereof. The representations and warranties of each Grantor made under each Note are true and correct on the date hereof and on each date any Advance (as defined in the applicable Note) or advance is made under any Note.

<u>Section 4.12 Margin Stock</u>

No Grantor is engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. No Grantor owns any Margin Stock.

<u>ARTICLE V</u>

<u>COVENANTS</u>

Each Grantor agrees with Agent to the following, as long as any Obligation or Commitment remains outstanding (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted):

<u>Section 5.1 Maintenance of Perfected Security Interest; Further Documentation and Consents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Grantor shall (i) not use or permit any Collateral to be used unlawfully or in violation of any provision of any Loan Document, any Requirement of Law applicable to such Grantor or any policy of insurance covering the Collateral and (ii) not enter into any Contractual Obligation or undertaking restricting the right or ability of such Grantor or Agent to sell, assign, convey or transfer any Collateral if such restriction would reasonably be expected to have, either individually or in the aggregate, a material adverse effect on such Grantor's business, assets or condition, or its ability to perform its obligations under this Agreement, the Notes and the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Grantor shall furnish to Agent from time to time statements and schedules further identifying and describing the Collateral and such other documents in connection with the Collateral as Agent may reasonably request, all in reasonable detail and in form and substance reasonably satisfactory to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any time and from time to time, upon the written request of Agent, such Grantor shall, for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, (i) promptly and duly execute and deliver, and have recorded (if applicable), such further documents, including an authorization to file (or, as applicable, the filing) of any financing statement or amendment under the UCC (or other filings under similar Requirement of Law) in effect in any jurisdiction with respect to the security interest created hereby and (ii) take such further action as Agent may reasonably request, including using its commercially reasonable efforts to secure all approvals necessary or appropriate for the collateral assignment to or for the benefit of Agent of any Contractual Obligation included in the Collateral, including any IP License, held by such Grantor and to enforce the security interests granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To ensure that a Lien and security interest is granted on any of the Excluded Property set forth in clause (ii) of the definition of "**Excluded Property**" (solely to the extent such Excluded Property would otherwise constitute Collateral), such Grantor shall use commercially reasonable efforts to obtain any required consents from any Person other than the Borrower and its Affiliates with respect to any permit or license or any Contractual Obligation with such Person entered into by such Grantor that requires such consent as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Obligation or any Stock or Stock Equivalent related thereto.

<u>Section 5.2 Changes in Locations, Name, Etc.</u> Except upon 5 Business Days' prior written notice to Agent (or such shorter period as Agent may agree) and delivery to Agent of (a) all documents reasonably requested by Agent to maintain the validity, perfection and priority of the security interests provided for herein and (b) if applicable, a written supplement to <u>Schedule 4</u> showing any additional locations at which inventory or equipment shall be kept, such Grantor shall not do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit any inventory or equipment, in excess of $150,000 individually and $500,000 in the aggregate, to be kept at a location other than those listed on <u>Schedule 4</u>, except for inventory or equipment in transit, or out for improvement, service or repair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change its jurisdiction of organization or the location of its chief executive office, in each case from that referred to in <u>Section 4.3</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change its legal name or organizational identification number, if any, or corporation, limited liability company, partnership or other organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading.

<u>Section 5.3 Pledged Collateral</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Delivery of Pledged Collateral</u>. Such Grantor shall deliver to Agent, in suitable form for transfer and in form and substance reasonably satisfactory to Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments and (C) all certificates and instruments evidencing Pledged Investment Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Event of Default</u>. During the continuance of an Event of Default, Agent shall have the right, at any time in its discretion and without notice to the Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged Collateral or any Pledged Investment Property and (ii) exchange any certificate or instrument representing or evidencing any Pledged Collateral or any Pledged Investment Property for certificates or instruments of smaller or larger denominations. If Agent shall exercise any of its rights as contemplated under this Section 5.3(b), Agent shall endeavor in good faith to provide notice of such exercise to the Grantor; <u>provided</u>, <u>however</u>, that the Agent's failure to deliver such notice will not affect the Agent's rights hereunder nor give rise to any liability of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cash Distributions with respect to Pledged Collateral</u>. Except as provided in <u>Article VI</u>, such Grantor shall be entitled to receive all cash distributions paid in respect of the Pledged Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting Rights</u>. Except as provided in <u>Article VI</u>, such Grantor shall be entitled to exercise all voting, consent and corporate, partnership, limited liability company and similar rights with respect to the Pledged Collateral; <u>provided</u>, <u>however</u>, that without the prior written consent of Agent no vote shall be cast, consent given or right exercised or other action taken by such Grantor that would materially impair the Collateral or be inconsistent with or result in any violation of any provision of any Loan Document.

<u>Section 5.4 Accounts</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Grantor shall not, other than in the ordinary course of business, (i) grant any extension of the time of payment of any account, (ii) compromise or settle any account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any account, (iv) allow any credit or discount on any account or (v) amend, supplement or modify any account in any manner that could reasonably be expected to materially adversely affect the value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as an Event of Default has occurred and is continuing, Agent shall have the right to make test verifications of the accounts in any manner and through any medium that it reasonably considers advisable, and such Grantor shall furnish all such assistance and information as Agent may reasonably require in connection therewith. At any time and from time to time, upon Agent's reasonable request, such Grantor shall use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to Agent to furnish to Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the accounts; <u>provided</u>, <u>however</u>, that unless an Event of Default has occurred and is continuing, Agent shall request no more than two such reports during any calendar year and to the extent practicable such requests shall be coordinated with regular quarterly or annual reviews or audits of Borrower's financial statements.

<u>Section 5.5 Pledged Uncertificated Stock</u>

Each Grantor covenants and agrees, that such Grantor shall not, and that each Grantor shall not allow any issuer of any Pledged Uncertificated Stock to, (i) take any action to cause any equity interest of the Pledged Uncertificated Stock to be or become a "security" within the meaning of, or to be governed by, Article 8 (Investment Securities) of the UCC or (ii) to "opt-in" or to take any other action seeking to establish any membership interest of the Pledged Uncertificated Stock as a "security", except to the extent such Grantor (or issuer) has (x) delivered a "security certificate" (as defined in Article 8 of the UCC) evidencing such equity interests to Agent duly endorsed to Agent or (y) delivered a Control Agreement to Agent with respect thereto, in each case in a manner that provides Agent with "control" of such security certificate as "control" is contemplated as a manner of perfection under the UCC.

<u>Section 5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any amount in excess of $1,000,000 in the aggregate payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by an instrument or tangible chattel paper, other than such instrument delivered in accordance with <u>Section 5.3(a)</u> and in the possession of Agent, such Grantor shall, upon Agent's request, mark all such instruments and tangible chattel paper with the following legend: "This writing and the obligations evidenced or secured hereby are subject to the security interest of Juvenescence Limited, as Agent" and, at the request of Agent, shall promptly deliver such instrument or tangible chattel paper to Agent, duly indorsed in a manner reasonably satisfactory to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Grantor shall not grant "**control**" (within the meaning of such term under Article 9-106 of the UCC) over any investment property to any Person other than Agent, or in the ordinary course and not for the purposes of securing any indebtedness, any depository bank, securities intermediary or commodity intermediary, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If such Grantor is or becomes the beneficiary of a letter of credit that is (i) not a supporting obligation of any Collateral and (ii) in excess of $1,000,000 in the aggregate for all letters of credit, such Grantor shall promptly, and in any event within 10 Business Days (or such longer period agreed to by the Agent in its sole discretion) after becoming a beneficiary, notify Agent thereof and, during the continuance of an Event of Default, enter into a Contractual Obligation with Agent, the issuer of such letter of credit or any nominated person with respect to the letter-of-credit rights under such letter of credit. Such Contractual Obligation shall assign such letter-of-credit rights to Agent and such assignment shall be sufficient to grant control for the purposes of Section 9-107 of the UCC (or any similar section under any equivalent UCC). The provisions of the Contractual Obligation shall be in form and substance reasonably satisfactory to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any amount in excess of $1,000,000 in the aggregate payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by electronic chattel paper, such Grantor shall take all steps necessary to grant Agent control of all such electronic chattel paper for the purposes of Section 9-105 of the UCC (or any similar section under any equivalent UCC) and all "**transferable records**" as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.

<u>Section 5.7 Intellectual Property</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 30 days (or such longer period agreed to by the Agent in its sole discretion) after the end of any Fiscal Quarter in which there is any change to <u>Schedule 6</u> for such Grantor, such Grantor shall provide Agent notification thereof and the short-form intellectual property agreements and assignments as described in this <u>Section 5.7</u> and any other documents that Agent reasonably requests with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Grantor shall (and shall use good faith efforts to cause all its licensees to) (i) (A) except to the extent that a Grantor determines in its reasonable business judgment that a Trademark is not material, and subject to <u>Section 5.7(c)</u>, continue to use each Trademark included in the Material Intellectual Property in order to maintain such Trademark in full force and effect with respect to each class of goods for which such Trademark is currently used, free from any claim of abandonment for non-use, (B) maintain at least the same standards of quality of products and services offered under such Trademark as are currently maintained, (C) use such Trademark with the appropriate notice of registration and all other notices and legends required by applicable Requirement of Law, (D) not adopt or use any other Trademark that is confusingly similar or a colorable imitation of such Trademark unless Agent shall obtain a perfected security interest in such other Trademark pursuant to this Agreement and (ii) not do any act or omit to do any act whereby there is a reasonable risk that (A) such Trademark (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed in any way other than through the discontinuation of sales or other commercialization of inventory or services associated with such Trademark, (B) any Patent included in the Material Intellectual Property may become forfeited, misused, invalidated, unenforceable, abandoned or dedicated to the public other than the abandonment of Patents that the applicable Grantor determines in good faith to no longer constitute Material Intellectual Property or abandonment in particular jurisdictions where such abandonment would not have a material adverse effect on such Grantor' operations or financial condition, (C) any portion of the Copyrights included in the Material Intellectual Property may become invalidated, otherwise impaired or fall into the public domain or (D) any Trade Secret that is Material Intellectual Property may become publicly available or otherwise unprotectable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Grantor shall notify Agent promptly if it knows, that any application or registration relating to any Material Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, or of any adverse determination or development regarding the validity or enforceability or such Grantor's ownership of, interest in, right to use, register, own or maintain any Material Intellectual Property (including the institution of, or any such determination or development in, any proceeding relating to the foregoing in any Applicable IP Office). Such Grantor shall take all actions that are reasonably necessary or reasonably requested by Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and to maintain each registration and recordation included in the Material Intellectual Property except to the extent that the failure to do so or the abandonment of such Material Intellectual Property would not have a material adverse effect on such Grantor's operations or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Grantor shall not do any act or omit to do any act to knowingly infringe, misappropriate, dilute, violate or otherwise materially impair the Intellectual Property of any other Person to the extent such act or omission violates any Requirement of Law to which such Grantor is subject and could reasonably be expected to lead to a material liability of such Grantor to a third party. In the event that any Material Intellectual Property of such Grantor is or has been infringed, misappropriated, violated, diluted or otherwise impaired by a third party, such Grantor shall take such action as it reasonably deems appropriate under the circumstances in response thereto, including, in a reasonable timeframe, bringing suit and recovering all damages therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Such Grantor shall execute and deliver to Agent in form and substance reasonably acceptable to Agent and suitable for filing in the Applicable IP Office the short-form intellectual property security agreements in the form attached hereto as <u>Annex 3</u> for all material United States Copyrights on the date hereof and for all United States Copyrights acquired or registered after the date hereof, United States Trademarks, United States Patents and United States IP Licenses of such Grantor to the extent the same comprise Collateral.

Notwithstanding anything in this Agreement or any other Loan Document, such Grantor shall be permitted to dispose of Intellectual Property to the extent permitted by the Notes.

<u>Section 5.8 Notices</u>

Such Grantor shall promptly notify Agent in writing of its acquisition of any interest hereafter in property, other than any property of the type set forth on <u>Schedule 6 (which Schedule shall be updated in accordance with Section 5.7(a))</u>, that is of a type where a security interest or lien must be or may be registered, recorded or filed under, or notice thereof given under, any federal statute or regulation.

<u>Section 5.9 Notice of Commercial Tort Claims</u>

Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim with a claim value in excess of $1,000,000 (whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor shall, promptly upon such acquisition, deliver to Agent, in each case in form and substance reasonably satisfactory to Agent, a notice of the existence and nature of such commercial tort claim and a supplement to <u>Schedule 1</u> containing a specific description of such commercial tort claim, (ii) <u>Section 3.1</u> shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver to Agent, in each case in form and substance reasonably satisfactory to Agent, any document, and take all other action, deemed by Agent to be reasonably necessary or appropriate for Agent to obtain, for the benefit of the Secured Parties, a perfected security interest having at least the priority set forth in <u>Section 4.2</u> in all such commercial tort claims. Any supplement to <u>Schedule 1</u> delivered pursuant to this <u>Section 5.9</u> shall, after the receipt thereof by Agent, become part of <u>Schedule 1</u> for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt.

<u>Section 5.10 Perfection Certificate</u>

Commencing on the first anniversary hereof, not more than once per fiscal quarter upon written request from Lender, the Grantors shall deliver to Agent (i) an updated <u>Schedule 7</u> (Perfection Certificate), certified by such Grantors as being complete, true and correct as of the date of such delivery, and under which certificate the Grantor shall also represent and warrant that each of the representations and warranties set forth in <u>Section 4.1</u> through and including <u>Section 4.10</u> are true and correct as of the date of such certificate (it being understood that any references to "date of this Agreement" or the "date hereof" or similar phrase shall be deemed to be the date of such certificate for purposes of such representations and warranties) and (ii) an update to <u>Schedules 1 through 6 and 8</u>, which update will set forth any necessary updates or supplements to the Schedules since the date hereof or since such Schedules were last updated.

<u>ARTICLE VI</u>

<u>REMEDIAL PROVISIONS</u>

<u>Section 6.1 UCC and Other Remedies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>UCC Remedies</u>. During the continuance of an Event of Default, Agent may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any Secured Obligation, all rights and remedies of a secured party under the UCC or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disposition of Collateral</u>. Without limiting the generality of the foregoing, Agent may, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived to the extent not otherwise prohibited by applicable law) but subject to the terms of any applicable lease or sublease agreement, during the continuance of any Event of Default (personally or through its agents or attorneys), (i) enter upon the premises where any Collateral is located, without any obligation to pay rent, through self-help to the extent permitted by state law, without judicial process, without first obtaining a final judgment or giving any Grantor or any other Person notice or opportunity for a hearing on Agent's claim or action, (ii) collect, receive, appropriate and realize upon any Collateral and (iii) sell, assign, convey, transfer, grant option or options to purchase and deliver any Collateral (enter into Contractual Obligations to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem commercially reasonable, for cash or on credit or for future delivery without assumption of any credit risk. The Agent shall have the right, upon any such public sale or sales and, to the extent permitted by the UCC and other applicable Requirement of Law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption of any Grantor, which right or equity is hereby waived and released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management of the Collateral</u>. Each Grantor further agrees, that, during the continuance of any Event of Default, (i) at Agent's request, it shall assemble the Collateral and make it available to Agent at places that Agent shall reasonably select, whether at such Grantor's premises or elsewhere, (ii) without limiting the foregoing, Agent also has the right to require that each Grantor store and keep any Collateral pending further action by Agent and, while any such Collateral is so stored or kept, provide such guards and maintenance services as shall be necessary to protect the same and to preserve and maintain such Collateral in good condition, (iii) until Agent is able to sell, assign, convey or transfer any Collateral, Agent shall have the right to hold or use such Collateral to the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by Agent and (iv) Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce any of Agent's remedies (for the benefit of the Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. The Agent shall not have any obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Application of Proceeds</u>. The Agent shall apply the cash proceeds of any action taken by it pursuant to this <u>Section 6.1</u>, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any Collateral or in any way relating to the Collateral or the rights of Agent and any other Secured Party hereunder, including reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Secured Obligations, as set forth in the Notes, and only after such application and after the payment by Agent of any other amount required by any Requirement of Law, need Agent account for the surplus, if any, to any Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Direct Obligation</u>. Neither Agent nor any other Secured Party shall be required to make any demand upon, or pursue or exhaust any right or remedy against, the Borrower, any Grantor, or any other Person with respect to the payment of the Obligations or to pursue or exhaust any right or remedy with respect to any Collateral therefor or any direct or indirect guaranty thereof. All of the rights and remedies of Agent and any other Secured Party under any Loan Document (including any Security Documents) shall be cumulative, may be exercised individually or concurrently and not exclusive of any other rights or remedies provided by any Requirement of Law. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against Agent or any other Secured Party, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety, now or hereafter existing, arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed reasonable and proper if given to the Grantors at least 10 days before such sale or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Commercially Reasonable</u>. To the extent that applicable Requirement of Law impose duties on Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Agent to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fail to incur significant costs, expenses or other liabilities reasonably deemed as such by Agent to prepare any Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fail to obtain permits, or other consents, for access to any Collateral to sell or for the collection or sale of any Collateral, or, if not required by other Requirement of Law, fail to obtain permits or other consents for the collection or disposition of any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fail to exercise remedies against account debtors or other Persons obligated on any Collateral or to remove Liens on any Collateral or to remove any adverse claims against any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advertise dispositions of any Collateral through publications or media of general circulation, whether or not such Collateral is of a specialized nature, or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring any such Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) exercise collection remedies against account debtors and other Persons obligated on any Collateral, directly or through the use of collection agencies or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether or not such Collateral is of a specialized nature, or, to the extent deemed appropriate by Agent, obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any Collateral, or utilize Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets to dispose of any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) dispose of assets in wholesale rather than retail markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disclaim disposition warranties, such as title, possession or quiet

enjoyment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of any Collateral or to provide to Agent a guaranteed return from the collection or disposition of any Collateral.

Each Grantor acknowledges that the purpose of this <u>Section 6.1(f)</u> is to provide a non-exhaustive list of actions or omissions that are commercially reasonable when exercising remedies against any Collateral and that other actions or omissions by any Secured Party shall not be deemed commercially unreasonable solely on account of not being indicated in this <u>Section 6.1(f)</u>. Without limitation upon the foregoing, nothing contained in this <u>Section 6.1(f)</u> shall be construed to grant any rights to any Grantor or to impose any duties on Agent that would not have been granted or imposed by this Agreement or by applicable Requirement of Law in the absence of this <u>Section 6.1(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>IP Licenses</u>

Solely for the purpose of enabling Agent to exercise rights and remedies under this <u>Section 6.1</u> (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, convey, transfer or grant options to purchase any Collateral) at such time as Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to Agent, for the benefit of the Secured Parties, (i) an irrevocable, fully paid-up, royalty-free, transferrable, nonexclusive, worldwide right to sublicense (through multiple tiers), use and practice any Intellectual Property now owned, licensed, controlled or hereafter acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored, and to all Software and programs used for the compilation or printout thereof subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of Grantor to avoid the risk of invalidation of such Trademarks and (ii) an irrevocable license (without payment of rent or other compensation to such Grantor), subject to applicable provisions of any leases limiting, restricting or prohibiting such license, to use, operate and occupy, if an Event of Default has occurred and is continuing, all real Property owned, operated, leased, subleased or otherwise occupied by such Grantor.

<u>Section 6.2 Accounts and Payments in Respect of General Intangibles</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to, and not in substitution for, any similar requirement in the Notes, if an Event of Default has occurred and is continuing, upon the written direction to the applicable Grantor of Agent, any payment of accounts or payment in respect of general intangibles, when collected by any Grantor, shall be held by such Grantor in trust for Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that an Event of Default has occurred and is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Grantor shall, upon Agent's written request, deliver to Agent all original (or, to the extent not reasonably available, a copy thereof) and other documents evidencing, and relating to, the Contractual Obligations and transactions that gave rise to any account or any payment in respect of general intangibles, including all original orders, invoices and shipping receipts and notify account debtors that the accounts or general intangibles have been collaterally assigned to Agent and that payments in respect thereof shall be made directly to Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Agent may, without notice, at any time that such an Event of Default is continuing, limit or terminate the authority of a Grantor to collect its accounts or amounts due under general intangibles or any thereof and, in its own name or in the name of others, communicate with account debtors to verify with them to Agent's satisfaction the existence, amount and terms of any account or amounts due under any general intangible. In addition, Agent may at any time enforce such Grantor's rights against such account debtors and obligors of general intangibles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to any applicable Requirement of Law, each Grantor shall take all actions, deliver all documents and provide all information necessary or reasonably requested by Agent to ensure any Internet Domain Name is registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of general intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or liability under any agreement giving rise to an account or a payment in respect of a general intangible by reason of or arising out of any Loan Document or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured Party be obligated in any manner to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an account or a payment in respect of a general intangible, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times.

<u>Section 6.3 Pledged Collateral</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting Rights</u>. If an Event of Default has occurred and is continuing, Agent or its nominee may (i) transfer and register in its name or in the name of its nominee or transferee the whole or any part of the Pledged Collateral, (ii) exercise any voting, consent, corporate and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise, (iii) exercise any right of conversion, exchange and subscription and any other right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at its discretion any Pledged Collateral upon the merger, amalgamation, consolidation, reorganization, recapitalization or other fundamental change in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as Agent may determine), all without liability except to account for property actually received by it, (iv) collect and receive all cash dividends and other payment and distributions made thereon and make application thereof to the Secured Obligations in the manner set forth in the Notes and (v) notify the parties obligated on the Pledged Collateral to make payment to Agent of any amounts due or to become due thereafter; <u>provided</u>, <u>however</u>, that Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. If Agent shall exercise any of its rights as contemplated under this Section 6.3(a), Agent shall endeavor in good faith to provide notice of such exercise to the Grantor; <u>provided</u>, <u>however</u>, that the Agent's failure to deliver such notice will not affect the Agent's rights hereunder nor give rise to any liability of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proxies</u>. In order to permit Agent to exercise the voting and other consensual rights that it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to Agent all such proxies, dividend payment orders and other instruments as Agent may from time to time reasonably request in writing and (ii) without limiting the effect of clause (i) above, such Grantor hereby grants to Agent an **IRREVOCABLE PROXY** to vote all or any part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an Event of Default, and which proxy shall only terminate upon the payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted). To the extent permitted by applicable law, the **IRREVOCABLE PROXY** granted hereby is effective automatically without the necessity that any other action (including, without limitation, that any transfer of any of the Pledged Collateral be recorded on the books of the relevant Grantor) be taken by any Person (including the applicable Grantor or any officer or agent thereof), is coupled with an interest, and shall be irrevocable, shall survive the bankruptcy, dissolution or winding up of any relevant Grantor, and shall terminate only upon the payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted). Each Grantor covenants and agrees that prior to the expiration of such **IRREVOCABLE PROXY** pursuant to applicable law, if applicable, such Grantor will reaffirm such **IRREVOCABLE PROXY** in a manner reasonably satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization of Issuers</u>. Each Grantor hereby expressly irrevocably authorizes and instructs, without any further instructions from such Grantor, each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from Agent in writing that states that an Event of Default has occurred and is continuing and is otherwise in accordance with the terms of this Agreement and each Grantor agrees that such issuer shall be fully protected from liabilities to such Grantor in so complying and (ii) unless otherwise expressly permitted hereby or the Notes, pay any dividend or make any other payment with respect to the Pledged Collateral directly to Agent.

<u>Section 6.4 Proceeds to be Turned over to and Held by Agent</u>

Unless otherwise expressly provided in the Notes or this Agreement, if an Event of Default has occurred and is continuing, all proceeds of any Collateral received by any Grantor hereunder in cash or Cash Equivalent Investments shall be held by such Grantor in trust for Agent and the other Secured Parties, segregated from other funds of such Grantor, and shall, upon Agent's written instruction, promptly upon receipt by any Grantor, be turned over to Agent in the form received (with any necessary endorsement).

<u>Section 6.5 Sale of Pledged Collateral</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Grantor recognizes that Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain prohibitions contained in applicable federal, state or foreign securities laws or otherwise or may determine that a public sale is impracticable, not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Agent shall be under no obligation to delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under applicable federal or state securities laws even if such issuer would agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of any portion of the Pledged Collateral pursuant to <u>Section 6.1</u> and this <u>Section 6.5</u> valid and binding and in compliance with all applicable Requirement of Law. Each Grantor further agrees that a breach of any covenant contained in this <u>Section 6.5</u> will cause irreparable injury to Agent and other Secured Parties, that Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this <u>Section 6.5</u> shall be specifically enforceable against such Grantor, and such Grantor hereby waives, to the extent not prohibited by applicable law, and agrees not to assert any defense against an action for specific performance of such covenants except for a defense that (i) no Event of Default has occurred under the Notes prior to payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Commitments or (ii) payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Commitments. Each Grantor agrees not to assert any rights of contribution or subrogation upon the sale or disposition of all or any portion of the Pledged Collateral by Agent prior to payment in full in cash of the Guaranteed Obligations and termination of all Commitments (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted).

<u>Section 6.6 Deficiency</u>

Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient to pay the Secured Obligations and, without duplication, the fees and disbursements of any attorney employed by Agent or any other Secured Party to collect such deficiency.

<u>ARTICLE VII</u>

<u>THE AGENT</u>

<u>Section 7.1 Agent's Appointment as Attorney-in-Fact</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Grantor hereby IRREVOCABLY constitutes and appoints Agent and any Related Person thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, exercisable if any Event of Default has occurred and is continuing for the purpose of carrying out the terms of the Loan Documents, to take any appropriate action and to execute any document or instrument that may be necessary or desirable to accomplish the purposes of the Loan Documents, and, without limiting the generality of the foregoing, each Grantor hereby gives Agent and its Related Persons the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of the following upon the occurrence and during the continuation of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the name of such Grantor, in its own name or otherwise, take possession of and indorse and collect any check, draft, note, acceptance or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Agent for the purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral whenever payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Intellectual Property owned or controlled by or licensed to such Grantor, execute, deliver and have recorded any document that Agent may request to evidence, effect, publicize or record Agent's security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay or discharge taxes and Liens levied or placed on or threatened against any Collateral, effect any repair or pay any insurance called for by the terms of the Notes (including all or any part of the premiums therefor and the costs thereof) and to adjust and settle claims under any insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) execute, in connection with any sale provided for in <u>Section 6.1</u> or <u>Section 6.5</u>, any document to effect or otherwise necessary or appropriate in relation to evidence the sale of any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly to Agent or as Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt for, any moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document in connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral, (E) defend any actions, suits, proceedings, audits, claims, demands, orders or disputes brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such actions, suits, proceedings, audits, claims, demands, orders or disputes and, in connection therewith, give such discharges or releases as Agent may deem appropriate, (G) assign any Intellectual Property owned or controlled by such Grantor or any IP Licenses of such Grantor throughout the world on such terms and conditions and in such manner as Agent shall in its sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, sell, assign, convey, transfer or grant a Lien on, make any Contractual Obligation with respect to and otherwise deal with, any Collateral as fully and completely as though Agent were the absolute owner thereof for all purposes and do, at Agent's option, at any time or from time to time, all acts and things that Agent deems necessary to protect, preserve or realize upon any Collateral and the Secured Parties' security interests therein and to effect the intent of the Loan Documents, all as fully and effectively as such Grantor might do;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) accelerate any note pledged to Agent pursuant to this Agreement which may be accelerated in accordance with its terms, and take any other lawful action to collect upon any such note (including, without limitation, to make any demand for payment thereon);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) appoint a receiver for the properties and assets of each Grantor that constitute Collateral, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent or any other Secured Party, and remove and replace any such receiver from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) take any action permitted under <u>Section 6.5(a)</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) do and perform all such other acts and things as Agent may reasonably deem to be necessary in order to enforce its rights with respect to the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if any Grantor fails to perform or comply with any Contractual Obligation contained herein, Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such Contractual Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The expenses of Agent incurred in connection with actions undertaken as provided in this <u>Section 7.1</u> shall be payable by such Grantor to Agent on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue of this <u>Section 7.1</u>. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are **IRREVOCABLE** until this Agreement is terminated and the security interests created hereby are released, and shall survive the bankruptcy, dissolution or winding up of any relevant Grantor. Agent shall be under no duty or obligation to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to Agent in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its bad faith, fraud, gross negligence or willful misconduct as determined in a final non-appealable judgment by a court of competent jurisdiction.

<u>Section 7.2 Authorization to File Financing Statements</u>

Each Grantor authorizes Agent and its Related Persons, at any time and from time to time, to file or record financing statements, amendments thereto, and other filing or recording documents or instruments with respect to any Collateral in such form and in such offices as Agent reasonably determines appropriate to perfect, or continue to maintain perfection of, the security interests of Agent under this Agreement, and such financing statements and amendments may describe the Collateral covered thereby as "**all assets of the debtor**" or words of similar import. A copy of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. Such Grantor also hereby ratifies its authorization for Agent to have filed any initial financing statement or amendment thereto under the UCC (or other similar laws) in effect in any jurisdiction if filed prior to the date hereof. Each Grantor hereby (i) waives any right under the UCC or any other Requirement of Law to receive notice and/or copies of any filed or recorded financing statements, amendments thereto, continuations thereof or termination statements, and (ii) releases and excuses each Secured Party from any obligation under the UCC or any other Requirement of Law to provide notice or a copy of any such filed or recorded documents.

<u>Section 7.3 Authority of Agent</u>

Each Grantor acknowledges that the rights and responsibilities of Agent under this Agreement with respect to any action taken by Agent or the exercise or non-exercise by Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between Agent and the other Secured Parties, be governed by the Notes and by such other agreements with respect thereto as may exist from time to time among them, but, as between Agent and any Grantor, Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation or entitlement to make any inquiry respecting such authority.

<u>Section 7.4 Duty; Obligations and Liabilities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Duty of Agent. The Agent's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent deals with similar property for its own account. The powers conferred on Agent hereunder are solely to protect Agent's interest in the Collateral and shall not impose any duty upon Agent to exercise any such powers. The Agent shall be accountable only for amounts that it receives as a result of the exercise of its rights hereunder and such powers, and neither it nor any of its Related Persons shall be responsible to any Grantor for any act or failure to act hereunder, except for their own bad faith, gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by Agent in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Obligations and liabilities with respect to Collateral. No Secured Party and no Related Person thereof shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on Agent hereunder shall not impose any duty upon any other Secured Party to exercise any such powers. The other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own bad faith, gross negligence or willful misconduct as finally determined by a court of competent jurisdiction.

<u>ARTICLE VIII</u>

<u>MISCELLANEOUS</u>

<u>Section 8.1 Reinstatement</u>

Each Grantor agrees that, if any payment made by the Borrower or any Guarantor or other Person and applied to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned by any Secured Party to the Borrower, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, any Lien or other Collateral securing such Grantor's liability hereunder shall have been released or terminated by virtue of the foregoing such Lien, other Collateral or provision shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other Collateral securing such obligation or the amount of such payment.

<u>Section 8.2 Release of Collateral; Termination of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any disposition permitted by each of the Notes (a "**Permitted Disposition**"), the Collateral so disposed shall be released from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination) of Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to such Collateral shall revert to the Grantors. At the request of any Grantor following any such termination, Agent shall reasonably promptly deliver to such Grantor any Collateral of such Grantor held by Agent hereunder and execute and deliver to such Grantor such documents, termination notices, payoff letters and releases as such Grantor shall reasonably request to evidence such termination.

<u>Section 8.3 Independent Obligations</u>

The obligations of each Grantor hereunder are independent of and separate from the Secured Obligations and the Guaranteed Obligations. If any Secured Obligation or Guaranteed Obligation is not paid when due, or if any Event of Default has occurred and is continuing, Agent may, at its sole election, proceed directly and at once, without notice, against any Grantor and any Collateral to collect and recover the full amount of any Secured Obligation or Guaranteed Obligation then due, without first proceeding against any other Grantor, the Borrower or any other Collateral and without first joining any other Grantor or the Borrower in any proceeding.

<u>Section 8.4 No Waiver by Course of Conduct</u>

No Secured Party shall by any act (except by a written instrument pursuant to <u>Section 8.5</u> hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that such Secured Party would otherwise have on any future occasion.

<u>Section 8.5 Amendments in Writing</u>

None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in writing by each party hereto; <u>provided</u>, <u>however</u>, that (a) annexes to this Agreement may be supplemented (but no existing provisions may be modified and no Collateral may be released) through Pledge Amendments and Joinder Agreements, in substantially the form of <u>Annex 1</u> and <u>Annex 2</u>, respectively, in each case duly executed by Agent and each Grantor directly affected thereby and (b) Schedules to this Agreement may be updated or supplemented pursuant to <u>Section 5.10</u> hereof.

<u>Section 8.6 Additional Grantors; Additional Pledged Collateral; Additional Notes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Joinder Agreements</u>. If, at the option of the Borrower or as required pursuant to the terms of any Note or any other Loan Document, the Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to Agent a Joinder Agreement substantially in the form of <u>Annex 2</u> and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Pledge Amendments</u>. To the extent any Pledged Collateral has not been delivered as of the date hereof, such Grantor shall deliver a pledge amendment duly executed by the Grantor in substantially the form of <u>Annex 1</u> (each, a "**Pledge Amendment**"). Such Grantor authorizes Agent to attach each Pledge Amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Notes</u>. A Lender under any Additional Note shall, promptly after entering into such Additional Note, deliver a Notice of Additional Note substantially in the form of Annex 4 to the Agent together with a copy of such Additional Note, to the Agent. Failure or delay in delivering such Notice or copy will not impair any security interest granted hereunder with respect to such Additional Note.

<u>Section 8.7 Notices</u>

All notices, requests and demands to or upon any Grantor or any Secured Party (other than the Agent) hereunder shall be effected in the manner provided for in each Note; <u>provided</u>, <u>however</u>, that any such notice, request or demand to or upon any Grantor shall be addressed to such Grantor's notice address set forth on <u>Schedule 8</u> hereto. All notices, requests and demands to or upon Agent hereunder shall be addressed to the Agent's notice address set forth on <u>Schedule 8</u> hereto.

<u>Section 8.8 Successors and Assigns</u>

This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of each Secured Party and their permitted successors and permitted assigns; <u>provided</u>, <u>however</u>, that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of Agent.

<u>Section 8.9 Counterparts</u>

This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or by Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.

<u>Section 8.10 Severability</u>

Any provision of this Agreement being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of this Agreement or any part of such provision in any other jurisdiction.

<u>Section 8.11 Governing Law</u>

The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement.

<u>Section 8.12 Submission to Jurisdiction</u>

Any legal action or proceeding with respect to any Loan Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this Agreement, each party executing this Agreement hereby accepts for itself and in respect of its Property, generally and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions.

<u>Section 8.13 Service of Process</u>

Each party hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan Document by any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of Grantor specified herein on <u>Schedule 8</u> hereto (and shall be effective when such mailing shall be effective, as provided therein). Each party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

<u>Section 8.14 Non-Exclusive Jurisdiction</u>

Nothing contained in Sections 8.12 and 8.13 shall affect the right of Agent to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Grantor in any other jurisdiction.

<u>Section 8.15 Waiver of Jury Trial</u>

THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

<u>Section 8.16 Expenses and Indemnification</u>.

Each Grantor agrees that the Agent shall be entitled to reimbursement of expenses as specified in Sections 14.3 and 18.1 of the Original Note and any applicable provision in any other Note, as applicable, and agrees to pay, and jointly and severally indemnifies the Agent in accordance with and subject to the limitations of such sections of the Notes.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the undersigned has caused this and Security Agreement to be duly executed and delivered as of the date first above written.

---

| | |
|:---|:---|
| AGEX THERAPEUTICS, INC., | AGEX THERAPEUTICS, INC., |
| as Grantor and Borrower | as Grantor and Borrower |
| By: | */s/ Michael West* |
| Name: | Michael West |
| Title: | Chief Executive Officer |

---

[Signature Page to Security Agreement]

---

| | |
|:---|:---|
| ACCEPTED AND AGREED | ACCEPTED AND AGREED |
| as of the date first above written: | as of the date first above written: |
| JUVENESCENCE LIMITED | JUVENESCENCE LIMITED |
| as Agent and Initial Lender | as Agent and Initial Lender |
| By: | */s/ Denham Eke* |
| Name: | Denham Eke |
| Title: | Director |

---

[Signature Page to Security Agreement]

## Exhibit 10.3

**Exhibit 10.3**

***Execution Version***

**CONVERTIBLE NOTE PURCHASE AGREEMENT**

This Convertible Note Purchase Agreement (this "<u>Agreement</u>") is made as of March 15, 2023 by and between Serina Therapeutics, Inc., an Alabama corporation (the "<u>Company</u>"), and AgeX Therapeutics, Inc., a Delaware corporation (the "<u>Purchaser</u>").

**<u>RECITALS</u>**

The Company desires to issue and sell and Purchaser desires to purchase, a convertible promissory note in substantially the form attached to this Agreement as <u>Exhibit B</u> (the "<u>Note</u>") which shall be convertible on the terms stated therein into equity securities of the Company. The Note and the equity securities issuable upon conversion thereof (and the securities issuable upon conversion of such equity securities) are collectively referred to herein as the "<u>Securities</u>". Capitalized terms not otherwise defined herein have the meaning given them in the Note.

**<u>AGREEMENT</u>**

The parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Purchase and Sale of Note</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Sale and Issuance of Note</u>.** Subject to the terms and conditions of this Agreement, Purchaser agrees to purchase at the Closing (as defined below) and the Company agrees to sell and issue to Purchaser a Note in the principal amount of $10,000,000. The purchase price of the Note shall be equal to 100% of the principal amount of such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Closing; Delivery</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The purchase and sale of the Note shall take place remotely by the electronic exchange among the parties and their counsel of all documents and deliverables required under this Agreement at 10:00 a.m., on the date hereof, or in such other manner or at such other time and place as the Company and Purchaser may mutually agree, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the Closing, the Company shall deliver to Purchaser the Note to be purchased by such Purchaser against (1) payment of the purchase price therefor by check payable to the Company or by wire transfer to a bank designated by the Company, and (2) delivery of counterpart signature pages to this Agreement and the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Defined Terms Used in this Agreement</u>**. In addition to the terms defined in the Note and herein, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Affiliate</u>" means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one (1) or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Budget</u>" means initially the fiscal year budget and business plan commencing on January 1, 2023 and delivered to, and accepted by, the Purchaser on or prior to the date hereof (the "<u>Initial Budget</u>"), and thereafter fiscal year forward looking budget of the Company prepared on a monthly basis (including detailed cash monthly expenditures), which is approved by the Purchaser in its sole discretion from time to time, which after the initial Budget shall include actual expenditures for the preceding fiscal year period then ended and a variance analysis for such period of actual expenditures versus forecasted cash expenditure included in the most recent Budget covering any portion of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Company Intellectual Property</u>" means all patents, patent applications, registered and unregistered trademarks, trademark applications, registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and in any and all such cases as are necessary to the Company in the conduct of the Company's business as now conducted and as presently proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Debt Financing Source</u>" means the Lender (and its successors and assigns) under that certain Secured Convertible Promissory Note, dated on or around March 13, 2023, by Purchaser in favor of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "<u>Knowledge</u>" including the phrase "<u>to the Company's knowledge</u>" shall mean the actual knowledge after reasonable investigation of the following officers: Randall Moreadith, Steve Ledger, and Tacey Viegas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operations of the Company and its subsidiaries; provided, however, that "Material Adverse Effect" shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally affecting the industries in which the Company operates; (iii) any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required, permitted, or prohibited by this Agreement or any action taken (or omitted to be taken) with the written consent of, or at the written request of, the Purchaser; (vi) any changes in applicable laws or accounting rules (including GAAP); (vii) any natural or man-made disaster or acts of God; (viii) any epidemics, pandemics, disease outbreaks, or other public health emergencies; or (ix) any failure by the Company to meet any internal or published projections, forecasts or revenue or earnings predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall not be excluded); provided further, that, with respect to clauses (i), (ii), (iii), (iv), (vi), (vii), and (viii), the impact of such event, change, circumstances, occurrence, effect or state of facts is not disproportionately adverse to the Company and its subsidiaries, taken as a whole, as compared to other similarly situated companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "<u>New Securities</u>" means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities; provided that "New Securities" will not include the Company's issuance of any share dividend, securities issued by reason of a share split, or options issued to employees under the Company's equity incentive plan approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Qualified Merger</u>" means a merger or similar business combination of the Company with Purchaser or a subsidiary or an Affiliate of Purchaser in a mutually agreeable structure and on customary terms for a transaction of this type, which must include the terms of a Qualified Merger set forth in that certain Term Sheet, dated December 4, 2022, as amended from time to time, by and between the Company and Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "<u>Subordination Agreement</u>" means the Subordination Agreement substantially in the form attached hereto as <u>Exhibit D</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) "<u>Transaction Agreements</u>" means this Agreement, the Note, Subordination Agreement, and the Indemnification Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Qualified Financing Documents</u>.** Upon such conversion of the Note, Purchaser hereby agrees to execute and deliver to the Company all transaction documents related to the Qualified Financing as have been entered into by other investors purchasing Qualified Securities (with the same rights as are granted to other investors in such Qualified Financing), including a purchase agreement and other ancillary agreements, with customary representations and warranties and transfer restrictions (including a lock-up agreement in connection with a public offering); provided, that the Purchaser will not be required to (i) undertake investor obligations that are not applied to all of the new investors in such Qualified Financing, (ii) agree to any restrictive covenant in connection with the Qualified Financing (including, without limitation, any covenant not to compete or covenant not to solicit customers, employees or suppliers of any party to the Qualified Financing) or any release of claims and (iii) amend, extend or terminate any contractual or other relationship with the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Representations and Warranties of the Company</u>.** The Company (which term shall include any subsidiaries of the Company, other than in respect of Sections 3(b), (c), (d), (g) and (h)) hereby represents and warrants to Purchaser that, except as set forth on the Disclosure Schedule attached as <u>Exhibit A</u> to this Agreement, which exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations are true and complete as of the date of the Closing, except as otherwise indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections contained in this <u>Section 3</u>, and the disclosures in any section of the Disclosure Schedule shall qualify other sections in this <u>Section 3</u> only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Organization, Good Standing and Qualification</u>.** The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Alabama. The Company has the requisite corporate power to own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have, whether individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Corporate Power</u>**. The Company has all requisite corporate power to execute and deliver the Transaction Agreements, to sell and issue the Note hereunder, and to carry out and perform its obligations hereunder and thereunder. The Company's Board of Directors (the "<u>Board</u>") has approved the execution and performance of the Transaction Agreement, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing and the issuance of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Authorization</u>.** All corporate action on the part of the Company, the Board and the Company's stockholders necessary for the authorization, execution, delivery and performance of the Transaction Agreements and the issuance and delivery of the Note has been taken; except that the Company has not obtained the necessary corporate approval for the authorization of any shares of capital stock issuable upon conversion of the Note. Assuming due authorization, execution and delivery by Purchaser, the Transaction Agreements each constitute a valid and binding obligation of the Company enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws of general application affecting enforcement of creditors' rights generally and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies ("<u>Enforceability Exceptions</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Capitalization; Valid Issuance of Securities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The authorized capital of the Company consists, immediately prior to the Closing, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 15,000,000 shares of the Company's common stock, par value $0.01 ("<u>Common Stock</u>"), 2,218,500 of which are issued and outstanding. All of the outstanding shares of Common Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 10,000,000 shares of Preferred Stock, $0.01 par value per share (the "<u>Preferred Stock</u>"), 400,000 of which are designated A Preferred Stock, all of which are issued and outstanding, 300,000 of which are designated Series A-1 Preferred Stock, all of which are issued and outstanding, 1,122,077 of which are designated Series A-2 Preferred Stock, 1,117,013 of which are issued and outstanding, 499,200 of which are designated Series A-3 Preferred Stock, all of which are issued and outstanding, 718,997 of which are designated Series A-4 Preferred Stock, all of which are issued and outstanding, and 4,620,000 of which are designated Series A-5 Preferred Stock, 367,015 of which are issued and outstanding. The rights, privileges and preferences of the Preferred Stock are as stated in the Amended and Restated Certificate of Incorporation, as amended, in the form of <u>Exhibit C</u> attached to this Agreement (the "<u>Restated Certificate</u>") and as provided by the Alabama Business Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has reserved a total of 2,100,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant to its 2017 Stock Option Plan duly adopted by the Board and approved by the Company stockholders (as amended, the "<u>Stock Plan</u>"). Of such reserved shares of Common Stock, 73,700 shares have been issued pursuant to exercise of outstanding options; options to purchase 2,086,450 shares of Common Stock pursuant to stock option grant agreements have been granted; 2,012,750 options to purchase shares of Common Stock are currently outstanding; and 13,550 shares of Common Stock remain available for grant to officers, directors, employees and consultants pursuant to the Stock Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There are currently outstanding Warrants (as defined below) to purchase 367,015 shares of Series A-5 Preferred Stock. In addition, as of the record date, the Company has issued convertible promissory notes having an original principal amount of $1,450,000 (in the aggregate), at an interest rate of 6% per annum pursuant to the Current Offering (collectively, the "<u>Existing Notes</u>"). The Existing Notes provide for the conversion of the outstanding principal and interest into the capital stock of the Company and, if applicable, a Warrant or Warrants (as defined below), upon the occurrence of certain conversion events described in the Warrants. Each Existing Note provides that the holder of the Existing Note may voluntarily convert the Existing Note at a price of $13.00 per share of Series A-5 Preferred Stock. If an Existing Note holder voluntarily converts the Existing Note, the Existing Note holder shall be entitled to receive (in addition to Series A-5 Preferred Stock) a warrant to purchase one share of Series A-5 Preferred Stock, exercisable at an exercise price of $20.00 (each, a "<u>Warrant</u>"), for each share of Series A-5 Preferred Stock issued to such holder as a result of the conversion event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Schedule 3(d)(iv) of the Disclosure Schedule sets forth the capitalization of the Company on a fully diluted basis immediately prior to the Closing in summary form. Except for (A) the conversion privileges of the Note to be issued under this Agreement, and (B) the securities and rights described in <u>Section 3(d)(ii)-(iii)</u> of this Agreement and Schedule 3(d)(iv) of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock or Preferred Stock, or any securities convertible into or exchangeable for shares of Common Stock or Preferred Stock. Except as set forth in the Restated Certificate, the Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Governmental Consents</u>**. Assuming the accuracy of the representations made by the Purchaser in <u>Section 4</u> of this Agreement, all consents, approvals, orders or authorizations of, or registrations, qualifications, designations, declarations or filings with, any governmental authority required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement and the issuance of the Note has been obtained, except for filings pursuant to applicable state securities laws and Regulation D of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Litigation</u>**. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Company's knowledge, currently threatened (i) against the Company or any officer, director or key employee of the Company arising out of their employment or board relationship with the Company; (ii) that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (iii) to the Company's knowledge, that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company's knowledge, any of its officers, directors or key employees is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers, directors or key employees, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company's employees, their services provided in connection with the Company's business, any information or techniques allegedly proprietary to any of their former employers or their obligations under any agreements with prior employers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Compliance with Laws and Permits</u>**. The Company is not in violation or default in any material respect of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof. The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Compliance with Other Instruments</u>**. The Company is not in violation or default (A) of any provision of its Restated Certificate or bylaws, of (B) any provision of any material mortgage, indenture or contract to which it is a party or by which it is bound or (C) of any material judgment, decree, order or writ. The execution, delivery and performance of this Agreement and the issuance of the Note hereunder will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has obtained valid waivers of any rights (including any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights) of other parties to purchase any of the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Disqualification</u>.** The Company has exercised reasonable care to determine whether any Company Covered Person (as defined below) is subject to any of the "bad actor" disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Securities Act ("<u>Disqualification Events</u>"). To the Company's knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Act. For purposes of this Agreement, "<u>Company Covered Persons</u>" are those persons specified in Rule 506(d)(1) under the Act; <u>provided</u>, <u>however</u>, that Company Covered Persons do not include (i) Purchaser, or (ii) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Offering</u>**. Assuming the accuracy of the representations and warranties of Purchaser contained in <u>Section 4</u> below, the offer, issue and sale of the Securities is exempt from the registration and prospectus delivery requirements of the Securities Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws. Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of the Note to any person or persons so as to bring the sale of such Note by the Company within the registration provisions of the Securities Act or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Use of Proceeds</u>**. The Company shall use the proceeds of the Note solely for Permitted Uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Financial Statements</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has delivered to Purchaser its audited financial statements as of December 31, 2021 and 2020 and for the fiscal year ended December 31, 2021 and 2020 and its unaudited financial statements (including balance sheet, income statement and statement of cash flows) as of December 31, 2022 (the "<u>Balance Sheet Date</u>") and for the 12-month period ended on the Balance Sheet Date (collectively, the "<u>Financial Statements</u>"). The Financial Statements have been prepared in accordance with generally accepted accounting principles ("<u>GAAP</u>") applied on a consistent basis throughout the periods indicated, except that the unaudited Financial Statements may be subject to normal and recurring year end adjustments and may not contain all footnotes required by GAAP. The Financial Statements fairly present in all material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth in the Financial Statements, the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to the Balance Sheet Date; (ii) obligations under contracts and commitments incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under GAAP to be reflected in the Financial Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is not a guarantor or indemnitor of any indebtedness of any individual, corporation, partnership, trust, limited liability company, association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The property and assets that the Company owns are free and clear of all mortgages, security interests, pledges, deeds of trust, liens, and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not materially impair the Company's ownership or use of such property or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>Tax Returns and Payments</u>**. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable federal, state, local or foreign governmental agency. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year. For U.S. federal (and applicable state and local) income tax purposes, the Company is, and at all times since its formation has been, properly classified and treated as a C corporation, and no person has taken any other action to the contrary (including by filing an IRS Form 8832). The Company is not now and has never been a "United States real property holding corporation" as defined in the Code and any applicable regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **<u>Intellectual Property</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company owns or possesses or can acquire on commercially reasonable terms sufficient legal rights to all Company Intellectual Property without any known conflict with, or known infringement of, the rights of others, including prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past. The Company has not received any communications alleging that the Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No product or service marketed or sold (or to the Knowledge of the Company, proposed to be marketed or sold) by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company has obtained and possesses, to the Company's knowledge, valid licenses to use all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each employee and consultant has assigned to the Company all intellectual property rights he or she owns that are related to the Company's business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with the Company that (A) relate, at the time of conception, reduction to practice, development, or making of such intellectual property right, to the Company's business as then conducted or as then proposed to be conducted, (B) were developed on any amount of the Company's time or with the use of any of the Company's equipment, supplies, facilities or information or (C) resulted from the performance of services for the Company. It will not be necessary to use any inventions of any of its employees or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, including prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No government funding, facilities of a university, college, other educational institution or research center, or funding from third parties was used in the development of any Company Intellectual Property. No Person who was involved in, or who contributed to, the creation or development of any Company Intellectual Property, has performed services for the government, university, college, or other educational institution or research center in a manner that would affect Company's rights in the Company Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **<u>Affiliate Transactions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than (i) standard employee benefits generally made available to all employees and standard employment contracts made available to Purchaser prior to the date hereof, and (ii) the Transaction Agreements to be entered into on or prior to the Closing, there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or key employees, or any Affiliate (as defined below) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business or employee relocation expenses and for other customary employee benefits made generally available to all employees. None of the Company's directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing are, directly or indirectly, indebted to the Company or, to the Company's knowledge, have any (i) material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Company's customers, suppliers, service providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes with the Company except that directors, officers, employees or stockholders of the Company may own shares in (but not exceeding five percent (5%) of the outstanding share capital of) publicly traded companies that may compete with the Company; or (iii) financial interest in any material contract with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **<u>Foreign Corrupt Practices Act</u>**. Neither the Company nor any of its directors or officers, nor, to the Company's knowledge, any of its employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of value to or for the benefit of any "foreign official" (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "<u>FCPA</u>")), foreign political party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official act or decision of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority, or (iii) securing any improper advantage, in the case of (i), (ii) and (iii) above in order to assist the Company or any of its affiliates in obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor any of its directors. or officers, nor, to the Company's knowledge, any of its employees or agents have made or authorized any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. The Company further represents that it has maintained, and has caused each of its subsidiaries and affiliates to maintain, systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) and written policies intended to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law, and intended to ensure that all books and records of the Company accurately and fairly reflect, in reasonable detail, all transactions and dispositions of funds and assets. Neither the Company nor, to the Company's knowledge, any of its officers, directors or employees are the subject of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA or any other anti-corruption law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **<u>Preclinical Development and Clinical Trials</u>**. The studies, tests, preclinical development and clinical trials, if any, conducted by or on behalf of the Company are being conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company and all applicable laws and regulations, including the Federal Food, Drug, and Cosmetic Act and 21 C.F.R. parts 50, 54, 56, 58, 312, and 812. The descriptions of, protocols for, and data and other results of, the studies, tests, development and trials conducted by or on behalf of the Company that have been furnished or made available to the Purchasers are accurate and complete. The Company is not aware of any studies, tests, development or trials the results of which reasonably call into question the results of the studies, tests, development and trials conducted by or on behalf of the Company, and the Company has not received any notices or correspondence from the U.S. Food and Drug Administration ("<u>FDA</u>") or any other governmental entity or any institutional review board or comparable authority requiring the termination, suspension or material modification of any studies, tests, preclinical development or clinical trials conducted by or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **<u>FDA Approvals</u>**. The Company possesses all permits, licenses, registrations, certificates, authorizations, orders and approvals from the appropriate federal, state or foreign regulatory authorities necessary to conduct its business, including all such permits, licenses, registrations, certificates, authorizations, orders and approvals required by the FDA or any other federal, state or foreign agencies or bodies engaged in the regulation of drugs, pharmaceuticals, medical devices or biohazardous materials. The Company has not received any notice of proceedings relating to the suspension, modification, revocation or cancellation of any such permit, license, registration, certificate, authorization, order or approval. Neither the Company nor, to the Company's knowledge, any officer, employee or agent of the Company has been convicted of any crime or engaged in any conduct that has previously caused or would reasonably be expected to result in (A) disqualification or debarment by the FDA under 21 U.S.C. Sections 335(a) or (b), or any similar law, rule or regulation of any other governmental entities, (B) debarment, suspension, or exclusion under any federal healthcare programs or by the General Services Administration, or (C) exclusion under 42 U.S.C. Section 1320a-7 or any similar law, rule or regulation of any governmental entities. Neither the Company nor any of its officers nor , to the Company's knowledge, any of its employees, contractors or agents is the subject of any pending or threatened investigation by FDA pursuant to its "Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities" policy as stated at 56 Fed. Reg. 46191 (September 10, 1991) (the "<u>FDA Application Integrity Policy</u>") and any amendments thereto, or by any other similar governmental entity pursuant to any similar policy. Neither the Company nor any of its officers nor, to the Company's knowledge, any of its employees, contractors, and agents has committed any act, made any statement or failed to make any statement that would reasonably be expected to provide a basis for FDA to invoke the FDA Application Integrity Policy or for any similar governmental entity to invoke a similar policy. Neither the Company nor any of its officers nor, to the Company's knowledge, any of its employees, contractors, or agents has made any materially false statements on, or material omissions from, any notifications, applications, approvals, reports and other submissions to FDA or any similar governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **<u>FDA Regulation</u>**. The Company is and has been in compliance with all applicable laws administered or issued by the FDA or any similar governmental entity, including the Federal Food, Drug, and Cosmetic Act and all other laws regarding developing, testing, manufacturing, marketing, distributing or promoting the products of the Company, or complaint handling or adverse event reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **<u>Reliance</u>**. Seller acknowledges and agrees that Seller is not relying and has not relied on any representations or warranties of Purchaser whatsoever regarding the subject matter of this Agreement, express or implied, except for the representations and warranties set forth in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Representations and Warranties of the Purchaser</u>.** Purchaser hereby represents and warrants to the Company, which representations and warranties are made as of the date of the Closing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Authorization</u>.** Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which Purchaser is a party, when executed and delivered by such Purchaser, will constitute a valid and legally binding obligation of Purchaser, enforceable in accordance with its terms, except as limited by Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Purchase Entirely for Own Account</u>.** This Agreement is made with Purchaser in reliance upon such Purchaser's representation to the Company, which by Purchaser's execution of this Agreement, Purchaser hereby confirms, that the Securities to be acquired by Purchaser will be acquired for investment for Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, Purchaser further represents that Purchaser does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities. Purchaser either has not been formed for the specific purpose of acquiring the Securities, or each beneficial owner of equity securities of or equity interests in Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Disclosure of Information</u>.** Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Securities with the Company's management and has had an opportunity to review the Company's facilities. The foregoing, however, does not limit or modify the representations and warranties of the Company in <u>Section 3</u> of this Agreement or the right of the Purchaser to rely thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Ability to Bear Economic Risk</u>**. Purchaser acknowledges that investment in the Securities involves a high degree of risk, and represents that such Purchaser is able, without materially impairing Purchaser's financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of Purchaser's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Restricted Securities</u>.** Purchaser understands that the Securities have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of such Purchaser's representations as expressed herein. Purchaser understands that the Securities are "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, Purchaser must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Purchaser acknowledges that the Company has no obligation to register or qualify the Securities for resale. Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of Purchaser's control, and which the Company is under no obligation and may not be able to satisfy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>No Public Market</u>.** Purchaser understands that no public market now exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Legends</u>.** Purchaser understands that the Securities, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "THE SECURITIES REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any legend required by the securities laws of any state to the extent such laws are applicable to the Securities or any securities issued in respect thereof or exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Accredited Investor</u>.** Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>No "Bad Actor" Disqualification</u>**. Such Purchaser represents and warrants that neither (A) such Purchaser nor (B) any entity that controls such Purchaser or is under the control of, or under common control with, such Purchaser, is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed in writing in reasonable detail to the Company. Such Purchaser represents that such Purchaser has exercised reasonable care to determine the accuracy of the representation made by such Purchaser in this paragraph, and agrees to notify the Company if such Purchaser becomes aware of any fact that makes the representation given by such Purchaser hereunder inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>No General Solicitation</u>**. Neither Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Headquarters; Principal Executive Offices</u>**. For purposes of securities laws and filings thereunder, Purchaser's headquarters and principal executive offices are located at 1101 Marina Village Parkway, Suite 201, Alameda, California 94501.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Reliance</u>**. Purchaser acknowledges and agrees that Purchaser is not relying and has not relied on any representations or warranties of Seller whatsoever regarding the subject matter of this Agreement, express or implied, except for the representations and warranties set forth in Section 3 (as qualified by the Disclosure Schedules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Conditions of Purchaser's Obligations at Closing</u>.** The obligations of Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the applicable Closing, of each of the following conditions, unless otherwise waived by Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Representations and Warranties</u>.** The representations and warranties of the Company contained in <u>Section 3</u> shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Compliance Certificate</u>**. The CEO of the Company shall deliver to Purchaser at the Closing a certificate certifying that the condition specified in <u>Section 5(a)</u> has been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Qualifications</u>.** All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Subordination</u>**. The Company shall deliver to Purchaser the Subordination Agreement, duly executed by the Company and the holders of any Indebtedness of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Wire Instructions</u>**. The Company shall deliver to Purchaser the Company's wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Indemnification Agreement</u>**. The Company shall have executed and delivered the Indemnification Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Board of Directors</u>**. As of the Closing, the authorized size of the Board shall be seven (7), and the Board shall be comprised of Michael D. Bentley, Barbara Fisk, J. Milton Harris, James R. Hudson, Jr., Steve Ledger, Randall Moreadith and Noteholder Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Conditions of the Company's Obligations at Closing</u>.** The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Representations and Warranties</u>.** The representations and warranties of Purchaser contained in <u>Section 4</u> shall be true on and as of such Closing with the same effect as though such representations and warranties had been made on and as of such Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Qualifications</u>.** All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be obtained and effective as of such Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Delivery of IRS Form W-9</u>.** Purchaser shall have completed and delivered to the Company a validly executed IRS Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Subordination</u>**. Purchaser shall deliver to the Company the Subordination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Negative Covenants of the Company</u>.** The Company agrees that while the Note is outstanding, the Company shall not (and shall cause each of its subsidiaries not to) without the prior written consent of Purchaser (in addition to any other written consent or vote required to be obtained pursuant to the Restated Certificate as in effect from time to time):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than the Current Offering (as defined in the Note), create, incur, authorize the creation of, issue, or authorize the issuance of, any indebtedness for borrowed money (excluding customary trade payables, customary trade credit, and ordinary course corporate credit card arrangements), whether or not convertible into equity securities of the Company (collectively, "<u>Indebtedness</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) create, incur or grant any lien, pledge or security interest in the assets of the Company or its subsidiaries (including any pledge of the equity of any subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than the Current Offering, create, incur, authorize the creation of, issue, or authorize the issuance of, any additional convertible promissory notes, simple agreements for future equity (SAFEs) or other instruments convertible or exercisable into equity of the Company (excluding, for the avoidance of doubt, (i) options issued to employees under an existing incentive plan and (ii) Qualified Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than in a Qualified Merger, convey, sell, lease, transfer or otherwise dispose of (collectively, "<u>Transfer</u>"), or permit any of the subsidiaries to Transfer, all or any part of its business or property, except for Transfers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other than in a Qualified Merger, merge or consolidate, or permit any of the subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of the subsidiaries to acquire, all or substantially all of the capital stock or property of another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make or permit payment on any Indebtedness, except under the terms of the Subordination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) directly or indirectly enter into or permit to exist any material transaction with any Affiliate, except for (i) transactions that are in the ordinary course of the business upon fair and reasonable terms that are no less favorable to the Company than would be obtained in an arm's length transaction with a non-affiliated Person and (ii) compensation arrangements approved by a majority of the disinterested members of the Company's Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) directly or indirectly make any investment; or (ii) pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock; provided that (A) the Company may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof and (B) the Company may pay dividends solely in Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Conversion Stock</u>**. The Company shall, prior to the conversion of the Note into capital stock of the Company, reserve from its authorized but unissued shares of its capital stock for issuance and delivery upon the conversion of the Note, such number of shares of capital stock ("**Conversion Stock**"), and any shares of Common Stock, and, prior to the conversion of the Note, will take all steps necessary to amend its certificate of incorporation to provide sufficient authorized numbers of shares of Conversion Stock issuable upon the conversion of the Note (and shares of its Common Stock for issuance upon conversion of such Conversion Stock). All such shares shall be duly authorized, and when issued upon any such conversion, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights, except encumbrances or restrictions arising under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Purchaser Board Seat</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the Note is outstanding, Purchaser will be entitled to designate a nominee to serve as a director on the Board (the "<u>Noteholder Director</u>"), to participate as a director at all meetings of the Board and committees of the Board and to receive copies of all materials distributed to the Board and committees of the Board concurrently with distribution to other directors. Prior to such nominee joining the Board, the Company will (i) obtain standard director and officer insurance with a carrier in an amount satisfactory to the Board of Directors and (ii) enter into an indemnification agreement with the Purchaser's director nominee in form attached hereto as <u>Exhibit E</u> (the "<u>Indemnification Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as the Noteholder Director is serving on the Board of Directors, the Company shall not cease to maintain a directors and officer insurance policy. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of the Noteholder Director as in effect immediately before such transaction, whether such obligations are contained in the Company's Bylaws, the certificate of incorporation, or elsewhere, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company hereby acknowledges that the Noteholder Director nominated to may have certain rights to indemnification, advancement of expenses and/or insurance provided by Purchaser and certain of its Affiliates (collectively, the "<u>Purchaser Indemnitors</u>"). The Company hereby agrees (i) that it is the indemnitor of first resort (*i.e.*, its obligations to Noteholder Director are primary and any obligation of the Purchaser Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Noteholder Director are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by the Noteholder Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any the Noteholder Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and the Noteholder Director), without regard to any rights the Noteholder Director may have against the Purchaser Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Purchaser Indemnitors from any and all claims against the Purchaser Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Purchaser Indemnitors on behalf of any the Noteholder Director with respect to any claim for which the Noteholder Director has sought indemnification from the Company shall affect the foregoing and the Purchaser Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Noteholder Director against the Company. The Noteholder Director and the Purchaser Indemnitors are intended third-party beneficiaries of this <u>Section 9(c)</u> and shall have the right, power and authority to enforce the provisions of this <u>Section 9(c)</u> as though they were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Information and Inspection Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) on the date of Closing, the Initial Budget and (B) as soon as practicable, but in any event 30 days before the end of each fiscal year, a Budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as practicable, but in any event within 90 days after the end of each fiscal year of the Company (A) a balance sheet as of the end of such year, (B) statements of income and of cash flows for such year, and (C) a statement of stockholders' equity as of the end of such year, all such financial statements audited and certified by independent public accountants of regionally recognized standing selected by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as soon as practicable, but in any event within 45 days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders' equity as of the end of such fiscal quarter, all prepared in accordance with generally accepted accounting principles (except that such financial statements may (A) be subject to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with generally accepted accounting principles); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as Purchaser may from time to time reasonably request; <u>provided</u>, <u>however</u>, that the Company shall not be obligated under this <u>Section 10(a)</u> to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any holder of Indebtedness or securityholder of the Company receives information or reporting rights with respect to the Company and its subsidiaries that are in addition to or more favorable than the information rights of Purchaser contained herein, then the Company agrees that any such additional and/or more favorable information or reporting rights shall also be granted to Purchaser, and all such information or reporting shall be delivered to the Purchaser contemporaneously with delivery to such other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall permit Purchaser to visit and inspect the Company's properties; examine its books of account and records; and discuss the Company's affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by Purchaser; <u>provided</u>, <u>however</u>, that the Company shall not be obligated pursuant to this <u>Section 10(d)</u> to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall give prompt written notice to Acquiror of (i) any breach of any representation or warranty of the Company contained in this Agreement or any other Transaction Agreement, (ii) the occurrence of any change, condition or event that has had or is reasonably likely to have a Material Adverse Effect, (iii) any failure of the Company or any other Affiliate of the Company to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder or (iv) any Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Good Faith Efforts</u>**. Each party shall work in good faith expeditiously towards negotiating the terms of, and executing and delivering such documents relating to, and taking such action necessary to effectuate the Qualified Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Participation Rights</u>**. Purchaser shall have a pro rata right (but not an obligation), based on such Purchaser's percentage ownership in the Company (assuming the conversion of all outstanding convertible notes held by such Purchaser at a price per share equal to the Capped Price (or Conversion Price if the Discount Price is known)) to participate in subsequent issuances of New Securities, including but not limited to in connection with a Qualified Financing or Non-Qualified Financing. The Company shall give notice (the "<u>Offer Notice</u>") to Purchaser, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. By notification to the Company within 20 days after the Offer Notice is given, Purchaser may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by Purchaser (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Note in the manner described above) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and any other securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants). The closing of any sale of New Securities pursuant to the Offer Notice shall occur within 90 days of the date that the Offer Notice is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Finder's Fee</u>.** The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder's fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Permitted Uses</u>**. The Company shall use all cash proceeds from the sale of the Note solely for the purpose of the Company's research and development work (including through third-party contractors), professional and administrative expenses, and for general working capital only (in accordance with a Budget) ("<u>Permitted Uses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Governing Law</u>.** This Agreement, and all matters arising directly and indirectly herefrom ("<u>Covered Matters</u>"), shall be governed in all respects by the laws of the State of Delaware as such laws are applied to agreements between parties in the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). Each of the parties hereto irrevocably submits to the personal jurisdiction and venue of the Chancery Court of Delaware, or if such court is unavailable, the United States District Court for Delaware, and any appellate courts from any thereof for the purpose of any suit, action, proceeding or judgment relating to or arising out of the Covered Matters. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each party agrees that service of process upon such party in any such claim, action, or proceeding shall be effective if notice is given in accordance with the provisions of this Agreement. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, ACTION, OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 15(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Entire Agreement</u>.** This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto are expressly canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Amendments and Waivers</u>.** Any term of this Agreement may be amended or waived only with the written consent of the Company and the Purchaser and the Debt Financing Source. Any amendment or waiver effected in accordance with this <u>Section 15‎(c)</u> shall be binding upon Purchaser and each transferee of the Securities, each future holder of all such Securities, and the Company; provided that no such waiver in any one instance shall be construed to be a continuing waiver or a waiver in any other instance unless it expressly so provides. No delay or omission on the part of any party hereto in exercising any right under this Agreement shall operate as a waiver of such right or of any other right of such party, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Successors and Assigns</u>.** Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may not assign any of its rights and obligations under this Agreement. Purchaser may not assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company; <u>provided</u>, that no such consent of the Company shall be required for any assignment to Purchaser's Affiliates or the Debt Financing Source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Notices</u>.** All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or e mail, upon written confirmation of receipt by facsimile, e mail or otherwise, (b) on the first business day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth on the signature page, or pursuant to such other instructions as may be designated in writing by the party to receive such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Severability</u>.** If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Construction</u>.** This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Specific Performance</u>**. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Tax Matters</u>**. The parties hereto agree (i) that, for U.S. federal (and applicable state and local) income tax purposes, the Note is intended to be treated as stock that is not "preferred stock" for purposes of Sections 304, 305, 306, 354, 368 and 1036 of the Code and the conversion of the Note is intended to be treated as a tax-free reorganization within the meaning of Section 368(a)(1)(E) of the Code (collectively, the "<u>Tax Treatment</u>") and (ii) to adhere to the Tax Treatment for U.S. federal income tax purposes and not to file any tax return or take any action inconsistent with the foregoing, except as otherwise required by a determination within the meaning of Section 1313 of the Code. The Company will use its reasonable best efforts to avoid becoming a tax resident in any jurisdiction other than the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Interpretation</u>**. When a reference is made in this Agreement to a Section, Article, Exhibit or Schedule such reference shall be to a Section, Article, Exhibit or Schedule of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement or in any Exhibit or Schedule are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word "including" and words of similar import when used in this Agreement will mean "including, without limitation," unless otherwise specified. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this Agreement. The term "or" is not exclusive. The word "will" shall be construed to have the same meaning and effect as the word "shall." References to days mean calendar days unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Debt Financing Source</u>**. The Debt Financing Source is an intended third-party beneficiaries of Sections 15(c) and (d) and shall have the right, power and authority to enforce the provisions of such Sections 15(c) and (d) as though they were a party to this Agreement.

*Remainder of page intentionally left blank; signature pages follow.*

 

 

The parties have executed this Convertible Note Purchase Agreement as of the date first written above.

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| | |
|:---|:---|
| **the company:** | **the company:** |
| Serina Therapeutics, Inc. | Serina Therapeutics, Inc. |
| By: | */s/ Randall A. Moreadith* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |
| Name: | Randall A. Moreadith |
| Title: | Chief Executive Officer and President |

---

---

| |
|:---|
| Address: |
| Email: |
| With a copy (which shall not constitute notice) to: |

---

**SIGNATURE PAGE TO CONVERTIBLE NOTE PURCHASE AGREEMENT**

The parties have executed this Convertible Note Purchase Agreement as of the date first written above.

---

| | |
|:---|:---|
| **The Purchaser:** | **The Purchaser:** |
| AgeX Therapeutics, Inc. | AgeX Therapeutics, Inc. |
| By: | */s/ Michael West* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |
| Name: | Michael West |
| Title: | Chief Executive Officer |
| Address: | Address: |
| Email: |  |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Email: |  |

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**SIGNATURE PAGE TO CONVERTIBLE NOTE PURCHASE AGREEMENT**

## Exhibit 10.4

**Exhibit 10.4**

**THE SECURITIES REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "*ACT*"), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT.**

**CONVERTIBLE PROMISSORY NOTE**

---

| | |
|:---|:---|
| $10000000 | Issuance Date: March 15, 2023 |
|  | Huntsville, Alabama |

---

For value received, Serina Therapeutics, Inc., an Alabama corporation (the "***Company***"), promises to pay to AgeX Therapeutics, Inc., a Delaware corporation (the "***Holder***"), the principal sum of $10,000,000. Interest shall accrue from the date of this Convertible Promissory Note (this "***Note***") on the unpaid principal amount at a simple interest rate equal to 7% per annum, computed on the basis of the 360-day year of twelve 30-day months. This Note is issued pursuant to that certain Convertible Note Purchase Agreement dated March 15, 2023 (the "***Purchase Agreement***"). The Company shall maintain a ledger of the amount of principal and interest due and payable or to become due and payable under this Note. Capitalized terms not otherwise defined herein have the meaning given to them in the Purchase Agreement. This Note is subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Maturity</u>.** Unless converted pursuant to <u>Section 2</u>, principal and any accrued but unpaid interest under this Note shall be due and payable upon demand of the Holder any time on or after the date (the "***Maturity Date***") that is 36 consecutive calendar months following the date of the Closing. Subject to <u>Section 2</u> below, interest shall accrue on this Note and shall be due and payable with each installment of principal. On or after the Maturity Date, upon the written demand of the Holder in its sole discretion, the entire principal sum of this Note, together with accrued and unpaid interest there on, shall be (a) paid in one lump sum payment within 5 business days following the Holder's demand or (b) converted into shares of the Company pursuant to <u>Section 2(f)</u> below. Notwithstanding the foregoing, the entire unpaid principal sum of this Note, together with accrued and unpaid interest thereon, shall become immediately due and payable upon any of the following (each, an "***Event of Default***"): (i) the commission of any act of bankruptcy by the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X), (ii) the execution by the Company of a general assignment for the benefit of creditors, (iii) the filing by or against the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) of a petition in bankruptcy or any petition for relief under the federal bankruptcy act (or, in each case, under any similar insolvency law) or the continuation of such petition without dismissal for a period of 60 calendar days or more, (iv) the appointment of a receiver or trustee to take possession of the property or assets of the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X), (v) failure of the Company to pay any amount due under the Note when due, which failure to pay is not cured by the Company within 5 business days of written notice thereof, (vi) unless waived by the Holder, the Company's material breach of any representation, warranty or covenant of the Company under the Transaction Agreements or Note, which breach, if curable, is not cured by the Company within 10 business days of written notice by the Holder thereof, (vii) the Company or any subsidiary shall default on any of its obligations under any Indebtedness which default causes the Indebtedness thereunder to (x) become prematurely due and payable, (y) be placed on demand or (z) become capable of being declared by or on behalf of a creditor thereunder to be prematurely due and payable or being placed on demand, in each case, as a result of such default or any provision having a similar effect (howsoever prescribed), (viii) any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their respective property or other assets for more than $250,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of 45 calendar days, and (ix) the Company experiences a Material Adverse Effect. Upon the occurrence of any Event of Default, in addition to all amounts hereunder becoming immediately due and payable, the Holder may pursue any available remedy, whether at law or in equity. Additionally, and subject to Section 6 below, upon the occurrence of any Event of Default, an interest rate of 10% per annum and computed on the basis of the 360-day year of twelve 30-day months, shall apply to all outstanding amounts until fully paid from the date they are declared due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Conversion</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Qualified Financing</u>.** Upon the Company's next sale of preferred stock, if on or before the Maturity Date, yielding gross proceeds to the Company of at least $25,000,000 (excluding conversion of the Note and any other convertible promissory notes or similar convertible securities) (the "***Requisite Conversion Proceeds***") in a single transaction or a series of related transactions for the purpose of raising capital (a "***Qualified Financing***"), all outstanding principal and accrued but unpaid interest under this Note (the "***Conversion Amount***") shall automatically convert into equity securities of the Company as set forth in <u>Section 2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Terms of Conversion Upon a Qualified Financing</u>.** If there is a Qualified Financing on or prior to the Maturity Date, then this Note shall automatically convert in the initial closing of the Qualified Financing (or, if the proceeds at the initial closing of such Qualified Financing are less than the Requisite Conversion Proceeds, at such closing wherein the aggregate proceeds raised (including all Qualified Financing closings then to date) are not less than the Requisite Conversion Proceeds) into (X) that number of Next Round Securities equal to the Conversion Amount divided by the Conversion Price. All fractional shares shall be deemed forfeited and the Holder shall receive cash consideration following application of the computations set forth in the immediately preceding sentence in consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Definitions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Capped Price***" means the price per share equal to the Valuation Cap divided by the Company Capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "***Company Capitalization***" means as of immediately prior to the Qualified Financing (or Sale Event), all issued and outstanding share capital of the Company on an as-converted and fully diluted basis, assuming exercise or conversion of all outstanding vested and unvested options, warrants and other convertible securities, including other convertible note instruments or SAFE's issued by the Company after the date hereof which are converting in such Qualified Financing, and including all common shares reserved and available for future grant under any equity incentive or similar plan of the Company, and/or any equity incentive or similar plan to be created or increased in connection with the Qualified Financing (or Sale Event), including this Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **"*Conversion Price*"** means the lower of (i) the Capped Price and (ii) the Discount Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"*Discount Price*"** means the Investors' Price multiplied by 80%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "***Investors' Price***" means the lowest price per share at which the shares of Next Round Securities are sold to cash investors in the Qualified Financing (which price per share shall be net of any fees (including broker or finder fees), discounts, commissions or similar reductions from the Company's gross proceeds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "***Next Round Securities***" means the series of preferred stock of the Company issued to the investors investing new money in the Company in connection with the initial closing of the Qualified Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "***Valuation Cap***" means $105,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Sale Event</u>**. If the Company consummates a Change of Control (as defined below) (a "***Sale Event***") while any Conversion Amount under this Note remains outstanding, then immediately prior to the consummation of such Sale Event the outstanding principal and any accrued but unpaid interest on this Note shall, at the option of the Holder, in its sole discretion, convert into either (A) cash in an amount equal to 100% of the outstanding principal amount of this Note plus the accrued but unpaid interest on this Note or (B) immediately prior to the closing of the Sale Event, convert into, or be deemed to convert into, the highest ranking shares of the Company then issued at a conversion price equal to the Liquidity Price. The Company shall give the Holder notice of a Sale Event not less than 21 calendar days prior to the anticipated date of consummation of the Sale Event. Any repayment pursuant to this paragraph in connection with a Sale Event shall be subject to any required tax withholdings, and may be made by the Company (or any party to such Sale Event or its agent) following the Sale Event in connection with payment procedures established in connection with such Sale Event. For purposes of this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Change of Control***" means a Deemed Liquidation Event as defined in the Company's Certificate of Incorporation as amended from time to time or the Company enters into a license agreement with an upfront payment of at least $25 million with a total license value equal to or in excess of the Valuation Cap; <u>provided</u> that a Qualified Merger (as defined in the Purchase Agreement) shall not be a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "***Liquidity Price***" means the lowest price per share at which the shares of Senior Round Securities are sold to cash investors (which price per share shall be net of any fees (including broker or finder fees), discounts, commissions or similar reductions from the Company's gross proceeds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "***Senior Round Securities***" means the most senior series of preferred stock of the Company issued to the investors investing at least $5,000,000 of new money in the Company in a single transaction or a series of related transactions for the purpose of raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Qualified Merger</u>**. In the event the Company consummates, on or before the Maturity Date, a Qualified Merger while any Conversion Amount under this Note remains outstanding, then upon the consummation of such Qualified Merger this Note shall remain outstanding and become an intercompany asset of the Holder, and the intercompany liability of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Optional Conversion at Non-Qualified Financing</u>**. In the event the Company consummates, on or before the Maturity Date, an equity financing pursuant to which it sells shares of Preferred Stock in a transaction that does not constitute a Qualified Financing (a "***Non-Qualified Financing***"), then the Holder shall have the option to treat such equity financing as a Qualified Financing on the same terms set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Conversion at or after Maturity</u>**. In the event that the Note remains outstanding on or after the Maturity Date and the Holder elects to convert the Note within 45 calendar days after the Maturity Date, the Note shall convert into the most senior shares of the Company at the time of the conversion at a conversion price equal to the Capped Price calculated as of such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Mechanics and Effect of Conversion</u>.** No fractional shares of the Company's capital stock will be issued upon conversion of this Note and any unconverted principal and interest shall be repaid in cash by the Company to the Holder promptly following conversion of this Note. Upon conversion of this Note pursuant to <u>Section 2</u> and without limitation of the terms thereof, the Holder shall surrender this Note, duly endorsed, to the Company for cancellation, and subject to the terms of the Transaction Agreements, shall deliver to the Company any other documentation reasonably required by the Company in connection with such conversion. At its expense, the Company will, as soon as practicable thereafter, issue and deliver to such Holder a notice of issuance for the shares to which such Holder is entitled upon such conversion, together with any other securities and property to which the Holder is entitled upon such conversion under the terms of this Note. The Company shall not be required to issue or deliver the capital stock or other property into which this Note may convert until the Holder has surrendered this Note to the Company and delivered to the Company such documentation. Upon conversion of this Note in accordance with the terms hereof, the Company will be forever released from all of its obligations and liabilities under this Note with regard to that portion of the principal amount and accrued interest being converted including without limitation the obligation to pay such portion of the principal amount and accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Payment</u>.** All payments shall be made in lawful money of the United States of America in immediately available funds at such place as the Holder hereof may from time to time designate in writing to the Company. Payment shall be credited first to the accrued interest then due and payable and the remainder shall be applied to principal. The Company may prepay this Note (all or part) only upon the first to occur of (i) a Sale Event, but only after the Holder has received the notice required in Section 2(d) and the Holder has not elected to convert this Note in accordance with Section 2(d) and (ii) any time after the Maturity Date if the Holder has not, within 45 calendar days after the Maturity Date, demanded payment in full of this Note or exercised its rights to convert this Note under Section 2(g). Absent a change in law after the date hereof, the Company shall not deduct or withhold any taxes from or in respect of any payment or other amount required to be issued or otherwise delivered to the Holder hereunder provided the Holder has delivered an IRS Form W-9 to Company on or before the date of such payment, issuance or delivery (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Not Stockholders</u>.** Until the conversion of this Note, the Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Interest Rate Limitation</u>.** Notwithstanding anything to the contrary contained in this Note or the other Transaction Agreements, the interest paid or agreed to be paid under the Transaction Agreements shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "***Maximum Rate***"). If the Holder shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal remaining owed under this Note or, if it exceeds such unpaid principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Holder exceeds the Maximum Rate, the Holder may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Most Favored Nation</u>**. If the Company issues any convertible notes or similar instruments that have rights, preferences or privileges that are more favorable than the terms of the Note, the Company shall provide equivalent rights to the Holder with respect to the Note (with appropriate adjustment for economic terms or other contractual rights acceptable to the Holder). Notwithstanding anything in this Note to the contrary, the Holder agrees the immediately preceding sentence shall not apply to the Company's current offering of convertible notes issued on the same terms as the form of note attached to the Purchase Agreement as <u>Exhibit F</u>, which offering will terminate on the earlier of (i) the receipt of a total of $5,000,000 for all the convertible notes issued in connection with the offering, (ii) February 28, 2023, and (iii) the termination of the offering by the Company (collectively, the "***Current Offering***"), ..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Loss of Note</u>.** Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity reasonably satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), the Company will, without charge, make and deliver in lieu of such Note a new Note of like tenor and dated as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Issuance of Valid eNote</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Transferable Record</u>.** The Company has signed this electronically created Note using an Electronic Signature. By doing this, the Company is indicating that the Company agrees to the terms of this Note. This Note may be Authenticated, Stored and Transmitted by Electronic Means (as defined below), and will be valid for all legal purposes, as set forth in the Uniform Electronic Transactions Act, as enacted in Alabama ("***UETA***"), the Electronic Signatures in Global and National Commerce Act ("***E-SIGN***"), or both, as applicable. In addition, this Note will be an effective, enforceable and valid Transferable Record (as defined below) and may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by the Transferable Records sections of UETA or E-SIGN. The following terms and phrases are defined as follows: (i) "***Authenticated, Stored and Transmitted by Electronic Means***" means that this Note will be identified as the Note that the Company signed, saved, and sent using electrical, digital, wireless, or similar technology; (ii) "***Electronic Record***" means a record created, generated, sent, communicated, received, or stored by electronic means; (iii) "***Electronic Signature***" means an electronic symbol or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign a record; (iv) "***Record***" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and (v) "***Transferable Record***" means an Electronic Record that: (A) would be a note under Article 3 of the Uniform Commercial Code if the Electronic Record were in writing and (B) the Company, as the issuer, has agreed is a Transferable Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Governing Law</u>**. This Note, and all matters arising directly and indirectly herefrom ("***Covered Matters***"), shall be governed in all respects by the laws of the State of Delaware as such laws are applied to agreements between parties in the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). Each of the parties hereto irrevocably submits to the personal jurisdiction and venue of the Chancery Court of Delaware, or if such court is unavailable, the United States District Court for Delaware, and any appellate courts from any thereof for the purpose of any suit, action, proceeding or judgment relating to or arising out of the Covered Matters. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Note. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each party agrees that service of process upon such party in any such claim, action, or proceeding shall be effective if notice is given in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Entire Agreement</u>.** This Note, together with the Purchase Agreement and the documents referred to therein (including any side letter), constitute the entire agreement and understanding between the Company and the Holder relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written between them relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Amendments; Waivers</u>.** Any term of this Note may be amended only with the written consent of the Company and the Holder. Any amendment or waiver effected in accordance with this <u>Section 10(c)</u> shall be binding upon the Company, each Holder and each transferee of any Note; <u>provided</u>, that no such waiver in any one instance shall be construed to be a continuing waiver or a waiver in any other instance unless it expressly so provides. No delay or omission on the part of the Holder in exercising any right under this Note shall operate as a waiver of such right or of any other right of the Holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Successors and Assigns</u>.** The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the Company and the Holder. Notwithstanding the foregoing, the Company may not assign, pledge, or otherwise transfer (each, a "***Transfer***") this Note without the prior written consent of the Holder, and the Holder may not Transfer this Note without the prior written consent of the Company; <u>provided</u>, that such consent shall not be unreasonably withheld, conditioned or delayed in connection with any Transfer to the Holder's Affiliates. Subject to the preceding sentence, this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed or accompanied by a duly executed written instrument of transfer in a form reasonably satisfactory to the Company. Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only to the registered holder of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Notices</u>.** All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or e mail, upon written confirmation of receipt by facsimile, e mail or otherwise, (b) on the first business day following the date of dispatch if delivered utilizing a next-day service by a nationally recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth on the signature page of the Purchase Agreement, or pursuant to such other instructions as may be designated in writing by the party to receive such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Counterparts</u>.** This Note may be executed in any number of counterparts, manually or electronically, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same instrument.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Company has executed this Convertible Promissory Note as of the date first set forth above.

---

| | |
|:---|:---|
| **the company:** | **the company:** |
| Serina Therapeutics, Inc. | Serina Therapeutics, Inc. |
| By: | /s/ Randall A. Moreadith |
|  | (Signature) |
| Name: | Randall A. Moreadith |
| Title: | Chief Executive Officer and President |

---

---

| | |
|:---|:---|
| AGREED TO AND ACCEPTED: | AGREED TO AND ACCEPTED: |
| **The holder:** | **The holder:** |
| AgeX Therapeutics, Inc. | AgeX Therapeutics, Inc. |
| By: | /s/ Michael West |
|  | (Signature) |
| Name: | Michael West |
| Title: | Chief Executive Officer |

---

## Exhibit 10.5

**Exhibit 10.5**

***Execution Version***

**SUBORDINATION AGREEMENT**

This Subordination Agreement (as amended, restated, supplemented or otherwise modified from time to time, this "**<u>Agreement</u>**") is made as of March 15, 2023, by and among **EACH PERSON OR ENTITY SIGNATORY HERETO AS AN "INVESTOR"** (each, an "**<u>Investor</u>**" and collectively, the "**<u>Investors</u>**") and **AGEX THERAPEUTICS** ("**<u>AgeX</u>**", or "**<u>Senior Creditor</u>**").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SERINA THERAPEUTICS, Inc., an Alabama corporation ("**<u>Borrower</u>**"), has requested and/or obtained certain loans or other credit accommodations from Senior Creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Investor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To induce Senior Creditor to extend credit to Borrower, including by the Senior Note Documents (as defined below) and, at any time or from time to time, at Senior Creditor's option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, each Investor is willing to subordinate: (i) all of Borrower's indebtedness and obligations related thereto owing to such Investor (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), plus any dividends and/or distributions or other payments pursuant to call, put, or conversion features in connection with equity securities of Borrower issued to or held by such Investor, whether presently existing or arising in the future (the "**<u>Subordinated Debt</u>**") to all of Borrower's indebtedness and obligations owing to Senior Creditor as set forth herein; and (ii) all of such Investor's security interests, if any, to all of Senior Creditor's rights of repayment with respect to the obligations owing to Senior Creditor.

**NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Investor hereby (a) acknowledges and consents to the entering into of that certain Note Purchase Agreement (as amended, supplemented, restated or otherwise modified prior to the execution thereof, the "**<u>NPA</u>**"), pursuant to which, among other things, the Borrower has agreed to issue and sell to AgeX and, subject to the terms and conditions set forth in the NPA, AgeX has agreed to purchase from the Borrower, its Convertible Promissory Note in the original principal amount as set forth therein (including any notes issued in substitution therefor or in replacement thereof, as the same may be amended, restated, supplemented or otherwise modified from time to time, the "**<u>AgeX Note</u>**") (the NPA and the AgeX Note may hereinafter be referred to collectively as the "**<u>Senior Note Documents</u>**"), (b) acknowledges and agrees that the Senior Debt (as defined below), and the entering into of the Senior Note Documents by Borrower and its subsidiaries shall be permitted under the provisions of the Subordinated Debt documents (notwithstanding any provision of the Subordinated Debt documents to the contrary), and (c) acknowledges, agrees and covenants that Investor shall not contest, challenge or dispute the validity, priority or enforceability of the Senior Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Investor hereby acknowledges and agrees that all Subordinated Debt is hereby subordinated in right of payment to all obligations of Borrower and its subsidiaries to Senior Creditor now existing or hereafter arising under the Senior Loan Documents (or any of them), together with all costs of collecting such obligations (including attorneys' fees) and all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding (such obligations, collectively, the "**<u>Senior Debt</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Investor agrees that it will not demand or receive from Borrower or its subsidiaries (and Borrower will not and will not allow its subsidiaries to pay to such Investor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will such Investor exercise any remedy with respect to any property of Borrower, nor will such Investor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Borrower, until such time as (a) the Senior Debt has been fully paid in cash or has been converted to stock in accordance with its terms), (b) Senior Creditor has no commitment or obligation to lend any further funds to Borrower or to purchase additional indebtedness issued by Borrower, and (c) all financing agreements between Senior Creditor and Borrower are terminated. Nothing in the foregoing paragraph shall prohibit any Investor from converting all or any part of the Subordinated Debt into equity securities of Borrower (including any conversion right in those equity securities to convert to the common stock the Borrower), provided that, if such securities have any call, put or other conversion features that would obligate Borrower to declare or pay dividends, make distributions, or otherwise pay any money to the holder, such Investor hereby agrees that Borrower may not declare, pay or make such dividends, distributions or other payments to such Investor, and such Investor shall not accept any such dividends, distributions or other payments except as may be permitted in all of the Senior Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Investor shall promptly deliver to Senior Creditor or its designee, in the form received (except for endorsement or assignment by such Investor where required by Senior Creditor) for application to the Senior Debt (including in accordance with a separate intercreditor agreement between Senior Creditor and one or more other lenders) any payment, distribution, security or proceeds received by such Investor with respect to the Subordinated Debt in violation of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of the insolvency of Borrower or any of its subsidiaries, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, including, without limitation, any voluntary or involuntary bankruptcy, insolvency, receivership or other similar statutory or common law proceeding or arrangement involving Borrower or any of its subsidiaries, the readjustment of its liabilities, any assignment for the benefit of its Investors or any marshalling of its assets or liabilities (each, an "**<u>Insolvency Proceeding</u>**"), (a) this Agreement shall remain in full force and effect in accordance with Section 510(a) of the United States Bankruptcy Code, and (b) Senior Creditor's claims against Borrower or any of its subsidiaries and the estate of Borrower and its subsidiaries shall be paid in full before any payment is made to any Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Each Investor shall give Senior Creditor prompt written notice of the occurrence of any default or event of default under any document, instrument or agreement evidencing or relating to the Subordinated Debt owing to such Investor, and shall, simultaneously with giving any notice of default to Borrower, provide Senior Creditor with a copy of any notice of default given to Borrower. Each Investor acknowledges and agrees that any default or event of default under the Subordinated Debt documents shall automatically and without any further notice be deemed to be a default and an event of default under the Senior Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Until the Senior Debt has been fully paid in cash or converted into stock in accordance with its terms and Senior Creditor's agreements to lend any funds to Borrower or purchase additional indebtedness of Borrower have been terminated, such Investor irrevocably appoints Senior Creditor as such Investor's attorney-in-fact, and grants to Senior Creditor a power of attorney with full power of substitution, in the name of such Investor or in the name of Senior Creditor, for the use and benefit of the Senior Creditor, without notice to any Investor, to perform at Senior Creditor's option the following acts in any Insolvency Proceeding involving Borrower or any of its subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To
 file the appropriate claim or claims in respect of the Subordinated Debt on behalf of such Investor if Investor does not do so prior
 to 30 days before the expiration of the time to file claims in such Insolvency Proceeding and if Senior Creditor elects, in its sole
 discretion, to file such claim or claims; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 accept or reject any plan of reorganization or arrangement on behalf of such Investor and to otherwise vote such Investor's
 claims in respect of any Subordinated Debt in any manner that such Senior Creditor deems appropriate for the enforcement of its rights
 hereunder.

In addition to and without limiting the foregoing until the Senior Debt has been fully paid in cash or converted into stock in accordance with its terms and Senior Creditor's agreements to lend any funds to Borrower or purchase additional indebtedness of Borrower have been terminated, each Investor hereby agrees that it shall not commence or join in any involuntary bankruptcy petition or similar judicial proceeding against Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each Investor represents and warrants that such Investor has provided Senior Creditor with true and correct copies of all of the documents evidencing or relating to the Subordinated Debt owing to such Investor. Each Investor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement. Each Investor represents and warrants to Senior Creditor that it has not accepted, and will not accept, any collateral in respect of the Subordinated Debt, the Subordinated Debt owing to it is and shall remain unsecured, and that such Investor has not, and has not authorized the filing of, any financing statements against Borrower or any of its subsidiaries, nor will such Investor file, or authorize the filing of, any financing statements against Borrower or any of its subsidiaries. Likewise, the Senior Creditor agrees that it has not accepted, and will not accept, any collateral in respect of the Senior Debt, the Senior Debt owing to it is and shall remain unsecured, and that the Senior Creditor has not, and has not authorized the filing of, any financing statements against Borrower or any of its subsidiaries, nor will the Senior Creditor file, or authorize the filing of, any financing statements against Borrower or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. No amendment of the documents evidencing or relating to the Subordinated Debt shall be made without Senior Creditor's expressed written consent. Senior Creditor shall have the sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of property of Borrower and its subsidiaries except in accordance with the terms of the Senior Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Each Investor hereby represents and warrants to Senior Creditor that all necessary action on the part of such Investor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of such Investor hereunder has been taken. Each Investor hereby represents and warrants to Senior Creditor that this Agreement constitutes the legal, valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms. Each Investor hereby represents and warrants to Senior Creditor that the execution, delivery and performance of and compliance with this Agreement by such Investor will not (a) result in any material violation or default of any term of any of such Investor's charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating agreement, etc.), as applicable or (b) violate any material applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. If, at any time after payment in full of the Senior Debt, any payments of the Senior Debt must be disgorged by Senior Creditor for any reason (including, without limitation, any Insolvency Proceeding), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Investor shall immediately pay over to Senior Creditor all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to any Investor, Senior Creditor may take such actions with respect to the Senior Debt as Senior Creditor, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting such Senior Debt, and enforcing or failing to enforce any rights against Borrower or any other person. Investor waives the benefits, if any, of any statutory or common law rule that may permit a subordinating Investor to assert any defenses of a surety or guarantor, or that may give the subordinating Investor the right to require a senior lender to marshal assets, and each Investor agrees that it shall not assert any such defenses or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall bind any successors or assignees of each Investor and shall benefit any successors or assigns of Senior Creditor, provided, however, each Investor agrees that, prior and as conditions precedent to such Investor assigning all or any portion of the Subordinated Debt: (a) such Investor shall give Senior Creditor prior written notice of such assignment, and (b) such successor or assignee, as applicable, shall execute a written agreement whereby such successor or assignee expressly agrees to assume and be bound by all terms and conditions of this Agreement with respect to such Investor. This Agreement shall remain effective until terminated in writing by Senior Creditor, which Senior Creditor agrees to do no later than five business days after that date the Senior Debt has been fully paid in cash or converted into stock in accordance with its terms and Senior Creditor's agreements to lend any funds to Borrower or purchase additional indebtedness of Borrower have been terminated. This Agreement is solely for the benefit of the Investors and Senior Creditor and not for the benefit of Borrower or any other party. Each Investor further agrees that if Borrower is in the process of refinancing any portion of the Senior Debt with a new lender, and if Senior Creditor or the Borrower makes a request of such Investor, such Investor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Each Investor hereby agrees to execute such documents and/or take such further action as Senior Creditor may at any time or times reasonably request in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by Senior Creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Each party hereto may execute this Agreement by electronic means and recognizes and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. This Agreement, and all matters arising directly and indirectly herefrom ("**<u>Covered Matters</u>**"), shall be governed in all respects by the laws of the State of Delaware as such laws are applied to agreements between parties in the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). Each of the parties hereto irrevocably submits to the personal jurisdiction and venue of the Chancery Court of Delaware, or if such court is unavailable, the United States District Court for Delaware, and any appellate courts from any thereof for the purpose of any suit, action, proceeding or judgment relating to or arising out of the Covered Matters. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each party agrees that service of process upon such party in any such claim, action, or proceeding shall be effective if notice is given in accordance with the provisions of this Agreement. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, ACTION, OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. Each Investor acknowledges and agrees and represents that it is not relying on any representations by Senior Creditor or Borrower in entering into this Agreement, and such Investor has kept and will continue to keep itself fully apprised of the financial and other condition of Borrower. This Agreement may be amended only by written instrument signed by each Investor and Senior Creditor

[Signature page follows.]

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| **MORGAN NAGROM, LLC**, | **MORGAN NAGROM, LLC**, |
| a Washington limited liability company | a Washington limited liability company |
| By: | /s/ John M. Chenault |
|  | John M. Chenault, as manager |
| Address: | Address: |
| Email: | Email: |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ Loyd H. Little, JR |
|  | (Signature) |
| Name: | Loyd H. Little, JR |
| Title: | Investor |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ Margaret P. Little |
|  | (Signature) |
| Name: | Margaret P. Little |
| Title: | Investor |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ Helen McMillian |
|  | (Signature) |
| Name: | Helen McMillian |
| Title: |  |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ John Joseph Vallely |
|  | (Signature) |
| Name: | John Joseph Vallely |
| Title: |  |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ Francesco Veronese |
|  | (Signature) |
| Name: | Francesco Veronese |
| Title: | Mr. |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>INVESTOR</u>:** | **<u>INVESTOR</u>:** |
| By: | /s/ Dr. Michael D. Yates; /s/ Karen W. Yates |
|  | (Signature) |
| Name: | Dr. Michael D. Yates and Karen W. Yates (JTWROS) |
| Title: |  |
| Address: |  |
| Email: |  |
| With a copy (which shall not constitute notice) | With a copy (which shall not constitute notice) |
| to: | to: |

---

---

| | |
|:---|:---|
| "**SENIOR CREDITOR**" | "**SENIOR CREDITOR**" |
| AgeX Therapeutics, Inc. | AgeX Therapeutics, Inc. |
| By: | /s/ Michael West |
|  | (Signature) |
| Name: | Michael West |
| Title: | Chief Executive Officer |
| Address: | Address: |
| Email: | Email: |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Email: | Email: |

---

The undersigned approves of the terms of this Agreement.

---

| | |
|:---|:---|
| **the BORROWER:** | **the BORROWER:** |
| Serina Therapeutics, Inc. | Serina Therapeutics, Inc. |
| By: | /s/ Randall Moreadith |
|  | Randall Moreadith, as its Chief Executive Officer and President |
| Address: |  |
| Email: |  |

---

## Exhibit 10.6

**Exhibit 10.6**

 

**THIRD AMENDMENT** 

**TO**

**SECURED CONVERTIBLE FACILITY AGREEMENT**

This Third Amendment to Secured Convertible Facility Agreement (this "**Amendment**") by and between AgeX Therapeutics Inc., a Delaware corporation ("**Borrower**") and Juvenescence Limited, a company incorporated in the Isle of Man with company number 018008V and its registered office at 1st Floor Viking House, St Pauls Square, Ramsey, Isle of Man, IM8 1GB ("**Lender**") is effective as of March 10, 2023 ("**Effective Date**").

WHEREAS, Borrower and Lender, entered into a Secured Convertible Facility Agreement, dated March 30, 2020, as amended by the First Amendment to the Secured Convertible Facility Agreement, dated July 21, 2020 and the Second Amendment to the Secured Convertible Facility Agreement, dated November 12, 2020 (collectively, the "**Loan Agreement**");

WHEREAS, the Borrower and Lender wish to amend the Loan Agreement in order to extend the Repayment Date as set forth herein, and enter into this Amendment to so reflect.

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms used and not defined in this Amendment shall have the respective meanings given them in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Loan Agreement</u>. Effective as of the date of this Amendment, the definition of Repayment Date is hereby amended and restated in its entirety to read as follows:

"'**Repayment Date**' means the day falling on the fourth anniversary of the date of this Agreement, unless repaid earlier, or, if such day is not a Business Day, the next Business Day;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Effect; Reaffirmation</u>. The Borrower hereby (i) acknowledges and reaffirms its obligations as set forth in each Facility Document and (ii) agrees to continue to comply with, and be subject to, all of the terms, provisions, conditions, covenants, agreements and obligations applicable to them set forth in each Facility Document, which remain in full force and effect (in the case of the Loan Agreement, as amended by Section 2 hereto). The amendment contained herein shall not be construed as a waiver or amendment of any other provision of the Loan Agreement or the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Facility Document</u>. This Amendment shall constitute a "Facility Document" for all purposes under the Loan Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Successors and Assigns</u>. This Amendment shall inure to the benefit of and be binding upon the Borrower and Lender and the Guarantors, and each of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Counterparts</u>. This Amendment may be executed in any number of counterparts, all of which shall constitute one and the same agreement, and any party hereto may execute this Amendment by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Borrower</u>:** | **<u>Borrower</u>:** | **<u>Lender</u>:** | **<u>Lender</u>:** |
| **AgeX Therapeutics Inc., a Delaware corporation** | **AgeX Therapeutics Inc., a Delaware corporation** | **Juvenescence Limited, an Isle of Man company** | **Juvenescence Limited, an Isle of Man company** |
| By: | ***/s/ Michael West*** | **By:** | */s/ Denham Eke* |
|  | Michael West, CEO |  | **Denham Eke, Director** |
| **By:** | */s/ Andrea Park* |  |  |
|  | Andrea Park, CFO |  |  |

---

*Signature Page*