Document:

Exhibit
4.3

THIS
WARRANT, AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO
OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT
AGREEMENT

To
Purchase Units of

CENTURY
THERAPEUTICS, LLC

Dated
as of September 14, 2020 (the “Effective Date”)

WHEREAS,
CENTURY THERAPEUTICS, LLC, a Delaware limited liability company, has entered into a Loan and Security Agreement of even date herewith
(as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) with Hercules
Capital, Inc., a Maryland corporation, in its capacity as administrative and collateral agent, (the “Agent”)
and the other lender parties thereto; and

WHEREAS,
the Company (as defined below) grants to Hercules Technology Management Co II, Inc., a Delaware corporation (the “Warrantholder”)
in consideration for, among other things, the financial accommodations provided for in the Loan Agreement, the right to purchase
Units (as defined below) pursuant to this Warrant Agreement (as amended, restated, supplemented or otherwise modified from time
to time, this “Agreement”);

NOW,
THEREFORE, in consideration of the Agent and the lenders party thereto executing and delivering the Loan Agreement and providing
the financial accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein,
the Company and the Warrantholder agree as follows:

		SECTION 1.	     GRANT OF THE RIGHT TO PURCHASE UNITS.

For
value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject
to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, an aggregate number of Units equal to
the quotient derived by dividing (a) the Warrant Coverage (as defined below) by (b) the Exercise Price (as defined below). The
Exercise Price of such Units is subject to adjustment as provided in Section 8. As of the Effective Date, the Warrantholder is
entitled to subscribe for and purchase the number of Units set forth on Schedule A. Schedule A shall be automatically updated
as of each Advance Date (as defined in the Loan Agreement) by Warrantholder and such update shall be deemed to be correct absent
manifest error.

As
used herein, the following terms shall have the following meanings:

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“Business
Day” means any day other than Saturday, Sunday and any other day on which banking institutions in the State of California
are closed for business.

“Company”
means CENTURY THERAPEUTICS, LLC, a Delaware limited liability company, and any successor or surviving entity that assumes the
obligations of the Company under this Agreement pursuant to Section 8(a).

“Exercise
Price” means $5.55 per Unit, subject to adjustment pursuant to Section 8.

“Initial
Public Offering” means the initial underwritten public offering of the common equity of the Company (or any corporation
resulting from one or more reorganization transactions effected prior to such offering) pursuant to a registration statement under
the Securities Act, which registration statement has been declared effective by the Securities and Exchange Commission (the “SEC”).

“Merger
Event” means any of the following:

(a)           a
sale, lease, exclusive license or other transfer of all or substantially all assets of the Company to a non-Affiliated third-party;
or

(b)           any
merger or consolidation involving the Company in which the Company is not the surviving entity, or in which the Company’s
outstanding equity interests are otherwise converted into or exchanged for equity interests, other securities or property of another
entity other than any such merger or consolidation in which the equity securities of the Company immediately prior to such merger
or consolidation, continue to represent a majority of the voting power of the surviving entity (or, if the surviving entity is
a wholly owned subsidiary, its parent) immediately after such merger or consolidation (provided that, all Units issuable upon
exercise of warrants outstanding immediately prior to such consolidation or merger shall be deemed to be outstanding immediately
prior to such merger or consolidation and, if applicable, converted or exchanged in such merger or consolidation on the same terms
as the actual outstanding equity interests are converted or exchanged).

“Operating
Agreement” means that certain Amended and Restated Limited Liability Company Agreement of the Company, dated as of June
21, 2019, as amended, restated, supplemented or otherwise modified from time to time.

“Organizational
Documents” means the Company’s Certificate of Formation, Operating Agreement or other constitutional document,
as amended, restated, supplemented or otherwise modified from time to time.

“Purchase
Price” means, with respect to any exercise of this Agreement, an amount equal to the Exercise Price, as of the relevant
time multiplied by the number of Units requested to be exercised under this Agreement pursuant to such exercise.

“Securities
Act” means the Securities Act of 1933, as amended.

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“Units”
means the Units of the Company, and, to the extent provided in Sections 8(a) and 8(b), any other equity interests into
or for which such Units may be converted or exchanged.

“Warrant
Coverage” means an amount equal to 2.25% of the aggregate original principal amount of the Term Loan Advances (as defined
in the Loan Agreement) actually made to the Company pursuant to Section 2.2 of the Loan Agreement.

“Warrantholder”
has the meaning set forth in the preamble of this Agreement.

		SECTION 2.	    TERM OF THE AGREEMENT.

Except
as otherwise provided for herein, the term of this Agreement and the right to purchase Units as granted herein shall commence
on the Effective Date and shall be exercisable for a period ending on the tenth (10th) anniversary of the Effective Date.

		SECTION
                              3.	    EXERCISE
OF THE PURCHASE RIGHTS.

(a)          
Exercise. The purchase rights set forth in this Agreement
are exercisable by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term
set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto
as Exhibit I (the “Notice of Exercise”), duly completed and executed. Promptly upon receipt of the Notice
of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three
(3) Business Days thereafter, the Company shall issue to the Warrantholder a certificate for the number of Units purchased and
shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”)
indicating the number of Units which remain subject to future purchases, if any. If the applicable Units are not then certificated
by the Company, the Company will deliver to the Warrantholder such evidence of the issuance of such Units to Warrantholder as
required or permitted under the Operating Agreement or, if there be none, such evidence as the Warrantholder may reasonably request.

(b)           The Purchase Price may be paid at the Warrantholder’s election
either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant for Units to be exercised under this Agreement
and, if applicable, an amended Agreement representing the remaining number of units purchasable hereunder, as determined below
(“Net Issuance”). If the Warrantholder elects Net Issuance, the Company will issue Units in accordance with the following
formula:

X
= Y(A-B)

A

 

	Where:
	X=	the number of Units to be issued to the Warrantholder.

 

	 	Y =	 the number of Units requested
    to be exercised under this Agreement.

 

		A =	the
                                         current fair market value of one (1) Unit at the time of issuance of such Units.

 

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	 	B =	the Exercise Price.

For
purposes of the above calculation, current fair market value of Units shall mean with respect to each Unit:

(i)             if
the exercise is in connection with an Initial Public Offering, and if the Company’s registration statement relating to such
Initial Public Offering has been declared effective by the SEC, then the fair market value per unit shall be the product of (1)
initial “Price to Public” of the equity interests specified in the final prospectus with respect to the offering (the
 “Capital Stock”) and (2) the applicable conversion or exchange ratio of the Units for such Capital Stock, if
any;

(ii)            if
the exercise is after, and not in connection with an Initial Public Offering, and:

(A)             
if the Capital Stock is traded on a securities exchange, the fair
market value shall be the product of (x) the average last sale price of a share of Capital Stock reported for the five (5) trading
days ending three (3) days before the day the current fair market value of the securities is being determined and (y) the applicable
conversion or exchange ratio of Units for such Capital Stock, if any; or

(B)             
if the Capital Stock is traded or quoted over-the-counter, the
fair market value shall be the product of (x) the average of the closing bid and asked price quoted on the NASDAQ National Market
(or similar system) for such Capital Stock for the five (5) trading days ending three (3) days before the day the current fair
market value of the securities is being determined and (y) the applicable conversion or exchange ratio of Units for such Capital
Stock, if any;

(iii)           if
at any time the Units (or Capital Stock, if applicable) are not listed on any securities exchange or quoted in the NASDAQ National
Market (or similar system) or the over-the-counter market, the current fair market value of each Unit shall be the highest price
per unit which the Company could obtain from a willing buyer (not a current employee or manager) for a Unit sold by the Company,
from authorized but unissued Units, as determined in good faith by its Board of Managers, unless the Company shall become subject
to a Merger Event, in which case the fair market value of a Unit shall be deemed to be the per unit value received by each holder
of a Unit pursuant to such Merger Event.

Upon
partial exercise by either cash or Net Issuance, the Company shall promptly issue an amended Agreement representing the remaining
number of Units purchasable hereunder. Except for the number of Units, all other terms and conditions of such amended Agreement
shall be identical to those set forth herein, including, but not limited to the Effective Date hereof. 

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(c)           Exercise
Prior to Expiration. To the extent this Agreement is not previously exercised as to all Units subject hereto, and if the fair
market value of one Unit is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised
pursuant to Section 3(a) (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise,
the fair market value of one Unit upon such expiration shall be determined pursuant to Section 3(a). To the extent this
Agreement or any portion thereof is deemed automatically exercised pursuant to this Section 3(c). the Company agrees to
promptly notify the Warrantholder of the number of Units, if any, the Warrantholder is to receive by reason of such automatic
exercise.

		SECTION
                              4.	    RESERVATION
OF UNITS.

During
the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of its Units to provide
for the exercise of the rights to purchase Units as provided for herein.

		SECTION
                              5.	    NO
FRACTIONAL UNIT.

No
fractional unit shall be issued upon the exercise of this Agreement, but in lieu of such fractional units the Company shall make
a cash payment therefor upon the basis of the then fair market value of one Unit.

		SECTION
                              6.	   
NO RIGHTS AS MEMBER.

This
Agreement does not entitle the Warrantholder to any voting rights or other rights as a member of the Company prior to the exercise
of this Agreement. Upon exercise of this Agreement, the Company agrees that the Warrantholder shall be admitted as a Member (as
defined in the Operating Agreement) under the Operating Agreement with respect to the Units issued upon such exercise automatically
and without any further action by any person, and the Warrantholder and such Units shall, subject to the provisions of Section
12 below, thereupon be subject to and bound by the Operating Agreement. The Warrantholder shall, promptly upon the exercise
hereof, execute and deliver a counterpart signature page, joinder agreement, instrument of accession or similar instrument to
the Operating Agreement, in substantially the form attached hereto as Exhibit IV.

		SECTION 7.	    WARRANTHOLDER REGISTRY.

The
Company shall maintain a registry showing the name and address of the registered holder of this Agreement. The Warrantholder’s
initial address, for purposes of such registry, is set forth below the Warrantholder’s signature on this Agreement. The
Warrantholder may change such address by giving written notice of such changed address to the Company. 

		SECTION 8.	    ADJUSTMENT
                                         RIGHTS.    

The
Exercise Price and the number of Units purchasable hereunder are subject to adjustment, as follows:

(a)           Merger
Event. If at any time there shall be a Merger Event, then, as a part of such Merger Event, lawful provision shall be made
so that the Warrantholder shall receive,

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concurrently with
the closing of such Merger Event, the number of Units or other securities or property, if any, (collectively, “Reference
Property”) that the Warrantholder would have received in connection with such Merger Event if the Warrantholder had
exercised this Agreement immediately prior to the Merger Event pursuant to the Net Issuance provisions of this Warrant Agreement
without actually exercising such right.

(b)           Reclassification
of Units. Except for any Merger Event subject to Sections 8(a) and 8(f), if the Company at any time shall, by
combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase
rights under this Agreement exist into the same or a different number of securities of any other class or classes, this Agreement
shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of
such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to
such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly
apply to any successive combination, reclassification, exchange, subdivision or other change.

(c)           Subdivision or Combination of Units. If the Company at
any time shall combine or subdivide its Units, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased
and the number of Units issuable hereunder shall be proportionately increased, or (ii) in the case of a combination, the Exercise
Price shall be proportionately increased and the number of Units issuable hereunder shall be proportionately decreased.

(d)          
Dividends. If the Company at any time while this Agreement
is outstanding and unexpired shall:

(i)                
pay a dividend or distribution with respect to the Units payable
in Units, then the Exercise Price shall be adjusted, from and after the date of determination of holders entitled to receive such
dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date
of determination by a fraction (A) the numerator of which shall be the total number of Units outstanding immediately prior to
such dividend or distribution, and (B) the denominator of which shall be the total number of Units outstanding immediately after
such dividend or distribution; or

(ii)              
make any other distribution with respect to Units, except for
a distribution of cash upon the outstanding units of a class of equity interests made solely for the purpose of permitting the
holders thereof to satisfy their respective federal and state tax obligations in respect of the taxable income of the Company,
or any distribution specifically provided for in any other clause of this Section 8. then, in each such case, provision
shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Agreement a proportionate
share of any such distribution as though it were the holder of the Units as of the record date fixed for the determination of
the members of the Company entitled to receive such distribution.

(e)           Reserved.

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(f)            Notice of Adjustments. If: (i) the Company shall declare
any dividend or distribution upon its Units, whether in Units, cash, property or other securities; (ii) there shall be any Merger
Event; (iii) there shall be an Initial Public Offering; (iv) the Company shall sell, lease, license or otherwise transfer all
or substantially all of its assets; or (v) there shall be any reorganization, voluntary dissolution, liquidation or winding up
of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) at least thirty (30)
days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such
dividend, distribution, subscription rights (specifying the date on which the holders of Units shall be entitled thereto) or for
determining rights to vote in respect of such Merger Event, reorganization, dissolution, liquidation or winding up; (B) in the
case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets, reorganization, dissolution,
liquidation or winding up, at least thirty (30) days’ prior written notice of the date when the same shall take place (and
specifying the date on which the holders of Units shall be entitled to exchange their Units for securities or other property deliverable
upon such Merger Event, reorganization, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering,
the Company shall give the Warrantholder at least thirty (30) days’ written notice prior to the effective date thereof.

Each
such written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and (ii) if any adjustment is required
to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise
Price (if the Exercise Price has been adjusted), and (D) the number of Units subject to purchase hereunder after giving effect
to such adjustment, and shall be given in accordance with Section 13(g) below.

(g)               
Timely Notice. Failure to timely provide such notice required
by Section 8(f) above shall entitle the Warrantholder to retain the benefit of the applicable notice period notwithstanding
anything to the contrary contained in any insufficient notice received by the Warrantholder. For purposes of this Section 8(g).
and notwithstanding anything to the contrary in Section 13(g), the notice period shall begin on the date the Warrantholder
actually receives a written notice containing all the information required to be provided in such Section 13(g).

		SECTION
                              9.	    
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

(a)               
Reservation of Units. As of the Effective Date, the maximum
number of Units that may become issuable upon exercise of the Warrantholder’s rights under this Agreement have been duly
and validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, and will be
free of any taxes, liens, charges or encumbrances of any nature whatsoever; provided, that the Units issuable pursuant
to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws. The Company has made
available to the Warrantholder true, correct and complete copies of its Organizational Documents. The issuance of certificates
for Units upon exercise of this Agreement shall be made without charge to the Warrantholder for any issuance tax in respect thereof,
or other cost incurred by the Company in connection with such exercise and the related issuance of Units; provided, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer and the issuance and delivery of any certificate
in a name other than that of the Warrantholder.

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(b)           Due Authority. The execution and delivery by the Company
of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to the Warrantholder
of the right to acquire the Units, have been duly authorized by all necessary action on the part of the Company. This Agreement:
(i) does not violate the Organizational Documents; (ii) does not contravene any law or governmental rule, regulation or order
applicable to the Company; (iii) does not give rise to any right of participation or similar right, except for any such right,
which has been waived in writing, a copy of such waiver having been provided to the Warrantholder as of the date of exercise;
and (iv) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or
other instrument to which the Company is a party or by which it is bound. This Agreement constitutes a legal, valid and binding
agreement of the Company, enforceable in accordance with its terms.

(c)           Consents
and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect
of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance
by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D under the Securities
Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby.

(d)           Issued
Securities. All issued and outstanding units or other equity interests of the Company have been duly authorized and validly
issued. All outstanding units and any other equity interests were issued in full compliance with all federal and state securities
laws. In addition, as of the date immediately preceding the Effective Date:

(i)                
The authorized capital of the Company consists of 108,968,247
Units of which 93,370,681 Units are issued and outstanding and 121,620 Unit Equivalents, none of which are issued and outstanding.

(ii)              
There are no options, warrants, conversion privileges or other
rights presently outstanding to purchase or otherwise acquire any authorized but unissued Units of the Company except as set forth
on the capitalization table attached hereto as Appendix I. The Company has no outstanding loans to any employee, officer
or director of the Company.

(iii)            
No holder of Units of the Company has preemptive rights with respect
to the issuance of this Agreement or the purchase of Units hereunder which have not been waived.

(e)               
Registration Rights. The Company agrees that any common
equity issued and issuable upon conversion of the Units shall have the “Piggyback,” and S-3 registration rights pursuant
to and as set forth in the Registration Rights Agreement attached as Exhibit B to the Operating Agreement (the “Registration
Rights Agreement”) to be entered into by and among the Company and the Members promptly following the Company IPO (as
defined in the Operating Agreement) on a pari passu basis with the parties thereto. The form of Registration Rights Agreement
may not be amended, modified or waived in a manner adverse to the Warrantholder without the prior written consent of the Warrantholder
unless such amendment, modification or waiver affects the rights associated with the Units issued and issuable upon exercise hereof
in the

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same
manner as such amendment, modification, or waiver affects the rights associated with all outstanding Units whose holders are parties
thereto. 

(f)            Other
Commitments to Register Securities. Except as set forth in this Agreement, the Company is not, pursuant to the terms of any
other agreement currently in existence, under any obligation to register under the Securities Act any of its presently outstanding
equity interests or any of its securities which may hereafter be issued.

(g)           Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 10, the issuance of the Units upon exercise of this Agreement will constitute a transaction
exempt from (i) the registration requirements of Section 5 of the Securities Act, in reliance upon Section 4(a)(2) thereof, and
(ii) the qualification requirements of the applicable state securities laws.

(h)           Compliance
with Rule 144. If the Warrantholder proposes to sell Units issuable upon the exercise of this Agreement in compliance with
Rule 144 promulgated by the SEC, then, upon the Warrantholder’s written request to the Company, the Company shall furnish
to the Warrantholder, within ten days after receipt of such request, a written statement confirming the Company’s compliance
with the filing requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time.

(i)            Information Rights. During the term of this Agreement,
the Warrantholder shall be entitled to the information rights contained in Section 7.1(b), (c), and (i) of the Loan Agreement,
and Section 7.1(b), (c), and (i) of the Loan Agreement is hereby incorporated into this Agreement by this reference as
though fully set forth herein.

		SECTION 10.	                                           REPRESENTATIONS AND COVENANTS
                                         OF THE WARRANTHOLDER.

This
Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder:

(a)           Investment Purpose. The right to acquire Units is being
acquired for investment and not with a view to the sale or distribution of any part thereof, and the Warrantholder has no present
intention of selling or engaging in any public distribution of such rights or the Units except pursuant to an effective registration
statement or an exemption from the registration requirements of the Securities Act.

(b)           Private
Issue. The Warrantholder understands (i) that the Units issuable upon exercise of this Agreement is not registered under the
Securities Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement
will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company’s reliance on such
exemption is predicated on the representations set forth in this Section 10.

(c)           Financial Risk. The Warrantholder has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the
ability to bear the economic risks of its investment.

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(d)           Risk of No Registration. The Warrantholder understands
that if the Company does not register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), or file reports pursuant to Section 15(d) of the Exchange Act, or if a registration statement covering
the securities under the Securities Act is not in effect when it desires to sell (i) the rights to purchase Units pursuant to
this Agreement or (ii) the Units issued or issuable upon exercise of the right to purchase, it may be required to hold such securities
for an indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Units or (B)
Units issued or issuable hereunder which might be made by it in reliance upon Rule 144 under the Securities Act may be made only
in accordance with the terms and conditions of that Rule.

(e)           Accredited
Investor. The Warrantholder is an “accredited investor” within the meaning of the Securities and Exchange Rule
501 of Regulation D, as presently in effect.

		SECTION 11.	                                         TRANSFERS.

Subject
to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in
whole or in part, to an Affiliate of the Warrantholder or otherwise in accordance with Section 10.01(a) of the Operating Agreement,
without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker
and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank,
shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded
on the Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute
owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of
this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached
hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer
taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may
treat the registered owner hereof as the owner for all purposes. The Warrantholder may not transfer this Warrant to a competitor
of the Company, as reasonably determined by the Board of Managers. 

		SECTION 12.	   
                                         TAX TREATMENT OF WARRANT.

(a)           Application
of Noncompensatory Option Treasury Regulations. The parties hereto acknowledge and agree that at the time of the execution
of this Agreement, the Company and the Warrantholder intend that the Agreement be treated as a “noncompensatory option”
within the meaning of Treasury Regulations Section 1.721-2(f). Therefore, unless and until this Agreement is exercised in accordance
with its terms, the Company is taxed as a corporation under the Internal Revenue Code of 1986, as amended, or any successor statute
the (“Code”) (and only as to all periods commencing thereon or thereafter), or there is superseding authority under
which the Company’s tax counsel determines in writing (and a copy thereof provided to the Warrantholder) such treatment
is not appropriate, or a Final Determination (as defined below) to the contrary has been made, for federal and applicable state
and local income tax purposes, the parties hereto agree to (i) treat the issuance of the Agreement as an open transaction and
not as the issuance of a partnership or membership interest in the Company, (ii) treat each Warrantholder,

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with respect to ownership
of the Agreement, as the holder of a warrant or option exercisable for limited liability company units or interests and not as
a partner or a Member of the Company, and (iii) consistent with the regulations promulgated by the Treasury Department (“Treasury
Regulations”) under the Code regarding noncompensatory partnership options, not allocate any profits or losses or other
items of income, gain, deduction, loss or credit to a Warrantholder of this Agreement with respect to this Agreement or the limited
liability company interests issuable on exercise hereof prior to the exercise of this Agreement. The parties shall file all tax
returns and information reports in a manner consistent with the foregoing, except to the extent otherwise required by the adoption
of any superseding authority under which the Company’s tax counsel determines in writing (and a copy thereof provided to
the Warrantholder) such treatment is not appropriate or a Final Determination. To the extent the Company, after consultation with
its tax counsel, determines that it is required to make any disclosure regarding the treatment of this Agreement described above
under Code Section 6662 or otherwise on its tax returns or other tax filings, the Company shall promptly notify the Warrantholder
and, prior to filing, give the Warrantholder and its agents and representatives an opportunity to review and comment on any such
disclosure. For purposes of this Section 12, “Final Determination” means, with respect to any issue,
(x) a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree or other
order has become final and not subject to further appeal, (y) a closing agreement entered into under Code Section 7121 or any
other binding settlement agreement entered into in connection with or in contemplation of an administrative or judicial proceeding,
or (z) the completion of the highest level of administrative proceedings if a judicial contest is not or is no longer available.

(b)           Exercise
of Warrant. Upon exercise of this Agreement, the parties agree, with respect to all periods prior to the date (if any) on
which the Company began to be taxed as a corporation, to treat the exercise of this Agreement consistently with applicable Treasury
Regulations, including, without limitation, to the extent allowed thereunder (i) establishing an initial Capital Account (as defined
in the Operating Agreement) for the Warrantholder equal to the consideration paid or deemed paid to the Company for the issuance
of this Agreement plus the fair market value of any property contributed to the Company upon exercise of this Agreement, if any,
(ii) revaluing all Company assets and property immediately following exercise of this Agreement and allocating built-in gain or
loss in the Company’s assets and property to the Warrantholder and then to the historic Members as contemplated under the
Treasury Regulations and, to the extent such allocation is insufficient to adjust the Warrantholder’s Capital Account in
accordance with its right to share in capital, shifting capital between the Warrantholder and the historic Members as contemplated
under the Treasury Regulations, and (iii) making associated tax allocations required by the Treasury Regulations, including any
necessary corrective allocations and Code Section 704(c) allocations, including, as applicable, remedial allocations under Section
1.704-3(d) of the Treasury Regulations. 

(c)           Effect
on Tax Distributions. For purposes of determining the amount of any tax distribution made under the Operating Agreement to
an exercising Warrantholder who becomes a Member, any Code Section 704(c) allocations or “corrective allocations”
made as contemplated in Section 12(b) to such Member shall be treated as taxable income allocated to such Member by the
Company, a tax distribution shall be made with respect to such allocations, and any and all tax distributions to an exercising
Warrantholder (whether made pursuant to this Section 12(c) or the Operating Agreement) shall be computed in accordance
with the Operating

    11

     

    

Agreement. If, pursuant to a Final Determination or otherwise, the Warrantholder is allocated taxable income
with respect to this Agreement in respect of any period prior to exercise hereof and such Warrantholder has not otherwise received
a tax distribution under the Operating Agreement with respect to such amounts, and/or if the Warrantholder is, with respect to
any period prior to exercise hereof, treated by federal or state tax authorities as a Member and the Units issuable upon exercise
hereof treated as outstanding pursuant to Treasury Regulation 1.761-3 and/or any corresponding applicable state tax regulation,
then promptly upon making such required allocation of taxable income to the Warrantholder or receipt of the Warrantholder’s
written notice of such Final Determination, as applicable, the Company shall indemnify the Warrantholder from and against, and
shall either make a payment to all appropriate taxing authorities (if required) in satisfaction of, or shall make a distribution
of cash to the Warrantholder to cover, such Warrantholder’s aggregate federal and state tax liabilities in respect of such
amount of taxable income or treatment (which shall include, without limitation, (x) all interest, penalties and fines thereon,
(y) and all penalties, fines and interest thereon, if any, in respect of the Warrantholder’s liability for failure to file
tax returns in all applicable jurisdictions with respect to such periods for which such taxing authorities treat the Warrantholder
as the owner of the Units, and (z) all amounts necessary for the Warrantholder to satisfy its aggregate federal and state tax
liabilities in respect of such Company payments or distributions to the Warrantholder), and such payment or distribution shall
be made prior to making any other subsequent distributions under the Operating Agreement. For the avoidance of doubt, any tax
distributions to, or indemnification payments on behalf of, a Warrantholder made pursuant to this Section 12(c) or, as applicable,
in accordance with Section 7.03 of the Operating Agreement applied in conjunction with this Section 12(c), will be treated for
purposes of the Operating Agreement as advances on distributions pursuant to Section 7.02(a)(i) and Section 13.03(c)(iii) of the
Operating Agreement and will reduce, dollar-for-dollar, the amount otherwise Distributable to such Member pursuant to Section
7.02(a)(i) and Section 13.03(c)(iii) of the Operating Agreement. Notwithstanding the foregoing, this Section 12(c) shall
not apply with respect to income to the Warrantholder from its sale or other disposition of this Agreement or of any securities
issued on exercise hereof.

(d)           Conversion
Liability. Notwithstanding anything to the contrary in this Section 12, the Company’s obligations under Section
12(c) above shall not apply to any tax liability or obligation of the Warrantholder under the Code or Treasury Regulations
(or applicable state tax laws or regulations) arising upon and by reason of any Company (or any such successor entity’s)
reorganization, conversion, tax election or the like following which the Company (or any successor entity) is taxed as a corporation
under the Code.

(e)           Survival.
The provisions of this Section 12 shall survive (i) the exercise of this Agreement and the sale or other disposition by
the Warrantholder of the Units, and (ii) the expiration or earlier termination of this Agreement.

		SECTION 13.	   
                                         MISCELLANEOUS.

(a)            Effective Date. The provisions of this Agreement shall
be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date hereof.
This Agreement shall be binding upon any successors or assigns of the Company.

    12

     

    

(b)           Remedies. In the event of any default hereunder, the non-defaulting
party may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited
to an action for damages as a result of any such default, and/or an action for specific performance for any default where the
Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable. The Company expressly
agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this Agreement
requiring specific performance of any or all provisions hereof or enjoining the Company from continuing to commit any such breach
of this Agreement.

(c)           No Impairment of Rights. The Company will not, by amendment
of its Organizational Documents or through any other means, avoid or seek to avoid the observance or performance of any of the
terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of
all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment.

(d)           Additional
Documents. The Company, upon execution of this Agreement, shall provide the Warrantholder with certified resolutions of the
Company’s Board of Managers evidencing approval of the form and content of this Agreement and the authorization and reservation
of Units that may become issuable upon exercise of this Warrant. The Company shall also supply documentation reasonably necessary
to evaluate whether to exercise this Agreement, including without limitation, (i) any merger/purchase/asset sale agreement and
related documents and estimated payout allocations to each of the respective Members, warrant and option holders in connection
with a Merger Event, (ii) the most recent capitalization tables, 409A valuations (if any), and board determination of unit value
(including any waterfall or per unit allocations provided to the unitholders), and (iii) most recent Organizational Documents.

(e)          
Attorney’s Fees. In any litigation, arbitration or
court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’
fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 13(e), attorneys’
fees shall include, without limitation, fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery;
(iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy,
and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation
any activity taken to collect or enforce any judgment.

(f)            Severability.
In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable,
the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced
by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying
the invalid, illegal or unenforceable provision.

(g)           Notices.
Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other
communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall
be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day
of transmission by facsimile or hand delivery if transmission or delivery

    13

     

    

occurs on a business day at or before 5:00 pm in the
time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business
day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service;
or (ii) the third (3rd) calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall
be addressed to the party to be notified as follows:

If
to the Warrantholder:

HERCULES
TECHNOLOGY MANAGEMENT CO II, INC. Legal Department

Attention:
Chief Legal Officer and R. Bryan Jadot

400
Hamilton Avenue, Suite 310

Palo
Alto, CA 94301

Facsimile:
650-473-9194

Telephone:
650-289-3060

 

With
a copy to (which shall not constitute notice):

 

Barnes
 & Thornburg LLP

Attention: Troy Zander

655 W. Broadway, Suite 900

San Diego, C A 92101

Telephone: (650) 260-4767

 

(i)       If
to the Company:

CENTURY
THERAPEUTICS, LLC

Attention:
Douglas Carr

3675
Market Street

Philadelphia,
PA 19104

Facsimile:

Telephone:

 

With
a copy to (which shall not constitute notice):

Troutman
Pepper Hamilton Sanders LLP

Attention: Rachael Bushey and Kathryn Nordick

Eighteenth and Arch Streets

Philadelphia, PA 19103-2799

Telephone: (215)981-4379

 

or
to such other address as each party may designate for itself by like notice.

(h)           Entire
Agreement: Amendments. This Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations
or other documents or agreements, whether written or oral, with respect to the subject matter hereof,

    14

     

    

including
the Warrantholder’s proposal letter dated June 23, 2020. None of the terms of this Agreement may be amended except by an
instrument executed by each of the parties hereto. 

(i)            Headings.
The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of
this Agreement or any provisions hereof.

(j)            No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

(k)           No
Waiver. No omission or delay by the Warrantholder at any time to enforce any right or remedy reserved to it, or to require
performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any
such right or remedy to which the Warrantholder is entitled, nor shall it in any way affect the right of the Warrantholder to
enforce such provisions thereafter.

(l)            Survival. All agreements, representations and warranties
contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of the Warrantholder and shall
survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.

(m)          Governing
Law. This Agreement has been negotiated and delivered to the Warrantholder in the State of California, and shall have been
accepted by the Warrantholder in the State of California. Delivery of Units to the Warrantholder by the Company under this Agreement
is due in the State of California. This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of Delaware, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.

(n)           Consent
to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any
state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement,
each party hereto generally and unconditionally: (i) consents to personal jurisdiction in Santa Clara County, State of California;
(ii) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (iii) agrees not to assert any
defense based on lack of jurisdiction or venue in the aforesaid courts; and (iv) irrevocably agrees to be bound by any judgment
rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating
to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 13(g),
and shall be deemed effective and received as set forth in Section 13(g). Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction. 

(o)           Mutual
Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are most quickly and economically
resolved by an experienced and

    15

     

    

expert person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF THE COMPANY AND THE
WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSSCLAIM, COUNTERCLAIM,
THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST THE WARRANTHOLDER OR
ITS ASSIGNEE OR BY THE WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims
that involve persons other than Company and the Warrantholder; Claims that arise out of or are in any way connected to the relationship
between the Company and the Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable
or legal relief of any kind, arising out of this Agreement.

(p)           Judicial
Reference. If the waiver of jury trial set forth above is ineffective or unenforceable, the parties agree that all Claims
shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before
a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of Santa Clara County,
California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery
applicable to such proceeding.

(q)           Prejudgment
Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court of competent jurisdiction
identified in Section 13(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief
enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial
reference.

(r)            Counterparts.
This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and
by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of
which counterparts shall constitute but one and the same instrument.

[Remainder
of Page Intentionally Left Blank]

    16

     

    

[SIGNATURE
PAGE TO WARRANT AGREEMENT TO PURCHASE UNITS]

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto duly authorized as of
the Effective Date.

 

	COMPANY:	CENTURY THERAPEUTICS, LLC	 
	 	 	 	 
	 	By:	/s/ Douglas
    Carr	 
	 	Name:	Douglas Carr	 
	 	Title:	Vice
    President Finance & Operations	 
	 	 	 	 
	 	 	 	 
	WARRANTHOLDER:	HERCULES TECHNOLOGY MANAGEMENT CO II, INC.
	 	 	 	 
	 	By:	/s/ Jennifer Choe	 
	 	Name:	Jennifer Choe	 
	 	Title:	Associate General Counsel	 

 

[Signature
Page to Warrant Agreement] 

    	 		 

     

    

EXHIBIT
I

NOTICE
OF EXERCISE

	To:	CENTURY
THERAPEUTICS, LLC
	 	 

		(1)	The
                                         undersigned Warrantholder hereby elects to purchase to purchase [________] Units of
CENTURY THERAPEUTICS, LLC, pursuant to the terms of the Warrant Agreement dated September 14, 2020 (the “Agreement”)
between CENTURY THERAPEUTICS, LLC and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in
full, together with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to
effect a Net Issuance.]

		(2)	Please
                                         issue a certificate or certificates representing said Units in the name of the undersigned
                                         or in such other name as is specified below.

 

	 	(Name)	 
	 	(Address)	 
	 	 	 
	 	 	 
	WARRANTHOLDER:	HERCULES TECHNOLOGY MANAGEMENT CO II, INC.
	 	 	 
	 	By:	                                                                	         
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

    	 		 

     

    

EXHIBIT
II

ACKNOWLEDGMENT
OF EXERCISE

The
undersigned CENTURY THERAPEUTICS, LLC, hereby acknowledges receipt of the Notice of Exercise from HERCULES TECHNOLOGY
MANAGEMENT CO II, INC. (“Warrantholder”) to purchase [________] Units of CENTURY THERAPEUTICS, LLC, pursuant to
the terms of the Warrant Agreement by and between CENTURY THERAPEUTICS, LLC and Warrantholder, dated as of September 14, 2020
(the “Agreement”), and further acknowledges that [_________________] units remain subject to purchase
under the terms of the Agreement.

 

COMPANY:
CENTURY THERAPEUTICS, LLC

 

	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 

    	 		 

     

    

EXHIBIT
III

TRANSFER
NOTICE

(To
transfer or assign the foregoing Agreement execute this form and supply required information. Do not use this form to purchase
units.)

FOR
VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby are hereby transferred and assigned to 

	 	 
	 	 (Please Print)	 	 	 	 	 
	 	 	 	 	 	 	 
	 	whose address is	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 

	 	 	Dated:	 
	 	 	 
	 	 	Holder’s Signature:	 
	 	 	 
	 	 	Holder’s Address:	 
	 	 	 
	 	 	 

 

 Signature
    Guaranteed: _________________________________

NOTE:
The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement, without alteration
or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Agreement.

    	 		 

     

    

EXHIBIT
Iv

FORM
OF JOINDER AGREEMENt

Reference
is hereby made to the Amended and Restated Limited Liability Company Agreement of Century Therapeutics, LLC, dated June 21, 2019,
as amended, restated and/or otherwise modified from time to time (the “LLC Agreement”), among Century Therapeutics,
LLC, a company organized under the laws of Delaware (the “Company”), and the members of the Company that are
party thereto. Pursuant to and in accordance with Section 4.01(b) of the LLC Agreement, the undersigned hereby acknowledges that
it has received and reviewed a complete copy of the LLC Agreement and agrees that upon execution of this Joinder Agreement, such
Person will become a party to the LLC Agreement and will be fully bound by, and subject to, all of the covenants, terms and conditions
of the LLC Agreement as though an original party thereto and will be deemed, and is hereby admitted as, a Member for all purposes
thereof and entitled to all the rights incidental thereto.

Capitalized
terms used herein without definition will have the meanings ascribed thereto in the LLC Agreement.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of [DATE].

 

	 	[NEW MEMBER]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 		 

     

    

APPENDIX
I

CAPITALIZATION
TABLE

	Record Owners	 	Number of Units	 	 	Number of Unit 
 Equivalents	 	 	Percentage
 Ownership
	 
	Century Therapeutics, Inc.	 	 	67,226,891	 	 	 	 -
	 	 	 	72	%
	Bayer Healthcare, LLC	 	 	26,143,790	 	 	 	 -
	 	 	 	28	%
	Reserved	 	 	15,598,186	 	 	 	121,620	 	 	 	-	 
	Total:	 	 	108,968,867	 	 	 	121,620	 	 	 	-	 

 

Pursuant
to the Commitment Agreement by and among the Company, Century Therapeutics, Inc. (“Century”), and Bayer HealthCare,
LLC (“Bayer”), dated as of June 21, 2019 and as amended by that certain First Amendment to Commitment Agreement,
the Company will issue 12,621,140 Units to Bayer promptly following the Second Tranche Closing (as defined therein).

Pursuant
to Section 8.14 of the Operating Agreement, the Company will issue 2,855,426 Units to Century promptly following the Second Tranche
Closing.

    	 		 

     

    

 

SCHEDULE
A

UNITS

As
of the Effective Date – 40,540 UnitsExhibit
10.1

 

INDEMNIFICATION
AGREEMENT

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) is made and entered into as of [___________], 2020 between Century Therapeutics,
LLC, a Delaware limited liability company (the “Company”), and [___________] (“Indemnitee”).

WITNESSETH THAT:

WHEREAS,
highly competent persons have become more reluctant to serve companies as managers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the company;

WHEREAS,
the Board of Managers of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals to serve on the Board, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance
to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance
has been a customary and widespread practice among United States-based companies and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may not be available to it on terms that the Company considers
to be commercially reasonable or, if available to it on commercially reasonable terms during some period of time, may be available
to it in the future only at higher premiums and with more exclusions. At the same time, managers, officers, and other persons in
service to companies or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating
to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.
The Amended and Restated Limited Liability Company Agreement (as the same may be amended and/or restated from time to time, the
 “LLC Agreement”) of the Company requires indemnification of the officers and managers of the Company. Indemnitee
may also be entitled to indemnification pursuant to the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101,
et seq. (the “LLC Act”). The LLC Agreement and the LLC Act expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification;

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons to serve on the Board;

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s members and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified;

WHEREAS,
this Agreement is a supplement to and in furtherance of the LLC Agreement and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute

     

     

    

therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

WHEREAS,
Indemnitee does not regard the protection available under the LLC Agreement and insurance as adequate in the present circumstances,
and may not be willing to serve as a director/manager without adequate protection, and the Company desires Indemnitee to serve
in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company
on the condition that Indemnitee be so indemnified;

WHEREAS,
Indemnitee may have certain rights to indemnification and/or insurance provided by Indemnitee’s employer or other third parties
and certain of their affiliates which is intended to be secondary to the primary obligation of the Company to indemnify Indemnitee
as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s
willingness to serve on the Board; and

WHEREAS,
certain capitalized terms used herein are defined in Section 13 hereof.

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve or continue to serve, as applicable, as director/manager of the Company
from and after the date hereof, the parties hereto, intending to be legally bound, hereby agree as follows:

1.          Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof.

(a)       Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be made, a party
to or participant in any Proceeding other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a),
Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably
incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was
unlawful.

(b)       Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be made, a party to or participant
in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such
Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses
shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be
liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware (or such other court in which
the Proceeding is properly brought) shall determine that Indemnitee is fairly and reasonably entitled to indemnification.

     

     

    

(c)       Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Company Status, a party to and is successful, on the merits or otherwise, in
any Proceeding, Indemnitee shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time,
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If
Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less
than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or
matter. For purposes of this Section 1 and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

(d)       [Indemnification
of Appointing Unitholder. Without diminishing or impairing the obligations of the Company set forth in Section 14.02(b) of
the LLC Agreement, if (i) Indemnitee is or was affiliated with one or more venture capital funds or other investment entities
that has invested in the Company (an “Appointing Unitholder”) and (ii) the Appointing Unitholder
is, or is threatened to be made, a party to or a participant in any Proceeding relating to or arising by reason of Appointing Unitholder’s
appointment of or affiliation with Indemnitee or any other director/manager, including, without limitation, any alleged misappropriation
of a Company asset or corporate opportunity, any claim of misappropriation or infringement of intellectual property relating to
the Company, any alleged false or misleading statement or omission made by the Company (or on its behalf) or its employees or agents,
or any allegation of inappropriate control or influence over the Company or its Board members, officers, equity holders or debt
holders, then the Appointing Unitholder will be entitled to indemnification hereunder for Expenses to the same extent as Indemnitee,
and the terms of this Agreement as they relate to procedures for indemnification of Indemnitee and advancement of Expenses shall
apply to any such indemnification of Appointing Unitholder.]1

[The rights provided
to the Appointing Unitholder under this Section 2 shall (i) be suspended during any period during which the Appointing
Unitholder does not have a representative on the Company’s Board, and (ii) terminate on an initial public offering of the
units or common stock of a corporate successor or affiliate of the Company; provided, however, that in the event
of any such suspension or termination, the Appointing Unitholder’s rights to indemnification will not be suspended or terminated
with respect to any Proceeding based in whole or in part on facts and circumstances occurring at any time prior to such suspension
or termination regardless of whether the Proceeding arises before or after such suspension or termination. The Company and Indemnitee
agree that the Appointing Unitholder is an express third party beneficiary of the terms of this Section 1(d).]

2.          Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1
of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason
of Indemnitee’s Company Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
(including a Proceeding by or

 

1
NTD: Delete this section and revise/remove corresponding references for non-member appointed directors.

 

     

     

    

in the right of the Company), including, without limitation, all liability arising out of the negligence or
active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant
to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined
(under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

3.          Contribution.

(a)       Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending
or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), to the fullest extent permitted under applicable law, the Company shall pay, in the first instance, the entire
amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment
and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not
enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted
against Indemnitee.

(b)       Without
diminishing or impairing the obligations of the Company set forth in the Section 3(a) above, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
to the fullest extent permitted under applicable law, the Company shall contribute to the amount of Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, managers or employees of the Company, other than Indemnitee, who are jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, from the transaction or events from which such action, suit or proceeding arose; provided, however, that the
proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by
reference to the relative fault of the Company and all officers, managers or employees of the Company other than Indemnitee who
are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
on the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement
amounts, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of
the Company and all officers, managers or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined
by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage,
the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 

(c)       To
the fullest extent permitted under applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless from
any claims of contribution which may be brought by officers, managers, or employees of the Company, other than Indemnitee, who
may be jointly liable with Indemnitee.

     

     

    

(d)       To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses actually and
reasonably incurred, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as
is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or
(ii) the relative fault of the Company (and its managers, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

4.          Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of Indemnitee’s Company Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which
Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

5.          Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses actually and reasonably
incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Company Status within
thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances
from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses actually and reasonably incurred by Indemnitee and shall include or be preceded or accompanied by a written
undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is
not entitled to be indemnified against such Expenses. Advances shall be made without regard to Indemnitee’s ability to repay
Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.
Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

6.          Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under applicable law, including, without limitation, the LLC Act
and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall
apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

(a)       To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Chief Executive Officer, President, Secretary or other appropriate
officer of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company,
or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee
unless, and to the extent that, such

     

     

    

failure actually and materially prejudices the interests of the Company its affiliates and
subsidiaries.

(b)       Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of the Board (1) by a majority vote of the Disinterested Managers, even though less than a quorum,
(2) by a committee of Disinterested Managers designated by a majority vote of the Disinterested Managers, even though less than
a quorum, (3) if there are no Disinterested Managers or if the Disinterested Managers so direct, by Independent Counsel in a written
opinion to the Board, a copy of which shall be delivered to Indemnitee, or (4) if so directed by the Board, by the members of the
Company.

(c)       If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by
the Board and written notice of such selection shall be given to Indemnitee. Indemnitee may, within ten (10) days after such written
notice of selection of Independent Counsel shall have been given, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does
not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the
objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected
may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competant jurisdiction has determined
that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution
of any objection which shall have been made by Indemnitee to the Board’s selection of Independent Counsel and/or for the
appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and
the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under
Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel
was selected or appointed.

(d)       In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its managers or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the
Company (including by its managers or Independent Counsel) that Indemnitee has not met such

     

     

    

applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(e)       To
the fullest extent permitted by applicable law, including the LLC Act, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on
information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel
for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant
or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions,
or failure to act, of any director/manager, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for
purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section
6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

(f)       If
the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall, to the fullest extent permitted by applicable law, including the LLC Act,
be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided,
however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires
such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further,
that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification
is to be made by the members of the Company pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination, the Board or the Disinterested Managers, if appropriate, resolve
to submit such determination to the members for their consideration thereof at the next regularly scheduled meeting of the members,
to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of
members is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held
for such purpose within sixty (60) days after having been so called and at which, such determination is made.

(g)       Indemnitee
shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any Independent Counsel, member of the Board or member of the Company shall act reasonably
and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification under this Agreement.
Any costs or expenses (including reasonable attorneys’

     

     

    

fees and disbursements) incurred by Indemnitee in so cooperating
with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination
as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom.

(h)       The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

(i)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

7.          Remedies
of Indemnitee.

(a)       In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within ninety (90) days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this
Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification is not
made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 6 of this Agreement, or (vi) the Company or any other person takes or threatens
to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding
designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction,
of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within
one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant
to this Section 7(a); provided, however, that the foregoing clause shall not apply in respect of any proceeding
brought by Indemnitee to enforce Indemnitee’s rights under Section 4 of this Agreement. The Company shall not oppose
Indemnitee’s right to seek any such adjudication. 

(b)      In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding

     

     

    

commenced pursuant to this Section 7 shall be conducted in all respects as a
de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

(c)      If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

(d)      In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses (of the
types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by Indemnitee
in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of expenses or insurance recovery.

(e)      The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses actually
and reasonably incurred and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written
request therefore) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are actually and reasonably
incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the
Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance
recovery, as the case may be.

(f)       Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

8.          Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

(a)       The
rights of indemnification and the right to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the LLC Agreement, any agreement, a vote
of members, a resolution of managers of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any
provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in Indemnitee’s Company Status prior to such amendment, alteration or repeal. To the extent that a change in the LLC
Act, whether by statute or judicial decision, permits greater indemnification or advancement of expenses than would be afforded
currently under the

     

     

    

LLC Agreement and this Agreement, it
is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

(b)       To
the extent that the Company or its affiliates or subsidiaries maintain an insurance policy or policies providing liability insurance
for managers, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company,
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage
available for any director/manager, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the
receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance
in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

(c)       [The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance
provided by Indemnitee’s employer or other third parties and certain of their affiliates (collectively, the “Other
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
to Indemnitee are primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the
same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount
of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts
paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the LLC Agreement of the
Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the
Other Indemnitors and (iii) that it irrevocably waives, relinquishes and releases the Other Indemnitors from any and all claims
against the Other 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 Other Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall affect the foregoing and the Other 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 Indemnitee against the Company.
The Company and Indemnitee agree that the Other Indemnitors are express third party beneficiaries of the terms of this Section 8(c).]2

(d)       Except
as provided in Section 8(c) above, in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee
(other than against the Other Indemnitors), who shall execute all papers required and take all action necessary to secure such
rights, including

 

2
NTD: Delete this section and revise/remove corresponding references for non-member appointed directors.

 

     

     

    

execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(e)      Except
as provided in Section 8(c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise and has no obligation to return or repay such funds.

(f)        Except
as provided in Section 8(c) above, the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director/manager, officer, employee or agent of any other corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any
amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise. The Company shall not adopt any amendment
to the LLC Agreement, the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under
this Agreement.

9.          Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

(a)       for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing
shall not affect the rights of Indemnitee or the Other Indemnitors set forth in Section 8(c) above; or

(b)       for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company its
affiliates or subsidiaries within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar
provisions of state statutory law or common law; or

(c)       except
as otherwise expressly contemplated by this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its managers,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

10.         Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
a director/manager of the Company (or is or was serving at the request of the Company as a director/manager, officer, employee
or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise) and shall continue
thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof)
by reason of Indemnitee’s Company Status, whether or not Indemnitee is acting or serving in any such capacity at the time
any liability or expense is incurred for which indemnification can be

     

     

    

provided under this Agreement. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
(including any direct or indirect successor by reorganization, purchase, merger, consolidation or otherwise to all or substantially
all of the business, units or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

11.         Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

12.         Enforcement.

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director/manager of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director/manager of the Company.

(b)       This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

(c)       The
Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting
Indemnitee’s rights to receive advancement of expenses under this Agreement.

13.         Definitions.
For purposes of this Agreement:

(a)     “Company
Status” means the status of a person who is or was a director/manager, officer, employee, agent or fiduciary of the Company
or of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving at the express written request of the Company.

(b)      “Disinterested
Manager” means a director/manager of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee.

(c)       “Enterprise”
shall mean the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director/manager,
officer, employee, agent or fiduciary.

(d)     “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in any

     

     

    

Proceeding. Expenses also shall include
Expenses actually and reasonably incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(e)     “Independent
Counsel” means a law firm, or a member of a law firm, or a solo practitioner that is experienced and licensed in matters
of limited liability company law in the relevant jurisdiction and neither presently is, nor in the past five years has been, retained
to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

(f)    “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved
as a party or otherwise, by reason of Indemnitee’s Company Status, by reason of any action taken by Indemnitee or of any
inaction on Indemnitee’s part while acting in Indemnitee’s Company Status; in each case whether or not Indemnitee is
acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee
pursuant to Section 7 of this Agreement to enforce Indemnitee’s rights under this Agreement.

14.         Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Further, the invalidity or unenforceability of any provision hereof as to either Indemnitee or Appointing Unitholder shall in no
way affect the validity or enforceability of any provision hereof as to the other. Without limiting the generality of the foregoing,
this Agreement is intended to confer upon Indemnitee and Appointing Unitholder indemnification rights to the fullest extent permitted
by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

15.         Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     

     

    

16.         Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

17.         Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

	(a)	To Indemnitee at the address set forth below Indemnitee signature hereto.
	 	 
	(b)	To the Company at:
	 	 
	 	
        Century Therapeutics, LLC

        3675 Market Street

        Philadelphia PA 19104

        Attention: Chief Executive Officer

        

	 	 
	 	
        With a copy (which shall not constitute notice) to:

        

	 	 
	 	
        c/o Century Therapeutics, Inc.

        3675 Market Street

        Philadelphia PA 19104

        Attention: Chief Executive Officer

        

or to such other
address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

18.         Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal
ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

19.         Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction thereof. 

20.         Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with,

     

     

    

the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or
in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the
 “Delaware Court”), and not in any other state or federal court in the United States of America or any
court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of
any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any
such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

IN WITNESS WHEREOF,
the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

	 	 	CENTURY THERAPEUTICS, LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	INDEMNITEE
	 	 	 
	 	 	 
	 	 	Name:	 
	 	 	 
	 	 	 
	 	Address: 	 
	 	 	 

 

Last updated August 2013

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