Document:

Exhibit

EXHIBIT 10.4
2018 INCENTIVE COMPENSATION PLAN PERFORMANCE UNIT AWARD AGREEMENT 2019-2021 PERFORMANCE CYCLE

MARATHON PETROLEUM CORPORATION OFFICER

As evidenced by this Award Agreement and under the MPLX LP 2018 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”) has granted to [NAME] (the “Participant”), an officer of Marathon Petroleum Corporation, the parent corporation of the Company (“MPC”) in connection with benefits conferred on the Company and the Partnership for their service as an officer of MPC, on [DATE] (the “Grant Date”), [NUMBER] performance units (“Performance Units”), conditioned upon the Company’s total unitholder return (or “TUR”) ranking relative to the Peer Group and the DCF Payout Percentages for the Performance Cycle as established by the Board, and as set forth herein.  The Performance Units are subject to the following terms and conditions:

1.Relationship to the Plan. This grant of Performance Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Board. Except as otherwise defined in this Award Agreement, capitalized terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. References to the Participant also include the heirs or other legal representatives of the Participant.

2.Determination of TUR Payout Percentage and DCF Payout Percentages; Calculation of Payout Value. As soon as administratively feasible following the close of the Performance Cycle, the Board shall determine and certify the TUR Payout Percentage and the DCF Payout Percentages (collectively, “the Payout Percentages”). The final Payout Value will be the sum of the TUR Payout Value and the DCF Payout Value, each as determined in accordance with this Paragraph 2.

(a)The “TUR Payout Percentage” is the simple average of the TUR Period Percentages for each of the following four performance periods:

		
	(i)
	January 1, 2019 through December 31, 2019;

		
	(ii)
	January 1, 2020 through December 31, 2020;

		
	(iii)
	January 1, 2021 through December 31, 2021; and

		
	(iv)
	January 1, 2019 through December 31, 2021.

The Board shall determine the TUR Period Percentage for each performance period as follows:
(I)    First, the Board shall determine the TUR Performance Percentile, and then the TUR Period Percentage as follows (using straight-line interpolation between threshold level (30th percentile)  and  target  level  (50th  percentile)  and  between  target  level  and  maximum (100th

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percentile)):
	
		
	TUR Performance Percentile
	TUR Period Percentage

	Ranked below 30th percentile
	0%

	Ranked at 30th percentile
	50%

	Ranked at 50th percentile
	100%

	Ranked at the 100th percentile
	200%

		
	(II)
	Notwithstanding anything herein to the contrary, if the Partnership’s Total Unitholder Return calculated for the applicable performance period is negative, then the TUR Period Percentage for that performance period will not exceed 100% regardless of the TUR Performance Percentile for the performance period.

		
	(III)
	Notwithstanding anything herein to the contrary, the Board has sole and absolute authority and discretion to reduce the TUR Payout Percentage as it may deem appropriate.

		
	(b)
	The “TUR Payout Value” for each Performance Unit is the product of the TUR Payout Percentage and

$0.50.

		
	(c)
	A DCF Payout Percentage will be determined for each of the following three performance periods:

		
	(i)
	January 1, 2019 through December 31, 2019;

		
	(ii)
	January 1, 2020 through December 31, 2020; and

		
	(iii)
	January 1, 2021 through December 31, 2021.

The Board shall determine the DCF Payout Percentage for each performance period based upon the Partnership’s DCF Per Common Unit for such performance period (each a “DCF Measurement Period”) as follows (using straight-line interpolation between levels above threshold):
	
		
	DCF Per Common Unit
	DCF Payout Percentage

	Below Threshold
	0%

	Threshold
	50%

	Target
	100%

	Maximum
	200%

The threshold, target and maximum performance levels for each DCF Measurement Period will be those certain levels that are established by the Board for purposes of this Award, which level shall be set forth in a confidential memorandum or other written communication provided to the Participant, as such levels may be adjusted pursuant to the provisions of the Plan, as applicable. The confidential memorandum or other written communication containing the threshold, target and maximum performance levels for the first DCF Measurement Period is being provided to the Participant on or around the Grant Date and the confidential memorandum or other written communication containing the threshold, target and maximum performance levels for subsequent DCF Measurement Periods will be provided to the Participant following the determination of such levels by the Board at or near the beginning of such periods.

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	(d)
	The “DCF Payout Value” for each Performance Unit will be the sum of:

		
	(i)
	the product of the DCF Payout Percentage for first performance period and $0.167;

		
	(ii)
	the product of the DCF Payout Percentage for second performance period and $0.167; and

		
	(iii)
	the product of the DCF Payout Percentage for the third performance period and $0.166.

Notwithstanding anything herein to the contrary, the Board has sole and absolute authority and discretion to reduce some or all of the DCF Payout Percentages as it may deem appropriate.

3.Vesting of Performance Units; Payment Amount; Time and Form of Payment. Unless the Participant’s right to the Performance Units is previously forfeited or vested in accordance with Paragraphs 4, 5, 6, 7 or 8, the Participant shall vest in the Performance Units on December 31, 2021, provided the Participant has not terminated Employment on or before that date. The Participant will be entitled to an amount equal to the product of the vested number of Performance Units and the Payout Value, and such amount shall be distributed 75% in cash and 25% in common units. The number of common units distributed shall be calculated by dividing 25% of the total amount payable by the Fair Market Value of the common units on the date on which the Payout Percentages are certified by the Board, rounding down to the nearest whole unit. The remainder shall be paid in cash. Such payments shall be made as soon as administratively feasible following the Board’s determinations under Paragraph 2 and, in any event, between January 1 and March 15th immediately following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 3 and the making of the related payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full.

4.Termination of Employment. If the Participant’s Employment is terminated prior to the close of the Performance Cycle for any reason other than death, Retirement, Qualified Termination, or Mandatory Retirement, as set forth in Paragraphs 5, 6, 7 and 8 below, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and shall vest and be payable on a pro-rata basis as follows, and in each case subject to the negative discretion of the Board:

(a)If the Participant’s Employment is terminated prior to January 1, 2020, the Participant’s right to the Performance Units shall be forfeited in its entirety as of the date of such termination, and the rights of the Participant and the obligations of the Company under this Award Agreement shall be terminated;

(b)If the Participant’s Employment is terminated during the period January 1, 2020 and December 31, 2020, the Participant will be entitled to receive a payment equal to the product of (i) one-third the number of Performance Units and (ii) the Payout Value;

(c)If the Participant’s Employment is terminated during the period January 1, 2021 and December 31, 2021, the Participant will be entitled to receive a payment equal to the product of (i) two-thirds the number of Performance Units and (ii) the Payout Value.

Payment of such vested value of Performance Units under subparagraphs (b) or (c) of this Paragraph 4, as applicable,  shall

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otherwise be made in accordance with Paragraph 3. If, in accordance with the Board’s determinations under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 4 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 4.

5.Termination of Employment due to Death. If the Participant’s Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Value shall be determined as if the Payout Percentages are each 100%. The payment on the vested Performance Units shall be made in accordance with Paragraph 3 as soon as administratively feasible but in all cases no later than the last day of the calendar year following the calendar year in which the Participant’s death occurs; provided, however, that the timing of the payment shall be determined in the sole discretion of the Board and no other individual or entity shall directly or indirectly designate the taxable year of payment. Such vesting shall satisfy the rights of the Participant and the obligations of the Company under this Award Agreement in full.

6.Termination of Employment due to Retirement. In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and shall vest and be payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of the Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Payment of such vested value of Performance Units under this Paragraph 6 shall otherwise be made in accordance with Paragraph 3. If, in accordance with the Board’s determinations under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

7.Vesting Upon a Qualified Termination. Notwithstanding anything herein to the contrary, upon the Participant’s Qualified Termination prior to the end of the Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full. The TUR Payout Percentage shall be determined as follows (subject to the negative discretion of the Board): (i) for the time period from the beginning of the Performance Cycle to the date of the Change in Control (as defined in the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan), based upon actual TUR Performance Percentile and (ii) for the time period from the date of the Change in Control to the end of the Performance Cycle, the TUR Payout Percentage shall be 100%. The DCF Payout Percentages shall be determined as follows (subject to the negative discretion of the Board): (i) for the time period from the beginning of the Performance Cycle to the date of the Change in Control (as defined in the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan), based upon actual DCF Payout Percentages and (ii) for the time period from the date of the Change in Control to the end of the Performance Cycle, the DCF Payout Percentages shall be 100%. A payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3, except that it shall be made 100% in cash.

		
	8.
	Termination of Employment due to Mandatory Retirement. In the event the Participant’s Employment

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is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant’s Performance Units shall vest in full, subject to the negative discretion of the Board, and shall be settled based on the Payout Value determined under Paragraph 2. Payment of such vested value of Performance Units under this Paragraph 8 shall otherwise be made in accordance with Paragraph 3. If, in accordance with the Board’s determinations under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8.

9.Specified Employee. Notwithstanding any other provision of this Award Agreement to the contrary, if the Participant is a “specified employee” as determined by the Company in accordance with its established policy, any settlement of Awards described in this Award Agreement which would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Participant as a result of the Participant’s “separation from service” as defined under Section 409A of the Code (other than as a result of death) and which would otherwise be paid within six months of the Participant’s separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Participant’s separation from service or (ii) the date that otherwise complies with the requirements of Section 409A of the Code. In addition, notwithstanding any provision of the Plan or this Award Agreement to the contrary, any settlement of this Award which would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Participant and is a settlement as a result of the Participant’s separation from service in connection with a Change in Control, the term “Change in Control” under the Plan shall mean a change in ownership or change in effective control for purposes of Section 409A of the Code. The payment of Award amounts under this Award Agreement described herein is hereby designated as a “separate payment” for purposes of Section 409A of the Code.

10.Conditions Precedent. This Paragraph 10 shall apply to this Award notwithstanding any other provision of this Award Agreement to the contrary. The Participant’s services to the Company, the Partnership and MPC and their Affiliates (the “Company Group”) are unique, extraordinary and essential to the business of the Company Group, particularly in view of the Participant’s access to the confidential information and trade secrets of members of the Company Group, such as, the Company, the Partnership and MPC. Accordingly, in consideration of this Award Agreement and by accepting this Award, the Participant agrees that in order to otherwise vest in any right to payment of Performance Units under Paragraph 3, the Participant must satisfy the following conditions to and including the vesting date for each applicable annual installment or other applicable portion of the Award, under the vesting provisions in Paragraph 3:

(a)The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates (the “Restricted Period”), directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions): BP plc, Chevron Corporation; ExxonMobil Corporation, HollyFrontier Corporation; PBF Energy Inc.; Phillips 66; Valero Energy Corporation; Buckeye Partners, L.P.; DCP Midstream Partners, L.P; Enterprise Product Partners; Gas; Genesis Energy, L.P. ; Holly Energy Partners L.P.; Magellan Midstream Partners, L.P.; Phillips 66 Partners, L.P.; Plains All American Pipeline L.P.; Western Gas Equity Partners, or otherwise engage in any business activity directly or indirectly competitive with the business of the any member of the Company Group as in effect from time to time.

		
	(b)
	The Participant agrees that during the term of the Participant’s Employment and for a period of one  year

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following the date on which the Participant’s Employment terminates, the Participant will not, alone or in conjunction with another party, hire, solicit for hire, aid in or facilitate the hire, or cause to be hired, either as an employee, contractor or consultant, any individual who is currently engaged, or was engaged at any time during the six month period prior such event, as an employee, contractor or consultant of any member of the Company Group.

(c)The Participant agrees that the Participant may not, either during the Participant’s Employment or thereafter, make or encourage others to make any public statement or release any information or otherwise engage in any conduct that is intended to, or reasonably could be foreseen to, embarrass, criticize or harm the reputation or goodwill of the any member of the Company Group, or any of their employees, directors or shareholders; provided that this shall not preclude the Participant from reporting to the Corporation’s management or directors or to the government or a regulator conduct the Participant believes to be in violation of the law or the Code of Business Conduct (or similar code or rules) of any member of the Company Group or responding truthfully to questions or requests for information to the government, a regulator or in a court of law in connection with a legal or regulatory investigation or proceeding.

(d)The Participant agrees and understands that the members of the Company Group own and/or control information and material which is not generally available to third parties and which the members of the Company Group consider confidential, including, without limitation, methods, products, processes, customer lists, trade secrets and other information applicable to its business and that it may from time to time acquire, improve or produce additional methods, products, processes, customers lists, trade secrets and other information (collectively, the “Confidential Information”). The Participant acknowledges that each element of the Confidential Information constitutes a unique and valuable asset of the members of the Company Group, and that certain items of the Confidential Information have been acquired from third parties upon the express condition that such items would not be disclosed to all or certain members of the Company Group and the officers and agents thereof other than in the ordinary course of business. The Participant acknowledges that disclosure of the Confidential Information to and/or use by anyone other than in the Company, the Partnership’s, or MPC’s or other Company Group member’s ordinary course of business would result in irreparable and continuing damage to the Company, the Partnership and/or MPC and/or other members of the Company Group. Accordingly, the Participant agrees to hold the Confidential Information in the strictest secrecy, and covenants that, during the term of the Participant’s Employment or at any time thereafter, the Participant will not, without the prior written consent of the Board, directly or indirectly, allow any element of the Confidential Information to be disclosed, published or used, nor permit the Confidential Information to be discussed, published or used, either by the Participant or by any third parties, except in effecting the Participant’s duties for the Company, the Partnership and/or MPC and/or other Company Group members in the ordinary course of business.

(e)The Participant agrees that in addition to the forfeiture provisions otherwise provided for in this Award Agreement, upon the Participant’s failure to satisfy in any respect of any of the conditions described in Paragraphs 10(a), (b),
(c) or (d), any unvested and unpaid portion of this Award at the time of such breach shall be forfeited, and the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full, in each case to the extent permitted by applicable law.

		
	11.
	Repayment or Forfeiture Resulting from Forfeiture Event.

(a)If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment, then the Board may, but is not obligated to, cause some or all of the Participant’s outstanding Performance Units to be forfeited by the Participant.

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(b)If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment and a payment has previously been made in settlement of Performance Units granted under this Award Agreement, the Board may, but is not obligated to, require that the Participant pay to the Company an amount in cash (the “Forfeiture Amount”) up to (but not in excess of) the amount paid in settlement of the Performance Units.

(c)This Paragraph 11 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 11 shall not apply to the Participant following the effective time of a Change in Control.

(d)Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Company may also require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other “clawback” provisions as required by law or by the applicable listing standards of the exchange on which the common units of the Partnership are listed for trading.

12.Taxes. Pursuant to the applicable provisions of the Plan, the Company or its designated representative shall have the right to withhold applicable taxes from the common units and cash amount otherwise payable to the Participant due to the vesting of Performance Units pursuant to Paragraph 3, or from other compensation payable to the Participant (to the extent consistent with Section 409A of the Code), at the time of the vesting of the Performance Units and delivery of the cash settlement amount. Because the Participant is an employee of MPC, and provides beneficial services to the Company through Participant’s employment with MPC, MPC as the employer of Participant, shall be the designated representative for purposes of payroll administration of the Award and withholding of applicable taxes at the time of vesting.

13.No Unitholder Rights.   The Participant shall in no way be entitled to any of the rights of a unitholder as a result of this Award Agreement.

14.Nonassignability. Upon the Participant’s death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge or encumber any portion of the Performance Units shall have no effect.

15.No Employment Guaranteed. Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Company or any affiliate thereof or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant.

16.Modification of Agreement. Any modification of this Award Agreement shall be binding only if evidenced in writing and signed by an authorized representative of the Company, provided that no modification may, without the consent of the Participant, adversely affect the rights of the Participant hereunder.

17.Officer Holding Requirement. Participant agrees that any common units received by the Participant in settlement of this Award shall be subject an additional holding period of one year from the date on which the Award is settled, during which holding period such common units (net of any common units used to satisfy the applicable tax withholding requirements) may not be sold or transferred by the Participant. This holding requirement shall cease to apply upon the death,

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retirement or other separation from service of the Participant during the holding period.

		
	18.
	Definitions.    For purposes of this Award Agreement:

“Beginning Unit Price” means the average of the daily closing price of a common unit of the Partnership for the 20 trading days immediately prior to the commencement of the Performance Cycle, historically adjusted, if necessary, for any split, dividend, recapitalizations, or similar corporate events that occur during the measurement period.

“DCF Per Common Unit” for an applicable DCF Measurement Period means the quotient obtained by dividing (A) the Partnership’s distributable cash flow available to general and limited partners (as reported in the Partnership’s financial statements) for such DCF Measurement Period less all such amounts attributable to the general partner interest and the incentive distribution rights in the Partnership, by (B) the weighted average number of common units in the Partnership outstanding during such DCF Measurement Period.

“Employment” means employment with the Company or any of its subsidiaries or affiliates including but not limited to MPC and its subsidiaries and affiliates. For purposes of this Award Agreement, Employment shall also include any period of time during which the Participant is on Disability status. The length of any period of Employment shall be determined by the Company or the Subsidiary or affiliate that either (i) employs the Participant or (ii) employed the Participant immediately prior to the Participant’s termination of Employment.

“End Unit Price” means the average of the daily closing price of a common unit of the Partnership for the 20 trading days prior to the end of the Performance Cycle.

“Forfeiture Event” means the occurrence of at least one of the following (a) the Company is required, pursuant to a determination made by the Securities and Exchange Commission or by the Board, or any authorized subcommittee of the Board, to prepare a material accounting restatement due to the noncompliance of the Company with any financial reporting requirement under applicable securities laws as a result of misconduct, and the Board determines that (1) the Participant knowingly engaged in the misconduct, (2) the Participant was grossly negligent with respect to such misconduct or (3) the Participant knowingly or grossly negligently failed to prevent the misconduct or (b) the Board concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to the Company.

“Mandatory Retirement” means, as determined by the Board of Directors of MPC, the mandatory retirement age of 65 for Participants who are in bona fide executive or in high policymaking positions and in Grades 19 and above if: (1) the Participant has been employed in such capacity for the two-year period immediately prior to mandatory retirement; and (2) the Participant is entitled to the minimum retirement benefit specified by federal law for persons who hold positions to which mandatory retirement may lawfully apply. Mandatory Retirement is required by the earlier of the first of the month coincident with or immediately following the Participant’s 65th birthday.

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“Peer Group” means the group of companies that are pre-established by the Board which principally represent a group of selected peers, or such other group of companies as selected and pre-established by the Board.
“Performance Cycle” means the period from January 1, 2019 to December 31, 2021. “Qualified Termination” for purposes of this Award Agreement shall have the same definition
as under the MPLX LP Executive Change in Control Severance Benefits Plan, as in effect on the Grant
Date (disregarding subsection II of such definition) (the “CIC Plan”), and such definition and associated terms are hereby incorporated into this Award Agreement by reference. Notwithstanding the definition of a “Change in Control” under the terms of the CIC Plan, for purposes of this Award Agreement such Change in Control for purposes of determining whether a separation from service is a Qualified Termination shall include a Change in Control of either MPC, as the direct employer of the Participant, or a Change in Control of the Partnership, as the issuer of the Award.

“Retirement” means (a) for a Participant with ten or more years of Employment, termination on or after the Participant’s 50th birthday, or (b) termination on or after the Participant’s 65th birthday.

“Total Unitholder Return” or “TUR” means for the Company and each entity in the Peer Group the number derived using the following formula:

(End Unit Price – Beginning Unit Price) + Cumulative Cash Distributions
Beginning Unit Price.

“TUR Performance Percentile” means the percentile ranking of the Company’s Total Unitholder Return for a performance period among the Total Unitholder Returns of the Peer Group companies, ranked in descending order, for the performance period as determined at the end of the Performance Cycle.

	
		
	MPLX GP LLC

	 
	 

	By
	 

	 
	Authorized Officer

9EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT (“Agreement”) is made March 18, 2019 (“Effective Date”), by and between BioTime, Inc. (the “Company”
or “BioTime”), a California corporation, and Edward Wirth (“Executive”).

 

NOW,
THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties hereto agree as follows:

 

1.
Engagement; Position and Duties.

 

(a)
Position and Duties. The Company agrees to employ Executive in the position of Chief Medical Officer to perform the duties
as outlined on Exhibit 1 and as the Chief Executive Officer (CEO) or the Board of Directors of the Company (the “Board of
Directors”) may from time to time direct or require. The position of Chief Medical Officer requires travel domestically
and internationally and such travel could represent up to 30% of work time. Executive shall report to the Chief Executive Officer.
Executive shall devote best efforts, skills and abilities, on a full-time basis, exclusively to the Company’s business.
Executive covenants and agrees to faithfully adhere to and fulfill such policies as are established from time to time by the Board
of Directors or the Company (“Policies”).

 

(b)
Performance of Services for Related Companies. In addition to the performance of services for Company, Executive shall, to
the extent so required by Company, also perform services for one or more members of a consolidated group of which Company is a
part (“Related Company”), provided that such services are consistent with the kind of services Executive performs
or may be required to perform for Company under this Agreement. If Executive performs any services for any Related Company, Executive
shall not be entitled to receive any compensation or remuneration in addition to or in lieu of the compensation and remuneration
provided under this Agreement on account of such services for the Related Company. The Policies will govern Executive’s
employment by Company and any Related Companies for which Executive is asked to provide Services. In addition, Executive covenants
and agrees that Executive will faithfully adhere to and fulfill such additional policies as may be established from time to time
by the board of directors of any Related Company for which Executive performs services, to the extent that such policies and procedures
differ from or are in addition to the Policies adopted by Company.

 

(c)
No Conflicting Obligations. Executive represents and warrants to Company that Executive is under no obligations or commitments,
whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would
prohibit Executive, contractually or otherwise, from performing Executive’s duties as under this Agreement and the Policies.

 

    	 

    	 

    

 

(d)
No Unauthorized Use of Third Party Intellectual Property. Executive represents and warrants to Company that Executive will
not use or disclose, in connection with Executive’s employment by Company or any Related Company, any patents, trade secrets,
confidential information, or other proprietary information or intellectual property as to which any other person has any right,
title or interest, except to the extent that Company or a Related Company holds a valid license or other written permission for
such use from the owner(s) thereof. Executive represents and warrants to Company that Executive has returned all property and
confidential information belonging to any prior employer.

 

2.
Compensation

 

(a)
Salary. During the term of this Agreement, Company shall pay to the Executive a salary of $380,000.00 annually. Executive’s
salary shall be paid in equal semi-monthly installments, consistent with Company’s regular salary payment practices. Executive’s
salary may be increased from time-to-time by Company, in Company’s sole and absolute discretion, without affecting this
Agreement.

 

(b)
Bonus. Executive may be eligible for an annual bonus of up to 35% of Executive’s annual salary, as may be approved by
the Board of Directors in its discretion, based on Executive’s achievement of predetermined Company and individual objectives
set by the Board of Directors, or the Compensation Committee of the Board of Directors, from time to time. Executive also agrees
that the Board of Directors and Company are not obligated to adopt any bonus plan, to maintain in effect any bonus plan that may
now be in effect or that may be adopted during the term of Executive’s employment, or to pay Executive a bonus unless a
bonus is earned under the terms and conditions of any bonus plan adopted by Company.

 

(c)
Equity. The Company will recommend to the Board of Directors that Executive be granted an option to purchase 350,000 shares
of the Company’s Common stock (the “Option”). Grant of the Option is subject to the approval of the Board of
Directors. If granted, the shares subject to the Option shall vest over four years of continuous service to the Company, with
twenty-five percent (25%) of the shares subject to the Option grant becoming vested on the first year anniversary of the Start
Date, and the remaining shares becoming vested in equal monthly installments over the following thirty-six (36) months of continuous
service. The exercise price of the Option, as well as other matters related to the Option, will be governed by and subject to
the terms and conditions set forth in the Asterias 2013 Equity Incentive Plan and the stock option agreement Executive will be
required to execute.

 

(d)
Expense Reimbursements. Company or a Related Company shall reimburse Executive for reasonable travel and other business expenses
(but not expenses of commuting to a primary workplace) incurred by Executive in the performance of Executive’s duties under
this Agreement, subject to the Policies and procedures in effect from time to time, and provided that Executive submits supporting
vouchers. Company will additionally reimburse the travel costs (including airfare and transfer to/from airport) for Executive’s
round-trip travel between Alameda and San Diego not more often than once each week, in accordance with Company’s employee
travel policies, for a period not to exceed 12 months after the Effective Date.

 

    	 

    	 

    

 

(e)
Benefit Plans. Executive may be eligible (to the extent Executive qualifies) to participate in certain retirement, pension,
life, health, accident and disability insurance, equity incentive plan or other similar employee benefit plans, which may be adopted
by Company for its executive officers or other employees. Company and the Related Companies have the right, at any time and without
any amendment of this Agreement, and without prior notice to or consent from Executive, to adopt, amend, change, or terminate
any such benefit plans that may now be in effect or that may be adopted in the future, in each case without any further financial
obligation to Executive; provided that such unilateral change does apply to Executive in a manner different than other Company
executives or employees of a comparable executive level, except for changes required by applicable federal, state, or local law,
or implemented in response to any change of federal, state or local law or regulation. Any benefits to which Executive may be
entitled under any benefit plan shall be governed by the terms and conditions of the applicable benefit plan, and any related
plan documents, as in effect from time to time. If Executive receives any grant of stock options or stock or stock related equity
awards (“Awards”) under any stock option plan, stock purchase plan, or other equity incentive plan of Company (an
“Equity Plan”), the terms and conditions of the Award, and Executive’s rights with respect to the Award, shall
be governed by (i) the terms of the Equity Plan, as the same may be amended from time to time, and (ii) the terms and conditions
of any stock option agreement, stock purchase agreement, or other agreement that Executive may sign or be required to sign with
respect to any Award.

 

(f)
Vacation; Sick Leave. Executive shall be entitled to 20 paid time off days (accrued on a biweekly pay period basis and capped
at 1.5 times the yearly accrual), 24 hours of annual sick leave, without reduction in compensation, during each calendar year,
or as may be provided by the Policies. Executive shall also receive the benefit of 114.75 PTO hours of Asterias Biotherapeutics,
Inc., which Executive has elected to roll over to the Company. Executive’s vacation shall be taken at such time as is consistent
with the needs and Policies of Company and its Related Companies. All vacation days and sick leave days shall accrue annually
based upon days of service. Executive’s right to leave from work due to illness is subject to the Policies and the provisions
of this Agreement governing termination due to disability, sickness or illness. The Policies governing the disposition of unused
vacation days and sick leave days remaining at the end of Company’s fiscal year shall govern whether unused vacation days
or sick leave days will be paid, lost, or carried over into subsequent fiscal years.

 

3.
Competitive Activities. During the term of Executive’s employment, and for twenty-four months thereafter, Executive
shall not, for Executive or any third party, directly or indirectly employ, solicit for employment or recommend for employment
any person employed by Company or any Related Company. During the term of Executive’s employment, Executive shall not, directly
or indirectly as an employee, contractor, officer, director, member, partner, agent, or equity owner, engage in any activity or
business that competes or could reasonably be expected to compete with the business of Company or any Related Company. Executive
acknowledges that there is a substantial likelihood that the activities described in this Section would (a) involve the unauthorized
use or disclosure of Company’s or a Related Company’s Confidential Information and that use or disclosure would be
extremely difficult to detect, and (b) result in substantial competitive harm to the business of Company or a Related Company.
Executive has accepted the limitations of this Section as a reasonably practicable and unrestrictive means of preventing such
use or disclosure of Confidential Information and preventing such competitive harm.

 

    	 

    	 

    

 

4.
Inventions/Intellectual Property/Confidential Information. Employee acknowledges the execution and delivery to Company of
an Employee Confidential Information and Inventions Assignment Agreement” (the “Confidentiality and IP Agreement”),
attached hereto as Exhibit 2.

 

5.
Termination of Employment. Executive understands and agrees that Executive’s employment has no specific term. This Agreement,
and the employment relationship, are “at will” and may be terminated by Executive or by Company (and the employment
of Executive by any Related Company by be terminated by the Related Company) with or without cause at any time by notice given
orally or in writing. Except as otherwise agreed in writing or as otherwise provided in this Agreement, upon termination of Executive’s
employment, Company and the Related Companies shall have no further obligation to Executive, by way of compensation or otherwise,
as expressly provided in this Agreement or in any separate employment agreement that might then exist between Executive and a
Related Company.

 

(a)
Payments Due Upon Termination of Employment. Upon termination of Executive’s employment with Company at any time and
for any reason, in the event of the termination of Executive’s employment by Company for Cause, or termination of Executive’s
employment as a result of death, Disability, or resignation, Executive will be entitled to receive only the severance benefits
set forth below, and Executive will not be entitled to any other compensation, award, or damages with respect to Executive’s
employment or termination of employment.

 

(i)
Termination for Cause, Death, Disability, or Resignation. In the event of the termination of Executive’s employment
by Company for Cause, or termination of Executive’s employment as a result of death, Disability, or resignation, Executive
will be entitled to receive payment for all accrued but unpaid salary actually earned prior to or as of the date of termination
of Executive’s employment, and vacation or paid time off accrued as of the date of termination of Executive’s employment.
Executive will not be entitled to any cash severance benefits or additional vesting of any stock options or other equity or cash
awards.

 

(ii)
Termination Without Cause. In the event of termination of Executive’s employment by Company without Cause, Executive
will be entitled to (A) the benefits set forth in paragraph (a)(i) of this Section; and (B) (1) six (6) months’ base salary
if terminated within the first twelve (12) months of employment, or (2) nine (9) months’ base salary if terminated after
twelve (12) months of employment, either of which may be paid in a lump sum or, at the election of BioTime, in installments consistent
with the payment of Employee’s salary while employed by BioTime, subject to such payroll deductions and withholdings as
are required by law. This paragraph shall not apply to (x) termination of Executive’s employment by a Related Company if
Executive remains employed by Company, or (y) termination of Executive’s employment by Company if Executive remains employed
by a Related Company.

 

    	 

    	 

    

 

(iii)
Change of Control. If Company (or any successor in interest to Company that has assumed Company’s obligation under this
Agreement) terminates Executive’s employment without Cause or Executive resigns for Good Reason within twelve (12) months
following a Change in Control, Executive will be entitled to (A) the benefits set forth in paragraph (a)(i) and (a)(ii) of this
Section, and (B) fifty percent of any then unvested options, restricted stock or restricted stock units as may have been granted
to Employee by BioTime if termination of employment occurs during the first year of Employee’s employment by BioTime, or
accelerated vesting of one hundred percent (100%) of any then unvested options, restricted stock or restricted stock units as
may have been granted to Employee by BioTime if termination of employment occurs after the first year of Employee’s employment
by BioTime. This paragraph shall not apply to (x) termination of Executive’s employment by a Related Company if Executive
remains employed by Company or a successor in interest, or (y) termination of Executive’s employment by Company or a successor
in interest if Executive remains employed by a Related Company.

 

(b)
Release. The Company’s obligation to make such payments under paragraphs (a)(ii) and (a)(iii) of this Section and provide
any other such benefits contemplated herein shall be contingent upon:

 

(i)
Executive’s execution of a release in a form reasonably acceptable to the Company (the “Release”), which Release
must be signed and any applicable revocation period with respect thereto must have expired by the 30th day following
Executive’s termination of employment. The Release will not waive any of Executive’s rights, or obligations of the
Company or its successor in interest and the Related Companies, regarding: (1) any right to indemnification and/or contribution,
advancement or payment of related expenses Executive may have pursuant to the Company’s Bylaws, Articles of Incorporation,
under any written indemnification or other agreement between the parties, and/or under applicable law; (2) any rights that Executive
may have to insurance coverage under any directors and officers liability insurance, other insurance policies of the Company,
COBRA or any similar state law; (3) any claims for worker’s compensation, state disability or unemployment insurance benefits,
or any other claims that cannot be released as a matter of applicable law; (4) rights to any vested benefits under any stock,
compensation or other employee benefit plan of the Company; (5) any rights Executive may have as an existing shareholder of the
Company; and (6) any claims arising after the effective date of the Release. Nothing in the Release or any other agreement between
Executive and the Company will prohibit or prevent Executive from providing truthful testimony or otherwise responding accurately
and fully to any question, inquiry or request for information or documents when required by legal process, subpoena, notice, court
order or law (including, without limitation, in any criminal, civil, or regulatory proceeding or investigation), or as necessary
in any action for enforcement or claimed breach of this Agreement or any other legal dispute with the Company. If the Release
has been signed and any applicable revocation period has expired prior to the 30th day following Executive’s
termination of employment, then the severance payments above may be made on such earlier date; provided, however, that if the
30th day following Executive’s termination of employment occurs in the calendar year following the year of Executive’s
termination date, then the payments shall not be made earlier than January 1 of such subsequent calendar year; and

 

    	 

    	 

    

 

(ii)
Executive’s tendering a written resignation as a director, if serving as a director of BioTime or any Related Company, as
provided in Section 7.

 

(c)
Section 280G of the Code.

 

(i)
Notwithstanding anything in this Agreement to the contrary, if any payment, distribution, or other benefit provided by the Company
to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (collectively, the “Payments”), (x) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (y) but for this Section 5(c) would be subject to the excise tax imposed by Section 4999 of the
Code or any similar or successor provision thereto (the “Excise Tax”), then the Payments shall be either: (A) delivered
in full pursuant to the terms of this Agreement, or (B) delivered to such lesser extent as would result in no portion of the payment
being subject to the Excise Tax, as determined in accordance with Section 5(b).

 

(ii)
The determination of whether Section 5(c)(i)(A) or Section 5(c)(i)(B) shall be given effect shall be made by the Company on the
basis of which of such clauses results in the receipt by Executive of the greater Net After-Tax Receipt (as defined herein) of
the aggregate Payments. The term “Net After-Tax Receipt” shall mean the present value (as determined in accordance
with Section 280G of the Code) of the payments net of all applicable federal, state and local income, employment, and other applicable
taxes and the Excise Tax.

 

(iii)
If Section 5(c)(i)(B) is given effect, the reduction shall be accomplished in accordance with Section 409A of the Code and the
following: first by reducing, on a pro rata basis, cash Payments that are exempt from Section 409A of the Code; second by reducing,
on a pro rata basis, other cash Payments; and third by forfeiting any equity-based awards that vest and become payable, starting
with the most recent equity-based awards that vest, to the extent necessary to accomplish such reduction.

 

    	 

    	 

    

 

(iv)
Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5(c) shall be made
by the Company’s independent accountants or compensation consultants (the “Third Party”), and all such determinations
shall be conclusive, final and binding on the parties hereto. The Company and Executive shall furnish to the Third Party such
information and documents as the Third Party may reasonably request in order to make a determination under this Section 5(c).
The Company shall bear all fees and costs of the Third Party with respect to all determinations under or contemplated by this
Section 5(c).

 

(d)
Definitions. For purposes of this Section, the following definitions shall apply:

 

(i)
“Affiliated Group” means (A) a Person and one or more other Persons in control of, controlled by, or under common
control with such Person; and (B) two or more Persons who, by written agreement among them, act in conceit to acquire Voting Securities
entitling them to elect a majority of the directors of Company.

 

(ii)
“Cause” shall mean a termination of Executive’s employment based upon a finding by a majority of the Board of
Directors of the Company or its successor, acting in good faith and based on its reasonable belief at the time, that Executive
(a) has refused to perform the explicitly stated or reasonably assigned, lawful, and material duties required by Executive’s
position (other than by reason of a disability or analogous condition); (b) has committed or engaged in a material act of theft,
embezzlement, dishonesty or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer
lists, trade secrets or other confidential information; (c) has breached a material fiduciary duty, or willfully and materially
violated any other duty, law, rule, or regulation relating to the performance of Executive’s duties to the Company or material
policy of the Company or its successor; (d) has been convicted of, or pled guilty or nolo contendere to, misdemeanor involving
moral turpitude or a felony; (e) has willfully and materially breached any of the provisions of any agreement with the Company
or its successor which causes material injury to the Company; (f) has willfully engaged in unfair competition with, or otherwise
acted intentionally in a manner materially injurious to the reputation, business or assets of, the Company or its successor; or
(g) has improperly induced a vendor or customer to break or terminate any material contract with the Company or its successor
or induced a principal for whom the Company or its successor acts as agent to terminate such agency relationship. “Cause”
shall only exist if the Company first provides Executive with written notice of any claimed ground for Cause and an opportunity
to cure such ground, if curable, for thirty (30) days. For purposes of this Agreement, no act or failure to act on Executive’s
part will be considered “willful” unless it is done, or omitted to be done, by Executive intentionally, not in good
faith or without reasonable belief that the action or omission was in the best interest of the Company.

 

    	 

    	 

    

 

(iii)
“Change of Control” means (A) the acquisition of Voting Securities of Company by a Person or an Affiliated Group entitling
the holder thereof to elect a majority of the directors of Company; provided, that an increase in the amount of Voting Securities
held by a Person or Affiliated Group who on the date of this Agreement owned beneficially owned (as defined in Section 13(d) of
the Securities Exchange Act of 1934, as amended, and the regulations thereunder) more than 10% of the Voting Securities shall
not constitute a Change of Control; and provided, further, that an acquisition of Voting Securities by one or more Persons acting
as an underwriter in connection with a sale or distribution of such Voting Securities shall not constitute a Change of Control
under this clause (A); (B) the sale of all or substantially all of the assets of Company; or (C) a merger or consolidation of
Company with or into another corporation or entity in which the stockholders of Company immediately before such merger or consolidation
do not own, in the aggregate, Voting Securities of the surviving corporation or entity (or the ultimate parent of the surviving
corporation or entity) entitling them, in the aggregate (and without regard to whether they constitute an Affiliated Group) to
elect a majority of the directors or persons holding similar powers of the surviving corporation or entity (or the ultimate parent
of the surviving corporation or entity); provided, however, that in no event shall any transaction described in clauses (A), (B)
or (C) be a Change of Control if all of the Persons acquiring Voting Securities or assets of Company or merging or consolidating
with Company are one or more Related Companies.

 

(iv)
“Disability” shall mean Executive’s inability to perform the essential functions of Executive’s job responsibilities
for a period of one hundred eighty (180) days in the aggregate in any twelve (12) month period.

 

(v)
“Good Reason” shall mean the occurrence of any of the following events or circumstances without Executive’s
written consent: (i) a material diminution in Executive’s base compensation; (ii) a material diminution in Executive’s
authority, duties or responsibility; (iii) a material change in the principal geographic location at which Executive performs
services; (iv) any requirement that Executive engage in any illegal conduct; (v) a material breach by the Company of this Agreement
or any other material written agreement between Executive and the Company; or (vi) Executive’s primary role being moved
to a Related Company, unless Executive reasonably agrees to the move of the primary role, which agreement shall not be unreasonably
withheld.

 

(vi)
“Person” means any natural person or any corporation, partnership, limited liability company, trust, unincorporated
business association, or other entity.

 

(vii)
“Voting Securities” means shares of capital stock or other equity securities entitling the holder thereof to regularly
vote for the election of directors (or for person performing a similar function if the issuer is not a corporation), but does
not include the power to vote upon the happening of some condition or event which has not yet occurred.

 

    	 

    	 

    

 

6.
Turnover of Property and Documents on Termination. Executive agrees that on or before termination of Executive’s employment,
Executive will return to Company, and all Related Companies, all equipment and other property belonging to Company and the Related
Companies, and all originals and copies of confidential information (in any and all media and formats, and including any document
or other item containing confidential information) in Executive’s possession or control, and all of the following (in any
and all media and formats, and whether or not constituting or containing confidential information) in Executive’s possession
or control: (a) lists and sources of customers; (b) proposals or drafts of proposals for any research grant, research or development
project or program, marketing plan, licensing arrangement, or other arrangement with any third party; (c) reports, notations of
the Executive, laboratory notes, specifications, and drawings pertaining to the research, development, products, patents, and
technology of Company and any Related Companies; (d) any and all intellectual property developed by Executive during the course
of employment; and (e) the manual and memoranda related to the Policies. To the extent there is a conflict between this Section
6 and the Confidentiality and IP Agreement executed by the Executive, the Confidentiality and IP Agreement provisions control.

 

7.
Resignation as a Director on Termination of Employment. If Executive’s employment by Company is terminated for any reason
or for no reason, whether by way of resignation, Disability, or termination by Company with or without Cause, and if Executive
is then a member of the Board of Directors of Company or any Related Company, Executive shall within two business days after such
termination of employment resign from the Board of Directors of Company and from the board of directors of each and every Related
Company, by delivering to Company (and each Related Company, as applicable) a letter or other written communication addressed
to the Board of Directors of Company (and each Related Company, as applicable) stating that Executive is resigning from the Board
of Directors of Company (and each Related Company, as applicable) effective immediately. A business day shall be any day other
than a Saturday, Sunday, or federal holiday on which federal offices are closed.

 

8.
Arbitration. Except for injunctive proceedings against unauthorized disclosure of confidential information, any and all claims
or controversies between Company or any Related Company and Executive, including but not limited to (a) those involving the construction
or application of any of the terms, provisions, or conditions of this Agreement or the Policies; (b) all contract or tort claims
of any kind; and (c) any claim based on any federal, state, or local law, statute, regulation, or ordinance, including claims
for unlawful discrimination or harassment, shall be settled by arbitration in accordance with the then current Employment Dispute
Resolution Rules of the American Arbitration Association. Judgment on the award rendered by the arbitrator(s) may be entered by
any court having jurisdiction over Company and Executive. The location of the arbitration shall be San Francisco, California.
Unless Company or a Related Company and Executive mutually agree otherwise, the arbitrator shall be a retired judge selected from
a panel provided by the American Arbitration Association, or the Judicial Arbitration and Mediation Service (JAMS). Company, or
a Related Company, if the Related Company is a party to the arbitration proceeding, shall pay the arbitrator’s fees and
costs. Executive shall pay for Executive’s own costs and attorneys’ fees, if any. Company and any Related Company
that is a party to an arbitration proceeding shall pay for its own costs and attorneys’ fees, if any. However, if any party
prevails on a statutory claim which affords the prevailing party attorneys’ fees, the arbitrator may award reasonable attorneys’
fees and costs to the prevailing party.

 

EXECUTIVE
UNDERSTANDS AND AGREES THAT THIS AGREEMENT TO ARBITRATE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A TRIAL BY JURY OF
ANY MATTERS COVERED BY THIS AGREEMENT TO ARBITRATE.

 

    	 

    	 

    

 

9.
Severability. In the event that any of the provisions of this Agreement or the Policies shall be held to be invalid or unenforceable
in whole or in part, those provisions to the extent enforceable and all other provisions shall nevertheless continue to be valid
and enforceable as though the invalid or unenforceable parts had not been included in this Agreement or the Policies. In the event
that any provision relating to a time period of restriction shall be declared by a court of competent jurisdiction to exceed the
maximum time period such court deems reasonable and enforceable, then the time period of restriction deemed reasonable and enforceable
by the court shall become and shall thereafter be the maximum time period.

 

10.
Agreement Read and Understood. Executive acknowledges that Executive has carefully read the terms of this Agreement, that
Executive has had an opportunity to consult with an attorney or other representative of Executive’s own choosing regarding
this Agreement, that Executive understands the terms of this Agreement and that Executive is entering this Agreement of Executive’s
own free will.

 

11.
Complete Agreement, Modification. This Agreement is the complete agreement between Executive and Company on the subjects contained
in this Agreement. This Agreement supersedes and replaces all previous correspondence, promises, representations, and agreements,
if any, either written or oral with respect to Executive’s employment by Company or any Related Company and any matter covered
by this Agreement. No provision of this Agreement may be modified, amended, or waived except by a written document signed both
by Company and Executive.

 

12.
Governing Law. This Agreement shall be construed and enforced according to the laws of the State of California.

 

13.
Assignability. This Agreement, and the rights and obligations of Executive and Company under this Agreement, may not be assigned
by Executive. Company may assign any of its rights and obligations under this Agreement to any successor or surviving corporation,
limited liability company, or other entity resulting from a merger, consolidation, sale of assets, sale of stock, sale of membership
interests, or other reorganization, upon condition that the assignee shall assume, either expressly or by operation of law, all
of Company’s obligations under this Agreement.

 

    	 

    	 

    

 

14.
Survival. This Section 14 and the covenants and agreements contained in Sections 4 and 6 of this Agreement shall survive termination
of this Agreement and Executive’s employment.

 

15.
Notices. Any notices or other communication required or permitted to be given under this Agreement shall be in writing and
shall be mailed by certified mail, return receipt requested, or sent by next business day air courier service, or personally delivered
to the party to whom it is to be given at the address of such party set forth on the signature page of this Agreement (or to such
other address as the party shall have furnished in writing in accordance with the provisions of this Section 15).

 

[Signatures
to the Employment Agreement Are Found on the Following Page]

 

    	 

    	 

    

 

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

 

	EXECUTIVE:
	 	 
	/s/
    Edward Wirth	 
	Edward
    Wirth	 
	Address:	 

 

	COMPANY:	 
	 	 	 
	BIOTIME, INC.	 
	 	 	 
	By:
    	/s/
    Brian M. Culley	 
	 	Brian
    Michael Culley	 
	 	Chief
    Executive Officer	 
	 	BioTime,
    Inc.	 
	 	1010
    Atlantic Avenue, Suite 102	 
	 	Alameda,
    California 94501	 

 

[Signature
Page to the Employment Agreement]

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