Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
is entered into as of September 11, 2020 (the “Effective Date”), by and between Senmiao Technology Limited,
incorporated under the laws of the State of Nevada (the “Company”) and Haitao Liu, an individual (the “Executive”).
Except with respect to the direct employment of the Executive by the Company, the term “Company” as used herein with
respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiary and variable
interest entity (collectively, the “Group”).

 

RECITALS

 

WHEREAS, the Company desires to employ
the Executive as its Chief Operating Officer and to assure itself of the services of the Executive during the term of Employment
(as defined below); and

 

WHEREAS, the Executive desires to be employed
by the Company as its Chief Operating Officer during the term of Employment and upon the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual promises set forth in this Agreement, the parties agree as follows:

 

	1.  	POSITION

 

The Executive hereby accepts the positions
of Chief Operating Officer (the “Employment”) of the Company.

 

	2.  	TERM

 

Subject to the terms and conditions of
this Agreement, the initial term of the Employment shall be one (1) year commencing on the Effective Date, unless terminated earlier
pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one-year terms if neither
the Company nor the Executive provides a notice of termination of the Employment to the other party within thirty (30) days prior
to the expiration of the applicable term.

 

	3.  	DUTIES AND RESPONSIBILITIES

 

	 	(a)	The Executive’s duties at the Company will include all the duties and responsibilities associated with a Chief Operating Officer of a U.S. listed public company with primary operations in the People’s Republic of China. As Chief Operating Officer the Company, the Executive shall be primarily responsible for all operating aspects of the business of the Company, including development and implementation of the strategic development plans of the Company and internal management of the Company, as well as all tasks and responsibilities normally associated with the offices of Chief Operating Officer of a provider of automobile transaction and related services of similar size and nature to the Company. During the term of his Employment, Executive shall report to and be responsible the Company’s Chief Executive Officer and the Company’s board of directors (including any designated audit or other committee thereof) (the “Board”). Executive shall also perform such other duties and responsibilities as may be determined by the Board and the Chief Executive Officer, as long as such duties and responsibilities are consistent with those of the Company’s Chief Operating Officer. 

 

	 	(b)	The Executive shall devote all of his working time, attention and skills to the performance of his duties to the Company and the Group and shall faithfully and diligently serve the Company and the Group in accordance with this Agreement, the Articles of Incorporation and Bylaws of the Company, as amended and restated from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

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	 	(c)	The Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any member of the Group, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company or any member of the Group engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding equity of any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

	4.  	NO BREACH OF CONTRACT

 

The Executive hereby represents to the
Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of his
duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which
the Executive is a party or otherwise bound except for agreements entered into by and between the Executive and any member of the
Group pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential
information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering
into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality,
trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as
the case may be.

 

	5.  	LOCATION

 

The Executive will be based in Sichuan
Province, China. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance
with its operational requirements.

 

	6.  	COMPENSATION AND BENEFITS

 

	 	(a)	Base Salary. The Executive’s initial pre-tax base salary shall be RMB45,000 per month, paid monthly in arrears in accordance with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment by the Board in its sole discretion. 

 

	 	(b)	Bonus. The Executive shall be eligible for cash bonuses as determined by the Board in its sole discretion. 

 

	 	(c)	Equity Incentives. To the extent the Company adopts and maintains an equity incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan, provided that such plans shall be subject to review and approval by the Board.

 

	 	(e)	Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

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	7.  	TERMINATION OF THE AGREEMENT

 

		(a)	By the Company.

 

 (i) For Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable U.S. federal or state law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

		(1)	the Executive is convicted or pleads guilty to a felony
or to an act of fraud, misappropriation or embezzlement;

 

		(2)	the Executive has been grossly negligent or acted dishonestly
to the detriment of the Company;

 

		(3)	the Executive has engaged in actions amounting to willful
misconduct or failed to perform his duties hereunder and such failure continues after the Executive is afforded not less than
fifteen (15) days to cure such failure; or

 

		(4)	the Executive violates Sections 8, 9 or 10 of this Agreement.

 

Upon termination for “cause”, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

 (ii) For Death and Disability. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable U.S. federal or state law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

		(1)	the Executive has died, or

 

		(2)	the Executive has a disability which shall mean a physical
or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions
of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless
a longer period is required by applicable law, in which case that longer period would apply.

 

Upon termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

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(iii) Without Cause. The Company may terminate the Employment without cause, at any time, upon thirty (30) days’ prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: a cash payment of one month of the Executive’s base salary as of the date of such termination for each year (which is any period longer than six months but no more than one year) and a cash payment of half month of the Executive’s base salary as of the date of such termination for any period of employment no more than six months, provided that the total severance payments shall not exceed twelve months of the Executive’s base salary.  

 

Upon termination without cause, the Executive shall also be entitled to the amount of base salary earned and not paid prior to termination.

 

 In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

 

 (iv) Change of Control Transaction. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the “Change of Control Transaction”), the Executive shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal to 3 months of the Executive’s base salary at a rate equal to the greater of his annual salary in effect immediate1y prior to the termination, or his then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company’s health plans for 3 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

 

	 	(b)	
        By the Executive. The Executive
        may terminate the Employment at any time with thirty (30) days’ prior written notice to the Company without cause, if (1) there
        is a material reduction in the Executive’s authority, duties and responsibilities unless such reduction was made with his
        consent, or (2) there is a material reduction in the Executive’s annual salary (the occurrences in (1) and (2) being
        referred to as “Good Reason”). Upon the Executive’s termination of the Employment due to either of the
        above reasons, the Company shall provide compensation to the Executive equivalent to 3 months of the Executive’s base salary
        that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration of
        the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed
        to by the Board.

         

        In order to be eligible for, and as a condition
        precedent for the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver
        to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory
        to the Board.

 

	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

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	8.  	CONFIDENTIALITY AND NONDISCLOSURE

 

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after its termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective clients, customers or partners either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

 

	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject to inspection by the Company, at any time. Upon termination of the Executive’s employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his termination, in his possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

	 	(c)	Former Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

	 	(d)	Third Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

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This Section 8 shall survive the termination
of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek
remedies permissible under applicable law.

 

	9.  	CONFLICTING EMPLOYMENT

 

The Executive hereby agrees that, during
the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business
activity related to the business in which the Company is now involved or becomes involved during the term of the Executive’s
employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the
prior written consent of the Company.

 

	10.  	NON-COMPETITION AND NON-SOLICITATION

 

In consideration of the salary paid to
the Executive by the Company, the Executive agrees that during the term of the Employment and for a period of twelve (12) months
following the termination of the Employment for whatever reason:

 

	 	(a)	The Executive will not approach clients, customers or contacts of the Company or the Group, users of the Company’s or the Group’s services, or other persons or entities introduced to the Executive in the Executive’s capacity as a representative of the Company or the Group for the purposes of doing business with such persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

 

	 	(b)	the Executive will not assume employment with or provide services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

 

	 	(c)	the Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any officer, director, or employee of or consultant to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months preceding such termination.

 

The provisions contained in Section 10
are considered reasonable by the Executive in order to protect the legitimate business interest of the Company and the Group. In
the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was
deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to
make them valid and effective.

 

This Section 10 shall survive the
termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Executive acknowledges
that there will be no adequate remedy at law, and the Company or the applicable member of the Group shall be entitled to injunctive
relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company or any applicable member of the Group shall have right to seek all remedies permissible under applicable
law.

 

	11.  	WITHHOLDING TAXES

 

Notwithstanding anything else herein to
the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable
under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be
required to be withheld pursuant to any applicable law or regulation.

 

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	12.  	ASSIGNMENT

 

This Agreement is personal in its nature
and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations
hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder
to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement
shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company hereunder. 

 

	13.  	SEVERABILITY

 

If any provision of this Agreement or the
application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can
be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to
be severable.

 

	14.  	ENTIRE AGREEMENT

 

This Agreement constitutes the entire agreement
and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous
oral or written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement
in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement
must be in writing and signed by the Executive and the Company.

 

	15.  	 GOVERNING LAW; JURISDICTION

 

This Agreement and all issues pertaining
to the Employment or the termination of the Employment shall be governed and interpreted in accordance with the laws of New York
without regard to choice of law principles, except the arbitration provision which shall be governed by the Federal Arbitration
Act. Executive agrees that if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement will nonetheless
remain binding and in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive relief available
under Section 10 hereof, which cannot be resolved by negotiations between the Executive and the Company shall be submitted to,
and solely determined by, final and binding arbitration conducted by the American Arbitration Association (“AAA”)
in accordance with its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award
of the arbitrator in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation
or enforcement of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions
regarding whether or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in the
AAA New York City Office, or such other place as the parties may mutually agree. Judgment upon the award by the arbitrator may
be entered in any court having jurisdiction, including in The People’s Republic of China or Hong Kong. The arbitrator shall
award costs and attorney fees to the prevailing party. As part of this Agreement, Executive agrees that Executive may not participate
in a representative capacity or as a member of any class of claims pertaining to any claim against the Company. There is no right
or authority for any claims subject to this Agreement to be arbitrated on a class or collective action basis or on any basis involving
claims brought in a purported representative capacity on behalf of any other person or group of people similarly situated. Such
claims are prohibited. Furthermore, claims brought by or against either the Company or the Executive may not be joined or consolidated
in the arbitration with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties
involved.

 

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	16.  	AMENDMENT

 

This Agreement may not be amended, modified
or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which
agreement is executed by both of the parties hereto.

 

	17.  	WAIVER

 

Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall
any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of
any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver.

 

	18.  	NOTICES

 

All notices, requests, demands and other
communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made
if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier
with next-day or second-day delivery, or (iv) by email, to the last known address of the other party, with communications to the
Company being to the attention of the Company’s Chief Executive Officer.

 

	19.  	COUNTERPARTS

 

This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which
together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 

Photographic or electronic copies of such
signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered by electronic
means.

 

	20.  	NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that this Agreement
is a legally binding contract and acknowledges that it, or he has had the opportunity to consult with legal counsel of choice.
In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party
being the drafter of such terms.

 

[Remainder of this page has been intentionally
left blank.]

 

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IN WITNESS WHEREOF, this Agreement has been executed as of the
date first written above.

 

	 	Senmiao Technology Limited
	 	 	 
	 	By:	/s/ Xi Wen
	 	Name: 	Xi Wen
	 	Title:	Chief Executive Officer
	 	 	 
	 	Executive
	 	 	 
	 	Signature: 	/s/ Haitao Liu
	 	Name:	Haitao Liu 

 

    9Exhibit
10.1

 

LEASE
TERMINATION AGREEMENT

 

THIS
LEASE TERMINATION AGREEMENT dated September 11, 2020 (this “Agreement”), is entered into by and
between G&I IX MARINA VILLAGE RESEARCH PARK LP, a Delaware limited partnership (“Landlord”), and
LINEAGE CELL THERAPEUTICS, INC., a California corporation, formerly known as Biotime, Inc., a California corporation (“Tenant”),
with reference to the following facts and understandings:

 

RECITALS

 

WHEREAS,
BSREP Marina Village Owner TRS LLC, a Delaware limited liability company (“Original 1010 Atlantic Landlord”),
and Tenant entered into that certain Lease dated December 10, 2015, as amended (the “1010 Atlantic Lease”),
for the lease of certain premises (the “1010 Atlantic Premises”), consisting of approximately 22,303 rentable
square feet commonly known as Suite 102 located on the first (1st) floor of that certain office building located at
1010 Atlantic Avenue, Alameda, California. Landlord is the successor-in-interest to Original 1010 Atlantic Landlord under the
1010 Atlantic Lease.

 

WHEREAS,
Tenant and Industrial Microbes, Inc., a Delaware corporation (“Industrial Microbes”), entered into that certain
Standard Sublease dated April 7, 2020 (the “Industrial Microbes Sublease”), for the sublease of a portion of
the 1010 Atlantic Premises.

 

WHEREAS,
BSREP Marina Village Owner LLC, a Delaware limited liability company (“1020 Atlantic Original Landlord”), and
Tenant entered into that certain Amended and Restated Lease dated December 10, 2015, as amended (the “1020 Atlantic Lease”),
for the lease of certain premises (the “1020 Atlantic Premises”), consisting of approximately 8,492 rentable
square feet commonly known as Suite 100 located on the first (1st) floor of that certain office building located at
1020 Atlantic Avenue, Alameda, California. Landlord is the successor-in-interest to Original 1020 Atlantic Landlord under the
1020 Atlantic Lease. The 1010 Atlantic Lease and the 1020 Atlantic Lease are collectively referred to herein as the “Leases”.

 

WHEREAS,
concurrently herewith, Landlord is entering into a new lease (the “New 1010 Atlantic Lease”) with Bay Area
Disruptor And Startup Support Labs, a California corporation (“Bay Area Disruptor”) for the lease of the 1010
Atlantic Premises.

 

WHEREAS,
concurrently herewith, Tenant and Industrial Microbes are each entering into a new sublease or license agreement (each, a “Bay
Area Disruptor Sublease” and collectively the “Bay Area Disruptor Subleases”) with Bay Area Disrupter
for the sublease or use of a portion of the 1010 Atlantic Premises (collectively, the “Subleased Premises”).

 

WHEREAS,
as soon as practicable after execution of this Agreement, Landlord shall enter into a new lease (the “New 1020 Atlantic
Lease”) with a new tenant (“New 1020 Atlantic Tenant”) for the lease of the 1020 Atlantic Premises.

 

WHEREAS,
the parties desire to terminate both the 1010 Atlantic Lease and the 1020 Atlantic Lease prior to the scheduled expiration
date of the Leases, all upon and subject to the terms and conditions hereinafter provided.

 

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AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

1.
Recitals. The Recitals set forth above are incorporated herein as though set forth in full herein.

 

2.
Termination Consideration. As consideration for Landlord’s agreement to terminate the Leases as hereinafter
provided, Tenant hereby agrees to pay Landlord consideration in the amount of One Hundred Thirty Thousand and No/100 Dollars
($130,000.00) (the “Termination Consideration”). The Termination Consideration shall be paid by Tenant’s
wire transfer to Landlord or Tenant’s delivery of a check to Landlord as follows: (a) Tenant shall pay to Landlord $42,092.60
(the “Partial Termination Consideration Payment”) concurrently with Tenant’s execution and delivery of
this Agreement, and (b) Tenant shall pay to Landlord $87,907.40 (the “Balance of the Termination Consideration”)
on or before September 30, 2020. Tenant acknowledges and agrees that (i) the Termination Consideration is fully-earned by Landlord
as consideration for, and as a condition to, Landlord’s agreement to terminate the Leases pursuant to this Agreement, and
(ii) Landlord would not have entered into this Agreement and agreed to terminate the Leases but for Tenant’s agreement to
pay Landlord the Termination Consideration. In addition to the Termination Consideration, Tenant also hereby agrees to pay Landlord
a total of $91,401.40 in Deferred Rent (as such term is defined in the Leases) concurrently with Tenant’s execution and
delivery of this Agreement.

 

3.
Termination Dates.

 

(a)
The 1020 Atlantic Lease, and all subleases or other tenancies thereunder shall terminate on August 31, 2020 (the “1020
Atlantic Termination Date”), subject to (i) the receipt by Landlord of the Partial Termination Consideration and the
Deferred Rent in accordance with the provisions of Section 2 above, and (ii) the vacating and surrendering of the 1020 Atlantic
Premises to Landlord by Tenant and any subtenants or other occupants of the 1020 Atlantic Premises with Tenant’s furniture,
fixtures, equipment and other personal property removed from the 1020 Atlantic Premises. Following the 1020 Atlantic Termination
Date and notwithstanding any breach or default of this Agreement by any party hereto, Tenant shall have no right to occupy the
1020 Atlantic Premises. Provided that Tenant removes all of Tenant’s furniture fixtures, equipment and other personal property
from the 1020 Atlantic Premises by September 18, 2020, no further rent will accrue with respect to the 1020 Atlantic Premises
after July 31, 2020. If Tenant fails to vacate, surrender and deliver exclusive possession of the 1020 Premises to Landlord with
all of Tenant’s furniture fixtures, equipment and other personal property removed from the 1020 Atlantic Premises by September
18, 2020, then, without limitation as to any other rights and remedies of Landlord under the 1020 Atlantic Lease, at law or in
equity, Tenant shall be deemed to be a holdover tenant in the 1020 Atlantic Premises subject to the terms and conditions of Article
16 of the 1020 Atlantic Lease, provided however, that, in addition to paying all other amounts due under the 1020 Atlantic Lease,
commencing on September 19, 2020, Tenant shall pay to Landlord Base Rent for the 1020 Atlantic Premises in the amount of $30,061.68
per month or $1,002.06 per day until the date that Tenant and any subtenants or other occupants of the 1020 Atlantic Premises
vacate and surrender the 1020 Atlantic Premises to Landlord with all of Tenant’s and any subtenants’ or other occupants’
furniture fixtures, equipment and other personal property removed from the 1020 Atlantic Premises.

 

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(b)
The 1010 Atlantic Lease, and all subleases or other tenancies thereunder, including but not limited to, the Industrial Microbes
Sublease shall terminate on September 30, 2020 (the “1010 Atlantic Termination Date”), subject to (i) the receipt
by Landlord of the Balance of the Termination Consideration in accordance with the provisions of Section 2 above, and (ii) the
vacating and surrendering to Landlord of the 1010 Atlantic Premises (except the Subleased Premises) by Tenant and any subtenants
or other occupants of the 1010 Atlantic Premises, including but not limited to, Industrial Microbes, with Tenant’s and Industrial
Microbes’ respective furniture, fixtures, equipment and other personal property removed from the 1010 Atlantic Premises
(except from the Subleased Premises). Concurrently with the execution and delivery of this Agreement, Tenant shall deliver to
Landlord, and cause Industrial Microbes to deliver to Landlord, copies of the Bay Area Disruptor Subleases in order for Landlord
to identify the Subleased Premises that Tenant and Industrial Microbes will continue to occupy. Following the 1010 Atlantic Termination
Date and notwithstanding any breach or default of this Agreement by any party hereto, Tenant shall have no right to occupy the
1010 Atlantic Premises except for that portion of the Subleased Premises subleased by Tenant pursuant to a Bay Area Disrupter
Sublease, and Industrial Microbes shall have no right to occupy the 1010 Atlantic Premises except for that portion of the Subleased
Premises subleased by Industrial Microbes pursuant to a Bay Area Disrupter Sublease. Except for the Subleased Premises, if Tenant
or any subtenant or other occupant of the 1010 Atlantic Premises fails to vacate, surrender and deliver exclusive possession of
the 1010 Atlantic Premises to Landlord with all of Tenant’s and any subtenants’ or other occupants’ furniture
fixtures, equipment and other personal property removed from the 1010 Atlantic Premises by the 1010 Atlantic Termination Date,
then, without limitation as to any other rights and remedies of Landlord under the 1010 Atlantic Lease, at law or in equity, Tenant
shall be deemed to be a holdover tenant in the 1010 Atlantic Premises subject to the terms and conditions of Article 16 of the
1010 Atlantic Lease, provided however, that, in addition to paying all other amounts due under the 1010 Atlantic Lease, commencing
on the day immediately following the 1010 Atlantic Termination Date, Tenant shall pay to Landlord Base Rent for the 1010 Atlantic
Premises in the amount of $78,952.62 per month or $2,631.75 per day until the date that Tenant and any subtenants (including Industrial
Microbes) or other occupants of the 1010 Atlantic Premises vacate and surrender the 1010 Atlantic Premises (other than the Subleased
Premises) to Landlord with all of Tenant’s and any subtenants’ or other occupants’ furniture fixtures, equipment
and other personal property removed from the 1010 Atlantic Premises (other than the Subleased Premises).

 

4.
Estoppel. Tenant hereby certifies and acknowledges that as of the date hereof (a) the Leases and this Agreement
represent the entire agreement between Landlord and Tenant, (b) Tenant has not assigned or transferred either of the Leases or
any interest of Tenant therein, except with respect to the Industrial Microbes Sublease, (c) all improvements or work to be performed
by Landlord under the Leases has been performed, (d) Tenant has received all free rent or other rent credits, if any, to which
Tenant is entitled under the Leases, (e) to Tenant’s knowledge, Landlord is not in default in any respect under either of
the Lease and, as of the date of this Agreement, Tenant is not aware of any facts or circumstances which with the passage of time
or the giving of notice, or both, would constitute a default by Landlord under either of the Leases, (f) to Tenant’s knowledge,
Tenant does not have any defenses to its obligations under the Leases, (g) there are no offsets or credits against rent payable
under either of the Leases, except for the Deferred Rent, which shall be paid to Landlord pursuant to Section 2 above, (h) Tenant
delivered to Landlord’s predecessor-in-interest a Letter of Credit under the Leases in the amount of $78,000.00, and (i)
Tenant acknowledges and agrees that: (1) the representations herein set forth constitute material consideration to Landlord in
entering into this Agreement; (2) such representations are being made by Tenant for purposes of inducing Landlord to enter into
this Agreement; and (3) Landlord is relying on such representations in entering into this Agreement. Landlord hereby certifies
and acknowledges that, (A) to Landlord’s knowledge, Tenant is not in default in any respect under either of the Leases and,
as of the date of this Agreement, Landlord is not aware of any facts or circumstances which with the passage of time or the giving
of notice, or both, would constitute a default by Tenant under either of the Leases, (B) Landlord has not assigned all or any
portion of Landlord’s interest in the Leases, other than assignments of a security interest in the Leases in connection
with any financing of the Project, and (C) Landlord is holding a Letter of Credit under the Leases in the amount of $78,000.00.
Each party represents and warrants to the other that it has full power and authority to enter into this Agreement and that each
signatory executing this Agreement on its behalf has the authority to execute and deliver the same on behalf of the party hereto
for which such signatory is acting.

 

    	3

     

    

 

5.
Hazardous Materials. Tenant represents and warrants that from the date of the 1020 Atlantic Lease through and including
the 1020 Atlantic Termination Date neither Tenant nor its agents, employees, contractors, licensees, subtenants, assignees, concessionaires,
or invitees did or shall use, handle, store or dispose of any Hazardous Materials in, on, under or about the 1020 Atlantic Premises,
except as expressly permitted under the 1020 Atlantic Lease. Tenant represents and warrants that Tenant has no knowledge that
the representation and warranty contained in the immediately prior sentence has been breached by anybody occupying the 1020 Atlantic
Premises during such period. Tenant represents and warrants that from the date of the 1010 Atlantic Lease through and including
the 1010 Atlantic Termination Date neither Tenant nor its agents, employees, contractors, licensees, subtenants, assignees, concessionaires,
or invitees did or shall use, handle, store or dispose of any Hazardous Materials in, on, under or about the 1010 Atlantic Premises,
except as expressly permitted under the 1010 Atlantic Lease. Tenant represents and warrants that Tenant has no knowledge that
the representation and warranty contained in the immediately prior sentence has been breached by anybody occupying the 1010 Atlantic
Premises during such period.

 

6.
Indemnification. Tenant shall indemnify, defend and hold Landlord, and each of Landlord’s partners, members,
shareholders, officers, directors, employees, agents, attorneys, investment advisors, portfolio managers, trustees, ancillary
trustees, beneficiaries and their affiliates, successors and assigns and their respective partners, members, shareholders, officers,
directors, managers and employees (collectively, “Indemnitees”) harmless from and against any and all claims,
demands, liability, loss, damage or expenses (including, without limitation, reasonable attorneys’ fees and costs) and all
damages, caused by, arising out of or related to (a) Tenant’s breach of the terms of this Agreement or the representations
and warranties contained herein, (b) the presence of any Hazardous Materials on, under or about the 1020 Atlantic Premises or
the 1010 Atlantic Premises as a result of the acts or omissions of the Tenant or its agents, employees, contractors, licensees,
subtenants, assignees, concessionaires or invitees, (c) any injury to or death of persons or damage to the property of Tenant,
Landlord or any other person or entity which occurred (i) during the term of the 1020 Atlantic Lease prior to the 1020 Atlantic
Termination Date from any cause whatsoever, by reason of the use, occupancy or enjoyment of the 1020 Atlantic Premises by Tenant,
except to the extent such injury, death or damage was caused by the gross negligence or willful misconduct of Landlord or (ii)
during the term of the 1010 Atlantic Lease prior to the 1010 Atlantic Termination Date from any cause whatsoever, by reason of
the use, occupancy or enjoyment of the 1010 Atlantic Premises by Tenant, except to the extent such injury, death or damage was
caused by the gross negligence or willful misconduct of Landlord, or (d) any subtenant’s or assignee’s refusal to
vacate and surrender the 1020 Atlantic Premises or the 1010 Atlantic Premises in accordance with Section 3 above. Tenant further
agrees to indemnify, defend and hold Landlord harmless from all liability whatsoever on account of any mechanics’ or materialmens’
liens, claims or demands arising out of any labor performed or material supplied in connection with or benefiting the 1020 Atlantic
Premises prior to the 1020 Atlantic Termination Date or the 1010 Atlantic Premises prior to the 1010 Atlantic Termination Date
by or at the request of Tenant or its agents, employees, contractors, licensees, subtenants, assignees, concessionaires or invitees.
For purposes of the indemnity provisions hereof, any acts or omission of Tenant, or by employees, agents, assignees, subtenants,
contractors or subcontractors of Tenant or others acting for or on behalf of Tenant (whether or not they are negligent, intentional,
willful or unlawful), but expressly excluding any acts or omissions by Landlord or Landlord’s employees, agents or invitees,
shall be strictly attributable to Tenant. Tenant’s obligation to defend, indemnify and hold the Indemnitees harmless under
this Section 6 shall survive the termination of the Leases and this Agreement.

 

    	4

     

    

 

7.
Release.

 

(a)
For valuable consideration, and the mutual covenants and agreements contained herein, and except as to the rights, liabilities,
and obligations arising out of this Agreement, effective as of the 1010 Termination Date with respect to the 1010 Atlantic Lease,
and the 1020 Termination Date with respect to the 1020 Atlantic Lease, Tenant fully and forever releases Landlord and each of
its partners, members, shareholders, officers, directors, employees, agents, attorneys, investment advisors, portfolio managers,
trustees, ancillary trustees, beneficiaries and their affiliates, successors and assigns and their respective partners, members,
shareholders, officers, directors, managers and employees, and all persons acting by, through, under or in concert with them,
or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts,
liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs or expenses of any nature whatsoever,
known or unknown, fixed or contingent, which Tenant now has or may hereafter have against Landlord, or any of them, by reason
of, arising out of, based upon or relating to any matter, cause or thing whatsoever occurring prior to the 1010 Termination Date
with respect to the 1010 Atlantic Lease, and the 1020 Termination Date with respect to the 1020 Atlantic Lease, excluding (i)
Landlord’s obligations under this Agreement, and (ii) any obligations of Landlord that expressly survive the termination
of the Leases.

 

(b)
For valuable consideration, and the mutual covenants and agreements contained herein, and except as to the rights, liabilities,
and obligations arising out of this Agreement, effective as of the 1010 Termination Date with respect to the 1010 Atlantic Lease,
and the 1020 Termination Date with respect to the 1020 Atlantic Lease, Landlord fully and forever releases Landlord and each of
its partners, members, shareholders, officers, directors, employees, agents, attorneys, investment advisors, portfolio managers,
trustees, ancillary trustees, beneficiaries and their affiliates, successors and assigns and their respective partners, members,
shareholders, officers, directors, managers and employees, and all persons acting by, through, under or in concert with them,
or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts,
liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs or expenses of any nature whatsoever,
known or unknown, fixed or contingent, which Landlord now has or may hereafter have against Tenant, or any of them, by reason
of, arising out of, based upon or relating to any matter, cause or thing whatsoever occurring prior to the 1010 Termination Date
with respect to the 1010 Atlantic Lease, and the 1020 Termination Date with respect to the 1020 Atlantic Lease, excluding (i)
Tenant’s obligations under this Agreement, (ii) any obligations of Tenant that expressly survive the termination of the
Leases.

 

    	5

     

    

 

(c)
Each of Landlord and Tenant hereby certifies that it has read and understood the provisions of California Civil Code, Section
1542 and has had the opportunity to consult with its own counsel regarding same. Tenant hereby waives any and all rights under
California Civil Code, Section 1542, which provides as follows:

 

“A
general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her
favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement
with the debtor or released party.”

 

8.
Continuing Liability. Notwithstanding the termination of the 1020 Atlantic Lease and the release of liability provided
for herein, Tenant shall remain liable, with respect to the period of its tenancy of the 1020 Atlantic Premises prior to the 1020
Atlantic Termination Date, for the performance of all of its obligations under the 1020 Atlantic Lease (including without limitation,
Tenant’s indemnity obligations and Tenant’s obligation to pay rent and other charges), and Landlord shall have all
the rights and remedies with respect to such obligations as set forth in the 1020 Atlantic Lease. Notwithstanding the termination
of the 1010 Atlantic Lease and the release of liability provided for herein, Tenant shall remain liable, with respect to the period
of its tenancy of the 1010 Atlantic Premises prior to the 1010 Atlantic Termination Date, for the performance of all of its obligations
under the 1010 Atlantic Lease (including without limitation, Tenant’s indemnity obligations and Tenant’s obligation
to pay rent and other charges), and Landlord shall have all the rights and remedies with respect to such obligations as set forth
in the 1010 Atlantic Lease.

 

9.
Access to the 1020 Atlantic Premises and the 1010 Atlantic Premises.

 

(a)
In addition to Landlord’s access rights under the 1020 Atlantic Lease, from and after the date of this Agreement, Landlord
and the New 1020 Atlantic Tenant shall have the right to enter the 1020 Atlantic Premises upon reasonable prior notice for the
purpose of taking measurements and inspecting the 1020 Atlantic Premises as Landlord and the New 1020 Atlantic Tenant deem appropriate
to prepare the 1020 Atlantic Premises for the New 1020 Atlantic Tenant under the New 1020 Atlantic Lease. Landlord and Tenant
agree to cooperate with each other in scheduling access to the 1020 Atlantic Premises for such purposes.

 

(b)
In addition to Landlord’s access rights under the 1010 Atlantic Lease, from and after the date of this Agreement, Landlord
and the Bay Area Disruptor shall have the right to enter the 1010 Atlantic Premises upon reasonable prior notice for the purpose
of taking measurements and inspecting the 1010 Atlantic Premises as Landlord and Bay Area Disruptor deem appropriate to prepare
the 1010 Atlantic Premises for Bay Area Disruptor under the New 1010 Atlantic Lease. Landlord and Tenant agree to cooperate with
each other in scheduling access to the 1010 Atlantic Premises for such purposes.

 

10.
Landlord’s Exculpation. Notwithstanding anything to the contrary contained in this Agreement, Tenant agrees
that its sole and exclusive remedy shall be against Landlord’s interest in the 1020 Atlantic Premises and the 1010 Atlantic
Premises and that the obligations of Landlord under this Agreement do not constitute personal obligations of the individual partners,
whether general or limited, members, directors, officers, shareholders or trustees of Landlord, and Tenant shall not seek recourse
against the individual partners, members, directors, officers, shareholders or trustees of Landlord or any of their personal assets
for the satisfaction of any liability with respect to this Agreement. Notwithstanding anything to the contrary contained in this
Agreement, in no event shall Landlord be liable under any circumstances for any consequential damages, including without limitation,
lost profits.

 

    	6

     

    

 

11.
Brokers. Each of Landlord and Tenant hereby represents and warrants to the other that it has not entered into any
agreement or taken any other action which might result in any obligation on the part of the other party to pay any brokerage commission,
finder’s fee or other compensation with respect to this Agreement, and each of Landlord and Tenant agrees to indemnify and
hold the other harmless from and against any losses, damages, costs or expenses (including without limitation, attorneys’
fees) incurred by the other by reason of any breach or inaccuracy of such representation or warranty.

 

12.
Submission. Submission of this Agreement by Landlord to Tenant for examination and/or execution shall not in any
manner bind Landlord and no obligations on Landlord shall arise under this Agreement unless and until this Agreement is fully
signed and delivered by Landlord and Tenant.

 

13.
Authorization. Each party to this Agreement represents and warrants to the other party that all consents, approvals
and authorizations necessary or required in connection with the transaction contemplated by this Agreement have been obtained.

 

14.
Attorneys’ Fees. If either party commences an action against the other party arising out of or in connection
with this Agreement, the prevailing party shall be entitled to recover from the losing party reasonable attorneys’ fees
and costs of suit, provided that the prevailing party complies with all notice requirements under applicable state law.

 

15.
Governing Law. This Agreement is made under and shall be construed pursuant to the laws of the State of California.

 

16.
Entire Agreement. This Agreement and the Leases constitute and are intended to constitute the entire agreement of
the parties hereto concerning the subject matter hereof. No covenants, agreements, representations or warranties of any kind whatsoever
have been made by any party hereto except as specifically set forth herein. All prior discussions and negotiations with respect
to the subject matter hereof are superseded by this Agreement.

 

17.
Counterparts; Facsimile, Electronic and Emailed Signatures. This Agreement may be executed in several counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. A signed copy
of this Agreement transmitted by facsimile, email, DocuSign or other means of electronic transmission shall be deemed to have
the same legal effect as delivery of an original executed copy of this Agreement for all purposes.

 

18.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Landlord and Tenant and
their respective successors, assigns ad related entities.

 

[SIGNATURES
ON NEXT PAGE]

 

    	7

     

    

 

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

 

	 	“Landlord”
	 	 	 
	 	G&I
    IX MARINA VILLAGE RESEARCH PARK LP, 
	 	a
    Delaware limited partnership
	 	 	 
	 	By:	/s/
    Valla Brown
	 	Name:	Valla Brown 
	 	Title:	Vice
President

 

	 	“Tenant”
	 	 
	 	LINEAGE
    CELL tHERAPEUTICS, INC.,
    
	 	a
    California corporation
	 	 	
	 	By:	/s/
    Brian M. Culley
	 	Name:	Brian
    M. Culley
	 	Title:	President
    and CEO
	 	 	 
	 	By:	/s/
    Brandi L. Roberts
	 	Name:	Brandi
    L. Roberts
	 	Title:	CFO

 

	 	2
    SIGNATURES REQUIRED FOR A CALIFORNIA CORPORATION.
	 	 	 	 
	 	Signature
    #1	 	Signature
    #2
	 	Chairman
    of the Board	 	Secretary
    
	 	President	 	Assistant
    Secretary 
	 	Vice-President	 	CFO
    (or Treasurer) 
	 	 	 	Assistant
    Treasurer

 

    	8

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