Document:

Exhibit 10.1

 

FIRST
AMENDMENT

TO

SECURED
CONVERTIBLE FACILITY AGREEMENT

 

First
Amendment to Secured Convertible Facility Agreement (this “Amendment”) by and between AgeX Therapeutics Inc.,
a Delaware corporation (“Borrower”) and Juvenescence Limited, a British Virgin Islands company (“Lender”)
is effective as of July 21, 2020 (“Effective Date”).

 

WHEREAS,
Borrower and Lender, entered into a Secured Convertible Facility Agreement, dated March 30, 2020 (the “Loan Agreement”);

 

WHEREAS,
Borrower’s common stock, par value $0.0001 per share, is listed on the NYSE American stock exchange;

 

WHEREAS,
in order to list the shares issuable to Lender by Borrower upon the conversion of the loan amount into shares of Borrower and/or
the exercise of warrants issued to Lender under the terms of the Loan Agreement, NYSE American has required that the parties amend
the Loan Agreement to comply with Section 713 of the NYSE American Company Guide,

 

WHEREAS,
Lender has also agreed to waive certain requirements of the Loan Agreement otherwise applicable to the Third Drawdown, and

 

WHEREAS,
Lender and Borrower have agreed to amend the Loan Agreement on terms set forth in this Amendment.

 

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

 

1.       Definitions.
Capitalized terms used and not defined in this Amendment shall have the respective meanings given them in the Loan Agreement.

 

2.      Amendments
to the Loan Agreement. The Loan Agreement is hereby amended as follows:

 

(a)       Clause 1.1 of the Loan Agreement is hereby amended by the addition of the following definitions:

 

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

 

“Drawdown
Amount” means the Advance delivered to Borrower by Lender upon delivery of each Drawdown Notice.

 

“Drawdown
Market Price” with respect to any Drawdown Amount means the Market Price of the Shares as of the date of the applicable
Drawdown Notice.

 

“19.9%
Cap” means 19.9% of the number of Shares outstanding on March 30, 2020.

 

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

 

(b)       Clause 3.7 of the Loan Agreement is hereby amended to read follows:

 

3.7
Within 10 days after each Advance the Borrower shall issue the Lender a duly executed certificate in respect of Warrants in accordance
with the terms of the Warrant Agreement.

 

    	First Amendment to Secured Convertible Facility Agreement
	1

    	 

    

 

(c)       Clause 7.5 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

7.5       [reserved]

 

(d)       Clause 7 of the Loan Agreement is hereby amended by the addition of Clause 7.6 which shall read as follows:

 

7.6
Each Advance to Borrower shall be treated as a separate tranche for the purposes of determining the applicability of the 19.9%
Cap limitations set forth in this Clause 7.6, and each such tranche may have a different Drawdown Market Price. Only Shares issuable
upon the conversion of a Drawdown Amount with a Drawdown Market Price that was higher than the lowest price per Share or Unit
paid by investors for Shares or Units in the Qualified Offering (“Borrower Conversion Price”), shall be aggregated
for the purposes of determining the applicability of the 19.9% Cap limitations as set forth in this Clause 7.6. If under the rules
of the Applicable Exchange, approval by the stockholders of Borrower would be required in connection with the issuance of Shares
or Units upon any conversion under this Clause 7, then unless and until such stockholder approval has been obtained, (a) the maximum
amount of each tranche’s Drawdown Amount that may be converted into Shares or Units (including Shares issued separately
or as a part of a Unit) at a Borrower Conversion Price lower than the Drawdown Market Price applicable to the Drawdown Amount
being converted shall be an amount entitling Lender to receive a number of Shares that, when added to any Shares (including Shares
that are part of a Unit) issued to Lender in the Qualified Offering or that are otherwise deemed by the Applicable Exchange to
be issued to Lender connection with the consummation of the Qualified Offering, would equal the 19.9% Cap, and (b) the maximum
amount of the Outstanding Amount that may be converted into Shares or Units shall be an amount entitling Lender to receive a number
of Shares (including Shares that are part of a Unit) that, when added to other Shares owned by Lender immediately prior to such
Qualified Offering and added to any Shares (including Shares that are part of a Unit) issued to Lender in the Qualified Offering
and any Shares issued to Lender upon the exercise of Warrants in connection with the conversion or in connection with the Qualified
Offering, would equal the 50% Cap. To the extent any Outstanding Amount cannot be so converted as a result of the 19.9% Cap or
the 50% Cap such amount shall remain outstanding as loan funds in accordance with the terms of this Agreement.

 

(e)       Clause 8.3 of the Loan Agreement is hereby amended to read as follows:

 

8.3
Each Advance to Borrower shall be treated as a separate tranche for the purpose of determining the applicability of the 19.9%
Cap limitations set forth in this Clause 8.3, and each such tranche may have a different Drawdown Market Price. Only Shares issuable
upon the conversion of a Drawdown Amount with a Drawdown Market Price that is lower than the conversion price as determined under
Clause 8.1, shall be aggregated for the purposes of determining the applicability of the 19.9% Cap limitations as set forth in
this Clause 8.3. If under the rules of the Applicable Exchange approval by the stockholders of Borrower would be required in connection
with the issuance of Shares upon any conversion under this Clause 8, then unless and until such stockholder approval has been
obtained, (a) at any time the conversion price as calculated in accordance with Clause 8.1 would be less than the Drawdown Market
Price applicable to the Drawdown Amount being converted, the maximum amount of the Drawdown Amount that may be converted into
Shares shall be the amount entitling Lender to receive a number of Shares that, when added to any Shares previously or contemporaneously
issued to Lender upon a conversion subject to the restrictions of this Clause 8.3(a), would equal the 19.9% Cap, and (b) the maximum
amount of the Outstanding Amount that may be converted into Shares shall be subject to the 50% Cap. To the extent any Outstanding
Amount cannot be so converted as a result of the 19.9% Cap or the 50% Cap such funds shall remain outstanding as loan funds in
accordance with the terms of this Agreement.

 

    	First Amendment to Secured Convertible Facility Agreement
	2

    	 

    

 

3.       Covenants of Borrower. Borrower agrees that if at any time during the Term: (a) the exercise of Warrants by Lender is limited
by the 50% Cap, or (b) a conversion under Clause 7 of the Loan Agreement or a conversion under Clause 8 of the Loan Agreement
is limited by the 19.9% Cap or the 50% Cap, Borrower shall use commercially reasonable efforts to obtain its stockholders’
approval at Borrower’s next annual meeting of stockholders of the issuance of Shares under the Warrants and under this Agreement
in excess of the 19% Cap and 50% Cap.

 

4.       Limited
Effect. Except as expressly provided hereby, all of the terms and provisions of the Loan Agreement and the other Facility
Documents are and shall remain in full force and effect and are hereby ratified and confirmed by Borrower and Lender. The amendments
contained herein shall not be construed as a waiver or amendment of any other provision of the Loan Agreement or the other Facility
Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of
Borrower that would require the waiver or consent of Lender.

 

5.       Guarantors. Borrower agrees, as a condition to the effectiveness of this Amendment, to cause the execution by each Guarantor
of the Acknowledgement and Consent of Guarantors in the form attached as Exhibit A to this Amendment.

 

6.       Waiver
of Conditions to Third Drawdown.

 

(a)       Lender hereby waives the conditions set forth in Sections 3.3 and 10.2 of the Loan Agreement that, as a condition to the funding
of the Third Drawdown and, except as set forth in following proviso, any subsequent Advance under the Loan Agreement, the Obligors
execute and deliver to Lender the Security Agreement, IP Security Agreement and all other documents and other items required to
be delivered pursuant to such Sections (collectively, the “Security Documentation Deliverables”); provided,
that Lender hereby reserves the right to require, in Lender’s sole discretion, the Obligors to execute and deliver each
of the Security Documentation Deliverables as a condition to the funding of any Advance made pursuant to the Loan Agreement (or
as a condition to any amendment, restatement, supplement, waiver or other modification of the Loan Agreement) from and after the
date of the Third Drawdown, and each of the Obligors hereby acknowledges and agrees that Lender shall have the right to require
such delivery of the Security Documentation Deliverables in Lender’s sole discretion.

 

    	First Amendment to Secured Convertible Facility Agreement
	3

    	 

    

 

(b)       Lender hereby waives the requirements of Section 11 of the Loan Agreement relating to the guaranty, subject to and effective upon
the Advance under the Third Drawdown, by the Guarantors of the obligations of Lender and the other covenants of the Guarantors
set forth in such Section 11 (the “Guarantee”); provided, that the parties agree and acknowledge (i) that Lender
hereby reserves the right to require, in Lender’s sole discretion, the Guarantors to execute and deliver a joinder to the
Loan Agreement, including to the provisions of Section 11 thereof and to the representations and warranties of the Guarantors
set forth therein (a “Joinder”), as a condition to the funding of any Advance made pursuant to the Loan Agreement
(or as a condition to any amendment, restatement, supplement, waiver or other modification of the Loan Agreement) from and after
the date of the Third Drawdown, and each of the Obligors hereby acknowledges and agrees that Lender shall have the right to require
the making of such Guarantee and the delivery of such Joinder in Lender’s sole discretion; and (ii) that notwithstanding
Section 13.1(i)(i) of the Loan Agreement, unless and until the Guarantee is made in accordance with this Section 6(b), the Borrower
shall not sell, lease, license, consign, transfer, contribute, or otherwise dispose of any material portion of its assets to any
Guarantor, individually or collectively, in a single transaction or series of transactions, without the written consent of Lender,
and that a breach of this undertaking shall constitute an Event of Default under the Loan Agreement. Borrower hereby represents
and warrants to Lender as of the date of this Amendment that since the date of the Initial Drawdown, except as expressly disclosed
to Lender in writing prior to the date of this Amendment, the Borrower has not sold, leased, licensed, consigned, transferred,
contributed, or otherwise disposed of any material portion of its assets to any Guarantor, individually or collectively, whether
in a single transaction or a series of transactions.

 

7.       Successors
and Assigns. This Amendment shall inure to the benefit of and be binding upon the parties and the Guarantors, and each of
their respective successors and assigns.

 

8.       Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of England and Wales.

 

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

 

[Signature
page follows.]

 

    	First Amendment to Secured Convertible Facility Agreement
	4

    	 

    

 

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

 

	Borrower:	 	Lender:
	 	 	 	 	 
	 AgeX
    Therapeutics Inc., a Delaware corporation	 	Juvenescence
    Limited, a British Virgin Islands company
	 	 	 	 	 
	By:	/s/
    Michael D. West	 	By:	/s/
    Gregory Bailey
	 	Michael
    D. West, President and CEO	 	 	Gregory
    Bailey, Authorized Signatory
	 	 	 	 	 
	By:	/s/
    Andrea Park	 	 	 
	 	Andrea
    Park, Chief Financial Officer	 	 	 

 

    	Signature Page
First Amendment to Secured Convertible Facility Agreement

    	 

    

 

EXHIBIT
A

 

ACKNOWLEDGMENT
AND CONSENT OF GUARANTORS

 

Reference
is made to the Loan Agreement, dated as of March 30, 2020 (as the same may be amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with its provisions, the “Loan Agreement”), among AgeX Therapeutics
Inc., a Delaware corporation (“Borrower”), ReCyte Therapeutics, Inc., a California corporation (“ReCyte”)
and Reverse Bioengineering, Inc., a Delaware corporation (“Reverse”, and together with ReCyte, “Guarantors”)
Juvenescence Limited, a British Virgin Islands company (“Lender”). Capitalized terms used and not defined herein
shall have the respective meanings given them in the Loan Agreement.

 

Borrower
and Lender have agreed to amend the provisions of the Loan Agreement solely on the terms described in First Amendment to Loan
Agreement, dated as of July 21, 2020 (the “Amendment”).

 

Each
of the undersigned parties hereby (a) consents to the transactions contemplated by the Amendment, (b) acknowledges that Lender
may, in its sole discretion, condition any further Advance under the Loan Agreement (or any amendment, restatement, supplement,
waiver or other modification of the Loan Agreement) upon the execution of a Joinder and making of the Guarantee, as each such
term is defined in the Amendment and (c) acknowledges and agrees that any guarantees, indemnities, or grants of security interests
made by such party contained in the Loan Agreement and Facility Documents as in effect on the date of this Acknowledgement and
Consent are, and shall remain, in full force and effect after giving effect to the Amendment.

 

IN
WITNESS WHEREOF, the Guarantors have executed this Acknowledgment and Consent as of July 21, 2020.

 

	Guarantors:	 	 	 
	 	 	 	 
	ReCyte
    Therapeutics Inc., a California corporation	 	Reverse
    Bioengineering, Inc., a Delaware corporation
	 	 	 	 	 
	By:	/s/
    Michael D. West	 	By:	/s/
    Michael D. West
	 	 	 	 	 
	Name:	Michael
    D. West	 	Name:	Michael
    D. West
	 	 	 	 	 
	Title:	CEO	 	Title:	CEO

 

    	Exhibit A
First Amendment to Secured Convertible Facility AgreementExhibit
10.2

 

FIRST
AMENDMENT

TO

WARRANT
AGREEMENT

 

First
Amendment to Warrant Agreement (this “Amendment”) by and between AgeX Therapeutics Inc., a Delaware
corporation (“Company”) and Juvenescence Limited, a British Virgin Islands company
(“Lender”) is effective as of July 21, 2020 (“Effective Date”).

 

WHEREAS,
Company and Lender, entered into a Secured Convertible Facility Agreement, dated March 30, 2020 (the “Loan Agreement”);

 

WHEREAS,
in connection with the Loan Agreement, Company and Lender entered into a Warrant Agreement, dated March 30, 2020 (“Warrant
Agreement”);

 

WHEREAS,
Company’s common stock, par value $0.0001 per share (“Shares”), is listed on the NYSE American stock
exchange;

 

WHEREAS,
in order to list the shares issuable to Lender by Company upon the exercise of warrants issued to Lender under the terms of the
Warrant Agreement, NYSE American has required that the parties amend the Warrant Agreement to comply with Section 713 of the NYSE
American Company Guide, and

 

WHEREAS,
Lender and Company have agreed to amend the Warrant Agreement on terms set forth in this Amendment.

 

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

 

1.       Definitions.
Capitalized terms used and not defined in this Amendment shall have the respective meanings given them in the Warrant Agreement.

 

2.       Amendments
to the Warrant Agreement. The Warrant Agreement is hereby amended as follows:

 

(a)       Section
3.3 of the Warrant Agreement is hereby amended by the addition of Section 3.3(f) which shall read as follows:

 

3.3(f)
If under the rules of the Applicable Exchange, approval by the stockholders of Company would be required in connection with the
exercise of all or any portion of the Warrant Shares, then unless and until such stockholder approval has been obtained, the maximum
amount of Warrant Shares that may be issued upon exercise of the Warrants shall be an amount entitling Lender to receive a number
of Warrant Shares that, when added to (i) any Shares owned by Lender immediately prior to such exercise and (ii) any Shares issued
to Lender upon such exercise of Warrants, would equal the 50% Cap. To the extent any Warrants cannot be exercised because of the
50% Cap at any time (including after giving effect to the assumed conversion or exercise of any other securities or instruments
held by the Lender that are convertible into or exercisable for Common Stock), such Warrants shall remain outstanding and the
Company shall use commercially reasonable efforts to obtain its stockholders’ approval at the Company’s next annual
meeting of stockholders the issuance of Warrant Shares in excess of the 50% Cap limitation, and the Expiration Date of each Warrant
shall be the date sixty (60) days following the date of such annual meeting or the original Expiration Date, whichever is later.

 

    	First Amendment to Warrant Agreement
	1

    	 

    

 

(b)       Section
6.4 of the Warrant Agreement is hereby amended by adding, immediately prior to the proviso in the first sentence thereof,
the phrase “in each case, without regard to any limitations or restrictions on the exercise thereof;”

 

(c)       Section
20 of the Warrant Agreement is hereby amended by the addition of the following definitions:

 

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

 

“50%
Cap” means one share less than 50% of the total outstanding shares of Company as of the date on which the 50% Cap is
determined.

 

3.       Limited
Effect. Except as expressly provided hereby, all of the terms and provisions of the Warrant Agreement is and shall remain
in full force and effect and is hereby ratified and confirmed by Company and Lender. The amendments contained herein shall not
be construed as a waiver or amendment of any other provision of the Warrant Agreement or the Loan Agreement for any purpose except
as expressly set forth herein or a consent to any further or future action on the part of Company that would require the waiver
or consent of Lender.

 

4.       Successors
and Assigns. This Amendment shall inure to the benefit of and be binding upon the parties and each of their respective successors
and assigns.

 

5.       Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of England and Wales.

 

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

 

[Signature
page follows.]

 

    	First Amendment to Warrant Agreement
	2

    	 

    

 

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

 

	Company:	 	Lender:
	 	 	 
	AgeX
    Therapeutics Inc., a Delaware corporation	 	Juvenescence
    Limited, a British Virgin Islands company 
	 	 	 	 	 
	By:	/s/
    Michael D. West	 	By:	/s/
    Gregory Bailey
	 	Michael
    D. West, President and CEO	 	 	Gregory
    Bailey, Authorized Signatory
	 	 	 	 	 
	By:	/s/
    Andrea Park	 	 	 
	 	Andrea
    Park, Chief Financial Officer	 	 	 

 

    	Signature Page
First Amendment to Warrant Agreement

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