Document:

Execution
Version

 

CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

LICENSE
AGREEMENT

 

This
License Agreement (“Agreement”) is made and entered into as of August 17, 2017 (the “Effective Date”),
by and between ES Cell International Pte Ltd., a corporation wholly owned by BioTime, Inc. (“BioTime”) and duly established
under the laws of Singapore, having its registered office at 1010 Atlantic Avenue, Alameda, CA 94501 (“ESI”), and
AgeX Therapeutics, Inc., a Delaware corporation (“AgeX”). ESI and AgeX are sometimes hereinafter referred to individually
as a “Party” and collectively as the “Parties”.

 

WITNESSETH

 

WHEREAS,
ESI owns an inventory of certain proprietary human embryonic stem cell lines and products; and

 

WHEREAS,
ESI owns certain patent rights; and

 

WHEREAS,
ESI has agreed to provide AgeX with access to stem cell lines and products, and to grant rights to AgeX to use patent rights,
subject to AgeX agreeing to the terms and conditions set forth in this Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Parties agree as follows:

 

ARTICLE
1 - DEFINITIONS

 

1.1
“Affiliate” means any corporation, limited liability company, limited partnership or other entity in control of, controlled
by, or under common control with a Party.

 

1.2
“AgeX Field” shall mean products or services for the prevention, treatment, amelioration, diagnosis or monitoring
of all human and non-human animal diseases and conditions except those of the ESI Exclusive Field and Previously Licensed Field.
Notwithstanding, AgeX is permitted to pursue Research and Development that could result in products that have ancillary benefits
in the ESI Exclusive Field. For the avoidance of doubt, ancillary benefits does not included AgeX Products being Developed or
Commercialized in the ESI Exclusive Field.

 

1.3
“Previously Licensed Field” means any and all applications of use covered by an exclusive license from ESI to a Third
Party that was in effect as of the Effective Date, provided that upon the termination of such license or the exclusivity of such
license with respect to an application of use, such application of use shall cease to be a Previously Licensed Field.

 

    		1	 

    	 

    

 

1.4
“Clinical-Grade ESI Cell Lines” means ESI Cell Lines that were derived under current Good Manufacturing Practices
(cGMP). The Clinical-Grade ESI Cell Lines are further described in that certain article, “The Generation of Six Clinical-Grade
Human Embryonic Stem Cell Lines,” by Crook et al, Cell Stem Cell 1, November 2007, p. 490.

 

1.5
“Commercialization” in respect of a particular product, process or service, any and all activities (whether before
or after receipt of Marketing Approval in respect of the product, medical device or service) directed to the marketing, detailing
and promotion of the product or medical device after marketing approval for such product, process or service has been obtained,
and includes marketing, promoting, detailing, distributing, offering to commercially sell and commercially selling the product,
medical device or service, importing, exporting or transporting the product or medical device for commercial sale, and regulatory
affairs with respect to the foregoing. When used as a verb, “Commercializing” means engaging in Commercialization
and “Commercialize” and “Commercialized” shall have corresponding meanings.

 

1.6
“Derivatives” means any cells derived from the use of the ESI Cell Lines (including Clinical-Grade ESI Cell Lines).

 

1.7
“Development” all activities related to stability testing, process development, formulation, manufacturing scale-up,
qualification and validation, quality assurance/quality control, clinical studies, including manufacturing in support thereof,
statistical analysis and report writing, the preparation pre-submission and submission of INDs, PMAs, 510(k)s, Drug Approval Applications
and other regulatory applications, filings or submissions, regulatory affairs with respect to the foregoing, and all other activities
necessary or reasonably useful or otherwise requested or required by the FDA or a comparable foreign regulatory authority as a
condition or in support of obtaining or maintaining a regulatory marketing approval, or an approval for a clinical trial, anywhere
in the world. When used as a verb, “Develop” means to engage in Development.

 

1.8
“ESI Cell Lines” means undifferentiated pluripotent human embryonic stem cell lines identified as [***] and any Derivatives
thereof.

 

1.9
“ESI Exclusive Field” means products, medical devices, and services for the prevention, treatment, amelioration,
diagnosis or monitoring of (a) orthopedic indications, meaning [***], (b) ophthalmological indications, meaning [***]; and (c)
medical aesthetics meaning [***].

 

1.10
“ESI Know-How” means all compositions of matter, techniques and data and other know-how and technical information
including inventions (whether or not patentable), improvements and developments, practices, methods, concepts, trade secrets,
documents, computer data, computer code, apparatus, clinical and regulatory strategies, test data, analytical and quality control
data, formulation, manufacturing, patent data or descriptions, development information, drawings, specifications, designs, plans,
proposals and technical data and manuals and all other proprietary information that is owned or controlled by ESI as of the Effective
Date and that relates to the ESI Cell Lines or to any of the subject matter described in or claimed by the ESI Patent Rights and
is relevant to the AgeX Field.

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		2	 

    	 

    

 

1.11
“ESI Patent Rights” means the patents and patent applications identified on Exhibit A attached to this Agreement,
and any divisional, continuation or continuation-in-part of those applications, but only to the extent the claims in said applications
are directed to subject matter specifically described in the patents and patent applications identified on Exhibit A, as
well as any patents issued on these patent applications, and any reissues, reexaminations, extensions and substitutions (or the
equivalent) thereof and any foreign counterparts to those patents and patent applications. The Parties agree that Exhibit A
may be revised from time to time after the Effective Date to reflect changes thereto.

 

1.12
“ESI Property Rights” means ESI’s personal proprietary rights in the ESI Cell Lines and Derivatives, including
ownership rights in the ESI Cell Lines and know-how embodied in the ESI Cell Lines and Derivatives.

 

1.13
“Exploit” means, to Manufacture, Commercialize, make, have made, use, offer to sell, sell or import; and “Exploitation”
means Developing, Manufacturing, Commercializing, making, having made, using, offering to sell, selling or importing.

 

1.14
“Internal Research” means research, including research directed to the development of products and services in the
ESI Exclusive Field or the ESI Previously Licensed Field, conducted internally by ESI or its Affiliates at ESI’s facilities
or at facilities of ESI’s Affiliates.

 

1.15
“Manufacture” and “Manufacturing” means, in respect of a particular pharmaceutical, bio-pharmaceutical,
diagnostic, or prognostic product, and without limitation, all activities related to the production, manufacture, processing,
formulation, filling, finishing, packaging, labeling, shipping, handling, holding, storage and warehousing of such product or
any intermediate thereof, including process development, process qualification and validation, scale-up, pre-clinical, clinical
and commercial manufacture and analytic development, product characterization, stability testing, quality assurance and quality
control.

 

1.16
“Net Sales” means gross revenue, monies, cash equivalent and/or transfer for any consideration, including revenue
neutral remuneration received by AgeX, its Affiliates, or any consignee or distributor of Products, for (a) any Product sold or
bailed, and (b) Services or Processes performed or sold, in all cases, net of the sum of the following items directly attributable
to the sale of such Product or Service and specifically identified on the invoice, and borne by the seller: (1) cash, trade or
quantity discounts actually allowed; (2) sales, use, tariff, customs duties or other excise taxes directly imposed upon particular
sales; (3) outbound transportation charges prepaid or allowed; and (4) allowances or credits to third parties for rejections or
returns. A Product shall be considered sold, Process, and a Process or Service shall be considered performed, when billed out
or invoiced or, if not invoiced, when delivered or performed. There shall be no deductions from Net Sales for costs of commissions
or collections.

 

1.17
“Process” means any process or method, the researching, developing, using, practicing, selling, offering for sale,
importing or exporting of which by AgeX would, but for the licenses granted to AgeX in Section 2 of this Agreement, infringe a
claim in the ESI Patent Rights in the country in which such process or method is researched, developed, practiced, sold, offered
for sale, imported or exported by AgeX.

 

    		3	 

    	 

    

 

1.18
“Product” means any product that is based on, utilizes or incorporates ESI Clinical-Grade Cell Lines or a Derivative
that employs, or is in any way produced or manufactured by, or discovered, identified, developed or otherwise arises out of any
research or development involving, the use of the inventions of the ESI Patent Rights, or that would otherwise constitute any
infringement of any claims of the ESI Patent Rights.

 

1.19
“Research” means performance of scientific experiments to answer questions not answerable or easily answerable through
the published scientific literature, pre-clinical and other non-clinical testing, test method development, and toxicology, formulation,
and process development work.

 

1.20
“Research Field” means products and services for use as research tools, which may include for the development of other
products or services, including in the ESI Exclusive Field.

 

1.21
“Service” means any service, the developing, using, performing, selling, offering for sale, importing or exporting
of which by AgeX would, but for the licenses granted to AgeX in Section 2 of this Agreement, infringe a claim in the ESI Patent
Rights in the country in which any such service is so developed, used, performed, sold, offered for sale, imported or exported
by AgeX.

 

1.22
“Sublicense” means: (a) any right granted, license given or agreement entered into by AgeX to or with any Third Party,
under or with respect to or permitting any use or Exploitation of any of the Clinical-Grade ESI Cell Lines or otherwise permitting
the manufacture, use and/or sale thereof; or (b) any option or other right granted by AgeX to any other person or entity to negotiate
for or receive a license of the rights described under clause (a) (but not including an option or right to acquire AgeX or an
Affiliate of AgeX, whether by merger, sale of stock or assets or otherwise, by a Third Party, unless, in the case of an Affiliate,
the grant of such option or right, or the subsequent sale of such Affiliate, is accompanied by a license to practice or use the
Clinical-Grade ESI Cell Lines, by means of a Sublicense as described under clause (a) hereof); or (c) any standstill or similar
obligation undertaken by AgeX toward any other person or entity not to grant any of the rights described in clause (a) or (b)
to any Third Party; in each case regardless of whether such grant of rights, license given or agreement entered into is referred
to or is described as a sublicense.

 

1.23
“Sublicensee” means any Third Party that enters into an agreement or arrangement with AgeX, any Affiliate thereof,
or any other Sublicensee constituting a Sublicense or otherwise receives a license grant from AgeX, any Affiliate thereof, or
any Sublicensee of the Clinical-Grade ESI Cell Lines to acquire or use Clinical-Grade ESI Cell Lines for any purpose (including
but not limited to Research, Development, or production of any Derivative), or to manufacture, have manufactured, offer for sale,
sell, lease, and/or import any Clinical-Grade ESI Cell Lines.

 

1.24
“Sublicensing Revenue” means any payments or other consideration that AgeX or an Affiliate thereof receives as consideration
for the grant of rights to Clinical-Grade ESI Cell Lines under a Sublicense, including all non-cash consideration, other than
royalties.

 

1.25
“Territory” means the world.

 

1.26
“Third Party” means any person or entity other than BioTime, ESI and its Affiliates and AgeX.

 

    		4	 

    	 

    

 

1.27
“Trademarks” means the registered and common law trademarks, and any pending applications therefor, identified on
Exhibit B attached to this Agreement. The Parties agree that Exhibit B may be revised from time to time after the
Effective Date to reflect changes thereto.

 

For
purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires: (a) the use
herein of the plural shall include the single and vice versa and the use of the masculine shall include the feminine; (b)
unless otherwise set forth herein, the use of the term “including” or “includes” means “including
[includes] but [is] not limited to”; and (c) the words “herein,” “hereof,” “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular provision. Additional terms may
be defined throughout this Agreement.

 

ARTICLE
2 - LICENSE GRANTS; RESTRICTIONS AND LIMITATIONS

 

2.1
Grants of Rights; Use.

 

	a)	 	ESI
    hereby grants to AgeX, and AgeX accepts, subject to the terms and conditions of this Agreement, a royalty-bearing, non-exclusive,
    license in the Territory, in the AgeX Field, under the Clinical-Grade ESI Cell Lines, the ESI Know-How, the ESI Patent Rights
    (with no right to Sublicense ESI Patent Right) and the ESI Property Rights to (i) research, develop, have developed, make,
    have made, use, sell, have sold, offer for sale, have offered for sale, import, have imported, export and have exported Products
    and Clinical-Grade ESI Cell Lines, (ii) research, develop, use, practice, perform, sell, have sold, offer for sale, have offered
    for sale, import, have imported, export and have exported Processes, and (iii) develop, have developed, use, perform, sell,
    have sold, offer for sale, have offered for sale, import, have imported, export and have exported Services. This grant is
    subject to the payment by AgeX to BioTime of all consideration required under this Agreement.
	 	 	 
	b)	 	ESI
    hereby grants to AgeX, and AgeX accepts, subject to the terms and conditions of this Agreement, a royalty-bearing, non-exclusive,
    right in the Territory, in the AgeX Field, to Sublicense to Third Parties Clinical-Grade ESI Cell Lines, provided, however,
    that any transfer shall be subject to the following conditions (unless such conditions are modified in writing by ESI): (i)
    any such Sublicense shall be approved in writing by ESI in advance of the transfer, such approval not to be unreasonably withheld
    by ESI; and (ii) each sublicense of Clinical-Grade ESI Cell Lines or ESI Know-How to a Third Party shall be subject to at
    least a material transfer agreement essentially in the form attached to this Agreement in Exhibit C, and any license
    agreement reached between AgeX and the Sublicnesee containing commercially reasonable consideration, including, one or more
    of, but not limited to, upfront payments, royalties, milestones, or non-cash consideration. For the avoidance of doubt, ESI
    is not granting sublicense rights in ESI Patent Rights. If ESI Patent Rights are necessary or useful to the granting of a
    Sublicense hereunder, the Third Party must obtain a license from ESI. 
	 	 	 
	c)	 	AgeX
    shall have the right, in connection with the licenses to “have made,” “have sold,” “have offered
    for sale,” “have imported” and “have exported,” to sublicense the rights granted in this Section
    2.1 to Third Parties in connection with contracting with such Third Parties to (i) provide product marketing and distribution
    services to AgeX on behalf of AgeX, or (ii) manufacture for AgeX products for sale by AgeX or a Third Party pursuant to the
    foregoing clause (i), but other sublicense of ESI Patent Rights may be granted by AgeX.

 

    		5	 

    	 

    

 

2.2
Limitations and Exclusion to Grant of Rights under Sections 2.1 (a) and 2.1(b). The provisions of this Agreement are intended
to limit the rights of AgeX to Sublicense Clinical-Grade ESI Cell Lines notwithstanding any provision of that certain Asset Contribution
and Separation Agreement between AgeX and BioTime (the “ACA”) pursuant to which BioTime has contributed vials of ESI
Cell Lines or Clinical-Grade ESI Cell Lines to AgeX, it being understood and agreed by ESI and AgeX that such contribution was
made subject to this Agreement with respect to any rights of AgeX to Sublicense to Third Parties Clinical-Grade ESI Cell Lines.
ESI retains all rights in and to the ESI Know-How, ESI Patent Rights and the ESI Cell Lines except as expressly provided in this
Agreement. No rights to Sublicense patents are granted in the ESI Patent Rights. Notwithstanding anything stated in this Agreement,
nothing in this Agreement shall be construed as in any way limiting ESI from practicing or using the ESI Know-How, ESI Patent
Rights, and the ESI Cell Lines or from granting licenses to BioTime, Affiliates, and Third Parties to do so.

2.3
Grant of Trademark Rights; Use. ESI hereby further grants to AgeX, and AgeX accepts, subject to the terms and conditions
of this Agreement, a royalty-free, non-exclusive, license in the Territory and in the AgeX Field to use the Trademarks in connection
with advertising, marketing, manufacturing, developing, distributing, selling, rendering, and providing Products and Services.

 

2.4
Except as expressly provided by Section 2.1 (b) and 2.1 (c) above, AgeX shall not have the right to grant sublicenses without
the express prior written approval of ESI, which approval shall be granted or denied in ESI’s sole discretion.

 

2.5
AgeX agrees that ESI owns all rights in the Trademarks and the goodwill associated therewith, and that all use of the Trademarks
inures to the benefit of ESI. AgeX further agrees that by entering into this Agreement, it acquires no ownership or other rights
in the Trademarks other than as set forth in the license grant above. AgeX agrees not to dispute or challenge or assist any person
in disputing or challenging ESI’s rights in and to, or the validity of, the Trademarks.

 

2.6
AgeX agrees to maintain the standards of quality set by ESI and maintained in connection with the operation of its own businesses.
AgeX is familiar with the high quality standards that ESI currently employs for its own products and services and agrees to continue
the high standards of quality for Products, Processes and Services provided in conjunction with the Trademarks, including compliance
with applicable laws and regulations. ESI has the right to impose reasonable controls over the nature and quality of the Products
and Services provided and performed by AgeX in conjunction with the Trademarks. ESI shall have the right to inspect or have inspected
all Products and Services provided and performed by AgeX in conjunction with the Trademarks, to ensure that such Products and
Services meet ESI’s quality standards and otherwise comply with applicable laws.

 

    		6	 

    	 

    

 

2.7
Within [***] business days of the Effective Date, ESI shall provide and transfer to AgeX all information and data relating to
the ESI Patent Rights, the ESI Know-How and the ESI Cell Lines s as may be reasonably necessary to allow AgeX to exploit the licenses
granted hereunder.

 

2.8
Third Party Patents. AgeX acknowledges, understands and agrees that, depending on the nature of the Products Developed
or to be Developed or Exploited from the ESI Cell Lines, additional licenses from Third Parties, including without limitation
Wisconsin Alumni Research Foundation (WARF), BioTime or ESI, may be required. Without limiting the generality of the foregoing
sentence, AgeX agrees that it will notify Third Party purchasers of Products, Processes or Services that additional license rights
may be required from, including without limitation, BioTime and WARF, to Commercialize any such products or services, including
in the ESI Exclusive Field. ESI shall have no obligation to obtain for or otherwise provide, by sublicense or otherwise, any license
or sublicense to use any patents, technology, know-how or other intellectual property belonging to BioTime, any BioTime Affiliate
(other than ESI), or any Third Party.

 

2.9
ESI shall have no obligation to obtain for or otherwise provide, by sublicense or otherwise, any license or sublicense to use
any patents, technology, know-how or other intellectual property belonging to ESI, any ESI Affiliate, or any Third Party other
than the ESI Patent Rights, ESI Know-How, and Trademarks as licensed under the terms of this Agreement.

 

2.10
Legal Compliance. AgeX is solely responsible for the management and use of the ESI Cell Lines and any Products and Processes,
including without limitation the storage, use, and disposal of the ESI Cell Lines and Products. AgeX acknowledges that the use
of the ESI Cell Lines is subject to federal, state and local statutes, rules, regulations and guidelines, which, without limiting
the generality of the foregoing, may restrict or prohibit (i) the introduction of stem cells from a covered stem cell line into
nonhuman primate embryos; (ii) the introduction of any stem cells, whether human or nonhuman, into human embryos; and (iii) breeding
any animal into which stem cells from a covered stem cell line have been introduced. AgeX also acknowledges, understands and agrees
that the ESI Cell Lines, including Clinical-Grade ESI Cell Lines have not been approved by the United States Food and Drug Administration
or any comparable foreign government agency for any therapeutic or diagnostic use. If any governmental regulatory body requires
any permits, licenses or approvals in connection with the use of the ESI Cell Lines, including Clinical-Grade ESI Cell Lines,
or Development, Manufacturing or Commercialization of any Products, by AgeX or any or permitted Sublicensee under Section 2.1
of this Agreement, AgeX or such Sublicensee shall be responsible for obtaining the same at its or their expense.

 

ARTICLE
3 – TRANSFER OF MATERIALS

 

3.1
Transfer Pursuant to ACA. BioTime shall transfer the Clinical-Grade ESI Cell Lines to AgeX in accordance with the provisions
of the ACA, and ESI consents to such transfer, subject to the terms of this Agreement.

 

3.2
ESI Property Rights. AgeX acknowledges ESI’s Property Rights with respect to all ESI Cell Lines and ESI Clinical-Grade
Cell Lines in the possession or control of ESI or as to which ESI has retained rights of any kind under the terms of any bailment,
license, material transfer agreement, or other agreement .

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		7	 

    	 

    

 

3.3
Restrictions and Limitations. The rights granted to AgeX in this Agreement are subject to the following exclusions and
restrictions:

 

	(a)	 	Limited
    Use. Subject to the terms of this Agreement, the ESI Cell Lines shall be used by AgeX solely in accordance with the license
    rights granted in Sections 2.1(a) and 2.1(b). Any use of the ESI Cell Lines outside the AgeX Field is strictly prohibited.
    AgeX acknowledges, understands and agrees that AgeX’s commercial use of the ESI Cell Lines, including in the AgeX Field,
    may require a license from a third party or entity not party to this Agreement, including without limitation the Wisconsin
    Alumni Research Foundation (“WARF”) or GE Healthcare. 
	(b)	 	No
    Replication. AgeX will not replicate the ESI Cell Lines or any portion thereof without ESI’s written consent, except
    to the extent expressly allowed under Section 2.1(a) and Section 2.1(b) of this Agreement.
	(c)	 	No
    Further Transfer. AgeX shall not transfer the ESI Cell Lines or any ESI Know-How to any person or entity except as expressly
    allowed under this Agreement.
	(d)	 	Experimental
    Nature; Safety. The ESI Cell Lines are to be used with caution and prudence in any experimental work, since all of the
    characteristics of the ESI Cell Lines are not known. AgeX is solely responsible for identifying and utilizing all appropriate
    safety procedures to prevent possible problems from infection and/or disease that might be caused from contact with the ESI
    Cell Lines or Products.

 

3.4
No License. No right or license to use the ESI Cell Lines, Products, Processes or Services other than specifically stated
herein is granted or implied as a result of the supply of the ESI Cell Lines to AgeX under the ACA.

 

3.5
Unauthorized Use. The Parties agree to notify each other in the event they become aware of any intended use or actual use,
including without limitation unauthorized commercial use, of the ESI Cell Lines, ESI Know-How, ESI Patents, Products or Processes,
or a Party’s Confidential Information.

 

ARTICLE
4 - PATENT RIGHTS; DEVELOPMENTS

 

4.1.Prosecution
of Patents and Claims. ESI shall be solely responsible for the continued prosecution of pending applications included in the
ESI Patent Rights and the issuance of patents from such patent applications after allowance. AgeX will cooperate with ESI to prosecute
such patents and claims under patent applications or other ESI Patent Rights as ESI may reasonably request.

 

    		8	 

    	 

    

 

4.2.
Prosecution of Infringers and Defense of ESI Patent Rights. The Parties agree to notify each other in writing of any actual
or threatened infringement by a Third Party of the ESI Patent Rights or of any claim of invalidity, unenforceability or non-infringement
of the ESI Patent Rights, or of any inter partes review, interference or other proceeding affecting the ESI Patent Rights. ESI
shall have the initial right, but not the obligation, whether to prosecute or defend any such claims, as applicable. AgeX shall,
if requested, provide reasonable assistance to ESI in connection with the prosecution or defense of such claims. For claims within
the AgeX Field, if ESI elects not to prosecute or defend such claims, AgeX shall have the option to pursue such claims, at AgeX’s
expense, to the extent permitted by ESI’s contractual obligations to Third Parties that exist as of the Effective Date as
identified on Exhibit D attached to this Agreement. ESI shall if requested provide reasonable assistance, including joinder to
the claims, to AgeX, at AgeX’s expense, in connection with the prosecution or defense of such claims. To the extent permitted
by ESI’s contractual obligations to Third Parties, damages recovered in any such claims shall be the property of the Party
covering the expenses of the claims. If the Parties jointly covered expenses of the claims, the damages recovered will be divided
to first reimburse each party its reasonable fees and expenses. The remainder of the recovery will then be divided reasonably
according to an allocation determined by the Parties after a good faith discussion

 

4.3
AgeX Developments and AgeX Cell Developments.

 

	(a)	 	AgeX
    shall have the right to file and prosecute new patent applications (and to obtain new patents) covering any new inventions,
    products, compositions of matter, methods or processes, and any other subject matter, whether patentable or not, discovered,
    developed or made by AgeX, by use of the ESI Patent Rights or the Products or derived from the ESI Cell Lines (including the
    Clinical-Grade Cell Lines) or Derivatives (collectively, “AgeX Developments”) 
	(b)	 	AgeX
    hereby grants to ESI a royalty-free, nonexclusive license to use AgeX Developments generated in the first [***] from the Effective
    date in the ESI Exclusive Field for Internal Research. 
	(c)	 	AgeX
    hereby grants ESI a royalty-free, worldwide, license, to any AgeX Developments in the ESI Exclusive Field, and any intellectual
    property rights related thereto, that are based upon or derived from the ESI Cell Lines (including the Clinical-Grade Cell
    Lines) or Derivatives composed of primary cells, cell lines or stem cells (“AgeX Cell Developments”), to use any
    such AgeX Developments to Develop, Manufacture, have Manufactured, use, sell, have sold, perform and have performed, distribute,
    have distributed and import products and services solely in the ESI Exclusive Field for any AgeX Developments conceived or
    reduced to practice in the [***] from the Effective Date. 

 

4.4
Disclosure of AgeX Developments. AgeX agrees, on a periodic basis (not less than semiannually), to provide to ESI with
a written report of all patent applications filed on AgeX Developments and AgeX Cell Developments.

 

ARTICLE
5 – ROYALTIES, SUBLICENSE CONSIDERATION, AND RECORDS

 

5.1
Royalty. As consideration for patent licenses under this Agreement, AgeX shall pay to ESI a royalty of [***] of Net Sales.
Royalties shall accrue in each country for the longer of (i) the duration of the ESI Patents on a country by country basis, or
(ii) the duration of the bailment of the ESI Cell Lines. If any patent or any claim thereof included within the ESI Patent Rights
shall be found invalid by a court of competent jurisdiction and last resort, from which decision no appeal may be taken, AgeX’s
obligation to pay ESI royalties based on such patent or claim or any claim patentably indistinct therefrom shall cease as of the
date of such decision. AgeX shall not, however, be relieved from paying ESI any royalties, fees, expenses, or other liabilities
that accrued prior to the date of such decision or that are based on any of the ESI Patent Rights not the subject of such decision.
If AgeX is obligated to pay royalties to one or more Third Parties or BioTime for the use of patent rights with respect to the
use, manufacture or sale of a Product, Process or Service and as a result the Royalties payable under this Section plus the royalties
payable to such Third Parties or BioTime would exceed [***] of Net Sales, the Royalty due under this Section may be [***] by an
amount equal to the [***] of (a) the amount in excess of [***] of Net Sales, and (b) [***].

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		9	 

    	 

    

 

5.2
Sublicense Consideration. AgeX shall pay to ESI [***] of all consideration received as Sublicensing Revenue [***] will
be paid by AgeX to ESI for Sublicensing Revenue generated from the sublicense of Derivatives. If AgeX or an Affiliate receives
non-cash consideration for the grant of a Sublicense, or in the case of transactions not at arm’s length, Sublicensing Revenue
will be calculated based on [***], at the time of the transaction, assuming an arm’s length transaction made in the ordinary
course of business, as reasonably determined in good faith. To the extent AgeX receives compensation for both a grant of a Sublicense
in accordance with this Agreement and the grant of other rights or licenses to intellectual property other than a Sublicense of
rights granted in accordance with this Agreement, such compensation will be reasonably apportioned between that amount attributable
to the Sublicense of rights hereunder, which shall be deemed Sublicensing Revenue, and that amount attributable to the grant of
other rights or licenses in such other intellectual property, which shall be excluded from Sublicensing Revenue.

 

5.2
Records. AgeX shall keep full, true and accurate records that may be necessary for demonstrating compliance by AgeX with
the terms and conditions of this Agreement. Said records shall be kept at AgeX’s principal place of business and shall be
open upon reasonable advance notice (but not [***] business days’ notice and no more frequently than [***] per calendar
year) for [***] following the end of the calendar year to which they pertain, to the inspection of ESI or its agents for the purpose
of verifying AgeX’s compliance with this Agreement. All information disclosed pursuant to an audit shall be treated as Confidential
Information (as provided in Section 8 of this Agreement) and shall not be disclosed to any Third Party or used for any purpose
other than to determine AgeX’s compliance with the terms and conditions of this Agreement.

 

ARTICLE
6– INDEMNIFICATION

LIMITATION
OF LIABILITY AND INSURANCE

 

6.1
AgeX shall at all times during the term of this Agreement and thereafter, indemnify, defend and hold harmless ESI, and the respective
successors, assigns, agents, officers, directors, shareholders and employees of ESI (each, an “Indemnified Party”),
at AgeX’s sole cost and expense, against all liabilities of any kind whatsoever, including legal expenses and reasonable
attorneys’ fees, arising out of the death of or injury to any person or persons or out of any damage to property resulting
from the development, production, manufacture, use, sale, distribution, lease, license, transfer, consumption or advertisement
of any Product, Process, or Service by AgeX, or by any licensee, permitted Sublicensee or contractor of AgeX, that includes or
was derived or produced from the ESI Cell Lines or using the ESI Patent Rights or ESI Know-How, or arising from any obligation,
act or omission, or from a breach of any representation or warranty of AgeX under this Agreement, excepting only claims of that
result from the willful misconduct of, or knowing violation of law by an Indemnified Party. The indemnification obligations set
forth herein are subject to the following conditions: (i) the Indemnified Party shall notify AgeX in writing promptly upon learning
of any claim or suit for which indemnification is sought; (ii) AgeX shall have control of the defense or settlement, provided
that the Indemnified Party shall have the right (but not the obligation) to participate in such defense or settlement with counsel
at its selection and at (x) its sole expense if AgeX is conducting the defense of the claim, (y) AgeX’s expense if AgeX
has not commenced or is not continuing the defense of the claim, or (z) AgeX’s expense if the defense of AgeX and the Indemnified
Party by the same counsel would give rise to any conflict of interest or if the Indemnified Party has defenses that are in addition
to or different than those available to AgeX; and (iii) the Indemnified Party shall reasonably cooperate with the defense, at
AgeX’s expense.

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		10	 

    	 

    

 

6.2
EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, ESI, AND ITS DIRECTORS, OFFICERS, AGENTS, SHAREHOLDERS, EMPLOYEES,
AND AFFILIATES (OTHER THAN AGEX) MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING
BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS
CLAIMS, ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AND ANY AND ALL SUCH WARRANTIES
ARE EXPRESSLY DISCLAIMED. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION MADE OR WARRANTY GIVEN BY ESI THAT
THE USE OR PRACTICE BY AGEX OF THE LICENSES GRANTED HEREUNDER SHALL NOT INFRINGE THE PATENT RIGHTS OF ANY THIRD PARTY. IN NO EVENT
SHALL ESI OR ANY OF ITS DIRECTORS, OFFICERS, AGENTS, SHAREHOLDERS, EMPLOYEES AND AFFILIATES (OTHER THAN AGEX) BE LIABLE FOR INCIDENTAL
OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER
BIOTIME SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF SUCH DAMAGES.

 

6.3
AgeX agrees to maintain insurance or self-insurance that is reasonably adequate to fulfill any potential obligation to the Indemnified
Parties. AgeX shall continue to maintain such insurance or self-insurance during the term of this Agreement and after the expiration
or termination of this Agreement for a period of [***].

 

ARTICLE
7– TERMINATION

 

7.1
This Agreement shall be effective on the Effective Date and shall continue in force and effect:

 

	 	i)	with
    respect to ESI Patent Rights, until the expiration of the last claim within the ESI Patent Rights licensed hereunder, unless
    earlier terminated in accordance with this Article 7.
	 	 	 
	 	ii)	with
    respect to all other rights granted herein, unless and until terminated in accordance with this Article 7. 

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		11	 

    	 

    

 

7.2
ESI may terminate this Agreement and the rights, privileges and license granted hereunder by written notice upon a breach or default
of this Agreement by AgeX if the breach or default is not cured within [***] after a written request to remedy such breach, or
if the breach or default cannot be cured within said [***] period, failure of AgeX within said [***] period to proceed with reasonable
promptness thereafter to cure the breach, provided that a cure is fully implemented with [***] after occurrence unless otherwise
agreed upon in writing by the Parties. Such termination shall become automatically effective unless AgeX shall have cured any
such material breach or default prior to the expiration of the applicable cure period.

 

7.3
AgeX shall have the right to terminate this Agreement at any time on [***] prior notice to ESI.

 

7.4
Upon termination of this Agreement, AgeX shall cease all uses of all and every and any kind of ESI Know-How and ESI Patent Rights,
and Trademarks.

 

7.5
Sublicenses. Sublicenses granted by AgeX hereunder will be maintained or reasonably terminated by ESI, in its sole discretion,
upon termination of this Agreement.

 

7.6
Upon termination of this Agreement for any reason, nothing herein shall be construed to release either Party from any obligation
that matured prior to the effective date of such termination; and Article 6 and Article 8, and any other Sections or provisions
which by their nature are intended to survive termination, shall survive any such termination.

 

ARTICLE
8 – CONFIDENTIALITY AND NONDISCLOSURE

 

8.1
Confidential Information; Non-Disclosure. “Confidential Information” shall mean any technical, business, financial,
customer or other information disclosed by one party (the “disclosing Party”) to the other Party (the “receiving
Party”) pursuant to this Agreement which is marked “Confidential” or “Proprietary,” or which, under
all of the given circumstances, ought reasonably to be treated as confidential information of the disclosing Party. Such information
may be disclosed in oral, visual or written form (including magnetic, optical or other media). Except as expressly provided in
Section 8.2 below, each Party’s Confidential Information specifically includes without limitation the respective Party’s
business plans and business practices, the terms of this Agreement, scientific knowledge, research and development or know-how,
processes, inventions, techniques, formulae, products and product plans, business operations, customer requirements, designs,
sketches, photographs, drawings, specifications, reports, studies, findings, data, plans or other records, biological materials,
software, margins, payment terms and sales forecasts, volumes and activities, designs, computer code, technical information, costs,
pricing, financing, business opportunities, personnel, and information of ESI or AgeX relating to the Products, the ESI Cell Lines,
the ESI Patent Rights, AgeX Developments, AgeX Cell Developments or any products or services developed, manufactured, sold or
performed under this Agreement whether or not such information is marked, identified or confirmed. Except to the extent expressly
authorized by this Agreement or by other prior written consent by the disclosing Party, the receiving Party, during the term of
this Agreement, and thereafter, shall: (i) treat as confidential all Confidential Information of the other Party; (ii) use Confidential
Information only for exercising the rights and fulfilling the obligations set forth in this Agreement, (iii) implement reasonable
procedures to prohibit the disclosure, unauthorized duplication, misuse or removal of the disclosing Party’s Confidential
Information; (iv) not disclose Confidential Information to any Third Party, and (v) only disclose the Confidential Information
to (a) those of its employees who have a need to know Confidential Information in order to exercise the rights and fulfill the
obligations set forth in this Agreement and (b) legal and professional advisors and existing investors and their legal and professional
advisors, each of which is bound by a written agreement (or in the case of attorneys or other professional advisors, formal ethical
duties) requiring such advisors and investors to treat, hold and maintain such Confidential Information in accordance with the
terms and conditions of this Agreement. Without limiting the foregoing, the receiving Party shall protect the disclosing Party’s
Confidential Information using at least the same procedures and degree of care that it uses to prevent the disclosure of its own
confidential information of like importance, but in no event less than reasonable care.

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		12	 

    	 

    

 

8.2
Exceptions. (a) The receiving Party shall have no obligation or liability to the disclosing Party with regard to any Confidential
Information of the disclosing Party: (i) that was publicly known and available at the time it was disclosed or becomes publicly
known and available through no fault, action, or inaction of the receiving Party; (ii) was known to the receiving Party, without
restriction, at the time of disclosure as shown by the files of the receiving Party in existence at the time of disclosure; (iii)
is disclosed with the prior written approval of the disclosing Party; (iv) was independently developed by the receiving Party
without any use of the disclosing Party’s Confidential Information, provided, that the receiving Party can demonstrate such
independent development by documented evidence prepared contemporaneously with such independent development; (v) is disclosed
pursuant to the order or requirement of a court, administrative agency, or other governmental body, provided that the receiving
Party shall provide prompt notice thereof and reasonable assistance to the disclosing party to enable the disclosing Party to
seek a protective order or otherwise prevent such disclosure, and provided further that such disclosure is limited to the extent
necessary to comply with such order and the information shall otherwise be treated as Confidential Information; or (vi) that is
provided to the receiving Party by a Third Party without violating any confidentiality obligation to the disclosing Party.

 

(b)
Notwithstanding anything to the contrary in this Agreement, including, without limitation the terms and conditions included in
Section 8.1, (i) AgeX shall be entitled to disclose to end users of Products and Services technical, scientific and other information
reasonably necessary for the end user to use such Products and Services; and (2) the Parties and BioTime may disclose the terms
of this Agreement to investors or potential investors, potential business partners, potential sublicensees and assignees, potential
co-developers, manufacturers, marketers, or distributors of Products and Processes, and in any prospectus, offering, memorandum,
or other document or filing required by applicable securities laws or other applicable law or regulation.

 

(c)
Each Party shall provide the other Party with reasonable advance written notice of any other press release or other public disclosure
of this Agreement; provided, that the Parties acknowledge that ESI, or its parent BioTime, may disclose if required to do so by
law. AgeX or BioTime may file or disclose this Agreement or any relevant portion in accordance with the applicable rules and regulations
of the SEC or such other agency or authority. This Agreement may be disclosed by a Party under a confidentiality agreement, without
the prior consent of the other Party, to any actual or prospective investor, lender, underwriter, or acquirer of the Party or
any parent or subsidiary of the Party, or any actual or potential acquirer of the portion of the business to which this Agreement
relates.

 

    		13	 

    	 

    

 

8.3
Injunctive Relief. ESI and AgeX acknowledge and agree that any breach of the confidentiality obligations imposed by this
Article 8 will constitute immediate and irreparable harm to the disclosing Party and/or its successors and assigns, which cannot
adequately and fully be compensated by money damages and will warrant, in addition to all other rights and remedies afforded by
law, injunctive relief, specific performance, and/or other equitable relief. The disclosing Party’s rights and remedies
hereunder are cumulative and not exclusive. The disclosing Party shall also be entitled to receive from the receiving Party the
costs of enforcing this Article 8, including reasonable attorneys’ fees and expenses of litigation.

 

8.4
Termination. Upon termination or expiration of this Agreement, or upon the request of the disclosing Party at any time,
the receiving Party shall promptly return to the disclosing Party, at its request, all copies of Confidential Information received
from the disclosing Party, and shall return or destroy, and document the destruction of, all summaries, abstracts, extracts, or
other documents which contain any Confidential Information of the disclosing Party in any form.

 

8.5
Survival. The obligations of ESI and AgeX under this Article 8 shall survive any expiration or termination of this Agreement.

 

ARTICLE
9 - NOTICES AND OTHER COMMUNICATIONS

 

9.1
Any notice or other communication required to be given to either Party will be deemed to have been properly given and to be effective
(a) on the date of delivery if delivered by hand, air courier delivery service, confirmed facsimile transmission, or confirmed
electronic mail, or (b) four days after being deposited in the United States Mail, certified first class postage prepaid, in each
case if sent to the respective addresses, FAX number or email address given below, or to another address as it shall designate
by written notice given to the other Party in the manner provided in this Section.

 

    		14	 

    	 

    

 

	 	In
    the case of AgeX:	AgeX
    Therapeutics, Inc.
	 	 	1010
    Atlantic Avenue, Suite 102
	 	 	Alameda,
    California 94501
	 	 	 
	 	 	Attention:
    Michael D. West, Ph.D., CEO 
	 	 	 
	 	In
    the case of ESI:	ES
    Cell International Pte Ltd.
	 	 	1010
    Atlantic Avenue, Suite 102
	 	 	Alameda,
    California 94501
	 	 	FAX:
        (510) 521-3389

        Email:
        legal@biotimeinc.com

	 	 	Attention:
    General Counsel

 

ARTICLE
10- REPRESENTATIONS AND WARRANTIES

 

10.1
AgeX represents and warrants that it has full corporate power and authority to enter into this Agreement, that this Agreement
constitutes the binding legal obligation of AgeX, enforceable in accordance with its terms, and that the execution and performance
of this Agreement by AgeX will not violate, contravene or conflict with any other agreement to which AgeX is a party or by which
it is bound or with any law, rule or regulation applicable to AgeX, and that any permits, consents or approvals necessary or appropriate
for AgeX to enter into this Agreement have been obtained.

 

10.2
AgeX is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry
on its business as currently conducted.

 

10.3
AgeX represents and warrants that (a) it has the full legal right and power to enter into this Agreement and to grant the sublicenses
granted hereunder, and (b) that this Agreement constitutes the binding legal obligation of AgeX, enforceable in accordance with
its terms.

 

10.4
ESI represents and warrants that it has full corporate power and authority to enter into this Agreement, that this Agreement constitutes
the binding legal obligation of ESI, enforceable in accordance with its terms, and that the execution and performance of this
Agreement by ESI will not violate, contravene or conflict with any other agreement to which ESI is a party or by which it is bound
or with any law, rule or regulation applicable to ESI, and that any permits, consents or approvals necessary or appropriate for
ESI to enter into this Agreement have been obtained.

 

10.5
ESI represents and warrants that it is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted.

 

10.6
ESI represents and warrants that (a) it has the full legal right and power to enter into this Agreement and to grant the licenses
granted hereunder, and (b) that this Agreement constitutes the binding legal obligation of ESI, enforceable in accordance with
its terms.

 

10.7
ESI represents and warrants that it has not received any written notice from any Third Party claiming any rights in, to or under,
or otherwise challenging or threatening to challenge the right, title or interest of ESI in, to or under, the ESI Patent Rights,
or the validity, enforceability or non-infringement of any ESI Patent Rights.

 

    		15	 

    	 

    

 

10.8
ESI represents and warrants that it has not received any written notice from any Third Party asserting a claim or threatening
to assert a claim which would materially and adversely affect the rights of AgeX under this Agreement.

 

10.9
ESI represents and warrants that to its knowledge, all registration, maintenance and maintenance or annuity fees for each patent
and patent application included in the ESI Patent Rights have been made, and all documents, recordations and certificates in connection
with such ESI Patent Rights have been filed with the relevant governmental body for the purposes of prosecuting, obtaining, maintaining
or perfecting such ESI Patent Rights. To the knowledge of ESI, all ESI Patent Rights are valid, in good standing, subsisting and
enforceable.

 

10.10
ESI represents and warrants that it owns all right, title and interest to and in the ESI Patent Rights free and clear of any material
encumbrances subject to licenses to BioTime, BioTime Affiliates, and Third Parties.

 

10.11
ESI represents and warrants that no proceeding is pending, and, ESI has not received any written notice from any Third Party threatening
to initiate a proceeding, alleging that the practice of the ESI Patent Rights infringes the rights of any Third Party. ESI has
no knowledge that the ESI Patent Rights could not be practiced without infringing the rights of any Third Party.

 

ARTICLE
11- MISCELLANEOUS PROVISIONS

 

11.1
This Agreement is entered into in consideration of the mutual promises, covenants, obligations of and by the parties in the ACA,
in addition to the mutual promises, covenants, obligations of and by the parties herein.

 

11.2
Nothing herein shall be deemed to constitute either Party as the agent or representative of the other Party. The Parties acknowledge
that they are independent contractors and nothing contained in this Agreement shall be deemed to create a partnership, joint venture,
joint enterprise, agency or fiduciary relationship between the Parties.

 

11.3
To the extent commercially feasible, and consistent with prevailing business practices, all products manufactured or sold under
this Agreement will be marked with the number of each issued patent that applies to such product.

 

11.4
This Agreement shall be construed, governed, interpreted and applied in accordance with the laws of the State of California, without
regard to principles of conflicts of law thereof, except that questions affecting the construction and effect of any patent shall
be determined by the law of the country in which the patent was granted.

 

11.5
The Parties acknowledge that this Agreement (including the Exhibits hereto) sets forth the entire Agreement and understanding
of the Parties as to the subject matter hereof, and shall not be subject to any change or modification except by the execution
of a written instrument subscribed to by the Parties.

 

    		16	 

    	 

    

 

11.6
The provisions of this Agreement are severable, and in the event that any provisions of this Agreement shall be determined to
be invalid or unenforceable under any controlling body of the law, such invalidity or unenforceability shall not in any way affect
the validity or enforceability of the remaining provisions hereof.

 

11.7
The failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement
shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the
other Party.

 

11.8
The Parties agree that the sublicenses granted to AgeX to use ESI Patent Rights constitute licenses of “intellectual property”
as defined in the United States Bankruptcy Code (the “Bankruptcy Code”) and as used in Section 365(n) of the Bankruptcy
Code.

[Signatures
Found on the Following Page]

 

    		17	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date.

 

	AGEX THERAPEUTICS, INC.	 
	 	 	 
	By:	/s/
    Michael West	 
	 	Michael
    West, Ph.D.	 
	 	Chief
    Executive Officer	 

 

	ES CELL INTERNATIONAL PTE LTD.	 
	 	 	 
	By:	/s/
    Aditya Mohanty	 
	 	Aditya
    Mohanty	 
	 	Chief
    Executive Officer	 

 

[Signature
Page to the ESI and AgeX License Agreement]

 

    		18	 

    	 

    

 

EXHIBIT
A TO THE LICENSE AGREEMENT

 

ESI
PATENT RIGHTS

 

	REFERENCE	COUNTRY	TITLE	APPL.
    #	DATE
    FILED	STATUS	PATENT
    #	GRANT
    DATE
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		19	 

    	 

    

 

EXHIBIT
B TO THE LICENSE AGREEMENT

 

Trademarks

 

	Unregistered/Common
    Law Marks
	ES
    CELL INTERNATIONAL
	ESI

 

    		20	 

    	 

    

 

EXHIBIT
C TO THE LICENSE AGREEMENT

 

MATERIAL TRANSFER AGREEMENT

 

This
Material Transfer and Conditional License Agreement (“Agreement”) is made and entered into this __ day of ______,
201_ (the “Effective Date”), by and between AgeX Therapeutics, Inc., a Delaware corporation with offices located 1010
Atlantic Avenue, Suite 102, Alameda, California 94501 (“AgeX”), and __________________________, a _______________
located at _________________________ (“Company”) and its employee, _______________________ (“Researcher”).
The Company and the Researcher are sometimes collectively referred to in this Agreement as the “Recipients.” AgeX
and the Recipients are sometimes referred to herein individually as a “Party” and collectively as “Parties.”

 

INTRODUCTORY
STATEMENT

 

AgeX
has obtained from ES Cell International Pte Ltd, a wholly owned subsidiary of BioTime, Inc. (“BioTime”), and duly
established under the laws of Singapore, having its registered office at 1010 Atlantic Ave., Suite 102, Alameda, CA 94501 (“ESI”),
certain materials owned by ESI and the right to provide the materials to others. AgeX has agreed to provide materials, as identified
in Exhibit A attached to this Agreement, for Researcher’s use in connection with pre-clinical therapeutic research
(as more fully described in the research plan set forth in Exhibit B attached hereto, the “Research” or the
“Research Project”) in accordance with the terms and conditions of this Agreement.

 

For
good and valuable consideration, including the covenants and promises contained herein, the receipt and sufficiency of which are
hereby acknowledged, accepted and agreed to, AgeX and Recipient, intending to be legally bound, hereby agree as follows:

 

1.
Definitions

 

As
used in this Agreement, the following terms shall have the meanings set forth below.

 

1.1
“Affiliate” means any corporation, company, partnership, joint venture and/or firm, that controls, is controlled by,
or is under common control with a Party. For purposes of this definition, “control” means (a) in the case of corporate
entities, direct or indirect ownership of more than fifty percent (50%) of the stock or shares entitled to vote for the election
of directors; and (b) in the case of non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of
the equity interest with the power to direct the management and policies of such non-corporate entities.

 

1.3
“Cell Lines” means undifferentiated pluripotent cGMP grade human embryonic stem cell lines and expanded cultures thereof,
as more specifically described in Exhibit A, that are to be delivered to Recipients pursuant to this Agreement.

 

    		21	 

    	 

    

 

1.4
“Certificate of Analysis” or “CoA” means a document, certified as accurate by ESI, which sets forth reasonable
information requested by Company with regard to each Cell Line.

 

1.5
“cGMP” means current good manufacturing practice regulations enforced by the FDA that provide for, among other things,
systems that assure proper design, monitoring, and control of manufacturing processes and facilities.

 

1.6
“cGMP Documentation” or “cGMP Documents” means documentation prepared by ESI or BioTime that includes
information relating to the production, derivation, culture, cryopreservation, storage and biosafety testing and maintenance of
the Cell Lines in compliance with cGMP. By way of illustration and not limitation, cGMP Documentation includes information concerning
the selection, optimization, and verification of protocols inclusive of cGMP-compliant reagents and materials for Cell Lines.

 

1.7
“Chain of Custody” or “CoC” means a document, certified as accurate by AgeX, which sets forth the chronology
of the ownership, custody or location from the time of production to the time of delivery, for each Cell Line delivered to Recipients.

 

1.8
“Confidential Information” means all proprietary and non-public information disclosed by a Party or by ESI or BioTime
as the case may be (collectively the “Disclosing Parties or individually as a “Disclosing Party), in writing and marked
as confidential, or if disclosed orally identified at the time of disclosure by a Disclosing Party as confidential and reduced
to writing within thirty (30) days and marked as confidential, or which, under all of the given circumstances, ought reasonably
to be treated as confidential information of the disclosing Party. Such information may be disclosed in oral, visual or written
form (including magnetic, optical or other media). Each Disclosing Party’s Confidential Information specifically includes
without limitation the respective Disclosing Party’s business plans and business practices, the terms of this Agreement,
scientific knowledge, research and development or know-how, processes, inventions, techniques, formulae, products and product
plans, business operations, customer requirements, designs, sketches, photographs, drawings, specifications, reports, studies,
findings, data, plans or other records, biological materials, software, margins, payment terms and sales forecasts, volumes and
activities, designs, computer code, technical information, costs, pricing, financing, business opportunities, personnel, and information
relating to the Cell Lines, Drug Master Files, cGMP Documentation, Letters of Authorization, Certificates of Analysis and Chain
of Custody documentation.

 

1.10
“Drug Master File” means a submission to the FDA that may be used to provide confidential detailed information about
facilities, processes or articles used in the manufacturing, processing, packaging and storing of one or more human drugs, including
but not limited to biologics Cell Lines.

 

1.11
“ESI’s Property Rights” means ESI’s personal proprietary rights in the Cell Lines, including ownership
rights and rights in the know-how embodied in the Cell Lines.

 

1.12
“Letter of Authorization” means a written statement by ESI permitting the FDA to refer to or view information in a
Drug Master File (DMF) in support of a submission to FDA.

 

    		22	 

    	 

    

 

2.
Transfer of Cell Lines; Bailment; Payments and Taxes

 

2.1
Company may request the transfer of one or more of the Cell Lines from AgeX to Company by written request from Company referencing
this Agreement; Company’s written request shall specify the specific Cell Lines and the quantity requested. The method and
terms of shipment shall be set forth between AgeX and Company in writing. Company agrees to provide AgeX with written notice of
Company’s receipt of the Cell Lines within [***] of its receipt of the Cell Lines.

 

2.2
Recipients acknowledge ESI’s Property Rights. It is the intent of the Parties that the transfer of Cell Lines to Recipients
be considered a bailment, subject to the terms and conditions of this Agreement. Title to ESI’s Property Rights is owned
by ESI and is not transferred to Recipients under this Agreement. Company and Researcher accept the Cell Lines in accordance with
the terms and conditions of this Agreement.

 

3.
License; cGMP Documentation; Drug Master Files; Restrictions 

 

3.1
Subject to the terms of this Agreement, the Cell Lines and any AgeX or ESI or BioTime Confidential Information shall be used by
Recipient solely for the work described in the Research Project. The Research shall be conducted in the laboratory of Researcher
at Company’s facility. Researcher shall exercise due care to ensure that all Cell Lines are handled by trained personnel
only. Researcher will obtain the written agreement of all persons working under his/her control and supervision that they are
bound by the terms of this Agreement. Recipients agree that the Cell Lines will be used solely for the Research Project. Recipient
shall not distribute any Cell Lines to any third party other than employees of Company who are working on the Research Project
under the direct supervision of Researcher. Recipient shall obtain all licenses from third parties required to conduct the Research
Project.

 

3.2
Drug Master Files and cGMP Documentation. All requests for cGMP Documentation compilation and preparation, including but
not limited to CoAs, CoCs and Letters of Authorization shall be submitted by Recipients to ESI; such compilation and preparation
shall be performed pursuant to a fee arrangement to be mutually agreed upon by the ESI and Recipients. ESI will not unreasonably
withhold Letters of Authorization or Confidential Information from the Drug Master Files for the Cell Lines as reasonably requested
by Recipients to satisfy requests from governmental regulatory bodies, including but not restricted to the FDA.

 

3.3
Restrictions and Exclusions. The rights granted to Recipients in Section 3.1 are subject to the following:

 

(a)
Commercial Use. Any commercial use of the Cell Lines is strictly prohibited without the prior written agreement of AgeX,
which agreement will include commercially reasonable consideration. Recipients acknowledge, understand and agree that Recipients’
commercial use of the Cell Lines may require a patent license from ESI and may require a license from another third party or entity
not party to this Agreement. Recipients shall not use or transfer the Cell Lines for any commercial purposes, except as may be
agreed upon by AgeX and Company

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		23	 

    	 

    

 

(c)
No Replication. Recipient will not replicate the Cell Lines or any portion thereof without AgeX’s written consent,
except to the extent such replication is an essential part of the Research Project and is specifically described in the Research
Project.

 

(d)
No Further Transfer. Recipients shall not transfer the Cell Lines or any Confidential Information of AgeX or ESI or BioTime
to any person or entity, provided, however, that Recipients may transfer (i) Confidential Information pursuant to a non-disclosure
agreement in form and substance approved by ESI or (ii) Cell Lines pursuant to a material transfer agreement in form and substance
approved by ESI to: governmental regulatory entities or agencies, including but not limited to the FDA in connection with clinical
research and clinical trials; to third party laboratory facilities for testing; to ESI in connection with a commercial use license;
or to scientific collaborators at not-for-profit institutions (e.g., academic laboratories).

 

(e)
Permits, License and Approvals. Recipients shall obtain all permits, licenses or other approvals required by any third
party, governmental or regulatory body for use of the Cell Lines in accordance with this Agreement.

 

3.4
Experimental Nature; Safety. The Cell Lines are to be used with caution and prudence in any experimental work, since all
of the characteristics of the Cell Lines are not known. Recipients are solely responsible for identifying and utilizing all appropriate
safety procedures to prevent possible problems from infection and/or disease that might be caused from contact with the Cell Lines.

 

3.5
No right or license to use the Cell Lines other than specifically stated herein is granted or implied as a result of the supply
of the Cell Lines.

 

3.6
Records; Audit Rights. Company shall keep full, complete, true and accurate records and books of account containing all
particulars relating to the use of the Cell Lines (“Records”). Said Records shall be kept at Company’s principal
place of business for five years following the end of the calendar year to which they pertain. Upon the written request of ESI,
Company shall provide ESI, or its authorized representative reasonably acceptable to Company, access to the Records as may be
necessary to verify Company’s compliance with the terms of this Agreement. If ESI’s review of Company’s Records
identifies noncompliance with any material term(s) of this Agreement, Company will immediately take all requisite actions to remedy
such noncompliance, and if Company fails to remedy such noncompliance AgeX may terminate this Agreement in accordance with Section
9 of this Agreement. ESI shall be a third party beneficiary of this Section 3.6.

 

3.7
Unauthorized Use. The Parties agree to notify each other in the event they become aware of any intended use or actual use,
including without limitation unauthorized commercial use, of the Cell Lines, or a Party’s Confidential Information.

 

    		24	 

    	 

    

 

4.
Intellectual Property

 

4.1
AgeX and ESI and BioTime Intellectual Property. Company and Researcher acknowledge, understand and agree that assays, methodologies,
intellectual property and interrelated trade secrets, know-how and Confidential Information owned by AgeX or ESI or BioTime, as
applicable, as of the Effective Date and thereafter (collectively, the “AgeX and ESI and BioTime Intellectual Property”),
shall, at all times, continue to be owned by AgeX and ESI and BioTime, as applicable, and no license or grant of any nature or
kind is hereby given or implied with respect to the AgeX and ESI and BioTime Intellectual Property.

 

4.2
Company Intellectual Property. AgeX acknowledges, understands and agrees that all assays, methodologies, intellectual property
and interrelated trade secrets, know-how and Company Confidential Information owned by Company as of the Effective Date or thereafter
(collectively, the “Company Intellectual Property”), shall, at all times, continue to be owned by Company and no license
or grant of any nature or kind is hereby given or implied with respect to the Company Intellectual Property.

 

5.
Publications

 

5.1
Recipients may publish results obtained using Cell Lines without the prior consent of AgeX.

 

5.2
A Party will not publish Confidential Information received from the other Party without such other Party’s consent. The
Parties agree to abide by the policies of the applicable journals and presentation organizers as to such matters as the public
release or availability of data related to the publication or presentation. Authorship of publications will be determined in accordance
with appropriate scientific and academic standards and customs. Proper acknowledgement will be made for the contributions of each
Party to the publication.

 

5.3
In any publication made by Recipients based on the Research Project, Recipients shall acknowledge ESI and AgeX as the provider
of the Cell Lines.

 

5.4
ESI and BioTime are intended beneficiaries of this Section 5.

 

6.
Disclaimer; Indemnification

 

6.1
No Warranties. IT IS UNDERSTOOD AND AGREED THAT THE CELL LINES ARE EXPERIMENTAL IN NATURE, AND THAT NEITHER ASCENDANCE
NOR ESI IS MAKING ANY REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY NATURE OR KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT
TO THE CELL LINES. THE CELL LINES ARE PROVIDED “AS IS” AND WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE USE OF THE CELL LINES WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER
PROPRIETARY RIGHTS OF ANY THIRD PARTY. COMPANY AND RESEARCHER ARE SOLELY RESPONSIBLE FOR OBTAINING ANY LICENSE OR OTHER RIGHTS
FROM ANY THIRD PART(Y) (IES) REQUIRED TO USE THE CELL LINES AS CONTEMPLATED BY THIS AGREEMENT.

 

    		25	 

    	 

    

 

6.2
Indemnification; Liability. To the maximum extent allowed under applicable law, Company agrees to indemnify, defend, and
hold harmless AgeX, ESI and their respective Affiliates (including BioTime), and their respective directors, officers, representatives,
employees, and agents (collectively, the “Indemnified Parties”) from and against any and all liability, loss, damage,
claim or expense (including without limitation any legal expenses and attorneys’ fees) (collectively, the “Indemnified
Losses”) arising out of or in connection with this Agreement, including, without limitation, Indemnified Losses resulting
from any use by Company, Researcher, or employees of Company of the Cell Lines and any materials derived therefrom. Company further
agrees to indemnify and hold harmless the Indemnified Parties against any and all Indemnified Losses resulting from, arising out
of, or relating to: (i) claims arising from Company’s or Researcher’s failure to comply with all governmental regulations
relating in any way to use, storage or disposal of the Cell Lines; or (ii) Company’s or Researcher’s breach of this
Agreement. Without limiting the foregoing, Company assumes all liability for damages that may arise from the use, storage or disposal
of the Cell Lines. Neither AgeX nor ESI will be liable to Company or Researcher for any loss, claim or demand made by Company
or Researcher, or against Company or Researcher by any other party, due to or arising from the use of the Cell Lines by Recipients.
ESI and its Affiliates (including BioTime) are intended beneficiaries of this Section 6.2.

 

7.
Confidentiality

 

7.1
Confidential Information. As used in this Agreement, the party disclosing Confidential Information is sometimes referred
to as the “Discloser”; the party receiving such Confidential Information is sometimes referred to as the “Receiver”.
Any use or disclosure of Confidential Information shall be subject to the following:

 

a.
Confidential Information will be received and held in confidence by the Receiver and revealed only to employees and representatives
or agents and attorneys of the Receiver who need to know such Confidential Information in connection with Receiver’s performance
under this Agreement.

 

b.
Receiver will take such steps as may be necessary to prevent the disclosure of Confidential Information to others and to insure
that any authorized person who receives Confidential Information pursuant to this Agreement is bound by the confidentiality obligations
set forth herein. Upon written request to Receiver by Discloser, Receiver shall provide the identity of all persons who have or
will have access to the Confidential Information. Discloser specifically reserves the right to require any and all persons having
access to the Confidential Information to execute an agreement to satisfy their obligations hereunder with respect to the use,
security and protection of the Confidential Information.

 

c.
Any Confidential Information disclosed to Receiver will be used by Receiver solely for the purposes of this Agreement and for
no other purpose. Receiver and authorized persons, if any, to whom disclosure is made shall not, directly or indirectly, use,
publish, transmit, disseminate, divulge, disclose or make available to any person or entity any Confidential Information.

 

d.
Confidential Information will not be mechanically copied or reproduced by the Receiver without prior written consent of Discloser,
except to the extent necessary for the performance of this Agreement.

 

    		26	 

    	 

    

 

e.
All Confidential Information, together with all copies, notes, extracts or summaries thereof or with respect thereto, shall remain
the property of Discloser and shall be returned to Discloser or disposed of as Discloser may direct, upon demand and in any event
upon termination of this Agreement.

 

7.2.
The obligations of confidentiality set forth in this Agreement shall not extend to any portion of the Confidential Information:

 

a.
that is known to the Receiver prior to the disclosure by Discloser and not previously subject to any obligation of confidentiality;

 

b.
that is generally available to the public or hereafter becomes generally available or known to the public through no act on the
part of the Receiver or any person to whom disclosure is made pursuant to this Agreement;

 

c.
that is information that Discloser agrees in writing to release from the terms of this Agreement;

 

d.
that is independently developed by Receiver without using Confidential Information.

 

7.3.
In case Receiver is required to disclose any Confidential Information to comply with laws, regulations or court order, Receiver
may disclose such Confidential Information only to the extent necessary for such compliance; provided, however, that Receiver
shall give Discloser reasonable advance written notice of such disclosure so that legal protection for the Confidential Information
may be sought, and Receiver shall use its best efforts to secure confidential treatment of Confidential Information to be disclosed.
The Parties shall cooperate to the extent practicable with efforts to obtain such protection.

 

7.4.
Receiver acknowledges that any breach of this agreement will constitute immediate and irreparable harm to Discloser and/or its
successors and assigns, which cannot adequately and fully be compensated by money damages and will warrant, in addition to all
other rights and remedies afforded by law, injunctive relief, specific performance and/or other equitable relief. Discloser’s
rights and remedies hereunder are cumulative and not exclusive. Discloser shall also be entitled to receive from Receiver (jointly
and severally) Discloser’s costs of enforcing this Agreement, including attorneys’ fees.

 

7.5
ESI and BioTime are intended beneficiaries of this Section 7.

 

    		27	 

    	 

    

 

8.
Compliance with Law and Scientific Standards

 

Recipient
is solely responsible for the management and use of the Cell Lines supplied hereunder, including without limitation the storage,
transportation, treatment, use, and disposal of the Cell Lines. Company and Researcher agree to use the Cell Lines and conduct
the Research in compliance with all federal, state and local statutes, rules, regulations and guidelines and any applicable scientific
standards. Without limiting the generality of the foregoing, Recipients agree that the Research will exclude (i) the mixing of
Cell Lines with an intact embryo, either human or non-human; (ii) implanting Cell Lines or products derived thereof in a uterus;
and (iii) attempting to make whole embryos with Cell Lines by any method.

 

9.
Term and Termination

 

9.1
Term. This Agreement shall commence as
of the Effective Date and shall expire, unless earlier terminated as provided herein or extended by mutual written agreement of
the Parties, [insert period of months or years] thereafter. Upon expiration or termination of this Agreement, any provisions
of this Agreement which by their nature survive any expiration or termination, including, but not limited to, those relating to
intellectual property, confidentiality and indemnification, will survive and continue to be enforceable.

 

9.2
Termination; Destruction or Return of Materials. AgeX may terminate this Agreement at any time in the event that Company
or Researcher commits a material breach of the terms of this Agreement. Upon termination or expiration of this Agreement or material
breach of the terms of this Agreement by Company or Researcher, Company and Researcher shall discontinue the Research Project
and will, upon written request of AgeX, destroy or return to AgeX all Cell Lines in Recipient’s possession and shall make
no further use of the Cell Lines for any purpose whatsoever. AgeX acknowledges and agrees that all of the Cell Lines may be destroyed
in connection with conducting the Research and that therefore no Cell Lines may be available to be returned.

 

10.
Notices

 

All
notices, reports or documents to be provided by either party to the other shall be in writing and shall be delivered personally
or mailed by certified or registered mail, postage prepaid, or reputable overnight courier, or sent by telefax as follows:

 

If
to AgeX, then to:

 

	 	AgeX
    Therapeutics, Inc.
	 	1010
    Atlantic Avenue, Suite 102
	 	Alameda,
    CA 94501
	 	 
	 	Attn:
    Michael D. West, Ph.D., CEO
	 	Email:

 

If
to Recipients, then to:

 

	 	[Entity]	 
	 	[Address]	 
	 	[Address]	 
	 	Attn:	 
	 	Fax:	 

 

All
notices, reports or other documents shall be deemed properly served upon receipt of such written communication.

 

    		28	 

    	 

    

 

11.
Representations and Warranties

 

11.1
AgeX represents and warrants that, except as disclosed in Exhibit C and subject to the terms of this Agreement, it has
all rights, title and interest to the Cell Lines necessary to enter into this Agreement and it is not under any obligation, contractual
or otherwise, that conflicts with or is inconsistent with this Agreement.

 

11.2
Company and the Researcher hereby represent and warrant that the acceptance of the Cell Lines in accordance with the terms and
conditions of this Agreement and performance of all obligations hereunder do not and will not breach or conflict with any other
agreement or arrangement to which either the Company or the Researcher is a party, including the terms under which the Research
to be conducted using the Cell Lines is funded. The Company and /or the Researcher will not hereafter grant anyone any rights
inconsistent with the terms of this Agreement.

 

12.
Miscellaneous

 

12.1
Multiple Copies. This Agreement may be executed in multiple copies, each of which shall be deemed to be an original.

 

12.2
Integration. This Agreement constitutes the entire agreement between the Parties relative to the subject matter hereof
and supersedes all prior agreements in respect thereof. This Agreement shall not be superseded, amended or modified except by
written agreement between the Parties hereunder.

 

12.3
Severability. If any provision of this Agreement is held invalid, illegal or otherwise unenforceable by a tribunal or court
of competent jurisdiction, such invalidity shall not affect the enforceability of any other provision of this Agreement, and the
remaining provisions of this Agreement shall be valid and enforceable to the fullest extent permitted by applicable law.

 

12.4
Waiver. Any waiver of any rights or failure to act in a specific instance relates only to that instance and is not an agreement
to waive any rights or fail to act in any other instance.

 

12.5
Headings. All headings used in this Agreement are for convenience only and do not affect the meaning of any provision of
this Agreement.

 

12.6
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California,
without regard to principles of conflicts of law thereof.

 

12.7
Independent Parties. The Parties hereto acknowledge that they are independent contractors and nothing contained in this
Agreement shall be deemed to create a partnership, joint venture, joint enterprise, agency or fiduciary relationship between the
Parties.

 

    		29	 

    	 

    

 

12.8
No Strict Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of
any of the provisions of this Agreement.

 

12.9
Intended Beneficiaries. ESI and BioTime are intended beneficiaries of the applicable provisions of this Agreement.

IN WITNESS WHEREOF, the Parties, intending to be bound by this Agreement, have caused their respective authorized representatives
to sign below.

 

	AGEX THERAPEUTICS, INC.	 	[COMPANY]	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	Printed
    name:	                          	 	Printed
    name:	                  	 
	Title:	 	 	Title:	 	 
	Date:	 	 	Date:	 	 

 

	 	Acknowledged
and Agreed:
	 	 
	 	 
	 	Researcher
	 	Printed
    Name:
	 	Date:

 

    		30	 

    	 

    

 

EXHIBIT
A TO THE MATERIAL TRANSFER AGREEMENT

 

Cell
Lines: [***] all as further described in that certain article, [***].

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***],” HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

    		31	 

    	 

    

 

EXHIBIT
B TO THE MATERIAL TRANSFER AGREEMENT

 

Attach
detailed description of the Research Project

 

    		32	 

    	 

    

 

EXHIBIT
C TO THE MATERIAL TRANSFER AGREEMENT

 

Attach
list of exclusions

 

    		33	 

    	 

    

 

EXHIBIT
E TO THE LICENSE AGREEMENT

THIRD
PARTY RIGHTS TO PROSECUTE OR DEFEND THE ESI PATENT RIGHTS

 

	Party	 	Agreement	 	Rights
	Asterias
    Biotherapeutics, Inc.	 	Cross
    License Agreement between Asterias Biotherapeutics, Inc., BioTime, Inc. and ES Cell International Pte Ltd 	 	Right
    to assume responsibility and ownership of ESI patents and patent applications included in the ESI Patent Rights and abandoned
    by ESI

 

    		34Execution
Version

 

SHARED
FACILITIES AND SERVICES AGREEMENT

 

This
Agreement is made as of August 17, 2017 (the Effective Date) by and between BioTime, Inc. (BioTime) and AgeX Therapeutics,
Inc. (AgeX).

 

Recitals

 

	A.	AgeX
    is a newly organized corporation that needs office and laboratory space and equipment, and the services of research, financial,
    management, and administrative personnel support;
	 	 
	B.	BioTime
    leases certain laboratory, office, and related work space at 1010 Atlantic Avenue, Alameda, California (the Premises)
    and has surplus capacity at the Premises; and
	 	 
	C.	BioTime
    has employees and contractors who provide research, financial, management, and administrative services and is willing to make
    a portion of their services available to AgeX;

 

1.
Office, Laboratory and Work Space.

 

(a)
BioTime agrees to permit AgeX to use the Premises concurrently with BioTime for the conduct of AgeX’s business operations,
but only to the extent that (a) the use is a business operation permitted to be conducted by BioTime under the lease of the Premises,
(b) AgeX uses the Premises in compliance with all applicable laws, ordinances, and regulations, (c) AgeX uses the Premises in
compliance with any and all rules and regulations of the landlord under BioTime’s lease of the Premises, (d) AgeX’s
use of the Premises does not interfere with BioTime’s use of the Premises.

 

(b)
BioTime and AgeX agree that the permission to use the Premises granted under this Agreement is in the nature of a license
only and is not a sublease or assignment of the lease under which BioTime occupies the Premises, and that AgeX shall not obtain
any rights, and is not assuming any obligations, under that lease.

 

(c)
The use of the Premises by AgeX shall be in a lawful, careful, safe, and proper manner, and AgeX shall not do or permit anything
to be done in or about the Premises that would increase the rate or affect any fire or other insurance covering the Premises.
AgeX shall not commit nor suffer any waste on the Premises.

 

(d)
BioTime does not represent or warrant that the Premises may be used for any particular use or purpose, and AgeX has made AgeX’s
own determination that the Premises may be lawfully used for AgeX’s purposes.

 

(e)
AgeX shall, at its sole cost and expense, comply with all laws, statutes, ordinances, and governmental rules, regulations,
or requirements now in force or that may hereafter be in force, and with the requirements of any board of fire insurance underwriters
or other similar bodies now or hereafter constituted, relating to, or affecting AgeX’s use of the Premises.

 

    	 

    	 

    

 

(f)
AgeX shall, at its sole cost and expense, promptly repair any damage to the Premises caused by any act or omission of AgeX
or its employees, agents, invitees, licenses, or contractors, including any acts or omissions of BioTime employees, contractors,
and agents arising in the course of performing services for or conducting the business of AgeX. Any and all repairs effected by
AgeX shall be performed in a professional workmanlike manner, by licensed contractors, in compliance with BioTime’s lease
of the Premises and all applicable statutes, codes, rules and regulations, and AgeX or AgeX’s contractors shall obtain all
permits and approvals of government agencies required by applicable laws in connection therewith.

 

(g)
BioTime deems any repairs required to be made by AgeX necessary, it may demand that AgeX make them, and if AgeX refuses or
neglects to commence such repairs and to complete them with reasonable dispatch, BioTime may make or cause such repairs to be
made. If BioTime makes or causes repairs to be made, BioTime shall not be responsible to AgeX for any loss or damage that may
accrue to AgeX’s business by reason of the repair work, and AgeX shall, on demand, immediately pay to BioTime the cost of
the repairs. AgeX waives the provisions of Sections 1941 and 1942 of the Civil Code of the State of California and all other statutes
or laws permitting repairs by a lessee at the expense of a lessor or to terminate a lease by reason of the condition of the Premises.
AgeX shall keep the Premises free from any liens arising out of any work performed, materials furnished, or obligations incurred
by AgeX.

 

(h)
AgeX shall not make or install any alterations, improvements, additions, or fixtures that affect the exterior or interior
of the Premises or any structural, mechanical, or electrical component of the Premises, or mark, paint, drill, or in any way deface
any floors, walls, ceilings, partitions, or any wood, stone, or iron work.

 

(i)
Under no circumstances shall AgeX bring onto the Premises any substances or materials that are characterized or defined as
“hazardous substances” or “hazardous materials” under any federal or state law or regulation pertaining
to the release of substances into the environment, except for cleaning materials, paints, and solvents that are used, stored,
and disposed of by AgeX in full compliance with applicable laws and BioTime’s lease of the Premises.

 

2.
Equipment and Supplies. BioTime agrees to permit AgeX to use BioTime’s office equipment, laboratory equipment, furniture,
laboratory supplies, and general office supplies to the extent that such use does not interfere with the use by the employees,
contractors, and agents of BioTime and other BioTime subsidiaries in the course of their business. BioTime shall have no obligation
to obtain or to provide AgeX with any additional equipment, furniture, or supplies. If AgeX requires and obtains equipment, furniture,
and supplies for its own use it may locate the same at the Premises subject to the conditions and limitations stated in Section
1 of this Agreement, and subject to the additional condition that BioTime shall have the right and sole discretion to (a) determine
where in the Premises AgeX may locate AgeX’s furniture, equipment, and supplies, and (b) preclude AgeX from bringing onto
or locating any furniture, supplies, or equipment in the Premises if BioTime determines that it would in any way interfere with
BioTime’s use of the Premises, violate any applicable laws, ordinances, and regulations, violate or conflict with any provisions
of BioTime’s lease of the Premises or any rules and regulations of the landlord under BioTime’s lease of the Premises,
conflict with any term or condition of any policy of casualty or liability insurance held by BioTime, or pose a hazard or other
risk to persons or property.

 

    	2

    	 

    

 

3.
Utilities. AgeX shall be responsible to determine that there is sufficient Utilities capacity in the Premises for purposes
of conducting AgeX’s use. Utilities includes electricity, gas, heat, air conditioning, hot and cold domestic water,
telephone, scavenger service, garbage removal, sewerage, and other similar services used on, in, or in connection with the Premises.
BioTime does not represent the availability or quantity of any Utilities in the Premises, and is not responsible for any interruption
of any Utility service.

 

4.
Services.

 

(a)
BioTime shall provide basic accounting, billing, bookkeeping, payroll, treasury, collection of accounts receivable (excluding
the institution of legal proceedings or taking of any other action to collect accounts receivable), payment of accounts payable,
and other similar administrative services, budget preparation, establishment of financial controls and reporting protocols and
procedures, financial reporting and securities registration under the Securities Exchange Act of 1934, as amended, and the Securities
Act of 1933, as amended (the Administrative Services) to AgeX. BioTime may also provide the services of attorneys, accountants,
and other professionals who may also provide professional services to BioTime and its other subsidiaries.

 

(b)
BioTime shall also provide AgeX with the services of its laboratory and research personnel (the Laboratory Services),
including BioTime employees and contractors, for the performance of research and development work for AgeX at the Premises. BioTime
employees and contractors who perform Laboratory Services for AgeX shall enter into agreements containing customary provisions
requiring the employees and contractors to (a) maintain the confidentiality and not to disclose AgeX trade secrets and other confidential
information, and (b) assign to AgeX all rights to any inventions and discoveries made by such employees and contractors in the
course of performing Laboratory Services for AgeX.

 

(c)
BioTime may, at the request of AgeX, provide AgeX the services of BioTime employees and contractors, including but not limited
to executive officers, for matters other than Administrative Services and Laboratory Services (Other Services), but BioTime
shall not be obligated to do so.

 

(d)
Administrative Services, Laboratory Services, and Other Services (collectively, Services) shall be provided by BioTime
employees or contractors engaged by BioTime to provide such Services for the operation of BioTime’s own business. BioTime
shall not be obligated to hire any additional employees or engage the services of any additional contractors to provide Services
to AgeX. Nothing in this Agreement shall preclude AgeX from hiring employees and engaging contractors directly for its own account
and at its own cost and expense.

 

    	3

    	 

    

 

(e)
AgeX shall be responsible for cooperating with BioTime’s officers, employees and contractors in such a manner as may
be reasonably required in order for the Services to be performed.

 

(f)
The Services shall be provided at the direction of AgeX; provided, that AgeX shall not request or direct any BioTime employee
or contractor to provide any Services or to take any other act that would violate any federal, state, or municipal law, statute,
ordinance, rule or regulation.

 

(g)
BioTime shall not be liable to AgeX for any loss or damages of any kind caused by, arising from, or in connection with (i)
the performance of Services performed by BioTime personnel, or the failure of any BioTime employee, contractor, or agent to perform
any Services, or (ii) any delay, error, or omission by any BioTime employee, contractor, or agent in the performance of Services
performed by BioTime personnel, except to the extent such loss or damage is the result of fraud, gross negligence or willful misconduct
by an BioTime employee, contractor, or agent.

 

5.
Use Fees.

 

(a)
AgeX shall pay BioTime the fees provided in this Section for the use of the Premises, equipment, supplies, professional services
(such as the services of attorneys, accountants, and consultants), and for the Services provided or agreed to be provided by BioTime
under this Agreement. For each billing period, BioTime shall equitably prorate and allocate its Employee Costs, Equipment Costs,
Insurance Costs, Lease Costs, Professional Costs, Software Costs, Supply Costs, and Utilities Costs, between BioTime and AgeX
based upon actual documented use and cost by or for AgeX or upon proportionate usage by BioTime and AgeX, as reasonably estimated
by BioTime. AgeX shall pay 105% of the allocated costs (the Use Fee). The allocated cost of BioTime employees and contractors
who provide Services shall be based upon records maintained of the number of hours of such personnel devoted to the performance
of Services.

 

(b)
The Use Fee shall be determined and invoiced to AgeX on a monthly basis for each calendar quarter of each calendar year (such
quarterly periods are sometimes referred to in this Agreement as “billing periods”). If this Agreement terminates
prior to the last day of a billing period, the Use Fee shall be determined for the number of days in the billing period elapsed
prior to the termination of this Agreement. Each invoice shall be payable in full by AgeX within 30 days after receipt. Any invoice
or portion thereof not paid in full when due shall bear interest at the rate of 15% per annum until paid, unless the failure to
make a payment is due to any inaction or delay in making a payment by BioTime employees from AgeX funds available for such purpose,
rather than from the unavailability of sufficient funds legally available for payment or from an act, omission, or delay by any
AgeX employee or agent.

 

(c)
In addition to the Use Fees, AgeX shall reimburse BioTime for any out of pocket costs incurred by BioTime for the purchase
of office supplies, laboratory supplies, and other goods and materials and services for the account or use of AgeX, provided that
invoices documenting such costs are delivered to AgeX with each invoice for the Use Fee. Notwithstanding this paragraph, BioTime
shall have no obligation to purchase or acquire any office supplies or other goods and materials or any services for AgeX, and
if any such supplies, goods, materials or services are obtained for AgeX, BioTime may arrange for the suppliers thereof to invoice
AgeX directly.

 

    	4

    	 

    

 

(d)
Employee Costs means the salaries, wages, health insurance benefits, FICA, payroll taxes, workers compensation insurance premiums,
and similar costs payable by BioTime to or on account of its employees and contractors who perform Services for AgeX under this
Agreement during an applicable billing period, but excluding stock option, stock purchase, and similar equity participation plans.
Equipment Costs means all costs and expenses incurred by BioTime in acquiring, leasing, installing, maintaining, insuring,
repairing, and disposing of any laboratory, production, and office equipment, fixtures, and furnishings used by AgeX or used by
BioTime in the performance of Services. Insurance Costs means all insurance premiums of any kind incurred or paid by BioTime
for casualty insurance policies that insure BioTime and its subsidiaries, including AgeX, from the loss of or damage to the Premises,
equipment, fixtures goods, supplies, and other personal property of BioTime (except to the extent such premiums are included in
Lease Costs) that may be used by AgeX or by BioTime in the performance of Services, and liability coverage policies that insure
BioTime and its subsidiaries, including AgeX, from liability of any kind to third parties (except to the extent such premiums
are included in Lease Costs). Lease Costs means all of BioTime’s costs and expenses of leasing the Premises, including
all base rent, taxes, common area or other expenses, insurance and other costs payable by BioTime to the lessor of the Premises
under the lease of the Premises, but excluding (a) any repairs not required to be effected or paid for by AgeX under any other
provision of this Agreement, and (b) any alterations or improvements effected by BioTime for the exclusive use of BioTime and
its subsidiaries other than AgeX. Professional Costs means all costs and expenses incurred by BioTime for the services
of independent accountants, attorneys, and other consultants who provide professional or consulting services for the benefit of
AgeX. Software Costs means all costs and expenses, including but not limited to license fees, incurred by BioTime to acquire
and use any computer software or program of any kind that is used by AgeX or by BioTime in the performance of Services. Supply
Costs means all costs and expenses incurred by BioTime for the purchase and disposal of goods and materials of any kind, to
the extent used in the performance of Services or used by AgeX employees or contractors. Utilities Costs means all costs
and expenses incurred by BioTime for the use or availability of Utilities during an applicable billing period.

 

(e)
Billing Dispute Resolution. If a disagreement arises between BioTime and AgeX with respect to any Use Fees charged by BioTime
under this Section 5 or by AgeX under Section 6, and AgeX and BioTime management are not able to reconcile or resolve the matter
within sixty (60) days of the first written notice disputing any charge or portion of the Use Fee, AgeX and BioTime shall engage
the services of a firm of certified public accountants to review the charges at issue and determine the amount due, which determination
shall be final and binding on AgeX and BioTime. AgeX and BioTime shall cooperate with the accounting firm to resolve the matter,
including making all relevant books and records available to the accounting firm for inspection and copying, and making employees
with knowledge relevant to the matter in dispute reasonably available to discuss the matter with representatives of the accounting
firm. The fees and expenses of the accounting firm shall be shared equally by AgeX and BioTime; provided, however, that if the
accounting firm determines that Use Fees or other charges were overstated by more than five percent (5%) and the amount of the
overstatement exceeds $100,000, the party that submitted invoices for the excessive fees or charges shall pay 100% of the fees
and charges of the accounting firm related to that matter. AgeX and BioTime agree that they will engage BDO USA, LLP (“BDO”)
for such services, but if BDO declines to perform the services AgeX and BioTime shall cooperate to select an alternative accounting
firm.

 

    	5

    	 

    

 

6.
 Reciprocal Rights and Obligations.

 

(a)
AgeX agrees to permit BioTime and Other Subsidiaries to use AgeX’s office equipment, laboratory equipment, furniture,
laboratory supplies, and general office supplies to the extent that such use does not interfere with the use by the employees,
contractors, and agents of AgeX or AgeX subsidiaries in the course of their business. In the case of such use, (i) the provisions
of Section 2 of this Agreement shall apply as if all references in Section 2 to AgeX were references to BioTime or an Other Subsidiary,
and (ii) all references to BioTime in Section 2 were references to AgeX. “Other Subsidiary” means a subsidiary
of BioTime other than AgeX and other than a subsidiary of AgeX.

 

(b)
AgeX agrees to provide BioTime and Other Subsidiaries with Laboratory Services at the AgeX Premises subject to the same terms
and conditions as BioTime agrees to provide Laboratory Services to AgeX at the Premises. With respect to any Laboratory Services
provided by AgeX to BioTime or an Other Subsidiary, the provisions of Section 4 of this Agreement shall apply as if all references
to AgeX were references to BioTime and all references to BioTime were references to AgeX.

 

(c)
If AgeX provides BioTime or an Other Subsidiary with the use of AgeX’s office equipment, laboratory equipment, furniture,
laboratory supplies, and general office supplies, or Laboratory Services under this Agreement, the Use Fees provisions of Section
5 of this Agreement shall apply to such use and AgeX shall be paid Use Fees as if all references to AgeX were references to BioTime
or an Other Subsidiary and all references to BioTime were references to AgeX.

 

7.
Indemnification.

 

(a)
AgeX shall defend, indemnify, and hold harmless BioTime, BioTime’s shareholders, directors, officers, employees, and
agents (collectively, the Indemnified Parties) against and from any and all claims arising from AgeX’s use of the
Premises, or from any activity, work, or other thing done or permitted by AgeX on the Premises, including all activities, work,
and services performed by BioTime employees, contractors, and agents for AgeX except to the extent caused by BioTime’s willful
malfeasance or gross negligence. AgeX shall further defend, indemnify, and hold harmless the Indemnified Parties against and from
any and all claims arising from any breach or default in the performance of any obligation on AgeX’s part to be performed
under the terms of this Agreement, or arising from any act or omission (including, but not limited to negligent acts or omissions)
of AgeX, or of any officer, agent, employee, contractor, guest, or invitee of AgeX acting in such capacity. The indemnity provided
by this section shall include indemnification from and against all costs, attorneys’ fees, expenses, and liabilities incurred
in connection with or arising from any such claim or any action or proceeding brought thereon; and in any suit, action, or proceeding
brought against any of the Indemnified Parties by reason of any such claim, AgeX, upon notice from any of the Indemnified Parties,
shall defend the same at AgeX’s expense by counsel satisfactory to the Indemnified Parties. AgeX, as a material part of
the consideration to BioTime, hereby assumes all risk of damage to property or injury to persons in, upon, or about the Premises,
from any cause other than BioTime’s willful malfeasance or sole gross negligence.

 

    	6

    	 

    

 

(b)
BioTime shall not be liable for any injury to or damage to persons or property resulting from fire, explosion, falling plaster,
steam, gas, electricity, water, or rain that may leak from any part of the Premises or from the pipes, appliances, or plumbing
works therein or from the roof, street, or subsurface, or from any other place unless solely caused by or solely due to the gross
negligence of BioTime. BioTime and its agents and the other Indemnified Parties shall not be liable for interference with the
light or other incorporeal hereditament, loss of business by AgeX, or any latent defect in the Premises, any equipment, furnishings,
materials, or supplies. AgeX shall give prompt notice to BioTime in case of fire or accidents in the Premises or of defects therein
or in the fixtures, equipment, furniture, materials or supplies belonging to BioTime and used by AgeX.

 

(c)
AgeX shall be solely responsible for and shall indemnify, defend, and hold the Indemnified Parties and the owner of the Premises
and each partner, shareholder, member, trustee, employee and agent of the owner or the Premises (collectively, the Owner Indemnified
Parties) harmless from any against any claim, loss, damage, cost, expense, liability, or cause of action directly or indirectly
arising out of the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation,
or presence of any oil, gasoline, petroleum products, flammable explosives, asbestos, urea formaldehyde insulation, radioactive
materials, hazardous wastes, toxic or contaminated substances, or similar materials, including, without limitation, any substances
which are hazardous substances, hazardous wastes, hazardous materials, or toxic substances under applicable environmental laws,
ordinances, or regulations (collectively, Hazardous Materials) caused directly or indirectly by AgeX, its employees, agents,
contractors, invitees, or assigns (other than any BioTime employees or agents performing BioTime rather than AgeX business) in,
on, or under any of the Premises, including, without limitation: (i) all consequential damages; (ii) the costs of any required
or necessary repair, cleanup, or detoxification of the Premises and the building and surrounding land in which the Premises are
located, and the preparation and implementation of any closure, remedial, or other required plans whether required under any Hazardous
Materials Laws or otherwise; and (iii) all court costs, including reasonable attorneys’ fees, paid or incurred by BioTime,
any other Indemnified Party, or any Owner Indemnified Party in connection with such claim.

 

(d)
BioTime shall defend, indemnify, and hold harmless AgeX, AgeX’s stockholders (other than BioTime), directors, officers,
employees, and agents (collectively, the AgeX Indemnified Parties) against and from any and all claims arising from any services
performed by AgeX employees, contractors, and agents for BioTime or an Other Subsidiary, except to the extent caused by AgeX’s
willful malfeasance or gross negligence. The indemnity provided by this section shall include indemnification from and against
all costs, attorneys’ fees, expenses, and liabilities incurred in connection with or arising from any such claim or any
action or proceeding brought thereon; and in any suit, action, or proceeding brought against any of the AgeX Indemnified Parties
by reason of any such claim, BioTime, upon notice from any of the AgeX Indemnified Parties, shall defend the same at BioTime’s
expense by counsel satisfactory to the AgeX Indemnified Parties.

 

    	7

    	 

    

 

8.
Term; Termination.

 

(a)
This Agreement shall commence on the Effective Date and may be terminated by either party by giving six months advance written
notice of termination to the other party.

 

(b)
Notwithstanding paragraph (a) of this Section 8, either party may terminate this Agreement immediately upon the occurrence
of a Default by the other party. A party shall be in Default if that party (i) fails to pay when due the Use Fee or any
other sum due under this Agreement, or fails to perform any other obligation under this Agreement, and such failure continues
for a period of five (5) days; provided, however, that if a party disputes the amount of the Use Fee or other charge within such
five day period, the running of such five day period shall commence upon the resolution of the dispute pursuant to Section 5(e);
(ii) becomes the subject of any order for relief in a proceeding under any Debtor Relief Law (as defined below); (iii) becomes
unable to pay, or admits in writing the party’s inability to pay, its debts as they mature; (iv) makes an assignment for
the benefit of creditors; (v) applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitation, or similar officer for the party or for all or any part of the party’s property or assets, or any such officer
is appointed for such party or any part of its assets without the party’s consent and such appointment is not dismissed
or discharged within 60 calendar days; (vi) institutes or consents to any proceeding under any Debtor Relief Law with respect
to the party or all or any part of the party’s property or assets, (vii) becomes subject to any proceeding under any Debtor
Relief Law without the consent of the party if such case or proceeding continues undismissed or unstayed for 60 calendar days;
or (viii) dissolves or liquidates or takes any action to dissolve or liquidate. As used in this Agreement, the term Debtor
Relief Law shall mean the Bankruptcy Code of the United States of America, as amended, or any other similar debtor relief
law affecting the rights of creditors generally.

 

(c)
AgeX may terminate this Agreement on six months written notice to BioTime given after such date on which BioTime ceases to
consolidate the financial statements of AgeX with the financial statements of BioTime under generally accepted accounting principles
in the United States.

 

(d)
The obligations of AgeX under Sections 5 and 6 and to pay for any repairs of the Premises required to be paid by AgeX under
this Agreement shall survive termination of this Agreement.

 

9.
No Third Party Beneficiaries. The parties to this Agreement are BioTime and AgeX, and no other person or entity, whether a
partner, member, stockholder, officer, director, employee, contractor, agent, or business invitee of AgeX or otherwise, shall
have any rights or be entitled to any benefits under this Agreement, except for the rights of Indemnified Parties and Owner Indemnified
Parties under Section 7.

 

    	8

    	 

    

 

10.
Characterization of Relationship. It is the intent of the parties that the business relationship created by this Agreement,
and any related documents is solely that of a commercial agreement between BioTime and AgeX and has been entered into by both
parties in reliance upon the economic and legal bargains contained in this Agreement. None of the covenants contained in this
Agreement is intended to create a partnership between BioTime and AgeX, to make them joint venturers, to make either party an
agent, legal representative, partner, subsidiary, or employee of the other party or to make either party in any way responsible
for the debts, obligations, or losses of the other party.

 

11.
Binding on Successors and Assigns. This Agreement shall be binding on each party and the party’s successors and assigns.

 

12.
Integration. This Agreement constitutes all of the understandings and agreements existing between the parties concerning the
subject of this Agreement and the rights and obligations created under it. Neither party has made or relied upon any agreement,
warranty, representation, promise, or statement, whether oral or written, not expressly included in this Agreement.

 

13.
Waivers, Delays, and Omissions. One or more waivers, consents, or approvals by any party of any covenant, condition, act,
or breach under this Agreement shall not be construed as a waiver, consent, or approval of any subsequent condition, covenant,
act, or breach or as a consent or approval to the same or any other covenant or condition. This Agreement and any term of this
Agreement may be amended, discharged, or terminated only by a written instrument signed by the parties against whom enforcement
of such amendment, discharge, or termination is sought. No delay or omission to exercise any right, power, or remedy accruing
to any party upon any breach or default of the other party under this Agreement shall impair any such right, power, or remedy
of the party not in breach or default.

 

14.
References. References in this Agreement to sections, paragraphs, subparagraphs, and exhibits are references to sections,
paragraphs, and subparagraphs in this Agreement and exhibits attached to this Agreement unless specified otherwise.

 

15.
Section Headings. Section headings are for the convenience of the parties and do not form a part of this Agreement.

 

16.
Construction. The parties agree that this Agreement is a negotiated agreement, with each party free to review and negotiate
each section of the Agreement and otherwise clarify all sections of the Agreement that appear to the party (at the time of signing)
to be ambiguous or unclear. Both parties shall be deemed to be the drafting parties, and the rules of construction to the effect
that any ambiguities are to be resolved against the drafting party or parties shall not be employed in the interpretation of this
Agreement.

 

    	9

    	 

    

 

17.
Unenforceable Provisions. If all or part of any one or more of the provisions contained in this Agreement is for any reason
held to be invalid, illegal, or unenforceable in any respect, the invalidity, illegality, or unenforceability shall not affect
any other provisions, and this Agreement shall be equitably construed as if it did not contain the invalid, illegal, or unenforceable
provision.

 

18.
Attorneys’ Fees. It is expressly agreed that if this Agreement is referred to an attorney to collect any amount due
under this Agreement, or to enforce or protect any rights conferred upon BioTime by this Agreement AgeX promises and agrees to
pay on demand all costs, including without limitation, reasonable attorneys’ fees, incurred by BioTime in the enforcement
of BioTime’s rights and remedies under this Agreement. In the event an action is brought to enforce or interpret the provisions
of this Agreement, the prevailing party in such action shall be entitled to an award of its attorneys’ fees and costs incurred
in such action, including any fees and costs incurred in any appeal and in any collection effort.

 

[Signatures
Found on the following page]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF the parties have executed this Agreement as of the Effective Date.

 

	BioTime,
    Inc. 	 
	 	 	 
	By:	/s/
    Aditya P. Mohanty	 
	 	Aditya
    P. Mohanty	 
	 	Co-Chief
    Executive Officer	 
	 	 	 
	AgeX
    Therapeutics, Inc.	 
	 	 	 
	By:	/s/
    Michael D. West	 
	 	Michael
    D. West,	 
	 	Chief
    Executive Officer	 

 

[Signature
Page to the Shared Facilities Agreement]

 

    	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]