Document:

ex10_2.htm

    
      

    

    Exhibit
10.2

       

      REVOLVING CREDIT
NOTE

      

      

      
        	
                $___________

              	
                March
      __, 2008

              

      

      

      FOR VALUE
RECEIVED, the undersigned, BioTime, Inc., a California corporation (Borrower")
hereby promises to pay to the order of ___________("Lender") the principal sum
of _____________ DOLLARS ($_______________) or such lesser amount as may from
time to time be outstanding as the Loan pursuant to that certain Second Amended
and Restated Revolving Line of Credit Agreement, dated February 15, 2008,
between Borrower and Lender (the "Credit Agreement"), together with interest on
the unpaid balance of the Loan at the rate or rates hereinafter set
forth.  This Revolving Credit Note is one of the Notes described in
the Credit Agreement.  All capitalized terms not otherwise defined in
this Note shall have the meanings defined in the Credit Agreement.

      

      1.          
 Terms of Payment.

      

      (a)           Interest
Rate.  Interest shall accrue and be payable at the rate of 12%
per annum on the outstanding principal balance of the Loan.  Interest
shall accrue from the date of each disbursement of principal pursuant to a
Draw.  Accrued interest shall be paid with principal. Interest will be
charged on that part of outstanding principal of the Loan which has not been
paid and shall be calculated on the basis of a 360-day year and a 30-day
month.

      

      (b)           Payments of
Principal.  The outstanding principal balance of the Loan,
together with accrued interest, shall be paid in full on the Maturity
Date.

      

      (c)           Mandatory Prepayment of
Principal.  In the event that Borrower receives Earmarked
Funds, Borrower shall use the Earmarked Funds to prepay principal, plus accrued
interest, within two business days after such Earmarked Funds are received by
Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan
Amount.

      

      (d)           Optional Prepayment of
Principal.  Borrower may prepay principal, with accrued
interest, at any time and the amount of principal so prepaid shall be available
for further Draws by Borrower during the Draw Period to the extent that the
prepayment of principal was not required under paragraph (c) of this Section
1.

      

      (e)           Default Interest
Rate.  In the event that any payment of principal or interest
is not paid within five (5) days from on the date on which the same is due and
payable, such payment shall continue as an obligation of the Borrower, and
interest thereon from the due date of such payment and interest on the entire
unpaid balance of the Loan shall accrue until paid in full at the lesser of (i)
fifteen percent (15%) per annum, or (ii) the highest interest rate permitted
under applicable law (the "Default Rate").  From and after the
Maturity Date or upon acceleration of the Note, the entire unpaid principal
balance of the Loan with all unpaid interest accrued thereon, and any and all
other fees and charges then due at such maturity, shall bear interest at the
Default Rate.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      (f)        
   Date of
Payment.  If the date on which a payment of principal or
interest on the Loan is due is a day other than a Business Day, then payment of
such principal or interest need not be made on such date but may be made on the
next succeeding Business Day.

      

      (g)           Application of
Payments.  All payments shall be applied first to costs of
collection, next to late charges or other sums owing Lender, next to accrued
interest, and then to principal, or in such other order or proportion as Lender,
in its sole discretion, may determine.

      

      (h)           Currency.  All
payments shall be made in United States Dollars.

      

      2.          
 Events of
Default.  The following shall constitute Events of Default: (a)
the default of Borrower in the payment of any interest or principal due under
this Note or the Credit Agreement or any other Note arising under the Credit
Agreement; (b) the failure of Borrower to perform or observe any other term or
provision of this Note, or any other Note arising under the Credit Agreement, or
any term, provision, covenant, or agreement in the Credit Agreement or any other
Loan Document; (c) any act, omission, or other event that constitutes an "Event
of Default" under the Credit Agreement; (d) any representation or warranty of
Borrower contained in the Credit Agreement or in any other Loan Document, or in
any certificate delivered by Borrower pursuant to the Credit Agreement or any
other Loan Document, is false or incorrect in any material respect when made or
given; (e) Borrower becoming the subject of any order for relief in a proceeding
under any Debtor Relief Law (as defined below); (f) Borrower making an
assignment for the benefit of creditors; other than repayment of the Loan, in
whole or in part, to Lenders; (g) Borrower applying for or consenting to the
appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, or similar officer for it or for all or any part of its property
or assets; (h) the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator, or similar officer for Borrower, or for all or any
part of the property or assets of Borrower, without the application or consent
Borrower, if such appointment continues undischarged or unstayed for sixty (60)
calendar days; (i) Borrower instituting or consenting to any proceeding under
any Debtor Relief Law with respect to Borrower or all or any part of its
property or assets, or the institution of any similar case or proceeding without
the consent of Borrower, if such case or proceeding continues undismissed or
unstayed for sixty (60) calendar days; (j) the dissolution or liquidation of
Borrower, or the winding-up of the business or affairs of Borrower; (k) the
taking of any action by Borrower to initiate any of the actions described in
clauses (e) through (j) of this paragraph; (l) the issuance or levy of any
judgment, writ, warrant of attachment or execution or similar process against
all or any material part of the property or assets of Borrower if such process
is not released, vacated or fully bonded within sixty (60) calendar days after
its issue or levy; or (m) any breach or default by Borrower under any loan
agreement, promissory note, or other instrument evidencing indebtedness payable
to a third party. As used in this Note, the term "Debtor Relief Law" means the
Bankruptcy Code of the United States of America, as amended, or any other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief law affecting
the rights of creditors generally.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      3.        
   Remedies On
Default.  Upon the occurrence of an Event of Default, at
Lender's option, all unpaid principal and accrued interest, and all other
amounts payable under this Note shall become immediately due and payable without
presentment, demand, notice of non-payment, protest, or notice of
non-payment.  Lender also shall have all other rights, powers, and
remedies available under the Credit Agreement and any other Loan Document, or
accorded by law or at equity.  All rights, powers, and remedies of
Lender may be exercised at any time by Lender and from time to time after the
occurrence of an Event of Default.  All rights, powers, and remedies
of Lender in connection with this Note and any other Loan Document are
cumulative and not exclusive and shall be in addition to any other rights,
powers, or remedies provided by law or equity.

      

      4.          
 Miscellaneous.

      

      (a)           Borrower
and all guarantors and endorsers of this Note severally waive (i) presentment,
demand, protest, notice of dishonor, and all other notices; (ii) any release or
discharge arising from any extension of time, discharge of a prior party,
release of any or all of the security for this Note, and (iii) any other cause
of release or discharge other than actual payment in full of all indebtedness
evidenced by or arising under this Note.

      

      (b)           No
delay or omission of Lender to exercise any right, whether before or after an
Event of Default, shall impair any such right or shall be construed to be a
waiver of any right or default, and the acceptance of any past-due amount at any
time by the Lender shall not be deemed to be a waiver of the right to require
prompt payment when due of any other amounts then or thereafter due and
payable.  The Lender shall not be deemed, by any act or omission, to
have waived any of Lender's rights or remedies under this Note unless such
waiver is in writing and signed by Lender and then only to the extent
specifically set forth in such writing.  A waiver with reference to
one event shall not be construed as continuing or as a bar to or waiver of any
right or remedy as to a subsequent event.

      

      (c)           Lender
may accept, indorse, present for payment, and negotiate checks marked "payment
in full" or with words of similar effect without waiving Lender's right to
collect from Borrower the full amount owed by Borrower.

      

      (d)           Time is of the essence under this
Note.  Upon any Event of Default, the Lender may exercise all
rights and remedies provided for in this Note and by law, including, but not
limited to, the right to immediate payment in full of this Note.

      

      (e)           The
rights and remedies of the Lender as provided in this Note, in the Credit
Agreement, and in the Security Agreement and in law or equity, shall be
cumulative and concurrent, and may be pursued singularly, successively, or
together at the sole discretion of the Lender, and may be exercised as often as
occasion therefor shall occur; and the failure to exercise any such right or
remedy shall in no event be construed as a waiver or a release of any such right
or remedy.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      (f)          
 It is expressly agreed that if this Note is referred to an attorney or if
suit is brought to collect this Note or any amount due under this Note, or to
enforce or protect any rights conferred upon Lender by this Note then Borrower
promises and agrees to pay on demand all costs, including without limitation,
reasonable attorneys' fees, incurred by Lender in the enforcement of Lender's
rights and remedies under this Note, and such other agreements.

      

      (g)           The
terms, covenants, and conditions contained in this Note shall be binding upon
the heirs, executors, administrators, successors, and assigns of Borrower, and
each of them, and shall inure to the benefit of the heirs, executors,
administrators, successors and assigns of Lender.

      

      (h)           This
Note shall be construed under and governed by the laws of the State of
California without regard to conflicts of law.

      

      (i)          
 No provision of this Note shall be construed or so operate as to require
the Borrower to pay interest at a greater rate than the maximum allowed by
applicable state or federal law.  Should any interest or other charges
paid or payable by the Borrower in connection with this Note or the Loan result
in the computation or earning of interest in excess of the maximum allowed by
applicable state or federal law, then any and all such excess shall be and the
same is hereby waived by Lender, and any and all such excess paid shall be
credited automatically against and in reduction of the outstanding principal
balance due of the Loan, and the portion of said excess which exceeds such
principal balance shall be paid by Lender to the Borrower.

      

      
        	
                BORROWER:

              	 
      	
                BIOTIME,
      INC.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By

              	 
      	 
      
	 
      	 
      	
                Title

              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By

              	 
      	 
      
	 
      	 
      	
                Title

              	 
      	 
      

      

    

     

     

     4ex10_3.htm

    
      

    

    Exhibit
10.3

    

      SECOND AMENDED AND RESTATED
SECURITY AGREEMENT

      

      

      This
Second Amended and Restated Security Agreement (the “Agreement”) is made as of
February 15, 2008 by BioTime, Inc., as the “Debtor,” in favor and for the
benefit of Alfred D. Kingsley, George Karfunkel, Richard Lowish, Broadwood
Partners, L.P., and The Life Extension Foundation, individually and
collectively, as the “Secured Party,” and amends and restates that certain
Security Agreement dated April 12, 2006 as amended by that certain First Amended
and Restated Security Agreement dated October 17, 2007.

      

      

      PREMISES

      

      A.         
  Debtor and Secured Party have entered into that certain Second
Amended and Restated Revolving Line of Credit Agreement of even date (the
“Credit Agreement”), pursuant to which Debtor may borrow funds from Secured
Party;

      

      B.          
  Debtor has delivered to certain Secured Parties Amended and Restated
Revolving Credit Notes, dated April 12, 2006, in the aggregate principal amount
of $200,000, and has delivered to certain Secured Parties Revolving Credit
Notes, dated October 17, 2007, in the aggregate principal amount of $800,000,
and has delivered to one of the Secured Parties a Revolving Credit Note, dated
February 15, 2008, in the principal amount of $100,000 (collectively, the
“Notes” and each a “Note”) evidencing Debtor’s obligation to pay funds advanced
by Secured Party under the Credit Agreement;

      

      C.          
  Debtor is entering into this Agreement to secure its obligations
under the Credit Agreement.

       

       

      AGREEMENT

      

      NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, Debtor
hereby agrees as follows:

      

      1.          
  Creation
of Security Interest.  Debtor hereby conveys, assigns,
transfers, and grants to Secured Party a first priority perfected security
interest in all of Debtor’s present and hereafter acquired right, title, and
interest in and to the Collateral (as defined in Section 3 below). Secured Party
may record a UCC-1 Financing Statement concerning the Collateral.

      

      2.           
 Secured
Obligations.  This Agreement and the security interests granted
and created under this Agreement secure the prompt payment in full in cash and
the full performance of each and all of the following obligations (collectively,
the “Secured Obligations”):

       

      2.1           each
and every obligation, covenant, and agreement of Debtor contained in, arising
under, in connection with, or evidenced by each of the Notes;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      2.2           the
obligations, covenants and agreements of Debtor under the Credit Agreement;
and

      

      2.3           each
and every obligation, covenant, and agreement of Debtor contained in, arising
under, or in connection with, or evidenced by this Agreement.

      

      3.           
 Collateral.  As
used in this Agreement, the term Collateral means (a) of Debtor’s right, title,
and interest in and to all royalties, license fees, and other amounts payable by
Hospira, Inc. or any successor under that certain Exclusive License Agreement,
dated April 23, 1997, between Debtor and Abbott Laboratories, Inc. (as the
predecessor in interest to Hospira, Inc.), as modified by a letter agreement and
as amended by that certain Amendment to BioTime License Agreement, dated January
9, 2006 (the “Hospira License”), and (b) all accounts, accounts receivable,
notes, and instruments evidencing any obligation of payment by Hospira, Inc.
under the Hospira License ; and (c) all proceeds of the Collateral described in
clauses (a) and (b) of this Section 3, including but not limited to, money,
accounts, general intangibles, securities, deposit accounts, investment
property, documents, chattel paper, instruments, and insurance proceeds and
interests therein.  Debtor represents and warrants to and for the
benefit of Secured Party that Debtor’s title to the Collateral described in
clause (a) of the preceding sentence is free and clear of all liens, pledges,
encumbrances, equities, and claims of any kind whatsoever except for the
security interest created by this Agreement.

      

      4.           
 Further
Assurances.  Debtor hereby further agrees to procure, execute,
and deliver on demand and Debtor hereby irrevocably appoints Secured Party as
Debtor’s attorney in fact to execute, acknowledge, deliver, and, if appropriate,
file and record such endorsements, assignments, consents, security agreements,
financing statements, control agreements, or other instruments, documents, or
writings as Secured Party may request or require in order to perfect or continue
the perfection and the priority of the security interests created or agreed to
be created by this Agreement.

      

      5.           
 Transfers and
Other Liens.  Without the prior written consent of Secured
Party, Debtor shall not (a) sell, contract to sell, pledge, encumber, assign,
hypothecate, alienate, convey, dispose, or otherwise transfer the Collateral, or
any interest therein, whether voluntarily, involuntarily, or by operation of
law, except for sales of inventory in the ordinary course of business, (b)
consent or agree to any alteration, modification, or amendment to the Hospira
License that would reduce the royalties payable by Hospira , (c) waive any right
of payment, or grant any grace period or extension of time for the payment, of
any royalties by Hospira under the Hospira License, (d) create or permit to
exist any lien, encumbrance, mortgage, pledge, security interest or charge of
any kind upon or concerning any of the Collateral, except for the security
interest created by this Agreement, or (e) take any action concerning the
Collateral that is inconsistent with the provisions and purposes of this
Agreement.  Any sale, contract to sell, pledge, conveyance,
hypothecation, alienation, encumbrance, disposition, assignment, or other
transfer of any of the Collateral or any alteration, modification, or amendment
of any of the Collateral in a manner that would delay or reduce royalty
payments, or the grant of any grace period or extension of time for the
performance of any obligation due for the benefit of Debtor or Secured Party
under or concerning any of the Collateral made, permitted, or suffered without
Secured Party’s prior written consent shall constitute an Event of Default under
this Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.           
 Additional
Covenants of Debtor.   In addition to all other covenants
and agreements of Debtor set forth in this Agreement, Debtor agrees to (a) give
Secured Party thirty (30) days prior written notice of any change in Debtor’s
name, state of incorporation or organization, or place of business, or, if
Debtor has more than one place of business, its head office or office in which
Debtor’s records relating to the Collateral are kept; (b) to appear in and
defend any action or proceeding which may affect Debtor’s title to or Secured
Party’s interest in any Collateral; and (c) to keep separate, accurate, and
complete records of the Collateral, and to provide Secured Party with such
records and such other reports and information relating to Collateral as Secured
Party may request from time to time.

      

      7.           
 Certain
Notifications and Distributions With Respect To
Collateral.  Upon the occurrence and continuance of an Event of
Default, Secured Party shall have the rights set forth in this
Section.  Secured Party may at any time, and from time to
time,  notify Hospira or any successor account debtor that (a) an
account or instrument constituting Collateral has been assigned to Secured
Party, and (b) all distributions and payments and the performance of all
obligations in any way related to the Collateral are to be made directly to
Secured Party.  If Debtor receives any payments of money, securities,
or any tangible or intangible property on account of or with respect to any of
the Collateral at any time during which an Event of Default shall have occurred
and be continuing, such payments will be received by Debtor in trust for, and
immediately paid over to Secured Party.  Any collections received by
Secured Party or received by Debtor and delivered to Secured Party shall be
applied to the Secured Obligations, first to the expenses of collection, second
to the payment of accrued interest, and third to the payment of principal;
provided, that any amounts remaining after payment in full of all expenses,
interest, and principal shall be returned to Debtor.  Secured Party
shall have the right to receive, receipt for, endorse, assign, deposit, and
deliver, in Secured Party’s name or in the name of Debtor, any and all checks,
notes, drafts, and other instruments for the payment of money constituting
proceeds of or otherwise relating to the Collateral.  Debtor hereby
authorizes Secured Party to affix, by facsimile signature or otherwise, the
general or special endorsement of Debtor, in such manner as Secured Party shall
deem advisable, to any such instrument in the event the same has been delivered
to Secured Party without appropriate endorsement, and Secured Party and any
collecting bank are hereby authorized to consider such an endorsement as being
by Debtor to the same extent as though it were manually executed by Debtor,
regardless of by whom or under what circumstances or by what authority such
facsimile signature or other endorsement is actually affixed, without duty of
inquiry or responsibility as to such matters, and Debtor hereby waives demand,
presentment, protest, and notice of protest or dishonor and all other notices of
every kind and nature with respect to any such instrument.

      

      8.          
  Rights
Upon Event of Default.

      

      8.1           
Upon the occurrence of an Event of Default under this Agreement, Secured Party
shall have, in addition to all other rights and remedies that Secured Party may
have at law or in equity, under Section 7 of this Agreement, or under any other
agreement executed by Debtor in favor of Secured Party, all rights and remedies
of a secured party under the California Commercial Code, which rights and
remedies of Secured Party shall be cumulative and non-exclusive.  In
addition, upon the occurrence of an Event of Default, Secured Party shall have
the following rights and remedies, all of which may be exercised with or without
further notice to Debtor:  (i) to directly receive any and all
payments and distributions of money, securities or any tangible or intangible
property on or in any way related to the Collateral; (ii) to settle, compromise,
or release, on terms acceptable to Secured Party, in whole or in part, any
amounts owing on the Collateral; (iii) to enforce payment and to prosecute any
action or proceeding with respect to any and all of the Collateral; (iv) to
foreclose the liens and security interests created under this Agreement or under
any other agreement relating to the Collateral by any available procedure, with
or without judicial process; (v) to sell, assign, or otherwise dispose of the
Collateral or any part thereof, either at public or private sale for cash, on
credit, or otherwise, with or without representations or warranties, and upon
such terms as shall be acceptable to Secured Party; all at Secured Party’s sole
option and as Secured Party in their sole discretion may deem
advisable.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      8.2           Debtor
shall be given reasonable notice of the time and place of any public sale of the
Collateral, or of the time on or after which any private sale or other intended
disposition is to be made.  If required under applicable law, Secured
Party may be the purchaser at any public sale.  Ten days notice of any
public or private sale or other disposition shall be considered to be reasonable
notice.

      

      9.           
 Disposition of
Proceeds.  After satisfaction in full of the Secured
Obligations, the balance of the proceeds of sale then remaining shall be paid
first to satisfy obligations secured by any other subordinate security interests
or subordinate liens (including but not limited to attachment liens and
execution liens) in the Collateral as provided in the California Commercial
Code, and then any remaining balance of the proceeds shall be paid to the
Debtor.

      

      10.           Events of
Default.  The occurrence of any of the following shall
constitute an Event of Default under this Agreement:

      

      10.1          Secured
Party shall fail or cease to have a first priority perfected security interest
in the Collateral or any part of the Collateral unless caused by any action
taken by Secured Party;

      

      10.2          Debtor
defaults in the performance of any covenant or agreement contained in this
Agreement;

      

      10.3          Debtor
defaults in the payment or performance of any Secured Obligation;

      

      10.4          An
Event of Default as defined in the Notes has occurred with respect to any of the
Notes; and

      

      10.5          The
occurrence of any other event under this Agreement that is specifically
described elsewhere within this Agreement as an Event of Default.

      

      11.           Amendments.  This
Agreement may not be altered or amended except with the written consent of
Debtor and the Secured Party.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      12.           Binding on Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of Debtor and Secured Party and their respective heirs, executors,
personal representatives, successors and assigns.

      

      13.           Notices.  All
notices and other communications required or permitted to be given pursuant to
this Agreement shall be in writing and shall be deemed given four (4) days after
being deposited in the United States mail, certified postage prepaid, return
receipt requested, or when delivered by hand, by messenger or express air
freight service to the address for notice shown in the Credit
Agreement.  Any party may change its address for notice by giving
notice to the other party in the same manner as provided in this
section.

      

      14.           Governing
Law.  This Agreement shall be governed by and construed under
the laws of the State of California without regard to conflicts of
law.  Where applicable and except as otherwise defined in this
Agreement, the terms used in this Agreement shall have the meanings given them
in the California Commercial Code.

      

      15.           Attorneys Fees and Costs of
Enforcement.  Debtor agrees to pay all reasonable
attorneys’ fees incurred by Secured Party in connection with enforcement of any
of Secured Party’s rights and remedies under this Agreement, whether or not any
proceeding is commenced to enforce or protect such rights and
remedies.  All advances, charges, costs, and expenses, including
without limitation, reasonable attorneys’ fees, incurred or paid by Secured
Party in exercising any right, power, or remedy conferred by this Agreement, or
in the enforcement thereof, shall be added to and shall become a part of the
Secured Obligations, payable by Debtor on demand with interest thereon at a rate
of interest equal to the lesser of: (i) the rate provided in the Note for
interest payable after an Event of Default, or (ii) the maximum rate of interest
permitted by law.

      

      16.           Waivers by
Debtor.  Debtor expressly waives any right to require Secured
Party to (a) proceed against any person, (b) marshal assets or proceed against
or exhaust Collateral or any part thereof, or (c) pursue any other remedy in
Secured Party’s power; and Debtor waives any defense arising by reason of any
disability or other defense of any other person or entity, or by reason of the
cessation from any cause whatsoever of the liability of Debtor or any other
person or entity.  Debtor consents and agrees that Secured Party may,
at any time and from time to time, without notice or demand, and without
affecting the enforceability or continuing effectiveness of this
Agreement:  (i) accept new or additional instruments, documents, or
agreements in exchange for or relative to any or all of the Secured Obligations;
(ii) accept partial payments on or partial performance of any or all of the
Secured Obligations; (iii) receive and hold additional security or guaranties
for any or all of the Secured Obligations or any part thereof;
(iv) release, reconvey, terminate, waive, abandon, fail to perfect,
subordinate, exchange, substitute, transfer, and enforce any security or
guaranties; (v) apply any Collateral or other security and direct the order or
manner of sale thereof as Secured Party may determine;(vi) consent to the
transfer of any Collateral or other security for any or all of the Secured
Obligations; and (vii) bid and purchase at any sale of
Collateral.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      

      17.           Cumulative Rights of Secured
Party.  The rights, powers, and remedies given to Secured Party
by this Agreement shall be in addition to all rights, powers, and remedies given
to Secured Party by virtue of any statute, rule of law, or any other agreement
between Debtor and Secured Party.  Any forbearance or failure or delay
by Secured Party in exercising any right, power, or remedy under this Agreement
shall not preclude the further exercise thereof; and every right, power, and
remedy of Secured Party shall continue in full force and effect until such
right, power, or remedy is specifically waived by an instrument in writing
signed by Secured Party.

      

      18.           Termination.  Secured
Party’s security interest in the Collateral shall terminate upon the
satisfaction in full of all Secured Obligations, and at that time Secured Party
shall return to Debtor all Collateral then in Secured Party’s
possession.

      

      19.           Power of
Attorney.  Debtor hereby irrevocably appoints Secured Party as
attorney-in-fact of Debtor, with full power of substitution, to sign any
document necessary to transfer title to any of the Collateral and to do all acts
necessary or incident to the powers granted under this Agreement to Secured
Party, as fully as Debtor might, including without limitation, the execution and
recordation of any claim of lien on behalf of and in the name of
Debtor.

      

      DEBTOR

      

      BIOTIME,
INC.

      

      

      
        	
                By:

              	
                /s/ Michael D. West

              	 
      
	 
      	
                Chief
      Executive Officer

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Judith Segall

              	 
      
	 
      	
                Secretary

              	 
      

      

      
 

    

    6

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