Document:

2017
EQUITY INCENTIVE PLAN

AGEX
THERAPEUTICS, INC.

 

1.
Purpose; Eligibility.

 

1.1
General Purpose. The name of this plan is the AgeX Therapeutics, Inc. 2017 Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (a) enable the Company, to attract and retain the types of Employees, Consultants and Directors
who will contribute to the Company’s long range success; (b) provide incentives that align the interests of Employees, Consultants
and Directors with those of the shareholders of the Company; and (c) promote the success of the Company’s business.

 

1.2
Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company.

 

1.3
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock
Options, (c) Stock Appreciation Rights, and (d) Stock Awards.

 

2.
Definitions.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate
law, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of
Common Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under
the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation
Right, or a Stock Award.

 

“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and
conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically
to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

“AgeX”
means AgeX Therapeutics, Inc., a Delaware corporation, and any successor company or any parent company.

 

“Board”
means the Board of Directors of AgeX, as constituted at any time.

 

“Cause”
means:

 

With
respect to any Employee or Consultant:(a) If the Employee or Consultant is a party to an employment or service agreement with
the Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or(b) If
no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to,
a felony or a crime involving moral turpitude or the commission of any other act involving wilful malfeasance or material fiduciary
breach with respect to the Company or an Subsidiary; (ii) conduct that results in or is reasonably likely to result in harm to
the reputation or business of the Company or any of its Affiliates; (iii) wilful conversion or misappropriation of corporate funds;
(iv) gross negligence or wilful misconduct with respect to the Company or an Subsidiary; or (v) material violation of any state
or federal securities law.

 

    	 

    	 

    

 

With
respect to any Director, a determination by a majority of the disinterested Board members that the Director has engaged in any
of the following:(a) malfeasance in office;(b) gross misconduct or neglect;(c) false or fraudulent misrepresentation inducing
the director’s appointment;(d) wilful conversion or misappropriation of corporate funds; or(e) repeated failure to participate
in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant
has been discharged for Cause.

 

“Change
in Control” (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the
Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary of the Company; (b) the date which is 10
business days prior to the consummation of a complete liquidation or dissolution of the Company; (c) the acquisition by any Person
of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of
the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants,
the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding
Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company
or any Subsidiary, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary,
(C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (d) of this definition or (D) in respect of
an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant
(or any entity controlled by the Participant or any group of persons including the Participant); or (d) the consummation of a
reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in
the transaction (a “Business Combination”), unless immediately following such Business Combination: (i) more than
50% of the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”),
or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company
(the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately
prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities
were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to
the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company
or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of
the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous
governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the
board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company)
following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution
of the initial agreement providing for such Business Combination.

 

    	2

    	 

    

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall
be deemed to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of the Board appointed by the Board to administer the Plan in accordance with Section  3.3 and
Section  3.4.

 

“Common
Stock” means the common shares, no par value per share, of AgeX, or such other securities of the AgeX as may be designated
by the Board or Committee from time to time in substitution thereof.

 

“Company”
means AgeX and any or all of its Subsidiaries.

 

“Consultant”
means any individual who is engaged by the Company to render consulting or advisory services.

 

“Continuous
Service” means that the Participant’s service with the Company, whether as an Employee, Consultant or Director,
is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because
of a change in the capacity in which the Participant renders service to the Company as an Employee, Consultant or Director or
a change in the entity for which the Participant renders such service (such as a change of employment from one Subsidiary to another
Subsidiary), provided that there is no interruption or termination of the Participant’s Continuous Service; provided
further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent
with Section 409A of the Code. For example, a change in status from an Employee to a Director will not constitute an interruption
of Continuous Service. The Board or Committee, in its sole discretion, may determine whether Continuous Service shall be considered
interrupted in the case of any leave of absence approved by the Board or Committee, such as sick leave, military leave, or any
other personal or family leave of absence.

 

    	3

    	 

    

 

“Director”
means a member of the Board.

 

“Disability”
means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment; provided, however, for purposes of determining the term of an Incentive Stock Option pursuant to
Section  6.10 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code.
The determination of whether an individual has a Disability shall be determined by the Board or Committee or under procedures
adopted by the Board or Committee. Except for a determination of Disability within the meaning of Section 22(e)(3) of the Code
for purposes of an Incentive Stock Option, the Board or Committee may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company in which a Participant participates.

 

“Effective
Date” shall mean the date as of which this Plan is adopted by the Board.

 

“Employee”
means any person employed by the Company; provided, that, for purposes of determining eligibility to receive Incentive
Stock Options, an Employee shall mean an employee of the Company or a parent corporation within the meaning of Code Section 424.
Mere service as a Director or payment of a director’s fee by the Company shall not be sufficient to constitute “employment”
by the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed
on any national stock exchange, inter-dealer quotation system, or over-the-counter market that reports closing prices, including
without limitation, the New York Stock Exchange, NYSE MKT, or the OTC Bulletin Board, the Fair Market Value shall be the closing
price of a share of Common Stock (or if no sales were reported the closing price on the date immediately preceding such date)
as quoted on such exchange or system on the day of determination, as reported in the Wall Street Journal or such other
source as the Board or Committee deems reliable. In the absence of an established market for the Common Stock, the Fair Market
Value shall be determined in good faith by the Board or Committee, using such methods as the Board or Committee determines to
be reasonable under the circumstances, and such determination shall be conclusive and binding on all persons.

 

    	4

    	 

    

 

“Free
Standing Rights” has the meaning set forth in Section  7.1(a).

 

“Good
Reason” means: (a) if an Employee or Consultant is a party to an employment or service agreement with the Company and
such agreement provides for a definition of Good Reason, the definition contained therein; or (b) if no such agreement exists
or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant’s
express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written
notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety
(90) days of the Participant’s knowledge of the applicable circumstances): (i) any material increase in the Participant’s
duties (other than by way of promotion attendant with additional responsibilities, authority or title and an increase in salary
commensurate therewith), (ii) any material diminution of responsibilities, authority, title, status or reporting structure; (iii)
a material reduction in the Participant’s base salary or bonus opportunity; or (iv) a geographical relocation of the Participant’s
principal office location by more than fifty (50) miles.

 

“Grant
Date” means the date on which the Board or Committee adopts a resolution, or takes other appropriate action, expressly
granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in
such resolution, then such date as is set forth in such resolution.

 

“Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of
the Code.

 

“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

“Option
Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

    	5

    	 

    

 

“Outside
Director” means a Director who is an “outside director” within the meaning of Section 162(m) of the Code
and Treasury Regulations Section 1.162-27(e)(3).

 

“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

“Performance
Goals” means one or more goals established by the Board or Committee that must be attained by AgeX or a Subsidiary,
or a division, business unit or operational unit of AgeX or a Subsidiary in order for an Award to vest or for the determination
of the amount of an Award. A Performance Goal may be based on financial results or performance or upon the attainment of any other
goal or milestone designated by the Board or Committee such as, by way of example only and not by way of limitation, the attainment
of a specified amount of sales, revenues, or net income, an increase in the Fair Market Value of the Common Stock, or the commencement
or successful completion of a clinical trial of a new drug, biological product, or medical device.

 

“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other
than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which
these persons (or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder)
own more than 50% of the voting interests; and (b) in conjunction with the exercise of an Option, and for the purpose of obtaining
financing for such exercise, the option holder may arrange for a securities broker/dealer to exercise an option on the option
holder’s behalf, to the extent necessary to obtain funds required to pay the exercise price of the option, provided that
the Fair Market Value of the Common Stock determined as of the date immediately before the date of such transfer exceeded the
exercise price of the Option.

 

“Plan”
means this AgeX. 2017 Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Related
Rights” has the meaning set forth in Section  7.1(a).

 

“Restricted
Period” has the meaning set forth in Section  7.2(a).

 

“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to
time.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

    	6

    	 

    

 

“Stock
Appreciation Right” means the right pursuant to an Award granted under Section  7.1 to receive, upon exercise,
an amount payable in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised
multiplied by the excess of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b)
the exercise price specified in the Stock Appreciation Right Award Agreement.

 

“Stock
Award” means any Award granted pursuant to Section  7.2(a).

 

“Stock
for Stock Exchange” has the meaning set forth in Section  6.4.

 

“Subsidiary”
means (i) any corporation or other entity in which the Company possesses directly or indirectly equity interests representing
at least 50% of the total ordinary voting power or at least 50% of the total value of all classes of equity interests of such
corporation or other entity and (ii) any other entity in which the Company has a direct or indirect economic interest that is
designated as a Subsidiary by the Committee.

 

“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Subsidiaries.

 

“Voting
Securities” means any class or series of stock or other securities entitling the holder vote for the election of Directors
generally, but shall exclude any such security that entitles the holder to designate, appoint, or vote for the election of a minority
of the Directors.

 

3.
Administration.

 

3.1
Authority of Committee. The Plan shall be administered by the Board or, in the Board’s sole discretion, by a Committee.
Subject to the terms of the Plan, the Board or Committee shall have the authority:

 

(a)
to construe and interpret the Plan and apply its provisions;

 

(b)
to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c)
to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

(d)
to determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(e)
from time to time to select those Participants to whom Awards shall be granted;

 

    	7

    	 

    

 

(f)
to determine the number of shares of Common Stock to be made subject to each Award;

 

(g)
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

 

(h)
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and
vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(i)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s
obligations under his or her Award or creates or increases a Participant’s federal income tax liability with respect to
an Award, such amendment shall also be subject to the Participant’s consent;

 

(j)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination
of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees
under the Company’s employment policies;

 

(k)
to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event
that triggers anti-dilution adjustments;

 

(l)
to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any
instrument or agreement relating to, or Award granted under, the Plan; and

 

(m)
to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.

 

The
Board or Committee also may modify the purchase price or the exercise price of any outstanding Award, provided that if
the modification effects a repricing, shareholder approval shall be required before the repricing is effective. As used in this
paragraph, repricing means (i) reduction in the exercise price of an outstanding Option or SAR, and (ii) cancellation of an “underwater”
or “out-of-the money” Award in exchange for other Awards or cash. An “underwater” or “out-of-the
money” Award is one for which the exercise price is greater than the Fair Market Value of the underlying Common Stock.

 

3.2
Decisions Final. All decisions made by the Board or Committee pursuant to the provisions of the Plan shall be final and
binding on the Company and the Participants.

 

    	8

    	 

    

 

3.3
Delegation. The Board may delegate administration of the Plan to a committee or committees of the Board, and the term “Committee”
shall apply to any such committee. The Board may abolish the Committee at any time and revest in the Board the administration
of the Plan. The members of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the
Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from,
appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant
to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of
its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all
of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board,
the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine to be advisable.

 

3.4
Committee Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee
Directors who are also Outside Directors. The Board shall have discretion to determine whether or not it intends to comply with
the exemption requirements of Rule 16b-3 and/or Section 162(m) of the Code. However, if the Board intends to satisfy such exemption
requirements, with respect to Awards to any “covered employee” (as defined in Section 162(m)(3) of the Code, as interpreted
by Internal Revenue Service Notice 2007-49) and with respect to any insider subject to Section 16 of the Exchange Act, the Committee
shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors who are
also Outside Directors. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event
Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist solely of two or
more Non-Employee Directors who are also Outside Directors.

 

4.
Shares Subject to the Plan.

 

4.1
Subject to adjustment in accordance with Section  11, a total of 4,000,000 shares of Common Stock shall be available
for the grant of Awards under the Plan. Any shares of Common Stock granted in connection with Options and Stock Appreciation Rights
shall be counted against this limit as one share for every one Option or Stock Appreciation Right awarded. Any shares of Common
Stock granted in connection with Awards other than Options and Stock Appreciation Rights shall be counted against this limit as
two (2) shares of Common Stock for every one (1) share of Common Stock granted in connection with such Award. During the terms
of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards.

 

    	9

    	 

    

 

4.2
Subject to adjustment in accordance with Section  11, no Participant shall be granted, during any one (1) year period,
Options to purchase Common Stock and Stock Appreciation Rights with respect to more than 1,000,000 shares of Common Stock in the
aggregate or any other Awards with respect to more than 500,000 shares of Common Stock in the aggregate. If an Award is to be
settled in cash, the number of shares of Common Stock on which the Award is based shall not count toward the individual share
limit set forth in this Section 4.

 

4.3
Any shares of Common Stock subject to an Award that is cancelled, forfeited or expires prior to exercise or realization, either
in full or in part, shall again become available for issuance under the Plan. Any shares of Common Stock that again become available
for future grants pursuant to this Section shall be added back as one share if such shares were subject to Options or Stock Appreciation
Rights and as two (2) shares if such shares were subject to other Awards. Notwithstanding anything to the contrary contained herein:
shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares
are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding
obligation, (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement
of the Award, or (d) shares repurchased by the Company using Option proceeds.

 

5.
Eligibility.

 

5.1
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive
Stock Options may be granted to Employees, Consultants and Directors. Awards may be granted to individuals whom the Committee
determines are reasonably expected to become Employees, Consultants and Directors; provided that such grant and the Grant Date
shall become effective only the individual becoming an Employee, Consultant or Director.

 

5.2
Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise
Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not exercisable after
the expiration of five years from the Grant Date.

 

6.
Option Provisions. Each Option granted
under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in
this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable
Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time
of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any
other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined
to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of
such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical,
but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance
of each of the following provisions:

 

    	10

    	 

    

 

6.1
Term. An Option shall expire, and thereafter no longer be exercisable, on such date as the Board or Committee may designate;
provided, however, no Option shall be exercisable after the expiration of 10 years from the Grant Date, and no Incentive
Stock Option granted to a Ten Percent Shareholder shall be exercisable after the expiration of 5 years from the Grant Date. The
expiration date of each Option shall be stated in the Award Agreement pertaining to the Option.

 

6.2
Exercise Price of An Incentive Stock Option. Subject to the provisions of Section  5.2 pertaining to Incentive
Stock Options granted to Ten Percent Shareholders, the Option Exercise Price of each Incentive Stock Option shall be not less
than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing,
an Incentive Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if
such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section
424(a) of the Code.

 

6.3
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not
less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing,
a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence
if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of
Section 409A of the Code.

 

6.4
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted
by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or
(b) to the extent approved by the Board or Committee, the Option Exercise Price may be paid: (i) by delivery to the Company of
other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option
Exercise Price (or portion thereof) due for the number of shares being acquired (a “Stock for Stock Exchange”);
(ii) a “cashless” exercise program established with a broker pursuant to which the broker exercises or arranges for
the coordination of the exercise of the Option with the sale of some or all of the underlying Common Stock; (iii) any combination
of the foregoing methods; or (iv) in any other form of consideration that is legal consideration for the issuance of Common Stock
and that may be acceptable to the Board or Committee. Unless otherwise specifically provided in the Option, the exercise price
of Common Stock acquired pursuant to an Option that is paid by delivery to the Company of other Common Stock acquired, directly
or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than
six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes).
Notwithstanding the foregoing, during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed
on any national securities exchange or an interdealer quotation system, or is traded in an over-the-counter market that reports
closing prices) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or
arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley
Act of 2002 shall be prohibited with respect to any Award under this Plan.

 

    	11

    	 

    

 

6.5
Transferability of An Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.

 

6.6
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Board
or Committee, be transferable to a Permitted Transferee, upon approval by the Board or Committee, to the extent provided in the
Award Agreement or by subsequent consent granted by the Board or Committee. If the Non-qualified Stock Option does not provide
for transferability or consent to transfer to a Permitted Transferee is not granted by the Board or Committee, then the Non-qualified
Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during
the lifetime of the Optionholder only by the Optionholder.

 

6.7
Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic instalments as determined
by the Board or Committee or based upon the attainment of a Performance Goal or the occurrence of a specified event. The vesting
provisions of individual Options may vary. No Option may be exercised for a fraction of a share of Common Stock.

 

6.8
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms
of which have been approved by the Board or Committee, in the event an Optionholder’s Continuous Service terminates (other
than upon the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the
Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on
the earlier of (a) the date three months following the termination of the Optionholder’s Continuous Service or (b) the expiration
of the term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or
her Option within the time specified in the Award Agreement, the Option shall terminate.

 

6.9
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option
following the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because
the issuance of shares of Common Stock would violate the registration requirements under the Securities Act or any other state
or federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate
on the earlier of (a) the expiration of the term of the Option in accordance with Section  6.1 or (b) the expiration
of a period after termination of the Participant’s Continuous Service that is three months after the end of the period during
which the exercise of the Option would be in violation of such registration or other securities law requirements.

 

    	12

    	 

    

 

6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s
Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option
(to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such
period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of
the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within
the time specified herein or in the Award Agreement, the Option shall terminate.

 

6.11
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder
was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, executor, or personal representative,
by a person who acquired the right to exercise the Option by bequest, but only within the period ending on the earlier of (a)
the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement.
If, after the Optionholder’s death, the Option is not exercised within the time specified herein or in the Award Agreement,
the Option shall terminate.

 

6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time
of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company) exceeds $100,000, the Options or portions thereof which exceed such
limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

    	13

    	 

    

 

7.
Provisions of Awards Other Than Options.

 

7.1
Stock Appreciation Rights.

 

(a)
General

 

Each
Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation Right so granted
shall be subject to the conditions set forth in this Section 7.1, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free
Standing Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).

 

(b)
Grant Requirements

 

Any
Related Right that relates to a Non-qualified Stock Option may be granted at the same time the Option is granted or at any time
thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Stock Option must
be granted at the same time the Incentive Stock Option is granted.

 

(c)
Term of Stock Appreciation Rights

 

The
term of a Stock Appreciation Right granted under the Plan shall be determined by the Board or Committee; provided, however,
no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

 

(d)
Vesting of Stock Appreciation Rights

 

Each
Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic instalments as determined by the
Board or Committee or based upon the attainment of a Performance Goal or the occurrence of a specified event. The vesting provisions
of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of a share of Common
Stock.

 

(e)
Exercise and Payment

 

Upon
exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number
of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (i) the
Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the
Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on
the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial
risk of forfeiture and transferability, as determined by the Board Committee in its sole discretion), cash or a combination thereof,
as determined by the Board or Committee.

 

    	14

    	 

    

 

(f)
Exercise Price

 

The
exercise price of a Free Standing Stock Appreciation Right shall be determined by the Board or Committee, but shall not be less
than 100% of the Fair Market Value of one share of Common Stock on the Grant Date of the Stock Appreciation Right. A Related Right
granted simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto
shall have the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the
related Option, and shall be exercisable only to the same extent as the related Option; provided, however, that a Stock
Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per share of Common Stock subject to the
Stock Appreciation Right and related Option exceeds the exercise price per share thereof. No Stock Appreciation Rights may be
granted in tandem with an Option unless the Board or Committee determines that the requirements of Section  7.1(b)
are satisfied.

 

(g)
Reduction in the Underlying Option Shares

 

Upon
any exercise of a Related Right, the number of shares of Common Stock for which any related Option shall be exercisable shall
be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number of shares of Common Stock
for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of shares
of Common Stock for which such Option has been exercised.

 

7.2
Stock Awards.

 

(a)
General

 

A
Stock Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical Common Stock
units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of shares
of Common Stock. A Stock Award may, but need not, provide that such Stock Award may not be sold, assigned, transferred or otherwise
disposed of, or pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any
other purpose for such period as the Board or Committee shall determine (the “Restricted Period”). Each Stock
Award granted under the Plan shall be evidenced by an Award Agreement. Each Stock Award so granted shall be subject to the conditions
set forth in this Section 7.2, and to such other conditions not inconsistent with the Plan as may be reflected in
the applicable Award Agreement.

 

    	15

    	 

    

 

(b)
Restricted Stock and Restricted Stock Units

 

	 	(i)	Each
    Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
    Stock setting forth the applicable payment terms, if any, for the Restricted Stock, and restrictions and other terms and conditions
    applicable to such Restricted Stock. 
	 	 	 
	 	(ii)	Restricted
    Stock may be issued to a Participant without payment or without the delivery of a promissory note or instalment payment agreement
    only for services actually performed by the Participant prior to the issuance of the Restricted Stock.
	 	 	 
	 	(iii)	In
    the case of Restricted Stock sold to a Participant on an instalment payment basis, the Company may require, as a condition
    of the grant, that the Participant execute and deliver to the Company a promissory note or instalment payment agreement and
    a stock pledge or security agreement, and a blank stock power with respect to the Restricted Stock, in such form and containing
    such terms as the Board or Committee may require. No Restricted Stock shall be sold to an Officer or Director on instalment
    payment terms that would constitute an extension of credit in violation of in violation of Section 402(a) of the Sarbanes-Oxley
    Act of 2002. 
	 	 	 
	 	(iv)	If
    the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the
    Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
    execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and (B) the appropriate
    blank stock power with respect to the Restricted Stock covered by such agreement. 
	 	 	 
	 	(v)	If
    a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, a promissory note
    or instalment payment agreement, stock pledge or security agreement, escrow agreement, and stock power, the Award shall be
    null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges
    of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends;
    provided that, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld by the
    Company for the Participant’s account, and interest may be credited on the amount of the cash dividends withheld at
    a rate and subject to such terms as determined by the Board or Committee. The cash dividends or stock dividends so withheld
    and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to
    the Participant in cash or, at the discretion of the Board or Committee, in shares of Common Stock having a Fair Market Value
    equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is
    forfeited, the Participant shall have no right to such dividends.

 

    	16

    	 

    

 

	 	(vi)	The
    terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock
    shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for
    the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted
    hereunder. At the discretion of the Committee, each Restricted Stock Unit (representing one share of Common Stock) may be
    credited with cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”).
    Dividend Equivalents shall be withheld by the Company for the Participant’s account, and interest may be credited on
    the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Board or Committee.
    Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit (and
    earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Board or Committee, in shares of
    Common Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the
    Participant upon settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant
    shall have no right to such Dividend Equivalents.

 

(c)
Restrictions

 

	 	(i)	Restricted
    Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
    and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement
    is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the
    restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent
    provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the stock certificates shall
    be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares
    shall terminate without further obligation on the part of the Company. 

 

    	17

    	 

    

 

	 	(ii)	Restricted
    Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and
    satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement,
    and to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units
    shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set
    forth in the applicable Award Agreement. 
	 	 	 
	 	(iii)	The
    Board or Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted
    Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising
    after the date the Restricted Stock or Restricted Stock Units are granted, such action is appropriate. 

 

(d)
Restricted Period

 

With
respect to Stock Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule
established by the Board or Committee in the applicable Award Agreement. The Board or Committee may, but shall not be required
to, provide for an acceleration of the expiration of a Restricted Period upon the occurrence of a specified event.

 

(e)
Delivery of Restricted Stock and Settlement of Restricted Stock Units

 

Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in Section
 7.2(c) and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except
as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver
to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock
which have not then been forfeited and with respect to which the Restricted Period has expired (provided, that no fractional shares
shall be issued) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted
Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted
Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock
for each such outstanding Restricted Stock Unit (“Vested Unit”); provided, however, that, if explicitly
provided in the applicable Award Agreement, the Company may, in its sole discretion, elect to pay cash or part cash and part Common
Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares
of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which
the Restricted Period lapsed with respect to each Vested Unit.

 

    	18

    	 

    

 

(f)
Stock Restrictions

 

Each
certificate representing Restricted Stock awarded under the Plan shall, in addition to any other legends as may be required by
law or by the Board or Committee, bear a legend to the following effect:

 

THESE
SHARES MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF
WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY

 

8.
Securities Law Compliance. All Awards,
including all Options, Stock Appreciation Rights, and Stock Awards granted under the Plan shall be subject to the requirement
that, if at any time the Board or the Committee shall determine, in its discretion, that the listing upon any securities exchange,
or the registration under the Securities Act, or registration or qualification under any state law is required for the grant,
exercise, issue , or sale of any Options, Stock Appreciation Rights, Common Stock, or Restricted Stock Units under the Plan, or
the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection therewith,
such Option, Stock Appreciation Rights, or Stock Award may not be exercised in whole or in part unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board or
the Committee. Furthermore, if the Board or the Committee determines that any amendment to any Award (including, but not limited
to, an increase in the exercise price of any Option or Stock Award) is necessary or desirable in connection with the registration
or qualification of any of its shares under any state securities or “blue sky” law, then the Board or the Committee
shall have the unilateral right to make such changes without the consent of the Participant to whom the Award was granted.

 

(a)
Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless and until (i) any
then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (i) if required to do so by the Company, the Participant has executed and delivered to the
Company a letter of investment intent in such form and containing such provisions as the Committee may require.

 

(b)
Except as may otherwise be required by the Securities Act, the Company shall not be required to register under the Securities
Act the Plan, any Award or any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or any Common Stock
issued or issuable pursuant to any such Award, and the Company shall have no liability for any delay in issuing or failure to
issue or sell any Option, Stock Appreciation Right, Common Stock, or Restricted Stock Unit prior to the date on which a registration
statement under the Securities Act becomes effective with respect to the offer, sale, and issuance of such Award, Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, or Common Stock.

 

    	19

    	 

    

 

 

9.
Use of Proceeds from Stock. Proceeds from
the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute general funds of the Company.

 

10.
Miscellaneous.

 

10.1
Acceleration of Exercisability and Vesting. The Board or Committee shall have the power to accelerate the time at which
an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding
the provisions in the Award stating the time at which it may first be exercised or the time during which it will vest.

 

10.2
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until
such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made
for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for
which the record date is prior to the date such Common Stock certificate is issued, except as provided in Section  11
hereof.

 

10.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company in the capacity in effect at the time the Award was
granted or shall affect the right of the Company to terminate (a) the employment of an Employee with or without notice and with
or without Cause, except as may otherwise be provided in a written employment agreement between the Company and the Participant,
or (b) the service of a Director pursuant to the By-laws of AgeX or an Subsidiary, and any applicable provisions of the corporate
law of the state in which AgeX or the Subsidiary is incorporated, as the case may be.

 

10.4
Withholding Obligations. To the extent provided by the terms of an Award Agreement or as may be approved by the Board or
Committee, a Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition
of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation
paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company
to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise
or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value
exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered
shares of Common Stock.

 

    	20

    	 

    

 

11.
Adjustments Upon Changes in Stock. In
the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock or extraordinary
cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization,
merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date of any
Award, Awards granted under the Plan and any Award Agreements, including the exercise price of Options and Stock Appreciation
Rights and the number of shares of Common Stock subject to such Options, Stock Appreciation Rights, or Stock Awards, the maximum
number of shares of Common Stock subject to all Awards stated in Section  4, and the maximum number of shares of
Common Stock with respect to which any one person may be granted Awards during any period stated in Section  4 will
be equitably adjusted or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject
to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant
to this Section 11, unless the Board or Committee specifically determines that such adjustment is in the best interests
of the Company, Board or the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this Section
11 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section
424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section
11 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code.
Any adjustments made under this Section 11 shall be made in a manner which does not adversely affect the exemption
provided pursuant to Rule 16b-3 under the Exchange Act. Further, with respect to Awards intended to qualify as “performance-based
compensation” under Section 162(m) of the Code, any adjustments or substitutions will not cause the Company to be denied
a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder
and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

12.
Effect of Change in Control.

 

12.1
In the discretion of the Board and the Committee, any Award Agreement may provide, or the Board or the Committee may provide by
amendment of any Award Agreement or otherwise, notwithstanding any provision of the Plan to the contrary, that in the event of
a Change in Control, Options and/or Stock Appreciation Rights shall become immediately exercisable with respect to all or a specified
portion of the shares subject to such Options or Stock Appreciation Rights, and/or the Restricted Period shall expire immediately
with respect to all or a specified portion of the shares of Restricted Stock or Restricted Stock Units.

 

    	21

    	 

    

 

12.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance
notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination
thereof, the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders
of the Company in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price
in the case of a Stock Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with
the Change in Control, the Committee may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.

 

12.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to
all or substantially all of the assets and business of the Company and its Subsidiaries, taken as a whole.

 

13.
Amendment of the Plan and Awards.

 

13.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided
in Section  11 relating to adjustments upon changes in Common Stock, and Section 13.3 and Section
14.14, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval
is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board shall determine, upon advice from counsel,
whether such amendment will be contingent on shareholder approval.

 

13.2
Shareholder Approval. The Board may, in its sole discretion, submit any amendment to the Plan or any Award for shareholder
approval, including, but not limited submissions for shareholder approval intended to satisfy the requirements of Section 162(m)
of the Code and the regulations thereunder regarding the exclusion of performance-based compensation from the limit on corporate
deductibility of compensation paid to certain executive officers. If any Award is granted under the Plan prior to the date that
the Plan has been approved by the shareholders of AgeX, such Award shall be contingent upon the approval of the Plan by the shareholders
of AgeX. Further, the Board or Committee may make the payment of any Award contingent upon shareholder approval, for the purposes
of compliance with Section 162(m) of the Code or otherwise.

 

13.3
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment
of the Plan unless (a) the Company requests the consent of the Participant and the Participant consents in writing, or (b) the
Award was granted subject to the terms of the amendment.

 

    	22

    	 

    

 

14.
General Provisions.

 

14.1
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain
events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition,
non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable
to the Participant, a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant
that is detrimental to the business or reputation of the Company and/or its Subsidiaries.

 

14.2
Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant
to any such law, government regulation or stock exchange listing requirement).

 

14.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board or Committee from adopting other
or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may
be either generally applicable or applicable only in specific cases.

 

14.4
Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky,
securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain
such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be
deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was
designed.

 

14.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the
opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other
event that absent the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration
under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments
of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms,
conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program.

 

    	23

    	 

    

 

14.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish
any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

14.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 
11.

 

14.8
Delivery. Subject to Section 8 and Section 7.2(c), upon exercise of an Option or Stock Appreciation
Right or Restricted Stock Unit granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable
period of time thereafter. A period of 30 days shall be considered a reasonable period of time.

 

14.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Board
or Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of
fractional shares of Common Stock or whether any fractional shares should be rounded down, forfeited, or otherwise eliminated.

 

14.10
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with
this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable.

 

14.11
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described
in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not
be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the
Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would
otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately
following the Participant’s termination of Continuous Service shall instead be paid on the first payroll date after the
six-month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding
the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of
any excise tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have
any liability to any Participant for such tax or penalty.

 

14.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the
Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from
the Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon
exercise of such Incentive Stock Option shall be required to immediately advise the Company in writing as to the occurrence of
the sale and the price realized upon the sale of such shares of Common Stock.

 

    	24

    	 

    

 

14.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable
requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit
of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability
under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent
expressed in this Section 14.13, such provision to the extent possible shall be interpreted and/or deemed amended
so as to avoid such conflict.

 

14.14
Section 162(m). To the extent the Committee issues any Award that is intended to be exempt from the deduction limitation
of Section 162(m) of the Code, the Committee may, without shareholder or grantee approval, amend the Plan or the relevant Award
Agreement retroactively or prospectively to the extent it determines necessary in order to comply with any subsequent clarification
of Section 162(m) of the Code required to preserve the Company’s federal income tax deduction for compensation paid pursuant
to any such Award.

 

14.15
Expenses. The costs of administering the Plan shall be paid by the Company.

 

14.16
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable,
whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability and the remaining provisions shall not be affected thereby.

 

14.17
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the
construction of the provisions hereof.

 

14.18
Non-Uniform Treatment. The determinations of the Board or Committee under the Plan need not be uniform and may be made
selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing,
the Board and Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to
enter into non-uniform and selective Award Agreements.

 

15.
Effective Date of Plan. The Plan shall
become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a stock Award, shall be granted)
unless and until the Plan has been approved by the shareholders of the Company, which approval shall be within twelve (12) months
before or after the date the Plan is adopted by the Board.

 

    	25

    	 

    

 

16.
Termination or Suspension of the Plan.
The Plan shall terminate automatically on July 8, 2027 which is ten from the date the Plan was approved by the Company’s
Board of Directors. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend
beyond that date.

 

17.
Effect of Dissolution, Merger or Other Reorganization.
Upon the dissolution or liquidation of AgeX, or upon a reorganization, merger or consolidation of AgeX as a result of which the
outstanding Common Stock or other securities of the class then subject to Awards are changed into or exchanged for cash or property
or securities not of AgeX’s issue, or upon a sale of substantially all the property of AgeX to, or the acquisition of more
than eighty percent (80%) of the Voting Securities of AgeX then outstanding by, another corporation or person, this Plan shall
terminate, and all unexercised Awards theretofore granted hereunder shall terminate, unless provision can be made in writing in
connection with such transaction for the continuance of the Plan and/or for the assumption of Awards theretofore granted, or the
substitution for Awards options or other rights covering the shares of a successor corporation, or a parent or a subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and prices, in which event the Plan and Awards theretofore granted
shall continue in the manner and under the terms so provided, subject to such adjustments. The grant of an Award pursuant to the
Plan shall not affect in any way the right or power of AgeX or any Subsidiary or parent corporation to make adjustments, reclassifications,
reorganizations or changes or its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell,
or transfer all or any part of its business or assets.

 

18.
Choice of Law. The law of the State of
Delaware shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such
state’s conflict of law rules.

 

    	26[INCENTIVE*][NON-QUALIFIED**]
STOCK OPTION AGREEMENT

 

THIS
AGREEMENT made and entered into as of _______, 20XX, by and between AgeX Therapeutics, Inc., a Delaware corporation (the “Company”),
and __________, an employee (the “Employee”) of the Company or of a subsidiary of the Company (hereinafter included
within the term “Company”) within the meaning of Section 425(f) of the Internal Revenue Code of 1986, as amended (the
“Code”),

 

W
I T N E S S E T H

 

WHEREAS,
the Company has adopted the AgeX Therapeutics, Inc. 2017 Equity Incentive Plan (the “Plan”), administered by the Company’s
Board of Directors (the “Board”) or, in the discretion of the Board, by a committee (the “Committee”),
providing for the granting to its employees or other individuals, stock options to purchase shares of the Company’s Common
Stock, par value $0.0001 per share; and

 

[WHEREAS,
the Plan provides for the grant of certain Options which are intended to be incentive stock Options within the meaning of Selection
422(b) of the Code; and*]

 

WHEREAS,
the Employee is an officer or key employee who is in a position to make an important contribution to the long-term performance
of the Company;

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 

1.
Grant. The Company hereby grants to the Employee [an Incentive *] [a Non-qualified**] Stock Option (“Option”)
to purchase _______ shares of Company Common Stock, par value $0.0001 per share (the “Shares”), at the price set forth
in Section 2, on the terms and conditions hereinafter stated and subject to any limitations contained in the Plan.

 

2.
Exercise Price. The purchase price per Share is _____ dollars and ______ cents ($_____) which was 100% of the Fair Market
Value of Common Stock subject to the Option on the grant date as determined in accordance with the Plan.

 

3.
Vesting. Unless otherwise terminated as provided by this Agreement, this Option will vest (and thereby become exercisable)
as follows: [_____________].

 

    	 	1	 

    	 

    

 

The
unvested portion of the Option shall not be exercisable.

 

4.
Expiration. The Option shall expire on the earlier of (A) __________, 20__ or (B) the date on which the Option ceases to be
exercisable pursuant to Section 6 or Section 7.

 

5.
Adjustments in Shares and Purchase Price.

 

(a)
In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock
or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization,
reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the date
of grant of this Option, the exercise price and the number of Shares subject to this Option will be equitably adjusted or substituted,
as to the number, price or kind of a share of securities or other consideration to the extent necessary to preserve the economic
intent of such Award, as determined by the Board or Committee.

 

(b)
Upon the dissolution or liquidation of the Company, or upon a reorganization, merger, or consolidation of the Company as a
result of which the outstanding securities of the class then subject to the Option hereunder are changed into or exchanged for
cash or property or securities not of the Company’s issue, or upon a sale of substantially all the property of the Company
to, or the acquisition of stock representing more than eighty percent (80%) of the voting power of the stock of the Company then
outstanding by, another corporation or person, this Option shall terminate, unless provision is made in writing in connection
with such transaction for the assumption of Options theretofore granted under the Plan, or the substitution of such Options by
any stock options covering the stock of a successor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and prices, in which event this Option shall continue in the manner and under the terms so
provided.

 

(c)
To the extent that the foregoing adjustments relate to stock or securities of the Company or the exercise price of this Option,
such adjustments shall be made by the Board or Committee, whose determination in that respect shall be final, binding and conclusive.

 

(d)
The grant of this Option shall not affect in any way the right of power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell,
or transfer all or any part of its business or assets.

 

6.
Effect of Termination of Employment. In the event of termination of the Employee’s Continuous Service for any reason
other than his or her death or disability, this Option may not be exercised after the date three months following the date of
termination of Employees Continuous Service, and may be exercisable only up to the amount vested on the date of termination. “Continuous
Service” means that the Employee’s service with the Company, whether as an employee, consultant, or director, is not
interrupted or terminated, as determined in accordance with the Plan.

 

    	 	2	 

    	 

    

 

7.
Effect of Death or Disability. This Option shall be exercisable during the Employee’s lifetime only by the Employee
and shall be nontransferable by the Employee otherwise than by will or the laws of descent and distribution.

 

(a)
In the event the Employee’s Continuous Service terminates on account of the Employee’s disability, this Option
may not be exercised after the earlier of (i) date 12 months following such termination, and (ii) the expiration of the term of
this Option, and this Option shall be exercisable only up to the amount vested under Section 3 on the date of disability. Disability
shall have the meaning ascribed to it under Section 22(e)(3) of the Code.

 

(b)
In the event Employee’s Continuous Service terminates due to Employee’s death, or if Employee dies during the
three month period following termination of Employee’s Continuous Service during which the Employee is permitted to exercise
this Option pursuant to Section 6, this Option may be exercised by the executor or administrator of the Employee’s estate
or any person who shall have acquired the Option from the Employee by his or her will or the applicable law of descent and distribution,
during a period ending on the earlier of (i) 12 months following the date of death, and (ii) the expiration of the term of this
Option, with respect to the number of Shares for which the deceased Employee would have been entitled to exercise at the time
of his or her death, including the number of Shares that vested upon his death under Section 3, subject to adjustment under Section
5. Any such transferee exercising this Option must furnish the Company upon request of the Committee (i) written notice of his
or her status as transferee, (ii) evidence satisfactory to the Company to establish the validity of the transfer of the Option
in compliance with any laws of regulations pertaining to said transfer, and (iii) written acceptance of the terms and conditions
of the Option as prescribed in this Agreement.

 

8.
How to Exercise Option. This Option may be exercised by the person then entitled to do so as to any Share which may then be
purchased by giving written notice of exercise to the Company, specifying the number of full Shares to be purchased and accompanied
by full payment of the purchase price thereof and the amount of any income tax the Company is required by law to withhold by reason
of such exercise. The Option Exercise Price of Shares acquired pursuant to an Option shall be paid, to the extent permitted by
applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b)
the Option Exercise Price may be paid: (i) by delivery to the Company of other Shares, duly endorsed for transfer to the Company,
with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of
shares being acquired (a “Stock for Stock Exchange”); (ii) a “cashless” exercise program established
with a broker pursuant to which the broker exercises or arranges for the coordination of the exercise of the Option with the sale
of some or all of the underlying Shares; (iii) any combination of the foregoing methods; or (iv) in any other form of consideration
that is legal consideration for the issuance of Shares and that may be acceptable to the Board or Committee. The exercise price
of Shares acquired pursuant to an Option that is paid by delivery to the Company of other Shares acquired, directly or indirectly
from the Company, shall be paid only by Shares that have been held for more than six months (or such longer or shorter period
of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period
for which the Company has any security registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or is required to file reports under Section 15(d) of the Exchange Act, or has filed a registration statement that
has not yet become effective under the Securities Act of 1933, as amended, and that it has not withdrawn, if the Employee is a
director or officer of the Company, any exercise that involves or may involve a direct or indirect extension of credit or arrangement
of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of
2002 shall be prohibited.

 

    	 	3	 

    	 

    

 

9.
No Rights as Shareholder Prior to Exercise. Neither the Employee nor any person claiming under or through the Employee shall
be or have any of the rights or privileges of a shareholder of the Company in respect of any of the Shares issuable upon the exercise
of the Option until the date of receipt of payment (including any amounts required by income tax withholding requirements) by
the Company.

 

10.
Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company at its
principal executive office, or at such other address as the Company may hereafter designate in writing. Any notice to be given
to the Employee shall be addressed to the Employee as the address set forth beneath his or her signature hereto, or at any such
other address as the Employee may hereafter designate in writing. Any such notice shall be deemed to have been duly given three
(3) days after being addressed as aforesaid and deposited in the United States mail, first class postage prepaid.

 

11.
Restrictions on Transfer. Except as otherwise provided herein, the Option herein granted and the rights and privileges conferred
hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall
not be subject to sale under execution attachment or similar process upon the rights and privileges conferred hereby. Any transfer,
assignment, pledge or other disposal of said Option, or of any right or privilege conferred hereby, contrary to the provisions
hereof, or any sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, shall
immediately be null and void and shall not vest in any purported assignee or transferee any rights or privileges of the optionee,
under this Agreement or otherwise with respect to such Option. Notwithstanding the preceding two sentences, in conjunction with
the exercise of an Option, and for the purpose of obtaining financing for such exercise, the Option holder may arrange for a securities
broker/dealer to exercise an Option on the Option holder’s behalf, to the extent necessary to obtain funds required to pay
the exercise price of the Option.

 

    	 	4	 

    	 

    

 

12.
Successor and Assigns. Subject to the limitations on transferability contained herein, this Agreement shall be binding upon
and inure to the benefit of the heirs, legal representatives, successors, and assigns of the parties hereto.

 

13.
Additional Restrictions. The rights awarded hereby are subject to the requirement that, if at any time the Board or the Committee
shall determine, in its discretion, that the listing, registration or qualification of the Shares subject to such rights upon
any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary
or desirable as a condition of, or in connection with, the granting of such rights or the issuance or purchase of Shares in connection
with the exercise of such rights, then such rights may not be exercised in whole or in part unless such listing, registration,
qualification, consent or approval shall have been affected or obtained free of any conditions not acceptable to the Board or
the Committee. Furthermore, if the Board or Committee determines that amendment to any Option (including but not limited to the
increase in the exercise price) is necessary or desirable in connection with the registration or qualification of any Shares or
other securities under the securities or “blue sky” laws of any state, then the Board or Committee shall have the
unilateral right to make such changes without the consent of the Employee.

 

[14.
Notice of Sale or Other Disposition of Shares. In the event the Employee disposes of any of the Shares that may be acquired
hereunder at any time within two years of the date hereof or one year from the date the Shares were acquired, the Employee agrees
to notify the Company in writing within ten days of the date of such disposition, of the number of Shares disposed of, the nature
of the transaction, and the amount received (if any) upon such disposition. Employee understands that such a disposition may result
in imposition of withholding taxes, and agrees to remit to the Company on request any amounts requested to satisfy any withholding
tax liability.*]

 

15.
Terms of Employment. Subject to any employment contract with the Employee, the terms of employment of the Employee shall be
determined from time to time by the Company and the Company shall have the right, which is hereby expressly reserved, to terminate
the Employee or change the terms of the employment at any time for any reason whatsoever, with or without good cause. The Employee
agrees to notify in writing the Corporate Secretary of the Company of the Employee’s intention, if any, to terminate Employee’s
employment within ten days after said intention is formed.

 

    	 	5	 

    	 

    

 

16.
Payment of Taxes. Whenever Shares are to be issued to the Employee in satisfaction of the rights conferred hereby, the Company
shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy federal, state and local
withholding tax requirements prior to the delivery of any certificate or certificates for such Shares.

 

17.
Terms and Conditions of Plan. This Agreement is subject to, and the Company and the Employee agree to be bound by, all of
the terms and conditions of the Plan, as the same shall have been amended from time to time in accordance with the terms thereof,
provided that no such amendment shall deprive the Employee, without his or her consent, of any of his or her rights hereunder,
except as otherwise provided in this Agreement or in the Plan. The Shares acquired hereunder may also be subject to restrictions
on transfer and/or rights of repurchase that may be contained in the Bylaws of the Company or in separate agreements with Employee.
The Board or the Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions
taken and all interpretations and determinations made by the Board or the Committee in good faith shall be final and binding upon
Employee, the Company and all other interested persons. No member of the Board or the Committee shall be personally liable for
any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. Capitalized terms not
otherwise defined in this Agreement shall have meaning ascribed to such terms in the Plan.

 

18.
Severability. In the event that any provision in this Agreement shall be invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed to have any effect on the remaining provisions
of this Agreement.

 

19.
Governing Law. This Agreement shall be governed by and construed under the laws of the state of Delaware, without regard to
conflicts of law provisions.

 

    	 	6	 

    	 

    

 

IN
WITNESS HEREOF, the parties hereto have executed this Agreement, as of the day and year first above written.

 

	COMPANY:	 
	 	 
	AgeX
    Therapeutics, Inc.	 
	 	 
	(Signature)	 

 

	By		 
	Title		 

 

	EMPLOYEE:	 
	 	 
	 	 
	(Signature)	 
	 	 
	 	 
	(Please
    Print Name)	 

 

*Include
if the Option is an Incentive Stock Option

**Include
if the Option is a Non-qualified Stock Option

 

    	 	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]