Document:

Exhibit 10.3

    

     

    

    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

    

    

    THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made as of November 7, 2018 by and between Asterias Biotherapeutics, Inc.
        (“Asterias”), a Delaware corporation, and Ryan Chavez ("Executive"), and shall be effective and replace that certain employment agreement dated July 18, 2016 by and between Asterias and Executive at the time that is immediately prior to the
        consummation of the proposed transaction between Asterias and BioTime, Inc.

    

    

    1.          Engagement; Position and Duties.

    

    

    (a)          Asterias agrees to employ Executive
        in the position described on Exhibit A (which Exhibit A is a part of this Agreement) effective as of the date of this Agreement. Executive shall perform the duties and functions described on Exhibit A and such other duties as the executive(s) to
        whom Executive reports or the Board of Directors of Asterias may from time to time determine. Executive shall devote Executive’s best efforts, skills, and abilities, on a full‐time basis, exclusively to the business of Asterias and its Related
        Companies pursuant to, and in accordance with, business policies and procedures, as fixed from time to time by the Board of Directors (the “Policies”). Executive covenants and agrees that Executive will faithfully adhere to and fulfill the
        Policies, including any changes to the Policies that may be made in the future. Executive may be provided with a copy of Asterias’s employee manual (the “Manual”) which contains the Policies. Asterias may change its Policies from time to time, in
        which case Executive will be notified of the changes in writing by a memorandum, a letter, or an update or revision of Asterias’s employee manual.

    

    

    (b)          No Conflicting Obligations. Executive represents and warrants to Asterias and each Related Company that Executive is under no obligations or commitments, whether contractual or otherwise,
        that are inconsistent with Executive’s obligations under this Agreement or that would prohibit Executive, contractually or otherwise, from performing Executive’s duties as under this Agreement and the Policies.

    

    

    (c)          No Unauthorized Use of Third Party Intellectual Property. Executive represents and warrants to Asterias and each Related Company that Executive will not use or disclose, in connection
        with Executive’s employment by Asterias or any Related Company, any patents, trade secrets, confidential information, or other proprietary information or intellectual property as to which any other person has any right, title or interest, except to
        the extent that Asterias or a Related Company holds a valid license or other written permission for such use from the owner(s) thereof. Executive represents and warrants to Asterias and each Related Company that Executive has returned all property
        and confidential information belonging to any prior employer.

    

    

    2.          Compensation

    

    

    (a)          Salary. During the term of this Agreement, Asterias shall pay to the Executive the salary shown on Exhibit A. Executive's salary shall be paid in equal semi-monthly
        installments, consistent with Asterias's regular salary payment practices. Executive's salary may be increased from time-to-time by Asterias, in Asterias’s sole and absolute discretion, without affecting this Agreement.

    

    

    (b)          Bonus. Executive shall be eligible to earn an annual cash incentive bonus
        award determined by the Board in respect of each fiscal year during Executive’s employment (the “Annual Bonus”), with a target bonus equal to no less than forty percent (40%) of Base Salary (the “Target Bonus”) for achievement of the specified
        performance goals at target levels for the applicable calendar year. The actual Annual Bonus payable shall be based upon the level of achievement of objectively determinable Company and individual performance goals for the applicable calendar year,
        as determined by the Board in consultation with Executive. Such performance goals shall be determined and memorialized in writing no later than January 31 of each calendar year.

     

    
      
        

    

    
    (c)          Expense Reimbursements. Asterias or a Related Company shall reimburse Executive for reasonable travel and other business expenses (but not expenses of commuting to
        work) incurred by Executive in the performance of Executive’s duties under this Agreement, subject to the Policies and procedures in effect from time to time, and provided that Executive submits supporting vouchers.

    

    

    (d)          Benefit Plans. Executive may be eligible (to the extent Executive qualifies) to participate in certain retirement, pension, life, health, accident and disability
        insurance, stock option plan or other similar employee benefit plans which may be adopted by Asterias (or a Related Company) for its employees. Asterias and the Related Companies have the right, at any time and without any amendment of this
        Agreement, and without prior notice to or consent from Executive, to adopt, amend, change, or terminate any such benefit plans that may now be in effect or that may be adopted in the future, in each case without any further financial obligation to
        Executive. Any benefits to which Executive may be entitled under any benefit plan shall be governed by the terms and conditions of the applicable benefit plan, and any related plan documents, as in effect from time to time. If Executive receives
        any grant of stock options or restricted under any stock option plan or stock purchase plan of Asterias or any Related Company, the terms and conditions of the stock options or restricted stock, and Executive’s rights with respect to the stock
        options or restricted stock, shall be governed by (i) the terms of the applicable stock option or stock purchase plan, as the same may be amended from time to time, and (ii) the terms and conditions of any stock option agreement or stock purchase
        agreement and related agreements that Executive may sign or be required to sign with respect to the stock options or restricted stock.

    

    

    (e)          Vacation; Sick Leave. Executive shall be entitled to the number of days of vacation and sick leave (without reduction in compensation) during each calendar year shown
        on Exhibit A or as may be provided by the Policies. Executive’s vacation shall be taken at such time as is consistent with the needs and Policies of Asterias and its Related Companies. All vacation days and sick leave days shall accrue annually
        based upon days of service. Executive’s right to leave from work due to illness is subject to the Policies and the provisions of this Agreement governing termination due to disability, sickness or illness. The Policies governing the disposition of
        unused vacation days and sick leave days remaining at the end of Asterias's fiscal year shall govern whether unused vacation days or sick leave days will be paid, lost, or carried over into subsequent fiscal years.

    

    

    3.          Competitive Activities. During the term of Executive's employment, and for one year thereafter, Executive shall not, for Executive or any third party, directly or indirectly employ,
        solicit for employment or recommend for employment any person employed by Asterias or any Related Company. During the term of Executive's employment, Executive shall not, directly or indirectly as an employee, contractor, officer, director, member,
        partner, agent, or equity owner, engage in any activity or business that competes or could reasonably be expected to compete with the business of Asterias or any Related Company, except to the extent such activities by Executive are approved by the
        Board of Directors of Asterias. Executive acknowledges that there is a substantial likelihood that the activities described in this Section would (a) involve the unauthorized use or disclosure of Asterias's or a Related Company's Confidential
        Information and that use or disclosure would be extremely difficult to detect, and (b) result in substantial competitive harm to the business of Asterias or a Related Company. Executive has accepted the limitations of this Section as a reasonably
        practicable and unrestrictive means of preventing such use or disclosure of Confidential Information and preventing such competitive harm.

     

    
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    4.          Inventions/Intellectual
        Property/Confidential Information

    

    

    (a)          As used in this Agreement,
        “Intellectual Property” means any and all inventions, discoveries, formulas, improvements, writings, designs, or other intellectual property. Any and all Intellectual Property relating to or in any way pertaining to or connected with the systems,
        products, apparatus, or methods employed, manufactured, constructed, or researched by Asterias, or any Related Company, which Executive may conceive or make while performing services for Asterias or a Related Company shall be the sole and exclusive
        property of Asterias or the applicable Related Company. Executive hereby irrevocably assigns and transfers to Asterias, or a Related Company, all rights, title and interest in and to all Intellectual Property that Executive may now or in the future
        have under patent, copyright, trade secret, trademark or other law, in perpetuity or for the longest period otherwise permitted by law, without the necessity of further consideration. Asterias and the Related Companies will be entitled to obtain
        and hold in their own name all copyrights, patents, trade secrets, trademarks and other similar registrations with respect to such Intellectual Property.

    

    

    (b)          Moral Rights. To the extent allowed by law, the rights to Intellectual Property assigned by Executive to Asterias or any Related Company includes all rights of
        paternity, integrity, disclosure and withdrawal, and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”). To the extent Executive retains any such Moral
        Rights under applicable law, Executive hereby ratifies and consents to any action that may be taken with respect to such Moral Rights by or authorized by Asterias or a Related Company and agrees not to assert any Moral Rights with respect thereto.
        Executive shall confirm in writing any such ratifications, consents, and agreements from time to time as requested by Asterias or Related Company.

    

    

    (c)          Execution of Documents; Power of Attorney. Executive agrees to execute and sign any and all applications, assignments, or other instruments which Asterias or a Related
        Company may deem necessary in order to enable Asterias or a Related Company, at its expense, to apply for, prosecute, and obtain patents of the United States or foreign countries for the Intellectual Property, or in order to assign or convey to,
        perfect, maintain or vest in Asterias or a Related Company the sole and exclusive right, title, and interest in and to the Intellectual Property. If Asterias or a Related Company is unable after reasonable efforts to secure Executive’s signature,
        cooperation or assistance in accordance with the preceding sentence, whether because of Executive’s incapacity or any other reason whatsoever, Executive hereby designates and appoints Asterias or any Related Company or its designee as Executive’s
        agent and attorney-in-fact, to act on Executive’s behalf, to execute and file documents and to do all other lawfully permitted acts necessary or desirable to perfect, maintain or otherwise protect Asterias’s or a Related Company’s rights in the
        Intellectual Property. Executive acknowledges and agrees that such appointment is coupled with an interest and is irrevocable.

    

    

    (d)          Disclosure of Intellectual Property. Executive agrees to disclose promptly to
        Asterias or a Related Company all Intellectual Property which Executive may create or conceive solely, jointly, or commonly with others. This paragraph is applicable whether or not the Intellectual Property was made under the circumstances
        described in paragraph (a) of this Section. Executive agrees to make such disclosures understanding that they will be received in confidence and that, among other things, they are for the purpose of determining whether or not rights to the related
        Intellectual Property is the property of Asterias or a Related Company.

     

    
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    (e)          Limitations. The obligations provided for by this Section 4, except for the requirements as to disclosure in paragraph 4(d), do not apply to any rights Executive may
        have acquired in connection with Intellectual Property for which no equipment, supplies, facility, or trade secret information of Asterias or a Related Company was used and which was developed entirely on the Executive’s own time and (i) which at
        the time of conception or reduction to practice does not relate directly or indirectly to the business of Asterias or a Related Company, or to the actual or demonstrable anticipated research or development activities or plans of Asterias or a
        Related Company, or (ii) which does not result from any work performed by Executive for Asterias or a Related Company. All Intellectual Property that (1) results from the use of equipment, supplies, facilities, or trade secret information of
        Asterias or a Related Company; (2) relates, at the time of conception or reduction to practice of the invention, to the business of Asterias or a Related Company, or actual or demonstrably anticipated research or development of Asterias or a
        Related Company; or (3) results from any work performed by Executive for Asterias or a Related Company shall be assigned and is hereby assigned to Asterias or the applicable Related Company. The parties understand and agree that this limitation is
        intended to be consistent with California Labor Code, Section 2870, a copy of which is attached as Exhibit A. If Executive wishes to clarify that something created by Executive prior to Executive’s employment by Asterias or a Related Company that
        relates to the actual or proposed business of Asterias or a Related Company is not within the scope of this Agreement, Executive has listed it on Exhibit B in a manner that does not violate any third party rights.

    

    

    (f)          Confidential and Proprietary Information. During Executive’s employment,
        Executive will have access to trade secrets and confidential information of Asterias and one or more Related Companies. Confidential Information means all information and ideas, in any form, relating in any manner to matters such as: products;
        formulas; technology and know-how; inventions; clinical trial plans and data; business plans; marketing plans; the identity, expertise, and compensation of employees and contractors; systems, procedures, and manuals; customers; suppliers; joint
        venture partners; research collaborators; licensees; and financial information. Confidential Information also shall include any information of any kind, whether belonging to Asterias, a Related Company, or any third party, that Asterias or a
        Related Company has agreed to keep secret or confidential under the terms of any agreement with any third party. Confidential Information does not include: (i) information that is or becomes publicly known through lawful means other than
        unauthorized disclosure by Executive; (ii) information that was rightfully in Executive's possession prior to Executive’s employment with Asterias and was not assigned to Asterias or a Related Company or was not disclosed to Executive in
        Executive’s capacity as a director or other fiduciary of Asterias or a Related Company; or (iii) information disclosed to Executive, after the termination of Executive’s employment by Asterias, without a confidential restriction by a third party
        who rightfully possesses the information and did not obtain it, either directly or indirectly, from Asterias or a Related Company, and who is not subject to an obligation to keep such information confidential for the benefit of Asterias, a Related
        Company, or any third party with whom Asterias or a Related Company has a contractual relationship. Executive understands and agrees that all Confidential Information shall be kept confidential by Executive both during and after Executive’s
        employment by Asterias or any Related Company. Executive further agrees that Executive will not, without the prior written approval by Asterias or a Related Company, disclose any Confidential Information, or use any Confidential Information in any
        way, either during the term of Executive’s employment or at any time thereafter, except as required by Asterias or a Related Company in the course of Executive’s employment.

     

    
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    5.          Termination of Employment. Executive understands and agrees that Executive’s employment has no specific term. This Agreement, and the employment relationship, are “at will” and may be
        terminated by Executive or by Asterias (and the employment of Executive by any Related Company may be terminated by the Related Company) with or without cause at any time by notice given in writing. Except as otherwise agreed in writing or as
        otherwise provided in this Agreement, upon termination of Executive’s employment, Asterias and the Related Companies shall have no further obligation to Executive by way of compensation or otherwise as expressly provided in this Agreement or in any
        separate employment agreement that might then exist between Executive and Asterias or any Related Company.

    

    

    (a)          Payments Due Upon Termination of Employment. Upon termination of Executive’s
        employment with Asterias and all Related Companies at any time and for any reason, Executive will be entitled to receive only the severance benefits set forth below, but Executive will not be entitled to any other compensation, award, or damages
        with respect to Executive’s employment or termination of employment.

    

    

    (i)          Termination for Cause, Death, Disability, or Resignation. In the event that the employment of Executive is terminated for Cause, or is terminated as a result of death, Disability, or
        resignation without “Good Reason” as defined in this Agreement, Executive will be entitled to receive payment for all accrued but unpaid salary, accrued but unpaid bonus, if any, and vacation accrued as of the date of termination of Executive’s
        employment. Executive will not be entitled to any cash severance benefits or vesting of any stock options or other equity or cash awards.

    

    

    (ii)          Termination Without Cause and Resignation for Good Reason. In the event that the employment of Executive is terminated by Asterias without “Cause” as defined in this Agreement or
        Executive resigns for “Good Reason,” as defined in this Agreement otherwise than within twelve (12) months following a “Change in Control” as defined in this Agreement, Executive shall receive payment for all accrued but unpaid salary, accrued but
        unpaid bonus, if any, and vacation accrued as of the date of termination of Executive’s employment, and as severance compensation (A) salary continuation at Executive’s then-current base salary for twelve (12) months, and (B) accelerated vesting of
        50% of the then unvested stock options and restricted stock granted to Executive. The salary continuation described in clause (A) of this paragraph shall begin as soon as practicable after the effective date of Executive’s separation agreement, no
        later than 60 days after the date of Executive’s termination of employment, subject to such payroll deductions and withholdings as are required by law. This paragraph shall not apply to (x) termination of Executive’s employment by a Related Company
        if Executive remains employed by Asterias or another Related Company, or (y) termination of Executive’s employment by Asterias if Executive remains employed by a Related Company.

    

    

    (iii)          Change of Control. In the event Asterias (or any successor in interest to Asterias that has assumed Asterias’ obligation under this Agreement) terminates Executive’s employment without
        “Cause” or Executive resigns for “Good Reason” within twelve (12) months following a Change in Control, Executive will be entitled to receive payment for all accrued but unpaid salary, accrued but unpaid bonus, if any, and vacation accrued as of
        the date of termination of Executive’s employment, and as severance compensation (A) an amount equal to 100% of Executive’s base salary, which shall be paid in a lump sum no later than 60 days after the date of Executive’s termination of
        employment, subject to such payroll deductions and withholdings as are required by law, (B) bonus for the year in which Executive’s employment terminated based on actual performance and payable (at the discretion of the Company, in cash or in
        shares of common stock of the Company or its parent company) when annual bonus payments are payable to other members of senior management and pro-rated to reflect the portion of the year during which the Executive performed services, (C)
        accelerated vesting of 100% of Executive’s then unvested stock options and any restricted stock, and (D) payment, for a period of six (6) months, of any health insurance benefits that Executive was receiving at the time of termination of
        Executive’s employment, under an Asterias employee health insurance plan subject to COBRA.

     

    
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    (b)          Release. Any other provision of this Agreement notwithstanding, paragraphs (a)(ii) and (a)(iii) of this Section shall not apply unless Executive (i) has executed a
        separation agreement including a general release of all claims against Asterias or its successor in interest (in a form prescribed by Asterias or its successor in interest) and (ii) has returned all property in Executive’s possession belonging
        Asterias or its successor in interest

    

    

    (c)          Definitions. For purposes of this Section, the following definitions shall apply:

    

    

    (i)          “Affiliated Group” means (A) a
        Person and one or more other Persons in control of, controlled by, or under common control with such Person; and (B) two or more Persons who, by written agreement among them, act in concert to acquire Voting Securities entitling them to elect a
        majority of the directors of Asterias.

    

    

    (ii)          “Cause” means: (A) the repeated
        failure to properly perform Employee's job responsibilities after written receipt being notified of such failure to perform, as determined reasonably and in good faith by the Board of Directors; (B) commission of any act of fraud, gross misconduct
        or dishonesty with respect to Asterias or any Related Company; (C) conviction of, or plea of guilty or "no contest" to, any felony, or a crime involving moral turpitude; (D) breach of any provision of this Agreement or any provision of any
        proprietary information and inventions agreement with Asterias or any Related Company; (E) failure to follow the lawful directions of the Board of Directors of Asterias or any Related Company; (F) chronic alcohol or drug abuse; (G) obtaining, in
        connection with any transaction in which Asterias, any Related Company, or any of Asterias’ affiliates is a party, a material undisclosed financial benefit for Employee or for any member of Employee’s immediate family or for any corporation,
        partnership, limited liability company, or trust in which Employee or any member of Employee’s immediate family owns a material financial interest; or (H) harassing or discriminating against, or participating or assisting in the harassment of or
        discrimination against, any employee of Asterias (or a Related Company or an affiliate of Asterias) based upon gender, race, religion, ethnicity, or nationality.

    

    

    (iii)          “Change of Control” means (A) the
        acquisition of Voting Securities of Asterias by a Person or an Affiliated Group entitling the holder thereof to elect a majority of the directors of Asterias; provided, that an increase in the amount of Voting Securities held by a Person or
        Affiliated Group who on the date of this Agreement beneficially owned (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended, and the regulations thereunder) more than 30% of the Voting Securities shall not constitute a
        Change of Control unless such Person or Affiliated Group acquires 80% or more of the Voting Securities; and provided, further, that an acquisition of Voting Securities by one or more Persons acting as an underwriter in connection with a sale or
        distribution of such Voting Securities shall not constitute a Change of Control under this clause (A); (B) the sale of all or substantially all of the assets of Asterias; (C) a merger or consolidation of Asterias with or into another corporation or
        entity (irrespective of whether Asterias is the surviving corporation in such merger or consolidation) in which the stockholders of Asterias immediately before such merger or consolidation do not own, in substantially the same percentages, Voting
        Securities of the surviving corporation or entity (or the ultimate parent of the surviving corporation or entity) entitling them, in the aggregate (and without regard to whether they constitute an Affiliated Group) to elect a majority of the
        directors or persons holding similar powers of the surviving corporation or entity (or the ultimate parent of the surviving corporation or entity); or (D) a change in the composition of the Board occurring within a twelve (12) month period, as a
        result of which the incumbent directors cease to constitute at least a majority of the Board.

     

    
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    (iv)          “Disability” shall mean Employee’s
        inability to perform the essential functions of Employee’s job responsibilities for a period of one hundred eighty (180) days in the aggregate in any twelve (12) month period.

    

    

    (v)          “Good Reason” means (A) a diminution
        in Employee’s base salary; (B) a material change in geographic location at which Employee must perform services (a change in location of Asterias office at which Employee will primarily work will be considered material only if it increases
        Employee’s current average one-way commute time by more than twenty five percent (25%)); (C) any material failure of the successors to Asterias after a Change of Control to perform, or causing Asterias not to perform, Asterias’ obligations under
        this Agreement; (D) any action or inaction of Asterias that constitutes a material breach of the terms of this Agreement; or (E) any other material adverse change in Employee’s duties, authorities, responsibilities, or reporting structure,
        provided, however, that Good Reason shall not be deemed to have occurred unless (A) Employee shall first have provided written notice of said Good Reason to Asterias within thirty (30) days of the occurrence of the event(s) giving rise to Good
        Reason, reasonably explaining such events in said written notice, and (B) Asterias shall have failed to cure said Good Reason within thirty (30) days of its receipt of Employee’s written notice, and (C) Employee shall have provided written notice
        of termination within thirty (30) days of the expiration of Asterias’ 30-day cure period.

    

    

    (vi)          “Person” means any natural person
        or any corporation, partnership, limited liability Asterias, trust, unincorporated business association, or other entity.

    

    

    (vii)          “Voting Securities” means shares
        of capital stock or other equity securities entitling the holder thereof to regularly vote for the election of directors (or for person performing a similar function if the issuer is not a corporation), but does not include the power to vote upon
        the happening of some condition or event which has not yet occurred.

    

    

    6.          Turnover of Property and Documents on Termination. Executive agrees that on or before termination of Executive’s employment, Executive will return to Asterias and all Related Companies
        all equipment and other property belonging to Asterias and the Related Companies, and all originals and copies of Confidential Information (in any and all media and formats, and including any document or other item containing Confidential
        Information) in Executive's possession or control, and all of the following (in any and all media and formats, and whether or not constituting or containing Confidential Information) in Executive's possession or control: (a) lists and sources of
        customers; (b) proposals or drafts of proposals for any research grant, research or development project or program, marketing plan, licensing arrangement, or other arrangement with any third party; (c) reports, job or laboratory notes,
        specifications, and drawings pertaining to the research, development, products, patents, and technology of Asterias and any Related Companies; (d) any and all Intellectual Property developed by Executive during the course of employment; and (e) the
        Manual and memoranda related to the Policies.

    

    

    7.          Arbitration. Except for injunctive proceedings against unauthorized disclosure of Confidential Information, any and all claims or controversies between Asterias or any Related Company and
        Executive, including but not limited to (a) those involving the construction or application of any of the terms, provisions, or conditions of this Agreement or the Policies; (b) all contract or tort claims of any kind; and (c) any claim based on
        any federal, state, or local law, statute, regulation, or ordinance, including claims for unlawful discrimination or harassment, shall be settled by arbitration in accordance with the then current Employment Dispute Resolution Rules of the American
        Arbitration Association. Judgment on the award rendered by the arbitrator(s) may be entered by any court having jurisdiction over the Company and Executive. The location of the arbitration shall be San Francisco, California. Unless Asterias or a
        Related Company and Executive mutually agree otherwise, the arbitrator shall be a retired judge selected from a panel provided by the American Arbitration Association, or the Judicial Arbitration and Mediation Service (JAMS). Asterias, or a Related
        Company if the Related Company is a party to the arbitration proceeding, shall pay the arbitrator’s fees and costs. Executive shall pay for Executive’s own costs and attorneys' fees, if any. Asterias and any Related Company that is a party to an
        arbitration proceeding shall pay for its own costs and attorneys' fees, if any. However, if any party prevails on a statutory claim which affords the prevailing party attorneys' fees, the arbitrator may award reasonable attorneys' fees and costs to
        the prevailing party.

     

    
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    EXECUTIVE UNDERSTANDS AND AGREES THAT THIS AGREEMENT TO ARBITRATE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A TRIAL BY JURY OF ANY
        MATTERS COVERED BY THIS AGREEMENT TO ARBITRATE.

    

    

    8.          Severability. In the event that any of the provisions of this Agreement or the Policies shall be held to be invalid or unenforceable in whole or in part, those provisions to the extent
        enforceable and all other provisions shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement or the Policies. In the event that any provision relating to a time
        period of restriction shall be declared by a court of competent jurisdiction to exceed the maximum time period such court deems reasonable and enforceable, then the time period of restriction deemed reasonable and enforceable by the court shall
        become and shall thereafter be the maximum time period.

    

    

    9.          Agreement Read and Understood. Executive acknowledges that Executive has carefully read the terms of this Agreement, that Executive has had an opportunity to consult with an attorney or
        other representative of Executive’s own choosing regarding this Agreement, that Executive understands the terms of this Agreement, and that Executive is entering this agreement of Executive’s own free will.

    

    

    10.          Complete Agreement, Modification. This Agreement is the complete agreement between Executive and Asterias on the subjects contained in this Agreement. This Agreement supersedes and
        replaces all previous correspondence, promises, representations, and agreements, if any, either written or oral with respect to Executive’s employment by Asterias or any Related Company and any matter covered by this Agreement. No provision of this
        Agreement may be modified, amended, or waived except by a written document signed both by Asterias and Executive.

    

    

    11.          Governing Law. This Agreement shall be construed and enforced according to the laws of the State of California.

    

    

    12.          Assignability. This Agreement, and the rights and obligations of Executive and Asterias under this Agreement, may not be assigned by Executive. Asterias may assign any of its rights and
        obligations under this Agreement to any successor or surviving corporation, limited liability company, or other entity resulting from a merger, consolidation, sale of assets, sale of stock, sale of membership interests, or other reorganization,
        upon condition that the assignee shall assume, either expressly or by operation of law, all of Asterias's obligations under this Agreement.

     

    
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    13.          Survival. This Section 13 and the covenants and agreements contained in Sections 4, 6, and 7 of this Agreement shall survive termination of this Agreement and Executive's employment.

    

    

    14.          Notices. Any notices or other communication required or permitted to be given under this Agreement shall be in writing and shall be mailed by certified mail, return receipt requested, or
        sent by next business day air courier service, or personally delivered to the party to whom it is to be given at the address of such party set forth on the signature page of this Agreement (or to such other address as the party shall have furnished
        in writing in accordance with the provisions of this Section 14).

     

    
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    IN WITNESS WHEREOF, Executive and Asterias have executed this Agreement on the day and year first above written.

    

    

    	
            EXECUTIVE:

          	 
	 	 	 
	
            /s/ Ryan Chavez

          	 
	
            (Signature)

          	 
	 	 	 
	
            Ryan Chavez

          	 
	
            (Please Print Name)

          	 
	 	 	 
	
            ASTERIAS:

          	 
	 	 	 
	
            Asterias Biotherapeutics, Inc.

          	 
	 	 	 
	
            s/ Michael Mulroy

          	 
	
            (Signature)

          	 
	 	 	 
	
            By:

          	
            Michael Mulroy

          	 
	
            Title:

          	
            Chief Executive Officer

          	 

    

    

  

   

    

  10EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND GENERAL RELEASE 

This is an Agreement by and among Party City Holdings Inc. and Party City Holdco Inc. (collectively, the “Company”) and Gregg A.
Melnick (“Executive”) concerning Executive’s separation from the Company. 
 1.    Separation
Date. Executive’s employment will cease as of August 31, 2018 (“Separation Date”). Except as provided below, Executive’s active participation in the Company’s benefit plans, including but not limited to vacation or
other paid time off policies, will cease as of the Separation Date. 
 2.    Severance Pay. In return for
Executive’s agreement to abide by the terms contained in this Agreement, the Company will provide the following benefits: 

a.    Severance Pay: The Company will pay Executive severance pay through January 31, 2019
(“Severance Period”) at the rate of Executive’s usual and customary regular gross weekly rate of $17,163.46 (for an aggregate gross amount of $374,164.34) (“Severance”), less all applicable state, federal, local and other
deductions payable, in the form of salary continuation over the Severance Period, with the first installment payable in arrears in the first regular payroll of the Company that occurs after this Agreement is executed and the revocation period set
forth in paragraph 19 has expired, continuing in accordance with the Company’s regular payroll practices; and 

b.    Bonus Payment: The Company will pay Executive an amount equal to 2/3 of his bonus for 2018
(for the period 1/1/18-8/31/18). Such bonus shall be paid consistent with the Company’s bonus plan for key executives as in effect as of the Separation Date with the actual amount of the bonus to be
determined in good faith by the Board of Directors or the Compensation Committee thereof in accordance with the bonus plan in effect as of the Separation Date. The bonus payment shall be payable no later than March 15, 2019. 

c.    Benefits: To the extent permitted by law, the Company will (i) maintain Executive’s
welfare benefits that had been provided to him prior to the Separation Date and, further, (ii) the Company will assume the payment obligations associated with Executive’s share of any COBRA payments due for health insurance continuation
and premiums, during that period that commences on the Separation Date through and ceasing on December 31, 2018. 

d.    No Other Compensation Due and Owing: Executive acknowledges and agrees that no compensation
or benefits are due and owing to him except as provided for herein, and that Executive has used all accrued vacation and PTO benefits. 

e.    Executive understands and agrees that no payments described in paragraph 2(a), 2(b), or 2(c)
(collectively, the “Separation Pay”) will be provided hereunder unless this Agreement is signed within the timeframe specified herein and not revoked. 

  
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 3.    General Release. In consideration of the benefits being
provided to Executive under Paragraph 2 of this Agreement, Executive, on behalf of himself and Executive’s heirs, estate, executors, beneficiaries, administrators, successors, assigns and all others connected with or claiming through Executive,
irrevocably and unconditionally releases the Company, and all of its parents, subsidiaries, or other affiliated companies, and all of their present and former owners, directors, officers, presidents, shareholders, executives, employee benefit plans
and all of the trustees, fiduciaries or administrators thereof, employees, insurers, attorneys, and agents (collectively referred to as “Releasees”), from any and all claims, actions and expenses (including attorneys’ fees and costs)
of any nature, known or unknown, which Executive may have (or may be able to bring on behalf of another person), from the beginning of time to the date this Agreement is executed, relating in any way to Executive’s employment with or separation
from the Company, or otherwise. This Release includes any claims of negligence, breach of contract, oral or written, implied or otherwise, wrongful discharge, defamation, other claims at common law and intentional torts, all statutory claims under
federal, state and local laws regulating employment, including but not limited claims under the Employee Retirement Income Security Act (“ERISA”), the Americans With Disabilities Act, the Civil Rights Act of 1964 (Title VII), Age
Discrimination in Employment Act, including the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the Fair Labor Standards Act, the New York State Human Rights Law, the New York State Labor Law, the New York Civil Rights
Law, the New York Non-Discrimination for Legal Activities Law, the New Jersey Law Against Discrimination, the New Jersey Family Leave Act, the New Jersey Conscientious Employee Protection Act, all laws in
New York and New Jersey governing wage and hour, sick leave, workers’ compensation and the New York and New Jersey Constitutions; as well as claims under any other federal, state or local statute, order or regulation pertaining to
leave or discrimination, retaliation, or harassment in employment on the basis of age, race, religion, disability, handicap, national origin, sex, sexual orientation, gender, or any other characteristic or conduct protected by law or other laws
governing employment. Executive waives any and all right to future employment with the Company, and agrees not to seek reinstatement with the Company. Nothing in this Release affects Executive’s rights to vested benefits provided in accordance
with the terms of an employee benefit plan subject to ERISA, if any, except as provided herein. 

4.    Responsibility for Taxes and Indemnification. Executive acknowledges and agrees that no representations or
advice have been made concerning the taxability or applicable tax rate of the payments specified in paragraph 2. Executive further represents that no liens have attached to the Separation Pay and acknowledges and agrees that Executive shall be
solely responsible for payment of any liens which have or may attach to these payments, including, but not limited to, liens for medical bills or disability benefits, taxes, and/or attorneys’ fees. In the event the Internal Revenue Service, or
any other taxing entity, including, but not limited to, the New Jersey Department of Taxation, or any court or other tribunal of competent jurisdiction, determines that all or part of the above payments specified in paragraph 2 constitute
remuneration for which a lien has attached or any taxes are due and owing in excess of the withholdings taken from the Severance Pay, Executive shall be solely responsible for the payment of such liens or taxes. Executive agrees to make no claim
against Releasees for payment of any such liens or taxes, or for the payment of any applicable interest or penalties. Executive agrees to fully indemnify the Releasees for any amounts paid, including, but not limited to, interest and penalties, in
connection with any taxes or liens found to be due and owing by it with respect to the payments specified in paragraph 2. In the event it is ultimately determined that any liens or taxes are due and owing with respect to those payments, the validity
of this Agreement shall not be affected in any way. 

  
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 5.    Forfeiture of Rights Under the Long Term Incentive
Agreement. Executive has executed a Restricted Stock Award Agreement (Time and Performance-Based Vesting) dated April 20, 2018 (the “RSA”). Notwithstanding the foregoing, Executive hereby acknowledges and agrees that, as of the
Separation Date, he has not vested in any portion of the RSA. Accordingly, Executive agrees that as of the Separation Date he shall forfeit all rights which he has, or to which he may have, under the RSA. 

6.    Extension of Post-Termination Exercise Periods. Executive was awarded certain
non-qualified stock options (“Options”) pursuant to Nonqualified Stock Option Award Agreements dated April 1, 2013 and April 15, 2015 (collectively, the “Award Agreements”).
Pursuant to the terms of the Award Agreements and the Party City Holdco Inc. Amended and Restated 2012 Omnibus Equity Incentive Plan (the “Plan”), Executive may exercise all or any part of the Vested Portion (as defined in the Award
Agreements) of the Options prior to the date that is sixty (60) days following the Separation Date. Notwithstanding the terms of the Award Agreements and the Plan, Executive and Company have agreed to amend the post-termination exercise period
for the Vested Portion of the Options until the date that is sixty (60) days following the end of the Severance Period and this Section 6 shall be deemed to be an amendment of the Award Agreements to effectuate such change. The parties
agree that any Vested Portion of any Option granted to Executive not exercised within such extended time period shall be forfeited. Further, Executive acknowledges and agrees that any Unvested Portion (as defined in the Award Agreements) of the
Options shall be forfeited as of the Separation Date and that Executive shall not accrue additional vesting during the Severance Period. For the avoidance of doubt, as of the date hereof, Executive and Company agree that the Vested Portion consists
of time-vested options on 179,200 shares from the 2013 grant and time-vested options on 193,200 shares from the 2015 grant; further, as of the date hereof, Executive and Company agree that the unvested portion of the Award Agreements consists of
performance-vested options on 336,000 shares from the 2013 grant and time-vested options on 128,800 shares from the 2015 grant. 

7.    Confidentiality of Agreement. Executive promises not to discuss or disclose the amount or nature of the
benefits paid to Executive under this Agreement to any person other than Executive’s spouse and Executive’s attorney and/or financial advisor, should one be consulted, provided that those to whom Executive makes such disclosure agree to
keep said information confidential and not disclose it to others. 
 8.    No Claims. Executive represents that
Executive does not currently suffer from any work related injury, and has been paid all wages and benefits due and owing up through the date of the Agreement. Executive affirms, by signing this Agreement, that no claims of any kind including, but
not limited to, those relating to or arising out of Executive’s employment with the Company or the termination thereof, are currently pending against any of the Releasees and that, to the extent permitted by law, Executive agrees not to file
any such actions in any court on behalf of himself or any other person for Executive’s monetary benefit or for any other purpose to the extent permitted by law. This does not apply to any claims which may not lawfully be released, waived or
discharged by Executive including any claims which could be brought on his behalf by the Equal Employment Opportunity Commission; however, Executive hereby explicitly agrees to waive any right to monetary damages that any agency may recover against
Releasees without regard as to who brought any said complaint or charge. 

  
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 9.    Non-Disparagement.
Neither party shall disparage the other party or any of his or its current or former officers, directors, employees, customers or potential customers, the general public, vendors or any other person. For the purposes of this paragraph, disparagement
shall include, without limitation, any statement denigrating the Executive or the products or services of the Company and its affiliates, criticizing the financial status or management of the Executive, the Company or their affiliates, or
criticizing the customers or vendors or vendors of the Executive, the Company or their affiliates. Neither party shall make any willfully false statements to any person about other party or any of his or its current or former officers, directors,
employees, customers or potential customers, vendors or the professional abilities of same. Nothing in this paragraph shall prohibit either party from making any statement as may be required for any legitimate law enforcement purpose or in response
to a valid subpoena or court order. 
 10.    No Admission of Liability. By this Agreement, the Company does not
admit to any misconduct or violation of any law, regulation, or Company agreement, policy, or procedure and specifically denies any misconduct or violation of any law. Accordingly, this Agreement shall not be admissible in court as an admission, but
only in an action to enforce it. Executive shall not be considered a prevailing party or a successful party. 

11.    No Rights Under Employment Agreement. Executive hereby acknowledges and understands that the Employment
Agreement between him and the Company expired as of December 31, 2017 and that he has no rights thereunder and that there are no payments or obligations due to him thereunder. 

12.    Confidential Information and Trade Secrets. Each party acknowledges that during the course of
Executive’s employment, each party has had access to the other party’s confidential information and trade secrets. Each party agrees not to use for any purpose or to disclose the other party’s “Confidential Information and Trade
Secrets” to any third party. For purposes of this Agreement, “Confidential Information and Trade Secrets” includes any and all information of the other party that is not generally available to the public, including, without
limitation, including, but not limited to, business plans, software programs, sales, marketing and pricing information, vendor and distributor contracts, manufacturing processes, intellectual property, client lists/information, client marketing
materials, confidential information disclosed to the Company by third parties, and financial statements. Confidential Information and Trade Secrets shall not include any material or information that has entered the public domain through no fault of
either party. The parties agree that it shall not be a violation of this Agreement for either party to disclose the other Party’s Confidential Information and Trade Secrets in any of the following cases: 

a.    where disclosure is made in confidence to a Federal, State, or local government official, either
directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; 

  
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 b.    where disclosure is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal; or 
 c.    where
disclosure is to Executive’s attorney who is representing Executive in a claim that the Company retaliated against Executive for reporting a suspected violation of law. Executive or Executive’s attorney may use the Confidential Information
and Trade Secrets in the court proceeding without violating this Agreement, only if any document containing the trade secret is filed under seal and Executive or Executive’s attorney does not disclose the Confidential Information and Trade
Secrets, except pursuant to court order 
 provided that, in each case, notwithstanding this immunity from liability, Executive may be held liable if
Executive unlawfully accesses trade secrets by unauthorized means. 
 13.    Return of Company Property/Confidential
Information. All written materials, records and documents made by Executive or coming into Executive’s possession during Executive’s employment by the Company concerning the business or affairs of the Company are the sole property of
the Company. Executive represents that Executive either has returned or shall deliver the same to the Company by the Separation Date, without retaining any copies. Executive also agrees that Executive either has or will return any and all of the
Company’s physical property of the Company in Executive’s possession, such as keys, computer equipment, access cards, and credit cards by the Separation Date. Executive understands that his access to the Company email and computer systems
shall cease as of the Separation Date and he agrees to provide the Company with all passwords used to access any Company information. Executive understands and agrees that no Severance Pay shall be paid until all of the Company’s property has
been returned. 
 14.    Noncompetition; Nonsolicitation. 

a    Non-Competition. For eighteen (18) months following the Separation Date, Executive shall
not directly or indirectly participate in or permit his name directly or indirectly to be used by or become associated with (including as an advisor, representative, agent, promoter, independent contractor, provider of personal services or
otherwise) any person, corporation, partnership, firm, association or other enterprise or entity (a “person”) that is, or intends to be, engaged in any business which is in competition with any business of the Company or controlled
affiliates with respect to any geographic area in which the Company, or any of its respective subsidiaries or controlled affiliates operate, compete or are engaged in such business or at such time intend so to operate, compete or become engaged in
such business (a “Competitor”); provided, however, that the foregoing will not prohibit Executive from participating in or becoming associated with a person if (i) less than 10% of the consolidated gross revenues of such
person, together with its affiliates, derive from activities or businesses that are in competition with any business of the Company or any of its subsidiaries or controlled affiliates (a “Competitive Business”) and (ii) the Company
does not, directly or indirectly, participate in, become associated with, or otherwise have responsibilities that relate to the conduct or operations of, any Competitive Business that is conducted by such person or a division, group, or subsidiary
or affiliate of such person. For purposes of this Agreement, the term “participate” includes any direct or indirect interest, whether as an officer, director, employee, partner, sole proprietor, trustee, beneficiary, agent, representative,
independent contractor, consultant, advisor, provider of personal services, creditor, or owner (other than by ownership of less than five percent of the stock of a publicly-held corporation whose stock is traded on a national securities exchange or
in an over-the-counter market). 

  
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b.    Non-Solicitation. For eighteen (18) months
following the Separation Date, Executive shall not, directly or indirectly, encourage or solicit, or assist any other person or firm in encouraging or soliciting, any person that during the three-year period preceding the Separation Date is or was
engaged in a business relationship with the Company or any of its respective subsidiaries or controlled affiliates to terminate its relationship with the Company or any of its respective subsidiaries or controlled affiliates or to engage in a
business relationship with a Competitor. 
 c.    No Hire. For eighteen (18) months
following the Separation Date, Executive will not, except with the prior written consent of the Company, directly or indirectly, induce any employee of the Company, any of its respective subsidiaries or controlled affiliates to terminate employment
with such entity, and will not, directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, employ, offer employment or cause employment to be offered to any person (including employment as an independent
contractor) who is or was employed by the Company or any of its respective subsidiaries or controlled affiliates unless such person shall have ceased to be employed by such entity for a period of at least twelve months. For purposes of this
paragraph, “employment” shall be deemed to include rendering services as an independent contractor and “employees” shall be deemed to include independent contractors. 

d.    Enforcement; Injunctive Relief. Executive acknowledges and agrees that the covenants and
obligations in this Agreement with respect to non-competition, nonsolicitation and confidentiality and with respect to the property of the Company and its subsidiaries and controlled affiliates, and the
territories covered thereby, are fair and reasonable and the result of negotiation. Executive further acknowledges and agrees that the covenants and obligations of Executive in this Agreement with respect to noncompetition, nonsolicitation and
confidentiality and with respect to the property of the Company and its respective subsidiaries and controlled affiliates, and the territories covered thereby, relate to special, unique and extraordinary matters and that a violation of any of the
terms of such covenants and obligations will cause the Company, and its respective subsidiaries and affiliates irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to
an injunction, restraining order or such other equitable relief as a court of competent jurisdiction may deem necessary or appropriate, in each case, without the necessity of posting bond, to restrain Executive from committing any violation of such
covenants and obligations. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. If, at the time of enforcement of this section, a court holds that any of the
restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope, and/or geographical area legally permissible under such circumstances will be substituted for the period, scope
and/or area stated herein. The applicable periods of restriction set forth herein will be tolled and will not run during any period during which Executive is in violation of such restriction. 

  
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 15.    Cooperation. Executive agrees, upon reasonable notice, to
cooperate in any Company investigation or any litigation, arbitration, or regulatory proceeding in which Company is or may become involved, regarding events that occurred during Executive’s tenure with Company. Executive agrees to make
himself reasonably available to consult with Company’s representatives, including its counsel, to provide information, and to appear to give testimony. Company will reimburse Executive for reasonable out-of-pocket expenses that Executive incurs in extending such cooperation, so long as Executive provides written notice of his request for reimbursement and provide satisfactory documentation of the
expenses. 
 16.    Indemnification. The Company shall indemnify, defend and hold harmless Executive from and
against any and all against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including attorneys’ fees
(“Losses”), that are actually incurred by Executive after his Separation Date and which losses arise out of or relate to Executive’s employment with the Company. 

17.    Receipt of Process. In the event that Executive receives legal process seeking disclosure or production of
this Agreement or any event regarding Executive’s employment with the Company, he agrees to notify the Company of any such proceedings within forty-eight (48) hours of being noticed of such proceeding, and refrain from disclosing any
information in response to such process (if lawful to do so) until the Company has had an opportunity to contest such process or notifies Executive that it will not contest such process. Notice by Executive, as referenced in this paragraph, shall be
given to Joseph J. Zepf, Esq., Party City Holdings Inc. 80 Grasslands Road, Elmsford, NY 10523, by either hand delivery or overnight delivery. 

18.    Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of
1986, as amended (Section 409A) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made
upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as
a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made
under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided
under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of
non-compliance with Section 409A. 
 19.    Agreement Construction.
This Agreement constitutes the entire agreement by and among the parties, and may not be modified, altered, or changed, except upon the written consent of all parties hereto. This Agreement supersedes all prior agreements between Executive and the
Company, except that it does not supersede any confidentiality or restrictive covenant agreements executed by Executive unless specifically noted in this Agreement. The parties agree that there shall be no presumption against the drafter of this
Agreement. If any part of this Agreement is found by a court to be void or unenforceable, the remaining parts shall be binding on the parties. 

  
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 20.    Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. Any dispute arising out of or relating to this Agreement or its breach, interpretation, termination or validity shall be brought
in the United States District Court for the Southern District of New York or the Supreme Court of New York. 

21.    Voluntariness. Please read this document carefully. This is a legal document that includes a release of
known and unknown claims. This Agreement may not be signed prior to the Separation Date. Executive has the right and is advised to review this document with an attorney. Executive, through the signature below, represents that Executive has read
this Agreement and fully understands and voluntarily agrees to its terms. Executive understands that Executive is entitled to consider this Agreement for twenty-one days (21), and that the Agreement may be
revoked in writing within seven (7) days of executing it. Any revocation must be in writing and received by Joseph J. Zepf, Esq. within the seven-day period. This Agreement shall not become effective or
enforceable until the expiration of this seven-day period. Executive fully understands all of the terms and intent of this Agreement and executes it voluntarily, without coercion or duress, and with full
knowledge of its significance and further acknowledges that he is receiving consideration in addition to anything of value to which he is already entitled by virtue of his employment with the Company or otherwise. Executive represents that Executive
is competent to understand this agreement and to agree to be bound by this Agreement. Executive represents and acknowledges that Executive does not rely and has not relied upon any representation or statement made by the Company or by any of the
Company’s agents, representatives or attorneys with regard to the subject matter, basis, or effect of this Agreement or otherwise, other than as specifically stated in this written Agreement. 

This Agreement contains the complete understanding between Company and Executive, and no other promises or agreements shall be binding unless signed by the
parties hereto. In signing this Agreement, the parties are not relying on any fact, statement, or assumption not set forth in this Agreement. By signing below, Company and Executive indicate that they have carefully read and understood the terms of
this Agreement, enter into this Agreement knowingly, voluntarily, and of their own free will, understand its terms and significance and intend to abide by its provisions without exception. 

 

									
	Party City Holdings Inc.	 		 	Gregg A. Melnick
	Party City Holdco Inc.	 		 		 	
					
	By:	 	/s/ James Harrison	 		 	By:	 	/s/ Gregg A. Melnick
	Dated: August 31, 2018	 		 	Dated: August 30, 2018

  

  
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