Document:

EX-4.3

 Exhibit 4.3 

CUSIP / ISIN NO. 579780 AS6 / US579780AS64 
 REGISTERED 

PRINCIPAL AMOUNT U.S. $500,000,000 
 No. 1 

McCORMICK & COMPANY, INCORPORATED 

U.S. $500,000,000 1.850% NOTES DUE 2031 

If the registered owner of this Security (as indicated below) is The Depository Trust Company (the “Depository”) or a nominee of the
Depository, this Security is a Global Security and the following two legends apply: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITORY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR. 

IF APPLICABLE, THE “TOTAL AMOUNT OF OID”, “YIELD TO MATURITY” AND “INITIAL ACCRUAL PERIOD OID” (COMPUTED UNDER THE APPROXIMATE
METHOD) BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”) RULES. 
  

			
	ISSUE PRICE: $496,060,000	  	OPTION TO ELECT REPAYMENT:
		  	☐ YES ☒ NO
		
	ORIGINAL ISSUE DATE: February 11, 2021	  	OPTIONAL AT ANY TIME REPAYMENT DATES:
		
	STATED MATURITY DATE: February 15, 2031	  	MINIMUM DENOMINATION:
		  	 ☐ $1,000
 ☒ Other:
$2,000

		
	 SPECIFIED CURRENCY:
 United States Dollars:

☒ YES ☐ NO
	  	 ADDITIONAL AMOUNTS:
  

DEFEASANCE: ☒ YES ☐ NO

		
	Foreign Currency:	  	COVENANT DEFEASANCE:
		  	☒ YES ☐ NO
		
	EXCHANGE RATE AGENT:	  	TOTAL AMOUNT OF OID:
		
	 OPTION TO RECEIVE PAYMENTS IN SPECIFIED

CURRENCY OTHER THAN U.S. DOLLARS: ☐ YES

☒ NO
	  	YIELD TO MATURITY: 1.937%

			
		  	INITIAL ACCRUAL PERIOD OID:
	INTEREST RATE: 1.850%	  	  
 SINKING FUND: None

		
	PRINCIPAL FINANCIAL CENTER:	  	
		
	 INTEREST PAYMENT DATES
 February 15
AND August 15
	  	
		
	 REGULAR RECORD DATES
 February 1 AND
August 1
	  	
		
	OPTIONAL REDEMPTION: ☒ YES ☐ NO	  	
		
	INITIAL REDEMPTION DATE:	  	
		
	INITIAL REDEMPTION PERCENTAGE:	  	
		
	 ANNUAL REDEMPTION PERCENTAGE

REDUCTION:
	  	

 OTHER/DIFFERENT PROVISIONS: 

McCORMICK & COMPANY, INCORPORATED, a Maryland corporation (herein referred to as the “Company”, which term includes any
successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on the Stated Maturity Date shown above (except to the
extent redeemed or repaid prior to the Stated Maturity Date) and to pay interest, if any, thereon at the Interest Rate shown above from the Original Issue Date shown above or from the most recent Interest Payment Date to which interest, if any, has
been paid or duly provided for, semi-annually on February 15 and August 15 of each year (each, an “Interest Payment Date”) until the principal hereof is paid or made available for payment and on the Stated Maturity Date, any
Redemption Date or Repayment Date (such terms are together hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date); provided, however, that any payment of principal (or premium, if any) or
interest, if any, to be made on any Interest Payment Date or on the Maturity Date that is not a Business Day (as defined below) shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date
or the Maturity Date, as the case may be, and no additional interest, if any, shall accrue on the amount so payable as a result of such delayed payment. For purposes of this Security, unless otherwise specified on the face hereof, “Business
Day” means any day that is not a Saturday or Sunday and that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City of New York; provided, however,
that, if the Specified Currency shown above is a foreign currency, such day is also not a day on which commercial banks are authorized or required by law, regulation or executive order to close in the Principal Financial Center (as defined below) of
the country issuing the Specified Currency (or, if the Specified Currency is the euro, such day is also a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) system is open). “Principal Financial
Center” means the capital city of the country issuing the Specified Currency except that with respect to United States dollars, Australian dollars, Canadian dollars, Deutsche marks, Dutch guilders, South African rand and Swiss francs, the
“Principal Financial Center” shall be The City of New York, Sydney and (solely in the case of the Specified Currency) Melbourne, Toronto, Frankfurt, Amsterdam, Johannesburg and Zurich, respectively. 

Any interest hereon will accrue from, and including, the immediately preceding Interest Payment Date in respect of which interest, if any, has
been paid or duly provided for (or from, and including, the Original Issue Date if no interest has been paid or duly provided for) to, but excluding, the succeeding Interest Payment Date or the Maturity Date, as the case may be. The interest, if
any, so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture and subject to certain exceptions described herein (referred to on the reverse hereof), be paid to the person (the
“Holder”) in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the February 1 and August 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date (unless other Regular Record Dates are specified on the face hereof) (each, a “Regular Record Date”); provided, however, that, if this Security was issued between a Regular Record Date and the initial Interest Payment Date
relating to such Regular Record Date, interest, if any, for the period beginning on the Original Issue 

  
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Date and ending on such initial Interest Payment Date shall be paid on the Interest Payment Date following the next succeeding Regular Record Date to the Holder hereof on such next succeeding
Regular Record Date; and provided further that interest, if any, payable on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. Any such interest not so punctually paid or duly provided for on any Interest
Payment Date other than the Maturity Date (“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee (referred to on the reverse hereof), notice whereof shall be
given to the Holder of this Security not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 

Unless otherwise specified above, all payments in respect of this Security will be made in U.S. dollars regardless of the Specified Currency
shown above unless the Holder hereof makes the election described below. If the Specified Currency shown above is other than U.S. dollars, the Exchange Rate Agent (referred to on the reverse hereof) will arrange to convert any such amounts so
payable in respect hereof into U.S. dollars in the manner described on the reverse hereof; provided, however, that the Holder hereof may, if so indicated above, elect to receive all or any specified portion of any payment of principal, premium, if
any, and/or interest, if any, in respect of this Security in such Specified Currency by delivery of a written request to the corporate trust office of the Trustee in St. Paul, Minnesota, currently the office of the Trustee located at U.S. Bank,
Global Corporate Trust Services, 111 Fillmore Avenue E, St. Paul, Minnesota 55107, or at such other office as the Company may determine, on or prior to the applicable Regular Record Date or at least fifteen days prior to the Maturity Date, as the
case may be. Such request may be in writing (mailed or hand delivered) or by electronic mail or other form of facsimile transmission. The Holder hereof may elect to receive payment in such Specified Currency for all principal, premium, if any, and
interest payments, if any, and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Trustee, but written notice of any such revocation must be received by the Trustee on or
prior to the applicable Regular Record Date or at least fifteen days prior to the Maturity Date, as the case may be. 
 Notwithstanding the
foregoing, if the Company determines that the Specified Currency is not available for making payments in respect hereof due to the imposition of exchange controls or other circumstances beyond the Company’s control, or is no longer used by the
government of the country issuing such currency or for the settlement of transactions by public institutions of or within the international banking community, then the Holder hereof may not so elect to receive payments in the Specified Currency and
any such outstanding election shall be automatically suspended, until the Company determines that the Specified Currency is again available for making such payments. Any payment made under such circumstances in U.S. dollars where the required
payment is in a Specified Currency will not constitute a default under the Indenture. 
 In the event of an official redenomination of the
Specified Currency, the obligations of the Company with respect to payments on this Security, in all cases, shall be deemed immediately following such redenomination to provide for payment of that amount of redenominated currency representing the
amount of such obligations immediately before such redenomination. In no event shall any adjustment be made to any amount payable hereunder as a result of any change in the value of the Specified Currency shown above relative to any other currency
due solely to fluctuations in exchange rates. 
 Until this Security is paid in full or payment therefor in full is duly provided for, the
Company will at all times maintain a Paying Agent (which Paying Agent may be the Trustee) in St. Paul, Minnesota, currently the office of the Trustee located at U.S. Bank, Global Corporate Trust Services, 111 Fillmore Avenue E, St. Paul, Minnesota
55107, or at such other office as the Company may determine (which, unless otherwise specified above, shall be the “Place of Payment”). The Company has initially appointed U.S. Bank National Association, at its office in St. Paul,
Minnesota, currently the office of the Trustee located at U.S. Bank, Global Corporate Trust Services, 111 Fillmore Avenue E, St. Paul, Minnesota 55107, or at such other office as the Company may determine as Paying Agent. 

Unless otherwise shown above, payment of interest on this Security (other than on the Maturity Date) will be made by check mailed to the
registered address of the Holder hereof as of the Regular Record Date; provided, however, that, if (i) the Specified Currency is U.S. dollars and this is a Global Security (as defined on the reverse hereof) or (ii) the Specified Currency
is a Foreign Currency, and the Holder has elected to receive payments in such Specified Currency as provided for above, such interest payments will be made by transfer of immediately available funds, but only if appropriate wire transfer
instructions have been received in writing by the Trustee on or prior to the applicable Regular Record Date. Simultaneously with any election by the Holder hereof to receive payments in respect hereof in the Specified Currency (if other than U.S.
dollars), such Holder may provide appropriate wire transfer instructions to the Trustee, and all such payments will be made in immediately available funds to an account maintained by the payee with a bank, but only if such bank has appropriate
facilities therefor. Unless otherwise specified above, the principal hereof (and premium, if any) and interest, if any, hereon payable on the Maturity Date will be paid in immediately available funds upon surrender of this Security at the office of
the Trustee maintained for that purpose in St. Paul, Minnesota, currently the office of the 

  
 3 

 
Trustee located at U.S. Bank, Global Corporate Trust Services, 111 Fillmore Avenue E, St. Paul, Minnesota 55107, or at such other office as the Company may determine. The Company will pay any
administrative costs imposed by banks in making payments in immediately available funds but, except as otherwise provided under Additional Amounts above, any tax, assessment or governmental charge imposed upon payments will be borne by the Holders
of the Securities in respect of which such payments are made. 
 Interest on this Security, if any, will be computed on the basis of a 360-day year of twelve 30-day months. 
 REFERENCE IS HEREBY MADE
TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
facsimile corporate seal. 
  

			
	McCORMICK & COMPANY, INCORPORATED
		
	By:	 	  

		 	 Name: Michael R. Smith
 Title: Executive Vice
President and Chief Financial Officer

  

			
	By:	 	  

		 	 Name: Robert P. Conrad
 Title: Vice President
and Treasurer

  

			
	Attest:	 	  

		 	 Name: Jeffery D. Schwartz
 Title: Vice
President, General Counsel &
 Secretary

 Dated:            , 2021 

[Signature page to Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture
	
	 U.S. Bank National Association,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

 Dated:            , 2021 

  
 6 

 McCORMICK & COMPANY, INCORPORATED 

U.S. $500,000,000 1.850% NOTE DUE 2031 

Section 1. General. This Security is one of a duly authorized issue of securities (herein called the “Securities”) of
the Company, issued and to be issued in one or more series under that certain Indenture, dated as of July 8, 2011, as it may be supplemented from time to time (herein called the “Indenture”), between the Company and U.S. Bank National
Association, Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture with respect to a series of which this Security is a part), to which Indenture and all indentures supplemental thereto,
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. 
 Section 2. Payments. If the Specified Currency is other than U.S. dollars and the Holder hereof
fails to elect payment in such Specified Currency in accordance with the procedures set forth on the face hereof, the amount of U.S. dollar payments to be made in respect hereof will be determined by the Exchange Rate Agent specified on the face
hereof or a successor thereto (the “Exchange Rate Agent”) based on the highest bid quotation in The City of New York at approximately 11:00 A.M., New York City time, on the second Business Day preceding the applicable payment date
received by the Exchange Rate Agent from three recognized foreign exchange dealers (one of whom may be the Exchange Rate Agent) selected by the Exchange Rate Agent and approved by the Company for the purchase by the quoting dealer of the Specified
Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Specified Currency payable to all holders of Securities scheduled to receive U.S. dollar payments and at which the applicable dealer commits to execute a
contract. If three such bid quotations are not available, payments will be made in the Specified Currency. 
 If the Specified Currency is
other than U.S. dollars and the Holder hereof has elected payment in such Specified Currency in accordance with the procedures set forth on the face hereof and the Specified Currency is not available due to the imposition of exchange controls or to
other circumstances beyond the Company’s control, the Company will be entitled to satisfy its obligations to the Holder of this Security by making such payment in U.S. dollars on the basis of the noon buying rate in The City of New York for
wire transfers of such Specified Currency as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York (the “Market Exchange Rate”) as computed by the Exchange Rate Agent on
the second Business Day prior to the applicable payment date or, if the Market Exchange Rate is then not available, on the basis of the most recently available Market Exchange Rate or as otherwise indicated above. Any payment made under such
circumstances in U.S. dollars where the required payment is in a Specified Currency will not constitute a default under the Indenture. 

All determinations referred to above made by the Exchange Rate Agent shall be at its sole discretion (except to the extent expressly provided
that any determination is subject to approval by the Company) and, in the absence of manifest error, shall be conclusive for all purposes and binding on the Holder of this Security, and the Exchange Rate Agent shall have no liability therefor. 

All currency exchange costs will be borne by the Company. 

References herein to “U.S. dollars” or “U.S. $” or “$” are to the currency of the United States of America. 

Section 3. Optional Redemption. If so specified on the face hereof, at any time prior to November 15, 2030 (the date that is
three months prior to their maturity date), the Company may at its option redeem this Security in whole or from time to time in part in increments of $1,000 (provided that any remaining principal amount of this Security shall not be less than the
Minimum Denomination specified on the face hereof) at a Redemption Price equal to the greater of (i) 100% of the principal amount hereof and (ii) the sum of the present values of the remaining scheduled payments of principal and interest
thereon from the Redemption Date to the Par Call Date, as defined below, (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus, in either case, accrued and unpaid interest thereon to the Redemption Date. At any time on or after November 15, 2030
(the date that is three months prior to their maturity date) (the “Par Call Date”), this Security may be redeemed, in whole or in part, at any time and from time to time, at the option of the Company at a redemption price equal to 100% of
the principal amount hereof plus accrued interest to the date of redemption which has not been paid. The Company may exercise its redemption options by causing the Trustee to mail a notice of such redemption at least 15 days but not more than 60
days prior to the Redemption Date. In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. If less than
all of the Securities with like tenor and terms to this Security are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate. However, if less than all the
Securities of the series with differing tenor and terms to this Security are to be redeemed, then the Company in its sole discretion shall select the particular Securities to be redeemed and shall notify the Trustee in writing thereof at least 45
days prior to the relevant Redemption Date. 

  
 7 

 For purposes of the foregoing: 

“Treasury Rate” means, with respect to any Redemption Date, (a) the yield, under the heading which represents the average for
the immediately preceding week, appearing in or available through the most recently published statistical release published by the Board of Governors of the Federal Reserve System designated as “H.15” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month),
or (b) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third business day
preceding the Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term (the “Remaining Life”) of the notes to be redeemed (assuming the notes matured on the Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such notes (assuming this Security matured on the Par Call Date). 

“Independent Investment Banker” means any of BofA Securities, Inc., Truist Securities, Inc. or Wells Fargo Securities, LLC or any of
their respective successors, or if any such firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with us. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 “Reference Treasury Dealer” means each of (1) BofA Securities, Inc.; (2) Wells Fargo Securities, LLC; (3) a Primary
Treasury Dealer (as defined below) selected by Truist Securities, Inc., and each of their respective successors and affiliates and (4) one other primary U.S. Government securities dealer in The City of New York (a “Primary Treasury
Dealer”); provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, we shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York time,
on the third business day preceding such Redemption Date. 
 Section 4. Repayment. If so specified on the face hereof, this
Security shall be repayable prior to the Stated Maturity Date at the option of the Holder on each applicable Optional Repayment Date shown on the face hereof at a repayment price equal to 100% of the principal amount to be repaid, together with
accrued interest, if any, to the Repayment Date. In order for this Security to be repaid, the Trustee must receive at least 30 but not more than 45 days prior to an Optional Repayment Date, this Security with the form attached hereto entitled
“Option to Elect Repayment” duly completed. Any tender of this Security for repayment shall be irrevocable. The repayment option may be exercised by the Holder of this Security in whole or in part in increments of $1,000 (provided that any
remaining principal amount of this Security shall not be less than the Minimum Denomination specified on the face hereof). Upon any partial repayment, this Security shall be canceled and a new Security or Securities for the remaining principal
amount hereof shall be issued in the name of the Holder of this Security. 

  
 8 

 Section 5. Change of Control Redemption. If a Change of Control Triggering Event, as
defined below, occurs, unless the Company has redeemed all of the Securities as described above, each Holder of this Security will have the right to require the Company to repurchase all or any part (equal to $2,000 or integral multiple of $1,000 in
excess thereof) of this Security pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of
the aggregate principal amount of this Security repurchased plus accrued and unpaid interest, if any, on the Security repurchased, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event, the Company will send notice of such Change of Control Offer (the “Change of Control Offer Notice”) by first-class mail, with a copy to the Trustee, to each Holder of this Security to the address of such Holder appearing
in the security register or otherwise in accordance with the procedures of The Depository Trust Company (the “Depositary”) with a copy to the Trustee, with the following information: (a) that the Change of Control Offer is being made
pursuant to the provisions of the Indenture and that each Security properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Company; (b) the date of the Change of Control Triggering Event; (c) the
date, which will be no earlier than 30 days and no later than 60 days after the date the Change of Control Offer Notice is mailed, by which the Company must purchase the Security (the “Change of Control Payment Date”); (d) the price
that the Company must pay for the Security the Company is obligated to purchase; (e) the name and address of the Trustee; (f) that any Security not properly tendered will remain outstanding and continue to accrue interest; (g) that
unless the Company defaults in the payment of the Change of Control Payment, each Security accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; (h) the procedures for
surrendering the Security for payment; and (i) the procedures by which a Holder may withdraw such a tender after it is given. 
 The
Company must comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the purchase of this Security as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Security, the Company will be
required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of this Security by virtue of such conflicts. 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to: (a) accept for payment all or a part of
this Security properly tendered pursuant to the Change of Control Offer; (b) deposit with the Trustee or a paying agent an amount equal to the Change of Control Payment in respect of all or the part of this Security properly tendered; and
(c) deliver or cause to be delivered to the Trustee each Security properly accepted. 
 For purposes of the foregoing: 

“Below Investment Grade Rating Event” means this Security is rated below an Investment Grade Rating by each of the Rating Agencies on
any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control
(which 60-day period shall be extended so long as the rating of this Security is under publicly announced consideration for possible downgrade by either of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) 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 (as such term is
used in Section 13(d) of the Exchange Act) other than the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person (as
such term is used in Section 13(d) of the Exchange Act) becomes the beneficial owner (subject to the exclusions from beneficial ownership as set forth in the Company’s Articles of Restatement, as amended (“Charter”)), directly or
indirectly, of more than 50% of the combined voting power of all of the Company’s capital stock after giving effect to the automatic conversion of Common Stock Non-Voting into Common Stock as provided in
the Company’s Charter; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of such Board of Directors on the date of the issuance of this Security; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such
nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 

  
 9 

 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate
this Security or fails to make a rating of this Security publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means S&P Global Ratings (acting through Standard & Poor’s Financial Services LLC), a division of
S&P Global Inc., and its successors. 
 Section 6. Discount Securities. If this Security (such a Security being referred to
as a “Discount Security”) (a) has been issued at an Original Issue Price lower, by more than a de minimis amount (as determined under U.S. federal income tax rules applicable to original issue discount instruments), than the
stated redemption price at maturity (as defined below) hereof and (b) would be considered an original issue discount security for U.S. federal income tax purposes, then the amount payable on this Security in the event of redemption by the
Company, repayment at the option of the Holder or acceleration of the maturity hereof, in lieu of the principal amount due at the Stated Maturity Date hereof, shall be the Amortized Face Amount (as defined below) of this Security as of the date of
such redemption, repayment or acceleration. The “Amortized Face Amount” of this Security shall be the amount equal to the sum of (a) the Issue Price (as set forth on the face hereof) plus (b) the aggregate of the portions of the
original issue discount (the excess of the amounts considered as part of the “stated redemption price at maturity” of this Security within the meaning of Section 1273(a)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”), whether denominated as principal or interest, over the Issue Price of this Security) which shall theretofore have accrued pursuant to Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from
the date of issue of this Security to the date of determination, minus (c) any amount considered as part of the “stated redemption price at maturity” of this Security which has been paid on this Security from the date of issue to the
date of determination. 
 Section 7. Modification and Waivers; Obligation of the Company Absolute. The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series. Such amendment may be effected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of Outstanding Securities of each series affected thereby. The Indenture also contains provisions permitting the Holders of not less
than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. Provisions in the
Indenture also permit the Holders of not less than a majority in principal amount of all Outstanding Securities of any series to waive on behalf of all of the Holders of Securities of such series certain past defaults under the Indenture and their
consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Security and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 The Securities are unsecured and rank pari
passu with all other unsecured and unsubordinated indebtedness of the Company. 
 No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest, if any, on this Security at the times, place and rate, and in the
Specified Currency herein prescribed, except as set forth in Section 2 hereof. 
 Section 8. Defeasance and Covenant
Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the related defaults and Events of Default, upon compliance
by the Company with certain conditions set forth therein, which provisions apply to this Security, unless otherwise specified on the face hereof. 

Section 9. Minimum Denomination; Authorized Denominations. Unless otherwise provided on the face hereof, this Security is issuable
only in registered form without coupons in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000. If this Security is denominated in a Specified Currency other than U.S. dollars or is a Discount Security,
this Security shall be issuable in the denominations set forth on the face hereof. 
 Section 10. Registration of Transfer. As
provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of transfer at a Place of Payment for
the series of Securities of which this Security forms a part, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Securities of this series, of like authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 10 

 If the registered owner of this Security is the Depository (such a Security being referred
to as a “Global Security”), and (i) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by the Company within 90 days following notice to the Company or (ii) an
Event of Default occurs, the Company will issue Securities in certificated form in exchange for this Global Security. In addition, the Company may at any time, and in its sole discretion, determine not to have Securities represented by a Global
Security and, in such event, will issue Securities in certificated form in exchange in whole for this Global Security. In any exchange pursuant to this paragraph, the Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities of this series in exchange for this Global Security, will authenticate and deliver individual Securities of this series in certificated form in an aggregate principal amount equal to the principal
amount of this Global Security in exchange herefor. Securities issued in exchange for this Global Security pursuant to this paragraph shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in this Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. For purposes of the Indenture, this Global Security
constitutes a Security issued in permanent global form. Securities so issued in certificated form will be issued in denominations of $2,000 (or such other denomination as shall be specified on the face hereof) or any amount in excess thereof which
is an integral multiple of $1,000 and will be issued in registered form only, without coupons. 
 As provided in the Indenture and subject
to certain limitations therein and herein set forth, this Security is exchangeable for a like aggregate principal amount of Securities of this series of different authorized denominations but otherwise having the same terms and conditions, as
requested by the Holder hereof surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Holder as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Section 11. Events of Default. If an Event of Default with respect to the Securities of the series of which this Security forms a
part shall have occurred and be continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. 

Section 12. Defined Terms. All terms used in this Security which are defined in the Indenture and are not otherwise defined herein
shall have the meanings assigned to them in the Indenture. 
 Section 13. Governing Law. Unless otherwise specified on the face
hereof, this Security shall be governed by and construed in accordance with the law of the State of New York. 

*     *     *     *     * 

  
 11 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

					
	TEN COM	  	–  	  	as tenants in common
	TEN ENT	  	–  	  	as tenants by the entireties
	JT TEN	  	–  	  	as joint tenants with right of survivorship and not as tenants in common
			
	UNIF GIFT MIN ACT	  	–  	  	 CUSTODIAN

	 	  	 	  	
(Cust.)                       
                      (Minor)
  

UNDER UNIFORM GIFTS TO MINORS ACT

		  		  	(State)

 Additional abbreviations may also be used though not in the above list. 

 
  

FOR VALUE RECEIVED, the undersigned 

hereby sell(s), assign(s) and transfer(s) unto 
  

			
	 PLEASE INSERT SOCIAL SECURITY OR

OTHER
 IDENTIFYING NUMBER
OF ASSIGNEE

	
                          
                                         
                                         
                    
  

Please print or type name and address, including zip code of assignee

 
 the within
Security of McCORMICK & COMPANY, INCORPORATED and all rights thereunder and does hereby irrevocably constitute and appoint

	  

Attorney to transfer the said Security on the books of the within-named Company, with full power of substitution in
the premises.

			
		
	Dated	  	
		
	SIGNATURE GUARANTEED:	  	                                      
                                         
             
		  	  
 NOTICE: The signature to this
assignment must correspond with the name as it appears upon the face of the Security in every particular, without alteration or enlargement or any change whatsoever.

  
 12Exhibit
10.1

 

DATED:
February 10, 2021

 

AGEX
THERAPEUTICS INC.

 

(as
Borrower)

 

-
and -

 

JUVENESCENCE,
LIMITED

 

(as
Lender)

 

 

 

AMENDMENT
NO. 1 TO LOAN FACILITY AGREEMENT

 

 

 

    	 	 	 

    	 	 	 

    

 

THIS
AMENDMENT NO. 1, made as of February 10, 2021 (this “Amendment”), TO THE LOAN FACILITY AGREEMENT, dated
as of August 13, 2019 (the “Original Loan Agreement” and, as amended hereby, the “Loan Agreement”)

 

BETWEEN

 

	(1)	AGEX
                                         THERAPEUTICS INC., a company incorporated in Delaware (the “Borrower’’);
                                         and
	 	 
	(2)	JUVENESCENCE,
                                         LIMITED, a company incorporated in the Isle of Man (the “Lender’’),
                                         
	 	 
	 	each
                                         a “party” and together the” parties”.

 

PRELIMINARY

 

The
Lender has agreed to increase the unsecured loan facility available to the Borrower under the Original Loan Agreement by up to
US$4,000,000 (four million dollars) on the terms and conditions set out in this Amendment.

 

AMENDMENTS
TO OPERATIVE PROVISIONS

 

A
The definition of Availability Period in Clause 1.1 of the Original Loan Agreement is hereby amended, restated and replaced by
the following:

 

“Availability
Period” means the period starting on the date of this Agreement and ending on February 14, 2022 or, if earlier, on the
date a Qualified Offering is consummated by the Borrower as contemplated by Clause 6.

 

B
The definition of Commitment in Clause 1.1 of the Original Loan Agreement is hereby amended, restated and replaced by the following:

 

“Commitment”
means US$6,000,000 (six million dollars).

 

C
The definition of Repayment Date in Clause 1.1 of the Original Loan Agreement is hereby amended, restated and replaced by the
following:

 

“Repayment
Date” means February 14, 2022.

 

D
The following definitions shall be added to Clause 1.1 of the Original Loan Agreement:

 

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

 

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

 

    	 	 	 

    	 	 	 

    

 

“Market
Price” means the last closing price of the Borrower’s shares on the Applicable Exchange preceding the delivery
of the relevant Conversion Notice; provided, that if the Borrower’s shares are not listed on any such securities exchange,
the “Market Price” shall mean (a) the ‎closing sales price of the Borrower’s shares on such day as quoted
on the OTC Bulletin Board, the ‎OTC Markets Group, Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and
OTC Pink (collectively the “Pink OTC Markets”), or similar quotation system or association; or (b) if there
have ‎been no sales of the Borrower’s shares on the OTC Bulletin Board, the Pink OTC Markets ‎or similar quotation
system or association on such day, the average of the highest bid and ‎lowest asked prices for the Borrower’s shares
quoted on the OTC Bulletin Board, the Pink ‎OTC Markets or similar quotation system or association at the end of such day;
in each ‎case, averaged over twenty (20) consecutive trading days ending on the trading day ‎immediately prior to the
day as of which “Market Price” is being determined; ‎provided, further, that if at any time the Borrower’s
shares are not listed on any ‎domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC ‎Markets
or similar quotation system or association, the “Market Price” of the ‎Borrower’s shares shall be the fair
market value per share as determined jointly by the Borrower’s Board of Directors ‎and the Lender.

 

“Origination
Fee” means a fee of US$160,000 payable by the Borrower to the Lender.

 

“19.9%
Cap” means 19.9% of the number of Shares outstanding on the date of this Amendment in the case of a conversion of a
Drawdown Amount under Clause 6 or Clause 6A.

 

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

 

E
Clause 2.2 of the Original Loan Agreement is hereby amended by adding the following proviso to the end of Clause 2.2 of the Original
Loan Agreement:

 

(and
shall be drawn-down in accordance with a budget agreed by the Parties from time-to-time). To enable the Parties to monitor the
use of funds not later than ten (10) days before the commencement of each calendar month, the Borrower will furnish the Lender
with detailed monthly cash expenditure forecasts for such month and also five (5) days after each month end, a variance analysis
for the preceding month of actual versus forecast cash expenditure, in each case in a form reasonably satisfactory to the Lender.
Until such time as there are no sums outstanding under the Loan Agreement, Borrower shall not use more than $250,000, in the aggregate,
of amounts drawn down on the Facility or under that certain secured Convertible Facility Agreement, dated March 30, 2020, by and
among, inter alia, the Lender and the Borrower in connection with any activities, expenses, efforts, investments or arrangements
with or involving Reverse Bioengineering; nor shall Borrower incur any additional Indebtedness until such time as there are no
sums outstanding under the Loan Agreement.

 

F
Clause 3.1 of the Original Loan Agreement is hereby amended, restated and replaced by the following:

 

		3.1	Mechanics
                                         – Drawdown of funds shall be subject to the Lender’s written consent
                                         which shall only be provided after consultation between the Lender and the Borrower but
                                         determined in the Lender’s sole discretion. The Lender shall make an Advance to
                                         the Borrower if:

 

		(a)	the
                                         Lender has received a duly completed Drawdown Notice from the Borrower not less than
                                         thirty (30) Business Days prior to the proposed drawdown date;
	 	 	 
		(b)	the
                                         proposed drawdown date is a Business Day falling within the Availability Period;
	 	 	 
		(c)	no
                                         Termination Notice is served by the Lender within three (3) Business Days prior to the
                                         Drawdown Notice;

 

    	 	 	 

    	 	 	 

    

 

		(d)	no
                                         Default is continuing on the date the Drawdown Notice is received by the Lender or on
                                         the proposed drawdown date;
	 	 	 
		(e)	the
                                         amount to be drawn down under the Drawdown Notice is in denominations of US$1,000,000;
                                         and
	 	 	 
		(f)	unless
                                         agreed otherwise in writing by the Lender, there shall not have been an Advance made
                                         by the Lender to the Borrower within the previous thirty (30) Business Days.

 

G
Section 4 of the Original Loan Agreement shall be renamed “Origination Fee” and Interest” and a new Clause
4.2 shall be added following Clause 4.1 in the Original Loan Agreement as follows:

 

		4.2	Origination
                                         Fee - The Borrow shall pay to the Lender, to the extent not previously paid in accordance
                                         with Section 6A, the Origination Fee on the earlier to occur of conversion pursuant to
                                         Section 6 or upon repayment of the Loan pursuant to Clause 5.1. If the Origination Fee
                                         becomes payable as a result of a conversion pursuant to Section 6, the Lender shall have
                                         the option to accept such Origination Fee in cash or Shares, and if the Lender elects
                                         for the Origination Fee to be paid in Shares, the amount of such Origination Fee shall
                                         be added to the principal amount of the Loan outstanding for purposes of calculating
                                         the total number of Shares issuable to the Lender pursuant to Section 6. For the avoidance
                                         of doubt, any portion of the Origination Fee not paid prior to the Repayment Date shall
                                         be paid by the Borrower to the Lender in full on the Repayment Date.

 

H
Clause 6.4 of the Original Loan Agreement shall be amended by adding the words “(including the principal thereof and any
accrued but unpaid interest thereon)” after the second use of the word “repaid” in the first sentence of such
Clause 6.4.

 

    	 	 	 

    	 	 	 

    

 

I.
Clause 6.6 of the Original Loan Agreement is hereby amended, restated and replaced by the following:

 

		6.6	Each
                                         Advance to Borrower shall be treated as a separate tranche for the purposes of determining
                                         the applicability of the 19.9% Cap limitation set forth in this Clause 6.6, and each
                                         such tranche may have a different Drawdown Market Price. Only Shares issuable upon the
                                         conversion of a Drawdown Amount with a Drawdown Market Price that was higher than the
                                         lowest price per Share or Unit paid by investors for Shares or Units in the Qualified
                                         Offering (“Borrower Conversion Price”), shall be aggregated for the purposes
                                         of determining the applicability of the 19.9% Cap limitations as set forth in this Clause
                                         6.6. If under the rules of the Applicable Exchange, approval by the stockholders of Borrower
                                         would be required in connection with the issuance of Shares or Units upon any conversion
                                         under this Clause 6, then unless and until such stockholder approval has been obtained,
                                         (a) the maximum amount of each tranche’s Drawdown Amount that may be converted
                                         into Shares or Units (including Shares issued separately or as a part of a Unit) at a
                                         Borrower Conversion Price lower than the Drawdown Market Price applicable to the Drawdown
                                         Amount being converted shall be an amount entitling Lender to receive a number of Shares
                                         that, when added to any Shares (including Shares that are part of a Unit) issued to Lender
                                         in the Qualified Offering or that are otherwise deemed by the Applicable Exchange to
                                         be issued to Lender connection with the consummation of the Qualified Offering, would
                                         equal the 19.9% Cap, and (b) the maximum amount of the Outstanding Amount that may be
                                         converted into Shares or Units shall be an amount entitling Lender to receive a number
                                         of Shares (including Shares that are part of a Unit) that, when added to other Shares
                                         owned by Lender immediately prior to such Qualified Offering and added to any Shares
                                         (including Shares that are part of a Unit) issued to Lender in the Qualified Offering
                                         and any Shares issued to Lender upon the exercise of Warrants in connection with the
                                         conversion or in connection with the Qualified Offering, would equal the 50% Cap. To
                                         the extent any Outstanding Amount cannot be so converted as a result of the 19.9% Cap
                                         or the 50% Cap such amount shall remain outstanding as loan funds in accordance with
                                         the terms of this Agreement.”

 

J
Section 6 of the Original Loan Agreement shall be renamed “Borrower Conversion” and a new Section 6A shall
be added following Section 6 in the Original Loan Agreement as follows:

 

	 	6A	Lender Conversion
	 	 	 
	 	6A.1	At any time while funds under this
    Agreement remain outstanding, at the Lender’s election, in lieu of repayment, the outstanding amount of the Loan, including
    any accrued but unpaid interest thereon and the Origination Fee (collectively, the “Outstanding Amount”)
    (or any part thereof) may be converted into a number of fully paid and non-assessable Shares of the Borrower. The conversion
    price shall be equal to the Market Price on the date prior to the date the Lender delivers a Conversion Notice in accordance
    with Clause 6A.2 below.
	 	 	 
	 	6A.2	In order to elect to convert some
    or all of the Outstanding Amount into Shares, the Lender shall give to the Borrower a notice of such election (a “Conversion
    Notice”) specifying a date, which is not less than five (5) Business Days following, on which such outstanding amount
    (as notified in the Conversion Notice) shall be converted to new Shares. The number of Shares issued by the Borrower shall
    be rounded down to the nearest whole number of shares (i.e. no fractional shares shall be issued by the Borrower).

 

    	 	 	 

    	 	 	 

    

 

	 	6A.3	Each Advance to
    Borrower shall be treated as a separate tranche for the purpose of determining the applicability of the 19.9% Cap limitations
    set forth in this Clause 6A.3, and each such tranche may have a different Drawdown Market Price. Only Shares issuable upon
    the conversion of a Drawdown Amount with a Drawdown Market Price that is higher than the conversion price as determined under
    Clause 6A.1, shall be aggregated for the purposes of determining the applicability of the 19.9% Cap limitations as set forth
    in this Clause 6A.3. If under the rules of the Applicable Exchange approval by the stockholders of Borrower would be required
    in connection with the issuance of Shares upon any conversion under this Clause 6A, then unless and until such stockholder
    approval has been obtained, (a) at any time the conversion price as calculated in accordance with Clause 6A.1 would be less
    than the Drawdown Market Price applicable to the Drawdown Amount being converted, the maximum amount of the Drawdown Amount
    that may be converted into Shares shall be the amount entitling Lender to receive a number of Shares that, when added to any
    Shares previously or contemporaneously issued to Lender upon a conversion subject to the restrictions of this Clause 6A, would
    equal the 19.9% Cap, and (b) the maximum amount of the Outstanding Amount that may be converted into Shares shall be subject
    to the 50% Cap. To the extent any Outstanding Amount cannot be so converted as a result of the 19.9% Cap or the 50% Cap such
    funds shall remain outstanding as loan funds in accordance with the terms of this Agreement.

 

K
Clause 8.1(b) of the Original Loan Agreement is hereby amended, restated and replaced by the following:

 

		(b)	Obligations
                                         - if the Borrower fails to perform any of its obligations under or otherwise breaches
                                         this Agreement and, such failure or breach (if capable of remedy) remains unremedied
                                         to the satisfaction of the Lender for ten (10) Business Days after notice requiring its
                                         remedy has been given by the Lender to the Borrower;

 

L
Except as specifically amended by this Amendment, the Loan Agreement shall remain in full force and effect.

 

M
The Borrower shall be responsible for its own costs in relation to the preparation and execution of this Amendment.

 

N
Each of the provisions of this Amendment shall be severable and distinct from one another and if at any time anyone or more of
these provisions (or any part of them) is or becomes invalid, illegal or unenforceable the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired.

 

O
This Amendment may be executed in any number of counterparts, which shall together constitute one agreement. Any party may enter
into this Amendment by signing any such counterpart. This Amendment may be executed with signatures transmitted among the parties
by pdf attached to an electronic mail, and no party shall deny the validity of a signature or this Amendment signed and transmitted
by pdf attached to an electronic mail on the basis that a signed document is represented by a copy or facsimile and not an original.

 

P
This Agreement and any non-contractual obligations arising from or in connection with it shall in all respects be governed by
and construed in accordance with English law.

 

Q
The parties irrevocably agree that the Courts of England are to have jurisdiction to settle any dispute arising from or in connection
with this Agreement or relating to any non-contractual obligations arising from or in connection with this Agreement.

 

    	 	 	 

    	 	 	 

    

 

IN
WITNESS whereof these presents consisting of this and the preceding pages and the Schedules is executed as follows.

 

	Executed
    and Delivered as a Deed by	/s/
Gregory Bailey
	 	(Director)
	 	 
	a
    duly authorised Director, for and on behalf	 
	of
    JUVENESCENCE LIMITED	 
	 	 
	Executed
    and Delivered as a Deed by	/s/
    David Ellam
	 	(Director/)
    Authorised Signatory
	 	 
	a
    duly authorised signatory, for and on behalf	 
	of
    JUVENESCENCE LIMITED	 
	 	 
	Executed
    and Delivered as a Deed by	/s/
    Andrea Park
	 	(Chief Financial
    Officer)
	 	 
	A duly authorised
    officer, for and on behalf	 
	Of AGEX
    THERAPEUTICS INC.	 
	 	 
	Executed
    and Delivered as a Deed by	/s/
    Michael D. West
	 	(Director)
	 	 
	A
                                         duly authorised Director, for and on behalf
 	 
	Of AGEX
    THERAPEUTICS INC.

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