Document:

Exhibit 10.4

 

Execution Version

 

 

 

Agree
Limited Partnership

 

First Supplement to Uncommitted
Master Note Facility

 

Dated
as of September 26, 2018

 

Re:       $100,000,000
4.32%, Series 2018-A, Senior Guaranteed Notes

due
September 26, 2030

 

 

 

     

     

    

 

Agree
Limited Partnership

70
E. Long Lake Road

Bloomfield
Hills, MI 48304

 

First
Supplement to Uncommitted Master Note Facility

 

Dated as of

September 26, 2018

 

To the Purchaser(s) named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This First Supplement
to Uncommitted Master Note Facility (the “First Supplement”) is among Agree Limited Partnership, a Delaware
limited partnership (the “Company”), and Agree Realty Corporation, a Maryland corporation operating as a real
estate investment trust (the “Parent Guarantor”), AIG Asset Management (U.S.), LLC (“AIG”)
and the institutional investors named on Schedule A attached hereto (the “Purchasers”).

 

Recitals

 

A.           The
Company and the Parent Guarantor have entered into the Uncommitted Master Note Facility dated as of August 3, 2017 with AIG (as
heretofore amended and supplemented, the “Master Note Facility”); and

 

B.           The
Company desires to issue and sell, and the Purchasers desire to purchase, an initial Series of Notes (as defined in the Master
Note Facility) pursuant to the Master Note Facility and in accordance with the terms set forth below;

 

Now,
Therefore, the Company and the Purchasers agree as follows:

 

1.          Authorization
of the New Series of Notes. The Company has authorized the issue and sale of $100,000,000 aggregate principal amount of its
4.32%, Series 2018-A, Senior Guaranteed Notes due September 26, 2030 (the “Series 2018-A Notes”).
The Series 2018-A Notes, and each Series of Notes which may from time to time hereafter be issued pursuant to the provisions
of the Master Note Facility, are collectively referred to as the “Notes” (such term shall also include any such
notes issued in substitution therefor pursuant to Section 13 of the Master Note Facility). The Series 2018-A Notes shall
be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Purchaser(s)
and the Company.

 

     

     

    

 

2.          Sale
and Purchase of Series 2018-A Notes. Subject to the terms and conditions of this First Supplement and the Master Note
Facility and on the basis of the representations and warranties hereinafter set forth, the Company will issue and sell to each
of the Purchasers, and the Purchasers will purchase from the Company, at the Closing provided for in Section 3, Series 2018-A
Notes in the principal amount specified opposite their respective names in the attached Schedule A hereto at the purchase
price of 100% of the principal amount thereof. The obligations of the Purchasers hereunder are several and not joint obligations
and no Purchaser shall have any liability to any Person for the performance or non-performance by any other Purchaser hereunder.

 

3.          Closing.
The sale and purchase of the Series 2018-A Notes to be purchased by each Purchaser shall occur at the offices of Chapman and
Cutler LLP, 111 West Monroe Street, Chicago, IL 60603 at 10:00 a.m. Chicago time, at a closing (the “Closing”)
on September 26, 2018 or on such other Business Day thereafter on or prior to October 2, 2018 as may be agreed upon by
the Company and the Purchasers (the “Closing Date”). At the Closing, the Company will deliver to each Purchaser
the Series 2018-A Notes to be purchased by such Purchaser in the form of a single Series 2018-A Note (or such greater
number of Series 2018-A Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing
and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser
to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately
available funds for the account of the Company in accordance with wire transfer instructions provided by the Company to such Purchaser
pursuant to Section 4 of this First Supplement, as it relates to Section 4.11 of the Master Note Facility. If, at the
Closing, the Company shall fail to tender such Series 2018-A Notes to any Purchaser as provided above in this Section 3, or
any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser
shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving
any rights such Purchaser may have by reason of such failure or such nonfulfillment.

 

4.          Conditions
to Closing. The obligation of each Purchaser to purchase and pay for the Series 2018-A Notes to be sold to such Purchaser
at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to the Closing, of the conditions set
forth in Section 4 of the Master Note Facility (it being understood that all references to “Purchaser” therein shall
be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the
Master Note Facility as supplemented by this First Supplement, and all references to “Notes” therein shall be deemed
to refer to the Series 2018-A Notes, and as hereafter modified), and to the following additional conditions:

 

(a)          as
provided in Section 5 of this First Supplement, except as supplemented, amended or superseded by the representations and warranties
set forth in Exhibit 2 hereto (which changes are subject to the approval of each Purchaser), each of the representations and
warranties of the Company and the Parent Guarantor set forth in Section 5 of the Master Note Facility shall be correct as of the
date of Closing and the Company and the Parent Guarantor each shall have delivered to each Purchaser an Officer’s Certificate,
dated the date of the Closing certifying that such condition has been fulfilled; and

 

    	 	-2-	 

     

    

 

(b)          contemporaneously
with the Closing, the Company shall sell to each Purchaser, and each Purchaser shall purchase, the Series 2018-A Notes to
be purchased by such Purchaser at the Closing as specified in Schedule A.

 

5.          Representations
and Warranties of the Company and the Parent Guarantor. With respect to each of the representations and warranties contained
in Section 5 of the Master Note Facility, each of the Company and the Parent Guarantor represents and warrants to the Purchasers
that, as of the date hereof, such representations and warranties are true and correct (A) except that all references to “Purchaser”
therein shall be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to
refer to the Master Note Facility as supplemented by this First Supplement, and all references to “Notes” therein shall
be deemed to refer to the Series 2018-A Notes, and (B) except for changes to such representations and warranties or the
Schedules referred to therein, which changes are set forth in the attached Exhibit 2 and which are in all respects satisfactory
to such Purchaser as a condition to the Closing.

 

6.          Representations
of the Purchasers. Each Purchaser confirms to the Company that the representations set forth in Section 6 of the Master
Note Facility are true and correct on the date hereof with respect to the purchase of the Series 2018-A Notes by such Purchaser,
except that all references to “Purchaser” therein shall be deemed to refer to the Purchasers hereunder, all references
to “this Agreement” therein shall be deemed to refer to the Master Note Facility as supplemented by this First Supplement,
and all references to “Notes” therein shall be deemed to refer to the Series 2018-A Notes.

 

7.          Maturity;
Interest. The Series 2018-A Notes will have the maturity date and bear interest at the rate set forth therein.

 

8.          Prepayments
of the Series 2018-A Notes. All prepayment provisions in Section 8 of the Master Note Facility shall apply to the Series 2018-A
Notes equally as “Notes” thereunder, subject to the definitions applicable to the Series 2018-A Notes contained
herein.

 

9.          Applicability of
Master Note Facility. Except as otherwise expressly provided herein (and expressly permitted by the Master Note Facility),
all of the provisions of the Master Note Facility are incorporated by reference herein, shall apply to the Series 2018-A Notes
as if expressly set forth in this First Supplement and all references to “Notes” shall include the Series 2018-A
Notes. Without limiting the foregoing, the Company and the Parent Guarantor agree to pay all costs and expenses incurred in connection
with the initial filing of this First Supplement and all related documents and financial information with the SVO; provided
that such costs and expenses with respect to the Series 2018-A Notes shall not exceed $5,000 per Series or tranche of such
Notes. Capitalized terms used herein without definition have the respective meanings ascribed to them in the Master Note Facility
(as amended from time to time).

 

    	 	-3-	 

     

    

 

10.         Governing
Law. This First Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit
the application of the laws of a jurisdiction other than such State.

 

11.         Agreement
to be Bound. The Company, the Parent Guarantor and each Purchaser agree to be bound by and comply with the terms and provisions
of the Master Note Facility as fully and completely as if such Purchaser were an original signatory to the Master Note Facility.

 

[Remainder of page intentionally left
blank]

 

    	 	-4-	 

     

    

 

The execution hereof
shall constitute a contract between the Company, the Parent Guarantor and the Purchaser(s) for the uses and purposes hereinabove
set forth, and this First Supplement may be executed in any number of counterparts, each executed counterpart constituting an original
but all together only one agreement.

 

	 	Agree Limited Partnership,
	 	a Delaware limited partnership

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	Agree Realty Corporation,
	 	a Maryland corporation

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	-5-	 

     

    

 

Accepted as of the date first
written above.

 

	 	AIG Asset Management (U.S.), LLC

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	American General Life Insurance

 Company
	 	The United States Life Insurance Company 

in the City of New York
	 	The Variable Annuity Life Insurance 

Company

 

	 	By:	AIG Asset Management (U.S.), LLC, as
	 	 	Investment Adviser

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-6-	 

     

    

 

Information Relating to
Purchasers

 

	Name and Address of Purchaser	 	Principal

Amount of

Series 2018-A

Notes to Be

Purchased

 

	Name and Address of Purchaser	 	Principal Amount of
 Series 2018-A Notes to Be
 Purchased	 
	 	 	 	 	 
	American General Life Insurance Company	 	$	55,000,000	 

 

		(1)	All payments to be by wire transfer of immediately
available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount
and premium amount, if applicable) to identify the source and application of such funds, to:

 

The Bank of New York Mellon

ABA # 021-000-018 

Account Name: BNYM Income

Account Number: GLA111566 

For
Further Credit to: AMERICAN GENERAL LIFE INS. CO. Physical; Account No. 886623

Reference:  PPN and Prin.: $          ; Int.: $______

 

		(2)	Payment notices, audit confirmations and related
note correspondence to:

 

American General Life Insurance
Company (886623)

c/o AIG Asset Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: PCG Investment
Portfolio Support

Email: PPGIPS@aig.com

 

		(3)	Duplicate payment notices (only) to:

 

American General Life
Insurance Company (886623)

c/o The Bank
of New York Mellon

Attn: P &
I Department

Fax:(718)
315-3076

 

    
Schedule A
(to First Supplement)

     

    

 

		(4)	* Compliance reporting information (financial docs,
officer’s certificates, etc.) to:

 

AIG Asset
Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: Private Placements
Compliance

Email: complianceprivateplacements@aig.com

 

* Note:
Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves
as investment adviser.

 

		(5)	Note to be issued in the nominee name of: HARE &
CO., LLC (Tax ID #: 13-6062916)

 

		(6)	Tax I.D. Number for American General Life Insurance Company:
25-0598210

 

		(7)	Physical Delivery Instructions:

 

DTCC

570 Washington Blvd.

Jersey City, NJ 07310

Attn: BNY Mellon / Branch Deposit
Department – 5th Floor

Contact: Andre Granville; Phone:
(315) 414-3068

Account Name: AMERICAN GENERAL LIFE INSURANCE
COMPANY

Account Number: 886623

cc: Jennifer.Cuellar@aig.com
and Jon.Heiny@aig.com

with a copy of the custodian
receipt to Rachel.lewis@aig.com

 

    	 	A-2	 

     

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Series 2018-A Notes to Be
 Purchased	 
	 	 	 	 	 
	The United States Life Insurance Company in the City of New York	 	$	15,000,000	 

 

		(1)	All payments to be by wire transfer of immediately
available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount
and premium amount, if applicable) to identify the source and application of such funds, to:

 

JPMorgan Chase Bank, N.A.

ABA # 021-000-021

Account Name: AIG PHYSICAL WIRE
ACCOUNT 

Account Number: 780153941

For Further Credit to:
P68423

Reference:  PPN and Prin.: $          ; Int.: $______

 

		(2)	Payment notices, audit confirmations and related
note correspondence to:

 

The United States Life Insurance
Company in the City of New York (P68423)

c/o AIG Asset Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: PCG Investment
Portfolio Support

Email: PPGIPS@aig.com

 

		(3)	Duplicate payment notices (only) to:

 

The United
States Life Insurance Co. in the City of New York (P68423)

c/o JPMorgan
Client Services

Email: physical.abs.income@jpmorgan.com

 

		(4)	* Compliance reporting information (financial docs,
officer’s certificates, etc.) to:

 

AIG Asset Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: Private Placements
Compliance

Email: complianceprivateplacements@aig.com

 

* Note:
Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves
as investment adviser.

 

    	 	A-3	 

     

    

 

		(5)	Note to be issued in the nominee name of: CUDD &
CO. LLC (Tax ID #: 13-6022143)

 

		(6)	Tax ID Number for The United States Life Insurance Company
in the City of New York: 13-5459480

 

		(7)	Physical Delivery Instructions:

 

JPMorgan
Chase Bank, N.A.

4 Chase Metrotech Center

Brooklyn, New York 11245-0001

Attn: Physical Receive Department
– 3rd Floor (for overnight mail) OR

Physical Receive Dept. –
1st Floor, Window 5 (for messenger, use Willoughby Entrance)

Contact: Aubrey M. Reuben; Phone:
(718) 242-0269

Account Name: THE UNITED STATES
LIFE INSURANCE COMPANY IN THE CITY OF N. Y.

Account Number: P68423

cc: Jennifer.Cuellar@aig.com
and Jon.Heiny@aig.com

with a copy of the custodian
receipt to Rachel.lewis@aig.com

 

    	 	A-4	 

     

    

 

	Name and Address of Purchaser	 	Principal Amount of
 Series 2018-A Notes to Be
 Purchased	 
	 	 	 	 	 
	The Variable Annuity Life Insurance Company	 	$	30,000,000	 

 

		(1)	All payments to be by wire transfer of immediately
available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount
and premium amount, if applicable) to identify the source and application of such funds, to:

 

The Bank of New York Mellon

ABA # 021-000-018

Account Name: BNYM Income

Account Number: GLA111566 

For Further
Credit to: VARIABLE ANNUITY LIFE INSURANCE CO.; Account No. 260735

Reference:  PPN and Prin.: $          ; Int.: $______

 

		(2)	Payment notices, audit confirmations and related
note correspondence to:

 

The Variable Annuity Life Insurance
Company (260735)

c/o AIG Asset Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: PPG Investment
Portfolio Support

Email: PPGIPS@aig.com

 

		(3)	Duplicate payment notices (only) to:

 

The Variable
Annuity Life Insurance Company (260735)

c/o The Bank
of New York Mellon

Attn: P &
I Department

Fax: (718) 315-3076

 

    	 	A-5	 

     

    

 

		(4)	* Compliance reporting information (financial docs,
officer’s certificates, etc.) to:

 

AIG Asset Management

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

Attn: Private Placements
Compliance

Email: complianceprivateplacements@aig.com

 

* Note:
Only two (2) complete sets of compliance information are required for all companies for which AIG Asset Management Group serves
as investment adviser.

 

		(5)	Note to be issued
in the nominee name of: HARE & CO., LLC (Tax ID #: 13-6062916)

 

		(6)	Tax ID Number for
The Variable Annuity Life Insurance Company: 74-1625348

 

		(7)	Physical Delivery Instructions:

DTCC

570 Washington Blvd.

Jersey City, NJ 07310

Attn: BNY Mellon / Branch Deposit
Department – 5th Floor

Contact: Andre Granville; Phone:
(315) 414-3068

BNYM Account Name: THE
VARIABLE ANNUITY LIFE INSURANCE COMPANY

BNYM Account Number: 260735

cc: Jennifer.Cuellar@aig.com
and Jon.Heiny@aig.com

with a copy of the custodian
receipt to Rachel.lewis@aig.com

 

    	 	A-6	 

     

    

 

[Form of Series 2018-A Note]

 

Agree Limited Partnership

 

4.32% Senior Guaranteed
Note, Series 2018-A, due September 26, 2030

 

	No. RA__-__	[Date]
	$[____________]	PPN 00855@ AE4

 

For
Value Received, the undersigned, Agree Limited Partnership (herein called
the “Company”), a limited partnership organized and existing under the laws of Delaware, hereby promises to
pay to [_____________________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on September 26, 2030 (the “Maturity Date”) with interest
(computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of 4.32% per annum from
the date hereof, payable semiannually, on the 31st day of March and 30th day of September in each year, commencing with March 31,
2019 or the first March 31 or September 30 following the date hereof, and on the Maturity Date, until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during
the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per
annum from time to time equal to the Default Rate (as defined in the hereinafter defined Master Note Facility).

 

Payments of principal
of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America
at the principal office of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall
have designated by written notice to the holder of this Note as provided in the Master Note Facility referred to below.

 

This Note is one of
the Senior Guaranteed Notes, Series 2018-A (herein called the “Notes”) issued pursuant to the First Supplement
dated as of September 26, 2018 to the Uncommitted Master Note Facility dated as of August 3, 2017 (as from time to time amended,
the “Master Note Facility”), between Agree Realty Corporation (the “Parent Guarantor”), the
Company, AIG Asset Management (U.S.), LLC and the Purchasers from time to time referred to therein and is entitled to the benefits
thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions
set forth in Section 20 of the Master Note Facility and (ii) made the representations set forth in Section 6.2
of the Master Note Facility. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Master Note Facility.

 

This Note is a registered
Note and, as provided in the Master Note Facility, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

    
Exhibit 1
(to First Supplement)

     

    

 

Pursuant to a Guaranty
dated as of September 26, 2018, the Parent Guarantor, operating as a real estate investment trust and certain subsidiaries,
have each absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount, if any, and interest
on this Note and performance by the Company of all of its obligations contained in the Master Note Facility all on the terms set
forth in such Guaranty.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Facility,
but not otherwise.

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Master Note Facility.

 

This Note shall
be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the
law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

	 	Agree Limited Partnership

 

	 	By:	Agree Realty Corporation,
	 	 	Its sole general partner

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	EX 1-2	 

     

    

 

Supplemental Representations

 

The Company represents
and warrants to each Purchaser that except as hereinafter set forth in this Exhibit 2, each of the representations and warranties
set forth in Section 5 of the Master Note Facility is true and correct in all material respects as of the date hereof with respect
to the Series 2018-A Notes with the same force and effect as if each reference to “Notes” set forth therein was
modified to refer the “Series 2018-A Notes” and each reference to “this Agreement” therein was modified
to refer to the Master Note Facility as supplemented by the First Supplement. The Section references hereinafter set forth correspond
to the similar sections of the Master Note Facility which are supplemented hereby:

 

Section 5.4 Organization
and Ownership of Shares of Subsidiaries; Affiliates. Schedule 5.4 of the Master Note Facility is hereby replaced by the below
Schedule 5.4:

 

Schedule 5.4

 

Organization and Ownership
of Shares of Subsidiaries; Affiliates

(as of August 30, 2018)

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	2355 Jackson Avenue, LLC	 	Michigan	 	 	100	%
	Agree 1031, LLC	 	Delaware	 	 	100	%
	Agree 103-Middleburg Jacksonville, LLC	 	Delaware	 	 	100	%
	Agree 117 Mission, LLC	 	Michigan	 	 	100	%
	Agree 17-92, LLC	 	Florida	 	 	100	%
	Agree 2016, LLC	 	Delaware	 	 	100	%
	Agree 6 LA & MS, LLC	 	Delaware	 	 	100	%
	Agree Alcoa TN LLC	 	Tennessee	 	 	100	%
	Agree Allentown PA LLC	 	Pennsylvania	 	 	100	%
	Agree Altoona, PA, LLC	 	Delaware	 	 	100	%
	Agree Americus GA, LLC	 	Delaware	 	 	100	%

 

    
Exhibit 2
(to First Supplement)

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Anderson SC LLC	 	Delaware	 	 	100	%
	Agree Ann Arbor Jackson, LLC	 	Delaware	 	 	100	%
	Agree Ann Arbor MI, LLC	 	Delaware	 	 	100	%
	Agree Ann Arbor State Street, LLC	 	Michigan	 	 	100	%
	Agree Antioch, LLC	 	Illinois	 	 	100	%
	Agree Apopka FL, LLC	 	Delaware	 	 	100	%
	Agree Appleton WI, LLC	 	Delaware	 	 	100	%
	Agree Archer Chicago IL, LLC	 	Delaware	 	 	100	%
	Agree Arlington TX LLC	 	Texas	 	 	100	%
	Agree Atchison, LLC	 	Kansas	 	 	100	%
	Agree Atlantic Beach, LLC	 	Delaware	 	 	100	%
	Agree Baltimore MD, LLC	 	Delaware	 	 	100	%
	Agree Baton Rouge LA LLC	 	Louisiana	 	 	100	%
	Agree Beecher LLC	 	Michigan	 	 	100	%
	Agree Belton MO LLC	 	Delaware	 	 	100	%
	Agree Belvidere IL, LLC	 	Illinois	 	 	100	%
	Agree Berwyn IL LLC	 	Illinois	 	 	100	%
	Agree Bloomington MN, LLC	 	Delaware	 	 	100	%
	Agree Boynton, LLC	 	Florida	 	 	100	%
	Agree Brenham TX, LLC	 	Delaware	 	 	100	%
	Agree Brighton, LLC	 	Delaware	 	 	100	%
	Agree Bristol & Fenton Project, LLC	 	Michigan	 	 	100	%

 

    	 	EX 2-2	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Brooklyn OH LLC	 	Ohio	 	 	100	%
	Agree BT, LLC	 	Delaware	 	 	100	%
	Agree Buffalo Center IA, LLC	 	Delaware	 	 	100	%
	Agree Burlington, LLC	 	Delaware	 	 	100	%
	Agree Cannon Station LLC	 	Delaware	 	 	100	%
	Agree Carlinville IL, LLC	 	Delaware	 	 	100	%
	Agree Cedar Park TX, LLC	 	Delaware	 	 	100	%
	Agree Center Point Birmingham AL LLC	 	Alabama	 	 	100	%
	Agree Chandler, LLC	 	Arizona	 	 	100	%
	Agree Charlotte County, LLC	 	Delaware	 	 	100	%
	Agree Charlotte Poplar, LLC	 	North Carolina	 	 	100	%
	Agree Chicago Kedzie, LLC	 	Illinois	 	 	100	%
	Agree Cochran GA, LLC	 	Georgia	 	 	100	%
	Agree Columbia SC, LLC	 	Delaware	 	 	100	%
	Agree Columbus OH, LLC	 	Delaware	 	 	100	%
	Agree Concord, LLC	 	North Carolina	 	 	100	%
	Agree Construction Management LLC	 	Delaware	 	 	100	%
	Agree Corunna LLC	 	Michigan	 	 	100	%
	Agree Crystal River FL, LLC	 	Delaware	 	 	100	%
	Agree CW, LLC	 	Delaware	 	 	100	%
	Agree Dallas Forest Drive, LLC	 	Texas	 	 	100	%
	Agree Daniel Morgan Avenue Spartanburg SC LLC	 	South Carolina	 	 	100	%

 

    	 	EX 2-3	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Davenport IA, LLC	 	Delaware	 	 	100	%
	Agree Des Moines IA, LLC	 	Delaware	 	 	100	%
	Agree Development, LLC	 	Delaware	 	 	100	%
	Agree Doraville GA, LLC	 	Delaware	 	 	100	%
	Agree DT Jacksonville NC, LLC	 	Delaware	 	 	100	%
	Agree East Palatka, LLC	 	Florida	 	 	100	%
	Agree Edmond OK, LLC	 	Delaware	 	 	100	%
	Agree Egg Harbor NJ, LLC	 	Delaware	 	 	100	%
	Agree Elkhart, LLC	 	Michigan	 	 	100	%
	Agree Evergreen CO, LLC	 	Delaware	 	 	100	%
	Agree Facility No. I, L.L.C.	 	Delaware	 	 	100	%
	Agree Farmington NM, LLC	 	Delaware	 	 	100	%
	Agree Forest MS LLC	 	Mississippi	 	 	100	%
	Agree Forest VA LLC	 	Virginia	 	 	100	%
	Agree Fort Mill SC, LLC	 	South Carolina	 	 	100	%
	Agree Fort Walton Beach, LLC	 	Florida	 	 	100	%
	Agree Fort Worth TX, LLC	 	Delaware	 	 	100	%
	Agree Fuquay - Varina, LLC	 	North Carolina	 	 	100	%
	Agree GCG, LLC	 	Delaware	 	 	100	%
	Agree Grand Chute WI LLC	 	Delaware	 	 	100	%
	Agree Grand Forks, LLC	 	North Dakota	 	 	100	%

 

    	 	EX 2-4	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Grandview Heights OH, LLC	 	Delaware	 	 	100	%
	Agree Greenville SC, LLC	 	South Carolina	 	 	100	%
	Agree Harlingen LLC	 	Texas	 	 	100	%
	Agree Hazard KY, LLC	 	Delaware	 	 	100	%
	Agree Holdings I, LLC	 	Delaware	 	 	100	%
	Agree Holly Springs MS, LLC	 	Delaware	 	 	100	%
	Agree Hopkinsville KY, LLC	 	Delaware	 	 	100	%
	Agree IL & VA, LLC	 	Delaware	 	 	100	%
	Agree Indianapolis Glendale LLC	 	Delaware	 	 	100	%
	Agree Indianapolis IN II, LLC	 	Delaware	 	 	100	%
	Agree Indianapolis, LLC	 	Indiana	 	 	100	%
	Agree Jackson MS, LLC	 	Delaware	 	 	100	%
	Agree Jacksonville NC, LLC	 	North Carolina	 	 	100	%
	Agree Johnstown, LLC	 	Ohio	 	 	100	%
	Agree Joplin MO LLC	 	Missouri	 	 	100	%
	Agree Junction City KS LLC	 	Delaware	 	 	100	%
	Agree K&G Joplin MO, LLC	 	Delaware	 	 	100	%
	Agree K&G OK, LLC	 	Delaware	 	 	100	%
	Agree Kirkland WA, LLC	 	Delaware	 	 	100	%
	Agree Lake in the Hills, LLC	 	Illinois	 	 	100	%
	Agree Lake Zurich IL, LLC	 	Illinois	 	 	100	%
	Agree Leawood, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-5	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Lebanon VA, LLC	 	Virginia	 	 	100	%
	Agree Lejune Springfield IL, LLC	 	Illinois	 	 	100	%
	Agree Ligonier PA LLC	 	Pennsylvania	 	 	100	%
	Agree Littleton CO LLC	 	Delaware	 	 	100	%
	Agree Lowell AR, LLC	 	Delaware	 	 	100	%
	Agree Lowell, LLC	 	Delaware	 	 	100	%
	Agree Lyons GA, LLC.	 	Georgia	 	 	100	%
	Agree M-59, LLC	 	Michigan	 	 	100	%
	Agree Madison AL LLC	 	Michigan	 	 	100	%
	Agree Madisonville TX LLC	 	Texas	 	 	100	%
	Agree Magnolia Knoxville TN LLC	 	Tennessee	 	 	100	%
	Agree Mall of Louisiana, LLC	 	Louisiana	 	 	100	%
	Agree Manchester LLC	 	Connecticut	 	 	100	%
	Agree Mansfield, LLC	 	Connecticut	 	 	100	%
	Agree Marietta, LLC	 	Georgia	 	 	100	%
	Agree Marshall MI Outlot, LLC	 	Delaware	 	 	100	%
	Agree Maumee OH, LLC	 	Delaware	 	 	100	%
	Agree McKinney TX LLC	 	Texas	 	 	100	%
	Agree MCW, LLC	 	Delaware	 	 	100	%
	Agree Memphis Getwell, LLC	 	Tennessee	 	 	100	%
	Agree Middletown OH, LLC	 	Delaware	 	 	100	%
	Agree Millsboro DE, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-6	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Minneapolis Clinton Ave L.L.C.	 	Minnesota	 	 	100	%
	Agree Minot ND, LLC	 	Delaware	 	 	100	%
	Agree Montgomery AL LLC	 	Alabama	 	 	100	%
	Agree Montgomeryville PA LLC	 	Pennsylvania	 	 	100	%
	Agree Morrow GA, LLC	 	Georgia	 	 	100	%
	Agree Mt. Dora FL, LLC	 	Delaware	 	 	100	%
	Agree Nampa ID, LLC	 	Delaware	 	 	100	%
	Agree Nashua NH, LLC	 	Delaware	 	 	100	%
	Agree Neosho MO, LLC	 	Delaware	 	 	100	%
	Agree New Lenox 2, LLC	 	Illinois	 	 	100	%
	Agree New Lenox, LLC	 	Illinois	 	 	100	%
	Agree North Las Vegas, LLC	 	Nevada	 	 	100	%
	Agree North Miami Beach FL, LLC	 	Delaware	 	 	100	%
	Agree Novi MI LLC	 	Michigan	 	 	100	%
	Agree Onaway MI, LLC	 	Delaware	 	 	100	%
	Agree Orange & McCoy, LLC	 	Florida	 	 	100	%
	Agree Oxford Commons AL, LLC	 	Delaware	 	 	100	%
	Agree Palafox Pensacola FL, LLC	 	Delaware	 	 	100	%
	Agree Pensacola LLC	 	Florida	 	 	100	%
	Agree Pensacola Nine Mile LLC	 	Florida	 	 	100	%
	Agree Pinellas Park, LLC	 	Florida	 	 	100	%
	Agree Plainfield LLC	 	Michigan	 	 	100	%

 

    	 	EX 2-7	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Poinciana, LLC	 	Florida	 	 	100	%
	Agree Pooler GA, LLC	 	Delaware	 	 	100	%
	Agree Port Orange FL, LLC	 	Delaware	 	 	100	%
	Agree Port St. John, LLC	 	Delaware	 	 	100	%
	Agree Portland ME, LLC	 	Delaware	 	 	100	%
	Agree Portland OR, LLC	 	Delaware	 	 	100	%
	Agree Provo UT, LLC	 	Delaware	 	 	100	%
	Agree Rancho Cordova I, LLC	 	California	 	 	100	%
	Agree Rancho Cordova II, LLC	 	California	 	 	100	%
	Agree Rapid City SD, LLC	 	South Dakota	 	 	100	%
	Agree Realty Services, LLC	 	Delaware	 	 	100	%
	Agree Realty South-East, LLC	 	Michigan	 	 	100	%
	Agree Richmond RI, LLC	 	Delaware	 	 	100	%
	Agree Richmond VA, LLC	 	Delaware	 	 	100	%
	Agree Riverside IA, LLC	 	Delaware	 	 	100	%
	Agree Rochester NY LLC	 	New York	 	 	100	%
	Agree Rockford IL, LLC	 	Delaware	 	 	100	%
	Agree Roseville CA, LLC	 	California	 	 	100	%
	Agree RT Amite LA, LLC	 	Delaware	 	 	100	%
	Agree RT Arlington TX, LLC	 	Delaware	 	 	100	%
	Agree RT Gulfport MS, LLC	 	Delaware	 	 	100	%
	Agree RT Jackson MS, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-8	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree RT Port Richey FL, LLC	 	Delaware	 	 	100	%
	Agree RT Villa Rica GA, LLC	 	Delaware	 	 	100	%
	Agree Salem OR LLC	 	Delaware	 	 	100	%
	Agree Sarasota FL, LLC	 	Delaware	 	 	100	%
	Agree SB, LLC	 	Delaware	 	 	100	%
	Agree Secaucus NJ, LLC	 	Delaware	 	 	100	%
	Agree Shelby, LLC	 	Michigan	 	 	100	%
	Agree Silver Springs Shores, LLC	 	Delaware	 	 	100	%
	Agree Southfield & Webster, LLC	 	Delaware	 	 	100	%
	Agree Southfield, LLC	 	Michigan	 	 	100	%
	Agree Spartanburg SC, LLC	 	South Carolina	 	 	100	%
	Agree Spring Grove, LLC	 	Illinois	 	 	100	%
	Agree Springfield IL, LLC	 	Illinois	 	 	100	%
	Agree Springfield MO, LLC	 	Delaware	 	 	100	%
	Agree Springfield OH LLC	 	Delaware	 	 	100	%
	Agree St Petersburg, LLC	 	Florida	 	 	100	%
	Agree St. Augustine Shores, LLC	 	Delaware	 	 	100	%
	Agree St. Joseph MO, LLC	 	Missouri	 	 	100	%
	Agree Statesville NC, LLC	 	Delaware	 	 	100	%
	Agree Statham GA, LLC	 	Georgia	 	 	100	%
	Agree Stores, LLC	 	Delaware	 	 	100	%
	Agree Sun Valley NV LLC	 	Nevada	 	 	100	%

 

    	 	EX 2-9	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Agree Sunnyvale CA, LLC	 	Delaware	 	 	100	%
	Agree Tallahassee, LLC	 	Florida	 	 	100	%
	Agree Terre Haute IN LLC	 	Delaware	 	 	100	%
	Agree TK, LLC	 	Delaware	 	 	100	%
	Agree Topeka KS LLC	 	Delaware	 	 	100	%
	Agree Tri-State Lease, LLC	 	Delaware	 	 	100	%
	Agree Upland CA, LLC	 	Delaware	 	 	100	%
	Agree Venice, LLC	 	Florida	 	 	100	%
	Agree Vero Beach FL, LLC	 	Delaware	 	 	100	%
	Agree W 63rd Chicago IL, LLC	 	Delaware	 	 	100	%
	Agree Walker, LLC	 	Michigan	 	 	100	%
	Agree Wawa Baltimore, LLC	 	Maryland	 	 	100	%
	Agree Wheaton IL, LLC	 	Delaware	 	 	100	%
	Agree Whittier CA, LLC	 	Delaware	 	 	100	%
	Agree Wichita Falls TX LLC	 	Texas	 	 	100	%
	Agree Wichita, LLC	 	Kansas	 	 	100	%
	Agree Wilmington, LLC	 	North Carolina	 	 	100	%
	Agree Woodland Park NJ, LLC	 	Delaware	 	 	100	%
	Agree Woodstock IL, LLC	 	Delaware	 	 	100	%
	Indianapolis Store No. 16 LLC	 	Delaware	 	 	100	%
	Lawrence Store No. 203, L.L.C.	 	Delaware	 	 	100	%
	Lunacorp, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-10	 

     

    

 

	Subsidiary	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other Subsidiaries
 (in the aggregate)	 
	Mt. Pleasant Outlot I, LLC	 	Michigan	 	 	100	%
	Mt. Pleasant Shopping Center, L.L.C.	 	Michigan	 	 	100	%
	Pharm Nashville IN, LLC	 	Delaware	 	 	100	%

 

Note: The above list excludes dormant Subsidiaries that do not
own any property.

 

Affiliates (other than Subsidiaries)

None

 

	
        Directors and Executive Officers

        of the Parent Guarantor
	 	Position(s)
	Richard Agree	 	Executive Chairman of the Board of Directors
	Joel N. Agree	 	President, Chief Executive Officer and Director
	Clayton R. Thelen	 	Chief Financial Officer and Secretary
	Laith M. Hermiz	 	Chief Operating Officer and Executive Vice President
	Craig Erlich	 	Independent Director
	Farris G. Kalil	 	Independent Director
	W. Gregory Lehmkuhl	 	Independent Director
	John Rakolta, Jr.	 	Independent Director
	Jerome Rossi	 	Independent Director
	William S. Rubenfaer	 	Independent Director
	Leon M. Schurgin	 	Independent Director
	Merrie S. Frankel	 	Independent Director

 

Directors and Executive Officers of the Company

 

The sole general partner of the Company
is the Parent Guarantor. Please see the directors and senior officers of the Parent Guarantor listed above.

 

Section 5.14.
Use of Proceeds. The Company will apply the proceeds of the sale of the Series 2018-A Notes issued hereunder to finance, among
other things, acquisitions, tenant improvements, new construction, development and redevelopment, capital expenditures, debt repayment,
leasing commissions and for general working capital.

 

    	 	EX 2-11SEPARATION
AGREEMENT

 

This
Separation and Release Agreement (“Separation Agreement”) is entered into by and between Alfred Kingsley (“Executive”)
and AgeX Therapeutics, Inc. (the “Company”) and confirms the agreement that has been reached with Executive in connection
with Executive’s separation from the Company.

 

1.
Termination of Employment. Executive’s separation shall be effective as of October 15, 2018 (the “Separation
Date”) and as of such date Executive shall cease to be employed by the Company and by each and every subsidiary of the Company
(each a “Subsidiary) in any capacity. This Agreement constitutes Executive’s resignation on the Separation Date as
an employee, officer, and/or director of, and from any other title or position with, the Company and each of the Company’s
Subsidiaries. Executive further agrees to execute promptly upon request by the Company any additional documents necessary to effectuate
the provisions of this Section 1.

 

2.
Separation Agreement Benefits. Provided that Executive (i) executes this Separation Agreement not later than the twenty-first
day after it is furnished to him (and not earlier than the Separation Date), (ii) does not exercise the right of revocation set
forth in Section 12, and (iii) otherwise complies in all material respects with all of the terms and conditions of this Separation
Agreement, the Company shall pay or provide Executive with the following:

 

(a)
Notwithstanding any contrary provision in any of the Company’s equity plans, or any equity grant agreement (the “Award
Document”), all of Executive’s unvested outstanding Company options granted (“Company Equity”) shall fully
vest as of the Separation Date.

 

(b)
Executive acknowledges and agrees that any Company Equity that were originally intended to constitute “incentive stock options”
under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Options”) shall
cease to be “incentive stock options” three (3) months after the Separation Date pursuant to the Code; provided, however,
that any such Options may cease to be “incentive stock options” sooner as more fully set forth herein in Exhibit
A hereto.

 

Notwithstanding
anything to the contrary in the Award Document, subject to (i) Executive’s written execution and return to the Company of
the Consent to Amendment of Incentive Stock Options attached hereto as Exhibit A, and (ii) Executive’s continued
compliance with Executive’s obligations under this Agreement, the exercise period for the Options shall be extended such
that Executive may exercise the vested Options, on or before October 16, 2023; provided that in no event will any of the Options
be exercisable after the expiration of their maximum applicable term. As further described in Exhibit A, the extension
of the exercise period may affect the tax treatment of the Options. Except as modified by this Agreement, all terms, conditions
and limitations applicable to the Options will remain in full force and effect pursuant to the applicable Award Documents.

 

    	 	
 1.
	 

    	 

    

 

3.
Accrued Benefits.

 

(a)
Whether or not Executive chooses to sign this Separation Agreement, Executive will be entitled to receive the following accrued
benefits:

 

(i)
Unpaid base salary accrued up to the Separation Date;

 

(ii)
A lump-sum payment, less applicable withholdings and deductions, that represents the value of Executive’s accrued unused
vacation, if any;

 

(iii)
Vested benefits under any Company retirement, deferred compensation plan or equity plan; and (iv) COBRA coverage continuation
rights under any Company health care plan, in accordance with the terms of such plans and applicable law.

 

(b)
Executive will also be entitled to any rights to contribution, advancement of expenses, defense or indemnification Executive may
have under the Company’s Certificate of Incorporation or Bylaws, as applicable, or as provided under applicable law.

 

4.
No Other Payments or Benefits. Executive acknowledges and agrees that, other than the payments and benefits expressly set
forth in this Separation Agreement, Executive has received all compensation to which Executive is entitled from the Company, and
Executive is not entitled to any other payments or benefits from the Company. Other than as set forth in this Separation Agreement,
after the Separation Date, Executive shall not receive any base salary, annual bonus, short term or long-term incentive award,
welfare, retirement, perquisite, fringe benefit or other benefit plan coverage or coverage under any other practice, policy or
program as may be in effect from time to time, applying to senior officers or other employees of the Company.

 

5.
Agreement Not to Solicit Employees. Executive hereby agrees that until the first anniversary of the Separation Date, Executive
shall not, for himself or any third party, directly or indirectly, employ or solicit for employment or recommend for employment
any person employed by the Company or any Subsidiary.

 

6.
Non-Disparagement. Executive agrees that Executive will not, and will not encourage or induce others to, make, publish
or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning
any of the Company, its Subsidiaries, affiliates or shareholders or any of their respective past, present or directors, officers,
employees, agents, shareholders or members or any of their respective successors and assigns (collectively, the “Company
Entities and Persons”). The Company will not issue a press release or similar public announcement regarding the termination
of Executive’s employment; provided, however that the Company may include such disclosure of the termination of Executive’s
employment and terms of this Separation Agreement in one or more proxy statements, current, quarterly, or annual reports, and
registration statements filed with the Securities and Exchange Commission (the “SEC”), as may be required by the Securities
Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or SEC rules and regulations thereunder. If the Company
receives any external inquiry regarding Executive’s employment history at the Company, the Company will respond to the inquiry
by providing Executive’s dates of employment, Executive’s job title. Nothing in this Separation Agreement is intended
to or shall prevent any person from providing, or limiting testimony in response to a valid subpoena, court order, regulatory
request or other judicial, administrative or legal process or otherwise as required by law. Executive agrees that Executive will
notify the Company in writing as promptly as practicable after receiving any request for testimony or information in response
to a subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by
law, regarding the anticipated testimony or information to be provided and at least ten (10) days prior to providing such testimony
or information (or, if such notice is not possible under the circumstances, with as much prior notice as is possible).

 

    	 	
 2.
	 

    	 

    

 

7.
Cooperation. Beginning on the Separation Date and for twelve (12) months thereafter, Executive agrees that Executive will
reasonably cooperate with and assist the Company, its subsidiaries and affiliates, and any of their respective officers, directors,
shareholders or employees: (A) concerning requests for information about the business of the Company or its subsidiaries or affiliates
or Executive’s involvement and participation therein (including but not limited to requests and subpoenas to provide information
or testimony); (B) in connection with any investigation or review by the Company or any federal, state or local regulatory, quasi-regulatory
or self-governing authority as any such investigation or review relates to events or occurrences that transpired while Executive
were employed by the Company; and (C) with respect to transition and succession matters. Executive’s cooperation shall include,
but not be limited to (taking into account Executive’s personal and professional obligations, including those to any new
employer or entity to which Executive provide services), being available to meet and speak with officers or employees of the Company
and/or the Company’s counsel at reasonable times and locations, executing accurate and truthful documents and taking such
other actions as may reasonably be requested by the Company and/or the Company’s counsel to effectuate the foregoing. Executive
shall be entitled to reimbursement from the Company, upon receipt by the Company of suitable documentation, for reasonable and
necessary travel and other expenses which Executive may incur on such matters at the specific request of the Company and as approved
by the Company in advance and in accordance with its policies and procedures established from time to time.

 

8.
Company Property; Certain Transition Matters; Confidentiality.

 

(a)
On or prior to the Separation Date, Executive will return to the Company and all Subsidiaries all equipment and other property
belonging to the Company and Subsidiaries, and all originals and copies or 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: (i) lists and sources of customers; (ii) 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; (iii) reports, job or laboratory notes, specifications, and drawings pertaining to the research, development, products,
patents, and technology of the Company and any Subsidiaries; and (iv) any and all inventions or intellectual property developed
by Executive during the course of employment. 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 the Company, a Subsidiary, or any third party, that the Company
or a Subsidiary 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
the Company and was not assigned to the Company or a Subsidiary or was not disclosed to Executive in Executive’s capacity
as a director or other fiduciary of the Company or a Subsidiary; or (iii) information disclosed to Executive, after the termination
of Executive’s employment by the Company, without a confidential restriction by a third party who rightfully possesses the
information and did not obtain it, either directly or indirectly, from the Company or a Subsidiary, and who is not subject to
an obligation to keep such information confidential for the benefit of the Company, a Subsidiary, or any third party with whom
the Company or a Subsidiary has a contractual relationship.

 

    	 	
 3.
	 

    	 

    

 

(b)
From and after the Separation Date, Executive will not represent (or purport to represent) the Company or any of its affiliates
in any capacity to any person or entity, or enter into (or purport to enter into) any transactions, agreements or understandings
on behalf of the Company or any of its affiliates with any person or entity.

 

(c)
Executive understands and agrees that all Confidential Information shall be kept confidential by Executive both during and after
Executive’s employment by the Company or any Subsidiary. Executive further agrees that Executive will not, without the prior
written approval by the Company or a Subsidiary, 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 has been required by the
Company or a Subsidiary in the course of Executive’s employment.

 

(d)
Notwithstanding the foregoing, in accordance with the Defend Trade Secrets Act of 2016, Executive is hereby notified that Executive
will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that: (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an
attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint
or other document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the
Company for reporting a suspected violation of law, Executive may disclose the Company’s trade secrets to Executive’s
attorney and use the trade secret information in the court proceeding if Executive (i) files any document containing the trade
secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

 

9.
Taxes. The parties acknowledge and agree that: the form and timing of the Separation Agreement Payments and Benefits to
be provided pursuant to this Agreement are intended to be exempt from or to comply with requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and applicable Treasury Regulations thereunder (“Section 409A”), including the requirement
for a six-month suspension on payments to “specified employees” as defined in Section 409A that are not otherwise
permitted to be paid within the six-month suspension period. Notwithstanding the foregoing, it is also agreed that Executive has
had the opportunity to seek the advice of independent tax counsel with respect to the potential application of Section 409A to
the Separation Agreement, and is not relying upon the advice of the Company or any person affiliated with the Company with respect
thereto. In no event shall the Company or any person affiliated with the Company have any liability to Executive with respect
to any adverse tax consequences, under Section 409A or otherwise, related to the payment of the Separation Agreement payments
and benefits.

 

    	 	
 4.
	 

    	 

    

 

10.
Release and Covenant Not to Sue.

 

(a)
Executive agrees that, in consideration of this Separation Agreement, Executive hereby waives, releases and forever discharges,
to the extent permitted by applicable law, any and all claims, complaints, promises, agreements, controversies, liens, demands,
actions, causes of action, obligations, suits, disputes, judgments, rights, debts, bonds, bills, covenants, contracts, variances,
trespasses, executions, damages and liabilities of any nature whatsoever (collectively “Claims”) which Executive ever
had, now has or may have against the (i) Company, (ii) the Company’s past and present Subsidiaries, affiliates and shareholders,
and (iii) the past and present shareholders, members, directors, officers, agents, employees, attorneys, insurers, predecessors,
various benefits committees, successors and assigns, heirs, executors and personal and legal representatives of the Company and
the Company’s Subsidiaries, affiliates and shareholders ((i), (ii) and (iii), collectively, the “Released Parties”);
based on or relating to any act, event or omission occurring before Executive executes this Separation Agreement arising out of,
during or relating to Executive’s employment or services with the Company or the cessation of such employment or services,
except for claims relating to the enforcement of the Company’s obligations under this Separation Agreement or as provided
below; provided, however, that the Released Parties shall not include BioTime, Inc. or any subsidiary or affiliate of BioTime,
Inc. other than the Company and the Company’s Subsidiaries. This waiver and release includes, but is not limited to, any
claims which could be asserted now or in the future, under: common law, including, but not limited to, breach of express or implied
duties, wrongful termination, retaliation, defamation, or violation of public policy; any policies, practices, or procedures of
the Company; any federal or state statutes or regulations including, but not limited to, Title VII of the Civil Rights Act of
1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1866 and 1871, the Age Discrimination in Employment
Act (“ADEA”), as amended, 29 U.S.C. § 621 et seq., the Americans With Disabilities Act, 42 U.S.C. §12101
et seq., the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. § 41001 et seq. (excluding those rights
relating exclusively to employee pension benefits as governed by ERISA), the Family and Medical Leave Act, 29 U.S.C. §2601
et. seq., the California Fair Employment and Housing Act, the California Family Rights Act, the California Labor Code; any contract
of employment, express or implied; and any provision of any other law, common or statutory, of the United States, New York, or
any applicable state. For the purpose of implementing a full and complete release, Executive understands and agrees that this
Separation Agreement is intended to waive and release all claims, if any, which Executive may have and which Executive may not
now know or suspect to exist in Executive’s favor against any of the Released Parties and this Separation Agreement extinguishes
those claims.

 

Without
limiting the generality of the foregoing, Executive expressly waives any and all rights under California Civil Code § 1542
which provides:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

    	 	
 5.
	 

    	 

    

 

(b)
By signing this Separation Agreement, Executive represents that Executive has not and will not in the future commence any action
or proceeding arising out of the Claims described in Section 10(a), and that Executive will not seek or be entitled to any award
of legal or equitable relief in any such action or proceeding that may be commenced on Executive’s behalf. The provisions
of this Section 10(b) constitute a “covenant not to sue.” A “covenant not to sue” is a legal term which
means Executive promises not to file a lawsuit in court. It is different from the Release of Claims contained in Section 10(a)
above. Besides waiving and releasing Claims covered by Section 10(a), Executive further agrees never to sue any Released Party
in any forum for any reason covered by the release of Claims. Notwithstanding this covenant not to sue, Executive may bring a
Claim against the Company to enforce this Separation Agreement or, to the extent permitted under the law, to challenge the validity
of this Separation Agreement under the ADEA. If Executive sues a Released Party in violation of this Separation Agreement, Executive
shall be liable to the Released Party for its reasonable attorneys’ fees and other litigation costs incurred in defending
against Executive’s suit.

 

11.
Release Exclusions/Additional Rights. Nothing in the Release above or any other part of this Separation Agreement shall:
(i) affect any rights of defense or indemnification, or to be held harmless, or any coverage under directors and officers liability
insurance or any other insurance or rights or claims of contribution or advancement of expenses that Executive has; (ii) waive
any rights or claims that Executive may have to the extent that such rights or claims are based upon events occurring more than
seven days after the date Executive executed this Agreement; (iii) waive, release or otherwise discharge any other claim or cause
of action that cannot legally be waived; or (iv) interfere with Executive’s right to file a charge or cooperate with, provide
information to, or participate in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission, the
California Department of Fair Employment and Housing, or any other federal or state regulatory or law enforcement agency. Executive
nonetheless acknowledge and agree that any Claims for personal relief in connection with such a charge or investigation (such
as reinstatement or monetary damages) would be and hereby are barred. Executive may, however, receive money from the Securities
& Exchange Commission as a reward for providing information to that agency.

 

12.
Time to Consider, Consult With Counsel and Revoke.

 

(a)
The Company is presenting Executive with this Separation Agreement on October 15, 2018 and Executive has until close of business
on November 5, 2018 to consider it. Executive acknowledge that Executive has been given at least twenty-one (21) days to consider
this Separation Agreement before signing it, and agrees that any changes made to the terms of this Separation Agreement shall
not restart the twenty-one (2 1) day period.

 

(b)
Executive acknowledges that Executive has been advised by the Company, in writing, to consult an attorney with respect to this
Separation Agreement before signing it. Executive has the right to revoke this Separation Agreement after signing it by written
notice to the Company sent by reputable overnight courier or email not more than seven (7) days after the date of Executive’s
execution of this Separation Agreement. Notice of revocation should be addressed to AgeX Therapeutics, Inc., 1010 Atlantic Avenue,
Suite 102, Alameda, CA 94501, ATTN: CEO or if by email, addressed to mwest@agexinc.com. If Executive chooses to revoke this Separation
Agreement, it shall be null and void and without limiting the generality of the foregoing, Executive shall no longer be entitled
to the benefits under Section 2 or any other Section of this Separation Agreement other than the accrued benefits described in
Section 3. Executive expressly acknowledges that the benefits described in Section 2 represent valuable benefits to which he has
no legal entitlement unless he executes, and does not revoke, this Separation Agreement.

 

    	 	
 6.
	 

    	 

    

 

13.
Enforcement. If any provision of this Separation Agreement is held by a court of competent jurisdiction to be illegal,
void or unenforceable, such provision shall have no effect; however, the remaining provisions shall be enforced to the maximum
extent possible. Further, if a court should determine that any portion of this Separation Agreement is overbroad or unreasonable,
such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision
found overbroad or unreasonable. In addition, Executive agrees that Executive’s knowing failure to return Company property
that relates to the maintenance of security of the Company Entities and Persons shall entitle the Company to injunctive and other
equitable relief.

 

14.
No Admission. This Separation Agreement is not intended, and shall not be construed, as an admission that either Executive
or the Company Entities and Persons have violated any federal, state or local law (statutory or decisional), ordinance or regulation,
breached any contract or committed any wrong whatsoever.

 

15.
Successors. This Separation Agreement is binding upon, and shall inure to the benefit of, the parties and their respective
heirs, executors, administrators, successors and assigns.

 

16.
Resolution of Disputes; Choice of Law.

 

(a)
This Separation Agreement shall be construed and enforced in accordance with the laws of the State of California without regard
to the principles of conflicts of law.

 

(b)
All suits, actions or proceedings arising out of or relating to this Separation Agreement shall be brought in a state or federal
court located in the City and County of San Francisco, California, which courts shall be the exclusive forum for all such suits,
actions or proceedings. Executive and the Company hereby waive any objection which either of Executive may now or hereafter have
to the laying of venue in any such court, including any claim based on the doctrine of forum non conveniens or any similar doctrine,
for any such suit, action or proceeding. Executive and the Company each hereby irrevocably consent and submit to the jurisdiction
of the federal and state courts located in the City and County of San Francisco, California for the purposes of any suit, action
or proceeding arising out of relating to this Separation Agreement. If any action is necessary to enforce the terms of this Separation
Agreement, the substantially prevailing party will be entitled to reasonable attorneys’ fees, costs and expenses in addition
to any other relief to which such prevailing party may be entitled.

 

(c)
EXECUTIVE AND THE COMPANY EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING UNDER THIS
SEPARATION AGREEMENT OR RELATED IN ANY WAY TO EXECUTIVE’S EMPLOYMENT AND/OR TO THE TERMINATION OF EXECUTIVE’S EMPLOYMENT
AND AGREE THAT ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

    	 	
 7.
	 

    	 

    

 

(d)
If the waiver of a trial by jury in paragraph (c) of this Section 16 is ineffective or unenforceable, the Company and Executive
agree that all suits, actions or proceedings arising under this Separation Agreement or related in any way to Executive’s
employment and/or to the termination of Executive’s employment brought or heard in a California state court shall be resolved
without a jury, pursuant to California Code of Civil Procedure Section 638 et seq, before a mutually acceptable referee
(who shall be a retired judge). The Company and Executive shall not seek to appoint a referee that may be disqualified pursuant
to California Code of Civil Procedure Section 641 or 641.2 without the prior written consent of all parties. If the parties are
unable to agree upon a referee within ten (10) calendar days after one party serves a written notice of intent for judicial reference
upon the other party or parties, then the referee will be selected by the court in accordance with California Code of Civil Procedure
Section 640(b). Such proceeding shall be conducted in the City and County of San Francisco, California, in accordance with the
California Code of Civil Procedure, the Rules of Court, and California Evidence Code, except as otherwise specifically agreed
by the parties and approved by the referee. In the event Claims are to be resolved by judicial reference, either party may seek
from the court any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the
fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference.

 

(e)
Entire Agreement. Executive acknowledges that this Separation Agreement constitutes the complete understanding between
the Company and Executive regarding its subject matter and supersedes any and all agreements, understandings, and discussions,
whether written or oral, between Executive and any of the Company Entities and Persons. No other promises or agreements shall
be binding on the Company unless in writing and signed by both the Company and Executive after the date of this Separation Agreement.
This Separation Agreement shall be construed as though both parties had participated equally in its drafting, and shall not be
construed against either party as the drafting party.

 

17.
Effective Date. Executive may accept this Separation Agreement by signing it and returning it to AgeX Therapeutics, Inc.,
1010 Atlantic Avenue, Suite 102, Alameda, CA 94501, ATTN: CEO or if by email, addressed to mwest@agexinc.com, not later than the
twenty-first (21st) day after the Separation Agreement is provided to Executive (which is close of business on November 5, 2018
as described in Section 12(a) above). The Effective Date of this Separation Agreement shall be the date after the 7-day revocation
period expires. In the event Executive does not accept this Separation Agreement as set forth in this Section 17, this Separation
Agreement, including but not limited to, the obligation of the Company hereunder to provide benefits under this Separation Agreement,
shall be deemed automatically null and void.

 

18.
Headings. The headings used herein are for the convenience of reference only, do not constitute part of this Separation
Agreement and shall not be deemed to limit or otherwise affect any of the provisions of this Separation Agreement.

 

19.
Counterparts. This Separation Agreement may be executed in one or more counterparts, including pdf format documents delivered
by email or telecopied facsimiles, each of which shall be deemed an original (including all signatures thereon), but all of which
together shall constitute one and the same instrument.

 

[Signature
Page to the Separation and Release Agreement Follows]

 

    	 	
 8.
	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Separation and Release Agreement as of the dates set forth below.

 

	EXECUTIVE	 	 
	 	 	 	 
	 	/s/
    Alfred Kingsley	 	Date: 	October 17, 2018
	 	Alfred
    Kingsley	 	 
	 	 	 	 
	AGEX THERAPEUTICS, INC.	 	 
	 	 	 	 
	By:
    	/s/
    Michael West	 	Date: 	October 17, 2018
	 	Michael
    West	 	 
	 	Chief
    Executive Officer	 	 

 

[Signature
Page to the Separation and Release Agreement]

 

    	 	
 9.
	 

    	 

    

 

Exhibit
A

 

CONSENT
TO AMENDMENT OF INCENTIVE STOCK OPTIONS

 

To
be signed and delivered to AgeX Therapeutics, Inc.

 

I
am a holder of outstanding stock options (the “Options”) to purchase 330,000 shares of common stock of AgeX
Therapeutics, Inc., (the “Company”), at an exercise price of $2.00 per share, that were granted under the Company’s
equity incentive plan (the “Equity Plan”). The number and type of shares of the Company purchasable and the
exercise price of the Options are subject to adjustment under the Equity Plan and the terms of the Options. Pursuant to the terms
of the Options, without giving effect to the Separation Agreement between myself and the Company dated as of October 15, 2018
(the “Separation Agreement”), the Options will cease to vest as of the date of my termination of Continuous
Service (as defined in the Equity Plan) with the Company and will remain exercisable for three (3) months thereafter. In connection
with the Separation Agreement, the Company (i) has agreed that, subject to the terms and conditions of the Separation Agreement,
my Options shall fully vest on the Separation Date as defined in the Separation Agreement, and (ii) has agreed that subject to
my compliance with my obligations under the Separation Agreement and the terms and conditions of the Separation Agreement, to
extend the post-termination exercise period and to permit me to exercise my Options until October 16, 2023 (the post-termination
exercise period, the “Options Amendment”). The Company may not amend the terms of my Options in a manner that
would adversely affect my rights under such Options without my written consent. I understand that with respect to any portion
of my Options that is an “incentive stock option” (“ISO”) under Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”), the Options Amendment is contingent upon my consent to such amendment.

 

Section
424(h) of the Code provides that if the terms of an ISO are modified, then such modification shall be considered as the granting
of a new option. An extension of the post-termination exercise period of my Options would be deemed a modification and, thus,
the grant of new options. As a result, the Options Amendment would require a new comparison of the exercise price and the current
fair market value of the Company’s common stock and would require my employment status as of such date to determine if the
Options, as amended by the Options Amendment, retain ISO status. Therefore, because I will no longer be an employee of the Company,
any ISOs would fail to be treated as an ISO as a result of the Options Amendment, provided they are not exercised by me within
three (3) months after my Separation Date.

 

I
understand that I am under no obligation to consent to the Options Amendment. I have read this consent and have had sufficient
time to review and discuss this matter. I understand that in order for the Options Amendment to be effective, I must properly
execute and return my consent to the Options Amendment in accordance with the “important instructions” below and (2)
I must become a party to the Separation Agreement.

 

I
further understand that this consent is intended as a brief summary of the Options Amendment and, thus, if there is any inconsistency
between the information included in this consent and the terms of the Options (as amended by the Separation Agreement), the terms
of the Options shall govern. I acknowledge that the Options Amendment shall not override any contrary provision in the equity
incentive plan or award agreements under which the Options were granted that would provide for earlier termination of any unexercised
Options regarding a corporate transaction, change in control, or other similar transaction. I acknowledge that neither the
Company nor its agents have recommended or influenced my decision to consent to the Options Amendment. I further acknowledge that
I have had the opportunity to seek independent advice regarding this matter from my legal counsel and tax advisor.

 

    	 	
10.
	 

    	 

    

 

After
due consideration of the above, I hereby agree to the Options Amendment. I acknowledge that, for any portion of the Options that
are ISOs, the Options Amendment will cause loss of ISO status if they are not exercised within the three (3) months following
my Separation Date.

 

	 	/s/
    Alfred Kingsley
	 	Alfred
    Kingsley
	 	 
	 	October
    17, 2018
	 	Date
    Signed

 

IMPORTANT
INSTRUCTIONS: In order for this Options Amendments to be effective, you must (1) sign and date this Consent to Amendment of
Incentive Stock Options and return it to AgeX Therapeutics, Inc., and (2) become a party to the Separation and Release Agreement.
This Consent to Amendment of Incentive Stock Options may be returned by hard copy or by emailing as a PDF attachment to the CEO
at mwestgagexinc.com.

 

    	 	
11.

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