Document:

STOCK
OPTION AGREEMENT

 

THIS
AGREEMENT made and entered into effective as of September 17, 2018, by and between BioTime, Inc., a California corporation (the
“Company”), and Brian M. Culley, an employee (the “Employee”) of the Company.

 

W 
I  T  N  E  S  S  E  T  H

 

WHEREAS,
the Company has adopted the BioTime, Inc. 2012 Equity Incentive Plan (the “Plan”), administered by the Company’s
Board of Directors (the “Board”) or, in the discretion of the Board, by a committee (the “Committee”),
providing for the granting to its employees or other individuals, stock options to purchase the Company’s common shares,
no par value;

 

WHEREAS,
the company intends to grant options to the Employee as a material inducement to the Employee being hired by the Company, pursuant
to Rule 303A.08 of the NYSE Listed Company Manual (the “Inducement Stock Options”);

 

WHEREAS,
the Inducement Stock Options are intended to be nonqualified stock options and are not intended to be treated as incentive stock
options within the meaning of Selection 422(b) of the Code;

 

WHEREAS,
the Company intends that the Inducement Stock Options will be granted outside of the Plan and will not reduce the share reserve
of the Plan, but the Inducement Stock Options will otherwise be subject to the terms of the Plan as if they had been granted under
the Plan; and

 

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

 

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

 

1.
Grant. The Company hereby grants to the Employee Inducement Stock Options to purchase 1,500,000 common shares, no par value
(the “Shares”), at the price set forth in Section 2, on the terms and conditions hereinafter stated and subject to
any limitations contained in the Plan other than the limits contained in Section 4 of the Plan, which will not apply (the “Option”).

 

2.
Exercise Price. The purchase price per Share is two dollars and thirty-one cents ($2.31) which was the last
closing price of the Company’s common shares on the date of this grant (i.e., September 17, 2018) and 100% of the fair
market value of common stock subject to the option on the grant date.

 

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3.
Vesting. Unless otherwise terminated as provided by this Agreement, this option will vest (and thereby become exercisable)
as follows: one quarter of the options shall vest upon completion of 12 full months of continuous employment of the optionee by
the Company measured from September 17, 2018 the date of grant, and the balance of the options shall vest in 36 equal monthly
installments commencing on the first anniversary of the date of grant, based upon the completion of each month of continuous employment
of the optionee by the Company. The unvested portion of the Option shall not be exercisable.

 

4.
Expiration. Subject to Section __ herein, the vested portion of the options shall expire on the earliest of (A) ten (10) years
from date of grant, (B) three months after Employee ceases to be an employee of the Company for any reason other than Employee’s
death or Disability (as defined below), or (C) one year after Employee ceases to be an employee of the Company due to death or
Disability; provided that if Employee dies during the ninety day period described in clause (B) of this paragraph, the expiration
date of the vested portion of the Option shall be one year after the date of Employee’s death.

 

5.
Adjustments in Shares and Purchase Price.

 

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

 

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

 

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

 

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

 

6.
Effect of Termination of Employment. In the event of termination of the Employee’s Continuous Service for any reason
other than his or her death or disability, this Option may not be exercised after the date three months following the date of
termination of Employees Continuous Service, and may be exercisable only up to the amount vested on the date of termination. “Continuous
Service” means that the Employee’s service with the Company, whether as an employee, consultant, or director, is not
interrupted or terminated, as determined in accordance with the Plan. Notwithstanding the foregoing, if the exercise of the Option
following the termination of the Employee’s Continuous Service for any reason would be prohibited at any time because the
issuance of shares of Common Stock would violate the registration requirements under the Securities Act or any other state or
federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate
on the earlier of (a) the expiration of the term of the Option in accordance with Section 4(A) above or (b) the expiration of
a period after termination of the Employee’s Continuous Service that is three months after the end of the period during
which the exercise of the Option would be in violation of such registration or other securities law requirements.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

14.
Terms of Employment. Subject to any employment contract with the Employee, the terms of employment of the Employee shall be
determined from time to time by the Company and the Company shall have the right, which is hereby expressly reserved, to terminate
the Employee or change the terms of the employment at any time for any reason whatsoever, with or without good cause. The Employee
agrees to notify in writing the Corporate Secretary of the Company of the Employee’s intention, if any, to terminate Employee’s
employment within ten days after said intention is formed.

 

15.
Payment of Taxes. Whenever Shares are to be issued to the Employee in satisfaction of the rights conferred hereby, the Company
shall have the right to require the Employee to remit to the Company an amount sufficient to satisfy federal, state and local
withholding tax requirements prior to the delivery of any certificate or certificates for such Shares.

 

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16.
Terms and Conditions of Plan. This Agreement is subject to, and the Company and the Employee agree to be bound by, all of
the terms and conditions of the Plan (other than Section 4 thereof) as if this Option had been granted under the Plan, as the
Plan shall have been amended from time to time in accordance with the terms thereof, provided that no such amendment shall deprive
the Employee, without his or her consent, of any of his or her rights hereunder, except as otherwise provided in this Agreement
or in the Plan. The Shares acquired hereunder may also be subject to restrictions on transfer and/or rights of repurchase that
may be contained in the Bylaws of the Company or in separate agreements with Employee. The Board or the Committee shall have the
power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application
of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Board or the Committee in good faith shall be final and binding upon Employee, the Company and all
other interested persons. No member of the Board or the Committee shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Plan or this Agreement.

 

17.
Severability. In the event that any provision in this Agreement shall be invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed to have any effect on the remaining provisions
of this Agreement.

 

18.
Governing Law. This Agreement shall be governed by and construed under the laws of the state of California, without regard
to conflicts of law provisions.

 

19.
Arbitration. Any and all claims or controversies between the Company and Employee, including but not limited to (a) those
involving the construction or application of any of the terms, provisions, or conditions of this Agreement; (b) all contract or
tort claims of any kind; and (c) any claim based on any federal, state, or local law, statute, regulation, or ordinance, including
claims for unlawful discrimination or harassment, shall be settled by arbitration in accordance with the then current Employment
Dispute Resolution Rules of the American Arbitration Association. Judgment on the award rendered by the arbitrator(s) may be entered
by any court having jurisdiction over the Company and Employee. The location of the arbitration shall be San Francisco, California.
Unless the Company or a Related Company and Employee mutually agree otherwise, the arbitrator shall be a retired judge selected
from a panel provided by the American Arbitration Association, or the Judicial Arbitration and Mediation Service (JAMS). The Company
shall pay the arbitrator’s fees and costs. Employee shall pay for Employee’s own costs and attorneys’ fees,
if any. The Company shall pay for its own costs and attorneys’ fees, if any. However, if any party prevails on a statutory
claim which affords the prevailing party attorneys’ fees, the arbitrator shall award reasonable attorneys’ fees and
costs to the prevailing party consistent with the relevant statute(s).

 

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

 

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

 

COMPANY:

 

BioTime,
Inc.

 

	 	 
	 	(Signature)	 
	 	 	 
	By
    	 	 
	Title
    	 	 

 

EMPLOYEE:

 

	 	 
	 	(Signature) 	 
	 	 	 
	 	 
	 	(Please
    Print Name) 	 

 

    	7EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT (“Agreement”) is made January 7, 2019 (“Effective Date”), by and between BioTime, Inc. (the
“Company”), a California corporation, and Brandi L. Roberts (“Executive”).

 

NOW,
THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties hereto agree as follows:

 

1.
Engagement; Position and Duties.

 

(a)
Position and Duties. The Company agrees to employ Executive in the position of Chief Financial Officer to perform the duties
as outlined on Exhibit A and as the Chief Executive Officer (CEO) or the Board of Directors of the Company (the “Board of
Directors”) may from time to time direct or require. Executive shall report to the Chief Executive Officer. Executive shall
devote best efforts, skills and abilities, on a full-time basis, exclusively to the Company’s business. Executive covenants
and agrees to faithfully adhere to and fulfill such policies as are established from time to time by the Board of Directors or
the Company (“Policies”).

 

(b)
Performance of Services for Related Companies. In addition to the performance of services for Company, Executive shall, to
the extent so required by Company, also perform services for one or more members of a consolidated group of which Company is a
part (“Related Company”), provided that such services are consistent with the kind of services Executive performs
or may be required to perform for Company under this Agreement. If Executive performs any services for any Related Company, Executive
shall not be entitled to receive any compensation or remuneration in addition to or in lieu of the compensation and remuneration
provided under this Agreement on account of such services for the Related Company. The Policies will govern Executive’s
employment by Company and any Related Companies for which Executive is asked to provide Services. In addition, Executive covenants
and agrees that Executive will faithfully adhere to and fulfill such additional policies as may be established from time to time
by the board of directors of any Related Company for which Executive performs services, to the extent that such policies and procedures
differ from or are in addition to the Policies adopted by Company.

 

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

 

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

 

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2.
Compensation

 

(a)
Salary. During the term of this Agreement, Company shall pay to the Executive a salary of $381,924.00 annually. Executive’s
salary shall be paid in equal semi-monthly installments, consistent with Company’s regular salary payment practices. Executive’s
salary may be increased from time-to-time by Company, in Company’s sole and absolute discretion, without affecting this
Agreement.

 

(b)
Bonus. Executive may be eligible for an annual bonus of up to 40% of Executive’s annual salary, as may be approved by
the Board of Directors in its discretion, based on Executive’s achievement of predetermined Company and individual objectives
set by the Board of Directors, or the Compensation Committee of the Board of Directors, from time to time. Executive also agrees
that the Board of Directors and Company are not obligated to adopt any bonus plan, to maintain in effect any bonus plan that may
now be in effect or that may be adopted during the term of Executive’s employment, or to pay Executive a bonus unless a
bonus is earned under the terms and conditions of any bonus plan adopted by Company.

 

(c)
Expense Reimbursements. Company or a Related Company shall reimburse Executive for reasonable travel and other business expenses
(but not expenses of commuting to a primary workplace) incurred by Executive in the performance of Executive’s duties under
this Agreement, subject to the Policies and procedures in effect from time to time, and provided that Executive submits supporting
vouchers. Company will additionally reimburse the travel costs (including airfare and transfer to/from airport) for Executive’s
round-trip travel between Alameda and San Diego not more often than once each week, in accordance with Company’s employee
travel policies.

 

(d)
Benefit Plans. Executive may be eligible (to the extent Executive qualifies) to participate in certain retirement, pension,
life, health, accident and disability insurance, equity incentive plan or other similar employee benefit plans, which may be adopted
by Company for its executive officers or other employees. Company and the Related Companies have the right, at any time and without
any amendment of this Agreement, and without prior notice to or consent from Executive, to adopt, amend, change, or terminate
any such benefit plans that may now be in effect or that may be adopted in the future, in each case without any further financial
obligation to Executive; provided that such unilateral change does apply to Executive in a manner different than other Company
executives or employees of a comparable executive level, except for changes required by applicable federal, state, or local law,
or implemented in response to any change of federal, state or local law or regulation. Any benefits to which Executive may be
entitled under any benefit plan shall be governed by the terms and conditions of the applicable benefit plan, and any related
plan documents, as in effect from time to time. If Executive receives any grant of stock options or stock or stock related equity
awards (“Awards”) under any stock option plan, stock purchase plan, or other equity incentive plan of Company (an
“Equity Plan”), the terms and conditions of the Award, and Executive’s rights with respect to the Award, shall
be governed by (i) the terms of the Equity Plan, as the same may be amended from time to time, and (ii) the terms and conditions
of any stock option agreement, stock purchase agreement, or other agreement that Executive may sign or be required to sign with
respect to any Award.

 

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(e)
Vacation; Sick Leave. Executive shall be entitled to 20 paid time off days (accrued on a biweekly pay period basis and capped
at 1.5 times the yearly accrual), 24 hours of annual sick leave, without reduction in compensation, during each calendar year,
or as may be provided by the Policies. Executive’s vacation shall be taken at such time as is consistent with the needs
and Policies of Company and its Related Companies. All vacation days and sick leave days shall accrue annually based upon days
of service. Executive’s right to leave from work due to illness is subject to the Policies and the provisions of this Agreement
governing termination due to disability, sickness or illness. The Policies governing the disposition of unused vacation days and
sick leave days remaining at the end of Company’s fiscal year shall govern whether unused vacation days or sick leave days
will be paid, lost, or carried over into subsequent fiscal years.

 

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

 

4.
Inventions/Intellectual Property/Confidential Information. Employee acknowledges the execution and delivery to Company of
an Employee Confidential Information and Inventions Assignment Agreement” (the “Confidentiality and IP Agreement”),
attached hereto as Exhibit B.

 

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

 

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(a)
Payments Due Upon Termination of Employment. Upon termination of Executive’s employment with Company at any time and
for any reason, in the event of the termination of Executive’s employment by Company for Cause, or termination of Executive’s
employment as a result of death, Disability, or resignation, Executive will be entitled to receive only the severance benefits
set forth below, and Executive will not be entitled to any other compensation, award, or damages with respect to Executive’s
employment or termination of employment.

 

(i)
Termination for Cause, Death, Disability, or Resignation. In the event of the termination of Executive’s employment
by Company for Cause, or termination of Executive’s employment as a result of death, Disability, or resignation, Executive
will be entitled to receive payment for all accrued but unpaid salary actually earned prior to or as of the date of termination
of Executive’s employment, and vacation or paid time off accrued as of the date of termination of Executive’s employment.
Executive will not be entitled to any cash severance benefits or additional vesting of any stock options or other equity or cash
awards.

 

(ii)
Termination Without Cause. In the event of termination of Executive’s employment by Company without Cause, Executive
will be entitled to (A) the benefits set forth in paragraph (a)(i) of this Section; (B) (1) three months’ base salary if
terminated within the first twelve (12) months of employment, or (2) nine (9) months’ base salary if terminated after twelve
(12) months of employment, either of which may be paid in a lump sum or, at the election of BioTime, in installments consistent
with the payment of Employee’s salary while employed by BioTime, subject to such payroll deductions and withholdings as
are required by law; (C) payment in full of the prorated target bonus due for the year in which Executive was terminated without
Cause, subject to such payroll deductions and withholdings as are required by law; and (D) payment, for a period of six (6) months,
of any health insurance benefits that Executive was receiving at the time of termination of Executive’s employment under
a Company employee health insurance plan subject to COBRA. This paragraph shall not apply to (x) termination of Executive’s
employment by a Related Company if Executive remains employed by Company, or (y) termination of Executive’s employment by
Company if Executive remains employed by a Related Company.

 

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(iii)
Change of Control. If Company (or any successor in interest to Company that has assumed Company’s obligation under this
Agreement) terminates Executive’s employment without Cause or Executive resigns for Good Reason within twelve (12) months
following a Change in Control, Executive will be entitled to (A) the benefits set forth in paragraph (a)(i) and (a)(ii) of this
Section, and (B) fifty percent of any then unvested options, restricted stock or restricted stock units as may have been granted
to Employee by BioTime if termination of employment occurs during the first year of Employee’s employment by BioTime, or
accelerated vesting of one hundred percent (100%) of any then unvested options, restricted stock or restricted stock units as
may have been granted to Employee by BioTime if termination of employment occurs after the first year of Employee’s employment
by BioTime. This paragraph shall not apply to (x) termination of Executive’s employment by a Related Company if Executive
remains employed by Company or a successor in interest, or (y) termination of Executive’s employment by Company or a successor
in interest if Executive remains employed by a Related Company.

 

(b)
Release. The Company’s obligation to make such payments under paragraphs (a)(ii) and (a)(iii) of this Section and provide
any other such benefits contemplated herein shall be contingent upon:

 

(i)
Executive’s execution of a release in a form reasonably acceptable to the Company (the “Release”), which Release
must be signed and any applicable revocation period with respect thereto must have expired by the 30th day following
Executive’s termination of employment. The Release will not waive any of Executive’s rights, or obligations of the
Company or its successor in interest and the Related Companies, regarding: (1) any right to indemnification and/or contribution,
advancement or payment of related expenses Executive may have pursuant to the Company’s Bylaws, Articles of Incorporation,
under any written indemnification or other agreement between the parties, and/or under applicable law; (2) any rights that Executive
may have to insurance coverage under any directors and officers liability insurance, other insurance policies of the Company,
COBRA or any similar state law; (3) any claims for worker’s compensation, state disability or unemployment insurance benefits,
or any other claims that cannot be released as a matter of applicable law; (4) rights to any vested benefits under any stock,
compensation or other employee benefit plan of the Company; (5) any rights Executive may have as an existing shareholder of the
Company; and (6) any claims arising after the effective date of the Release. Nothing in the Release or any other agreement between
Executive and the Company will prohibit or prevent Executive from providing truthful testimony or otherwise responding accurately
and fully to any question, inquiry or request for information or documents when required by legal process, subpoena, notice, court
order or law (including, without limitation, in any criminal, civil, or regulatory proceeding or investigation), or as necessary
in any action for enforcement or claimed breach of this Agreement or any other legal dispute with the Company. If the Release
has been signed and any applicable revocation period has expired prior to the 30th day following Executive’s
termination of employment, then the severance payments above may be made on such earlier date; provided, however, that if the
30th day following Executive’s termination of employment occurs in the calendar year following the year of Executive’s
termination date, then the payments shall not be made earlier than January 1 of such subsequent calendar year; and

 

    	 	 	Page 5

     

    

 

(ii)
Executive’s tendering a written resignation as a director, if serving as a director of BioTime or any Related Company, as
provided in Section 7.

 

(c)
Section 280G of the Code. 

 

(i)
Notwithstanding anything in this Agreement to the contrary, if any payment, distribution, or other benefit provided by the Company
to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (collectively, the “Payments”), (x) constitute a “parachute payment” within the meaning of
Section 280G of the Code, and (y) but for this Section 5(c) would be subject to the excise tax imposed by Section 4999 of the
Code or any similar or successor provision thereto (the “Excise Tax”), then the Payments shall be either: (A) delivered
in full pursuant to the terms of this Agreement, or (B) delivered to such lesser extent as would result in no portion of the payment
being subject to the Excise Tax, as determined in accordance with Section 5(b).

 

(ii)
The determination of whether Section 5(c)(i)(A) or Section 5(c)(i)(B) shall be given effect shall be made by the Company on the
basis of which of such clauses results in the receipt by Executive of the greater Net After-Tax Receipt (as defined herein) of
the aggregate Payments. The term “Net After-Tax Receipt” shall mean the present value (as determined in accordance
with Section 280G of the Code) of the payments net of all applicable federal, state and local income, employment, and other applicable
taxes and the Excise Tax.

 

(iii)
If Section 5(c)(i)(B) is given effect, the reduction shall be accomplished in accordance with Section 409A of the Code and the
following: first by reducing, on a pro rata basis, cash Payments that are exempt from Section 409A of the Code; second by reducing,
on a pro rata basis, other cash Payments; and third by forfeiting any equity-based awards that vest and become payable, starting
with the most recent equity-based awards that vest, to the extent necessary to accomplish such reduction.

 

(iv)
Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5(c) shall be made
by the Company’s independent accountants or compensation consultants (the “Third Party”), and all such determinations
shall be conclusive, final and binding on the parties hereto. The Company and Executive shall furnish to the Third Party such
information and documents as the Third Party may reasonably request in order to make a determination under this Section 5(c).
The Company shall bear all fees and costs of the Third Party with respect to all determinations under or contemplated by this
Section 5(c).

 

    	 	 	Page 6

     

    

 

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

 

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

 

(ii)
“Cause” shall mean a termination of Executive’s employment based upon a finding by a majority of the Board of
Directors of the Company or its successor, acting in good faith and based on its reasonable belief at the time, that Executive
(a) has refused to perform the explicitly stated or reasonably assigned, lawful, and material duties required by Executive’s
position (other than by reason of a disability or analogous condition); (b) has committed or engaged in a material act of theft,
embezzlement, dishonesty or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer
lists, trade secrets or other confidential information; (c) has breached a material fiduciary duty, or willfully and materially
violated any other duty, law, rule, or regulation relating to the performance of Executive’s duties to the Company or material
policy of the Company or its successor; (d) has been convicted of, or pled guilty or nolo contendere to, misdemeanor involving
moral turpitude or a felony; (e) has willfully and materially breached any of the provisions of any agreement with the Company
or its successor which causes material injury to the Company; (f) has willfully engaged in unfair competition with, or otherwise
acted intentionally in a manner materially injurious to the reputation, business or assets of, the Company or its successor; or
(g) has improperly induced a vendor or customer to break or terminate any material contract with the Company or its successor
or induced a principal for whom the Company or its successor acts as agent to terminate such agency relationship. “Cause”
shall only exist if the Company first provides Executive with written notice of any claimed ground for Cause and an opportunity
to cure such ground, if curable, for thirty (30) days. For purposes of this Agreement, no act or failure to act on Executive’s
part will be considered “willful” unless it is done, or omitted to be done, by Executive intentionally, not in good
faith or without reasonable belief that the action or omission was in the best interest of the Company.

 

(iii)
“Change of Control” means (A) the acquisition of Voting Securities of Company by a Person or an Affiliated Group entitling
the holder thereof to elect a majority of the directors of Company; provided, that an increase in the amount of Voting Securities
held by a Person or Affiliated Group who on the date of this Agreement owned beneficially owned (as defined in Section 13(d) of
the Securities Exchange Act of 1934, as amended, and the regulations thereunder) more than 10% of the Voting Securities shall
not constitute a Change of Control; and provided, further, that an acquisition of Voting Securities by one or more Persons acting
as an underwriter in connection with a sale or distribution of such Voting Securities shall not constitute a Change of Control
under this clause (A); (B) the sale of all or substantially all of the assets of Company; or (C) a merger or consolidation of
Company with or into another corporation or entity in which the stockholders of Company immediately before such merger or consolidation
do not own, in the aggregate, Voting Securities of the surviving corporation or entity (or the ultimate parent of the surviving
corporation or entity) entitling them, in the aggregate (and without regard to whether they constitute an Affiliated Group) to
elect a majority of the directors or persons holding similar powers of the surviving corporation or entity (or the ultimate parent
of the surviving corporation or entity); provided, however, that in no event shall any transaction described in clauses (A), (B)
or (C) be a Change of Control if all of the Persons acquiring Voting Securities or assets of Company or merging or consolidating
with Company are one or more Related Companies.

 

    	 	 	Page 7

     

    

 

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

 

(v)
“Good Reason” shall mean the occurrence of any of the following events or circumstances without Executive’s
written consent: (i) a material diminution in Executive’s base compensation; (ii) a material diminution in Executive’s
authority, duties or responsibility; (iii) a material change in the principal geographic location at which Executive performs
services; (iv) any requirement that Executive engage in any illegal conduct; (v) a material breach by the Company of this Agreement
or any other material written agreement between Executive and the Company; or (vi) Executive’s primary role being moved
to a Related Company, unless Executive reasonably agrees to the move of the primary role, which agreement shall not be unreasonably
withheld.

 

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

 

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

 

6.
Turnover of Property and Documents on Termination. Executive agrees that on or before termination of Executive’s employment,
Executive will return to Company, and all Related Companies, all equipment and other property belonging to Company and the Related
Companies, and all originals and copies of confidential information (in any and all media and formats, and including any document
or other item containing confidential information) in Executive’s possession or control, and all of the following (in any
and all media and formats, and whether or not constituting or containing confidential information) in Executive’s possession
or control: (a) lists and sources of customers; (b) proposals or drafts of proposals for any research grant, research or development
project or program, marketing plan, licensing arrangement, or other arrangement with any third party; (c) reports, notations of
the Executive, laboratory notes, specifications, and drawings pertaining to the research, development, products, patents, and
technology of Company and any Related Companies; (d) any and all intellectual property developed by Executive during the course
of employment; and (e) the manual and memoranda related to the Policies. To the extent there is a conflict between this Section
6 and the Confidentiality and IP Agreement executed by the Executive, the Confidentiality and IP Agreement provisions control.

 

    	 	 	Page 8

     

    

 

7.
Resignation as a Director on Termination of Employment. If Executive’s employment by Company is terminated for any reason
or for no reason, whether by way of resignation, Disability, or termination by Company with or without Cause, and if Executive
is then a member of the Board of Directors of Company or any Related Company, Executive shall within two business days after such
termination of employment resign from the Board of Directors of Company and from the board of directors of each and every Related
Company, by delivering to Company (and each Related Company, as applicable) a letter or other written communication addressed
to the Board of Directors of Company (and each Related Company, as applicable) stating that Executive is resigning from the Board
of Directors of Company (and each Related Company, as applicable) effective immediately. A business day shall be any day other
than a Saturday, Sunday, or federal holiday on which federal offices are closed.

 

8.
Arbitration. Except for injunctive proceedings against unauthorized disclosure of confidential information, any and all claims
or controversies between Company or any Related Company and Executive, including but not limited to (a) those involving the construction
or application of any of the terms, provisions, or conditions of this Agreement or the Policies; (b) all contract or tort claims
of any kind; and (c) any claim based on any federal, state, or local law, statute, regulation, or ordinance, including claims
for unlawful discrimination or harassment, shall be settled by arbitration in accordance with the then current Employment Dispute
Resolution Rules of the American Arbitration Association. Judgment on the award rendered by the arbitrator(s) may be entered by
any court having jurisdiction over Company and Executive. The location of the arbitration shall be San Francisco, California.
Unless Company or a Related Company and Executive mutually agree otherwise, the arbitrator shall be a retired judge selected from
a panel provided by the American Arbitration Association, or the Judicial Arbitration and Mediation Service (JAMS). Company, or
a Related Company, if the Related Company is a party to the arbitration proceeding, shall pay the arbitrator’s fees and
costs. Executive shall pay for Executive’s own costs and attorneys’ fees, if any. Company and any Related Company
that is a party to an arbitration proceeding shall pay for its own costs and attorneys’ fees, if any. However, if any party
prevails on a statutory claim which affords the prevailing party attorneys’ fees, the arbitrator may award reasonable attorneys’
fees and costs to the prevailing party.

 

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

 

    	 	 	Page 9

     

    

 

9.
Severability. In the event that any of the provisions of this Agreement or the Policies shall be held to be invalid or unenforceable
in whole or in part, those provisions to the extent enforceable and all other provisions shall nevertheless continue to be valid
and enforceable as though the invalid or unenforceable parts had not been included in this Agreement or the Policies. In the event
that any provision relating to a time period of restriction shall be declared by a court of competent jurisdiction to exceed the
maximum time period such court deems reasonable and enforceable, then the time period of restriction deemed reasonable and enforceable
by the court shall become and shall thereafter be the maximum time period.

 

10.
Agreement Read and Understood. Executive acknowledges that Executive has carefully read the terms of this Agreement, that
Executive has had an opportunity to consult with an attorney or other representative of Executive’s own choosing regarding
this Agreement, that Executive understands the terms of this Agreement and that Executive is entering this Agreement of Executive’s
own free will.

 

11.
Complete Agreement, Modification. This Agreement is the complete agreement between Executive and Company on the subjects contained
in this Agreement. This Agreement supersedes and replaces all previous correspondence, promises, representations, and agreements,
if any, either written or oral with respect to Executive’s employment by Company or any Related Company and any matter covered
by this Agreement. No provision of this Agreement may be modified, amended, or waived except by a written document signed both
by Company and Executive.

 

12.
Governing Law. This Agreement shall be construed and enforced according to the laws of the State of California.

 

13.
Assignability. This Agreement, and the rights and obligations of Executive and Company under this Agreement, may not be assigned
by Executive. Company may assign any of its rights and obligations under this Agreement to any successor or surviving corporation,
limited liability company, or other entity resulting from a merger, consolidation, sale of assets, sale of stock, sale of membership
interests, or other reorganization, upon condition that the assignee shall assume, either expressly or by operation of law, all
of Company’s obligations under this Agreement.

 

14.
Survival. This Section 14 and the covenants and agreements contained in Sections 4 and 6 of this Agreement shall survive termination
of this Agreement and Executive’s employment.

 

15.
Notices. Any notices or other communication required or permitted to be given under this Agreement shall be in writing and
shall be mailed by certified mail, return receipt requested, or sent by next business day air courier service, or personally delivered
to the party to whom it is to be given at the address of such party set forth on the signature page of this Agreement (or to such
other address as the party shall have furnished in writing in accordance with the provisions of this Section 15).

 

[Signatures
to the Employment Agreement Are Found on the Following Page]

 

    	 	 	Page 10

     

    

 

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

 

EXECUTIVE:

 

	      	/s/
    Brandi L. Roberts	 
	 	Brandi
    L. Roberts 	 
	 	Address:
    8748 Herrington Way, San Diego, CA 92127	 
	 	Mailing
    Address: P.O. Box 5010 PMB 121, Rancho Santa Fe, CA 92067	 

 

COMPANY:

 

BIOTIME,
INC.

 

	By:	 /s/
    Brian Michael Culley	 
	 	Brian
    Michael Culley 	 
	 	Chief
    Executive Officer	 
	 	BioTime,
    Inc. 	 
	 	1010
    Atlantic Avenue, Suite 102	 
	 	Alameda,
    California 94501	 

 

[Signature
Page to the Employment Agreement]

 

    	 	 	Page 11

     

    

 

Exhibit
A

 

Chief
Financial Officer

 

Position
Description:

 

As
the senior-most financial executive in the Company, the incumbent will provide technical expertise, business strategy, and leadership
in key financial areas, including advising the Board of Directors, guiding or managing multiple business functions, and actively
participating in the planning, decision-making, and execution of the Company’s strategic plans. This individual will have
responsibility for compliance with all reporting obligations of a public corporation and will help the Company maintain the highest
level of corporate compliance, ethics, profitability, financial strength and operating efficiency. The individual will also possess
business leadership expertise along with the demonstrated ability to manage and lead a team and optimize the financial organization.

 

Job
Responsibilities:

 

	 	●	Provide
    overall leadership, financial strategy, and proactive direction to senior management, including the raising and efficient
    deployment of capital resources 
	 	●	Provide
    advice and counsel on financial and operational matters to the Chief Executive Officer and the Board of Directors
	 	●	Contribute
    to the strategic direction of the Company and collaborate with other senior management and the Board of Directors to develop,
    refine, and implement the Company’s strategic and operational plans
	 	●	Work
    closely with senior management to assist with potential partnering opportunities and/or collaborations, including in-licensing,
    out-licensing, acquisitions and/or distributions, and related diligence activities
	 	●	Support
    an effective investor relations function and with the Chief Executive Officer, and serve as a primary point of contact with
    institutional investors, analysts and shareholders
	 	●	Participate
    actively in Board of Directors and Audit Committee meetings; provide advice and counsel on matters pertaining to governance,
    corporate compliance, financing and operations 
	 	●	Lead
    the financial planning and analysis process; including annual budget development and long-term forecasting; and ensure goal
    alignment across the Company
	 	●	Mange
    key relationships and serve as the Company’s principle contact with external auditors and tax advisors
	 	●	Ensure
    the Finance Department maintains a high level of performance, productivity and integrity; and recruit and develop financial
    talent as necessary
	 	●	Contribute
    to the overall coordination of research, development, and general and administrative activities throughout the organization
    to the achievement of corporate goals. 

 

    	 	 	 

     

    

 

Exhibit
B

 

EMPLOYEE
CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

 

In
consideration of my employment or continued employment by BioTime, Inc.,
its subsidiaries, parents, affiliates, successors and assigns (together “Company”), and the compensation
paid to me now and during my employment with Company, I, Brandi L. Roberts, hereby enter into this Employee Confidential Information
and Invention Assignment Agreement (the “Agreement”) and agree as follows:

 

1.
Confidential
Information Protections.

 

1.1
Recognition of Company’s Rights; Nondisclosure. I understand and acknowledge that my employment by Company creates a
relationship of confidence and trust with respect to Company’s Confidential Information (as defined below) and that Company
has a protectable interest therein. At all times during and after my employment, I will hold in confidence and will not disclose,
use, lecture upon, or publish any of Company’s Confidential Information, except as such disclosure, use or publication may
be required in connection with my work for Company, or unless an officer of Company expressly authorizes such disclosure. I will
obtain Company’s written approval before publishing or submitting for publication any material (written, oral, or otherwise)
that discloses and/or incorporates any Confidential Information. I hereby assign to Company any rights I may have or acquire in
such Confidential Information and recognize that all Confidential Information shall be the sole and exclusive property of Company
and its assigns. I will take all reasonable precautions to prevent the inadvertent accidental disclosure of Confidential Information.
Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), I shall not be held criminally or civilly liable under any
Federal or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or
local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating
a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal.

 

1.2
Confidential Information. The term “Confidential Information” shall mean any and all confidential
knowledge, data or information of Company. By way of illustration but not limitation, “Confidential Information”
includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, software in source or object code, data, programs,
other works of authorship, know-how, improvements, discoveries, developments, designs and techniques and any other proprietary
technology and all Intellectual Property Rights (as defined below) therein (collectively, “Inventions”);
(b) information regarding research, development, new products, marketing and selling, business plans, budgets and unpublished
financial statements, licenses, prices and costs, margins, discounts, credit terms, pricing and billing policies, quoting procedures,
methods of obtaining business, forecasts, future plans and potential strategies, financial projections and business strategies,
operational plans, financing and capital-raising plans, activities and agreements, internal services and operational manuals,
methods of conducting Company business, suppliers and supplier information, and purchasing; (c) information regarding customers
and potential customers of Company, including customer lists, names, representatives, their needs or desires with respect to the
types of products or services offered by Company, proposals, bids, contracts and their contents and parties, the type and quantity
of products and services provided or sought to be provided to customers and potential customers of Company and other non-public
information relating to customers and potential customers; (d) information regarding any of Company’s business partners
and their services, including names, representatives, proposals, bids, contracts and their contents and parties, the type and
quantity of products and services received by Company, and other non-public information relating to business partners; (e) information
regarding personnel, employee lists, compensation, and employee skills; and (f) any other non-public information which a competitor
of Company could use to the competitive disadvantage of Company. Notwithstanding the foregoing, it is understood that, at all
such times, I am free to use information which was known to me prior to my employment with Company or which is generally known
in the trade or industry through no breach of this Agreement or other act or omission by me, and I am free to discuss the terms
and conditions of my employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 1

     

    

 

1.3
Third Party Information. I understand, in addition, that Company has received and in the future will receive from third parties
their confidential and/or proprietary knowledge, data or information (“Third Party Information”) subject
to a duty on Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.
During the term of my employment and thereafter, I will hold Third Party Information in confidence and will not disclose to anyone
(other than Company personnel who need to know such information in connection with their work for Company) or use, except in connection
with my work for Company, Third Party Information or unless expressly authorized by an officer of Company in writing.

 

1.4
Term of Nondisclosure Restrictions. I understand that Confidential Information and Third Party Information is never to be
used or disclosed by me, as provided in this Section 1. If a temporal limitation on my obligation not to use or disclose such
information is required under applicable law, and the Agreement or its restriction(s) cannot otherwise be enforced, I agree and
Company agrees that the two-year period after the date my employment ends will be the temporal limitation relevant to the contested
restriction; provided, however, that this sentence will not apply to trade secrets protected without temporal limitation
under applicable law.

 

1.5
No Improper Use of Information of Prior Employers and Others. During my employment by Company, I will not improperly use or
disclose confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation
of confidentiality, and I will not bring onto the premises of Company any unpublished documents or any property belonging to any
former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former
employer or person.

 

2.
Assignments
of Inventions.

 

2.1
Definitions. As used in this Agreement, the term “Intellectual Property Rights” means all trade
secrets, Copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any
jurisdiction or country; the term “Copyright” means the exclusive legal right to reproduce, perform,
display, distribute and make derivative works of a work of authorship (as a literary, musical, or artistic work) recognized by
the laws of any jurisdiction or country; and the term “Moral Rights” means all paternity, integrity,
disclosure, withdrawal, special and any other similar rights recognized by the laws of any jurisdiction or country.

 

2.2
Excluded Inventions and Other Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions,
if any, (a) that are owned by me or in which I have an interest and were made or acquired by me prior to my date of first employment
by Company, (b) that may relate to Company’s business or actual or demonstrably anticipated research or development, and
(c) that are not to be assigned to Company (“Excluded Inventions”). If no such list is attached, I represent
and agree that it is because I have no Excluded Inventions. For purposes of this Agreement, “Other Inventions”
means Inventions in which I have or may have an interest, as of the commencement of my employment or thereafter, other than Company
Inventions (as defined below) and Excluded Inventions. I acknowledge and agree that if I use any Excluded Inventions or any Other
Inventions in the scope of my employment, or if I include any Excluded Inventions or Other Inventions in any product or service
of Company, or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required
for, the exercise by Company of any rights assigned to Company under this Agreement, I will immediately so notify Company in writing.
Unless Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant to Company,
in such circumstances (whether or not I give Company notice as required above), a non-exclusive, perpetual, transferable, fully-paid
and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce,
make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later
developed, make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Excluded
Inventions and Other Inventions. To the extent that any third parties have rights in any such Other Inventions, I hereby represent
and warrant that such third party or parties have validly and irrevocably granted to me the right to grant the license stated
above.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 2

     

    

 

2.3
Assignment of Company Inventions. Inventions assigned to Company or to a third party as directed by Company pursuant to Section
2.6 are referred to in this Agreement as “Company Inventions.” Subject to Section 2.4 and except for
Excluded Inventions set forth in Exhibit A and Other Inventions, I hereby assign to Company all my right, title, and interest
in and to any and all Inventions (and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice,
or learned by me, either alone or with others, during the period of my employment by Company. To the extent required by applicable
Copyright laws, I agree to assign in the future (when any copyrightable Inventions are first fixed in a tangible medium of expression)
my Copyright rights in and to such Inventions. Any assignment of Company Inventions (and all Intellectual Property Rights with
respect thereto) hereunder includes an assignment of all Moral Rights. To the extent such Moral Rights cannot be assigned to Company
and to the extent the following is allowed by the laws in any country where Moral Rights exist, I hereby unconditionally and irrevocably
waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Company or related to Company’s
customers, with respect to such rights. I further acknowledge and agree that neither my successors-in-interest nor legal heirs
retain any Moral Rights in any Company Inventions (and any Intellectual Property Rights with respect thereto).

 

2.4
Unassigned or Nonassignable Inventions. I recognize that this Agreement will not be deemed to require assignment of any Invention
that is covered under California Labor Code section 2870(a) (the “Specific Inventions Law”) except for
those Inventions that are covered by a contract between Company and the United States or any of its agencies that require full
title to such patent or Invention to be in the United States.

 

2.5
Obligation to Keep Company Informed. During the period of my employment, I will promptly and fully disclose to Company in
writing all Inventions authored, conceived, or reduced to practice by me, either alone or jointly with others. At the time of
each such disclosure, I will advise Company in writing of any Inventions that I believe fully qualify for protection under the
provisions of the Specific Inventions Law; and I will at that time provide to Company in writing all evidence necessary to substantiate
that belief. Company will keep in confidence and will not use for any purpose or disclose to third parties without my consent
any confidential information disclosed in writing to Company pursuant to this Agreement relating to Inventions that qualify fully
for protection under the Specific Inventions Law. I will preserve the confidentiality of any Invention that does not fully qualify
for protection under the Specific Inventions Law.

 

2.6
Government or Third Party. I agree that, as directed by Company, I will assign to a third party, including without limitation
the United States, all my right, title, and interest in and to any particular Company Invention.

 

2.7
Ownership of Work Product. I agree that Company will exclusively own all work product that is made by me (solely or jointly
with others) within the scope of my employment, and I hereby irrevocably and unconditionally assign to Company all right, title
and interest worldwide in and to such work product. I acknowledge that all original works of authorship which are made by me (solely
or jointly with others) within the scope of my employment and which are protectable by Copyright are “works made for hire,”
pursuant to United States Copyright Act (17 U.S.C., Section 101). I understand and agree that I have no right to publish on, submit
for publishing, or use for any publication any work product protected by this Section, except as necessary to perform services
for Company.

 

2.8
Enforcement of Intellectual Property Rights and Assistance. I will assist Company in every proper way to obtain, and from
time to time enforce, United States and foreign Intellectual Property Rights and Moral Rights relating to Company Inventions in
any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including appearances
as a witness) as Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing
such Intellectual Property Rights and the assignment thereof. In addition, I will execute, verify and deliver assignments of such
Intellectual Property Rights to Company or its designee, including the United States or any third party designated by Company.
My obligation to assist Company with respect to Intellectual Property Rights relating to such Company Inventions in any and all
countries will continue beyond the termination of my employment, but Company will compensate me at a reasonable rate after my
termination for the time actually spent by me at Company’s request on such assistance. In the event Company is unable for
any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in
the preceding paragraph, I hereby irrevocably designate and appoint Company and its duly authorized officers and agents as my
agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute, verify and
file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the
same legal force and effect as if executed by me. I hereby waive and quitclaim to Company any and all claims, of any nature whatsoever,
which I now or may hereafter have for infringement of any Intellectual Property Rights assigned under this Agreement to Company.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 3

     

    

 

2.9
Incorporation of Software Code. I agree that I will not incorporate into any Company software or otherwise deliver to Company
any software code licensed under the GNU General Public License or Lesser General Public License or any other license that, by
its terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source
code owned or licensed by Company except in strict compliance with Company’s policies regarding the use of such software.

 

3.
Records.
I agree to keep and maintain adequate and current
records (in the form of notes, sketches, drawings and in any other form that is required by Company) of all Confidential Information
developed by me and all Company Inventions made by me during the period of my employment at Company, which records will be available
to and remain the sole property of Company at all times.

 

4.
Duty of Loyalty
During Employment. I agree that during the
period of my employment by Company, I will not, without Company’s express written consent, directly or indirectly engage
in any employment or business activity which is directly or indirectly competitive with, or would otherwise conflict with, my
employment by Company.

 

5.
No Solicitation
of Employees, Consultants or Contractors.
I agree that during the period of my employment and for the one year period after the date my employment ends for any reason,
including but not limited to voluntary termination by me or involuntary termination by Company, I will not, as an officer, director,
employee, consultant, owner, partner, or in any other capacity, either directly or through others, except on behalf of Company,
solicit, induce, encourage, or participate in soliciting, inducing or encouraging any person known to me to be an employee, consultant,
or independent contractor of Company to terminate his or her relationship with Company, even if I did not initiate the discussion
or seek out the contact.

 

6.
Reasonableness
of Restrictions.

 

6.1
I agree that I have read this entire Agreement and understand it. I agree that this Agreement does not prevent me from earning
a living or pursuing my career. I agree that the restrictions contained in this Agreement are reasonable, proper, and necessitated
by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement freely and with
knowledge of its contents with the intent to be bound by the Agreement and the restrictions contained in it.

 

6.2
In the event that a court finds this Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, I
and Company agree that the court will read the Agreement as a whole and interpret the restriction(s) at issue to be enforceable
and valid to the maximum extent allowed by law.

 

6.3
If the court declines to enforce this Agreement in the manner provided in subsection 6.2, Company and I agree that this Agreement
will be automatically modified to provide Company with the maximum protection of its business interests allowed by law and I agree
to be bound by this Agreement as modified.

 

7.
No Conflicting
Agreement or Obligation. I
represent that my performance of all the terms of this Agreement and as an employee of Company does not and will not breach any
agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by Company. I have
not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 4

     

    

 

8.
Return of Company
Property. When
I leave the employ of Company, I will deliver to Company any and all drawings, notes, memoranda, specifications, devices, formulas
and documents, together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third
Party Information or Confidential Information of Company. I agree that I will not copy, delete, or alter any information contained
upon my Company computer or Company equipment before I return it to Company. In addition, if I have used any personal computer,
server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to,
Confidential Information, I agree to provide Company with a computer-useable copy of all such Confidential Information and then
permanently delete and expunge such Confidential Information from those systems; and I agree to provide Company access to my system
as reasonably requested to verify that the necessary copying and/or deletion is completed. I further agree that any property situated
on Company’s premises and owned by Company, including disks and other storage media, filing cabinets or other work areas,
is subject to inspection by Company’s personnel at any time with or without notice. Prior to leaving, I will cooperate with
Company in attending an exit interview and completing and signing Company’s termination statement if required to do so by
Company.

 

9.
Legal and Equitable
Remedies.

 

9.1
I agree that it may be impossible to assess the damages caused by my violation of this Agreement or any of its terms. I agree
that any threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury
to Company, and Company will have the right to enforce this Agreement and any of its provisions by injunction, specific performance
or other equitable relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach
or threatened breach of this Agreement.

 

9.2
In the event Company enforces this Agreement through a court order, I agree that the restrictions of Section 5 will remain
in effect for a period of 12 months from the effective date of the Order enforcing the Agreement.

 

10.
Notices.
Any notices required or permitted under this
Agreement will be given to Company at its headquarters location at the time notice is given, labeled “Attention Chief Executive
Officer,” and to me at my address as listed on Company payroll, or at such other address as Company or I may designate by
written notice to the other. Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered
mail, notice will be considered to have been given five business days after it was mailed, as evidenced by the postmark. If delivered
by courier or express mail service, notice will be considered to have been given on the delivery date reflected by the courier
or express mail service receipt.

 

11.
Publication
of This Agreement to Subsequent Employer or Business Associates of Employee.

 

11.1
If I am offered employment or the opportunity to enter into any business venture as owner, partner, consultant or other capacity
while the restrictions described in Section 5 of this Agreement are in effect I agree to inform my potential employer, partner,
co-owner and/or others involved in managing the business with which I have an opportunity to be associated of my obligations under
this Agreement and also agree to provide such person or persons with a copy of this Agreement.

 

11.2
I agree to inform Company of all employment and business ventures which I enter into while the restrictions described in Section
5 of this Agreement are in effect and I also authorize Company to provide copies of this Agreement to my employer, partner, co-owner
and/or others involved in managing the business with which I am employed or associated and to make such persons aware of my obligations
under this Agreement.

 

12.
General Provisions.

 

12.1
Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of
the State of California as such laws are applied to agreements entered into and to be performed entirely within California between
residents of California. I hereby expressly consent to the personal jurisdiction and venue of the state and federal courts located
in California for any lawsuit filed there against me by Company arising from or related to this Agreement.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 5

     

    

 

12.2
Severability. In case any one or more of the provisions, subsections, or sentences contained in this Agreement will, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not
affect the other provisions of this Agreement, and this Agreement will be construed as if such invalid, illegal or unenforceable
provision had never been contained in this Agreement. If moreover, any one or more of the provisions contained in this Agreement
will for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed
by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it will then appear.

 

12.3
Successors and Assigns. This Agreement is for my benefit and the benefit of Company, its successors, assigns, parent corporations,
Related Companies, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.

 

12.4
Survival. This Agreement shall survive the termination of my employment, regardless of the reason, and the assignment of this
Agreement by Company to any successor in interest or other assignee.

 

12.5
Employment At-Will. I agree and understand that nothing in this Agreement will change my at-will employment status or confer
any right with respect to continuation of employment by Company, nor will it interfere in any way with my right or Company’s
right to terminate my employment at any time, with or without cause or advance notice.

 

12.6
Waiver. No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No waiver
by Company of any right under this Agreement will be construed as a waiver of any other right. Company will not be required to
give notice to enforce strict adherence to all terms of this Agreement.

 

12.7
Export. I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company
or any products utilizing such data, in violation of the United States export laws or regulations.

 

12.8
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which shall be taken together and deemed to be one instrument. This Agreement may also be executed and delivered by facsimile
signature, PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com).

 

12.9
Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT
LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED
AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 6

     

    

 

This
Agreement shall be effective as of January 7, 2019.

 

	 	EMPLOYEE:
	 	 
	 	I
    have read, understand, and Accept this agreement and have been given the opportunity to Review it with independent legal counsel.
	 	 
	 	 /s/
    Brandi L. Roberts
	 	(Signature)
	 	 
	 	Brandi
    L. Roberts
	 	Name
	 	 
	 	 December
    27, 2018
	 	Date
	 	 
	 	Address:
	 	 

 

	 	COMPANY:
	 	 
	 	Accepted
    and agreed
	 	 
	 	BioTime,
    Inc.

 

	 	By:	/s/
    Brian Michael Culley
	 	Name:	Brian
    Michael Culley 
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Address:	1010
    Atlantic Avenue, Suite 102
	 	 	Alameda,
    CA 94501

 

    	Employee Confidential Information and Inventions Assignment Agreement
Brandi L. Roberts
Page 7

     

    

 

Exhibit
A

 

to
the

Employee
Confidential Information And Inventions Assignment Agreement

 

Excluded
Inventions

 

	TO:	BioTime,
    Inc.	 
	FROM:	Brandi
    L. Roberts	 
	DATE:	 December
    27, 2018	 

 

1.
Excluded Inventions Disclosure. Except as listed in Section 2 below, the following is a complete list of all Excluded Inventions:

 

	 	☒	No
    Excluded Inventions.
	 	 	 
	 	☐	See
    below:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	 	☐	Additional
    sheets attached.

 

2.
Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to the Excluded
Inventions generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to
the following party(ies):

 

	 	 	Excluded
    Invention	 	Party(ies)	 	Relationship
	 	1.
    	 	 	 	 	 
	 	2.
    	 	 	 	 	 
	 	3.
    	 	 	 	 	 

 

	 	☐	Additional
    sheets attached.

 

    	 	 	 

     

    

 

3.
Limited Exclusion Notification.

 

This
is to notify you in accordance with Section 2872 of the California Labor Code that the foregoing Agreement between you and Company
does not require you to assign or offer to assign to Company any Invention that you develop entirely on your own time without
using Company’s equipment, supplies, facilities or trade secret information, except for those Inventions that either:

 

a.
Relate at the time of conception or reduction to practice to Company’s business, or actual or demonstrably anticipated research
or development; or

 

b.
Result from any work performed by you for Company.

 

To
the extent a provision in the foregoing Agreement purports to require you to assign an Invention otherwise excluded from the preceding
paragraph, the provision is against the public policy of this state and is unenforceable.

 

This
limited exclusion does not apply to any patent or Invention covered by a contract between Company and the United States or any
of its agencies requiring full title to such patent or Invention to be in the United States.

 

    	 	8

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