Document:

Exhibit
10.1

 

THIS
SECURED CONVERTIBLE PROMISSORY NOTE is issued on February 14, 2022

 

BY

 

	(1)	AGEX
                                            THERAPEUTICS, INC., a company incorporated in Delaware with its primary address at 1101
                                            Marina Village Parkway, #201, Alameda, CA 94501 (the “Borrower”);

 

TO
AND IN FAVOR OF

 

	(2)	JUVENESCENCE
                                            LIMITED, a company incorporated in the Isle of Man with company number 018008V and its
                                            registered office at 18 Athol Street, Douglas, IM1 1JA, Isle of Man (the “Lender”),

 

each
a “party” and together the “parties”.

 

The
Borrower has issued this Secured Convertible Promissory Note (this “Note”) to evidence the Loan (as defined below),
and promises to pay and perform the Loan and this Note on the terms and conditions set forth herein, and the Lender has agreed to accept
this Note and to provide a secured convertible loan to the Borrower, not exceeding the aggregate principal amount of up to $13,160,000.00
(thirteen million and one hundred and sixty thousand dollars), on the terms and conditions set out in this Note.

 

1 Interpretation

 

	1.1	Definitions used in this Note include the following defined terms.

 

“19.9%
Cap” means 19.9% of the number of Shares outstanding on the date of this Agreement.

 

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

 

“Address
for Service” means the address shown in Section 16.2 or such other address as the Borrower may from time to time designate
by written notice to the Lender.

 

“Advance”
means the Initial Drawdown and any Additional Advance.

 

“Applicable
Exchange” means NYSE American stock exchange or any other national stock exchange on which the Shares are listed.

 

“Availability
Period” means the period starting on the date of this Note and ending on the date falling twelve (12) calendar months after
the date of this Note or, if earlier, on the date a Qualified Offering is consummated by the Borrower as contemplated by Section 7.

 

“Budget”
means initially the 52-week budget commencing on [January 1, 2022] and delivered to, and accepted by, Lender on or prior to the date
hereof, and thereafter the 52 week forward looking budget of the Borrower, which is approved by the Lender in its sole discretion
from time to time, which after the initial budget shall include actual expenditures for the preceding 52 week period then ended (or until
January 1, 2022, if shorter) and a variance analysis for such period of actual expenditures versus forecasted cash expenditure included
in the most recent Budget covering any portion of such period.

 

    	 

     

    

 

“Business
Day” means a day other than (i) a Saturday or Sunday or (ii) public holiday in London or New York on which banks are closed
or are permitted to be closed open for general business.

 

“Collateral”
means all property of the Borrower described as “Collateral” in the Security Agreement, together with all other property
that now or hereafter secures (or is intended to secure) ‎obligations‎ of the Borrower under this Note and the other Loan Documents.

 

“Commitment”
means $13,160,000.00.

 

“Conversion
Date” means, in the event that the Borrower elects the conversion option described in Section 7, the date of consummation of
a Qualified Offering.

 

“Conversion
Notice” has the meaning set out in Section 8.2 below.

 

“Default”
means and is a reference to any Event of Default or any condition, event or occurrence that with the passing of time, the giving of notice
or both will be an Event of Default, including without limitation any misrepresentation or breach under this Note that remains uncured
beyond any cure period provided in Section 13.1.

 

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

 

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

 

“Drawdown
Notice” means a request for an Advance substantially in the form set out in Schedule part 1 (Form of Drawdown Notice) of this
Note;

 

“Event
of Default” means any one of the events mentioned in Section 13 (Events of Default) of this Note.

 

“Indebtedness”
includes any obligation for the payment or repayment of money borrowed (whether borrowed by the Borrower or as to which the Borrower
is a surety or guarantor of payment or is secured by a Lien on any property of the Borrower), including any advance and any obligation
evidenced by a note or similar instrument and any capital lease (as defined under GAAP other than any lease of any real property), and
any guaranty of any obligation for the payment or repayment of money borrowed, but excluding trade payables and similar obligations arising
in the ordinary course of business.

 

“Investment”
means (i) any purchase or other acquisition by the Borrower of, or of a beneficial interest in, any equity interests or Indebtedness
of any other person and (ii) any loan (including guarantees) or advance constituting Indebtedness of such other person (other than accounts
receivable, credit card and debit card receivables, trade credit, advances to customers, advances to officers, directors, members of
management and employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures, in each case, in the
ordinary course of business) or capital contribution by the Borrower to any other person. For the avoidance of doubt, permitting a Subsidiary
to utilize the premises and services of the Borrower on a cost or cost plus basis shall not constitute an Investment.

 

    	 

     

    

 

“Initial
Drawdown” means the initial Advance of $8,160,000.00.

 

“IP
Security Agreements” means, collectively, each (i) Notice of Grant of Security Interest in Copyrights, (ii) Notice of Grant
of Security Interest in Trademarks and/or (iii) Notice of Grant of Security Interest in Patents executed and delivered from time to time
by Borrower in accordance with the terms of the Security Agreement on and after the date hereof.

 

“Investment
Representations Schedule” means the representations and warranties made by the Lender in Part A and the Borrower in Part B
of Schedule 2 (Investment Representations) of this Note.

 

“Loan”
means, collectively, the Advances made by the Lender under this Note from time to time, and, as the context requires, each of them or
any of them.

 

“Loan
Documents” means, collectively, this Note, the Security Agreement, the IP Security Agreements and each other document, instrument
or agreement ‎now or hereafter delivered by an Obligor or other person to the Lender in connection with the ‎transactions contemplated
by this Note.

 

“Mandatory
Prepayment Trigger Event” has the meaning ascribed in Section 12.5.

 

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

 

    	 

     

    

 

“Outstanding
Amount” means, at any time, the outstanding and unpaid amount of the Loan including any unpaid Origination Fee and any amounts
payable in cash under this Note and unpaid.

 

“Permitted
Reverse Investment” means the assignment to Reverse of the Specified Assets.

 

“Permitted
Uses” has the meaning set out in Section 12.5 below.

 

“Qualified
Offering” means the sale of Shares (or Units as contemplated by Section 7.3) to investors in a bona fide investment transaction
or series of related transactions in which the aggregate gross proceeds to the Borrower of the Shares (or Units) sold in such offering
after the date of this Note, before deduction of, as applicable, underwriting discounts and commissions, placement agent fees and offering
expenses, is not less than $10,000,000 (in connection with a series of related transactions, such as sales of Shares (or Units) in an
at-the-market offering pursuant to a single registration statement under the Securities Act, the Qualified Offering shall be deemed to
have occurred at the first sale or closing that occurs where aggregate proceeds equal or exceed $10,000,000).

 

“Repayment
Date” means the day falling on the second anniversary of the date of this Note, or, if such day is not a Business Day, the
next Business Day, unless the Loan has been accelerated as contemplated by Section 13.2, in which case such date.

 

“Reverse”
means Reverse Bioengineering Inc., a Delaware corporation.

 

“Reverse
Financing Condition” means the consummation by Reverse of debt or equity financing with net cash proceeds in excess of $15,000,000
on or before the first anniversary of the date hereof.

 

“Security
Agreement” means the Security and Pledge Agreement required to be executed and delivered on the date hereof by and among the
Borrower and the Lender, together with all schedules and exhibits thereto.

 

“Security
Agreements” means the Security Agreement and the IP Security Agreements.

 

“Sharia”
means the principles and standards of the Islamic Sharia (where applicable), issued by the Accounting and Auditing Organization for Islamic
Financial Institutions as of the original date of this Note.

 

“Sharia
Supervisor” means an Islamic finance scholar who is a member of a recognized Islamic commercial bank’s Sharia supervisory
committee or board.

 

“Specified
Assets” means the intellectual property and other assets of the Borrower set forth on Schedule 3 hereto, as may be updated
from time to time by the Borrower with the written consent of the Lender, in its sole discretion.

 

    	 

     

    

 

“Tax”
includes any form of taxation, levy, duty, charge, contribution, withholding (including backup withholding) or impost of whatever nature
(including any applicable fine, penalty, or surcharge).

 

“Term”
means the period commencing the date of this Note and expiring on the Repayment Date.

 

“Termination
Notice” means a notice from the Lender to the Borrower given pursuant to Section 13.2 terminating this Note and the Loan.

 

“Shares”
means shares of common stock, par value $0.0001 per share, of the Borrower.

 

“Subsidiary”
means, with respect to any person (the “parent”) at any date, any corporation, company, limited liability company,
partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary
voting power for the election of the members of the governing body or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned or controlled by the parent and/or one or more subsidiaries of the parent.

 

“Units”
means units consisting of Shares together with warrants or any other security convertible into Shares, sold in a Qualified Offering.

 

“VAT”
means value added tax as provided for in the Value Added Tax Act 1996 and any other tax of a similar nature.

 

“Warrants”
means the warrants granted by the Borrower to the Lender as consideration for each Advance in accordance with Section 3.4 of this Note
and the Warrant Agreement;

 

“Warrant
Agreement” means the Warrant Agreement executed as of the date of this Note and attached to this Note in the form of Exhibit
A; and

 

“Warrant
Instrument” means a Warrant Instrument in the form of Exhibit A to the Warrant Agreement.

 

	1.2	References in this Note to:

 

(a)
any document is deemed to include a reference to such document, including any of its schedules, annexes or exhibits, in each case,
as amended, novated, supplemented, substituted or replaced from time to time;

 

(b)
any person includes its respective successors, assigns and transferees;

 

(c)
a provision of a statute is, unless otherwise indicated, deemed to include a reference to such provision as amended, modified or
re-enacted from time to time;

 

(d)
a time of day is the time in New York City on the specified date;

 

    	 

     

    

 

(e)
the singular, where the context so admits, is deemed to include the plural and vice versa; and

 

(f)
a “person” is deemed to include a reference to a company, partnership, unincorporated body and any other entity and vice
versa.

 

	1.3	Titles – Section headings shall not affect the meaning of that or any other provision.

 

2
The Loan

 

	2.1	Subject
    to the terms and conditions of this Note, the Lender has agreed to make the Loan available to the Borrower; provided that the Loan
    amount shall not exceed the Commitment. Notwithstanding anything to the contrary contained herein, it is understood and agreed that
    the Lender may refuse to make any Advance, other than the Initial Drawdown, to the Borrower at its sole and absolute discretion and
    the Lender shall have no liability whatsoever should it elect to not make any Advance, other than the Initial Drawdown, requested
    by the Borrower hereunder.
	 	 
	2.2	(i)
    The Initial Advance will be used by the Borrower in an amount equal to $7,160,000.00 for the repayment in full of that certain Loan
    Facility Agreement, dated as of August 13, 2019 as amended (the “2019 Loan Agreement”), by and among the Borrower
    and the Lender and (ii) the remainder of the Initial Advance and any Additional Advances will be used only for Permitted Uses (and
    shall be drawn-down in accordance with a Budget). For avoid of down, under no circumstances shall any proceeds of the Initial Advance
    or any Additional Advance be used to make any Investment in any Subsidiary without the prior written consent of the Lender. To enable
    the Lender to monitor the use of funds not later than ten (10) days before the commencement of each calendar month, the Borrower
    will furnish the Lender with detailed monthly cash expenditure forecasts for such month and also five (5) days after each month end,
    a variance analysis for the preceding month of actual versus forecast cash expenditure, in each case in a form reasonably satisfactory
    to the Lender. For the avoidance of doubt, the Borrower’s delivery at least monthly of the Budget acceptable to the Lender
    will satisfy this obligation.
	 	 
	2.3	Other
    than the Initial Drawdown each Advance by the Lender shall be at its sole discretion. 

 

3
Drawings

 

	3.1	Mechanics
    – Provided the conditions set forth in Section 10 have been met by the Borrower, then on the execution of this Note by
    the Parties,

 

	 	(a)	the
    Borrower shall submit to the Lender a duly completed Drawdown Notice in respect of the Initial Drawdown in an amount no more than
    $8,160,000.00;
	 	 	 
	 	(b)	on
    receipt of the Drawdown Notice at paragraph (a) above, the Lender shall make the Initial Drawdown Advance to the Borrower; provided
    that the Lender shall (and the Borrower hereby directs the Lender to) first apply, on behalf of the Borrower, the amount of the Initial
    Drawdown Advance required to satisfy all obligations under the 2019 Loan Agreement in full, including the repayment thereof and payment
    of all amounts outstanding with respect thereto. 

 

    	 

     

    

 

	3.2	Other
    than in respect of the Initial Drawdown all subsequent drawdown of funds (each an “Additional Advance”) shall be subject
    to:

 

	 	(a)	the
    Lender’s prior written consent, which shall only be provided after consultation between the Lender and the Borrower and which,
    for the avoidance of doubt may be withheld in the Lender’s sole and absolute discretion;
	 	 	 
	 	(b)	the
    Lender receiving a duly completed Drawdown Notice from the Borrower not less than thirty (30) Business Days (or a shorter period
    as agreed by the Lender in its sole and absolute discretion) prior to the proposed drawdown date; provided that the first Drawdown
    Notice after the Initial Drawdown may be given upon five (5) Business Days notice (or such shorter period as the Lender may agree);
    
	 	 	 
	 	(c)	the
    proposed drawdown date falls within the Availability Period;
	 	 	 
	 	(d)	no
    Termination Notice has been delivered by the Lender;

 

(e)           no Default or Event of Default has occurred and is continuing on the date the Drawdown Notice is received by the Lender and on the
proposed drawdown date;

 

(f)           the
representations and warranties as set out in Part B of Schedule 2 made by the Borrower shall be true and correct in all material respects
on and as of the date of such Advance, except to the extent any such representations and warranties expressly relate to an earlier date,
in which case they shall be true and correct in all material respects as of such earlier date (provided that any such representation
and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects
after giving effect to such qualification) and a senior officer of the Borrower shall have certified as to the same; and

 

(g)           the
amount to be drawn down under the Drawdown Notice does not, unless otherwise agreed in writing by the Lender, exceed $1,000,000 (and
the aggregate amount to be drawn down under the Drawdown Notice, together with all other Advances requested under any other Drawdown
Notices consented to by the Lender and the aggregate amount of the Loan does not exceed the Commitment).

 

	3.3	Disbursement
    – Subject to the terms herein, the Lender shall make each Advance available to the Borrower by payment to the account of
    the Borrower specified in writing in the relevant Drawdown Notice; provided that, in the case of the Initial Advance, proceeds of
    the Initial Advance shall be applied directly to repay the outstanding amounts (including any unpaid fees and other amounts required
    to be paid upon payment if full) under the 2019 Loan Agreement as directed in the relevant Drawdown Notice.
	 	 
	3.4	Warrants
    – As a condition of each Advance, on receipt of any funds advanced to the Lender under the terms of this Note, the Borrower
    shall grant to the Lender a number of Warrants equal to 50% of the gross value of the relevant Advance made (less any set-off for
    expenses deducted by the Lender). The exercise price of Warrants granted at the time of each Advance shall be equal to the Market
    Price. The number of Warrants granted shall be determined in accordance with the formula set out below:

 

    	 

     

    

 

X
= (A/B) x 50%

 

Where:

 

X
= the number of Warrants to be granted;

 

A
= the amount of the Advance; and

 

B
= the Market Price.

 

	3.5	On
    the date of each Advance the Borrower shall issue the Lender a duly executed certificate in respect of Warrants in accordance with
    the terms of the Warrant Agreement. 

 

4
Draw-Down Shares and Interest

 

	4.1	Interest
    Rate – No interest shall be charged on any sums outstanding under the Loan whatsoever as the Borrower hereby recognizes
    and agrees that the principle of the payment of interest is not permitted by Sharia and accordingly to the extent that any legal
    system would (but for the provisions of this Section) impose (whether by contract or by statute) any obligation to pay interest,
    the Borrower hereby irrevocably and unconditionally expressly waives and rejects any entitlement to recover interest from each other.
	 	 
	4.2	The
    Borrower recognizes that the receipt and payment of interest is prohibited under Sharia and accordingly agree that if any claims
    for amounts due under this Note are made in a court of law and that court imposes an obligation to pay interest on the amounts being
    claimed, the Borrower hereby irrevocably and unconditionally expressly waives and rejects any entitlement to recover such interest
    and to the extent any amounts of interest are received by the Lender, it will pay such amounts received to a charity designated by
    an agreed and recognized Sharia Supervisor.
	 	 
	4.3	Notwithstanding
    anything to the contrary in this Section 4, the Borrower shall pay to the Lender an origination fee consisting of (i) 4.00% of the
    aggregate principal amount of all Advances made during the Availability Period, which amount shall accrue on the principal amount
    of each Advance at the making of such Advance and be fully earned at such time plus (ii) 4.00% of the aggregate principal
    amount of all Advances made during the Availability Period, which amount shall accrue and be fully earned on the first day after
    the end of the Availability Period (collectively, the “Origination Fee”). The Origination Fee shall be payable
    on the earliest to occur of (i) conversion pursuant to Section 7 or Section 8, (ii) upon repayment of the Loan in whole or in part
    (provided that the Origination Fee shall be pro rated for the amount of any partial repayment) and (iii) the acceleration of the
    Loan pursuant to Section 13.2. If the Origination Fee becomes payable as a result of a conversion pursuant to Section 7 or Section
    8, the Lender shall have the right to elect, in its sole discretion, to accept such Origination Fee in cash or Shares, and if the
    Lender elects for the Origination Fee to be paid in Shares, the amount of such Origination Fee shall be added to the principal amount
    of the Loan outstanding for calculating the total number of Shares issuable to the Lender pursuant to Section 7 or Section 8. For
    the avoidance of doubt, any portion of the Origination Fee not paid prior to the Repayment Date shall be paid by the Borrower to
    the Lender in full on the Repayment Date. Notwithstanding anything to the contrary in this Section 4.3 or elsewhere in this Note,
    in the event that any amount of the Loan is repaid with Specified Proceeds as a result of any Mandatory Prepayment Trigger Event,
    the Origination Fee with respect to the portion of the Loan so repaid, if not earned, due and payable prior to such Mandatory Prepayment
    Trigger Event, shall be, and be deemed to be, earned on and as of the occurrence of such Mandatory Prepayment Trigger Event and shall
    be due and payable on the date of the prepayment of the Loan with the Specified Proceeds in accordance with Section 6.2.

 

    	 

     

    

 

5
Representations and Warranties

 

	5.1	The
    Lender makes the representations and warranties as set out in Part A of Schedule 2 and the Borrower makes the representations and
    warranties as set out in Part B of Schedule 2. The Borrower agrees and acknowledges that the Lender has accepted this Note and made
    the Commitment in reliance on the representations and warranties made by them respectively in Schedule 2. 
	 	 
	5.2	The
    representations and warranties shall be made by the Parties on the execution of this Note and shall be deemed made by the Borrower
    on and as of the date of each Drawdown Request, the proposed draw date for any Advance and the date on which any Advance is made
    by the Lender. 

 

6
Repayment

 

	6.1	The
    Borrower shall repay the Loan to the Lender, in whole or in part, on the earlier of:

 

	 	(a)	at
    the Borrower’s election upon at least seven Business Days’ prior written notice, any Business Day occurring on or before
    the Repayment Date; provided that the Borrower shall not elect to voluntarily repay the Loan prior to the first Business Day following
    the last day of the Availability Period without the prior written consent of the Lender in its sole discretion; 
	 	 	 
	 	(b)	the
    date required pursuant to Section 18.4 or Section 13.2; and
	 	 	 
	 	(c)	on
    the Repayment Date.

 

In
each case, amounts repaid may not be reborrowed under this Note.

 

	6.2	In
    the event that a Mandatory Prepayment Trigger Event occurs, the Borrower shall, within three (3) Business Days of such Mandatory
    Prepayment Trigger Event, prepay the existing Indebtedness of the Borrower, in direct order of maturity (with the Indebtedness of
    the Borrower with the earliest maturity date prepaid first, then the Indebtedness of the Borrower with the next earliest maturity
    date, and so forth until the Indebtedness of the Borrower with the latest maturity date), in the amount of the aggregate Specified
    Proceeds (other than amounts used for Permitted Uses or designated by the Borrower for use for Permitted Uses and actually used for
    such Permitted Uses within 180 days) received in connection with such Mandatory Prepayment Trigger Event and, if applicable, any
    origination fee payable therewith including, in the case of a prepayment of this Note, the Origination Fee in accordance with Section
    4.3.

 

    	 

     

    

 

7
Borrower Conversion

 

	7.1	At
    the Borrower’s election, in lieu of repayment, the Outstanding Amount may be converted, in whole but not in part except as
    provided in Section 7.5, into a number of fully paid and non-assessable Shares, subject to and determined as provided in Section
    7.3 below, as of the date of, and in all cases subject to the consummation of, a Qualified Offering provided, that no Event of Default
    shall at the time exist and be continuing.
	 	 
	7.2	In
    order to elect to convert the Outstanding Amount into Shares in connection with a Qualified Offering in accordance with this Section
    7, the Borrower shall give Lender notice of such election not less than five (5) Business Days prior to the anticipated Conversion
    Date, specifying the anticipated Conversion Date, the anticipated aggregate proceeds to the Borrower and the other anticipated terms
    of the Qualified Offering.
	 	 
	7.3	Subject
    to Section 7.5, the number of Shares or Units issuable upon conversion of the Outstanding Amount shall be the quotient of (x) the
    Outstanding Amount, divided by (y) the lowest price per Share or Unit paid by investors for Shares or Units in the Qualified Offering
    before deducting underwriting commissions and discounts, placement agent commissions and fees, and other expenses of the Qualified
    Offering. In lieu of any fractional Share or Unit to which the Lender would otherwise be entitled, the Borrower shall pay cash equal
    to the product of such fraction multiplied by the price of such Share or Unit in the Qualified Offering.
	 	 
	7.4	Subject
    to Section 7.5, upon the consummation of a Qualified Offering, in the event that the Borrower does not elect to convert the Outstanding
    Amount into Shares in accordance with Section 7.1, the Availability Period shall terminate and the Lender will not be required to
    make any further Advances 
	 	 
	7.5	Each
    Advance to Borrower shall be treated as a separate tranche for the purposes of determining the applicability of the 19.9% Cap limitations
    set forth in this Section 7.5, and each such tranche may have a different Drawdown Market Price. Only Shares issuable upon the conversion
    of a Drawdown Amount with a Drawdown Market Price that was higher than the lowest price per Share or Unit paid by investors for Shares
    or Units in the Qualified Offering (“Borrower Conversion Price”), shall be aggregated for the purposes of determining
    the applicability of the 19.9% Cap limitations as set forth in this Section 7.5. If under the rules of the Applicable Exchange, approval
    by the stockholders of Borrower would be required in connection with the issuance of Shares or Units upon any conversion under this
    Section 7, then unless and until such stockholder approval has been obtained, (a) the maximum amount of each tranche’s Drawdown
    Amount that may be converted into Shares or Units (including Shares issued separately or as a part of a Unit) at a Borrower Conversion
    Price lower than the Drawdown Market Price applicable to the Drawdown Amount being converted shall be an amount entitling Lender
    to receive a number of Shares that, when added to any Shares (including Shares that are part of a Unit) issued to Lender in the Qualified
    Offering or that are otherwise deemed by the Applicable Exchange to be issued to Lender connection with the consummation of the Qualified
    Offering, would equal the 19.9% Cap, and (b) the maximum amount of the Outstanding Amount that may be converted into Shares or Units
    shall be an amount entitling Lender to receive a number of Shares (including Shares that are part of a Unit) that, when added to
    other Shares owned by Lender immediately prior to such Qualified Offering and added to any Shares (including Shares that are part
    of a Unit) issued to Lender in the Qualified Offering and any Shares issued to Lender upon the exercise of Warrants in connection
    with the conversion or in connection with the Qualified Offering, would equal the 50% Cap. To the extent any Outstanding Amount cannot
    be so converted as a result of the 19.9% Cap or the 50% Cap such amount shall remain outstanding as loan funds in accordance with
    the terms of this Note.

 

    	 

     

    

 

8
Lender Conversion

 

	8.1	At
    any time while funds under this Note remain outstanding, at the Lender’s election, in lieu of repayment, the Outstanding Amount
    (or any part thereof) may be converted into a number of fully paid and non-assessable Shares of the Borrower. The conversion price
    shall be equal to the Market Price on the date prior to the date the Lender delivers a Conversion Notice in accordance with Section
    8.2 below.
	 	 
	8.2	In
    order to elect to convert some or all of the Outstanding Amount into Shares the Lender shall give to the Borrower a notice of such
    election (a “Conversion Notice”) specifying a date which is not less than five (5) Business Days following on which the
    amount of the Outstanding Commitment to be converted (as notified in the Conversion Notice) shall be converted to new Shares. The
    number of Shares issued by the Borrower shall be rounded down to the nearest whole number of shares (i.e. no fractional shares shall
    be issued by the Borrower). 
	 	 
	8.3	Each
    Advance to Borrower shall be treated as a separate tranche for the purpose of determining the applicability of the 19.9% Cap limitations
    set forth in this Section 8.3, and each such tranche may have a different Drawdown Market Price. Only Shares issuable upon the Conversion
    of a Drawdown Amount with a Drawdown Market Price that is higher than the conversion price as determined under Section 8.1, shall
    be aggregated for the purposes of determining the applicability of the 19.9% Cap limitations as set forth in this Section 8.3. If
    under the rules of the Applicable Exchange approval by the stockholders of Borrower would be required in connection with the issuance
    of Shares upon any conversion under this Section 8, then unless and until such stockholder approval has been obtained, (a) at any
    time the conversion price as calculated in accordance with Section 8.1 would be less than the Drawdown Market Price applicable to
    the Drawdown Amount being converted, the maximum amount of the Drawdown Amount that may be converted into Shares shall be the amount
    entitling Lender to receive a number of Shares that, when added to any Shares previously or contemporaneously issued to Lender upon
    a conversion subject to the restrictions of this Section 8.3(a), would equal the 19.9% Cap, and (b) the maximum amount of the Outstanding
    Amount that may be converted into Shares shall be subject to the 50% Cap. To the extent any Outstanding Amount cannot be so converted
    as a result of the 19.9% Cap or the 50% Cap such funds shall remain outstanding as loan funds in accordance with the terms of this
    Note.

 

    	 

     

    

 

9
Tax

 

	9.1	Withholdings
    – If at any time the Borrower is required by law to make any deduction or withholding from any payment due from the Borrower
    to the Lender, the Borrower shall simultaneously pay to the Lender whatever additional amount is necessary to ensure that the Lender
    receives a net sum equal to the payment it would have received had no deduction or withholding been made. If the Lender is entitled
    to an exemption from or reduction of withholding tax with respect to payments hereunder, the Lender shall deliver to the Borrower
    such properly completed and executed documentation prescribed by law as will permit such payments to be made without withholding
    or at a reduced rate of withholding.
	 	 
	9.2	The
    Borrower shall also promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid
    or payable in respect of any deduction or withholding as aforesaid.

 

10
Documentary Conditions Precedent to Initial Drawdown

 

	10.1	This
    Note shall not become effective until the date on which each of the following conditions are satisfied (or waived by the Lender):

 

	 	(a)	Warrants.
    The Borrower has passed all such resolutions (of shareholders and/or directors) to approve and adopt the Warrant Agreement and the
    issuance of Warrant Instruments hereunder and thereunder.
	 	 	 
	 	(b)	Counterparts
    of this Note. The Lender shall have received counterparts of this Note, duly executed by the Borrower, as well as the Lender.
	 	 	 
	 	(c)	The
    Lender shall have received, in each case duly executed and delivered by Borrower, (a) the Warrant Agreement in the form attached
    as Exhibit A to this Note, and (b) Amendment No. 3 to the Registration Rights Agreement dated as of August 13, 2019 between the Borrower
    and the Lender, in the form previously agreed by the parties, in each case duly executed by the Borrower and the other parties thereto.
	 	 	 
	 	(d)	Other
    Documents. The Lender shall have received such other documents as the Lender shall have reasonably requested from the Borrower including,
    without limitation, the Security Agreements, in each case duly authorized, executed and delivered.

 

11
Omitted

 

12
Covenants of the Borrower

 

	12.1	Covenants
    – Within five (5) Business Days of execution of this Note, the Borrower covenants to furnish the Lender with detailed monthly
    cash expenditure forecasts, i.e., a Budget, for the period commencing February 1, 2022.

 

    	 

     

    

 

	12.3	At
    all times while the Loan is outstanding, the Borrower covenants that it shall not (without the prior written consent of the Lender),
    and shall not permit its Subsidiaries to, borrow or commit to borrow any funds (or otherwise incur any Indebtedness), grant or create
    or attempt to create or permit or suffer to subsist any mortgage, security interest, guarantee, charge, lien (other than (i) a lien
    arising in the ordinary course of business by operation of law, (ii) capital leases, to the extent included in a Budget prior to
    the incurrence thereof or consented to in writing by the Lender prior to the incurrence thereof, and (iii) purchase money Indebtedness
    interests for newly acquired equipment, to the extent included in a Budget prior to the incurrence thereof or consented to in writing
    by the Lender prior to the incurrence thereof and provided that any lien securing such purchase money indebtedness is granted within
    90 days of the incurrence thereof and does not encumber or otherwise extend to any property of the Borrower other than the property
    acquires with such purchase money indebtedness) or other encumbrance, trust agreement, declaration of trust, or trust arising by
    operation of law over or in respect of its or its assets (including, without limitation, the Collateral and any other assets covered
    by the Security Agreements), unless and until the Outstanding Amount and all amounts owed to the Lender (as a lender) pursuant to
    the Loan Documents have been repaid in full by or on behalf of the Borrower. For the avoidance of doubt, the Borrower shall only
    be entitled to apply for and draw-down, and permit its Subsidiaries to apply for and draw down, Government backed debt or other financial
    support (available as a result of the Covid-19 pandemic), including but not limited to funding available under the Coronavirus Aid,
    Relief, and Economic Security Act (the CARES Act) signed into law March 27, 2020, with the prior written consent of the Lender, and
    grants (whether or not subject to repayment or revenue sharing obligations) from federal, state or local governments, agencies, or
    instrumentalities (including but not limited to the National Institutes of Health and the California Institute for Regenerative Medicine);
    provided that, to the extent such grants include a repayment or revenue sharing obligation, such grant has been included in a Budget
    prior to entry into a binding agreement or application requiring repayment or revenue sharing or has been consented to in writing
    by the Lender. Notwithstanding the foregoing, (i) Reverse shall be permitted to enter into Indebtedness consisting of a convertible
    note financing so long as such Indebtedness is not guaranteed by any other Subsidiary of the Borrower or by the Borrower or secured
    on any assets of another Subsidiary of the Borrower or the Borrower and (ii) this Section 12.3 shall not restrict any incurrence
    of Indebtedness or liens by Reverse on or after the date that Reverse satisfies the Reverse Financing Condition.
	 	 
	12.4	The
    Borrower, as promptly as reasonably practical, and in any event no later than December 31, 2022, shall submit to its stockholders,
    and recommend that its stockholders approve (which may be by written consent), in accordance with the Borrower’s organizational
    documents and the rules of the Applicable Exchange, resolutions to cause the 50% Cap and the 19.9% Cap to be lifted entirely with
    respect to the obligations under this Note and to take any and all actions necessary or advisable and as required under and in compliance
    with Borrower’s Certificate of Incorporation and Bylaws, applicable laws, and the rules of the Applicable Exchange, including
    at the request of the Lender, in furtherance thereof.
	 	 
	12.5	On
    or prior to the date of any “at-the-market” issuance of capital stock of the Borrower (but not more than three (3) Business
    Days prior), the Borrower shall certify to the Lender either (i) that the Borrower shall use all of such net cash proceeds (after
    deducting the reasonable and documented fees and commissions of the sales agent or broker and any other customary, reasonable and
    documented transaction expenses (“Specified Proceeds”) solely for the purpose of the Borrower’s research
    and development work (including through third-party contractors), professional and administrative expenses, and for general working
    capital only (in accordance with a Budget) (“Permitted Uses”) and thereafter actually use such Specified Proceeds
    solely for Permitted Uses or (ii) that the Borrower elects to apply all or a portion such Specified Proceeds as required by Section
    6.2 (an election under this clause (ii), a “Mandatory Prepayment Trigger Event”).

 

    	 

     

    

 

	12.6	The
    Borrower shall not make any Investment in any other person (including, for avoidance of doubt, any subsidiary of the Borrower) without
    the prior written consent of the Lender in its sole discretion, other than the Permitted Reverse Investment or otherwise as specified
    in a Budget. In connection with any proposed Investment, the Borrower shall provide the Lender with a detailed accounting of the
    amount and purpose of such Investment and any consent given by the Lender shall only apply to the Investment if so used. 

 

13
Events of Default

 

	13.1	Events
    – Each of the following is an Event of Default:

 

	 	(a)	Payment
    – the Borrower (i) fails to pay any principal amount payable by it in the manner and at the time provided under and in
    accordance with this Note or (ii) fails to pay any other amount payable by it in the manner and at the time provided under and in
    accordance with this Note or any other Loan Document and the failure in this clause (ii) is not remedied within three (3) Business
    Days following the date the payment was to be made;
	 	 	 
	 	(b)	Obligations
    – if the Borrower fails to perform any of its covenants or obligations or fail to satisfy any of the conditions under this
    Note or any other Loan Document and, such failure (if capable of remedy) remains unremedied to the satisfaction of the Lender (in
    its sole discretion) for ten (10) Business Days after the earlier of (i) notice requiring its remedy has been given by the Lender
    to the Borrower and (ii) actual knowledge of the failure by senior officers of the Borrower;
	 	 	 
	 	(c)	Other
    Indebtedness – if any Indebtedness of Borrower or any of its Subsidiaries in excess of $100,000 becomes due and payable,
    or a breach or other circumstance arises thereunder such that the applicable lender is entitled to declare such Indebtedness due
    and payable, prior to its due date, or any Indebtedness of Borrower in excess of $25,000 is not paid on its due date;
	 	 	 
	 	(d)	Carrying
    on Business – if Borrower or any of its Subsidiaries stops payment of its debts generally or ceases or threatens to cease
    to carry on its business or is unable to pay its debts as they fall due or is deemed by a court of competent jurisdiction to be unable
    to pay its debts as they fall due, or enters into any arrangements with its creditors generally;

 

    	 

     

    

 

	 	(e)	Insolvency
    – if (i) an involuntary proceeding (other than a proceeding instituted by Lender or an affiliate of Lender) shall be commenced
    or an involuntary petition shall be filed seeking liquidation, reorganization or other relief in respect of Borrower or any of its
    Subsidiaries, or of all or a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership
    or similar law now or hereafter in effect or (ii) an involuntary appointment of a receiver, trustee, custodian, sequestrator, conservator
    or similar official for Borrower (or any such Subsidiary) or for a substantial part of its assets occurs (other than in a proceeding
    instituted by Lender or an affiliate of Lender), and, in any such case, such proceeding shall continue undismissed and unstayed for
    sixty (60) consecutive days without having been dismissed, bonded or discharged or an order of relief is entered in any such proceeding;
	 	 	 
	 	(f)	Illegality
    – if it becomes unlawful for the Borrower to perform all or any of its obligations under this Note or any authorisation,
    approval, consent, license, exemption, filing, registration or other requirement of any governmental, judicial or public body or
    authority necessary to enable the Borrower to comply with its obligations under this Note or to carry on its business is not obtained
    or, having been obtained, is modified in a manner that precludes the Borrower or its Subsidiaries from conducting their business
    in any material respect, or is revoked, suspended, withdrawn or withheld or fails to remain in full force and effect;
	 	 	 
	 	(g)	Expropriation
    – the issuance or levy of any judgment, writ, warrant of attachment or execution or similar process against all or any
    material part of the property or assets of the Borrower or any of its Subsidiaries if such process is not released, vacated or fully
    bonded within sixty (60) calendar days after its issue or levy;
	 	 	 
	 	(h)	Court
    Action – if any injunction, order, judgment or decision of any court is entered or issued which, in the opinion of the
    Lender, materially and adversely affects, or is reasonably likely so to affect, the ability of the Borrower or any of its Subsidiaries
    to carry on its business or to pay amounts owed to Lender under this Note; and
	 	 	 
	 	(i)	Transfer
    of Assets – if Borrower, whether in a single transaction or a series of related transactions, sells, leases, licenses,
    consigns, transfers or otherwise disposes of any material portion of its assets (it being understood that any such disposition with
    respect to any asset or assets with a fair value of at least $250,000 is material), other than (i) Investments permitted pursuant
    to Section 12.6, (ii) sales, transfers and dispositions of inventory in the ordinary course of business, (iii) any termination of
    a lease of real or personal property that is not necessary in the ordinary course of the Borrower’s business, could not reasonably
    be expected to have a material adverse effect and does not result ‎from Borrower’s default, and (iv) any sale, lease, license,
    consignment, transfer or other disposition of assets that are no longer necessary in the ordinary course of business or which has
    been approved in writing by the Lender‎.

 

    	 

     

    

 

	 	(j)	Failure of Security – any of the following
    shall occur: (i) the security and/or liens created by the Security Agreement or any other Loan Document shall at any time cease to
    constitute valid and perfected security and/or liens on any material portion of the Collateral intended to be covered thereby; (ii)
    except for expiration in accordance with its terms, the Security Agreement or any other Loan Document pursuant to which a lien is
    granted by Borrower in favor of the Lender shall for whatever reason be terminated or shall cease to be in full force and effect;
    (iii) the enforceability of the Security Agreement or any other Loan Document pursuant to which a lien is granted by Borrower in
    favor of the Lender shall be contested by or on behalf of Borrower or any of its Subsidiaries thereto, (iv) Borrower shall assert
    that its obligations under this Note or any other Loan Document shall be invalid or unenforceable, or (v) a loss, theft, damage or
    destruction occurs with respect to a material portion of the Collateral. ‎
	 	 	 
	 	(k)	Financial
    Condition – if there is any change in the financial condition of the Borrower and its Subsidiaries which, in the opinion
    of the Lender, materially and adversely affects, or is reasonably likely so to affect, the ability of the Borrower to perform any
    of its obligations under this Note.
	 	 	 
	 	(l)	Misrepresentation
    – if any representation, warranty or statement made, repeated or deemed made or repeated by the Borrower in this Note,
    or pursuant to the Loan Documents, is incomplete, untrue, incorrect or misleading in any material respect when made, repeated or
    deemed made.

 

	13.2	Remedies
    – If an Event of Default has occurred and is continuing, the Lender may do all or any of the following:

 

	 	(a)	by
    notice to the Borrower, declare the Outstanding Amount and all accrued fees and other sums owed by the Borrower under or in connection
    with this Note to be immediately due and payable and the same will become so due and payable;
	 	 	 
	 	(b)	by
    notice to the Borrower (a “Termination Notice”), declare the outstanding balance of the Commitment to be immediately
    reduced to zero effective as of the date of such notice, and the same will be so reduced; 
	 	 	 
	 	(c)	exercise
    any remedies available to the Lender under the Security Agreement, the other Loan Documents, and/or applicable law; 
	 	 	 
	 	(d)	revoke
    in writing any consent to funding any Advance made as contemplated under Section 3.2, and upon such written revocation the Lender
    shall have no obligation to fund any such Advance; and
	 	 	 
	 	(e)	exercise
    all of the rights and remedies of a secured creditor under the New York Uniform Commercial Code.

 

Notwithstanding
the foregoing, if an Event of Default as contemplated under Section 13.1(e) shall occur, (i) the Outstanding Amount and all accrued fees
and other sums owed by the Borrower under or connection with this Note shall be immediately due and payable without notice or other action
on the part of the Lender or any other person and (ii) the Commitment automatically shall reduce to zero and the Lender shall have no
obligation to fund any Advance.

 

    	 

     

    

 

14
Liability

 

	14.1	General
    Costs – Subject to Section 18.1, the Borrower will from time to time on demand reimburse the Lender for all costs and expenses
    (including legal fees and disbursements) and any VAT chargeable on them incurred in the preservation, enforcement and collection
    of this Note and the other Loan Documents, including without limitation, the Security Agreement.
	 	 
	14.2	Stamp
    duties – The Borrower will pay on demand all stamp and other duties and Taxes, if any, to which this Note may be subject
    or give rise and indemnify the Lender on demand against any and all liabilities with respect to or resulting from any delay or omission
    on the part of the Borrower to pay any such duties or Taxes.
	 	 
	14.3	Liability
    – Without duplication of and subject to the limitations set forth under the expense reimbursement obligations pursuant
    to Section 14.1 above, the Borrower shall indemnify the Lender and any affiliates thereof (each such person being called an “Indemnitee”),
    against, and hold each Indemnitee harmless from, any and all losses, claims, damages, out-of-pocket costs, actual liabilities and
    related expenses, excluding in any event lost profits arising out of, in connection with, or as a result of the execution, enforcement
    or delivery of any Loan Document or any other agreement or instrument contemplated thereby, the performance by the parties to the
    Loan Documents of their respective obligations thereunder or the use of proceeds of the Advances or any other transactions contemplated
    hereby. To the extent permitted by applicable law, the Borrower shall not assert, and Borrower hereby waives and releases, any claim
    against any other such person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
    direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement)
    arising out of, in connection with, arising out of, as a result of, or in any way related to, the Loan Documents or any or any agreement
    or instrument contemplated thereby or referred to therein, the transactions contemplated hereby or thereby, or any act or omission
    or event occurring in connection therewith, and each such person further agrees not to sue upon any such claim or any such damages,
    whether or not accrued and whether or not known or suspected to exist in its favor; provided that the foregoing shall in no
    event limit the Borrower’s indemnification obligations in this Section 14.3.

 

15
Payments

 

	15.1	Currency
    – The Borrower shall discharge each obligation in the currency in which it is due under this Note. If at any time the Lender
    receives any payment (including by set-off) referable to any of the liabilities of the Borrower under this Note from any source in
    a currency other than the currency in which it is due, then such payment shall take effect as a payment to the Lender of the amount
    in the due currency which the Lender is able to purchase (after deduction of any relevant costs) with the amount of the payment so
    received in accordance with its usual practice.

 

    	 

     

    

 

	15.2	Funds
    – All payments made by Borrower to the Lender shall be made in immediately available cleared funds on its due date (and,
    if such date is not a Business Day, on the immediately preceding Business Day) to the credit of such account as the Lender may designate.
    Such payments shall be made in full without set-off or counterclaim and free and clear of any deduction or withholding for or on
    account of any Tax (save for such deductions or withholdings as are required by law) or any other matter.

 

16
Communications

 

	16.1	Written
    – All communications under this Note must be in writing.
	 	 
	16.2	Addresses
    – Any communication may be sent by prepaid post, or email or delivered to the Lender or an Obligor at its address or email
    address shown below or as may otherwise by notified to the relevant party in writing. Communications to the Borrower may also be
    sent to a place of business for it last known to the Lender or delivered to one of its officers. Each party to this Note irrevocably
    consents to service of process in the manner provided for in this Section 16.2. Nothing in any Loan Document will affect the right
    of any party to this Note to serve process in any other manner permitted by law.

 

	To
    the Lender:	 	Juvenescence
    Limited
	 	 	Fourth
    Floor, Viking House
	 	 	Nelson
    Street
	 	 	Isle
    of Man IM1 2AH
	 	 	Attention:
    Gregory Bailey
	 	 	Email:
    greg@juvlabs.com
	 	 	 
	To
    the Borrower:	 	AgeX
    Therapeutics, Inc.
	 	 	1101
    Marina Village Parkway, Suite 201
	 	 	Alameda,
    California 94501
	 	 	Attention:
    Andrea Park, Chief Financial Officer
	 	 	Email:
    apark@agexinc.com

 

	16.3	Delivery
    – A communication by either of the parties, if sent by post, will be deemed made on the day after posting by first class
    post, postage prepaid (but, if to another country, five (5) days after posting by airmail, postage prepaid). Any communication sent
    by email will be deemed effective on the date of transmission if sent on a Business Day not later than 5:00 p.m. local time at the
    location of the recipient, or the next Business Day if sent on a day other than a Business Day or later than 5:00 p.m. local time
    at the location of the recipient.

 

17
Assignation and Transfer

 

	17.1	Transfer
    by Lender – The Lender may assign its rights and obligations under this Note, in whole or in part, to any other person
    upon simultaneous written notice to the Borrower; provided further that upon such assignment such other person shall be deemed to
    make the representations and warranties in Part A of Schedule 2 to the Borrower. After giving effect to such assignment, such person
    shall be deemed the “Lender” from such time for all purposes hereunder.

 

    	 

     

    

 

	17.2	No
    transfer by Borrower – Borrower may not transfer any of its rights or obligations under this Note.
	 	 
	17.3	Register
    – Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a copy of each assignment
    delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders
    and the obligations owing to the Lenders from time to time. The entries in the Register shall be conclusive, in the absence of manifest
    error, and the Borrower and the Lenders may treat each person whose name is recorded in the Register as a Lender hereunder for all
    purposes of this Note. The Register shall be available inspection by an Obligor at any reasonable time and from time to time upon
    reasonable prior notice. This section shall be construed so that the obligations under this Note are at all times maintained in “registered
    form” within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended, and any
    related regulations (and any relevant or successor provisions).

 

18
Miscellaneous

 

	18.1	Costs
    and Expenses – The Borrower shall be responsible for its own costs in relation to the preparation and execution of this
    Note and shall pay the reasonable and proper costs of the Lender in preparing and finalizing this Note.
	 	 
	18.2	Delays
    – The rights and powers of the Lender under this Note will not be affected or impaired by any delay or omission by the
    Lender in exercising them or by any previous exercise of any such rights or powers.
	 	 
	18.3	Severability
    – Each of the provisions of this Note shall be severable and distinct from one another and if at any time anyone or more
    of these provisions (or any part of them) is or becomes invalid, illegal or unenforceable the validity, legality and enforceability
    of the remaining provisions shall not in any way be affected or impaired.
	 	 
	18.4	Illegality
    – If at any time it becomes unlawful for the Lender to allow the Commitment to remain in effect or to make, fund or allow
    the Outstanding Amount to remain outstanding then the Lender will promptly notify the Borrower and:

 

	 	(d)	the
    Lender will not be required to make any additional Advances and the Commitment will be reduced to zero; and
	 	 	 
	 	(e)	if
    the Lender so requires by notice to the Borrower, the Borrower and/or the Borrower will repay the Outstanding Amount and pay to the
    Lender all other sums owed by the Borrower under this Note, all on such date as the Lender may reasonably specify.

 

	18.5	Entire
    Agreement
	 	 
	 	This
    Note, together with the other Loan Documents, constitutes the entire agreement between the parties relating to the Loan and supersedes
    and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether
    written or oral, relating to its subject matter.

 

    	 

     

    

 

	18.6	Termination
	 	 
	 	Upon
    (i) the payment in full to the Lender of the Outstanding Amount, (ii) the conversion of the whole of the Outstanding Amount by the
    issuance to the Lender of the Shares in accordance with Sections 7 or 8, and delivery to the Lender of one or more valid share certificates
    for such Shares (or in lieu of certificates, evidence of direct registration in the records of the transfer agent in the case of
    such Shares), or (iii) any combination thereof which shall satisfy the Outstanding Amount, this Note shall terminate and the Borrower
    shall be forever released from its obligations under this Note, except to the extent that any obligations of the Borrower under Sections
    9 (Tax), 14 (Liability), and 18 (Miscellaneous) shall survive such termination and remain be valid and effective.

 

19
Counterparts

 

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

 

20
Law and Jurisdiction

 

	20.1	Law
    - This Note shall be construed in accordance with and governed by the law of the State of New York.
	 	 
	20.2	Jurisdiction
    – Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
    jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of
    the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
    to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
    agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the
    extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
    shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Notwithstanding
    the foregoing, nothing in any Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding
    relating to any Loan Document against the Borrower or its properties in the courts of any jurisdiction.

 

	20.3	Each
    of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
    any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
    to any Loan Document in any court referred to Section 20.2. Each of the parties hereto hereby irrevocably waives, to the fullest
    extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
	 	 
	20.4	WAIVER
    OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
    TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS
    CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
    AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
    SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
    NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Note to be duly executed by their respective authorized officers as of the day
and year first above written

 

	 	JUVENESCENCE
    LIMITED
	 	 	 
	 	 	/s/ Greg Bailey
	 	 	 
	 	By:	Greg
    Bailey 
	 	 	 
	 	Title:	Director
	 	 	 
	 	AGEX
    THERAPEUTICS, INC.
	 	 	 
	 	 	/s/ Michael D. West
	 	 	 
	 	By:	Michael
    D. West
	 	 	 
	 	Title:	Chief
    Executive OfficerExhibit
10.2

 

SECURITY
AGREEMENT

 

Dated
as of February 14, 2022

 

among

 

AgeX
Therapeutics, Inc.

and

 

Each
Other Grantor

From
Time to Time Party Hereto

 

and

 

Juvenescence
Limited

as
Agent and Initial Lender

 

    	 

     

    

 

	TABLE
    OF CONTENTS
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE
    I DEFINED TERMS	1
	 	 	 	 
	 	Section
    1.1	Definitions.	1
	 	Section
    1.2	Certain
    Other Terms.	7
	 	 	 	 
	ARTICLE
    II [Reserved]	8
	 	 	 	 
	ARTICLE
    III GRANT OF SECURITY INTEREST	8
	 	 	 	 
	 	Section
    3.1	Collateral	8
	 	Section
    3.2	Grant
    of Security Interest in Collateral	8
	 	 	 	 
	ARTICLE
    IV REPRESENTATIONS AND WARRANTIES	9
	 	 	 	 
	 	Section
    4.1	Title;
    No Other Liens	9
	 	Section
    4.2	Perfection
    and Priority	9
	 	Section
    4.3	Jurisdiction
    of Organization; Chief Executive Office	9
	 	Section
    4.4	Locations
    of Inventory, Equipment and Books and Records	10
	 	Section
    4.5	Pledged
    Collateral	10
	 	Section
    4.6	Instruments
    and Tangible Chattel Paper Formerly Accounts	10
	 	Section
    4.7	Intellectual
    Property	10
	 	Section
    4.8	Commercial
    Tort Claims	11
	 	Section
    4.9	Specific
    Collateral	11
	 	Section
    4.10	Enforcement	11
	 	Section
    4.11	Additional
    Representations and Warranties of the Note	12
	 	Section
    4.12	Margin
    Stock	12
	 	 	 	 
	ARTICLE
    V COVENANTS	12
	 	 	 	 
	 	Section
    5.1	Maintenance
    of Perfected Security Interest; Further Documentation and Consents	12
	 	Section
    5.2	Changes
    in Locations, Name, Etc.	13
	 	Section
    5.3	Pledged
    Collateral	13
	 	Section
    5.4	Accounts	14
	 	Section
    5.5	Pledged
    Uncertificated Stock	14
	 	Section
    5.6	Delivery
    of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper	14
	 	Section
    5.7	Intellectual
    Property	15
	 	Section
    5.8	Notices	16
	 	Section
    5.9	Notice
    of Commercial Tort Claims	16
	 	Section
    5.10	Perfection
    Certificate	17
	 	 	 	 
	ARTICLE
    VI REMEDIAL PROVISIONS	17
	 	 	 	 
	 	Section
    6.1	UCC
    and Other Remedies	17
	 	Section
    6.2	Accounts
    and Payments in Respect of General Intangibles	20
	 	Section
    6.3	Pledged
    Collateral	21
	 	Section
    6.4	Proceeds
    to be Turned over to and Held by Agent	22
	 	Section
    6.5	Sale
    of Pledged Collateral	22
	 	Section
    6.6	Deficiency	23

 

    	i

     

    

 	TABLE
OF CONTENTS
	(continued)
	 	 
	 	Page
	 	 
	ARTICLE
                                            VII THE AGENT	23
	 	 	 	 
	 	Section
    7.1	Agent’s
    Appointment as Attorney-in-Fact	23
	 	Section
    7.2	Authorization
    to File Financing Statements	25
	 	Section
    7.3	Authority
    of Agent	25
	 	Section
    7.4	Duty;
    Obligations and Liabilities	25
	 	 	 	 
	ARTICLE
    VIII MISCELLANEOUS	26
	 	 	 	 
	 	Section
    8.1	Reinstatement	26
	 	Section
    8.2	Release
    of Collateral; Termination of Agreement	26
	 	Section
    8.3	Independent
    Obligations	26
	 	Section
    8.4	No
    Waiver by Course of Conduct	26
	 	Section
    8.5	Amendments
    in Writing	27
	 	Section
    8.6	Additional
    Grantors; Additional Pledged Collateral	27
	 	Section
    8.7	Notices	27
	 	Section
    8.8	Successors
    and Assigns	27
	 	Section
    8.9	Counterparts	27
	 	Section
    8.10	Severability	28
	 	Section
    8.11	Governing
    Law	28
	 	Section
    8.12	Submission
    to Jurisdiction	28
	 	Section
    8.13	Service
    of Process	28
	 	Section
    8.14	Non-Exclusive
    Jurisdiction	28
	 	Section
    8.15	Waiver
    of Jury Trial	28
	 	Section
    8.16	Expenses
    and Indemnification	28

 

    	ii

     

    

 

	 	ANNEXES
    AND SCHEDULES
	 	 	 
	 	Annex
    1	Form
    of Pledge Amendment
	 	Annex
    2	Form
    of Joinder Agreement
	 	Annex
    3	Form
    of Intellectual Property Security Agreement
	 	 	 
	 	Schedule
    1	Commercial
    Tort Claims
	 	Schedule
    2	Filings
	 	Schedule
    3	Jurisdiction
    of Organization; Chief Executive Office
	 	Schedule
    4	Location
    of Inventory and Equipment
	 	Schedule
    5	Pledged
    Collateral
	 	Schedule
    6	Intellectual
    Property
	 	Schedule
    7	Perfection
    Certificate
	 	Schedule
    8	Grantors’
    Addresses for Notice

 

    	iii

     

    

 

SECURITY
AGREEMENT, dated as of February 14, 2022, by AgeX Therapeutics, Inc., a Delaware corporation, (the “Borrower”) and
each of the other entities that becomes a party hereto, including pursuant to Section 8.6 (together with the Borrower, the “Grantors”
and each a “Grantor”), in favor of Juvenescence Limited, a company incorporated in the Isle of Man (the “Initial
Lender”), in its capacity as the Lender under the Note referred to below and as agent for itself and any other lender under
the Note (in such capacity, together with its successors and permitted assigns, “Agent” and the Agent and the Lenders
from time to time under the Note, together with their respective successors and permitted assigns, the “Secured Parties”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower has issued that certain Secured Convertible Promissory Note, dated as of the date hereof (as amended, supplemented, amended
and restated or otherwise modified from time to time, (and including all replacements and refinancings thereof, the “Note”),
and the Initial Lender has accepted and entered into the Note;

 

WHEREAS,
it is a condition to the obligation of the Lender under the Note, in accordance with Section 10.1(d) of the Note, that the Borrower shall
have executed and delivered this Agreement to Agent;

 

NOW,
THEREFORE, in consideration of the premises and to induce the Lender and the other Secured Parties to make their respective extensions
of credit to the Borrower, each Grantor hereby agrees with Agent as follows:

 

ARTICLE
I

 

Defined
Terms

 

Section
1.1 Definitions.

 

(a)
Capitalized terms used herein without definition are used as defined in the Note.

 

(b)
The following terms have the meanings given to them in the UCC and terms used herein without definition that are defined in the UCC have
the meanings given to them in the UCC (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“account”, “account debtor”, “as-extracted collateral”, “certificate”,
“certificated security”, “chattel paper”, “commercial tort claim”, “commodity
contract”, “deposit account”, “document”, “electronic chattel paper”,
“equipment”, “farm products”, “fixture”, “general intangible”,
“goods”, “health-care-insurance receivable”, “instruments”, “inventory”,
“investment property”, “letter-of-credit right”, “proceeds”, “record”,
“securities account”, “security”, “supporting obligation” and “tangible
chattel paper”.

 

(c)
The following terms shall have the following meanings:

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control
with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either
to (a) vote more than 50% of the securities having ordinary voting power for the election of directors (or persons performing similar
functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise..

 

    	 

     

    

 

“Agreement”
means this Security Agreement, as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time.

 

“Applicable
IP Office” means the United States Patent and Trademark Office, the United States Copyright Office or any similar office or
agency in any other country or political subdivision thereof.

 

 

“Collateral”
has the meaning specified in Section 3.1.

 

“Contractual
Obligations” means, as to any Person, any provision of any security (whether in the nature of Stock, Stock Equivalents or otherwise)
issued by such Person or of any agreement, undertaking, contract, license, indenture, mortgage, deed of trust or other instrument, document
or agreement (other than a Loan Document) to which such Person is a party or by which it or any of its Property is bound or to which
any of its Property is subject.

 

“Copyrights”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to copyrights
and all works of authorship and moral, mask work, database and design rights, whether or not registered or published, all registrations
and recordations thereof and all applications in connection therewith.

 

“Domestic
Subsidiary” means any Subsidiary incorporated, organized or otherwise formed under the laws of the United States, any state
thereof or the District of Columbia.

 

“Electronic
Transmission” means each document, notice, instruction, authorization, file, information and any other communication transmitted,
posted or otherwise made or communicated by electronic mail, e-mail or E-Fax, or otherwise to or from an E-System.

 

“Excluded
Deposit Account” means any payroll account or other employee wage and benefit account, petty cash account, tax account (including,
without limitation, withholding tax accounts and sales tax accounts), escrow account and fiduciary account, together with the funds or
other property held in or maintained in any such account (so long as any such account is used solely for such purpose) and other deposit
accounts with an aggregate average monthly balance of less than $250,000.

 

“Excluded
Equity” means (a) any voting stock in excess of 65% of the outstanding voting stock of any (i) First Tier Foreign Subsidiary,
which, pursuant to the terms of the Note, is not required to guaranty the Obligations and (ii) Domestic Subsidiary that has no material
assets other than Stock or Stock Equivalents of one or more Foreign Subsidiaries and (b) any Stock of any Subsidiary owned by a Subsidiary
described in clause (a) above. For the purposes of this definition, “voting stock” means, with respect to any issuer,
the issued and outstanding shares of each class of Stock of such issuer entitled to vote (within the meaning of Treasury Regulations
§ 1.956-2(c)(2)).

 

    	2

     

    

 

“Excluded
Property” means, collectively, (i) Excluded Equity; (ii) any permit or license or any Contractual Obligation entered into by
any Grantor (A) that prohibits or requires the consent of any Person other than any Grantor or any of its Affiliates which has not been
obtained as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual
Obligation or any Stock or Stock Equivalent related thereto (so long as any agreement with such third party that provides for such prohibition
or requirement was not entered into in contemplation of the acquisition of such asset or entering into of such agreement or for the purposes
of creating such prohibition or restriction) or (B) to the extent that any Requirement of Law applicable thereto prohibits the creation
of a Lien thereon (including any requirement thereunder to obtain the consent of any Governmental Authority), but only, with respect
to the prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or
otherwise deemed ineffective by the UCC or any other Requirement of Law; (iii) any lease, license or agreement or any Property subject
to a purchase money security interest, Capital Lease Obligations or similar arrangement, in each case to the extent, that a grant of
a security interest therein in favor of the Agent would, under the terms of such lease, license or agreement, violate or invalidate such
lease, license or agreement or purchase money security interest, Capital Lease Obligation or similar arrangement or create a right of
termination in favor of any other party (other than any Grantor or any Affiliate thereof) thereto after giving effect to the anti-assignment
provisions of the UCC or other Requirement of Law, other than proceeds and receivables thereof, the assignment of which is expressly
deemed effective under the UCC or other applicable Requirement of Law notwithstanding such prohibition; (iv) any “intent to use”
Trademark applications for which a “statement of use” or “amendment to allege use” has not been filed (but only
until such statement is filed) and to the extent, and solely during the period, if any, in which the grant of a security interest therein
would impair the validity or enforceability of such intent to use Trademark application under applicable Requirement of Law; (v) all
owned real property not constituting Material Real Property; (vi) all leasehold interests in real property; (vii)(a) any motor vehicles,
aircraft and other assets subject to certificates of title (except to the extent a security interest therein can be perfected by the
filing of UCC financing statements), (b) letter of credit rights with a claim value of less than $500,000 (in the aggregate) to the extent
not constituting supporting obligations (except to the extent a security interest therein can be perfected by the filing of UCC financing
statements) and (c) commercial tort claims with a claim value of less than $500,000 individually; (viii) governmental licenses or state
or local franchises, charters and authorizations and any other property and assets to the extent that the Agent may not validly possess
a security interest therein under applicable Requirement of Law (including, without limitation, rules and regulations of any Governmental
Authority) or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization,
other than to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable Requirement of Law
notwithstanding such prohibition; (ix) margin stock; (x) any Stock in any non-wholly-owned Subsidiaries to the extent that (a) the granting
of a security interest in such Stock in favor of the Agent is not permitted by the terms of such issuing Person’s organizational
or joint venture documents or otherwise require the consent of a Person or Persons who are not Subsidiaries of the Borrower or (b) the
granting of a security interest (including any exercise of remedies) in such Stock in favor of the Agent would result in a change of
control, repurchase obligation or other adverse consequence to any Grantor; (xi) those assets as to which the Borrower reasonably determines
(in consultation with the Agent), that the cost (including, without limitation, the cost of title insurance, surveys or flood insurance,
if necessary) of obtaining a security interest in or perfection thereof are excessive in relation to the benefit to the Secured Parties
of the security to be afforded thereby; (xii) those property or assets for which the creation or perfection of pledges or of security
interests in, would result in adverse tax consequences to the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower
(in consultation with the Agent); and (xiii) Excluded Deposit Accounts; provided, however, “Excluded Property”
shall not include any proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions
or replacements would otherwise constitute Excluded Property).

 

“First
Tier Foreign Subsidiary” means a Foreign Subsidiary held directly by Borrower.

 

“Foreign
Subsidiary” means, with respect to any Person, a Subsidiary of such Person, which Subsidiary is not a Domestic Subsidiary.

 

“Governmental
Authority” means any nation, sovereign or government, any state or other political subdivision thereof, any agency, authority
or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative
functions of or pertaining to government, including any central bank, stock exchange, regulatory body, arbitrator, public sector entity,
supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the
National Association of Insurance Commissioners).

 

    	3

     

    

 

“Guarantor”
has the meaning ascribed thereto in the recitals to this Agreement.

 

“Intellectual
Property” means all rights, title and interests in or relating to intellectual property and industrial property arising under
any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Software, Trademarks, Internet
Domain Names, Trade Secrets and IP Licenses.

 

“Internet
Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law
in or relating to internet domain names.

 

“IP
Ancillary Rights” means all rights, title and interests in or relating to intellectual property and industrial property arising
under any Requirement of Law and all ancillary rights relating thereto, including all Copyrights, Patents, Software, Trademarks, Internet
Domain Names, Trade Secrets and IP Licenses.

 

“IP
Licenses” means all Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting any right,
title and interest in or relating to any Intellectual Property.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory
or otherwise), security interest or other security arrangement and any other preference, priority or preferential arrangement of any
kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under
a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing (but
not including the interest of a lessor under a lease which is not a Capital Lease).

 

“Margin
Stock” means “margin stock” as such term is defined in Regulation T, U or X of the Board of Governors of the Federal
Reserve System, or any entity succeeding to any of its principal functions.

 

“Material
Intellectual Property” means Intellectual Property that is owned by or licensed to a Grantor pursuant to a written agreement
and material to the conduct of any Grantor’s business.

 

“Material
Real Property” means any parcel of real property and improvements thereto owned in fee simple by a Grantor and which has a
fair market value (estimated in good faith by the Grantor) in excess of $500,000 as of the time such property is acquired (or, if such
property is owned by a Person at the time it becomes a Grantor, as of such date); provided, however, the term “Material Real Property”
shall not include any Excluded Property

 

“Obligations”
means all indebtedness evidenced by the Note and other indebtedness, advances, debts, liabilities, obligations, covenants and duties
owing by the Borrower and any other Grantor to any Secured Party or any other Person required to be indemnified, that arises under any
Loan Document, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification
or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become
due, now existing or hereafter arising and however acquired.

 

    	4

     

    

 

“Patents”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to letters
patent and applications therefor, including without limitation improvements, divisions, continuations, renewals, reissues, extensions
and continuations in part of the same.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity of governmental agency.

 

“Pledged
Certificated Stock” means all certificated securities and any other Stock or Stock Equivalent of any Person evidenced by a
certificate, instrument or other similar document, in each case owned by any Grantor, and any distribution of property made on, in respect
of or in exchange for the foregoing from time to time, including all Stock and Stock Equivalents listed on Schedule 5. Pledged
Certificated Stock excludes any Excluded Property and any Cash Equivalent Investments.

 

“Pledged
Collateral” means, collectively, the Pledged Stock and the Pledged Debt Instruments.

 

“Pledged
Debt Instruments” means all right, title and interest of any Grantor in instruments evidencing any indebtedness owed to such
Grantor or other obligations, owed to such Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing
from time to time, including all indebtedness described on Schedule 5, issued by the obligors named therein. Pledged Debt Instruments
excludes any Excluded Property and any Cash Equivalent Investments.

 

“Pledged
Investment Property” means any investment property of any Grantor, and any distribution of property made on, in respect of
or in exchange for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments. Pledged Investment Property
excludes any Excluded Property and any Cash Equivalent Investments.

 

“Pledged
Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock.

 

“Pledged
Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not Pledged Certificated Stock, including all
right, title and interest of any Grantor as a limited or general partner in any partnership or as a member of any limited liability company,
in any case, not constituting Pledged Certificated Stock, all right, title and interest of any Grantor in, to and under any Organization
Document of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect
of or in exchange for the foregoing from time to time, including in each case those interests set forth on Schedule 5, to the
extent such interests are not certificated. Pledged Uncertificated Stock excludes any Excluded Property and any Cash Equivalent Investments.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

 

“Related
Person” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee,
representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and
agents of or to such Person or any of its Affiliates.

 

“Requirement
of Law” means, with respect to any Person, the common law and any federal, state, local, foreign, multinational or international
laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees
(including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations,
directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are
applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.

 

    	5

     

    

 

“Secured
Obligations” has the meaning set forth in Section 3.2.

 

“Software”
means (i) all computer programs, including source code and object code versions, (ii) all data, databases and compilations of data, whether
machine readable or otherwise, and (iii) all documentation, training materials and configurations related to any of the foregoing.

 

“Stock”
means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership
or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless
of how designated) of or in a Person (other than an individual), whether voting or non-voting.

 

“Stock
Equivalents” means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently
convertible, exchangeable or exercisable.

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are
at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Trademark”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks,
trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, trade dress
and other source or business identifiers and, in each case, whether registered or not, all goodwill associated therewith, all registrations
and recordations thereof, all applications in connection therewith and all common law rights in connection therewith.

 

“Trade
Secrets” means, with respect to any Grantor, all of such Grantor’s right, title and interest (and all related IP Ancillary
Rights) in and to the following: (a) confidential and proprietary information, including unpatented inventions, invention disclosures,
engineering or other data, information, production procedures, know-how, financial data, customer lists, supplier lists, supply chain,
manufacture, business and marketing plans, methods, processes, schematics, algorithms, techniques, analyses, proposals, source code and
data collections; (b) all income, royalties, damages, claims and payments now or hereafter due and/or payable with respect to any of
the foregoing, including, without limitation, damages, claims and payments for past, present and future misappropriation or infringements
of any of the foregoing; (c) all rights to sue for past, present and future misappropriation or infringements of any of the foregoing,
including the right to settle suits involving claims and demands for royalties owing; and (d) all rights corresponding to any of the
foregoing, in each case, excluding any items constituting Excluded Property.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in
the event that, by reason of mandatory provisions of any applicable Requirement of Law, any of the attachment, perfection or priority
of Agent’s or any other Secured Party’s security interest in any Collateral is governed by the Uniform Commercial Code of
a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code as in effect in such
other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the
definitions related to or otherwise used in such provisions.

 

    	6

     

    

 

Section
1.2 Certain Other Terms.

 

(a)
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. References
herein to an Annex, Schedule, Article, Section or clause refer to the appropriate Annex or Schedule to, or Article, Section or clause
in this Agreement. Where the context requires, provisions relating to any Collateral when used in relation to a Grantor shall refer to
such Grantor’s Collateral or any relevant part thereof.

 

(b)
Other Interpretive Provisions.

 

(i)
Defined Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant hereto.

 

(ii)
The Agreement. The words “hereof”, “herein”, “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(iii)
Certain Common Terms. The term “including” is not limiting and means “including without limitation”.

 

(iv)
Performance; Time. Whenever any performance obligation hereunder (other than a payment obligation) shall be stated to be due or
required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business
Day. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”, and the word “through”
means “to and including.” If any provision of this Agreement refers to any action taken or to be taken by any Person, or
which such Person is prohibited from taking, such provision shall be interpreted to encompass any and all means, direct or indirect,
of taking, or not taking, such action.

 

(v)
Contracts. Unless otherwise expressly provided herein, references to agreements and other contractual instruments, including this
Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments, thereto, restatements and substitutions
thereof and other modifications and supplements thereto which are in effect from time to time, but only to the extent such amendments
and other modifications are not prohibited by the terms of any Loan Document.

 

Laws.
References to any statute or regulation are to be construed as including all statutory and regulatory provisions related thereto or consolidating,
amending, replacing, supplementing or interpreting the statute or regulation.

 

    	7

     

    

 

ARTICLE
II

 

[Reserved]

 

ARTICLE
III

 

Grant
of Security Interest

 

Section
3.1 Collateral

 

For
the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by a Grantor or in which a
Grantor now has or at any time in the future may acquire any right, title or interests is collectively referred to as the “Collateral”:

 

(a)
all accounts, chattel paper, deposit accounts, documents (as defined in the UCC), equipment, general intangibles, instruments, inventory,
investment property, letter of credit rights and any supporting obligations related to any of the foregoing;

 

(b)
the commercial tort claims with a claim value in excess of $500,000 described on Schedule 1 and on any supplement thereto received
by Agent pursuant to Section 5.9;

 

(c)
all books and records pertaining to any of the Collateral;

 

(d)
all property of such Grantor held by any Secured Party, including all property of every description, in the custody of or in transit
to such Secured Party for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such
Grantor may have any right or power, including but not limited to cash;

 

(e)
all other goods (including but not limited to fixtures) and personal property of such Grantor, whether tangible or intangible and wherever
located; and

 

(f)
to the extent not otherwise included, all proceeds of the foregoing; provided, however, notwithstanding the foregoing,
no Lien or security interest is hereby granted on any Excluded Property, and such Excluded Property shall not be Collateral; provided,
further, that if and when any such property then owned by a Grantor shall cease to be Excluded Property, such property shall be
deemed Collateral and a Lien on and security in such property shall be deemed granted therein.

 

Section
3.2 Grant of Security Interest in Collateral

 

Each
Grantor, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of the Obligations (the “Secured Obligations”), hereby mortgages, pledges and hypothecates to Agent
for the benefit of the Secured Parties, and grants to Agent for the benefit of the Secured Parties a Lien on and security interest in,
all of its right, title and interest in, to and under the Collateral of such Grantor.

 

    	8

     

    

 

ARTICLE
IV

 

Representations
and Warranties

 

Each
Grantor hereby represents and warrants each of the following to the Secured Parties:

 

Section
4.1 Title; No Other Liens

 

Except
for the Lien granted to Agent pursuant to this Agreement or any other Loan Document or other Liens permitted by Section 12.3 of the Note
(“Permitted Security”), such Grantor owns each item of the Collateral free and clear of any and all Liens or claims
of others. Such Grantor is the record and beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates
and (b) has rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder.

 

Section
4.2 Perfection and Priority

 

The
security interest granted pursuant to this Agreement constitutes a valid and continuing perfected security interest in favor of Agent
in all Collateral subject, for the following Collateral, to the occurrence of the following: (a) in the case of all Collateral in which
a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified
on Schedule 2 (which, in the case of all filings and other documents referred to on such schedule, have been delivered to Agent
in completed and duly authorized form), (b) [reserved], (c) in the case of all Copyrights, Trademarks and Patents for which UCC filings
are insufficient, all appropriate filings having been made with the United States Copyright Office or the United States Patent and Trademark
Office, as applicable, (d) in the case of letter-of-credit rights that are not supporting obligations of Collateral, the execution of
a Contractual Obligation granting control to Agent over such letter-of-credit rights and (e) in the case of electronic chattel paper,
the completion of all steps necessary to grant control to Agent over such electronic chattel paper. Such security interest shall be prior
to all other Liens on the Collateral except for Permitted Security having priority over Agent’s Lien by operation of law or permitted
pursuant to the Note upon (i) in the case of all Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property,
the delivery thereof to Agent of such Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property consisting
of instruments and certificates, in each case properly endorsed for transfer to Agent or in blank and (ii) in the case of all other instruments
and tangible chattel paper that are not Pledged Certificated Stock, Pledged Debt Instruments or Pledged Investment Property, the delivery
thereof to Agent of such instruments and tangible chattel paper. As of the date hereof (or, if later, as of the acquisition of such property
by such Person, or such property is owned by a Person at the time it becomes a Grantor, as of such date), except as set forth in this
Section 4.2, all actions by each Grantor necessary to protect and perfect the Lien granted hereunder on the Collateral have been,
or will be, substantially concurrently with the effectiveness of this Agreement, duly taken; provided that, notwithstanding the foregoing,
the Grantors shall not be required to enter into control agreements with respect to deposit accounts.

 

Section
4.3 Jurisdiction of Organization; Chief Executive Office

 

Such
Grantor’s jurisdiction of organization, legal name and organizational identification number, if any, and the location of such Grantor’s
chief executive office or sole place of business, in each case as of the date hereof, is specified on Schedule 3 and such Schedule
3 also lists all jurisdictions of incorporation, legal names and locations of such Grantor’s chief executive office or sole
place of business for the five years preceding the date hereof.

 

    	9

     

    

 

Section
4.4 Locations of Inventory, Equipment and Books and Records

 

On
the date hereof, such Grantor’s inventory and equipment (other than inventory or equipment in transit) and books and records concerning
the Collateral are kept at the locations listed on Schedule 4.

 

Section
4.5 Pledged Collateral

 

(a)
The Pledged Stock pledged by such Grantor hereunder (i) is listed on Schedule 5, constitutes Pledged Certificated Stock represented
by the certificates set forth on Schedule 5 or Pledged Uncertificated Stock, as set forth on Schedule 5, constitutes that
percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule 5 and(ii) has been
duly authorized, validly issued and is fully paid and non-assessable (other than Pledged Stock in limited liability companies and partnerships).

 

(b)
As of the date hereof, all Pledged Collateral (other than Pledged Uncertificated Stock) and all Pledged Investment Property consisting
of instruments and certificates has been delivered to Agent in accordance with Section 5.3(a).

 

(c)
Upon the occurrence and during the continuance of an Event of Default, Agent shall be entitled to exercise all of the rights of the Grantor
granting the security interest in any Pledged Stock, and a transferee or assignee of such Pledged Stock shall become a holder of such
Pledged Stock to the same extent as such Grantor and be entitled to participate in the management of the issuer of such Pledged Stock
to the extent, if any, that of the Grantor which holds such Pledged Stock has such rights and, upon the transfer of the entire interest
of such Grantor, such Grantor shall, by operation of law, cease to be a holder of such Pledged Stock.

 

(d)
With respect to any issuer of any Pledged Uncertificated Stock, each Grantor represents and warrants to Agent that, (i) such Pledged
Uncertificated Stock is (x) not dealt in or traded on securities exchanges or in securities markets, (y) not “investment company
securities” (as defined in Section 8-103(b) of the UCC) and (z) the issuer of such Pledged Uncertificated Stock has not “opted-in”
to Article 8 of the UCC with respect to the equity interests issued by it by providing in any of its certificate or articles of formation,
partnership agreement, operating agreement or any other entity governance document or any other document governing or evidencing the
equity interests issued by it that the equity interests issued by it shall be “securities” as governed by and defined in
Article 8 of the UCC.

 

Section
4.6 Instruments and Tangible Chattel Paper Formerly Accounts

 

No
amount payable to such Grantor under or in connection with any account is evidenced by any instrument or tangible chattel paper that
has not been delivered to Agent, properly endorsed for transfer, to the extent delivery is required by Section 5.6(a).

 

Section
4.7 Intellectual Property

 

(a)
Schedule 6 sets forth a true and complete list of the following Intellectual Property such Grantor owns, controls, licenses or
otherwise has the right to use pursuant to a written agreement: (i) Intellectual Property that is registered or subject to applications
for registration, (ii) Internet Domain Names and corresponding hosts and (iii) Material Intellectual Property and material Software (other
than commercial off the shelf software), separately identifying that owned, controlled and licensed to such Grantor and including for
each of the foregoing items (A) the owner, (B) the title, (C) the jurisdiction in which such item has been registered or otherwise arises
or in which an application for registration has been filed, (D) as applicable, the registration or application number and registration
or application date and (E) any IP Licenses or other rights (including franchises) received or granted by the Grantor with respect thereto,
including without limitation all in-bound IP Licenses or sublicense agreements, exclusive out-bound IP Licenses or sublicense agreements,
or other material rights of any Person to use Intellectual Property (but excluding in-bound IP Licenses of over-the-counter software
that is commercially available to the public).

 

    	10

     

    

 

(b)
On the date hereof, except as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on
such Grantor’s business, assets or condition, or its ability to perform its obligations under this Agreement, the Note and the
Loan Documents, all Intellectual Property owned by such Grantor is in full force and effect, subsisting, unexpired and enforceable and
has not been abandoned and, to each Grantor’s knowledge, is valid. No breach or default of any IP License constituting Material
Intellectual Property shall be caused by any of the following, and none of the following shall limit or impair the ownership, use, validity
or enforceability of, or any rights of such Grantor in, any Material Intellectual Property: (i) the consummation of the transactions
contemplated by any Loan Document or (ii) any holding, decision, judgment or order rendered by any Governmental Authority. There are
no pending (or, to the knowledge of such Grantor, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders
or disputes challenging the ownership, inventorship, use, validity, enforceability of, or such Grantor’s rights in, any Material
Intellectual Property of such Grantor. Except as would not reasonably be expected to have a material adverse effect on such Grantor’s
business, assets or condition, or its ability to perform its obligations under this Agreement, the Note and the Loan Documents, to Grantor’s
knowledge (i) no Person has been or is infringing, misappropriating, diluting, violating or otherwise impairing any Intellectual Property
of such Grantor and (ii) such Grantor is not in material breach or default of any IP License.

 

Section
4.8 Commercial Tort Claims

 

The
only commercial tort claims of any Grantor existing on the date hereof (regardless of whether the amount, defendant or other material
facts can be determined and regardless of whether such commercial tort claim has been asserted, threatened or has otherwise been made
known to the obligee thereof or whether litigation has been commenced for such claims) are those listed on Schedule 1, which sets
forth such information separately for each Grantor.

 

Section
4.9 Specific Collateral

 

None
of the Collateral is or is proceeds or products of farm products, as-extracted collateral, health-care-insurance receivables or timber
to be cut.

 

Section
4.10 Enforcement

 

No
permit, notice to or filing with any Governmental Authority or any other Person or any consent from any Person is required for the exercise
by Agent of its rights (including voting rights) provided for in this Agreement or the enforcement of remedies in respect of the Collateral
pursuant to this Agreement, including the transfer of any Collateral, except (a) filings or recordings in connection with the Liens granted
to Agent hereunder, (b) those obtained or made and delivered to Agent on or prior to the date hereof, (c) as may be required in connection
with the disposition of any portion of the Pledged Collateral by laws affecting the offering and sale of securities or other assets generally,
or (d) any approvals that may be required to be obtained from any bailees or landlords to collect or gain access to the Collateral.

 

    	11

     

    

 

Section
4.11 Additional Representations and Warranties of the Note

 

The
information set forth on Schedule 7 hereto (Perfection Certificate) is complete, true and correct as of the date hereof. The representations
and warranties as to such Grantor, this Agreement and Perfection Certificate made in Part B of Schedule 2 of the Note are true and correct
on the date hereof and on the date of each Advance.

 

Section
4.12 Margin Stock

 

No
Grantor is engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying
Margin Stock. No Grantor owns any Margin Stock.

 

ARTICLE
V

 

COVENANTS

 

Each
Grantor agrees with Agent to the following, as long as any Obligation or Commitment remains outstanding (other than contingent indemnification
obligations to the extent no claim giving rise thereto has been asserted):

 

Section
5.1 Maintenance of Perfected Security Interest; Further Documentation and Consents

 

(a)
Such Grantor shall (i) not use or permit any Collateral to be used unlawfully or in violation of any provision of any Loan Document,
any Requirement of Law applicable to such Grantor or any policy of insurance covering the Collateral and (ii) not enter into any Contractual
Obligation or undertaking restricting the right or ability of such Grantor or Agent to sell, assign, convey or transfer any Collateral
if such restriction would reasonably be expected to have, either individually or in the aggregate, a material adverse effect on such
Grantor’s business, assets or condition, or its ability to perform its obligations under this Agreement, the Note and the Loan
Documents.

 

(b)
Such Grantor shall take such actions as required hereunder or that may be required of a debtor under any applicable law to maintain the
security interest created by this Agreement as a perfected security interest having at least the priority described in Section 4.2
and shall defend such security interest and such priority against the claims and demands of all Persons.

 

(c)
Such Grantor shall furnish to Agent from time to time statements and schedules further identifying and describing the Collateral and
such other documents in connection with the Collateral as Agent may reasonably request, all in reasonable detail and in form and substance
reasonably satisfactory to Agent.

 

(d)
At any time and from time to time, upon the written request of Agent, such Grantor shall, for the purpose of obtaining or preserving
the full benefits of this Agreement and of the rights and powers herein granted, (i) promptly and duly execute and deliver, and have
recorded (if applicable), such further documents, including an authorization to file (or, as applicable, the filing) of any financing
statement or amendment under the UCC (or other filings under similar Requirement of Law) in effect in any jurisdiction with respect to
the security interest created hereby and (ii) take such further action as Agent may reasonably request, including using its commercially
reasonable efforts to secure all approvals necessary or appropriate for the collateral assignment to or for the benefit of Agent of any
Contractual Obligation included in the Collateral, including any IP License, held by such Grantor and to enforce the security interests
granted hereunder.

 

    	12

     

    

 

(e)
To ensure that a Lien and security interest is granted on any of the Excluded Property set forth in clause (ii) of the definition of
“Excluded Property” (solely to the extent such Excluded Property would otherwise constitute Collateral), such Grantor
shall use commercially reasonable efforts to obtain any required consents from any Person other than the Borrower and its Affiliates
with respect to any permit or license or any Contractual Obligation with such Person entered into by such Grantor that requires such
consent as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual
Obligation or any Stock or Stock Equivalent related thereto.

 

Section
5.2 Changes in Locations, Name, Etc. Except upon 5 Business Days’ prior written notice to Agent (or such shorter
period as Agent may agree) and delivery to Agent of (a) all documents reasonably requested by Agent to maintain the validity, perfection
and priority of the security interests provided for herein and (b) if applicable, a written supplement to Schedule 4 showing any
additional locations at which inventory or equipment shall be kept, such Grantor shall not do any of the following:

 

(i)
permit any inventory or equipment, in excess of $150,000 individually and $500,000 in the aggregate, to be kept at a location other than
those listed on Schedule 4, except for inventory or equipment in transit, or out for improvement, service or repair;

 

(ii)
change its jurisdiction of organization or the location of its chief executive office, in each case from that referred to in Section
4.3; or

 

(iii)
change its legal name or organizational identification number, if any, or corporation, limited liability company, partnership or other
organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading.

 

Section
5.3 Pledged Collateral

 

(a)
Delivery of Pledged Collateral. Such Grantor shall deliver to Agent, in suitable form for transfer and in form and substance reasonably
satisfactory to Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments and (C) all certificates and instruments
evidencing Pledged Investment Property.

 

(b)
Event of Default. During the continuance of an Event of Default, Agent shall have the right, at any time in its discretion and
without notice to the Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged Collateral or
any Pledged Investment Property and (ii) exchange any certificate or instrument representing or evidencing any Pledged Collateral or
any Pledged Investment Property for certificates or instruments of smaller or larger denominations. If Agent shall exercise any of its
rights as contemplated under this Section 5.3(b), Agent shall endeavor in good faith to provide notice of such exercise to the Grantor;
provided, however, that the Agent’s failure to deliver such notice will not affect the Agent’s rights hereunder
nor give rise to any liability of the Agent.

 

(c)
Cash Distributions with respect to Pledged Collateral. Except as provided in Article VI, such Grantor shall be entitled
to receive all cash distributions paid in respect of the Pledged Collateral.

 

    	13

     

    

 

(d)
Voting Rights. Except as provided in Article VI, such Grantor shall be entitled to exercise all voting, consent and corporate,
partnership, limited liability company and similar rights with respect to the Pledged Collateral; provided, however, that
without the prior written consent of Agent no vote shall be cast, consent given or right exercised or other action taken by such Grantor
that would materially impair the Collateral or be inconsistent with or result in any violation of any provision of any Loan Document.

 

Section
5.4 Accounts

 

(a)
Such Grantor shall not, other than in the ordinary course of business, (i) grant any extension of the time of payment of any account,
(ii) compromise or settle any account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for
the payment of any account, (iv) allow any credit or discount on any account or (v) amend, supplement or modify any account in any manner
that could reasonably be expected to materially adversely affect the value thereof.

 

(b)
So long as an Event of Default has occurred and is continuing, Agent shall have the right to make test verifications of the accounts
in any manner and through any medium that it reasonably considers advisable, and such Grantor shall furnish all such assistance and information
as Agent may reasonably require in connection therewith. At any time and from time to time, upon Agent’s reasonable request, such
Grantor shall use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to Agent
to furnish to Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the accounts; provided,
however, that unless an Event of Default has occurred and is continuing, Agent shall request no more than two such reports during
any calendar year and to the extent practicable such requests shall be coordinated with regular quarterly or annual reviews or audits
of Borrower’s financial statements.

 

Section
5.5 Pledged Uncertificated Stock

 

Each
Grantor covenants and agrees, that such Grantor shall not, and that each Grantor shall not allow any issuer of any Pledged Uncertificated
Stock to, (i) take any action to cause any equity interest of the Pledged Uncertificated Stock to be or become a “security”
within the meaning of, or to be governed by, Article 8 (Investment Securities) of the UCC or (ii) to “opt-in” or to take
any other action seeking to establish any membership interest of the Pledged Uncertificated Stock as a “security”, except
to the extent such Grantor (or issuer) has (x) delivered a “security certificate” (as defined in Article 8 of the UCC) evidencing
such equity interests to Agent duly endorsed to Agent or (y) delivered a Control Agreement to Agent with respect thereto, in each case
in a manner that provides Agent with “control” of such security certificate as “control” is contemplated as a
manner of perfection under the UCC.

 

Section
5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic
Chattel Paper

 

(a)
If any amount in excess of $1,000,000 in the aggregate payable under or in connection with any Collateral owned by such Grantor shall
be or become evidenced by an instrument or tangible chattel paper, other than such instrument delivered in accordance with Section
5.3(a) and in the possession of Agent, such Grantor shall, upon Agent’s request, mark all such instruments and tangible chattel
paper with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest
of Juvenescence Limited, as Agent” and, at the request of Agent, shall promptly deliver such instrument or tangible chattel paper
to Agent, duly indorsed in a manner reasonably satisfactory to Agent.

 

    	14

     

    

 

(b)
Such Grantor shall not grant “control” (within the meaning of such term under Article 9-106 of the UCC) over any investment
property to any Person other than Agent, or in the ordinary course and not for the purposes of securing any indebtedness, any depository
bank, securities intermediary or commodity intermediary, as applicable.

 

(c)
If such Grantor is or becomes the beneficiary of a letter of credit that is (i) not a supporting obligation of any Collateral and (ii)
in excess of $1,000,000 in the aggregate for all letters of credit, such Grantor shall promptly, and in any event within 10 Business
Days (or such longer period agreed to by the Agent in its sole discretion) after becoming a beneficiary, notify Agent thereof and, during
the continuance of an Event of Default, enter into a Contractual Obligation with Agent, the issuer of such letter of credit or any nominated
person with respect to the letter-of-credit rights under such letter of credit. Such Contractual Obligation shall assign such letter-of-credit
rights to Agent and such assignment shall be sufficient to grant control for the purposes of Section 9-107 of the UCC (or any similar
section under any equivalent UCC). The provisions of the Contractual Obligation shall be in form and substance reasonably satisfactory
to Agent.

 

(d)
If any amount in excess of $1,000,000 in the aggregate payable under or in connection with any Collateral owned by such Grantor shall
be or become evidenced by electronic chattel paper, such Grantor shall take all steps necessary to grant Agent control of all such electronic
chattel paper for the purposes of Section 9-105 of the UCC (or any similar section under any equivalent UCC) and all “transferable
records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National
Commerce Act.

 

Section
5.7 Intellectual Property

 

(a)
Within 30 days (or such longer period agreed to by the Agent in its sole discretion) after the end of any Fiscal Quarter in which there
is any change to Schedule 6 for such Grantor, such Grantor shall provide Agent notification thereof and the short-form intellectual
property agreements and assignments as described in this Section 5.7 and any other documents that Agent reasonably requests with
respect thereto.

 

(b)
Such Grantor shall (and shall use good faith efforts to cause all its licensees to) (i) (A) except to the extent that a GrantorBorrower
determines in its reasonable business judgment that a Trademark is not material, and subject to Section 5.7(c), continue to use
each Trademark included in the Material Intellectual Property in order to maintain such Trademark in full force and effect with respect
to each class of goods for which such Trademark is currently used, free from any claim of abandonment for non-use, (B) maintain at least
the same standards of quality of products and services offered under such Trademark as are currently maintained, (C) use such Trademark
with the appropriate notice of registration and all other notices and legends required by applicable Requirement of Law, (D) not adopt
or use any other Trademark that is confusingly similar or a colorable imitation of such Trademark unless Agent shall obtain a perfected
security interest in such other Trademark pursuant to this Agreement and (ii) not do any act or omit to do any act whereby there is a
reasonable risk that (A) such Trademark (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed
in any way other than through the discontinuation of sales or other commercialization of inventory or services associated with such Trademark,
(B) any Patent included in the Material Intellectual Property may become forfeited, misused, invalidated, unenforceable, abandoned or
dedicated to the public other than the abandonment of Patents that the applicable Grantor determines in good faith to no longer constitute
Material Intellectual Property or abandonment in particular jurisdictions where such abandonment would not have a material adverse affect
on such Grantor’ operations or financial condition, (C) any portion of the Copyrights included in the Material Intellectual Property
may become invalidated, otherwise impaired or fall into the public domain or (D) any Trade Secret that is Material Intellectual Property
may become publicly available or otherwise unprotectable.

 

    	15

     

    

 

(c)
Such Grantor shall notify Agent promptly if it knows, that any application or registration relating to any Material Intellectual Property
may become forfeited, misused, unenforceable, abandoned or dedicated to the public, or of any adverse determination or development regarding
the validity or enforceability or such Grantor’s ownership of, interest in, right to use, register, own or maintain any Material
Intellectual Property (including the institution of, or any such determination or development in, any proceeding relating to the foregoing
in any Applicable IP Office). Such Grantor shall take all actions that are reasonably necessary or reasonably requested by Agent to maintain
and pursue each application (and to obtain the relevant registration or recordation) and to maintain each registration and recordation
included in the Material Intellectual Property except to the extent that the failure to do so or the abandonment of such Material Intellectual
Property would not have a material adverse affect on such Grantor’s operations or financial condition.

 

(d)
Such Grantor shall not do any act or omit to do any act to knowingly infringe, misappropriate, dilute, violate or otherwise materially
impair the Intellectual Property of any other Person to the extent such act or omission violates any Requirement of Law to which such
Grantor is subject and could reasonably be expected to lead to a material liability of such Grantor to a third party. In the event that
any Material Intellectual Property of such Grantor is or has been infringed, misappropriated, violated, diluted or otherwise impaired
by a third party, such Grantor shall take such action as it reasonably deems appropriate under the circumstances in response thereto,
including, in a reasonable timeframe, bringing suit and recovering all damages therefor.

 

(e)
Such Grantor shall execute and deliver to Agent in form and substance reasonably acceptable to Agent and suitable for filing in the Applicable
IP Office the short-form intellectual property security agreements in the form attached hereto as Annex 3 for all material United
States Copyrights on the date hereof and for all United States Copyrights acquired or registered after the date hereof, United States
Trademarks, United States Patents and United States IP Licenses of such Grantor to the extent the same comprise Collateral.

 

Notwithstanding
anything in this Agreement or any other Loan Document, such Grantor shall be permitted to dispose of Intellectual Property to the extent
permitted by the Note.

 

Section
5.8 Notices

 

Such
Grantor shall promptly notify Agent in writing of its acquisition of any interest hereafter in property, other than any property of the
type set forth on Schedule 6 (which Schedule shall be updated in accordance with Section 5.7(a)), that is of a type where a security
interest or lien must be or may be registered, recorded or filed under, or notice thereof given under, any federal statute or regulation.

 

Section
5.9 Notice of Commercial Tort Claims

 

Such
Grantor agrees that, if it shall acquire any interest in any commercial tort claim with a claim value in excess of $1,000,000 (whether
from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor shall, promptly upon such
acquisition, deliver to Agent, in each case in form and substance reasonably satisfactory to Agent, a notice of the existence and nature
of such commercial tort claim and a supplement to Schedule 1 containing a specific description of such commercial tort claim,
(ii) Section 3.1 shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver to Agent, in each
case in form and substance reasonably satisfactory to Agent, any document, and take all other action, deemed by Agent to be reasonably
necessary or appropriate for Agent to obtain, for the benefit of the Secured Parties, a perfected security interest having at least the
priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 delivered pursuant to
this Section 5.9 shall, after the receipt thereof by Agent, become part of Schedule 1 for all purposes hereunder other
than in respect of representations and warranties made prior to the date of such receipt.

 

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Section
5.10 Perfection Certificate

 

Commencing
on the first anniversary hereof, not more than once per fiscal quarter upon written request from Lender, the Grantors shall deliver to
Agent (i) an updated Schedule 7 (Perfection Certificate), certified by such Grantors as being complete, true and correct as of
the date of such delivery, and under which certificate the Grantor shall also represent and warrant that each of the representations
and warranties set forth in Section 4.1 through and including Section 4.10 are true and correct as of the date of such
certificate (it being understood that any references to “date of this Agreement” or the “date hereof” or similar
phrase shall be deemed to be the date of such certificate for purposes of such representations and warranties) and (ii) an update to
Schedules 1 through 6 and 8, which update will set forth any necessary updates or supplements to the Schedules since the date
hereof or since such Schedules were last updated.

 

ARTICLE
VI

 

Remedial
Provisions

 

Section
6.1 UCC and Other Remedies

 

(a)
UCC Remedies. During the continuance of an Event of Default, Agent may exercise, in addition to all other rights and remedies
granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any Secured Obligation,
all rights and remedies of a secured party under the UCC or any other applicable law.

 

(b)
Disposition of Collateral. Without limiting the generality of the foregoing, Agent may, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any
Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived to the extent not
otherwise prohibited by applicable law) but subject to the terms of any applicable lease or sublease agreement, during the continuance
of any Event of Default (personally or through its agents or attorneys), (i) enter upon the premises where any Collateral is located,
without any obligation to pay rent, through self-help to the extent permitted by state law, without judicial process, without first obtaining
a final judgment or giving any Grantor or any other Person notice or opportunity for a hearing on Agent’s claim or action, (ii)
collect, receive, appropriate and realize upon any Collateral and (iii) sell, assign, convey, transfer, grant option or options to purchase
and deliver any Collateral (enter into Contractual Obligations to do any of the foregoing), in one or more parcels at public or private
sale or sales, at any exchange, broker’s board or office of any Secured Party or elsewhere upon such terms and conditions as it
may deem advisable and at such prices as it may deem commercially reasonable, for cash or on credit or for future delivery without assumption
of any credit risk. The Agent shall have the right, upon any such public sale or sales and, to the extent permitted by the UCC and other
applicable Requirement of Law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, free of any right
or equity of redemption of any Grantor, which right or equity is hereby waived and released.

 

    	17

     

    

 

(c)
Management of the Collateral. Each Grantor further agrees, that, during the continuance of any Event of Default, (i) at Agent’s
request, it shall assemble the Collateral and make it available to Agent at places that Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere, (ii) without limiting the foregoing, Agent also has the right to require that each Grantor store
and keep any Collateral pending further action by Agent and, while any such Collateral is so stored or kept, provide such guards and
maintenance services as shall be necessary to protect the same and to preserve and maintain such Collateral in good condition, (iii)
until Agent is able to sell, assign, convey or transfer any Collateral, Agent shall have the right to hold or use such Collateral to
the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate
by Agent and (iv) Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to
enforce any of Agent’s remedies (for the benefit of the Secured Parties), with respect to such appointment without prior notice
or hearing as to such appointment. The Agent shall not have any obligation to any Grantor to maintain or preserve the rights of any Grantor
as against third parties with respect to any Collateral while such Collateral is in the possession of Agent.

 

(d)
Application of Proceeds. The Agent shall apply the cash proceeds of any action taken by it pursuant to this Section 6.1,
after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping
of any Collateral or in any way relating to the Collateral or the rights of Agent and any other Secured Party hereunder, including reasonable
attorneys’ fees and disbursements, to the payment in whole or in part of the Secured Obligations, as set forth in the Note, and
only after such application and after the payment by Agent of any other amount required by any Requirement of Law, need Agent account
for the surplus, if any, to any Grantor.

 

(e)
Direct Obligation. Neither Agent nor any other Secured Party shall be required to make any demand upon, or pursue or exhaust any
right or remedy against, the Borrower, any Grantor, or any other Person with respect to the payment of the Obligations or to pursue or
exhaust any right or remedy with respect to any Collateral therefor or any direct or indirect guaranty thereof. All of the rights and
remedies of Agent and any other Secured Party under any Loan Document (including any Security Documents) shall be cumulative, may be
exercised individually or concurrently and not exclusive of any other rights or remedies provided by any Requirement of Law. To the extent
it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not
to assert against Agent or any other Secured Party, any valuation, stay, appraisement, extension, redemption or similar laws and any
and all rights or defenses it may have as a surety, now or hereafter existing, arising out of the exercise by them of any rights hereunder.
If any notice of a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given to the Grantors at least 10 days before such sale or other disposition.

 

(f)
Commercially Reasonable. To the extent that applicable Requirement of Law impose duties on Agent to exercise remedies in a commercially
reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Agent to do any of the following:

 

(i)
fail to incur significant costs, expenses or other liabilities reasonably deemed as such by Agent to prepare any Collateral for disposition
or otherwise to complete raw material or work in process into finished goods or other finished products for disposition;

 

(ii)
fail to obtain permits, or other consents, for access to any Collateral to sell or for the collection or sale of any Collateral, or,
if not required by other Requirement of Law, fail to obtain permits or other consents for the collection or disposition of any Collateral;

 

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(iii)
fail to exercise remedies against account debtors or other Persons obligated on any Collateral or to remove Liens on any Collateral or
to remove any adverse claims against any Collateral;

 

(iv)
advertise dispositions of any Collateral through publications or media of general circulation, whether or not such Collateral is of a
specialized nature, or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring
any such Collateral;

 

(v)
exercise collection remedies against account debtors and other Persons obligated on any Collateral, directly or through the use of collection
agencies or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether
or not such Collateral is of a specialized nature, or, to the extent deemed appropriate by Agent, obtain the services of other brokers,
investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any Collateral, or utilize
Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of
doing so, or that match buyers and sellers of assets to dispose of any Collateral;

 

(vi)
dispose of assets in wholesale rather than retail markets;

 

(vii)
disclaim disposition warranties, such as title, possession or quiet enjoyment; or

 

(viii)
purchase insurance or credit enhancements to insure Agent against risks of loss, collection or disposition of any Collateral or to provide
to Agent a guaranteed return from the collection or disposition of any Collateral.

 

Each
Grantor acknowledges that the purpose of this Section 6.1(f) is to provide a non-exhaustive list of actions or omissions that
are commercially reasonable when exercising remedies against any Collateral and that other actions or omissions by any Secured Party
shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 6.1(f). Without limitation
upon the foregoing, nothing contained in this Section 6.1(f) shall be construed to grant any rights to any Grantor or to impose
any duties on Agent that would not have been granted or imposed by this Agreement or by applicable Requirement of Law in the absence
of this Section 6.1(f).

 

(g)
IP Licenses

 

Solely
for the purpose of enabling Agent to exercise rights and remedies under this Section 6.1 (including in order to take possession
of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, convey, transfer or grant options to purchase
any Collateral) at such time as Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to
Agent, for the benefit of the Secured Parties, (i) an irrevocable, fully paid-up, royalty-free, transferrable, nonexclusive, worldwide
right to sublicense (through multiple tiers), use and practice any Intellectual Property now owned, licensed, controlled or hereafter
acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored, and to all Software and
programs used for the compilation or printout thereof subject, in the case of Trademarks, to sufficient rights to quality control and
inspection in favor of Grantor to avoid the risk of invalidation of such Trademarks and (ii) an irrevocable license (without payment
of rent or other compensation to such Grantor), subject to applicable provisions of any leases limiting, restricting or prohibiting such
license, to use, operate and occupy, if an Event of Default has occurred and is continuing, all real Property owned, operated, leased,
subleased or otherwise occupied by such Grantor.

 

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Section
6.2 Accounts and Payments in Respect of General Intangibles

 

(a)
In addition to, and not in substitution for, any similar requirement in the Note, if an Event of Default has occurred and is continuing,
upon the written direction to the applicable Grantor of Agent, any payment of accounts or payment in respect of general intangibles,
when collected by any Grantor, shall be held by such Grantor in trust for Agent, segregated from other funds of such Grantor. Each such
deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable
detail the nature and source of the payments included in the deposit.

 

(b)
At any time that an Event of Default has occurred and is continuing:

 

(i)
each Grantor shall, upon Agent’s written request, deliver to Agent all original (or, to the extent not reasonably available, a
copy thereof) and other documents evidencing, and relating to, the Contractual Obligations and transactions that gave rise to any account
or any payment in respect of general intangibles, including all original orders, invoices and shipping receipts and notify account debtors
that the accounts or general intangibles have been collaterally assigned to Agent and that payments in respect thereof shall be made
directly to Agent;

 

(ii)
Agent may, without notice, at any time that such an Event of Default is continuing, limit or terminate the authority of a Grantor to
collect its accounts or amounts due under general intangibles or any thereof and, in its own name or in the name of others, communicate
with account debtors to verify with them to Agent’s satisfaction the existence, amount and terms of any account or amounts due
under any general intangible. In addition, Agent may at any time enforce such Grantor’s rights against such account debtors and
obligors of general intangibles; and

 

(iii)
subject to any applicable Requirement of Law, each Grantor shall take all actions, deliver all documents and provide all information
necessary or reasonably requested by Agent to ensure any Internet Domain Name is registered.

 

(c)
Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of general
intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance
with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or liability under any agreement giving
rise to an account or a payment in respect of a general intangible by reason of or arising out of any Loan Document or the receipt by
any Secured Party of any payment relating thereto, nor shall any Secured Party be obligated in any manner to perform any obligation of
any Grantor under or pursuant to any agreement giving rise to an account or a payment in respect of a general intangible, to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance
by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any
amounts that may have been assigned to it or to which it may be entitled at any time or times.

 

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Section
6.3 Pledged Collateral

 

(a)
Voting Rights. If an Event of Default has occurred and is continuing, Agent or its nominee may (i) transfer and register in its
name or in the name of its nominee or transferee the whole or any part of the Pledged Collateral, (ii) exercise any voting, consent,
corporate and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be,
of the relevant issuer or issuers of Pledged Collateral or otherwise, (iii) exercise any right of conversion, exchange and subscription
and any other right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the
right to exchange at its discretion any Pledged Collateral upon the merger, amalgamation, consolidation, reorganization, recapitalization
or other fundamental change in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver
any Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions
as Agent may determine), all without liability except to account for property actually received by it, (iv) collect and receive all cash
dividends and other payment and distributions made thereon and make application thereof to the Secured Obligations in the manner set
forth in the Note and (v) notify the parties obligated on the Pledged Collateral to make payment to Agent of any amounts due or to become
due thereafter; provided, however, that Agent shall have no duty to any Grantor to exercise any such right, privilege or
option and shall not be responsible for any failure to do so or delay in so doing. If Agent shall exercise any of its rights as contemplated
under this Section 6.3(a), Agent shall endeavor in good faith to provide notice of such exercise to the Grantor; provided, however,
that the Agent’s failure to deliver such notice will not affect the Agent’s rights hereunder nor give rise to any liability
of the Agent.

 

(b)
Proxies. In order to permit Agent to exercise the voting and other consensual rights that it may be entitled to exercise pursuant
hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly
execute and deliver (or cause to be executed and delivered) to Agent all such proxies, dividend payment orders and other instruments
as Agent may from time to time reasonably request in writing and (ii) without limiting the effect of clause (i) above, such Grantor hereby
grants to Agent an IRREVOCABLE PROXY to vote all or any part of the Pledged Collateral and to exercise all other rights, powers,
privileges and remedies to which a holder of the Pledged Collateral would be entitled (including giving or withholding written consents
of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case
may be, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including
any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged
Collateral or any officer or agent thereof) during the continuance of an Event of Default, and which proxy shall only terminate upon
the payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving
rise thereto has been asserted). To the extent permitted by applicable law, the IRREVOCABLE PROXY granted hereby is effective
automatically without the necessity that any other action (including, without limitation, that any transfer of any of the Pledged Collateral
be recorded on the books of the relevant Grantor) be taken by any Person (including the applicable Grantor or any officer or agent thereof),
is coupled with an interest, and shall be irrevocable, shall survive the bankruptcy, dissolution or winding up of any relevant Grantor,
and shall terminate only upon the payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations
to the extent no claim giving rise thereto has been asserted). Each Grantor covenants and agrees that prior to the expiration of such
IRREVOCABLE PROXY pursuant to applicable law, if applicable, such Grantor will reaffirm such IRREVOCABLE PROXY in a manner
reasonably satisfactory to the Agent.

 

(c)
Authorization of Issuers. Each Grantor hereby expressly irrevocably authorizes and instructs, without any further instructions
from such Grantor, each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received
by it from Agent in writing that states that an Event of Default has occurred and is continuing and is otherwise in accordance with the
terms of this Agreement and each Grantor agrees that such issuer shall be fully protected from liabilities to such Grantor in so complying
and (ii) unless otherwise expressly permitted hereby or the Note, pay any dividend or make any other payment with respect to the Pledged
Collateral directly to Agent.

 

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Section
6.4 Proceeds to be Turned over to and Held by Agent

 

Unless
otherwise expressly provided in the Note or this Agreement, if an Event of Default has occurred and is continuing, all proceeds of any
Collateral received by any Grantor hereunder in cash or Cash Equivalent Investments shall be held by such Grantor in trust for Agent
and the other Secured Parties, segregated from other funds of such Grantor, and shall, upon Agent’s written instruction, promptly
upon receipt by any Grantor, be turned over to Agent in the form received (with any necessary endorsement).

 

Section
6.5 Sale of Pledged Collateral

 

(a)
Each Grantor recognizes that Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain prohibitions
contained in applicable federal, state or foreign securities laws or otherwise or may determine that a public sale is impracticable,
not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group
of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and
not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in
prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such
private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
The Agent shall be under no obligation to delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer
thereof to register such securities for public sale under applicable federal or state securities laws even if such issuer would agree
to do so.

 

(b)
Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make
such sale or sales of any portion of the Pledged Collateral pursuant to Section 6.1 and this Section 6.5 valid and binding
and in compliance with all applicable Requirement of Law. Each Grantor further agrees that a breach of any covenant contained in this
Section 6.5 will cause irreparable injury to Agent and other Secured Parties, that Agent and the other Secured Parties have no
adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.5
shall be specifically enforceable against such Grantor, and such Grantor hereby waives, to the extent not prohibited by applicable
law, and agrees not to assert any defense against an action for specific performance of such covenants except for a defense that (i)
no Event of Default has occurred under the Note prior to payment in full in cash of the Guaranteed Obligations (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Commitments or (ii)
payment in full in cash of the Guaranteed Obligations (other than contingent indemnification obligations to the extent no claim giving
rise thereto has been asserted) and termination of all Commitments. Each Grantor agrees not to assert any rights of contribution or subrogation
upon the sale or disposition of all or any portion of the Pledged Collateral by Agent prior to payment in full in cash of the Guaranteed
Obligations and termination of all Commitments (other than contingent indemnification obligations to the extent no claim giving rise
thereto has been asserted).

 

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Section
6.6 Deficiency

 

Each
Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient to
pay the Secured Obligations and, without duplication, the fees and disbursements of any attorney employed by Agent or any other Secured
Party to collect such deficiency.

 

ARTICLE
VII

 

The
Agent

 

Section
7.1 Agent’s Appointment as Attorney-in-Fact

 

(a)
Each Grantor hereby IRREVOCABLY constitutes and appoints Agent and any Related Person thereof, with full power of substitution, as its
true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of
such Grantor or in its own name, exercisable if any Event of Default has occurred and is continuing for the purpose of carrying out the
terms of the Loan Documents, to take any appropriate action and to execute any document or instrument that may be necessary or desirable
to accomplish the purposes of the Loan Documents, and, without limiting the generality of the foregoing, each Grantor hereby gives Agent
and its Related Persons the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of the
following upon the occurrence and during the continuation of an Event of Default:

 

(i)
in the name of such Grantor, in its own name or otherwise, take possession of and indorse and collect any check, draft, note, acceptance
or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and
file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Agent for the
purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral whenever payable;

 

(ii)
in the case of any Intellectual Property owned or controlled by or licensed to such Grantor, execute, deliver and have recorded any document
that Agent may request to evidence, effect, publicize or record Agent’s security interest in such Intellectual Property and the
goodwill and general intangibles of such Grantor relating thereto or represented thereby;

 

(iii)
pay or discharge taxes and Liens levied or placed on or threatened against any Collateral, effect any repair or pay any insurance called
for by the terms of the Note (including all or any part of the premiums therefor and the costs thereof) and to adjust and settle claims
under any insurance policy;

 

(iv)
execute, in connection with any sale provided for in Section 6.1 or Section 6.5, any document to effect or otherwise necessary
or appropriate in relation to evidence the sale of any Collateral;

 

    	23

     

    

 

(v)
(A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly
to Agent or as Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt for, any moneys, claims and
other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight
or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document
in connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent
jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral, (E) defend any actions, suits, proceedings,
audits, claims, demands, orders or disputes brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust
any such actions, suits, proceedings, audits, claims, demands, orders or disputes and, in connection therewith, give such discharges
or releases as Agent may deem appropriate, (G) assign any Intellectual Property owned or controlled by such Grantor or any IP Licenses
of such Grantor throughout the world on such terms and conditions and in such manner as Agent shall in its sole discretion determine,
including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, sell, assign,
convey, transfer or grant a Lien on, make any Contractual Obligation with respect to and otherwise deal with, any Collateral as fully
and completely as though Agent were the absolute owner thereof for all purposes and do, at Agent’s option, at any time or from
time to time, all acts and things that Agent deems necessary to protect, preserve or realize upon any Collateral and the Secured Parties’
security interests therein and to effect the intent of the Loan Documents, all as fully and effectively as such Grantor might do;

 

(vi)
accelerate any note pledged to Agent pursuant to this Agreement which may be accelerated in accordance with its terms, and take any other
lawful action to collect upon any such note (including, without limitation, to make any demand for payment thereon);

 

(vii)
appoint a receiver for the properties and assets of each Grantor that constitute Collateral, and each Grantor hereby consents to such
rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security
posted by Agent or any other Secured Party, and remove and replace any such receiver from time to time;

 

(viii)
take any action permitted under Section 6.5(a) of this Agreement;

 

(ix)
do and perform all such other acts and things as Agent may reasonably deem to be necessary in order to enforce its rights with respect
to the Collateral; and

 

(x)
if any Grantor fails to perform or comply with any Contractual Obligation contained herein, Agent, at its option, but without any obligation
so to do, may perform or comply, or otherwise cause performance or compliance, with such Contractual Obligation.

 

(b)
The expenses of Agent incurred in connection with actions undertaken as provided in this Section 7.1 shall be payable by such
Grantor to Agent on demand.

 

(c)
Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue of this Section 7.1. All
powers, authorizations and agencies contained in this Agreement are coupled with an interest and are IRREVOCABLE until this Agreement
is terminated and the security interests created hereby are released, and shall survive the bankruptcy, dissolution or winding up of
any relevant Grantor. Agent shall be under no duty or obligation to exercise or withhold the exercise of any of the rights, powers, privileges
and options expressly or implicitly granted to Agent in this Agreement, and shall not be liable for any failure to do so or any delay
in doing so. Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual
capacity or its capacity as attorney-in-fact except acts or omissions resulting from its bad faith, fraud, gross negligence or willful
misconduct as determined in a final non-appealable judgment by a court of competent jurisdiction.

 

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Section
7.2 Authorization to File Financing Statements

 

Each
Grantor authorizes Agent and its Related Persons, at any time and from time to time, to file or record financing statements, amendments
thereto, and other filing or recording documents or instruments with respect to any Collateral in such form and in such offices as Agent
reasonably determines appropriate to perfect, or continue to maintain perfection of, the security interests of Agent under this Agreement,
and such financing statements and amendments may describe the Collateral covered thereby as “all assets of the debtor”
or words of similar import. A copy of this Agreement shall be sufficient as a financing statement or other filing or recording document
or instrument for filing or recording in any jurisdiction. Such Grantor also hereby ratifies its authorization for Agent to have filed
any initial financing statement or amendment thereto under the UCC (or other similar laws) in effect in any jurisdiction if filed prior
to the date hereof. Each Grantor hereby (i) waives any right under the UCC or any other Requirement of Law to receive notice and/or copies
of any filed or recorded financing statements, amendments thereto, continuations thereof or termination statements, and (ii) releases
and excuses each Secured Party from any obligation under the UCC or any other Requirement of Law to provide notice or a copy of any such
filed or recorded documents.

 

Section
7.3 Authority of Agent

 

Each
Grantor acknowledges that the rights and responsibilities of Agent under this Agreement with respect to any action taken by Agent or
the exercise or non-exercise by Agent of any option, voting right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between Agent and the other Secured Parties, be governed by the Note and by such
other agreements with respect thereto as may exist from time to time among them, but, as between Agent and any Grantor, Agent shall be
conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and
no Grantor shall be under any obligation or entitlement to make any inquiry respecting such authority.

 

Section
7.4 Duty; Obligations and Liabilities

 

(a)
Duty of Agent. The Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its
possession shall be to deal with it in the same manner as Agent deals with similar property for its own account. The powers conferred
on Agent hereunder are solely to protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to exercise
any such powers. The Agent shall be accountable only for amounts that it receives as a result of the exercise of its rights hereunder
and such powers, and neither it nor any of its Related Persons shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own bad faith, gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In
addition, Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof,
by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected
by Agent in good faith.

 

(b)
Obligations and liabilities with respect to Collateral. No Secured Party and no Related Person thereof shall be liable for failure to
demand, collect or realize upon any Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to any Collateral.
The powers conferred on Agent hereunder shall not impose any duty upon any other Secured Party to exercise any such powers. The other
Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither
they nor any of their respective officers, directors, employees or agents shall be responsible to any Grantor for any act or failure
to act hereunder, except for their own bad faith, gross negligence or willful misconduct as finally determined by a court of competent
jurisdiction.

 

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ARTICLE
VIII

 

Miscellaneous

 

Section
8.1 Reinstatement

 

Each
Grantor agrees that, if any payment made by the Borrower or any Guarantor or other Person and applied to the Secured Obligations is at
any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be
refunded or repaid, or the proceeds of any Collateral are required to be returned by any Secured Party to the Borrower, its estate, trustee,
receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and
effect, as fully as if such payment had never been made. If, prior to any of the foregoing, any Lien or other Collateral securing such
Grantor’s liability hereunder shall have been released or terminated by virtue of the foregoing such Lien, other Collateral or
provision shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish,
release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other Collateral securing
such obligation or the amount of such payment.

 

Section
8.2 Release of Collateral; Termination of Agreement

 

(a)
In connection with any disposition permitted by the Note (a “Permitted Disposition”), the Collateral so disposed shall
be released from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination)
of Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and
all rights to such Collateral shall revert to the Grantors. Each Grantor is hereby authorized to file UCC amendments at such time evidencing
the termination of the Liens so released. At the request of any Grantor following any such termination, Agent shall reasonably promptly
deliver to such Grantor any Collateral of such Grantor held by Agent hereunder and execute and deliver to such Grantor such documents,
termination notices, payoff letters and releases as such Grantor shall reasonably request to evidence such termination.

 

Section
8.3 Independent Obligations

 

The
obligations of each Grantor hereunder are independent of and separate from the Secured Obligations and the Guaranteed Obligations. If
any Secured Obligation or Guaranteed Obligation is not paid when due, or if any Event of Default has occurred and is continuing, Agent
may, at its sole election, proceed directly and at once, without notice, against any Grantor and any Collateral to collect and recover
the full amount of any Secured Obligation or Guaranteed Obligation then due, without first proceeding against any other Grantor, the
Borrower or any other Collateral and without first joining any other Grantor or the Borrower in any proceeding.

 

Section
8.4 No Waiver by Course of Conduct

 

No
Secured Party shall by any act (except by a written instrument pursuant to Section 8.5 hereof), delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure
to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as
a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy that such Secured Party would otherwise have on any future occasion.

 

    	26

     

    

 

Section
8.5 Amendments in Writing

 

None
of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in writing by each party
hereto; provided, however, that (a) annexes to this Agreement may be supplemented (but no existing provisions may be modified
and no Collateral may be released) through Pledge Amendments and Joinder Agreements, in substantially the form of Annex 1 and
Annex 2, respectively, in each case duly executed by Agent and each Grantor directly affected thereby and (b) Schedules to this
Agreement may be updated or supplemented pursuant to Section 5.10 hereof.

 

Section
8.6 Additional Grantors; Additional Pledged Collateral

 

(a)
Joinder Agreements. If, at the option of the Borrower or as required pursuant to the terms of the Note or any other Loan Document,
the Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver
to Agent a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and
have the same rights, benefits and obligations as a Grantor party hereto on the date hereof.

 

Pledge
Amendments. To the extent any Pledged Collateral has not been delivered as of the date hereof, such Grantor shall deliver a pledge
amendment duly executed by the Grantor in substantially the form of Annex 1 (each, a “Pledge Amendment”). Such
Grantor authorizes Agent to attach each Pledge Amendment to this Agreement.

 

Section
8.7 Notices

 

All
notices, requests and demands to or upon Agent or any Grantor hereunder shall be effected in the manner provided for in Section 16 of
the Note; provided, however, that any such notice, request or demand to or upon any Grantor shall be addressed to such
Grantor’s notice address set forth on Schedule 8 hereto.

 

Section
8.8 Successors and Assigns

 

This
Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of each Secured Party and their
permitted successors and permitted assigns; provided, however, that no Grantor may assign, transfer or delegate any of
its rights or obligations under this Agreement without the prior written consent of Agent.

 

Section
8.9 Counterparts

 

This
Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be
detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement
by facsimile transmission or by Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

    	27

     

    

 

Section
8.10 Severability

 

Any
provision of this Agreement being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision
not held illegal, invalid or unenforceable, any other provision of this Agreement or any part of such provision in any other jurisdiction.

 

Section
8.11 Governing Law

 

The
laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Agreement, including, without
limitation, its validity, interpretation, construction, performance and enforcement.

 

Section
8.12 Submission to Jurisdiction

 

Any
legal action or proceeding with respect to any Loan Document shall be brought exclusively in the courts of the State of New York located
in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution
and delivery of this Agreement, each party executing this Agreement hereby accepts for itself and in respect of its Property, generally
and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any
objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing
of any such action or proceeding in such jurisdictions.

 

Section
8.13 Service of Process

 

Each
party hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and other service
of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect
to or otherwise arising out of or in connection with any Loan Document by any means permitted by applicable Requirements of Law, including
by the mailing thereof (by registered or certified mail, postage prepaid) to the address of Initial Grantor specified herein on Schedule
8 hereto (and shall be effective when such mailing shall be effective, as provided therein). Each party agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.

 

Section
8.14 Non-Exclusive Jurisdiction

 

Nothing
contained in Sections 8.12 and 8.13 shall affect the right of Agent to serve process in any other manner permitted by applicable Requirements
of Law or commence legal proceedings or otherwise proceed against any Grantor in any other jurisdiction.

 

Section
8.15 Waiver of Jury Trial

 

THE
PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN
CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS
WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

 

Section
8.16 Expenses and Indemnification. 

 

Each
Grantor agrees that the Agent shall be entitled to reimbursement of expenses as specified in Sections 14.3 and 18.1 of the Note, as applicable,
and agrees to pay, and jointly and severally indemnifies the Agent in accordance with and subject to the limitations of such sections
of the Note.

 

[SIGNATURE
PAGES FOLLOW]

 

    	28

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has caused this and Security Agreement to be duly executed and delivered as of the date first
above written.

 

	 	AGEX
    THERAPEUTICS, INC.,
	 	as
    Grantor and Borrower
	 	 	 
	 	By:	/s/Michael
    D. West
	 	Name:	Michael D. West
	 	Title:	Chief Executive Officer

 

    	 

     

    

 

	ACCEPTED
    AND AGREED	 
	as
    of the date first above written:	 
	 	 	 
	JUVENESCENCE
    LIMITED	 
	as
    Agent and Initial Lender	 
	 	 	 
	By:	/s/
    Jim Mellon	 
	Name:	Jim Mellon	 
	Title:	Director and Chairman

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