Document:

Exhibit 10.25

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT (“Agreement”) is made May 20, 2019 (“Effective Date”), by and between BioTime, Inc. (“Company”),
a California corporation, and Chase C. Leavitt (“Executive”).

 

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

 

1.
Engagement; Position and Duties.

 

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

 

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

 

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

 

2.
Compensation

 

(a)
Salary. During the term of this Agreement, Company shall pay to the Executive a salary of $340,000.00 annually. Executive’s
salary shall be paid in equal semi-monthly installments, consistent with Company’s regular salary payment practices. Executive’s
salary may be increased from time-to-time by Company, in Company’s sole and absolute discretion, without affecting this
Agreement. Company shall pay Executive a sign-on bonus in the amount of $35,000 (minus applicable state and federal income tax
deductions): paid in two installments. First payment of $17,500 on May 31, 2019; second payment of $17,500 on August 31, 2019.

 

    	 	 	 

    	 

    

 

(b)
Bonus. Executive may be eligible for an annual bonus of up to 40% of Executive’s annual salary, as may be approved by
the Board of Directors (or the Compensation Committee of the Board of Directors (the “Compensation Committee”)) in
its discretion, based on Executive’s achievement of predetermined Company and/or individual objectives set by the Board
of Directors or the Compensation Committee, from time to time. Executive also agrees that neither the Board of Directors nor Company
is obligated to adopt any bonus plan, to maintain in effect any bonus plan that may now be in effect or that may be adopted during
the term of Executive’s employment, or to pay Executive a bonus unless a bonus is earned under the terms and conditions
of any bonus plan adopted by Company.

 

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

 

(d)
Benefit Plans. Executive may be eligible (to the extent Executive qualifies) to participate in certain retirement, pension,
life, health, accident and disability insurance, equity incentive plan or other similar employee benefit plans (collectively,
“Benefit Plans”), which may be adopted by Company from time to time for its executive officers or other employees,
in each case, subject to the terms thereof, including any eligibility requirements thereof. Company has the right, at any time
and without any amendment of this Agreement, and without prior notice to or consent from Executive, to adopt, amend, change, or
terminate any and all Benefit Plans that may now be in effect or that may be adopted in the future, in each case without any further
obligation (financial or otherwise) to Executive; provided that any such amendment, change or termination effected without the
consent of Executive does not apply to Executive in a manner that is substantially different than it applies to other Company
executives or employees of a comparable executive level, except for amendments, changes or terminations required by applicable
federal, state or local law or regulation, or implemented in response to any change of federal, state or local law or regulation.
Any benefits to which Executive may be entitled under any Benefit Plan shall be governed by the terms and conditions of the applicable
Benefit Plan, and any related plan documents, as in effect from time to time. If Executive receives any grant of stock options
or stock or stock related equity awards (“Awards”) under any stock option plan, stock purchase plan, or other equity
incentive plan of Company (an “Equity Plan”), the terms and conditions of the Award, and Executive’s rights
with respect to the Award, shall be governed by (i) the terms of the Equity Plan, as the same may be amended from time to time,
and (ii) the terms and conditions of any stock option agreement, stock purchase agreement, or other agreement that Executive may
sign or be required to sign with respect to any Award.

 

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

 

(f)
Stock Option Grants. On the date of this agreement, Executive shall be granted a stock option to purchase up to 300,000
shares of Company common stock (the “Initial Option”). In addition, Executive will be granted another stock option
to purchase up to 125,000 shares of Company common stock on July 31, 2019 (the “Second Option”). Each of the Initial
Option and the Second Option: (1) will have an exercise price equal to the closing price of Company common stock on the grant
date, (2) will vest as to 1⁄4 of the shares subject to the application option on the first anniversary of the date Executive
commences employment with the Company and the remainder of the shares will vest in a series of 36 successive substantially equal
monthly installments thereafter, and (3) will be subject to the terms set forth in Company’s equity incentive plan pursuant
to which the option grant is being made and to the terms of the stock option agreement Executive will be required to sign with
respect to each grant.

 

3.
Competitive Activities. During the term of Executive’s employment, and for 24 months thereafter, Executive shall not,
for Executive or any third party, directly or indirectly employ, solicit for employment or recommend for employment any person
employed by Company. During the term of Executive’s employment, Executive shall not, directly or indirectly as an employee,
contractor, officer, director, member, partner, agent, or equity owner, engage in any activity or business that competes or could
reasonably be expected to compete with the business of Company. Executive acknowledges that there is a substantial likelihood
that the activities described in this Section would (a) involve the unauthorized use or disclosure of Company’s confidential
information and that use or disclosure would be extremely difficult to detect, and (b) result in substantial competitive harm
to the business of Company. Executive has accepted the limitations of this Section as a reasonably practicable and unrestrictive
means of preventing such use or disclosure of Company confidential information and preventing such competitive harm.

 

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

 

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

 

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

 

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

 

(ii)
Termination Without Cause. In the event of termination of Executive’s employment by Company without Cause, Executive
will be entitled to (A) the benefits set forth in paragraph (a)(i) of this Section; (B) (1) 3 months’ base salary if terminated
on or before the first anniversary of the date on which Executive’s employment with Company commences, or (2) 9 months’
base salary if terminated after such first anniversary, either of which may be paid in a lump sum or, at the election of Company,
in installments consistent with Company’s payroll procedures, subject to such deductions and withholdings as are required
by law; (C) payment in full of the prorated target bonus due for the year in which Executive was terminated without Cause, subject
to such deductions and withholdings as are required by law; and (D) payment, for a period of 6 months, of any health insurance
benefits that Executive was receiving at the time of termination of Executive’s employment under a Company employee health
insurance plan subject to COBRA.

 

(iii)
Change of Control. If Company (or any successor in interest to Company that has assumed Company’s obligation under this
Agreement) terminates Executive’s employment without Cause or Executive resigns for Good Reason within the one-year period
following the effective date of a Change in Control, Executive will be entitled to (A) the benefits set forth in paragraph (a)(i)
and (a)(ii) of this Section, and (B) accelerated vesting of 50% of any then unvested options, restricted stock or restricted stock
units as may have been granted to Executive by Company if termination of employment occurs on or before the first anniversary
of the date on which Executive’s employment with Company commences, or accelerated vesting of 100% of any then unvested
options, restricted stock or restricted stock units as may have been granted to Executive by Company if termination of employment
occurs after such first anniversary.

 

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

 

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

 

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

 

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(c)
Section 280G of the Code.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)
“Change of Control” means (A) the acquisition of Voting Securities of Company by a Person or an Affiliated Group entitling
the holder thereof to elect a majority of the directors of Company; provided, that an increase in the amount of Voting Securities
held by a Person or Affiliated Group who on the date of this Agreement beneficially owned (as defined in Section 13(d) of the
Securities Exchange Act of 1934, as amended, and the regulations thereunder) more than 10% of the Voting Securities shall not
constitute a Change of Control; and provided, further, that an acquisition of Voting Securities by one or more Persons acting
as an underwriter in connection with a sale or distribution of such Voting Securities shall not constitute a Change of Control
under this clause (A); (B) the sale of all or substantially all of the assets of Company; or (C) a merger or consolidation of
Company with or into another corporation or entity in which the stockholders of Company immediately before such merger or consolidation
do not own, in the aggregate, Voting Securities of the surviving corporation or entity (or the ultimate parent of the surviving
corporation or entity) entitling them, in the aggregate (and without regard to whether they constitute an Affiliated Group) to
elect a majority of the directors or persons holding similar powers of the surviving corporation or entity (or the ultimate parent
of the surviving corporation or entity).

 

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

 

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(v)
“Good Reason” shall mean the occurrence of any of the following events or circumstances without Executive’s
written consent: (i) a material diminution in Executive’s base compensation; (ii) a material diminution in Executive’s
authority, duties or responsibility; (iii) a material change in the principal geographic location at which Executive performs
services; (iv) any requirement that Executive engage in any illegal conduct; or (v) a material breach by the Company of this Agreement
or any other material written agreement between Executive and the Company.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11.
Complete Agreement, Modification. This Agreement is the complete agreement between Executive and Company on the subjects contained
in this Agreement. This Agreement supersedes and replaces all previous correspondence, promises, representations, and agreements,
if any, either written or oral with respect to Executive’s employment by Company and any matter covered by this Agreement,
including, to the extent the matter is addressed in this Agreement, the offer letter dated April 30, 2019 accepted by Executive.
No provision of this Agreement may be modified, amended, or waived except by a written document signed both by Company and Executive.

 

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

 

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

 

14.
Survival. This Section 14 and the covenants and agreements contained in Sections 3, 4 and 6 of this Agreement shall survive
termination of this Agreement and Executive’s employment.

 

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

 

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

 

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

 

EXECUTIVE:

 

	/s/
    Chase Leavitt	 
	Chase Leavitt	 
	Address: #####	 

 

COMPANY:

 

BIOTIME,
INC.

 

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

 

[Signature
Page to the Employment Agreement]

 

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Exhibit
A

 

General
Counsel and Corporate Secretary

 

Position
Description:

 

The
General Counsel and Corporate Secretary will provide proactive legal and business advice on a broad range of topics, including
SEC compliance, corporate governance, contract interpretation, employment law, general commercial law and intellectual property.
The General Counsel and Corporate Secretary is an officer of the Company and will be a significant contributor to the leadership
team as well as the Board of Directors.

 

Job
Responsibilities:

 

	●	Ensure
    compliance with SEC requirements by managing, reviewing, and editing periodic reports. In partnership with CFO and Sr. Finance
    team will prepare annual proxy statement, quarterly and annual financial filings, review earnings release and conference call
    scripts, prepare and file registration statements, etc.
	●	Partner with senior
    executive officers in review of corporate structure and product portfolio. Will also advise board of directors on corporate
    governance and compliance matters and assist in management of board meetings and actions.
	●	Develop and revise
    standard form agreements and implementing processes and procedures for review and approval of day-to-day business agreements.
	●	Draft and negotiate
    a wide range of contracts, including confidentiality agreements, consulting agreements, material transfer agreements, funded
    research agreements, license agreements, development and supply agreements and various vendor services agreements.
	●	Primary point of
    contact on legal contract issues for BioTime and its subsidiaries. Responsible for drafting and negotiating contracts and
    other legal documents in support of a broad range of groups such as R&D, Regulatory, Business Development, Intellectual
    Property and Human Resources.
	●	Will provide legal
    contractual support for the company’s existing collaborations and partnerships, including with third party licensees.
	●	Will work closely
    with IP / Patent Agent on patent and trademark infringements, copyright disputes, etc.
	●	Partner with CEO
    and Business Development to conduct and coordinate due diligence efforts in licensing and M&A transactions.
	●	Engage in pre-litigation
    activities, and supervise and manage outside counsel in litigation activities.
	●	In conjunction with
    the other departments, review and advise company policies and procedures.

 

    	 	 	 

    	 

    

 

Exhibit
B

 

EMPLOYEE
CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

 

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

 

1.
Confidential
Information Protections.

 

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

 

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

 

    	 	 	 

    	 

    

 

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

 

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

 

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

 

2.
Assignments
of Inventions.

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 2

     

    

 

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

 

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

 

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

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 3

     

    

 

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

 

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

 

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

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 4

     

    

 

6.
Reasonableness
of Restrictions.

 

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

 

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

 

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

 

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

 

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

 

9.
Legal and Equitable
Remedies.

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 5

     

    

 

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

 

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

 

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

 

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

 

12.
General Provisions.

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 7

     

    

 

This
Agreement shall be effective as of May 20, 2019.

 

	 	EMPLOYEE:
	 	 
	 	I
    have read, understand, and Accept this agreement and have been given the opportunity to Review it with independent legal counsel.
	 	 
	 	 
	 	(Signature)
	 	 
	 	Chase
    C. Leavitt
	 	Name
	 	 
	 	 
	 	Date

 

	 	Address:	          
	 	 	 
	 	 	 

 

	 	COMPANY:
	 	 
	 	Accepted
    and agreed
	 	 
	 	BioTime,
    Inc.

 

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

 

    	Employee Confidential Information and Inventions Assignment Agreement
Chase C. Leavitt Page 8

     

    

 

Exhibit
A

to
the

Employee
Confidential Information And Inventions Assignment Agreement

 

Excluded
Inventions

 

	TO:	BioTime,
    Inc.	 
	FROM:	Chase
    C. Leavitt	 
	DATE:	 	 

 

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

 

	 	☒	No Excluded
    Inventions.

 

	 	☐	See
    below:

 

	 
	 
	 
	 
	 
	 

 

	 	☐	Additional
    sheets attached.

 

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

 

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

 

	 	☐	Additional
    sheets attached.

 

    	 	 	 

    	 

    

 

3.
Limited Exclusion Notification.

 

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

 

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

 

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

 

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

 

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

 

    	 	2Exhibit 4.2

    

     

    

    FOAMIX PHARMACEUTICALS LTD.

     

    DESCRIPTION OF ORDINARY SHARES

     

    As of December 31, 2019

     

    As of December 31, 2019, the ordinary shares, par value NIS 0.16 per share, (the “Ordinary Shares”) of Foamix Pharmaceuticals Ltd. (“Foamix”) were listed on the Nasdaq Global Stock Market (“Nasdaq”)
      under the symbol “FOMX.” As of March 9, 2020, all Ordinary Shares are owned by Menlo Therapeutics Inc. and no longer trade on the Nasdaq.

     

    The following description of the terms of the Ordinary Shares is as of December 31, 2019 and is not complete and is qualified in its entirety by reference to our Amended and Restated Articles of
      Association which is an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2019. You should also refer to the Israeli Companies Law for a complete statement of the terms and rights of the Ordinary Shares.

     

    Voting Rights

     

    The Ordinary Shares confer on the holders thereof the right to attend and to vote at general meetings, both annual as well as extraordinary meetings. The holders of the Ordinary Shares are entitled to
      one vote per share. All resolutions of our shareholders require a simple majority vote, unless otherwise required by the Israeli Companies Law or by our Amended and Restated Articles of Association.

     

    Dividend and Liquidation Rights

     

    Dividends may be declared by Foamix’s board of directors in cash or bonus shares. Dividends must be paid or distributed, as the case may be, equally to the holders of the Ordinary Shares registered in
      Foamix’s share register, pro rata to the par value of the Ordinary Shares, without reference to any premium which may have been paid thereon. Dividends may be paid only out of Foamix’s profits and other surplus funds, as defined in the Israeli
      Companies Law, as of the end of the most recent year or as accrued over a period of the most recent two years, whichever amount is greater, provided that there is no reasonable concern that payment of a dividend will prevent Foamix from satisfying
      its existing and foreseeable obligations as they become due.

     

    In the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of the Ordinary Shares in proportion to their shareholdings. This right,
      as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that may be authorized in the future.

     

    Other Rights

     

    The Ordinary Shares are not redeemable and do not have any preemptive rights.

     

    Anti-Takeover Measures under Israeli Law

     

    The Israeli Companies Law allows us to create and issue shares having rights different from those attached to the Ordinary Shares, including shares providing certain preferred rights with respect to
      voting, distributions or other matters and shares having preemptive rights. Currently there are no preferred shares authorized under our Amended and Restated Articles of Association. The authorization and designation of a class of preferred shares
      will require an amendment to our Amended and Restated Articles of Association, which requires the prior approval of a majority of the votes cast by shareholders who are present and voting at a general meeting, disregarding abstentions.

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