Document:

Execution
Version

 

STOCK
PURCHASE AGREEMENT

 

DATED
AS OF AUGUST 30, 2018

 

BY
AND BETWEEN

 

BIOTIME,
INC.,

 

AGEX
THERAPEUTICS, INC.

 

AND

 

JUVENESCENCE
LIMITED

 

    	 

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Article
    I	CERTAIN
    DEFINITIONS	1
	 	 	 
	Article
    II	PURCHASE
    AND SALE; CLOSING	9
	 	 	 
	 	2.1	Purchase
    and Sale of Shares	9
	 	2.2	Consideration;
    Payment at Closing	9
	 	2.3	Deliveries
    by Seller	9
	 	2.4	Deliveries
    by Buyer	11
	 	2.5	Time
    and Place of Closing	11
	 	2.6	Delayed
    Cash Consideration	11
	 	2.7	Tax
    Withholding	11
	 	 	 	 
	Article
    III	REPRESENTATIONS
    AND WARRANTIES CONCERNING SELLER AND BUYER	12
	 	 	 
	 	3.1	Seller’s
    Representations and Warranties	12
	 	3.2	Buyer’s
    Representations and Warranties	13
	 	 	 	 
	Article
    IV	REPRESENTATIONS
    AND WARRANTIES CONCERNING THE COMPANY	16
	 	 	 
	 	4.1	Organization,
    Qualification, and Corporate Power	16
	 	4.2	No
    Conflict	17
	 	4.3	Capitalization	17
	 	4.4	Financial
    Statements	17
	 	4.5	Undisclosed
    Liabilities	18
	 	4.6	Absence
    of Certain Changes	18
	 	4.7	Subsidiaries	19
	 	4.8	Real
    Property	20
	 	4.9	Litigation;
    Orders	20
	 	4.10	Intellectual
    Property	21
	 	4.11	Employment
    and Labor Matters	23
	 	4.12	Employee
    Benefits	24
	 	4.13	Compliance
    with Laws	25
	 	4.14	FDA
    Matters	25
	 	4.15	Preclinical
    Development and Clinical Trials	26
	 	4.16	Contracts	26
	 	4.17	Permits	26
	 	4.18	Environmental
    Matters	27
	 	4.19	Taxes	27

 

    	 	 i.	 

    	 

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	4.20	Insurance
    Matters	30
	 	4.21	Application
    of Takeover Provisions	30
	 	4.22	Privacy
    Laws	30
	 	4.23	Related
    Parties	31
	 	4.24	Brokers,
    Finders, Etc.	31
	 	4.25	No
    Implied Representations	31
	 	4.26	Form
    10	31
	 	 	 	 
	Article
    V	COVENANTS
    OF SELLER AND BUYER	32
	 	 	 
	 	5.1	Regulatory
    Filings	32
	 	5.2	Further
    Assurances	32
	 	5.3	Conduct
    of Business	32
	 	5.4	Transfer
    Restrictions Relating to Convertible Note and Buyer Shares	33
	 	 	 	 
	Article
    VI	CONDITIONS
    TO BUYER’S OBLIGATION TO CLOSE	34
	 	 	 
	 	6.1	Representations,
    Warranties and Covenants of Seller	34
	 	6.2	Registration
    Rights Agreement	34
	 	6.3	No
    Injunction	34
	 	6.4	Closing
    Deliveries	34
	 	 	 	 
	Article
    VII	CONDITIONS
    TO SELLER’S OBLIGATION TO CLOSE	35
	 	 	 
	 	7.1	Representations,
    Warranties and Covenants of Buyer	35
	 	7.2	Governmental
    Filings and Consents	35
	 	7.3	No
    Injunction	35
	 	7.4	Closing
    Deliveries	35
	 	 	 	 
	Article
    VIII	INDEMNIFICATION	35
	 	 	 
	 	8.1	Indemnification
    by Buyer	35
	 	8.2	Indemnification
    by Seller	35
	 	8.3	Limitations
    on Indemnification	36
	 	8.4	Third
    Party Claims	38
	 	8.5	Direct
    Claims	39
	 	8.6	Survival
    Period	39
	 	8.7	Exclusive
    Remedy	39
	 	 	 	 
	Article
    IX	TAX
    MATTERS	40
	 	 	 
	 	9.1	Returns,
    Consents and Refunds	40
	 	9.2	Refunds	43

 

    	 	 ii.	 

    	 

    

 

Table
of Contents

(continued) 

 

	 	 	 	Page
	 	 	 	 
	 	9.3	Transfer
    Taxes	43
	 	9.4	Tax
    Matters Agreement	43
	 	9.5	Consolidated
    Return Matters	45
	 	9.6	Post-Closing
    Actions	46
	 	9.7	Adjustment
    to Purchase Price	46
	 	 	 	 
	Article
    X	TERMINATION	46
	 	 	 
	 	10.1	Termination	46
	 	10.2	Procedure
    and Effect of Termination	46
	 	 	 	 
	Article
    XI	MISCELLANEOUS	47
	 	 	 
	 	11.1	Counterparts;
    Electronic Exchange	47
	 	11.2	Governing
    Law; Dispute Resolution	47
	 	11.3	Entire
    Agreement; Amendment	47
	 	11.4	Expenses	48
	 	11.5	Notices	48
	 	11.6	Assignment;
    Binding Effect	49
	 	11.7	Headings;
    Definitions	49
	 	11.8	Representation
    of Parties	49
	 	11.9	No
    Third-Party Beneficiaries	49
	 	11.10	Cumulative
    Remedies	50
	 	11.11	Waiver	50
	 	11.12	Severability	50
	 	11.13	Dollar
    References	50

 

Exhibits

 

	Exhibit
    A	Convertible
    Promissory Note
	Exhibit
    B	Shareholder
    Agreement

 

    	 	 iii.	 

    	 

    

 

STOCK
PURCHASE AND SALE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of August 30, 2018, is made by and between BioTime, Inc.,
a California corporation (“Seller”), AgeX Therapeutics, Inc., a Delaware corporation (the “Company”)
and Juvenescence Limited, a British Virgin Islands company (“Buyer”).

 

RECITALS

 

WHEREAS,
Seller is the owner of 28,816,000 shares of common stock, par value $0.0001 per share (the “Common Stock”),
of the Company as of the date hereof; and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, 14,400,000 shares (the “Shares”)
of Common Stock owned by Seller, which Shares constitute approximately 40.28% of the issued and outstanding shares of Company’s
capital stock as of the date hereof, subject to the terms and subject to the conditions set forth in this Agreement.

 

NOW
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and of other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be bound hereby,
the parties agree as follows:

 

Article
I

CERTAIN DEFINITIONS

 

As
used in this Agreement the following terms shall have the following respective meanings:

 

“Action”
shall mean any action, suit, arbitration, inquiry, proceeding or investigation by or before any court of competent jurisdiction
or Governmental Authority.

 

“Acquired
Companies” means the Company and its Subsidiaries.

 

“Activities
to Date” shall have the meaning set forth in Section 4.14(a) hereof.

 

“Affiliate”
(and, with a correlative meaning, “Affiliated”) shall mean, with respect to any Person, any other Person which directly
or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person.

 

“Agreement”
shall have the meaning set forth in the preamble hereof.

 

“Ancillary
Agreements” shall mean, collectively, any agreements, certificates or other documents delivered at or prior to the Closing
in connection with the transactions contemplated by this Agreement, including the Shareholder Agreement, Pledge Agreement and
Convertible Note.

 

“Audited
Financial Statements” has the meaning set forth in Section 4.4(a) hereof.

 

    	 	 1.	 

    	 

    

 

“Basket”
shall have the meaning set forth in Section 8.3(a)(i) hereof.

 

“Business”
means the business of the Company and its Subsidiaries as conducted or as proposed to be conducted as of the Closing date.

 

“Business
Day” shall mean a day other than a Saturday, a Sunday or a day on which commercial banks are authorized to close in
the City of New York, New York.

 

“Buyer”
shall have the meaning set forth in the preamble hereof.

 

“Buyer
Common Stock” means the ordinary shares, no par value, of Buyer.

 

“Buyer
Shares” means any shares of equity securities of Buyer issued to Seller upon conversion of the Convertible Note in accordance
with the terms of such note.

 

“Cash
Consideration” means Twenty-One Million Six Hundred Thousand Dollars ($21,600,000).

 

“Change
of Control” means mean a transaction or series of related transactions in which a Person, or a group of related Persons,
acquires more than 51% of the capital stock of an entity, through stock purchase, tender offer, merger consolidation or similar
transaction, or acquires all or substantially all of the assets of an entity.

 

“Closing”
shall have the meaning set forth in Section 2.5 hereof.

 

“Closing
Cash Consideration” shall mean Ten Million Eight Hundred Thousand Dollars ($10,800,000).

 

“Closing
Date” shall have the meaning set forth in Section 2.5 hereof.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and any successor thereto.

 

“Common
Stock” shall have the meaning set forth in the recitals hereof.

 

“Company”
shall have the meaning set forth in the recitals hereof.

 

“Company
Benefit Plans” shall have the meaning set forth in Section 4.12(a) hereof.

 

“Company
Intellectual Property” means all Intellectual Property owned or licensed by the Company or any of its Subsidiaries in
the Business.

 

“Consolidated
Group” shall have the meaning set forth in Section 4.19(a) hereof.

 

“Convertible
Note” means that certain 7% Convertible Note of Buyer in the aggregate principal amount of Twenty-One Million, Six Hundred
Thousand Dollars ($21,600,000), in the form attached hereto as Exhibit A.

 

    	 	 2.	 

    	 

    

 

“Delayed
Cash Consideration” means Ten Million Eight Hundred Thousand Dollars ($10,800,000).

 

“Entity”
shall mean any corporation (including any nonprofit corporation), general partnership, limited partnership, limited liability
partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint
stock company) or other association, organization or entity (including any Governmental Authority).

 

“Environmental
Laws” shall mean all applicable Laws, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder:
(a) of the United States of America; and (b) of any state or local governmental subdivision within the United States of America
(and all agencies, departments, courts or any other subdivision of any of the foregoing, which have jurisdiction) concerning pollution
or protection of the environment, or public health and safety, including Laws relating to emissions, discharges, releases, or
threatened releases of pollutants, contaminants, petroleum or petroleum-based materials or wastes, or chemicals, Hazardous Substances,
or toxic substances or wastes into ambient air, surface water, ground water, or lands or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport, or handling of pollutants, contaminants, or chemicals,
Hazardous Substances, or toxic materials or wastes. Without limiting the generality of the foregoing, such Environmental Laws
include, but are not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, and the Resource
Conservation and Recovery Act of 1976, each as amended.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Facilities
Agreement” shall mean that certain Shared Facilities and Services Agreement dated as of August 17, 2017 between the
Company and Seller.

 

    	 	 3.	 

    	 

    

 

“Fair
Market Value” of any share of capital stock (for purposes of this definition, the “Subject Stock”)
means, as of any particular date, in United States Dollars: (a) the volume weighted average of the closing sales prices of the
Subject Stock for such day on all domestic or foreign securities exchanges on which the Subject Stock may at the time be listed;
(b) if there have been no sales of the Subject Stock on any such exchange on any such day, the average of the highest bid and
lowest asked prices for the Subject Stock on all such exchanges at the end of such day; (c) if on any such day the Subject Stock
is not listed on a domestic or foreign securities exchange, the closing sales price of the Subject Stock as quoted on the OTC
Bulletin Board, the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales
of the Subject Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the
average of the highest bid and lowest asked prices for the Subject Stock quoted on the OTC Bulletin Board, the Pink OTC Markets
or similar quotation system or association at the end of such day; in each case, averaged on a volume-weighted basis over twenty
(20) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Fair Market Value”
is being determined; provided, that if the Subject Stock is listed on any securities exchange, the term “Business
Day” as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Subject
Stock is not listed on any domestic or foreign securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or
similar quotation system or association, the “Fair Market Value” of the Subject Stock shall be the fair market value
per share as determined jointly by the Board of Directors or similar governing body of the issuer of the Subject Stock (for purposes
of this definition, the “Board”) and the holder of such Subject Stock (for purposes of this definition, the
“Holder”); provided, that if the Board and Holder are unable to agree on the fair market value per share
of the Subject Stock within a reasonable period of time (not to exceed 10 Business Days from the date on which “Fair Market
Value” is being determined), such fair market value shall be determined by a nationally recognized investment banking, accounting
or valuation firm in the United States jointly selected by the Board and Holder. The determination of such firm shall be final
and conclusive, and the fees and expenses of such valuation firm shall be borne equally by the issuer of the Subject Stock and
Holder. In determining the Fair Market Value of the Subject Stock, an orderly sale transaction between a willing buyer and a willing
seller shall be assumed, using valuation techniques then prevailing in the securities industry without regard to the lack of liquidity
of the Subject Stock due to any restrictions (contractual or otherwise) applicable thereto or any discount for minority interests
and assuming full disclosure of all relevant information and a reasonable period of time for effectuating such sale and assuming
the sale of all of the issued and outstanding Subject Stock (including fractional interests) calculated on a fully diluted basis
to include the conversion or exchange of all securities then outstanding that are convertible into or exchangeable for Subject
Stock and the exercise of all rights and warrants then outstanding and exercisable to purchase shares of Subject Stock or securities
convertible into or exchangeable for shares of Subject Stock; provided, that such assumption shall not include those securities,
rights and warrants (a) owned or held by or for the account of the issuer of the Subject Stock or any of its subsidiaries, or
(b) convertible or exchangeable into Subject Stock where the conversion, exchange or exercise price per share is greater than
the Fair Market Value.

 

“FDA”
shall have the meaning set forth in Section 4.14(a) hereof.

 

“Fee
Waivers” shall mean waivers by Seller of certain fees that may be or become due to Seller pursuant to (a) that certain
License Agreement dated August 17, 2017 between Seller and the Company (relating to HyStem), as subsequently amended, and (b)
that certain Sublicense Agreement dated August 17, 2017, among OrthoCyte Corporation, Seller and the Company (relating
to UURF), as subsequently amended, in each case in the form previously agreed by the parties.

 

“Financial
Statements” shall have the meaning set forth in Section 4.4(a) hereof.

 

“Form
10” shall mean the Registration Statement on Form 10 initially filed on June 8, 2018, under the Exchange Act by the
Company with respect to its Common Stock, as such statement may be amended from time to time prior to the date of this Agreement.

 

“GAAP”
shall mean U.S. generally accepted accounting principles in effect from time to time and applied on a consistent basis during
the periods involved.

 

    	 	 4.	 

    	 

    

 

“Governmental
Authority” shall mean any government or political subdivision or regulatory authority, whether federal, state, local
or foreign, or any agency or instrumentality of any such government or political subdivision or regulatory authority, or any federal
state, local or foreign court, commission, tribunal, or anybody exercising or entitled to exercise regulatory, administrative,
judicial or arbitral power or authority.

 

“Group
Companies” shall mean Seller, the Company, any other Person that is or was included in the Consolidated Group, and any
Subsidiaries of the foregoing.

 

“Hazardous
Substances” shall mean any substances, compounds, mixtures, wastes or materials that are defined to be, that are regulated
as, that are listed as or that (because of their toxicity, concentration or quantity) have characteristics which are hazardous
or toxic under any of the Environmental Laws or under any other Law in effect at which the Business is conducted. Without limiting
the generality of the foregoing, Hazardous Substances includes: (a) any article or mixture that contains a Hazardous Substance;
(b) petroleum or petroleum products; (c) any substance the presence of which requires reporting, investigation, removal or remediation
under any Environmental Laws; (d) polychlorinated biphenyls; (e) asbestos containing materials; and (f) urea formaldehyde.

 

“Income
Tax” means any federal, state, local or foreign Tax measured by or based upon income (whether denominated an income
Tax, franchise Tax or otherwise).

 

“Indemnified
Party” shall have the meaning set forth in Section 8.4 hereof.

 

“Indemnifying
Party” shall have the meaning set forth in Section 8.4 hereof.

 

“Insurance
Policy” shall have the meaning set forth in Section 4.20 hereof.

 

“Intellectual
Property” means all intellectual property rights, both registered and unregistered, which may exist or be created under
the laws of any jurisdiction in the world, including rights associated therewith in any of the following: (i) patents, patent
applications of any kind, patent rights, industrial property rights, inventions, discoveries, invention disclosures and utility
models (whether or not patentable) (collectively, “Patents”); (ii) registered and unregistered trademarks,
service marks, trade names, trade dress, logos, packaging design, slogans and Internet domain names, and registrations and applications
for registration of any of the foregoing, together with the goodwill associated with any of the foregoing (collectively, “Trademarks”);
(iii) copyrights, moral rights and other rights associated with works of authorship, both published and unpublished, including,
compilations, mask works, databases, Software, manuals and other documentation, and all derivatives, translations, adaptations
and combinations of any of the foregoing (collectively, “Copyrights”); (iv) know-how, trade secrets, confidential
or proprietary information, ideas, research in progress, algorithms, data, designs, processes, formulae, drawings, schematics,
blueprints, flow charts, models, strategies, prototypes, customer lists, supplier lists, mailing lists, business plans and techniques
that derive independent economic value, actual or potential, from not being generally known or readily ascertainable by others
(collectively, “Trade Secrets”); (v) registrations, renewals, extensions, combinations, divisions, reissues
of, or applications for any of the rights referred to in clauses (i) through (iv) above and (vi) any and all copies and tangible
embodiments of any of the foregoing (in whatever form or medium).

 

    	 	 5.	 

    	 

    

 

“Knowledge”
or “knowledge” means with respect to Seller, the actual knowledge that any of Adi Mohanty, Russell Skibsted
and Stephana Patton have or would have following reasonable inquiry of their direct reports with principal day-to-day responsibility
for the particular subject matter in question. Representations made by Seller as to the knowledge of the Company are made after
due inquiry by Seller as to the knowledge of the persons specified above.

 

“Law”
shall mean any foreign, federal, state, provincial, local laws, statutes, regulations, rules, codes, mandates or ordinances enacted,
adopted, issued or promulgated by any Governmental Authority.

 

“Leased
Real Property” shall have the meaning set forth in Section 4.8(b) hereof.

 

“Leases”
shall mean all leases, subleases, licenses, concessions and other agreements (written or oral), pursuant to which the Company
or any of the Company’s Subsidiaries uses and occupies any Leased Real Property.

 

“Liability”
shall mean any liability or obligation of whatever kind or nature (whether known or unknown, whether asserted or unasserted, whether
absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including
any liability for Taxes.

 

“Lien”
shall mean any security interest, pledge, mortgage, lien, charge, restriction, or other encumbrance, including any Tax lien.

 

“LifeMap
Sciences” shall mean LifeMap Sciences, Inc., a California corporation, and LifeMap Sciences Ltd., an Israeli corporation
and a wholly owned subsidiary of LifeMap Sciences, Inc.

 

“Losses”
shall mean any loss, cost, liability, damage, penalty, fine, judgment, award, claim, obligation, demand, Tax or expense (including
reasonable attorneys’ fees, consultant fees, and costs of investigation or litigation).

 

“Material
Adverse Effect” or “Material Adverse Change” shall mean any event, effect, change, development, occurrence,
condition, effect or state of facts that is or would reasonable be expected to be, individually or in the aggregate, materially
adverse to the business, assets, liabilities, financial condition or results of operations of the Company and its Subsidiaries,
taken as a whole; provided, however, that the foregoing shall not include any event, effect, change or development
resulting from or relating to: (a) any effect that is caused by or that arises out of conditions affecting the economy or securities
markets generally; (b) any effect that is caused by or arises out of changes affecting the industry in which the Company and its
Subsidiaries operate generally, including general competitive forces; (c) any effect that is caused by or arises out of changes
in applicable Law, accounting principles, or regulations or policies of general applicability; (d) any effect that is caused by
or has arisen out of any public announcement of the transactions contemplated hereby; (e) any effect that is caused by or arises
out of the identity of, or facts relating to, Buyer; (f) any changes in general economic, regulatory, or political conditions;
or (g) any action expressly required to be taken by Seller or Buyer or the failure to take any action that Buyer or Seller are
expressly prohibited from taking, in each case pursuant to the terms of this Agreement; provided, that the events, effects, changes
or developments in the case of (a), (b) and (f), shall be taken into account in determining whether a Material Adverse Effect
has occurred to the extent, and only to the extent, the event, effect, change or development has a disproportionately adverse
effect on the Company and its Subsidiaries, taken as a whole, compared to the effect on comparable businesses or other participants
in the industries in which the Company and its Subsidiaries operate.

 

    	 	 6.	 

    	 

    

 

“Material
Contracts” shall have the meaning set forth in Section 4.16 hereof.

 

“Neutral
Auditors” shall have the meaning set forth in Section 9.1(a).

 

“Non-Acquired
Group Companies” means the Group Companies other than the Acquired Companies.

 

“Note
Consideration” means the Convertible Note.

 

“OTC
Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation
system.

 

“Permitted
Liens” shall mean (a) Liens securing the payment of Taxes, either not yet delinquent, or the validity of which is being
contested in good faith by appropriate proceedings and for which adequate reserves are maintained in accordance with GAAP; (b)
reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases and other title
exceptions and encumbrances affecting real property which do not materially affect the property, or the intended use of the property,
secured thereby; and (c) Liens of carriers, warehousemen, mechanics, materialmen, and landlords incurred in the ordinary course
of business for sums not overdue or being contested in good faith by appropriate proceedings.

 

“Person”
shall mean any individual or Entity.

 

“Personal
Information” shall have the meaning set forth in Section 4.22 hereof.

 

“Pink
OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC
Pink.

 

“Pledge
Agreement” means that certain pledge agreement by and between Buyer and Seller dated on or about the date hereof, whereby,
inter alia, Buyer shall pledge twenty five percent (25%) of the Shares back to Seller to secure the obligations of Buyer
relating to the Delayed Cash Consideration.

 

“Pre-Closing
Tax Period” shall mean any taxable period ending on or before the Closing Date and the portion of any Straddle Period
beginning before and ending on the Closing Date.

 

“Preferred
Stock” means the preferred stock, par value $0.0001, of the Company.

 

    	 	 7.	 

    	 

    

 

“Pro
Forma Financial Information” shall have the meaning set forth in Section 4.4(b) hereof.

 

“Quarterly
Financial Statements” shall have the meaning set forth in Section 4.4(a) hereof.

 

“Regulatory
Licenses” shall have the meaning set forth in Section 4.14(a) hereof.

 

“Related
Parties” shall have the meaning set forth in Section 4.23 hereof.

 

“Registration
Rights Agreement” shall mean that certain Registration Rights Agreement dated as of August 17, 2017, between and among
the Company, Seller and certain other purchasers of Common Stock on the date thereof.

 

“Representative”
shall mean, with respect to any Person, such Person’s officers, directors, employees, consultants, agents, financial advisors,
attorneys, accountants, other advisors, Affiliates and other representatives.

 

“Returns”
shall mean all returns, reports, statements, notices, forms or other documents or information (including any schedule, attachment
or amendment thereto) filed or required to be filed with any Taxing Authority in connection with the determination, assessment,
collection or payment of any Taxes or in connection with the administration, implementation or enforcement of or compliance with
any legal requirement relating to any Tax.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Seller”
shall have the meaning set forth in the preamble hereto.

 

“Seller
Distribution” shall mean any distribution, by dividend, rights offering or otherwise, of Shares to the holders of the
common stock of Seller, including without limitation the distribution contemplated by the Form 10, or any similar transaction,
or any other disposition of Shares by Seller that reduces Seller’s beneficial ownership of the Common Stock of the Company
thereafter (as calculated under Rule 13d-1 of the Exchange Act).

 

“Shareholder
Agreement” means that certain Shareholder Agreement among the Buyer and Seller, substantially in the form set forth
in Exhibit B hereto.

 

“Shares”
shall have the meaning set forth in the recitals hereof.

 

“Straddle
Period” shall mean any taxable period beginning on or before the Closing Date and ending after the Closing Date.

 

“Straddle
Period Returns” shall have the meaning set forth in Section 9.1(a) hereof.

 

“Subsidiary”
of any Person shall mean any Entity (a) of which 50% or more of the outstanding share capital, voting securities or other voting
equity interests are owned, directly or indirectly, by such Person, (b) of which such Person is entitled to elect, directly or
indirectly, at least 50% of the board of directors or similar governing body of such Entity or (c) if such Entity is a limited
partnership or limited liability company, of which such Person or one of its Subsidiaries is a general partner or managing member
or has the power to direct the policies, management or affairs.

 

    	 	 8.	 

    	 

    

 

“Survival
Expiration Date” shall have the meaning set forth in Section 8.6 hereof.

 

“Tax
Matters Agreement” means that certain Tax Matters Agreement between the Company and Seller dated as of August 17, 2017.

 

“Taxes”
shall mean any and all U.S. federal, state, local, and foreign taxes, charges, duties, fees, levies, or other similar assessments
in the nature of a tax, including all net and gross income, gross receipts, ad valorem, premium, excise, real property, personal
property, windfall profit, sales, use, transfer, license, withholding (including backup withholding), alternative minimum, employment,
unemployment, payroll, profit, estimated, severance, stamp, occupation, value added, registration, environmental, workers’
compensation, social security (or similar), disability, unclaimed property, abandoned property, escheat, and franchise taxes,
together with any interest, penalties, additions to tax or additional amounts incurred or accrued under applicable Law.

 

“Taxing
Authority” shall mean any Governmental Authority responsible for the administration or imposition of any Tax.

 

“Third
Party Claims” shall have the meaning set forth in Section 8.4 hereof.

 

“Transfer”
has the meaning set forth in Section 5.5(a).

 

“Transfer
Taxes” shall mean stock transfer Taxes, recording fees, stamp Taxes and other sales, transfer, use, excise, purchase
and similar Taxes (for the avoidance of doubt, excluding any Taxes on income or gains with respect to the transactions contemplated
in this Agreement).

 

Article
II

PURCHASE AND SALE; CLOSING

 

2.1
Purchase and Sale of Shares. On and subject to the terms of this Agreement, at the Closing, Seller shall sell, convey,
transfer, assign and deliver the Shares to Buyer, free and clear of any restrictions on transfer and Liens (other than any restrictions
under the Securities Act and state securities Laws, and those imposed by the Pledge Agreement), and Buyer shall purchase the Shares
from Seller.

 

2.2
Consideration; Payment at Closing. The aggregate consideration for the Shares shall consist of the Closing Cash Consideration,
the Note Consideration and the Delayed Cash Consideration.

 

2.3
Deliveries by Seller.

 

(a)
At the Closing, Seller shall deliver, or cause to be delivered, the following to Buyer:

 

    	 	 9.	 

    	 

    

 

	 	(i)	stock
    certificates representing the Shares, duly endorsed, or accompanied by stock powers duly executed in blank, and otherwise
    in a form sufficient for transfer on the books of the Company;
	 	 	 
	 	(ii)	the
    Pledge Agreement, duly executed by Seller;
	 	 	 
	 	(iii)	evidence
    of the appointment of Greg Bailey to the Company’s Board of Directors, effective as of the Closing Date, in accordance
    with the terms of the Shareholders Agreement;
	 	 	 
	 	(iv)	the
    Shareholder Agreement duly executed by Seller;
	 	 	 
	 	(v)	evidence
    satisfactory to Buyer of the assignment of Seller’s rights with respect to the Shares under the Registration Rights
    Agreement, countersigned by the Company;
	 	 	 
	 	(vi)	an
    amendment to the Facilities Agreement in the form previously agreed to by the parties, executed by Seller and the Company;
	 	 	 
	 	(vii)	the
    Fee Waivers duly executed by Seller;
	 	 	 
	 	(viii)	a
    legal opinion of Cooley LLP, counsel to Seller, relating to the corporate status and authority of Seller, the due authorization
    and approval of the Agreement and the Shareholder Agreement and the validity of the Shares, in form and substance reasonably
    acceptable to Buyer;
	 	 	 
	 	(ix)	the
    certificate contemplated by Section 6.1 hereof;
	 	 	 
	 	(x)	a
    certificate of the secretary of Seller, in form and substance reasonably satisfactory to Buyer, certifying as to the resolutions
    of the directors of Seller approving and authorizing this Agreement and the transactions contemplated by this Agreement;
	 	 	 
	 	(xi)	a
    certificate of the secretary of the Company, in form and substance reasonably satisfactory to Buyer, certifying as to (i)
    the resolutions of the directors of the Company approving and authorizing this Agreement and the transactions contemplated
    by this Agreement; (ii) the articles of incorporation of the Company; and (iii) the Bylaws of the Company;
	 	 	 
	 	(xii)	a
    good standing certificate of the Company issued by the Secretary of State of Delaware, dated within five (5) Business Days
    of the Closing Date;
	 	 	 
	 	(xiii)	a
    certification of non-foreign status dated as of the Closing Date and complying with the requirements of Treasury Regulation
    Section 1.1445-2(b)(2) in a form reasonably acceptable to Buyer (the “FIRPTA Certificate”); and

 

    	 	 10.	 

    	 

    

 

	 	(xiv)	such
    other instruments and documents as are reasonably necessary to effect the transactions contemplated hereby.

 

2.4
Deliveries by Buyer.

 

(a)
At the Closing, Buyer shall deliver the following to Seller:

 

	 	(i)	cash
    in the amount of the Closing Cash Consideration, by wire transfer of immediately available funds;
	 	 	 
	 	(ii)	the
    Convertible Note representing the Note Consideration, duly executed by Buyer;
	 	 	 
	 	(iii)	the
    Pledge Agreement, duly executed by Buyer;
	 	 	 
	 	(iv)	the
    Shareholder Agreement duly executed by Buyer;
	 	 	 
	 	(v)	the
    certificate contemplated by Section 7.1 hereof;
	 	 	 
	 	(vi)	a
    certificate of the secretary of Buyer, in form and substance reasonably satisfactory to Seller, certifying as to the resolutions
    of the directors of Buyer approving and authorizing this Agreement and the transactions contemplated by this Agreement; and
	 	 	 
	 	(vii)	such
    other instruments and documents as are reasonably necessary to effect the transactions contemplated hereby.

 

2.5
Time and Place of Closing. The consummation of the transactions contemplated by this Agreement shall take place upon
the Seller’s receipt of the Closing Cash Consideration and the Note Consideration (such date, the “Closing Date”
and the consummation of such event, the “Closing”).

 

2.6
Delayed Cash Consideration. Buyer shall deliver the Delayed Cash Consideration to Seller, by wire transfer of immediately
available funds, (a) on November 5, 2018, or (b) if Seller and Buyer mutually agree in writing on a different date, the date upon
which they have mutually agreed, provided, however that the payment of the Delayed Cash Consideration shall be conditioned
upon the Closing having already occurred.

 

2.7
Tax Withholding. Buyer shall be entitled to deduct and withhold, or cause to be deducted and withheld, from any amounts
otherwise payable pursuant to this Agreement (or, as the case may be, be promptly reimbursed therefor) such amounts as it reasonably
determines that it is required to deduct and withhold with respect to the making of such payment under the Code or any provision
of Tax Law; provided that before making any such deduction or withholding, (a) Buyer shall give Seller written notice of
the intention to make such deduction or withholding at least a commercially reasonable period of time before such deduction or
withholding is required, in order for Seller to obtain reduction of or relief from such deduction or withholding; (b) Buyer shall
cooperate with Seller to the extent commercially reasonable in efforts to obtain reduction of or relief from such deduction or
withholding; and (c) no such deduction or withholding shall be permitted with respect to any payment of the aggregate consideration
for the Shares if Seller delivers the FIRPTA Certificate, unless such withholding is required as the result of a change in Law
after the date hereof. To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes of
this Agreement as having been paid to the Person entitled to receipt of the payment in respect of which such deduction and withholding
was made by such party.

 

    	 	 11.	 

    	 

    

 

Article
III

REPRESENTATIONS AND WARRANTIES CONCERNING SELLER AND BUYER

 

3.1
Seller’s Representations and Warranties. As of the date of Closing, Seller hereby represents and warrants to
Buyer as follows, except as set forth on the Schedules to this Agreement, which exceptions shall be deemed to be part of the representations
and warranties made hereunder:

 

(a)
Organization; Authorization; Etc. Seller is a corporation duly organized, validly existing and in good standing under the
laws of the State of California. Seller has full power and authority to execute and deliver this Agreement and the Ancillary Agreements
to which Seller is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements to which Seller is a party, the
performance of Seller’s obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby
and thereby, have been duly and validly authorized by all necessary corporate action on the part of Seller, and no other action
is necessary on the part of such Seller to authorize this Agreement or the Ancillary Agreements to which it is a party or to consummate
such transactions. This Agreement has been, and as of the Closing all of the Ancillary Agreements to be delivered by Seller will
be, duly executed and delivered by Seller, and, assuming the due execution of Buyer and any other parties thereto (other than
Seller), constitutes (or will constitute) the valid and legally binding obligation of Seller, enforceable against Seller in accordance
with their terms, subject to (i) bankruptcy, insolvency, reorganization, fraudulent transfer, rehabilitation, receivership, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally and the rights of creditors of insurance
companies generally, and (ii) general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

(b)
No Conflict; Consents of Third Parties. The execution, delivery and performance of this Agreement and the Ancillary Agreements,
and the consummation of the transactions contemplated hereby and thereby will not:

 

	 	(i)	conflict
    with, result in a breach of any provision of, constitute a default under, result in the modification or cancellation of, or
    give rise to any right of termination or acceleration in respect of, any contract, agreement, commitment, understanding, arrangement
    or restriction of any kind to which Seller is a party or to which Seller or any of its respective property is bound; 

 

    	 	 12.	 

    	 

    

 

	 	(ii)	violate
    or conflict with any Law to which Seller or any of its property is subject; 
	 	 	 
	 	(iii)	require
    any authorization, consent, order, permit or approval of, or notice to, or filing, registration or qualification with, any
    Governmental Authority, except filings pursuant to applicable federal or state securities laws, which have been made or will
    be made in a timely manner; or 
	 	 	 
	 	(iv)	conflict
    with or result in any breach of any of the provisions of Seller’s organizational documents;

 

except
in the case of clauses (i), (ii) and (iii) above for those matters which would not reasonably be expected to have individually
or in the aggregate, a Material Adverse Effect or which would not prevent or materially delay the consummation of the transactions
contemplated by this Agreement.

 

(c)
Title to Shares. Seller holds of record and owns beneficially the Shares, free and clear of any restrictions on transfer
and Liens (other than any restrictions under the Securities Act and state securities Laws).

 

(d)
Litigation or Regulatory Actions. There are no Actions pending or, to Seller’s Knowledge, threatened against Seller
that are reasonably expected to impair the ability of Seller to perform its obligations hereunder or prevent Seller from consummating
the transactions contemplated hereby.

 

(e)
Brokers, Finders, Etc. No Person has acted, directly or indirectly, as a broker, finder or financial advisor for Seller
in connection with the transactions contemplated by this Agreement and no Person is entitled to any fee or commission or like
payment in respect thereof.

 

3.2
Buyer’s Representations and Warranties. Buyer hereby represents and warrants to Seller as follows:

 

(a)
Incorporation; Authorization; Etc. Buyer is a business corporation duly organized and validly existing under the laws of
the British Virgin Islands. Buyer has full power and authority to execute and deliver this Agreement and the Ancillary Agreements
to which it is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby
and thereby. The execution and delivery of this Agreement and the Ancillary Agreements to which it is a party, the performance
of Buyer’s obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby
have been duly and validly authorized by all necessary proceedings on the part of Buyer. This Agreement has been, and as of the
Closing all of the Ancillary Agreements to be delivered by Buyer will be, duly executed and delivered by Buyer, and, assuming
(except in the case of the Convertible Note) the due execution of Seller and any other parties thereto (other than Buyer), constitutes
(or will constitute) the valid and legally binding obligation of Buyer, enforceable against Buyer in accordance with their terms,
subject to (i) bankruptcy, insolvency, reorganization, fraudulent transfer, rehabilitation, receivership, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally, and (ii) general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    	 	 13.	 

    	 

    

 

(b)
No Conflict. The execution, delivery and performance of this Agreement and the Ancillary Agreements to which Buyer is a
party and the consummation of the transactions contemplated hereby and thereby will not:

 

	 	(i)	conflict
    with, result in a breach of any provision of, constitute a default under, result in the modification or cancellation of, or
    give rise to any right of termination or acceleration in respect of, any contract, agreement, commitment, understanding, arrangement
    or restriction of any kind to which Buyer is a party or to which Buyer or any of its property is bound; 
	 	 	 
	 	(ii)	violate
    or conflict with any Law to which Buyer or any of its property is subject; 
	 	 	 
	 	(iii)	require
    any authorization, consent, order, permit or approval of, or notice to, or filing, registration or qualification with, any
    Governmental Authority, except filings pursuant to applicable federal or state securities laws, which have been made or will
    be made in a timely manner; or 
	 	 	 
	 	(iv)	conflict
    with or result in any breach of any of the provisions of Buyer’s organizational documents;

 

except
in the case of clauses (i), (ii) and (iii) above for matters which would not prevent or materially delay the consummation of the
transactions contemplated by this Agreement.

 

(c)
Litigation or Regulatory Actions. There are no Actions pending or, to Buyer’s knowledge, threatened against Buyer
that are reasonably expected to impair the ability of Buyer to perform its obligations hereunder or prevent Buyer from consummating
any of the transactions contemplated hereby.

 

(d)
Financing. Buyer acknowledges and agrees that the obligation of Buyer to consummate the transactions contemplated by this
Agreement is not subject to or conditioned upon Buyer obtaining any financing or other financial support.

 

(e)
Brokers, Finders, Etc. No Person has acted, directly or indirectly, as a broker, finder or financial advisor for Buyer
in connection with the transactions contemplated by this Agreement and no Person is entitled to any fee or commission or like
payment in respect thereof.

 

    	 	 14.	 

    	 

    

 

(f)
Investment. Buyer is acquiring the Shares for its own account, for investment purposes only and not with a view to the
distribution (as such term is used in Section 2(11) of the Securities Act) of the Shares. By executing this Agreement, Buyer further
represents that Buyer does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer
or grant participations to such Person or to any third Person, with respect to any of the Shares. Buyer understands that no public
market now exists for the Shares, and that Seller and the Company have made no assurances that a public market will ever exist
for the Shares. Buyer understands that the Shares have not been registered under the Securities Act and cannot be sold under the
Securities Act unless subsequently registered under the Securities Act or an exemption from such registration is available. Buyer
understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and
that, pursuant to these laws, Buyer must hold the Shares indefinitely unless they are registered with the Securities and Exchange
Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.
Buyer acknowledges that except as set forth in the Registration Rights Agreement, the Company has no obligation to register or
qualify the Shares, or the Common Stock into which it may be converted. Buyer further acknowledges that if an exemption from registration
or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner
of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of Buyer’s control,
and which Seller and the Company are under no obligation and may not be able to satisfy. Buyer has such knowledge and experience
in financial and business matters and investments in general that make it capable of evaluating the merits and risks of this Agreement.
Buyer is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act.

 

(g)
Due Investigation. Buyer (i) has performed its own independent investigation, analysis and assessment of the Business,
assets, condition, operations and prospects of the Company, and during the course of conducting such investigation, analysis and
assessment, the Buyer has asked such questions, examined such documents, materials, and information, and performed such other
investigations, as it deemed appropriate in its own discretion, (ii) acknowledges that Seller and the Company have made no representation
or warranty (express or implied) as to the accuracy or completeness of any information (whether written or oral) transmitted or
made available to Buyer or any of its representatives, except those expressly set forth in this Agreement, and (iii) has decided
to enter into and consummate the transactions contemplated by this Agreement and the Ancillary Agreements based upon its own independent
judgment and underwriting and analysis.

 

(h)
No Implied Representations. The representations and warranties made by Buyer in this Section 3.2 and in any certificate
delivered by Buyer pursuant to this Agreement and the Ancillary Agreements are the exclusive representations and warranties made
by the Buyer with respect to the transactions contemplated by this Agreement. Buyer hereby disclaims any other express or implied
representations or warranties with respect to itself and any of its Affiliates.

 

(i)
Legends. The Buyer understands that the Shares and any securities issued in respect of or exchange for the Shares, may
be notated with one or all of the following legends:

 

“THE
SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

    	 	 15.	 

    	 

    

 

	 	(i)	Any
    legend set forth in, or required by, the Ancillary Agreements.
	 	 	 
	 	(ii)	Any
    legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the
    certificate, instrument, or book entry so legended.

 

(j)
Foreign Investors. If Buyer is not a United States person (as defined by Section 7701(a)(30) of the Code), Buyer hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation
to subscribe for the Shares or any use of this Agreement or the Ancillary Agreements, including (i) the legal requirements within
its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any
governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that
may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. Buyer’s subscription and payment
for and continued beneficial ownership of the Shares will not violate any applicable securities or other laws of Buyer’s
jurisdiction.

 

(k)
No General Solicitation. Neither Buyer, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published
any advertisement in connection with the offer and sale of the Shares.

 

Article
IV

REPRESENTATIONS AND WARRANTIES CONCERNING

THE COMPANY

 

As
of the date of Closing, Seller hereby represents and warrants to Buyer as follows (it being understood that each representation
and warranty contained in this Article IV is subject to (a) exceptions and disclosures set forth in the Schedules to this Agreement,
which exceptions shall be deemed to be part of the representations and warranties made hereunder, and (b) with respect to representations
and warranties regarding the Company, the disclosures in the Information Statement filed as Exhibit 99.1 to the Form 10, other
than any information in the “Risk Factors” or “Special Note About Forward-Looking Statements”
sections of such Form 10 or other forward-looking statements in such Form 10):

 

4.1
Organization, Qualification, and Corporate Power. The Company is a corporation duly organized, validly existing, and
in good standing under the laws of the State of Delaware. The Company is duly authorized to conduct business and is in good standing
under the laws of each jurisdiction where such qualification is required, except where the lack of such qualification would not
have a Material Adverse Effect. The Company has all requisite power and authority to own or use the properties and assets owned
by the Company and to conduct its business as it is now being conducted.

 

    	 	 16.	 

    	 

    

 

4.2
No Conflict. The execution, delivery and performance of this Agreement and the Ancillary Agreements, and the consummation
of the transactions contemplated hereby and thereby will not: (i) conflict with, result in a breach of any provision of, constitute
a default under, result in the modification or cancellation of, or give rise to any right of termination or acceleration in respect
of, any contract, agreement, commitment, understanding, arrangement or restriction of any kind to which the Company is a party
or to which the Company or any of its property is bound; (ii) violate or conflict with any Law to which the Company or any of
its property is subject; (iii) require any authorization, consent, order, permit or approval of, or notice to, or filing, registration
or qualification with, any Governmental Authority, except filings pursuant to applicable federal or state securities laws, which
have been made or will be made in a timely manner; or (iv) conflict with or result in any breach of any of the provisions of the
Company’s organizational documents; except in the case of clauses (i), (ii) and (iii) above for matters which would not,
individually or in the aggregate, which would not reasonably be expected to be material to the Company.

 

4.3
Capitalization.

 

(a)
The authorized capital stock of the Company consists solely of 100,000,000 shares of Common Stock and 5,000,000 shares of Preferred
Stock. Of the authorized capital stock of the Company, 35,750,000 shares of Common Stock are issued and outstanding. No shares
of Preferred Stock are issued and outstanding, and the rights, powers and preferences of no series of Preferred Stock have been
designated. The Shares have been duly authorized, validly issued, fully paid and nonassessable and all are owned, beneficially
and of record, by Seller.

 

(b)
Other than as set forth on Schedule 4.3(b), there are no outstanding or authorized options, warrants, purchase rights,
subscription rights, conversion rights, exchange rights, or other contracts or commitments that would require the Company or Seller
to issue, sell, transfer, or otherwise cause to become outstanding any of the Company’s capital stock. There are no outstanding
or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to the Company. Other than
the Shareholder Agreement, there are no voting trusts, proxies or other similar agreements or understandings to which Seller is
a party or by which Seller is bound with respect to the voting of any shares of capital stock of or other voting or equity interests
of the Company or contractual obligations or commitments of any character restricting the transfer of, or (other than the Registration
Rights Agreement) requiring the registration for sale of, any shares of capital stock of or other voting or equity interests of
the Company.

 

4.4
Financial Statements.

 

(a)
Seller has delivered to Buyer true, correct and complete copies of (i) the audited consolidated balance sheet of the Company at
December 31, 2017 and December 31, 2016 and the related consolidated statements of operations and cash flow for the twelve months
then ended (the “Audited Financial Statements”), and (ii) the unaudited consolidated balance sheet of the Company
at June 30, 2018 and the related consolidated statements of operations and cash flow for the six months then ended (the “Quarterly
Financial Statements” and collectively with the Audited Financial Statements, the “Financial Statements”).
The Financial Statements were prepared from the books and records of the Company and fairly present, in all material respects,
the consolidated financial position of the Company as at the respective dates thereof and the consolidated results of operations
and cash flows of the Company for the respective periods covered thereby in accordance with GAAP applied on a consistent basis
throughout the periods covered (except as may be indicated in the notes to the Financial Statements or, in the case of unaudited
statements, subject to the absence of footnotes and normal year-end adjustments).

 

    	 	 17.	 

    	 

    

 

(b)
Seller has delivered to Buyer true, correct and complete copies of the unaudited pro forma condensed combined financial statement
of operations for the year ended December 31, 2017, giving effect to the deconsolidation of LifeMap Solutions, Inc. (the “Pro
Forma Financial Information”). The Pro Forma Financial Information was derived from the Audited Financial Statements
and prepared on a basis consistent with Article 11 of Regulation S-X promulgated by the Securities and Exchange Commission.

 

(c)
The Company maintains materially accurate books and records reflecting its assets and liabilities and maintains and has maintained
for all periods reflected in the Financial Statements, proper and adequate internal accounting controls that provide assurance
that its financial statements are accurately prepared, its assets are accurately accounted for, and its accounts, notes and other
receivables and inventory are recorded accurately, in each case in accordance with GAAP, except as set forth in Schedule
4.4(b). Neither the Company nor Seller has received notice of any material complaint, allegation, assertion or claim,
whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods of the Company or
any of its Subsidiaries or their respective internal accounting controls, including any material complaint, allegation, assertion
or claim that any Company or any of its Subsidiaries has engaged in fraudulent or questionable accounting or auditing practices.

 

4.5
Undisclosed Liabilities. Except as disclosed on Schedule 4.5, the Company has no material Liability other than
Liabilities: (a) reflected or reserved for on the balance sheets included in the Quarterly Financial Statements that have not
been discharged as the date of this Agreement; (b) incurred subsequent to the date of the Quarterly Financial Statements in the
ordinary course of business; (c) under the executory portion of any contract, agreement, lease, license, permit or other commitment
by which the Company is bound but excluding Liabilities arising thereunder due to breach by the Company; or (d) incurred in accordance
with this Agreement.

 

4.6
Absence of Certain Changes. Except as disclosed on Schedule 4.6 hereto and as otherwise contemplated by this
Agreement, since March 31, 2018, there has not been any Material Adverse Change with respect to the Company. Without limiting
the generality of the foregoing, since March 31, 2018, except as disclosed on Schedule 4.6 hereto and as otherwise contemplated
by this Agreement, the Company has not:

 

(a)
mortgaged, pledged, or subjected any of its assets to any Lien other than Permitted Liens;

 

(b)
made any material change to any accounting principles, methods, practices, policies or guidelines used by the Company, other than
those required by changes in GAAP or by changes in applicable Law;

 

    	 	 18.	 

    	 

    

 

(c)
acquired any material properties or assets or disposed of any material properties or assets other than in the ordinary course
of business or entered into any agreement or other arrangement for any such disposition;

 

(d)
amended its certificate of incorporation, bylaws or equivalent organizational documents;

 

(e)
transferred, issued, sold or disposed any shares of capital stock or other securities of the Company or granted options, warrants,
calls or other rights to purchase or otherwise acquire shares of the capital stock or other securities of the Company, other than
as contemplated by this Agreement;

 

(f)
effected any recapitalization, reclassification or like change in the capitalization of the Company;

 

(g)
forgiven or canceled any debts or claims (including the settlement of any claims or litigation) or waived any rights of material
value other than in the ordinary course of business;

 

(h)
entered into any commitment for capital expenditures of the Company in excess of $250,000 for any individual project or $500,000
in the aggregate, other than as contemplated by the Company’s current budget;

 

(i)
abandoned or terminated any Regulatory Licenses;

 

(j)
entered into any new line of business; or

 

(k)
committed or agreed to any of the foregoing.

 

4.7
Subsidiaries. Schedule 4.7 sets forth each of the Company’s Subsidiaries, including its jurisdiction of
incorporation, formation or organization, as applicable, issued and outstanding capital stock, and each record holder of its capital
stock. Except for the capital stock of, or other equity or voting interests in, its Subsidiaries, the Company does not own, directly
or indirectly, any equity, membership interest, partnership interest, joint venture interest or other equity or voting interest
in, or any interest convertible into, exercisable or exchangeable for any of the foregoing, and none of the Company or any of
its Subsidiaries are under any obligation to form or participate in, provide funds to or make any loan, capital contribution,
guarantee, credit enhancement or other investment in, any Person. All of the outstanding shares of capital stock or other equity
interests of each of the Company’s Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable
and free of preemptive rights, and are wholly owned beneficially and of record by the Company or another of the Company’s
Subsidiaries, free and clear of any Liens (other than restrictions on transfer arising under applicable securities Laws). No outstanding
shares of Common Stock are held by any of the Company’s Subsidiaries.

 

    	 	 19.	 

    	 

    

 

4.8
Real Property.

 

(a)
None of the Company or any of its Subsidiaries owns, and during the period of Seller’s ownership of the Company, none of
the Company nor any of its Subsidiaries has owned, any parcel of real property.

 

(b)
Schedule 4.8(b)(i) sets forth the address of each parcel of real property leased by the Company and each of its Subsidiaries
(the “Leased Real Property”) and a true and complete list of all Leases for each such Leased Real Property
(including the date and name of the parties to such Lease document). Seller has delivered to Buyer a true and complete copy of
each such Lease document. Except as provided in Schedule 4.8(b)(ii), with respect to each of the Leases: (a) such Lease
is legal, valid, binding, enforceable and in full force and effect; (b) the transactions contemplated by this Agreement do not
require the consent of any other party to such Lease, will not result in a breach of or default under such Lease, and will not
otherwise cause such Lease to cease to be legal, valid, binding, enforceable and in full force and effect on identical terms following
the Closing; (c) the Company’s or Subsidiary’s possession and quiet enjoyment of the Leased Real Property under such
Lease has not been disturbed and there are no disputes with respect to such Lease of which Seller is aware; (d) neither the Company
or its Subsidiaries nor, to Seller’s Knowledge, any other party to such Lease is in breach of or default under such Lease,
and, to Seller’s Knowledge, no event has occurred or circumstance exists which, with the delivery of notice, the passage
of time or both, would constitute such a breach or default, or permit the termination, modification or acceleration of rent under
such Lease; (e) neither the Company nor any Subsidiary has subleased, licensed or otherwise granted any Person the right to use
or occupy such Leased Real Property or any portion thereof; and (f) neither the Company nor any Subsidiary has collaterally assigned
or granted any other Lien in such Lease or any interest therein.

 

4.9
Litigation; Orders. Except as set forth on Schedule 4.9, there are no Actions pending or, to Seller’s
knowledge, threatened, which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement, any
Ancillary Agreements or the Shares, or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result
in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the
subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach
of fiduciary duty. There has not been, and to Seller’s knowledge, there is not pending or contemplated, any investigation
by the Securities and Exchange Commission involving the Company or any current or former director or officer of the Company. To
Seller’s Knowledge, there are no executory settlement agreements or similar written agreements with any Governmental Authority
and no outstanding orders, judgments, stipulations, decrees, injunctions, determinations or awards issued by any Governmental
Authority against or affecting the Company. Except as set forth on Schedule 4.9, there are no Actions by the Company pending.

 

    	 	 20.	 

    	 

    

 

4.10
Intellectual Property.

 

(a)
To Seller’s Knowledge, the Company or one or more of its Subsidiaries exclusively owns or possesses or can obtain on commercially
reasonable terms sufficient rights and licenses to all Company Intellectual Property presently used by the Company or its Subsidiaries
and the Company Intellectual Property constitutes all of the Intellectual Property used in or necessary for conducting the Business,
the lack of which would reasonably be expected to have a Material Adverse Effect. Without limiting the foregoing, Seller hereby
represents and warrants to Buyer that the patents or patent applications set forth on Schedule 4.10(a)(i) are assigned
or licensed to the Company or a Subsidiary of the Company under existing licenses. To Seller’s Knowledge, the operation
of the Business, including without limitation, the products and services developed, marketed, licensed or sold (or proposed to
be developed, marketed, licensed or sold) by the Company and its Subsidiaries do not and will not violate, infringe (directly,
contributorily, by inducement or otherwise), misappropriate or otherwise conflict with any Intellectual Property or other rights
of any Person. Except as set forth in the license agreements identified in Schedule 4.10(a)(ii), other than with respect
to commercially available software licensed under standard end-user object code license agreements, to Seller’s knowledge
there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating
to the Company Intellectual Property, nor is the Company or any Subsidiary of the Company bound by or a party to any options,
licenses or agreements of any kind with respect to the Intellectual Property or other proprietary rights and processes of any
other Person. Without limiting the foregoing:

 

	 	(1)	The
    patents and pending patent applications (with patent number 2010343137 (Australia)) and patent application numbers 13/519,473
    (United States) and 2,785,677 (Canada) and which are identified in Schedule 4.10(a)(i), are licensed to the Seller
    pursuant to the license agreement dated August 23, 2011 made between (1) Seller and (2) Cornell University and have subsequently
    been assigned to the Company pursuant to the assignment agreement dated August 2017 made between (1) Seller and (2) the Company;
	 	 	 
	 	(2)	Seller
    and any Subsidiary and Affiliate of Seller, including Glycogen Biosystems Inc, have complied in all material respects with
    the terms of the license agreement dated February 15, 2006 made between Glycogen Biosystems Inc. and University of Utah Research
    Foundation (as amended) (the “UURF License”) including the obligation to make a sale of Licensed Product(s)
    (as defined in the UURF License) within two years after the Effective Date (as defined in the UURF License);
	 	 	 
	 	(3)	The
    Company has the right to use the “iTR” patents titled “Improved Methods for Detecting and Modulating the
    Embryonic-Fetal Transition in Mammalian Species” (with patent application number PCTU/US17/36452 and “Improved
    Methods for Inducing Tissue Regeneration and Senolysis in Mammalian Cells” (with patent application number 62/661,322)
    pursuant to an asset purchase and an assignment agreement dated 17 August 17, 2017 made between Seller and the Company;

 

    	 	 21.	 

    	 

    

 

	 	(4)	The
    Company has the right to use the patents with patent application numbers PCTUS9822619, 60/175,581, 60/213,739, 60/220,064,
    60/317,478, 10/948,956, 61/488,319, 61/496,436, 14/930,505, 61/692,139, 61/769119, 61/941,439, 62/014,639, 62/020,869, 16/012,487
    and 62/522,063 pursuant to the asset contribution and separation agreement dated August 17, 2017 between Seller and the Company;
    and
	 	 	 
	 	(5)	Seller
    is not aware of any breach by Seller or the Company (or any of their respective Affiliates to the extent they are a party
    to such agreements) of any of the agreements set out at Schedule 4.10(a)(ii).

 

(b)
There are no pending and, to Seller’s Knowledge, no threatened claims against the Company or any of its Subsidiaries (and
to Seller’s Knowledge, none of Seller, the Company or any of the Company’s Subsidiaries has received any communications,
including without limitation, any offer to license Intellectual Property) alleging (i) that the Company or any of its Subsidiaries
has infringed (directly, contributorily, by inducement or otherwise), misappropriated or violated, or by conducting the Business,
would infringe, misappropriate or violate, any Intellectual Property or other proprietary rights or processes of any other Person
or (ii) challenging the ownership, validity, enforceability or use of any Company Intellectual Property. To Seller’s Knowledge
the Company or one or more of its Subsidiaries has obtained and possesses valid licenses to use all of the Company Intellectual
Property not owned or purported to be owned by the Company to conduct the Business, including without limitation, the software
programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise
provided to its employees, independent contractors or consultants for their use in connection with the Business. To the Seller’s
Knowledge, it will not be necessary to use any Intellectual Property of any of the Company’s or any of its Subsidiaries’
current or past employees made prior to their employment or engagement by the Company or such Subsidiary, except inventions or
discoveries the rights to which have already been assigned or licensed to the Company or its Subsidiary. To Seller’s Knowledge,
all agreements under which the Company or any of its Subsidiaries has licensed or otherwise acquired Intellectual Property are
valid and in full force and effect, and the Company and its Subsidiaries are not and have not been and, to Seller’s Knowledge,
no other party to any such agreement is or has been, in breach of any such agreement. To Seller’s Knowledge, each Person
who is or was an employee of the Company or any of its Subsidiaries has executed and delivered to the Company a written agreement
containing an assignment to the Company or such Subsidiary of all Company Intellectual Property of such Person’s or employee’s
invention or creation and containing confidentiality provisions protecting the Company Intellectual Property. To Seller’s
Knowledge, the Company has undertaken commercially reasonable efforts (including security measures) to protect the confidentiality
of all Trade Secrets used or held for use by the Company or its Subsidiaries in the Business and, to Seller’s Knowledge,
no Person has misappropriated any Trade Secrets included in the Company Intellectual Property. To Seller’s Knowledge, Schedule
4.10(b) identifies (or references through the identified license agreements) all material Company Intellectual Property that
is subject to any issuance, registration, application or other filing by, to or with any governmental authority in any jurisdiction
and all of the foregoing have been duly maintained (including the payment of maintenance fees) and are not expired, cancelled
or abandoned and, to Seller’s Knowledge, are valid and enforceable. To Seller’s Knowledge, neither the Company nor
any of its Subsidiaries has embedded any open source, copy left or community source code in any of its products generally available
or in development in any manner that would materially restrict the ability of the Company or its Subsidiaries to protect their
proprietary interests in any such product, including, but not limited to, any libraries or code licensed under any General Public
License, Lesser General Public License or similar license arrangement.

 

    	 	 22.	 

    	 

    

 

4.11
Employment and Labor Matters.

 

(a)
No labor dispute exists or, to Seller’s Knowledge, is imminent with respect to any of the employees of the Company or any
of its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or
its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or
such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the
Company and its Subsidiaries believe that their relationships with their employees are good. To Seller’s Knowledge, no executive
officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)
All individuals characterized and treated by the Company or its Subsidiaries within the past two (2) years as independent contractors
or consultants are properly treated as independent contractors in all material respects under all applicable Laws. All current
employees of the Company or its Subsidiaries who are classified as exempt under the Fair Labor Standards Act and state and local
wage and hour Laws are properly classified. Except as set forth in Schedule 4.11(b), there is no Action pending before
or issued by any Governmental Authority or, to the Seller’s Knowledge, no such Action or investigation has been threatened
in writing against the Company in connection with the employment of any current or former applicant, employee, consultant, or
independent contractor of the Company, including any claim relating to unfair labor practices, employment discrimination, harassment,
retaliation, equal pay, wage and hours, or any other employment-related matter arising under applicable Laws, and none of the
Company or any of its Subsidiaries are party to a settlement agreement with a current or former officer, employee or independent
contractor with respect to any such matters.

 

    	 	 23.	 

    	 

    

 

4.12
Employee Benefits.

 

(a)
Schedule 4.12(a) lists each “employee benefit plan” (as defined in Section 3(3) of ERISA) and any other material
compensation or employee benefit plan, program, policy, agreement or other arrangement including any pension, retirement, profit
sharing, stock option, equity or equity-based, incentive, bonus, change in control, retention, severance, deferred compensation,
fringe benefit, flexible spending plan, program, policy, agreement or arrangement maintained by, contributed to, or sponsored
by Seller, the Company or their Affiliate for the benefit of any Current Employee (including their eligible dependents) (each
a “Company Benefit Plan”, and collectively the “Company Benefit Plans”).

 

(b)
Each Company Benefit Plan has been administered and maintained in all material respects in accordance with the terms of such Company
Benefit Plan and complies in all material respects with the applicable requirement of the Code, ERISA and other applicable Laws.

 

(c)
There is no pending or, to the Seller’s Knowledge, written threat of an action, liability, claim, litigation, audit, examination,
investigation or proceeding relating to a Company Benefit Plan (other than routine claims for benefits payable in the ordinary
course). There is no audit, inquiry or examination pending, or to Seller’s Knowledge, threatened in writing, by the Internal
Revenue Service, the Department of Labor or any other Governmental Authority with respect to any Company Benefit Plan.

 

(d)
The Company has no obligation (current or otherwise) to pay, gross up, or otherwise indemnify any employee for any taxes imposed
under Section 409A or Section 4999 of the Code.

 

(e)
With respect to each Company Benefit Plan, there have been no “prohibited transactions” (as defined in ERISA Section
406 or Code Section 4975) which would subject the Company to material liability under Section 4975 of the Code or Sections 409
or 502(i) of ERISA. No Company Benefit Plan or other employee benefit plan sponsored, maintained or contributed to by, Company
(i) is subject to Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code and (ii) is a multiemployer plan within
the meaning of Section 4001(a)(3) and 3(37) of ERISA. The Company has no current or projected liability in respect of post-employment
or post-retirement health, medical or life insurance or other employee welfare benefits for retired or terminated current or former
Current Employees, except as required to avoid excise tax under Section 4980B of the Code or similar state law.

 

(f)
All contributions or premiums required to be made or paid by the Company to the Company Benefit Plans have been made or paid in
a timely fashion in accordance with the terms of the applicable Company Benefit Plan and applicable Law.

 

(g)
Except as set forth on Schedule 4.12(g), neither the execution of this Agreement nor the consummation of the transactions
contemplated hereby, either alone or in combination with any other event, will (i) accelerate the time of payment or vesting of,
or increase the amount of, compensation or benefits under any Company Benefit Plan; (ii) entitle any current or former employee,
director, partner, consultant or independent contractor of the Company or any Affiliate, to severance pay, benefits or any other
payment or any increase in severance pay, benefits or any other compensation, payment or award; or (iii) directly or indirectly
cause the Company or any Affiliate to transfer or set aside any assets to fund any benefits under any Company Benefit Plan.

 

    	 	 24.	 

    	 

    

 

4.13
Compliance with Laws. Except as set forth on Schedule 4.13, the Company and each of its Subsidiaries is, and
during the last two (2) years has been, in compliance in all material respects with all applicable Laws, the violation of which
would have a Material Adverse Effect on the Company or its Subsidiaries. Except as set forth on Schedule 4.13, there is
no material investigation, audit, examination or inquiry of any Governmental Authority outstanding or, to Seller’s Knowledge,
threatened in writing against the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries is in default
under or in violation of any written agreement, consent agreement, memorandum of understanding, commitment letter, order, stipulation,
decree, award or judgment entered into with or issued by any applicable Governmental Authority.

 

4.14
FDA Matters.

 

(a)
The Company and each of its Subsidiaries has obtained or, to Seller’s Knowledge, reasonably believes that Company will be
able to obtain through commercially reasonable means and efforts, in all material respects and to the extent applicable, all necessary
approvals, clearances, authorizations, licenses and registrations required by the United States Federal government and its agencies
and approvals, clearances, authorizations, licenses and registrations required by all other governmental authorities, to permit
the activities, including, without limitation, pre-clinical testing, currently undertaken by the Company or each such Subsidiary,
respectively, to date (the “Activities to Date”) in jurisdictions where the Company or such Subsidiaries currently
conduct such activities (collectively, the “Regulatory Licenses”). To Seller’s Knowledge, the Company
and each of its Subsidiaries is substantially in compliance with all material terms and conditions of each applicable Regulatory
License and with all applicable and material laws, rules and regulations pertaining to the Activities to Date, including, without
limitation, (i) requirements governing investigational drugs and devices under the U.S. Federal Food, Drug and Cosmetic Act and
regulations issued thereunder, (ii) regulations related to good laboratory practices and good clinical practices issued by the
United States Food and Drug Administration (the “FDA”) and (iii) the U.S. Animal Welfare Act, the regulations
issued thereunder, and any similar federal, state, and foreign statutes and regulations. The Company is substantially in compliance
with all applicable and material reporting requirements for all Regulatory Licenses.

 

(b)
None of Seller, the Company, the Company’s Subsidiaries or, to Seller’s Knowledge, any of their respective Affiliates
have received any written notice or other written communication (or to Seller’s Knowledge, any oral notice or other oral
communication) from the FDA or any other Governmental Authority (i) contesting the premarket approval of, the uses of or the labeling
and promotion of any product including, without limitation, those products currently under research or development by the Company
or its Subsidiaries, or (ii) otherwise alleging any violation by the Company or its Subsidiaries of any law, regulation or other
legal provision applicable to any such product.

 

(c)
Neither the Company nor any of its Subsidiaries nor, to Seller’s Knowledge, any officer, employee or Affiliate of the Company
or any such Subsidiary has made an untrue statement of a material fact or fraudulent statement to the FDA or any other governmental
authority performing similar functions or failed to disclose a material fact required to be disclosed to the FDA or such other
governmental authority.

 

    	 	 25.	 

    	 

    

 

(d)
No clinical trials involving third party human subjects has been conducted by or on behalf of the Company or any of its Subsidiaries,
except in government-approved trials in the jurisdictions where such trials would require approval.

 

(e)
The preclinical trials conducted by, on behalf of, or sponsored by, the Company or its Subsidiaries (or, to the extent conducted
in connection with the Business, the Company’s or its Subsidiaries’ respective Affiliates) were and, to the extent
still pending, are being, conducted in accordance with all applicable FDA rules and regulations in all material respects. To Seller’s
Knowledge, neither the Company nor any of its Subsidiaries has received any written notices or correspondence, or oral communications,
from the FDA or any other governmental authority exercising comparable authority requiring or requesting the termination, suspension
or material modification of any such study, test or trial.

 

4.15
Preclinical Development and Clinical Trials. To Seller’s Knowledge, the preclinical development and clinical
trials, if any, currently conducted by or on behalf of the Company are being conducted in all material respects in accordance
with experimental protocols, procedures and controls pursuant to accepted professional and scientific standards for products or
product candidates comparable to those of other similarly situated entities in the industry and all applicable laws and regulations,
including the Federal Food, Drug, and Cosmetic Act and 21 C.F.R. parts 50, 54, 56, 58, 312, and 812. To Seller’s Knowledge,
the descriptions of, protocols for, and data and other results of, the studies, tests, development and trials currently conducted
by or on behalf of the Company or its Subsidiaries that have been furnished or made available to Buyer are accurate and complete.
To Seller’s Knowledge, neither the Company nor any of its Subsidiaries is aware of any development or trials the results
of which reasonably call into question any material results of the development and trials conducted by or on behalf of the Company
or any of such Subsidiaries, and to Seller’s Knowledge, neither the Company nor any of its Subsidiaries has received any
written notices or correspondence from the FDA or any other Governmental Entity or any Institutional Review Board or comparable
authority requiring the termination, suspension or material modification of any preclinical development or clinical trials conducted
by or on behalf of the Company.

 

4.16
Contracts. A true and correct copy of each of the contracts, agreements or arrangements of the types required to be
filed as an exhibit to the Form 10 have been provided to Buyer. The contracts referred to in the previous sentence are referred
to herein as “Material Contracts.” With respect to all such Material Contracts, except as set forth on Schedule
4.16 hereto, the Company and, to Seller’s Knowledge, any other party to any such Material Contract are not in material
breach thereof or material default thereunder and there does not exist under any provision thereof, any event that, with the giving
of notice or the lapse of time or both, would constitute such a material breach thereof or material default thereunder.

 

4.17
Permits. The Company and each of its Subsidiaries has all franchises, permits, licenses and any similar authority necessary
for the conduct of its respective Business, the lack of which would reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any of its Subsidiaries is in default in any material respect under any of such franchises, permits, licenses
or other similar authority.

 

    	 	 26.	 

    	 

    

 

4.18
Environmental Matters.

 

(a)
Except as would not reasonably be expected to have a Material Adverse Effect, to Seller’s Knowledge, the Company and each
of its Subsidiaries has complied with all applicable Environmental Laws since under the ownership of Seller. Neither the Company
nor any of its Subsidiaries is subject to any pending or, to Seller’s Knowledge, claim threatened in writing alleging that
the Company or any such Subsidiary (i) may be in violation of any Environmental Law or (ii) may have any Liability under any Environmental
Law, the subject of which remains unresolved. During the last two years, the Company has not received written notice from any
Governmental Authority regarding any actual or alleged violation of or liability under Environmental Law. To Seller’s Knowledge,
there have been no releases of any Hazardous Substances into the environment at or from any parcel of real property or any facility
owned, leased or otherwise used by the Company or its Subsidiaries.

 

(b)
The representations and warranties set forth in this Section 4.18 are Seller’s sole and exclusive representations and warranties
regarding environmental, health or safety matters, and no other representation or warranty set forth herein shall be read or construed
to address environmental, health or safety matters.

 

4.19
Taxes.

 

(a)
The Company is part of a consolidated federal income Tax group, the common parent of which is Seller. Seller will file a consolidated
federal Income Tax Return with the Company (the “Consolidated Group”) for the taxable year immediately preceding the
current taxable year. All Income Tax Returns and all other material Returns required to be filed by or with respect to the Acquired
Companies (including any consolidated, combined, unitary, or other similar Tax Return that includes or is required to include
the Acquired Companies) have been timely filed (taking into account any valid extensions), and each such Return was true, correct,
complete in all material respects and prepared in compliance with applicable Tax Law. The Acquired Companies have timely paid
(or caused to be timely paid) all Income Taxes and other material Taxes due and payable (whether or not shown or required to be
shown on any Return). The Acquired Companies have disclosed on each Return all positions taken therein that would give rise to
a “substantial understatement of Tax” within the meaning of Section 6662 of the Code (or any similar provision of
state, local or foreign law).

 

(b)
Since June 30, 2018, except as required by applicable Tax Law or as contemplated by this Agreement, no Acquired Company has (i)
made, changed, or revoked any material Tax election, (ii) filed any amendment to any material Return, (iii) adopted or changed
any material method of Tax accounting, (iv) settled, compromised, or filed any appeal with respect to any Tax Liability, or (v)
consented to or filed any appeal with respect to any material claim, assessment, or other Action relating to Taxes.

 

(c)
Except as disclosed on Schedule 4.19(c), Seller, in respect of the Group Companies, has established, in accordance with
GAAP, adequate cash reserves for all unpaid Taxes that are not yet due and payable on Seller’s consolidated financial statements
for the period ended June 30, 2018 (the “Seller Financial Statements”). The aggregate unpaid Taxes of the Group
Companies does not exceed the reserves for current Taxes (excluding any reserve established to reflect timing differences between
book and Tax items) set forth on the Seller Financial Statements (without regard to any notes thereto) as adjusted for the passage
of time through the Closing Date. The Seller Financial Statements are true and correct in all material respects as of June 30,
2018.

 

    	 	 27.	 

    	 

    

 

(d)
Schedule 4.19(d) contains a list of all jurisdictions (whether foreign or domestic) in which the Company or any of its
Subsidiaries currently files Income Tax Returns. No written claim has been received by an Acquired Company from a Taxing Authority
in a jurisdiction where the Acquired Company does not file Returns that it is or may be subject to Tax by that jurisdiction. The
Seller has made available to Buyer true, correct and complete copies of all Income Tax Returns filed by the Acquired Companies
during the past three (3) years (excluding, for the avoidance of doubt, any consolidated, combined or unitary Returns with respect
to Income Taxes that include Seller).

 

(e)
None of the Acquired Companies or the Non-Acquired Group Companies have received from any Taxing Authority any written notice
of any Tax claims, audits, Actions, or other proceedings that is in progress, pending or, to Seller’s Knowledge, threatened
in writing, in each case, (i) against any Acquired Company in respect of any Taxes or any Non-Acquired Group Company in respect
of any Income Taxes which Tax claim, audit, Action, or other proceeding, if determined adversely to such Non-Acquired Group Company,
would result in an Income Tax Liability that would violate the representation in the first sentence of Section 4.19(j), and (ii)
that has not been resolved or paid in full. There are no Liens for Taxes on any of the assets of the Company or any other Acquired
Company other than Permitted Liens. Except as set forth on Schedule 4.19(e), no deficiency for any Taxes has been proposed
or threatened in writing against any Acquired Company or, in the case of any deficiency for Income Taxes, against any Non-Acquired
Group Company, which deficiency has not been paid in full and, in the case of any such deficiency against a Non-Acquired Group
Company, which would, if determined adversely to such Non-Acquired Group Company, would result in an Income Tax Liability that
would violate the representation in the first sentence of Section 4.19(j).

 

(f)
No Acquired Company has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect
to a Tax assessment or deficiency. No Non-Acquired Group Company has waived any statute of limitations in respect of Income Taxes
or agreed to any extension of time with respect to an Income Tax assessment or deficiency which assessment or deficiency, if determined
adversely to such Non-Acquired Group Company, would result in an Income Tax Liability that would violate the representation in
the first sentence of Section 4.19(j).

 

(g)
Each Acquired Company has, within the time and in the manner prescribed by applicable Law, withheld from and paid over to the
proper Taxing Authority all amounts required to be so withheld and paid over under applicable Law.

 

(h)
No Acquired Company has entered into a “reportable transaction” within the meaning of Treasury Regulation Section
1.6011-4(b).

 

(i)
The Company has not distributed stock of any Person, or has had its stock or equity interests distributed by any Person, in a
transaction that was purported or intended to be governed in whole or in part by Sections 355 or 361 of the Code at any time within
the past five (5) years.

 

    	 	 28.	 

    	 

    

 

(j)
No Acquired Company is liable for Taxes of any other Person other than the Acquired Companies as a result of successor liability,
transferee liability, joint or several liability (including pursuant to Treasury Regulation Section 1.1502-6 (or any analogous,
comparable, or similar provision of state, local or foreign Law). No Acquired Company is a party to any Tax sharing agreement,
Tax allocation agreement or Tax indemnity agreement (other than such agreements (i) exclusively between or among Seller and the
Acquired Companies (including, for the avoidance of doubt, the Tax Matters Agreement) or (ii) with third parties made in the ordinary
course of business, such as credit or other commercial agreements, the primary purpose of which does not relate to Taxes). All
amounts payable with respect to (or by reference to) Taxes pursuant to such Tax Matters Agreement among the Consolidated Group
have been timely paid in accordance with the terms of such agreement.

 

(k)
Seller is not a foreign person within the meaning of Section 1445(b)(2) of the Code.

 

(l)
No Acquired Company will be required to include any item of income in, or exclude any item of deduction from, taxable income for
any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting made
prior to the Closing for a taxable period ending on or prior to the Closing Date under Section 481 of the Code (or any corresponding
or similar provision of state, local or non-U.S. Tax Law), (ii) “closing agreement” as described in Section 7121 of
the Code (or any corresponding or similar provision of state, local or non-U.S. income Tax law) entered into prior to the Closing,
(iii) installment sale or open transaction disposition made prior to the Closing (or any corresponding or similar provision of
state, local or non-U.S. income Tax law), (iv) deferred intercompany gain or excess loss account described in Section 1502 of
the Code (or any analogous, comparable or similar provision of state, local or foreign Law) resulting from a transaction consummated
prior to the Closing, (v) prepaid amount received prior to the Closing, other than in the ordinary course of business, or (vi)
election under Section 108(i) of the Code (or any analogous, comparable or similar provision of state, local or foreign Law) made
prior to the Closing.

 

(m)
No closing agreements (as described in Section 7121 of the Code or any corresponding, analogous or similar provision of state,
local, or foreign Law), private letter rulings, technical advice memoranda, or similar agreements or rulings have been entered
into or requested by or with respect to any Acquired Company.

 

(n)
Neither the Company nor any other Acquired Company has recognized a material amount of Subpart F income as defined in Section
952 of the Code. Neither the Company nor any other Acquired Company has any liability for any “accumulated post-1986 deferred
foreign income” (as defined in Code Section 965). Other than LifeMap Sciences, neither the Company nor any other Acquired
Company owns any interest in any “controlled foreign corporation” (as defined in Code Section 957).

 

(o)
No power of attorney that is currently in force has been granted with respect to any matter relating to Taxes that would affect
the Company or any of its Subsidiaries after the Closing (other than authorizations to contact Return preparers that were included
in Returns filed by any Acquired Company).

 

    	 	 29.	 

    	 

    

 

(p)
Nothing in this Section 4.19 or otherwise in this Agreement shall be construed as a representation, warranty or guarantee with
respect to (i) the amount or availability of any net operating loss or other attribute of the Acquired Companies in any taxable
period (or portion thereof), or (ii) any Tax position that Buyer or its Affiliates (including the Acquired Companies) may take
in respect of any taxable period (or portion thereof) beginning after the Closing Date.

 

(q)
Notwithstanding anything to the contrary in the other provisions of this Agreement, this Section 4.19 and Section 4.12 (to the
extent it relates to Taxes) contain the only representations and warranties by the Acquired Companies with respect to Taxes in
this Agreement.

 

4.20
Insurance Matters. The Company has made available to Buyer all material Insurance Policies. The Insurance Policies
are in full force and effect and will not be terminated as a result of the Closing. All Insurance Policies (a) are valid and binding
in accordance with their terms, (b) are provided by carriers who are financially solvent and (c) have not been subject to any
lapse in coverage. There are no material claims pending under any Insurance Policy. There has been no claim under any Insurance
Policy as to which coverage has been questioned, denied or disputed or in respect of which there is or was an outstanding reservation
of rights. Neither the Company nor any of its Subsidiaries are in default under, or has otherwise failed to comply in any material
respect with, any Insurance Policy. The Insurance Policies are of the type and in the amounts customarily carried by Persons conducting
a business similar to Business and are sufficient for compliance with all applicable Laws and contracts to which each of the Company
and its Subsidiaries is a party or by which it is bound. As used in this Agreement, “Insurance Policy” means
any policies or binder of fire, liability, professional liability, product liability, umbrella liability, real and personal property,
workers’ compensation, vehicular, directors’ and officers’ liability, fiduciary liability and other casualty
and property insurance maintained by the Company and its Subsidiaries, or under which the Company and its Subsidiaries is an insured
or beneficiary, or maintained by the Company or its Subsidiaries relating to the assets, business, operations, employees, officers
and directors of the Company and its Subsidiaries.

 

4.21
Application of Takeover Provisions. The Company and its Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover or “interested stockholder” provision under the Company’s
certificate of incorporation (or similar charter documents) or the Delaware General Corporation Law (including section 203 thereof)
that is or could become applicable to Buyer as a result of Buyer and the Company fulfilling their obligations or exercising their
rights under this Agreement and the Ancillary Documents, including without limitation as a result of Buyer’s acquisition
of the Shares.

 

4.22
Privacy Laws. In connection with its collection, storage, transfer (including, without limitation, any transfer across
national borders) and/or use of any personally identifiable information from any individuals, including, without limitation, any
customers, prospective customers, and/or employees (collectively “Personal Information”), to Seller’s
Knowledge, each of the Company and its Subsidiaries is and has been in compliance in all material respects with all applicable
laws in all relevant jurisdictions, the Company’s or such Subsidiary’s privacy policies and the requirements of any
contract or codes of conduct to which the Company or such Subsidiary is a party. To Seller’s Knowledge, each of the Company
and its Subsidiaries has, consistent with other similarly situated entities in the industry in which the Company and its Subsidiaries
operate, commercially reasonable security measures and policies in place to protect all Personal Information collected by it or
on its behalf from and against unauthorized access, use and/or disclosure.

 

    	 	 30.	 

    	 

    

 

4.23
Related Parties. Except as set forth on Schedule 4.23, the Company has no liabilities for indebtedness for borrowed
money owing to Seller, any Affiliate of the Company or any director or officer of Seller or the Company (the “Related
Parties”) (except for amounts due as normal salaries, wages, benefits or reimbursements of ordinary business expenses).
Except with respect to any amounts to be repaid at Closing or ordinary business expense advances, no Related Party now has, or
on the Closing Date will have, any liability for any indebtedness for borrowed money owing to the Company or any intercompany
receivables and payables. Except as set forth in Schedule 4.23, no Related Party is a party to any contract with the Company
that will survive Closing or has an interest in any material property owned by or used by the Company.

 

4.24
Brokers, Finders, Etc. No Person has acted, directly or indirectly, as a broker, finder or financial advisor for the
Company in connection with the transactions contemplated by this Agreement and no Person is entitled to any fee or commission
or like payment in respect thereof.

 

4.25
No Implied Representations. The representations and warranties made by Seller in Section 3.1 and this Article IV of
this Agreement and in any certificate delivered by Seller pursuant to this Agreement and the Ancillary Agreements are the exclusive
representations and warranties made by Seller with respect to the transactions contemplated by this Agreement. Seller hereby disclaims
any other express or implied representations or warranties with respect to itself and any of its Affiliates, including, but not
limited to, any implied warranty or representation as to the value, condition, merchantability, suitability or fitness for a particular
purpose of any of the properties or assets of the Company, its Subsidiaries or the Business, the value of the Shares or the accuracy
or completeness of any ‎information regarding the Company (including, without limitation, financial projections or documentation
‎found in the virtual data room).

 

4.26
Form 10. The Form 10 has been prepared in accordance with all applicable rules and regulations of the Securities and
Exchange Commission and is true and correct in all material respects as of the date of its filing (provided that no such
representation is made as to the description of the tax consequences of any transaction to Seller’s stockholders or to Seller
as set forth in the section entitled “Certain Federal Income Tax Considerations” of the Information Statement filed
as Exhibit 99.1 to the Form 10).

 

    	 	 31.	 

    	 

    

 

Article
V

COVENANTS OF SELLER AND BUYER

 

5.1
Regulatory Filings.

 

(a)
Buyer and Seller shall cooperate and use their respective commercially reasonable efforts to prepare any documentation, to effectuate
all filings and to obtain all permits, consents, approvals and authorizations of all Governmental Authorities necessary to consummate
the transactions contemplated hereby as promptly as practicable. Each party agrees that it shall consult with the other party
with respect to the obtaining of all permits, consents, approvals, waivers and authorizations of all Governmental Authorities
necessary or advisable to consummate the transactions contemplated hereby, and each party shall keep the other party apprised
of the status of all such matters relating to completion of the transactions contemplated hereby. Without limiting the foregoing,
Seller and Buyer will furnish the other with copies of notices or other communications received by Seller, on the one hand, and
Buyer, on the other, as applicable, from any Governmental Authority or any other Person with respect to the approval or consent
required in connection with the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements.

 

(b)
Buyer, Seller and the Company agree, upon request, to furnish the other parties with all information concerning itself, its Affiliates
(if applicable), directors, officers, members and shareholders and such other matters as may be reasonably necessary or advisable
in connection with any filing, notice or application made by or on behalf of such other parties or any of their Affiliates (if
applicable) to any Governmental Authority. Buyer, Seller and the Company agree to provide reasonable assistance as the other may
request in connection with the preparation of such filings or submissions to any Governmental Authority.

 

5.2
Further Assurances. Seller and Buyer shall use commercially reasonable efforts to take, or cause to be taken, all actions
or do, or cause to be done, all things or execute any documents necessary, proper or advisable to consummate and make effective
the transactions contemplated by this Agreement and the Ancillary Agreements, subject to their respective terms; provided,
however, that any such additional documents must be reasonably satisfactory to each of the parties and not impose upon
either party any material Liability, risk or obligation not contemplated by this Agreement or the Ancillary Agreements.

 

5.3
Conduct of Business. Except as set forth in Schedule 5.3 and as otherwise contemplated by this Agreement, from
the date hereof through the Closing, Seller covenants and agrees that Seller shall cause the Company to operate the Business in
the ordinary course of business consistent with past practices using commercially reasonable efforts to maintain and preserve
the Business, to preserve the goodwill of customers, suppliers and all other Persons having business relationships with the Company,
and to not take any action of the type described in Section 4.6 hereof without prior notice to Buyer.

 

    	 	 32.	 

    	 

    

 

5.4
Transfer Restrictions Relating to Convertible Note and Buyer Shares.

 

(a)
Except in connection with an assignment by operation of law relating to a merger of Seller, or with the transfer of all or substantially
all of the assets of Seller, Seller hereby agrees that, without Buyer’s prior written consent, it shall not offer, pledge,
sell, contact to sell, transfer, alienate, assign, hypothecate or otherwise transfer or dispose of, directly or indirectly, whether
voluntarily or involuntarily (including without limitation by gift, dividend or distribution, operation of law or otherwise) (“Transfer”)
the Convertible Note or any interest therein to any Person;

 

(b)
Subject to Section 5.4(c) below, Seller hereby agrees that, without Buyer’s prior written consent, it shall not Transfer
the Buyer Shares to any Person except in a private sale to one or more institutional “accredited investors” (as such
term is defined in Rule 501(a) under the Securities Act) in a transaction not subject to the registration requirements of the
Securities Act, provided that the transferees(s) agree in writing to be bound by the Transfer restrictions of this Section
5.4.

 

(c)
Notwithstanding Section 5.4(b), but subject to Section 5.4(d) below, if the Buyer Shares consist of Buyer Common Stock, then subject
to compliance with applicable securities laws, Seller may distribute such Buyer Common Stock to its stockholders on a pro rata
basis (subject to adjustment for fractional shares) either (x) after the twelve-month anniversary of the Closing Date, or (y)
earlier if, upon the advice of legal counsel, Seller concludes that such a distribution to its stockholders is necessary in order
for Seller to maintain or comply with applicable exemptions from the Investment Company Act of 1940, as amended.

 

(d)
Prior to making any distribution to its stockholders under Section 5.4(c) above, Seller shall (i) in the case of a distribution
under clause (y) thereof, provide reasonable advance notice to Buyer of the circumstances, reasons and analysis relating to the
conclusion described therein, and (ii) in the case of a distribution under clause (x) or (y) thereof, (provide written notice
fifteen (15) Business Days prior to the anticipated declaration date for any such dividend or distribution. Upon receiving any
such notice from Seller, Buyer shall have ten (10) Business Days to elect in writing to purchase the Buyer Common Stock otherwise
proposed to be distributed by Seller at a price per share equal to the Fair Market Value thereof as of the date of the written
notice from Seller, upon a time and place to be mutually agreed by Seller and Buyer; provided, that if the Buyer Common
Stock is not then listed on a national securities exchange in the United States, Buyer shall have the right to pay such purchase
price pursuant to a mutually agreed promissory note. Notwithstanding the foregoing, if Buyer notifies Seller within ten (10) Business
Days of Seller’s notice regarding an intended distribution that such distribution would be prohibits by applicable law,
then Seller shall not effectuate the distribution.

 

(e)
Notwithstanding anything in this Agreement to the contrary, in the event of any sale to the public of Buyer’s ordinary shares
or other common equity securities in a firm commitment initial public offering in an amount not less than $50,000,000 in gross
proceeds (the “Qualified Buyer Financing”), Seller agrees to execute and be bound by a customary underwriters’
lock-up agreement, on terms consistent with those entered into by the founders of Buyer on the most favorable terms applicable
to any such founder.

 

(f)
Buyer may issue stop transfer instructions to its transfer agent in connection with the restrictions described in this Section
5.4.

 

    	 	 33.	 

    	 

    

 

(g)
In the event that the Convertible Note is converted into shares of Buyer Common Stock in accordance with the terms thereof at
a time when such Buyer Common Stock is listed on a registered national securities exchange in the United States, then Buyer and
Seller shall enter into a customary registration rights agreement giving Seller the right to cause Buyer to register the resale
of the Buyer Common Stock on Form S-3 at such time as Buyer may qualify for use of that form, and providing Seller the right to
include a pro rata share of its Buyer Common Stock in any other registration statement filed by Buyer (subject to customary exceptions
and underwriter cut-backs) and providing that the expenses of any such registration shall be borne by Buyer. Other than as set
forth in the previous sentence, Buyer shall be under no obligation to file a registration statement under the Securities Act with
respect to any distribution of Buyer Common Stock, including under Section 5.4(c).

 

Article
VI

CONDITIONS TO BUYER’S OBLIGATION TO CLOSE

 

The
obligations of Buyer to consummate the transactions contemplated by this Agreement are subject to the satisfaction on or prior
to the Closing Date of all of the following conditions, any one or more of which may be waived by Buyer in writing:

 

6.1
Representations, Warranties and Covenants of Seller. The representations and warranties of Seller contained in this
Agreement shall be true and correct in all material respects (except that the representations and warranties of Seller that are
qualified as to “materiality”, “Material Adverse Effect” or similar qualifiers shall be true and correct
in all respects) on and as of the Closing Date with the same effect as though such representations and warranties had been made
on and as of the Closing Date (except for such representations and warranties that are made as of a specific date, which representations
and warranties shall be deemed made on and as of such date). Seller shall have performed in all material respects all of the covenants
and agreements of Seller under this Agreement required to be performed on or prior to the Closing Date. Seller shall have delivered
a certificate signed on behalf of Seller by an executive officer to the effect that such executive officer has read this Section
6.1 and the conditions set forth in this Section 6.1 have been satisfied.

 

6.2
Registration Rights Agreement. On or prior to the Closing Date, Seller shall have delivered to the Company written
notice of the transfer of its rights under the Registration Rights Agreement with respect to the Shares to Buyer as required by
Section 6 of such Registration Rights Agreement, and shall have taken all other steps necessary to effect an assignment of such
rights to Buyer.

 

6.3
No Injunction. At the Closing Date, there shall be no injunction, restraining order or decree of any nature of any
Governmental Authority of competent jurisdiction that is in effect that restrains, prohibits or enjoins the consummation of the
transactions contemplated by this Agreement.

 

6.4
Closing Deliveries. Seller shall have delivered all items and satisfied all obligations pursuant to Section 2.3 hereof.

 

    	 	 34.	 

    	 

    

 

Article
VII

CONDITIONS TO SELLER’S OBLIGATION TO CLOSE

 

The
obligations of Seller to consummate the transactions contemplated by this Agreement are subject to the satisfaction on or prior
to the Closing Date of all of the following conditions, any one or more of which may be waived by Seller in writing:

 

7.1
Representations, Warranties and Covenants of Buyer. The representations and warranties of Buyer contained in this Agreement
shall be true and correct in all material respects (except that the representations and warranties of Buyer that are qualified
as to “materiality”, “Material Adverse Effect” or similar qualifiers shall be true and correct in all
respects) on and as of the Closing Date with the same effect as though such representations and warranties had been made on and
as of the Closing Date (except for such representations and warranties that are made as of a specific date, which representations
and warranties shall be deemed made on and as of such date). Buyer shall have performed in all material respects all of the covenants
and agreements of Buyer under this Agreement required to be performed on or prior to the Closing Date. Buyer shall have delivered
a certificate signed on behalf of Buyer by an executive officer to the effect that such executive officer has read this Section
7.1 and the conditions set forth in this Section have been satisfied.

 

7.2
Governmental Filings and Consents. Those certain registrations, filings, applications, notices, consents, approvals,
orders, qualifications and waivers required to be made, filed, given or obtained with, to or from Governmental Authorities in
connection with the consummation of the transactions contemplated by this Agreement which are set forth on Schedule 7.2,
shall have been made, filed, given or obtained.

 

7.3
No Injunction. At the Closing Date, there shall be no injunction, restraining order or decree of any nature of any
Governmental Authority of competent jurisdiction that is in effect that restrains, prohibits or enjoins the consummation of the
transactions contemplated by this Agreement.

 

7.4
Closing Deliveries. Buyer shall have delivered all items and satisfied all obligations pursuant to Section 2.4 hereof,
including the Closing Cash Consideration, the Convertible Note, Pledge Agreement and Shareholder Agreement, each duly executed
by Buyer, as applicable.

 

Article
VIII

INDEMNIFICATION

 

8.1
Indemnification by Buyer. From and after the Closing Date, Buyer shall indemnify and hold harmless Seller from and
against any and all Losses incurred by Seller arising out of: (a) any breach of any representation or warranty made by Buyer contained
in this Agreement or in any certificate delivered by Buyer to Seller pursuant to this Agreement; or (b) any breach, nonfulfillment
or default in the performance of any covenant or agreement made by Buyer in this Agreement.

 

8.2
Indemnification by Seller. From and after the Closing Date, Seller shall indemnify and hold harmless Buyer from and
against any Losses incurred by Buyer arising out of: (a) any breach of any representation or warranty made by Seller contained
in this Agreement or in any certificate delivered by Seller to Buyer pursuant to this Agreement; or (b) any breach, nonfulfillment
or default in the performance of any covenant or agreement made by Seller in this Agreement.

 

    	 	 35.	 

    	 

    

 

8.3
Limitations on Indemnification.

 

(a)
Seller’s obligations pursuant to the provisions of Section 8.2 and the ability of Buyer to recover Losses thereunder are
subject to the following limitations:

 

	 	(i)	Except
    with respect to claims brought (i) under Section 9.4 in respect of the Surviving TMA Sections or on the basis of the representations
    set forth in Section 4.19, or (ii) on the basis of fraud, Buyer shall not be entitled to recover under Section 8.2 until the
    total amount that Buyer would recover under Section 8.2 exceeds $200,000 (the “Basket”).
	 	 	 
	 	(ii)	Except
    with respect to claims brought under Section 9.4 in respect of the Surviving TMA Sections or on the basis of the representations
    set forth in Section 4.19, Buyer shall not be entitled to recover under Section 8.2 on any individual claim unless the Losses
    associated with such claim exceed $100,000, and each such individual claim less than or equal to $100,000 shall not be counted
    toward the calculation of the Basket under Section 8.3(a)(i). 
	 	 	 
	 	(iii)	Buyer
    shall not be entitled to recover under Section 8.2 for any amount in excess of $4,300,000 (other than with respect to claims
    brought (i) under Section 9.4 in respect of the Surviving TMA Sections or on the basis of the representations set forth in
    Section 4.19 or (ii) brought on the basis of fraud, for which the foregoing limitation will not apply).
	 	 	 
	 	(iv)	Buyer
    shall not be entitled to recover under Section 8.2 for any amount in respect of any tax liability described in the Disclosure
    Schedule.
	 	 	 
	 	(v)	For
    so long as the Convertible Note is held by Seller and remains outstanding, the amount of any recovery by Buyer pursuant to
    Section 8.2 shall be effected through a reduction or cancellation of principal and accrued but unpaid interest on the Convertible
    Note in the amount of such indemnification obligation.

 

(b)
Buyer’s obligations pursuant to the provisions of Section 8.1 and the ability of Seller to recover Losses thereunder are
subject to the following limitations:

 

	 	(i)	Except
    with respect to claims brought on the basis of fraud, Seller shall not be entitled to recover under Section 8.1 until the
    total amount that Seller would recover under Section 8.1 exceeds the amount of the Basket.

 

    	 	 36.	 

    	 

    

 

	 	(ii)	Seller
    shall not be entitled to recover under Section 8.1 on any individual claim unless the Losses associated with such claim exceeds
    $100,000, and each such individual claim less than or equal to $100,000 shall not be counted toward the calculation of the
    Basket under Section 8.3(b)(i).
	 	 	 
	 	(iii)	Seller
    shall not be entitled to recover under Section 8.1 for any amount in excess of $4,300,000 (other than with respect to claims
    brought on the basis of fraud, for which the foregoing limitation will not apply).
	 	 	 
	 	(iv)	The
    amount of any recovery by Seller pursuant to Section 8.1 shall be effected through a transfer to Seller by Buyer of a number
    of shares of Common Stock equal to the amount of such Loss, divided by the Fair Market Value of one share of Common Stock
    on the date written notice of such claim is delivered by the Indemnified Party under Section 8.4 or 8.5, as the case may be.

 

(c)
Notwithstanding anything herein to the contrary, Buyer and Seller, as applicable, shall not be entitled to recover under Section
8.1 or Section 8.2, as applicable, with respect to (x) consequential, special or indirect damages, damages consisting of business
interruption or lost profits, damages computed on a multiple of earnings, book value or any similar basis, except to the extent
it is paid to a third party in connection with a Third Party Claim for which indemnification is sought pursuant to Section 8.4,
or (y) exemplary and punitive damages.

 

(d)
Any Liability for indemnification under this Agreement and under any other Ancillary Agreement will be determined without duplication
of recovery by reason of the state of facts giving rise to such Liability constituting a breach of more than one representation,
warranty, covenant or agreement.

 

(e)
No claim for indemnification under this Article VIII for breach of any representation, warranty or covenant contained in this
Agreement may be asserted pursuant to this Agreement unless such claim is asserted in writing on or before the Survival Expiration
Date.

 

(f)
With respect to the measurement of Losses for any claims under this Agreement, each party bringing such a claim must reasonably
demonstrate that it has: (a) mitigated in a commercially reasonable manner any such damages and (b) excluded from its claim any
damages to the extent arising from or related to its own actions or inactions, or the actions or inactions of its own Affiliates
and its and their respective representatives.

 

(g)
In any case where an Indemnified Party recovers from a third Person any amount in respect of any Losses for which an Indemnifying
Party has actually reimbursed it pursuant to this Agreement, such Indemnified Party shall promptly pay over to the Indemnifying
Party the amount so recovered (after deducting therefrom the amount of expenses incurred by it in procuring such recovery), but
not in excess of the sum of the amounts previously paid (or deemed paid through set-off against the Convertible Note or transfer
of Shares under Section 8.3(a)(a)(iv) or 8.3(b)(iv), as the case may be) by the Indemnifying Party to or on behalf of the Indemnified
Party in respect of such claim.

 

    	 	 37.	 

    	 

    

 

8.4
Third Party Claims.

 

(a)
The party seeking indemnification under this Article VIII (the “Indemnified Party”) agrees to give prompt written
notice to the party against whom indemnity is sought (the “Indemnifying Party”) of the assertion of any third
party claim, or the commencement of any suit, action or proceeding in respect of which indemnity may be sought under this Article
VIII (the “Third Party Claims”). Such notice referred to in the preceding sentence shall state the relevant
facts as to the breach or inaccuracy, the amount of Losses (to the extent known) and include therewith relevant documents and
a statement in reasonable detail as to the basis for the indemnification sought. The failure by any Indemnified Party so to notify
the Indemnifying Party shall not relieve any Indemnifying Party from any Liability which it may have to such Indemnified Party
with respect to any claim made pursuant to this Section 8.4, except to the extent such failure shall actually prejudice an Indemnifying
Party.

 

(b)
Upon receipt of notice from the Indemnified Party pursuant to Section 8.4(a), the Indemnifying Party will have the right to, subject
to the provisions of this Section 8.4, assume the defense and control of such Third Party Claims. If the Indemnifying Party elects
to assume the defense of a Third Party Claim, the Indemnifying Party shall select counsel reasonably acceptable to the Indemnified
Party; shall take all steps necessary in the defense or settlement of such Third Party Claim; and shall at all times diligently
and promptly pursue the resolution of such Third Party Claim. In the event the Indemnifying Party assumes the defense of a Third
Party Claim, the Indemnified Party shall have the right but not the obligation to participate in the defense of such Third Party
Claim with its own counsel and at its own expense (provided that the Indemnifying Party shall pay the reasonable attorneys’
fees of the Indemnified Party if (i) the employment of separate counsel shall have been authorized in writing by such Indemnifying
Party in connection with the defense of such Third Party Claim, (ii) the Indemnifying Party shall not have employed counsel reasonably
satisfactory to the Indemnified Party to defend such Third Party Claim, (iii) the Indemnifying Party’s counsel shall have
advised the Indemnifying Party in writing, with a copy delivered to the Indemnified Party, that there is a conflict of interest
that would make it inappropriate under applicable standards of professional conduct to have common counsel, or (iv) such Third
Party Claim seeks injunctive or equitable relief that if granted would materially interfere with the conduct of the business of
the Indemnified Party) and the Indemnifying Party will cooperate with the Indemnified Party. Any election by an Indemnifying Party
not to assume the defense of a Third Party Claim must be received by the Indemnified Party reasonably promptly following its receipt
of the Indemnified Party’s notice delivered pursuant to Section 8.4(a). The Indemnified Party shall, and shall cause each
of its Affiliates and their respective representatives to, cooperate fully with the Indemnifying Party in the defense of any Third
Party Claim defended by the Indemnifying Party.

 

(c)
The Indemnifying Party shall be authorized to consent to a settlement of, or the entry of any judgment arising from, any Third
Party Claim as to which the Indemnifying Party has assumed the defense in accordance with the terms of Section 8.4, without the
consent of any Indemnified Party, but only to the extent that such settlement or entry of judgment (i) provides solely (x) for
the payment of money by the Indemnifying Party or (y) imposes an obligation of confidentiality, and (ii) provides a complete release
of any Indemnified Party potentially affected by such Third Party Claim from all matters that were or could have been asserted
in connection with such claims. Except as provided in the foregoing sentence, settlement or consent to entry of judgment shall
require the prior approval of the Indemnified Party, such approval not to be unreasonably withheld, delayed or conditioned.

 

    	 	 38.	 

    	 

    

 

8.5
Direct Claims. In the event any Indemnified Party shall have a claim for indemnity against any Indemnifying Party that
does not involve a Third Party Claim, the Indemnified Party shall deliver written notice of such claim to the Indemnifying Party.
Such notice referred to in the preceding sentence shall state the relevant facts as to the breach or inaccuracy, the amount of
Losses (to the extent known) and include therewith relevant documents and a statement in reasonable detail as to the basis for
the indemnification sought. The failure by any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying
Party from any Liability that it may have to such Indemnified Party with respect to any claim made pursuant to Section 8.1 or
8.2 hereof, other than (i) to the extent the Indemnifying Party is actually prejudiced by such failure and (ii) notices for claims
in respect of a breach of a representation or warranty delivered after the Survival Expiration Date shall not be valid under this
Article VIII.

 

8.6
Survival Period. The representations and warranties of Buyer and Seller contained in this Agreement and in any document,
certificate, schedule or instrument delivered or executed in connection herewith shall survive for a period of twenty-four (24)
months after the Closing Date, whereupon they shall expire, and all claims for breach of said representations and warranties will
be deemed waived unless the non-breaching party notifies the breaching party of the matters that constitute the breach prior to
the expiration of said twenty-four (24) month period, except that the representations and warranties set forth in Section 4.19
relating to tax matters shall survive the applicable statute of limitations plus thirty (30) days; provided, however,
that the representations and warranties with respect to LifeMap Sciences shall expire and terminate, and any and all claims for
indemnification with respect to any Losses under Section 8.2 shall expire terminate upon a Change of Control of either or both
of LifeMap Sciences, Inc. and LifeMap Sciences Ltd., in the event of any such Change of Control prior to the foregoing period.
All covenants, undertakings and agreements contained in this Agreement to be performed or complied with after the Closing Date
shall survive the Closing in accordance with their terms. The “Survival Expiration Date” shall mean the date
upon which the applicable representation, warranty or covenant ceases to survive.

 

8.7
Exclusive Remedy. Except (w) as otherwise expressly provided in this Agreement or the Ancillary Agreements, (x) claims
seeking specific performance or other equitable relief, (y) claims relating to the representation in Section 3.1(c) and (z)
with respect to claims brought on the basis of fraud or criminal activity, the parties hereto expressly acknowledge and agree
the provisions of this Article VIII shall be the sole and exclusive remedy for Losses caused as a result of any breach of any
representation or warranty, or any breach, nonfulfillment or default in the performance of any covenant or agreement,
contained in this Agreement, and the parties shall not be entitled to a rescission of this Agreement or any Ancillary
Agreement or to any further indemnification or other rights or claims, all of which the parties hereby waive.

 

    	 	 39.	 

    	 

    

 

Article
IX

TAX MATTERS

 

9.1
Returns, Consents and Refunds.

 

(a)
Seller shall prepare or cause to be prepared, consistent with past practice (except to the extent otherwise required by applicable
Law), and file or cause to be filed, all consolidated, combined or unitary Returns with respect to Income Taxes that include Seller
and the applicable Acquired Company (the “Consolidated Returns”), all other Returns with respect to Income
Taxes of the Acquired Companies for Tax periods ending on or before the Closing Date (the “Other Income Returns”)
and all Returns for any Straddle Period (“Straddle Period Returns” and, together with the Other Income Returns
and Consolidated Returns, the “Seller Prepared Returns”). Seller shall submit each such Return to Buyer for
its review and comment at least thirty (30) Business Days prior to the due date (including extensions) of such Return, provided,
that with respect to any Consolidated Return, Seller shall only be required to deliver a pro forma Tax Return for the applicable
Acquired Companies. If Buyer objects to any item on any Other Income Return or Straddle Period Return it shall, within fifteen
(15) days after delivery to it of such Return, notify Seller in writing that it so objects, specifying with particularity any
such item and stating the specific factual or legal basis for any such objection (and if Buyer does not provide Seller with a
written description of the items in such Returns that it intends to dispute within such fifteen-day period, it shall be deemed
to have accepted and agreed to such Returns in the form provided). If such a notice of objection is timely delivered, Buyer and
Seller shall negotiate in good faith and use their commercially reasonable efforts to resolve such items for a period of ten (10)
days after delivery by Buyer of such objection. Any amounts remaining in dispute after such period shall be submitted to a nationally
recognized U.S. accounting firm reasonably acceptable to Seller and Buyer (the “Neutral Auditors”) for resolution
in a timely manner so that such Return may be timely filed. If the Neutral Auditors are unable to make a determination with respect
to any disputed issue within five (5) Business Days before the due date (including extensions) for the filing of the Return in
question, then Seller may file such Return on the due date (including extensions) therefor without such determination having been
made and without the consent of Seller; provided, however, that such Return shall incorporate such changes as have
at the time of such filing been agreed to by the parties pursuant to this Section 9.1(a). Notwithstanding the filing of such Return,
the Neutral Auditors shall make a determination with respect to any disputed issue, and the amount of Taxes that are allocated
to Seller pursuant to this Article IX shall be as determined by the Neutral Auditors. For purposes of this Section 9.1(a), all
fees, costs and expenses relating to the work, if any, to be performed by the Neutral Auditors shall be borne equally by Buyer,
on the one hand, and Seller, on the other hand and the determination of the Neutral Auditors shall be binding on the parties.

 

(b)
Seller will include the income of the Company and of any of its Subsidiaries that are includible corporations that are members
of the Consolidated Group on Seller’s consolidated federal and applicable state Income Tax Returns for all periods through
the Closing Date and pay any federal income Taxes attributable to such income. The Acquired Companies will furnish Tax information
to Seller for inclusion in Seller’s federal consolidated income Return for the period which includes the Closing Date in
accordance with the Company’s past custom and practice at Seller’s expense. Without the prior written consent of the
Buyer (such consent not to be unreasonably withheld, conditioned or delayed), and except as otherwise required by applicable Law,
Seller shall not make any election in respect of Taxes, adopt any Tax accounting method, or take any position in Seller’s
federal consolidated Income Tax Return relating to any Acquired Company that is inconsistent with any such election, accounting
method, or position previously made, previously adopted or taken with respect to any Acquired Company, if such election or adoption
would reasonably have the effect of materially increasing the Tax liability of any Acquired Company for any period ending after
the Closing Date.

 

    	 	 40.	 

    	 

    

 

(c)
Seller shall timely pay all Taxes of the Acquired Companies attributable to a Pre-Closing Period and all Income Taxes of the Non-Acquired
Group Companies for all taxable periods which Income Taxes, if not paid, would result in an Income Tax Liability that would violate
the representation in the first sentence of Section 4.19(j). In the case of Taxes with respect to a Straddle Period, the portion
of any such Tax that is allocable to a Pre-Closing Tax Period shall be:

 

	 	(i)	in
    the case of Taxes that are either (A) based upon or related to income or receipts, or (B) imposed in connection with any sale
    or other transfer or assignment of property (real or personal, tangible or intangible), deemed equal to the amount which would
    be payable if the taxable period ended on and including the Closing Date (and in the case of any Taxes attributable to the
    ownership of any equity interest in any “controlled foreign corporation” (within the meaning of Section 957(a)
    of the Code or any comparable state, local or non-U.S. Law), as if the taxable period of such “controlled foreign corporation”
    ended as of the end of the Closing Date); provided that exemptions, allowances or deductions that are calculated on an annual
    basis (including, but not limited to, depreciation and amortization deductions) shall be allocated between the portion of
    the Straddle Period ending on the Closing Date, on the one hand, and the portion of the Straddle Period beginning after the
    Closing Date, on the other hand, in proportion to the number of days in each portion of such Straddle Period; and
	 	 	 
	 	(ii)	in
    the case of Taxes imposed on a periodic basis, deemed to be the amount of such Taxes for the entire Straddle Period (or, in
    the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding period), multiplied
    by a fraction, the numerator of which is the number of days in the Straddle Period ending on and including the Closing Date
    and the denominator of which is the number of days in the entire Straddle Period.

 

(d)
The parties hereto acknowledge that the taxable year of the Company shall end as of the end of the Closing Date for federal income
Tax purposes (and to the extent applicable, for state income Tax purposes as well).

 

    	 	 41.	 

    	 

    

 

(e)
After the Closing Date, Buyer and Seller shall provide each other with reasonable cooperation in connection with the preparation
of Returns of the Company, including the signing of any Return by an authorized person, and shall make available to the other
and to any Taxing Authority as reasonably requested, all information, records or documents relating to Tax liabilities or potential
Tax liabilities of the Company for all periods that end prior to or on the Closing Date and shall preserve all such information,
records and documents until the expiration of any statute of limitations or extensions thereof; provided, however, that nothing
in this Agreement shall require Seller to provide or otherwise make available to Buyer, the Company or any of their Affiliates
a copy of any of Seller’s Consolidated Returns other than a pro forma Tax Return for the applicable Acquired Companies.

 

(f)
Tax Contests.

 

	 	(i)	If
    any Taxing Authority issues written notice of a proposed assessment, audit, contest, Action or litigation with respect to
    Taxes or Tax Returns of the Seller (with respect to any Acquired Company) or any Acquired Company for a Pre-Closing Tax Period
    or a Straddle Period (a “Tax Contest”), then the party hereto first receiving notice of such Tax
    Contest shall promptly provide written notice thereof to the other party or parties hereto describing the claim, the amount
    thereof (if known or quantifiable) and the basis thereof, provided however, that the failure to provide such notice shall
    not relieve the other party from any of its obligations under this Section 9.1, except to the extent that such other
    party is materially prejudiced as a consequence of such failure.
	 	 	 
	 	(ii)	Seller
    shall have the right to control, at its own expense, any Tax Contest with respect to any Acquired Company which could result
    in an indemnity obligation of Seller under this Agreement and relates to a Pre-Closing Tax Period (a “Seller’s
    Tax Contest”), provided that (a) Seller shall keep the Buyer reasonably informed concerning the progress of
    such Tax Contest, (b) the Seller shall provide Buyer copies of all material correspondence, notices and other written material
    received from any Taxing Authority with respect to such Tax Contest and shall otherwise keep Buyer apprised of substantive
    developments with respect to such Tax Contest, (c) the Seller shall provide Buyer with a copy of, and an opportunity to review
    and comment on, all significant written submissions made to a Taxing Authority in connection with such Tax Contest, (d) Buyer
    shall be entitled to participate in such Tax Contest at Buyer’s expense, and (e) the Seller may not agree to a settlement
    or compromise thereof without the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned
    or delayed; provided, however, that nothing in this Agreement shall require Seller to provide or otherwise make available
    to Buyer, the Company or any of their Affiliates a copy of any of Seller’s Consolidated Returns other than a pro forma
    Tax Return for the applicable Acquired Companies. 

 

    	 	 42.	 

    	 

    

 

	 	(iii)	In
    the case of any Tax Contest relating to any Straddle Period or if Seller fails to elect to control a Seller’s Tax Contest
    within a reasonable time pursuant to Section 9.1(f)(ii), Buyer shall control the conduct of such Tax Contest at Seller’s
    expense (provided, that, in the case of a Straddle Period, such expense shall be ratably allocated between Seller and Buyer);
    provided that (v) Buyer shall keep the Seller reasonably informed concerning the progress
    of such Tax Claim, (w) Buyer shall provide the Seller copies of all material correspondence, notices, and other written
    materials received from any Taxing Authority with respect to such Tax Contest and shall otherwise keep the Seller apprised
    of substantive developments with respect to such Tax Contest, (x) Buyer shall provide the Seller with a copy of, and an opportunity
    to review and comment on, all significant written submissions made to a Taxing Authority in connection with such Tax Contest,
    (y) the Seller shall be entitled to participate in such Tax Claim at its own expense, and (z) the Buyer may not agree to a
    settlement or compromise thereof without the prior written consent of Seller, which consent shall not be unreasonably withheld,
    conditioned or delayed.

 

(g)
Buyer shall not cause or permit the Company to amend any Seller Prepared Return that could result in any increased Tax liability
of, or otherwise adversely affect, Seller in respect of any taxable period, without the written consent of Seller (not to be unreasonably
withheld, conditioned or delayed).

 

9.2
Refunds. Any refund received by an Acquired Company or the Buyer for any Taxes with respect to a Pre-Closing Tax Period
of the Acquired Companies (whether received in cash or through the reduction of Taxes or other amounts otherwise payable by such
Acquired Company other than any amounts indemnifiable pursuant to this Agreement) shall be for the account of Seller, and the
Buyer shall promptly notify Seller and pay to Seller the amount of any such refund (or reduction) net of any Taxes payable thereon
or expenses attributable thereto. Buyer shall pay, or cause to be paid, to Seller any amount to which Seller is entitled pursuant
to the preceding sentence within five (5) Business Days of the receipt or recognition of the applicable refund or credit by Buyer.

 

9.3
Transfer Taxes. All Transfer Taxes, if any, imposed with regard to the sale of Shares contemplated by this Agreement
shall be borne one-half by Buyer and one-half by Seller. Seller and Buyer will cooperate with each other to file all necessary
Returns and other documentation with respect to all such Transfer Taxes.

 

9.4
Tax Matters Agreement.

 

(a)
Termination; Survival of Specified Provisions. Except as contemplated in Section 9.4(b), the Tax Matters Agreement shall
be terminated effective as of the Closing Date; provided that Sections 6.02, 6.03, and 6.04 of the Tax Matters Agreement
(and such other elements of the Tax Matters Agreement as are necessary to give effect to such provisions) as in effect on the
date hereof (the “Surviving TMA Sections”) shall survive the Closing and are hereby incorporated herein by
reference with the same force and effect as though fully set forth herein.

 

    	 	 43.	 

    	 

    

 

(b)
True-Up.

 

	 	(i)	Statement.
    No later than sixty (60) days following the filing of the Consolidated Return for the Deconsolidation Year (as defined in
    the Tax Matters Agreement), the Seller shall deliver to Buyer a statement (a “TMA Statement”) setting forth
    in reasonable detail Seller’s proposed calculation of any amounts owed by Seller or its Affiliates to the Acquired Companies
    as of the end of the Deconsolidation Year (such amounts “Owed TMA Amounts”) pursuant to the Tax Matters
    Agreement. The TMA Statement shall be prepared in a manner consistent with the past practices of the Group Companies as applied
    to the Tax Matters Agreement. The TMA Statement shall be prepared in good faith, be based on facts and circumstances known
    as of the end of the Deconsolidation Year and shall reasonably specify each item taken into account in Seller’s proposed
    calculation of the Owed TMA Amounts. If Seller does not deliver a TMA Statement within such sixty (60) day period, then following
    written notice by the Buyer to Seller of such failure and a failure by Seller to cure within ten (10) days following such
    notice, then the Buyer shall make a good faith calculation of the Owed TMA Amounts, which determination shall be conclusive
    and binding upon the parties. In the event that any Owed TMA Amounts are attributable to a breach by Seller of the representation
    in the last sentence of Section 4.19(j), such Owed TMA Amounts shall be remitted to the Acquired Companies pursuant to this
    Section 9.4 and shall not be recoverable pursuant to Section 8.2(a).
	 	 	 
	 	(ii)	Dispute.
    Within forty-five (45) days following receipt by Buyer of the TMA Statement, the Buyer shall deliver written notice to Seller
    if Buyer disputes Seller’s calculation of the Owed TMA Amounts or any items set forth in the TMA Statement. If Buyer
    does not notify Seller of a dispute with respect to the TMA Statement within such forty-five (45) day period, such TMA Statement
    shall be final and binding on the parties. In the event of a notification of a dispute, Buyer and Seller shall negotiate in
    good faith to resolve such dispute. If Buyer and Seller fail to resolve such dispute within thirty (30) days after Buyer advises
    Seller of its objections, then Buyer and Seller shall jointly retain Neutral Auditors to resolve such dispute in a timely
    manner. Buyer and Seller shall cooperate with the Neutral Auditors during the term of their engagement and use their commercially
    reasonably efforts to cause the Neutral Auditors to resolve such dispute as soon as practicable. The Neutral Auditors determination
    will, absent manifest error or fraud, be final and binding upon the parties. The fees and expenses of the Neutral Auditors
    shall be borne equally by the Buyer and Seller.

 

    	 	 44.	 

    	 

    

 

	 	(iii)	Access.
    Seller will, and will cause its Affiliates to, (i) provide Buyer and its representatives with reasonable access during normal
    business hours, upon reasonable prior notice to Seller, to the books, records (including work papers, schedules, memoranda
    and other documents), supporting data, facilities and employees of the Seller for purposes of their reasonable review of the
    TMA Statement, and (ii) reasonably cooperate with Buyer and its representatives in connection with such review, including
    providing on a reasonably timely basis all other information necessary or useful in connection with such review as is reasonably
    requested by Buyer or its representatives; provided, however, that Seller shall not be required to permit any inspection or
    other access, or to disclose any information that in the good faith and commercially reasonable judgment of Seller would result
    in disclosure of any Consolidated Returns (other than a pro forma Tax Return for the applicable Acquired Companies).
	 	 	 
	 	(iv)	Payment.
    Within five (5) days from the date on which the TMA Statement and the Owed TMA Amounts are finalized, the Seller pay, or cause
    to be paid, to the relevant Acquired Company an amount in cash equal to the Owed TMA Amounts by wire transfer of immediately
    available funds to an account or accounts designated by Buyer.

 

9.5
Consolidated Return Matters. Notwithstanding anything else to the contrary, Seller shall (i) not make an election to
reattribute to Seller or any of its Affiliates any Tax attributes of the Acquired Companies pursuant to Treasury Regulation
Section 1.1502-36(d)(6)(i)(B) or (C) (or any analogous, comparable or similar provision of state, local or foreign Law), (ii)
make a proper election pursuant to Treasury Regulations Section 1.1502-95(c) to apportion all of any Code Section 382
limitations that apply to the loss subgroup consisting of the Company and the Subsidiaries, and each element thereof (the
value element, the adjustment element and the net unrealized built-in gain), to the Company’s loss subgroup (as such
terms are used in Treasury Regulations Section 1.1502-95(c)), and (iii) make an election under Treasury Regulation Section
1.1502-36(d)(6)(i)(A) (or any analogous, comparable or similar provision of state, local or foreign Law), in form and in
substance reasonably acceptable to Buyer, to reduce all or a portion of Seller’s basis in the stock of the Company if
and to the extent that the failure to make such an election would result in attribute reduction pursuant to Treasury
Regulation Section 1.1502-36(d) (or any analogous, comparable or similar provision of state, local or foreign Law). Seller
shall deliver to Buyer a copy of any election described in this Section 9.5, together with any relevant
attachments, worksheets and calculations prepared in connection therewith, on or prior to the due date of the U.S. federal
Income Tax Consolidated or Combined Return for the year in which such election is made; provided, however, that nothing in
this Agreement shall require Seller to provide or otherwise make available to Buyer, the Company or any of their Affiliates a
copy of any of Seller’s Consolidated Returns other than a pro forma Tax Return for the applicable Acquired
Companies.

 

    	 	 45.	 

    	 

    

 

9.6
Post-Closing Actions. After the Closing, except (a) to the extent any such action would not have a material impact
on or with respect to the Tax liabilities of the Company, or (b) as may otherwise be provided in this Article IX, Seller, in respect
of any Acquired Company, shall not without the prior written consent of Buyer (which consent shall not be unreasonably withheld,
conditioned or delayed) make or change any Tax elections or change any Tax accounting methods except as otherwise required by
Law.

 

9.7
Adjustment to Purchase Price. Any payment made pursuant to Article VIII or this Article IX shall be treated by Seller,
Buyer and their Affiliates as an adjustment to the consideration paid to Seller pursuant to this Agreement, and Seller, Buyer
and their Affiliates shall not take any position inconsistent therewith for any purpose.

 

Article
X

TERMINATION

 

10.1
Termination. This Agreement may be terminated at any time prior to the Closing (a) by the mutual written consent of
Buyer and Seller or (b) by either Buyer or Seller if (i) a breach of any provision of this Agreement has been committed by the
other party and such breach has not been cured within 30 days following receipt by the breaching party of written notice of such
breach, so long as the party seeking termination of this Agreement is not then in material breach of any of its representations,
warranties, covenants or agreements hereunder; (ii) there shall be any order, writ, injunction or decree of any Governmental Authority
binding on Seller or Buyer which prohibits or restrains Seller or Buyer from consummating the transactions contemplated in this
Agreement or the Ancillary Agreements and such order, writ, injunction or decree shall have become final and non-appealable; or
(iii) the Closing does not occur by September 14, 2018, and the failure to consummate the transactions contemplated hereby on
or before such date did not result from the failure by the party seeking termination of this Agreement to fulfill any undertaking
or commitment provided for herein that is required to be fulfilled prior to the Closing. Upon termination, all further obligations
of the parties under this Agreement shall terminate without liability of any party to the other parties to this Agreement, except
that no such termination shall relieve any party from liability for any fraud or willful breach of this Agreement.

 

10.2
Procedure and Effect of Termination. In the event of termination of this Agreement by either or both of Seller, on
the one hand, and Buyer, on the other hand, pursuant to Section 10.1 hereof, written notice thereof shall forthwith be given by
the terminating party to the other party hereto specifying the basis for such termination. This Agreement shall thereupon terminate
and become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the
parties hereto, and there shall be no Liability or obligation on the part of any of the parties or their respective officers,
directors or shareholders under this Agreement, except that the provisions of this Section 10.2 and Article XI hereof shall survive
the termination of this Agreement.

 

    	 	 46.	 

    	 

    

 

Article
XI

MISCELLANEOUS

 

11.1
Counterparts; Electronic Exchange. This Agreement may be executed in two or more counterparts (including by facsimile
or electronic means), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
This Agreement shall become effective when one or more counterparts have been signed by each party hereto and delivered to the
other parties hereto. The exchange of copies of this Agreement and of signature pages by facsimile transmission or other common
electronic medium shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu
of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or other common electronic medium
shall be deemed to be their original signatures for all purposes.

 

11.2
Governing Law; Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits
to the exclusive jurisdiction of the courts of the state courts of California and to the jurisdiction of the United States District
Court for the Northern District of California for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices
under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit,
action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying
of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT
TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
AS TO THIS WAIVER.

 

11.3
Entire Agreement; Amendment. This Agreement and the Ancillary Agreements, including all Schedules and Exhibits attached
hereto and thereto, constitute the entire contract between the parties and there are no understandings other than as expressed
in this Agreement and the Ancillary Agreements (other than the Tax Matters Agreement to the extent set forth herein). All Schedules
and Exhibits attached hereto are expressly incorporated into and made a part of this Agreement as fully as though completely set
forth herein in full. In the event of any conflict between the provisions of this Agreement and any Schedule or Exhibit, the provisions
of this Agreement will control. Capitalized terms used in the Schedules and Exhibits shall have the meanings assigned to them
in this Agreement. The Section references referred to in the Schedules are to sections of this Agreement, unless otherwise expressly
indicated. Any amendment or modification hereto shall be null and void unless made by amendment to this Agreement, and signed
by the parties affected by such amendment.

 

    	 	 47.	 

    	 

    

 

11.4
Expenses. Except as otherwise expressly provided in this Agreement or in the Ancillary Agreements, each party and their
respective Affiliates shall pay its own fees and expenses (including, without limitation, the fees of any attorneys, accountants,
investment bankers, brokers or others engaged by such party) incurred in connection with the preparation, negotiation, execution
and performance of this Agreement and any Ancillary Agreement and the transactions contemplated hereby.

 

11.5
Notices. Unless otherwise provided herein, any notice, approval or disapproval, request, instruction, other document
or communication to be given hereunder by any party to the other parties must be in writing and will be deemed given (a) if by
transmission, facsimile, electronic mail or hand delivery, when delivered (provided that such communications are concurrently
sent by mail in accordance with sub-clause (b) or (c) below); (b) if mailed via the official governmental mail system, five (5)
Business Days after mailing, provided said notice is sent first class, postage pre-paid, via certified or registered mail, with
a return receipt requested; or (c) if mailed by an internationally recognized overnight express mail service such as Federal Express,
UPS, or DHL Worldwide, one (1) Business Day after deposit therewith prepaid. All notices will be addressed to the parties at the
respective addresses as follows:

 

If
to Seller (or Company prior to Closing):

BioTime, Inc.

1010 Atlantic Avenue, #102

Alameda, California

Email: legal@biotimeinc.com

Attention: General Counsel

 

with
a mandatory copy (which shall not constitute notice) to:

Cooley LLP

3175 Hanover

Palo Alto, California 94304

Email: gsato@cooley.com

Attention: Glen Sato

 

If
to Buyer (or Company after Closing):

Juvenescence Limited

4th Floor, Viking House

Nelson Street, Douglas

Isle of Man, IM1 2AH

Email: greg@juvenescence.com

Attention: Greg Bailey, M.D.

 

    	 	 48.	 

    	 

    

 

with
a mandatory copy (which shall not constitute notice) to:

Locke Lord LLP

2800 Financial Plaza

Providence, Rhode Island 02903

Email: douglas.gray@lockelord.com

Attention: Douglas Gray

 

or
to such other representative or at such other address of a party as such party hereto may furnish to the other parties in writing
in accordance with this Section 11.5.

 

11.6
Assignment; Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns; provided, however, that, except as expressly provided herein, no party
hereto shall transfer, delegate, subcontract, or assign any of its rights or obligations under this Agreement without first obtaining
the written consent of the other parties. Any purported assignment, delegation, subcontracting, or transfer in violation of this
Section 11.6 shall be void.

 

11.7
Headings; Definitions. Captions, titles and headings to articles, sections or paragraphs of this Agreement are inserted
for convenience of reference only and shall not affect the construction or interpretation of this Agreement. All references in
this Agreement to “Article”, “Section” or “Paragraph” refer to the corresponding articles,
sections or paragraphs of this Agreement unless otherwise stated and, unless the context otherwise specifically requires, refer
to all subsections or subparagraphs thereof. All references in this Agreement to a “party” or “parties”
refer to the parties signing this Agreement. Whenever the words “include”, “includes” or
“including” are used in this Agreement they will be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein” and “herewith” and words of similar import
will, unless otherwise stated, be construed to refer to this Agreement (including the Schedules and Exhibits) as a whole and not
to any particular provision of this Agreement. The meaning assigned to each term used in this Agreement will be equally applicable
to both the singular and the plural forms of such term, and words denoting any gender will include all genders. Where a word or
phrase is defined herein, each of its other grammatical forms will have a corresponding meaning.

 

11.8
Representation of Parties. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event that an ambiguity or question of intent or interpretation arises, this Agreement will be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement.

 

11.9
No Third-Party Beneficiaries. Nothing in this Agreement, except as may be expressly set forth in any of the Ancillary
Agreements, is intended or shall be construed to give any Person, other than the signatory parties hereto, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any Ancillary Agreement or any provision contained herein.

 

    	 	 49.	 

    	 

    

 

11.10
Cumulative Remedies. All remedies under this Agreement shall be cumulative and nonexclusive of each other.

 

11.11
Waiver. Any waiver of any failure to comply with any obligation, covenant, agreement or condition under this Agreement
must be in writing and signed by the parties. Any waiver or failure to insist upon strict compliance with any obligation, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Except
as otherwise provided herein, the parties agree that no complete or partial delay or omission to exercise any right, power or
remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any
such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter occurring.

 

11.12
Severability. In the event that a court or arbitral body of competent jurisdiction holds any provision of this Agreement
invalid, illegal or unenforceable, such decision shall not affect the validity or enforceability of any of the other provisions
of this Agreement, which other provisions shall remain in full force and effect, and the application of such invalid, illegal
or unenforceable provision to Persons or circumstances other than those as to which it is held invalid, illegal or unenforceable
shall be valid and be enforced to the fullest extent permitted by Law. To the extent permitted by applicable Law, each party waives
any provision of Law that renders any provision of this Agreement invalid, illegal or unenforceable in any respect.

 

11.13
Dollar References. All dollar references in this Agreement and any Ancillary Agreement are to the currency of the United
States.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	 50.	 

    	 

    

 

IN
WITNESS WHEREOF, this Stock Purchase Agreement has been signed by or on behalf of each of the parties as of the day first above
written.

 

	 	SELLER
	 	 
	 	BioTime,
    Inc.,
	 	a
    California corporation
	 	 	        
	 	By:	/s/ Aditya
                                         P. Mohanty

	 	Name:	Aditya
    P. Mohanty
	 	Its:	Co-CEO

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Stock Purchase Agreement has been signed by or on behalf of each of the parties as of the day first above
written.

 

	 	BUYER
	 	 
	 	Juvenescence
    Limited,
	 	a
    business corporation organized under the laws of the British Virgin Islands
	 	 	           
	 	By:	/s/
    Gregory Bailey
	 	Name:
    	Gregory
    Bailey
	 	Its:
    	CEO

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Stock Purchase Agreement has been signed by or on behalf of each of the parties as of the day first above
written.

 

	 	COMPANY
	 	 
	 	AgeX
    Therapeutics, Inc.,
	 	a
    Delaware corporation
	 	 	           
	 	By:	/s/
    Michael D. West
	 	Name:
    	Michael
    D. West
	 	Its:
    	Chief
    Executive Officer

 

    	 

    	 

    

 

Exhibit
A

 

Convertible
Promissory Note

 

    	 

     

    

 

Exhibit
B

 

Shareholder
AgreementExecution
Version

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR UNDER APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES
WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER CONTAINED IN THE STOCK
PURCHASE AGREEMENT, DATED AUGUST 30, 2018, BY AND AMONG THE COMPANY, HOLDER AND AGEX (AS SUCH PARTIES ARE HEREINAFTER DEFINED)
(AS AMENDED, AMENDED AND RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “PURCHASE AGREEMENT”),
AND ANY TRANSFER OR ATTEMPT TO TRANSFER THIS NOTE OR THE EQUITY SECURITIES REPRESENTED BY THIS NOTE OTHER THAN IN COMPLIANCE WITH
THE PURCHASE AGREEMENT SHALL BE NULL, VOID AND OF NO FORCE OR EFFECT.

 

ANY
TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING, WITHOUT LIMITATION, SECTION 5 HEREOF. THE PRINCIPAL
AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS
SET FORTH ON THE FACE HEREOF.

 

JUVENESCENCE
LIMITED

 

CONVERTIBLE
PROMISSORY NOTE

 

	 	Amount:
    $21,600,000.00	Date:
    August 30, 2018	 

 

FOR
VALUE RECEIVED, Juvenescence Limited, a British Virgin Islands company (the “Company”) promises to pay to BioTime,
Inc., a California corporation, or its registered assigns (“Holder”), in lawful money of the United States
of America the principal sum of Twenty-One Million Six Hundred Thousand Dollars ($21,600,000.00), or such lesser amount as shall
equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this
“Note”) on the unpaid principal balance at a rate equal to 7% per annum, computed on the basis of the actual
number of days elapsed and a year of 360 days. All unpaid principal, together with any then unpaid and accrued interest and other
amounts payable hereunder, shall be due and payable (unless this Note or any such amount payable hereunder is otherwise converted
to equity securities of the Company pursuant to the terms and conditions of this Note) on the earlier of (i) the second anniversary
of the date of this Note (the “Maturity Date”) and (ii) when, upon the occurrence and during the continuance
of an Event of Default, such amounts are declared due and payable by Holder or made automatically due and payable, in each case,
in accordance with the terms hereof. This Note is issued pursuant to and in accordance with the Purchase Agreement.

 

    	-1-

    	 

    

 

The
following is a statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder, by the
acceptance of this Note, agrees:

 

1.
Payments.

 

(a)
Interest. Accrued interest on this Note shall be payable at maturity.

 

(b)
No Voluntary Prepayment. Company may not prepay this Note, in whole or in part, without the prior written consent of Holder.

 

(c)
Conversion Option – Preferred Shares.

 

(i)
Upon the Maturity Date, to the extent the outstanding principal amount of this Note, plus all accrued and unpaid interest, has
not otherwise been converted into equity securities pursuant to Section 4, Holder may, at its option, upon written notice
to the Company delivered no later than ten (10) days prior to the Maturity Date, elect to convert the due and payable amount under
this Note, in full but not in part, into Preferred Shares.

 

(ii)
All amounts converted by Holder into Preferred Shares pursuant to Section 1(c)(i) shall be deemed effective as of the date
of written notice to the Company and convert at a purchase price of $15.60 per Preferred Share. No fractional Preferred Shares
shall be issued and fractional amounts shall be paid in cash in connection with the conversion pursuant to Section 4(b)(ii).

 

2.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

 

(a)
Failure to Pay. The Company shall fail to pay (i) when due any principal or interest payment on the due date hereunder
or (ii) any other payment required under the terms of this Note on the date due and such payment shall not have been made within
three (3) business days of the Company’s receipt of written notice to the Company of such failure to pay; or

 

(b)
Failure to Effect Conversion. The Company shall fail to effect the conversion of the due and payable amount under the Note
into Preferred Shares pursuant to Section 1(c).

 

(c)
Breaches of Covenants. The Company shall fail to observe or perform any other covenant, obligation, condition or agreement
contained in this Note or the Purchase Agreement (other than those specified in Section 2(a) and (b)) and such failure
shall continue for ten (10) business days after the Company’s receipt of written notice to the Company of such failure;
or

 

(d)
Other Payment Obligations. Defaults shall exist under any agreements of the Company with any third party or parties which
consists of the failure to pay when due any indebtedness of the Company for borrowed money or other payment obligations of the
Company (whether at scheduled maturity, by acceleration or otherwise) in an aggregate amount in excess of Two Million Dollars
($2,000,000.00); or

 

(e)
Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver,
trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability
to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv)
be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief
with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent
to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other
proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

    	-2-

    	 

    

 

(f)
Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or
custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings
seeking liquidation, reorganization or other relief with respect to the Company or any of its subsidiaries, if any, or the debts
thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief
entered or such proceeding shall not be dismissed or discharged within 45 days of commencement.

 

3.
Rights of Holder upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described
in Sections 2(e) or 2(f)) and at any time thereafter during the continuance of such Event of Default, Holder may,
by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and
payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the Purchase Agreement to the contrary notwithstanding. Upon the occurrence of any Event of Default described
in Sections 2(e) or 2(f), immediately and without notice, all outstanding Obligations payable by the Company hereunder
shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in the Purchase Agreement to the contrary notwithstanding.
In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Holder may exercise
any other right, power or remedy granted to it by this Note, the Purchase Agreement, or otherwise permitted to it by law, either
by suit in equity or by action at law, or both.

 

4.
Conversion.

 

(a)
Mandatory Conversion. If a Qualified Initial Public Offering occurs on or prior to the Maturity Date, then the outstanding
principal amount of this Note and all accrued and unpaid interest on this Note shall automatically convert upon the consummation
of such Qualified Public Offering into a number of fully paid and nonassessable Ordinary Shares equal to (X) the amount of the
outstanding principal amount of this Note, plus all accrued and unpaid interest hereunder, divided by (Y) the per-share
price to the public of the Ordinary Shares sold in the Qualified Initial Public Offering; provided, that if at the time
of the consummation of the Qualified Initial Public Offering, the common stock of AgeX is listed on a Specified Trading Market,
then the number of Ordinary Shares issued upon the conversion of this Note under this Section 4 shall be further multiplied
by the Trading Ratio.

 

(b)
Conversion Procedure.

 

(i)
Conversion Procedure Generally. If this Note is to be converted pursuant to Section 4, written notice shall be delivered
to Holder at the address last shown on the records of the Company for Holder or given by Holder to the Company in writing for
the purpose of notice, notifying Holder of the conversion to be effected, specifying the applicable conversion price, the principal
amount of the Note to be converted, together with all accrued and unpaid interest, the date on which such conversion is expected
to occur and calling upon Holder to surrender to the Company, in the manner and at the place designated, the Note. In connection
with such conversion, Holder hereby agrees to execute and deliver to the Company and the underwriters in the Qualified Initial
Public Offering, to the extent requested by such underwriters, a lock-up agreement having terms consistent with those entered
into by the founders of the Company on the most favorable terms applicable to any such founders. The Company shall, as soon as
practicable after surrender of this Note (or delivery of notice of loss, theft or distribution and acceptable indemnity agreement),
issue and deliver to Holder a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for
the number of shares to which Holder shall be entitled upon such conversion, which certificates may bear appropriate United States
restrictive legends under the Act. Any conversion of this Note pursuant to a Qualified Initial Public Offering shall be deemed
to have been made immediately prior to the closing of such offering, and on and after such date the Person entitled to receive
the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares.

 

    	-3-

    	 

    

 

(ii)
Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this
Note. The number of Ordinary Shares or Preferred Shares, as the case may be, to be delivered upon the conversion of this Note
shall be rounded down to the nearest whole share, and the Company shall have no obligation to pay Holder for any fraction of an
Ordinary Share or Preferred Share, as the case may be, forfeited as a result of such rounding. Upon conversion of this Note in
full, the Company shall be forever released from all its obligations and liabilities under this Note and this Note shall be deemed
of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation.

 

5.
Indemnification Offset. The outstanding principal on this Note, and the amount of outstanding accrued but unpaid
interest hereunder, is subject to reduction through the cancellation of principal and accrued interest in order to satisfy certain
indemnification claims under the Purchase Agreement in accordance with Section 8.3(a)(iv) of the Purchase Agreement. In such event,
Holder may (and Holder will, upon the written request of the Company) surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver to Holder a new Note representing the outstanding principal amount remaining, and Holder and
the Company shall execute such other instruments as may be reasonably requested by the other party in order to reflect the remaining
principal and accrued interest outstanding under the Note after giving effect to such adjustments.

 

6.
Definitions. As used in this Note, the following capitalized terms have the following meanings:

 

“AgeX”
means AgeX Therapeutics, Inc., a Delaware corporation.

 

“Event
of Default” has the meaning given in Section 2 hereof.

 

“Holder”
shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered
holder of this Note.

 

“Obligations”
as of any time shall mean the entire unpaid principal balance outstanding under this Note, plus all previously accrued and unpaid
interest, all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind
and description, then existing or thereafter arising under or pursuant to the terms of this Note, including, all interest, fees,
charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company
hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due.

 

“Ordinary
Shares” shall mean the ordinary shares, nil par value, of the Company, having the rights and privileges set forth in
the Company’s Memorandum and Articles of Association; provided, that if the Company issues equity securities of a
different class of capital stock in a Qualified Initial Public Offering, then references in this Note to Ordinary Shares shall
be read to refer to shares of such other class of capital stock of the Company.

 

“Person”
shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited
liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

“Preferred
Shares” shall mean the Series A Preferred Shares, nil par value, of the Company having the rights and preferences outlined
in the Company’s Memorandum and Articles of Association. In the event that all outstanding Preferred Shares shall convert
or shall have converted into, or shall have been exchanged for, any other class or equity securities of the Company (including
Common Shares), references to Preferred Shares in this Note shall be read to refer to such number of shares of capital stock into
which the applicable number of Preferred Shares shall have been converted (or for which such Preferred Shares shall have been
exchanged) at the applicable conversion or exchange ratio.

 

    	-4-

    	 

    

 

“Qualified
Initial Public Offering” shall mean the closing of the Company’s first firm commitment underwritten initial public
offering of the Company’s Ordinary Shares pursuant to a registration statement filed under the Securities Act or, if outside
the United States, pursuant to the laws of a foreign jurisdiction and resulting in the listing of the Company’s Ordinary
Shares on a “designated offshore securities market” as defined in Section 902(b) under the Act, in either case resulting
in gross proceeds to the Company of not less than Fifty Million Dollars ($50,000,000).

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Specified
Trading Market” shall mean the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE American.

 

“Trading
Ratio” shall mean a fraction, not less than 1.0, the numerator of which is the volume-weighted average trading price
of one share of AgeX’s common stock on its principal Specified Trading Market for the twenty (20) trading days prior to
the pricing of the Qualified Initial Public Offering (or such shorter number of days during which the common stock of AgeX shall
have been listed on a Specified Trading Market), and the denominator of which shall be $3.00.

 

7.
Miscellaneous.

 

(a)
Successors and Assigns; Transfer of this Note or Securities Issuable on Conversion Hereof; Notice of Bad Actor Status.

 

(i)
Subject to the restrictions on transfer described in this Section 7(a) and in Section 5.5 of the Purchase Agreement, the
respective rights and Obligations of the Company and Holder shall be binding upon and benefit the successors, assigns, heirs,
administrators and transferees of the parties (including, in the case of the Company, any successor corporation or other entity).

 

(ii)
Permitted transfers of this Note shall be registered upon registration books maintained for such purpose by or on behalf of the
Company. Prior to presentation of this Note for registration of transfer, the Company shall treat the registered holder hereof
as the owner and holder of this Note for the purpose of receiving all payments hereon and for all other purposes whatsoever.

 

(iii)
Holder will promptly notify the Company in writing if Holder or, to Holder’s knowledge, any person specified in Rule 506(d)(1)
under the Securities Act becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act.

 

(b)
Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company
and the Holder.

 

(c)
Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder
shall be in writing and faxed, mailed, e-mailed or delivered to each party at the respective addresses of the parties as set forth
in the Purchase Agreement, or at such other address or facsimile number as the Company shall have furnished to Holder in writing.
All such notices and communications will be deemed effectively given the earlier of (i) if by transmission, facsimile, electronic
mail or hand delivery, when delivered (provided that such communications are concurrently sent by mail in accordance with sub-clause
(ii) or (iii) below); (ii) if mailed via the official governmental mail system, five (5) Business Days after mailing, provided
said notice is sent first class, postage pre-paid, via certified or registered mail, with a return receipt requested; or (iii)
if mailed by an internationally recognized overnight express mail service such as Federal Express, UPS, or DHL Worldwide, one
(1) Business Day after deposit therewith prepaid. In the event of any conflict between the Company’s books and records and
this Note or any notice delivered hereunder, the Company’s books and records will control absent fraud or error.

 

    	-5-

    	 

    

 

(d)
Payment. Unless converted into the Company’s equity securities pursuant to the terms hereof, payment shall be made
in lawful tender of the United States.

 

(e)
Usury. In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then
that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment
of principal and applied against the principal of this Note.

 

(f)
Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment
or dishonor and all other notices or demands relative to this instrument.

 

(g)
Governing Law. This Note shall be governed by, and construed in accordance with, the internal laws of the State of New
York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction
of the courts of the State of New York located in New York County and the United States District Court for the Southern District
of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Note and the transactions
contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto
anywhere in the world by the same methods as are specified for the giving of notices under this Note. Each of the parties hereto
irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in
such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought
in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum.

 

(h)
Waiver of Jury Trial; Judicial Reference. BY ACCEPTANCE OF THIS NOTE, HOLDER WAIVES ANY RIGHT TO REQUEST A TRIAL BY
JURY IN ANY LITIGATION WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

(i)
Counterparts. This Note may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Note.

 

(Signature
Page Follows)

 

    	-6-

    	 

    

 

The
Company has caused this Convertible Promissory Note to be issued as of the date first written above.

 

	 	 	JUVENESCENCE
    LIMITED
	 	 	a British Virgin Islands company
	 	 	 	 
	 	 	By:	/s/
    Gregory Bailey
	 	 	Name:	Gregory
                                         Bailey

	 	 	Title:	CEO

 

	HOLDER:	 	 
	 	 	 
	BIOTIME,
    INC.	 	 
	a Delaware
    corporation	 	 
	 	 	 	 
	By:	/s/
    Aditya P. Mohanty	 	 
	Name:	Aditya
    P. Mohanty	 	 
	Title:	Co-CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]