Document:

Exhibit 10.9

 

CENTURY
THERAPEUTICS, INC.

 

2021
EMPLOYEE STOCK PURCHASE PLAN

 

1.            Purpose.
The purpose of the Century Therapeutics, Inc. 2021 Employee Stock Purchase Plan is to provide employees of the Company and its Participating
Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of shares of Common Stock. The
Company intends that the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code, and the Plan
shall be interpreted in a manner that is consistent with that intent.

 

2.            Definitions.

 

“Board” means the Board of Directors
of the Company, as constituted from time to time.

 

“Code” means the U.S. Internal
Revenue Code of 1986, as amended. Any reference to a section of the Code shall be deemed to include any regulations promulgated thereunder.

 

“Committee” means the Compensation
Committee of the Board.

 

“Common Stock” means the common
stock of the Company, par value $0.001 per share.

 

“Company” means Century Therapeutics, Inc.,
a Delaware corporation, including any successor thereto.

 

“Compensation” means base salary
and base wages, including compensation for overtime, paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation
for services to the Company or Participating Subsidiary, before deduction for any contributions from salary or wages made by the Eligible
Employee to any tax-qualified or nonqualified deferred compensation plan, cafeteria plan or similar arrangement.

 

“Corporate Transaction” means
a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424
of the Code.

 

“Designated Broker” means the
financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased
shares of Common Stock under the Plan.

 

“Effective Date” means the Public
Trading Date, provided that the Board has adopted the Plan prior to such date and subject to the Plan obtaining shareholder approval in
accordance with Section 19.10.

 

“Employee” means any person
who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship with such employer.
For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave,
sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation
Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time

 

     

     

    

 

specified in Treasury
Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed by statute or contract, the
employment relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such other
period specified in Treasury Regulation Section 1.421-1(h)(2).

 

“Eligible Employee” means an
Employee who is customarily employed for at least twenty (20) hours per week. Notwithstanding the foregoing, the Committee may exclude
from participation in the Plan or from any Offering, Employees who are (x) “highly compensated employees” of the Company
or a Participating Subsidiary (within the meaning of Section 414(q) of the Code) or a sub-set of such highly compensated employees,
or (y) citizens or residents of a foreign jurisdiction where the grant of an option under the Plan to such Employee would be prohibited
under the laws of such foreign jurisdiction or the grant of an option under the Plan to such Employee in compliance with the laws of such
foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Committee
in its sole discretion.

 

“Enrollment Form” means an agreement
pursuant to which an Eligible Employee may elect to enroll in the Plan, authorize a new level of payroll deductions, or stop payroll deductions
and withdraw from an Offering Period.

 

“ESPP Share Account” means an
account into which Common Stock purchased with accumulated payroll deductions at the end of an Offering Period are held on behalf of a
Participant.

 

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

 

“Fair Market Value” means, as
of any date, (i) if the shares are listed on any established stock exchange or a national market system, including, without limitation,
the New York Stock Exchange or the Nasdaq Stock Market, the closing price of a share of Common Stock (or if no sales were reported, the
closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported
in The Wall Street Journal, or (ii) in the absence of an established market for the shares, an amount determined in good faith by
the Committee, with such determination conclusive and binding on all persons.

 

“Offering” means the grant of
rights to an Eligible Employee to purchase shares of Common Stock during an Offering Period in accordance with the Plan.

 

“Offering Date” means the first
Trading Day of each Offering Period, as designated by the Committee.

 

“Offering Period” means a period
of six (6) months beginning on January 1st and July 1st of each year; provided that, pursuant
to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven
(27) months) and/or the start and end dates of future Offering Periods.

 

“Participant” means an Eligible
Employee who is actively participating in the Plan.

 

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“Participating Subsidiaries”
means the Subsidiaries that the Committee has designated as eligible to participate in the Plan, and such other Subsidiaries that may
be designated by the Committee from time to time in its sole discretion.

 

“Plan” means this Century Therapeutics, Inc.
2021 Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.

 

“Public Trading Date” shall
mean the first date upon which the Common Stock is listed (or approved for listing) upon notice of issuance on any securities exchange
or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system.

 

“Purchase Date” means the last
Trading Day of each Offering Period.

 

“Purchase Price” means an amount
equal to the lesser of (i) eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date and
(ii) eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Purchase Date; provided that, the
Purchase Price per share of Common Stock will in no event be less than the par value of the Common Stock.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Subsidiary” means any corporation,
domestic or foreign, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of the determination,
each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in the chain; provided, however, that a limited liability
company or partnership may be treated as a Subsidiary to the extent that either (i) such entity is treated as a disregarded entity
under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being
the sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and
such entity would otherwise qualify as a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary shall be made
in accordance with Section 424(f) of the Code.

 

“Trading Day” means any day
on which the national stock exchange upon which the Common Stock is listed is open for trading or, if the Common Stock is not listed on
an established stock exchange or national market system, a business day, as determined by the Committee in good faith.

 

3.            Administration.
The Committee shall administer the Plan and shall have the authority to construe and interpret the Plan, prescribe, amend and rescind
rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the
Plan, and to ensure compliance with Section 423 of the Code and other applicable law. The

 

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Committee’s decisions shall be final
and binding on all persons. All expenses of administering the Plan shall be borne by the Company.

 

4.            Eligibility.

 

4.1.            Unless
otherwise determined by the Committee in a manner consistent with Section 423 of the Code, any individual who is an Eligible Employee
as of the first day of the enrollment period designated by the Committee for a particular Offering Period shall be eligible to participate
in such Offering Period, subject to requirements under Section 423 of the Code.

 

4.2.            Notwithstanding
any provision of the Plan to the contrary, (i) no Eligible Employee shall be granted an option under the Plan if immediately after
the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant
to Section 424(d) of the Code) would own capital stock of the Company or hold outstanding options to purchase stock possessing
5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary, and (ii) in accordance
with Section 423(b)(8) of the Code, no Eligible Employee shall be granted an option under the Plan to the extent such option
would permit his or her rights to purchase stock under the Plan and all other employee stock purchase plans of the Company and any Subsidiary
to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the option is granted) for each
calendar year in which the option is outstanding.

 

5.            Offering
Periods. The Plan shall be implemented by a series of Offering Periods, commencing at such time as determined by the Committee. The
Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods.

 

6.            Participation.

 

6.1.            Enrollment
and Payroll Deductions. An Eligible Employee may elect to participate in the Plan by completing an Enrollment Form and submitting
it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary.
By submitting an Enrollment Form, an Eligible Employee authorizes payroll deductions from his or her pay check in an amount equal to
(i) a whole percentage of his or her Compensation (no less than 1% and no greater than 15%
(or such other maximum percentage as the Committee may establish from time to time before an Offering
Period begins)) or (ii) a fixed dollar amount, in each case, on each pay day occurring during an Offering Period. Payroll deductions
shall commence on the first payroll date following the Offering Date and end on the last payroll date on or before the Purchase Date.
The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on payroll deductions or to
hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any
separate contributions or payments to the Plan.

 

6.2.            Election
Changes. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions applicable to such
Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new

 

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rate of payroll
deductions at least fifteen (15) days before the Purchase Date. Any such change of payroll deductions during an Offering Period shall
be effective with the first full payroll period that commences at least five (5) business days after the Company’s receipt
of the Participant’s new Enrollment Form. A Participant may decrease or increase his or her rate of payroll deductions for future
Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before
the start of the next Offering Period.

 

6.3.            Automatic
Re-Enrollment. The deduction rate selected by a Participant in an Enrollment Form shall remain in effect for subsequent Offering
Periods, unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance
with Section 6.2, (ii) withdraws from the Plan in accordance with Section 10, or (iii) terminates employment
or otherwise becomes ineligible to participate in the Plan.

 

7.            Grant
of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the
Purchase Date, a number of shares of Common Stock determined by dividing the Participant’s accumulated payroll deductions during
the Offering Period by the applicable Purchase Price (rounded down to the nearest whole share of Common Stock); provided that in
no event shall any Participant purchase more than 5,000 shares of Common Stock during an Offering Period (subject to adjustment in accordance
with Section 18 and the limitations set forth in Section 13).

 

8.            Exercise
of Option/Purchase of Shares. A Participant’s option to purchase shares of Common Stock will be exercised automatically on the
Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number
of whole shares of Common Stock that can be purchased with the amounts in the Participant’s notional account. No fractional shares
may be purchased.

 

9.            Transfer
of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant
of the shares of Common Stock purchased upon exercise of his or her option. The Committee may permit or require that the shares of Common
Stock be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require
that the shares of Common Stock be retained with such Designated Broker for a specified period of time. Participants will not have any
voting, dividend or other rights of a shareholder with respect to the shares of Common Stock subject to any option granted hereunder until
such shares have been delivered pursuant to this Section 9.

 

10.            Withdrawal.

 

10.1.            Withdrawal
Procedure. A Participant may withdraw from an Offering by submitting a revised Enrollment Form to the Committee indicating his
or her election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of
a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to the Participant
promptly following receipt

 

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of the Participant’s Enrollment Form indicating his or her election to withdraw and the Participant’s
option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during
any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1.

 

10.2.            Effect
on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have any effect upon his
or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which
the Participant withdraws.

 

11.            Termination
of Employment; Change in Employment Status. Upon termination of a Participant’s employment for any reason, including death,
disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible
Employee, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant’s notional
account that have not been used to purchase shares of Common Stock shall be returned to the Participant, or in the case of the Participant’s
death, to the person(s) entitled to such amounts under Section 17, and the Participant’s option shall be automatically
terminated.

 

12.            Interest.
No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

 

13.            Shares
Reserved for Plan.

 

13.1.            Number
of Shares. A total of 564,071 shares of Common Stock have been authorized and reserved for issuance under the Plan. In addition to
the foregoing, subject to prior approval by the Board in each instance, on or about January 1, 2022 and on each anniversary of such
date thereafter prior to the termination of the Plan, the number of shares of Common Stock authorized and reserved for issuance under
the Plan shall be increased by a number of shares of Common Stock equal to the lesser of (i) 1,128,142 shares of Common Stock, (ii) 1%
of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year, and (iii) such smaller number
of shares of Common Stock as determined by the Board. Such shares of Common Stock may be newly issued shares, treasury shares or shares
acquired on the open market.

 

13.2.            Over-Subscribed
Offerings. The number of shares of Common Stock which a Participant may purchase in an Offering under the Plan may be reduced if the
Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase shares of Common Stock which, if
added together with the total number of shares of Common Stock purchased by all other Participants in such Offering, would exceed the
total number of shares of Common Stock remaining available under the Plan. If the Committee determines that, on a particular Purchase
Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock
then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining

 

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available for purchase
in as uniform a manner as practicable and as the Committee determines to be equitable.

 

14.            Transferability.
No payroll deductions credited to a Participant or any rights with respect to the exercise of an option or any rights to receive Common
Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant, other than by will, the
laws of descent and distribution, or as provided in Section 17. Any attempt to assign, transfer, pledge or otherwise dispose
of such rights or amounts shall be without effect.

 

15.            Application
of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose
to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.

 

16.            Statements.
Upon request by a Participant, he or she will be provided with a statement which shall set forth the contributions made by the Participant
to the Plan, the Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common Stock purchased,
and any payroll deduction amounts remaining in the Participant’s notional account.

 

17.            Designation
of Beneficiary. A Participant may file a written designation of beneficiary who is to receive any cash withheld through payroll deductions
and credited to the Participant’s notional account in the event of the Participant’s death prior to the Purchase Date of an
Offering Period.

 

18.            Adjustments;
Dissolution or Liquidation; Corporate Transactions.

 

18.1.            Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Common Stock, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, or exchange of Common Stock or other securities
of the Company, or other change in the Company’s structure affecting the Common Stock occurs, then in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner
as it deems equitable, adjust the number of shares and class of Common Stock that may be delivered under the Plan, the Purchase Price
per share and the number of shares of Common Stock covered by each outstanding option under the Plan, and the numerical limits of Section 7
and Section 13.

 

18.2.            Dissolution
or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company,
any Offering Period then in progress will be shortened by setting a new Purchase Date that occurs before the date of the Company’s
proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which
may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless
before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

 

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18.3.            Corporate
Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or an equivalent option substituted
by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or
substitute the option, the Offering Period with respect to which the option relates will be shortened by setting a new Purchase Date that
occurs before the date of the Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each Participant with
written notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically
on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

 

19.            General
Provisions.

 

19.1.            Equal
Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code,
all Eligible Employees who are granted options under the Plan shall have the same rights and privileges.

 

19.2.            No
Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue
as an Employee or in any other capacity.

 

19.3.            Rights
as Shareholder. A Participant will become a shareholder with respect to the shares of Common Stock that are purchased pursuant to
options granted under the Plan when the shares are transferred to the Participant’s ESPP Share Account.

 

19.4.            Successors.
The Plan shall be binding on the Company and its successors.

 

19.5.            Compliance
with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws
and regulations. Common Stock shall not be issued with respect to an option granted under the Plan unless the issuance and exercise of
such option, and the issuance and delivery of the shares of Common Stock pursuant thereto, shall comply with all applicable provisions
of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the
shares may then be listed.

 

19.6.            Notice
of Disqualifying Dispositions. Each Participant shall give the Company prompt written notice of any disposition or other transfer
of shares of Common Stock acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made
within two years after the Offering Date or within one year after the Purchase Date.

 

19.7.            Term
of Plan. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 19.8,
shall have a term of ten (10) years.

 

19.8.            Amendment
or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If
the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once shares of Common
Stock have been purchased on the next Purchase Date (which may, in the

 

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discretion of the Committee, be accelerated) and all amounts that
have not been used to purchase shares of Common Stock will then be returned to Participants.

 

19.9.            Applicable
Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of the
Plan, without regard to such state’s conflict of law rules.

 

19.10.            Shareholder
Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date
the Plan is adopted by the Board.

 

19.11.            Section 423
of the Code. The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Code and will be interpreted
accordingly; provided that the Company does not guarantee any particular tax treatment with respect to an option granted under
this Plan.

 

19.12.            Withholding.
To the extent required by applicable federal, state or local law, a Participant must make arrangements satisfactory to the Company for
the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the Company may, but shall
not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding
obligations.

 

19.13.            Severability.
If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

 

19.14.            Headings.
The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

 

    -9-Exhibit 10.33

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This Executive Employment
Agreement (the “Agreement”), dated May 26, 2021, is made and entered into by and between CENTURY THERAPEUTICS, INC.,
a Delaware corporation (the “Company”) and LUIS BORGES (“Executive”), and will become effective
on the first date that the Company’s common stock is traded on a national stock exchange or national market system (the “Effective
Date”).

 

Introduction

 

WHEREAS, Executive is currently
employed by the Company as its Chief Scientific Officer  in accordance with the terms and conditions of that certain offer letter by and between the Company and Executive dated February 15, 2019 (the “Prior Agreement”); and

 

WHEREAS, the parties desire
to replace the Prior Agreement with this Agreement, effective as of the Effective Date.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties
agree as follows:

 

1.             Position.
Executive will serve as the Chief Scientific Officer of the Company and will report directly to the Chief Executive Officer
of the Company or his or her delegate. In addition to performing the duties and responsibilities associated with that position, from
time to time the Company may assign to Executive other duties and responsibilities reasonable and consistent with such position. Executive
agrees to devote his full business time and best efforts to the performance of his duties and to the furtherance of the Company’s
interests. Executive also agrees that during his employment with the Company, he will not engage in any other employment, consulting
or business services without the written consent of the Company; provided, however, that without such consent, Executive may engage in
charitable or public service, so long as such activities do not interfere with the performance of his duties and obligations to the Company.

 

2.             Term. Executive’s employment pursuant to this Agreement will commence on the Effective Date and will continue
until terminated in accordance with Section 8 hereof. Notwithstanding the foregoing, if the Company’s common stock has not
commenced trading on a national stock exchange or national market system on or prior to December 31, 2022, this Agreement shall be null
and void.

 

3.             Place
of Performance. Executive will perform services hereunder at the principal executive offices of the Company in a location to
be determined by the board of directors of the

 

     
 

     

    

 

 Company (the “Board”); provided, however, that Executive may be
required to travel from time to time for business purposes.

 

4.             Salary. This is a full-time exempt position. The Company will pay Executive a salary at an annual rate of $430,700
(“Base Salary”), payable in accordance with the Company’s standard payroll schedule and subject to applicable
deductions and withholdings. The Base Salary shall be reviewed on an annual basis by the Compensation Committee of the Board (the “Committee”)
and may be adjusted from time to time by the Committee.

 

5.           
Annual Bonus. For each calendar year ending during his employment, Executive will have the opportunity to earn an
annual bonus with a target amount of 40% of the Base Salary in effect at the end of the applicable year (the “Target
Bonus”). The actual bonus payable to Executive, if any,
with respect to any year may be more or less than the Target Bonus and will be determined by the Committee, in its sole discretion, based
on the achievement of corporate and/or personal objectives established by the Committee. Except as
otherwise provided herein or determined by the Committee, payment of any otherwise earned bonus will be conditioned on Executive’s
continued service through the date that annual bonuses are paid to the Company’s executive officers generally with respect to the
applicable year.

 

6.            
Equity Incentives. Executive may receive additional equity awards, at times and on terms determined by the Committee
in its discretion.

 

7.             Benefits; Business Expenses.

 

(a)           Executive shall be entitled to participate in Company benefit plans that are generally available to other employees of the Company
of similar rank and tenure, in accordance with and subject to the terms and conditions of such plans, as in effect from time to time.

 

(b)           The
Company will pay or reimburse Executive for all reasonable business expenses incurred or paid by Executive in the performance of his
duties and responsibilities for the Company in accordance with the expense reimbursement policies of the Company, as may be amended from
time to time.

 

8.             Termination.

 

(a)           Executive’s
employment hereunder shall terminate on the earliest of: (i) on the date set forth in a written notice to Executive from the Board
that Executive’s employment with the Company has been or will be terminated, (ii) on the date not less than 30 days following
written notice from Executive to the Company that Executive is resigning from the Company, (iii) on the date of Executive’s
death, or (iv) on the date set forth in a written notice to Executive from the Board that Executive’s employment is terminated
on account of Executive’s Disability, as determined by the Board. Notwithstanding the foregoing, in the event that Executive
gives notice of termination to the Company, the Company may unilaterally accelerate the date of termination

 

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 and such acceleration
shall not constitute a termination by the Company for purposes of this Agreement.

 

(b)           Upon cessation of Executive’s employment for any reason, unless otherwise consented to in writing by the Board, Executive
will resign immediately from any and all officer, director and other positions Executive then holds with the Company and its affiliates
and agrees to execute such documents as may be requested by the Company to confirm that resignation.

 

(c)           Upon any cessation of Executive’s employment with the Company, Executive will be entitled only to such compensation and benefits
as described in Section 9 below.

 

(d)           Executive
agrees that, following any cessation of his employment and subject to reimbursement of his reasonable expenses, he will cooperate with
the Company and its counsel with respect to any matter (including litigation, investigations, or governmental proceedings) in which Executive
was in any way involved during his employment with the Company. Executive agrees to render such cooperation in a timely manner on reasonable
notice from the Company, provided the Company exercises reasonable efforts to limit and schedule the need for Executive’s cooperation
so as not to materially interfere with his other professional obligations.

 

(e)           Executive agrees that, upon any cessation of his employment, he will deliver to the Company (and will not retain in his possession
or control, or deliver to anyone else) all property and equipment of the Company, including without limitation (i) all keys, books, records,
computer hardware, software, cellphones, access cards, credit cards and identification, and (ii) all other Company materials (including
copies thereof), including without limitation any records, data, notes, reports, proposals, lists or correspondence.

 

9.             Rights Upon Termination.

 

(a)           
Termination without Cause or Resignation for Good Reason. If Executive’s employment by the Company ceases due
to a termination by the Company without Cause (as defined below) or a resignation by Executive for Good Reason (as defined below):

 

(i)             the Company shall pay to Executive all accrued and unpaid Base Salary through the date of such cessation of employment at the time
such Base Salary would otherwise be paid according to the Company’s usual payroll practices;

 

(ii)            to the extent then unpaid, the Company shall pay to Executive the annual bonus (if any) earned with respect to the fiscal year
ended immediately prior to the cessation of Executive’s employment;

 

(iii)           the Company shall make monthly severance payments equal to one-twelfth of Executive’s Base Salary as in effect immediately
prior to such cessation of employment (or, if such cessation is due to the Good Reason described in clause (ii) of that definition, the
Base Salary in effect immediately prior to such material diminution) for a period equal to the Severance Period;

 

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(iv)         if Executive validly elects to receive continuation coverage under the Company’s group health plan (if any) pursuant to
the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Executive the applicable
premium otherwise payable for COBRA continuation coverage for himself and his eligible dependents for the Severance Period, to the extent
such premium exceeds the monthly amount charged to active similarly-situated employees of the Company for the same coverage; and

 

(v)           to the extent such cessation of employment occurs within three (3) months prior to or twelve (12) months following a
Change in Control (as defined below), (x) the Company shall pay to Executive an amount equal to the Target Bonus, and (y) all outstanding
equity awards that are subject to vesting solely based on the passage of time and Executive’s continued employment shall become
vested upon the later of the date of Executive’s cessation of employment and the Change in Control.

 

Except as otherwise provided in this Section
9(a), all compensation and benefits will cease at the time of Executive’s cessation of employment and the Company will have
no further liability or obligation by reason of such cessation of employment. The payments and benefits described in this Section 9(a)
are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. Notwithstanding any provision of this
Agreement, the payments and benefits described in Section 9(a)(ii) - 9(a)(v) are conditioned on Executive’s execution and
delivery to the Company and the expiration of all applicable statutory revocation periods, by the 60th day following the effective
date of Executive’s cessation of employment, of a general release of claims against the Company and its affiliates (which shall
have customary exclusions relating to Executive’s equity in the Company, any claims that Executive may have relating to accrued
vested benefits under the Company’s benefit plans, subject to the terms and conditions of such plans, and any claims for indemnification
in Executive’s role as an officer and director of the Company) in a form and manner satisfactory to the Company (the “Release”)
and on Executive’s continued compliance with the provisions of the Proprietary Information and Assignment Agreement (defined below).

 

Subject to Section 10 below (to the extent
applicable) and provided the Release requirement described above has been timely satisfied: (x) the payment described in Section 9(a)(ii)
will be paid on the later of the sixty-fifth (65th) day following Executive’s cessation of employment (the “Settlement
Date”), or the date such annual bonus would have otherwise been paid, absent Executive’s cessation of employment; (y)
the payments described in Section 9(a)(iii) and 9(a)(iv) will commence to be paid on the Settlement Date, provided that the initial
payment will include any payments that, but for the above-described timing rule, would have otherwise been paid since the date of Executive’s
cessation of employment; and (z) the payment of an amount equal to the Target Bonus described in Section 9(a)(v) will be paid on
the later of the Settlement Date or the tenth (10th) day following the Change in Control.

 

(b)           Other
Terminations. If Executive’s employment with the Company ceases for any reason other than as described in Section
9(a) above (including but not limited to (i) termination by the Company for Cause, (ii) resignation by Executive without Good
Reason, (iii) termination as a result of Executive’s Disability, or (iv) Executive’s death), then the Company’s 

 

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obligation to Executive will be limited solely to the payment of accrued and unpaid Base Salary through the date of such cessation
of employment. All compensation and benefits will cease at the time of such cessation of employment and, except as otherwise
provided by COBRA, the Company will have no further liability or obligation by reason of such termination. The foregoing will not be
construed to limit Executive’s right to payment or reimbursement for claims incurred prior to the date of such termination
under any insurance contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of
such insurance contract.

 

10.          
Section 409A.

 

(a)          
The parties intend for this Agreement to comply with or be exempt from Section 409A of the Code, and all provisions of this Agreement
will be interpreted and applied accordingly. Nonetheless, the Company does not guaranty the tax treatment of any compensation payable
to Executive.

 

(b)           Notwithstanding anything to the contrary in this Agreement, no portion of the benefits or payments to be made under Section
9(a) above will be payable until Executive has a “separation from service” from the Company within the meaning of Section
409A of the Code. In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision)
is necessary to avoid the application of an additional tax under Section 409A of the Code to payments due to Executive upon or following
his “separation from service,” then notwithstanding any other provision of this Agreement (or any otherwise applicable plan,
policy, agreement or arrangement), any such payments that are otherwise due within six months following Executive’s “separation
from service” (taking into account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive
in a lump sum immediately following that six month period. This paragraph should not be construed to prevent the application of Treas.
Reg. § 1.409A-1(b)(9)(iii) (or any successor provision) to amounts payable hereunder. For purposes of the application of Section
409A of the Code, each payment in a series of payments will be deemed a separate payment.

 

(c)           Notwithstanding anything in this Agreement to the contrary, to the extent an expense, reimbursement or in-kind benefit provided
to Executive pursuant to this Agreement or otherwise constitutes a “deferral of compensation” within the meaning of Section 409A
of the Code: (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar
year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar
year, (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last
day of the calendar year following the calendar year in which the applicable expense is incurred, and (iii) the right to payment
or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

11.           Section
280G. Notwithstanding any contrary provision of this Agreement (or any plan, policy, agreement or other arrangement covering
Executive), if any payment, right or benefit paid, provided or due to Executive, whether pursuant to this Agreement or otherwise
(each, a “Payment,” and collectively, the “Total Payments”), would subject Executive to the excise tax

 

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imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments will be reduced to the minimum
extent necessary to avoid the imposition of the Excise Tax, but only if (i) the amount of such Total Payments, as so reduced, is
greater than or equal to (ii) the amount of such Total Payments without reduction (in each case, determined on an after-tax basis).
Any reduction of the Total Payments required by this ‎paragraph will be implemented by determining the Parachute Ratio (as
defined below) for each Payment and then by reducing the Payments in order, beginning with the Payment with the highest Parachute
Ratio. For Payments with the same Parachute Ratio, later Payments will be reduced before earlier Payments. For Payments with the
same Parachute Ratio and the same time of payment, each Payment will be reduced proportionately. For purposes of this paragraph,
 “Parachute Ratio” means a fraction, (x) the numerator of which is the value of the applicable Payment, as calculated for
purposes of Section 280G of the Code, and (y) the denominator of which is the economic value of the applicable Payment.

 

12.           Certain Definitions.
For purposes of this Agreement:

 

(a)           “Cause” means (i) conduct by Executive constituting a material act of misconduct in connection with the performance
of Executive’s duties, including, without limitation, a material misappropriation of funds or property of the Company or any of
its subsidiaries or affiliates; (ii) the commission by Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty
or fraud, or any conduct by Executive that would reasonably be expected to result in material injury or reputational harm to the Company
or any of its subsidiaries and affiliates; (iii) continued material non-performance by Executive of his duties hereunder (other than by
reason of Executive’s physical or mental illness, incapacity or disability) which has continued for more than 10 days following
written notice of such non-performance from the Board; (iv) a material breach by Executive of the Proprietary Information and Assignment
Agreement (defined below), any other agreement with the Company or its affiliates, or of any duty owed to the Company or its affiliates,
which breach is not cured (if curable) within 10 days after the delivery of written notice thereof; (v) a material violation by Executive
of the Company’s written employment policies, including policies prohibiting sexual harassment, which violation is not cured (if
curable) within 10 days after the delivery of written notice thereof; (vi) alcohol abuse or use of controlled substances (other than prescription
drugs taken in accordance with a physician’s prescription); or (vii) failure to cooperate with a bona fide internal investigation
or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction
or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to
cooperate or to produce documents or other materials in connection with such investigation. For avoidance of doubt, a termination of Executive’s
employment due to his Disability will not constitute a termination without Cause.

 

(b)           “Change in Control” shall mean the occurrence of a “change in control event” with respect to the
Company, within the meaning of Treas. Reg. § 1.409A-3(i)(5)(i).

 

(c)           “Code” means the Internal Revenue Code of 1986, as amended.

 

(d)           “Disability”
means a condition entitling Executive to benefits under the Company’s long term disability plan, policy or arrangement; provided,
however, that if no such

 

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plan, policy or arrangement is then maintained by the Company and applicable to Executive,
 “Disability” will mean Executive’s inability to perform his duties under this Agreement due to a mental or
physical condition (other than alcohol or substance abuse) that can be expected to result in death or that can be expected to last
(or has already lasted) for a continuous period of 90 days or more, or for 120 days in any 180 consecutive-day period. Termination
as a result of a Disability will not be construed as a termination by the Company “without Cause.”

 

(e)            “Good Reason”
means: (i) a material diminution in Executive’s title, responsibilities, authority or duties; (ii) a material diminution in Executive’s
Base Salary, except for across-the-board salary reductions similarly affecting all or substantially all C-level executives of the Company;
(iii) a change of more than 50 miles in the geographic location at which Executive provide services to the Company; or (iv) the material
breach of this Agreement by the Company; provided, however, that no such event will constitute Good Reason unless (x) Executive provides
the Company with written objection to such event within 60 days after the initial occurrence thereof, (y)
such event is not reversed or corrected by the Company within 30 days of its receipt of such written
objection, and (z) Executive separates from service within 60 days following the expiration of that cure period.

 

(f)            “Severance Period” means nine (9) months. Notwithstanding the foregoing, with respect to a cessation of employment
due to a termination by the Company without Cause or resignation by Executive for Good Reason that occurs (in either case) within three
(3) months prior to a Change in Control or twelve (12) months following a Change in Control, “Severance Period” shall mean
twelve (12) months.

 

13.           Company Policies. Executive will comply with all policies of the Company in effect from time to time, including (without
limitation) policies regarding ethics, personal conduct, stock ownership, securities trading, clawback and hedging and pledging of securities.

 

14.           Indemnification. In addition to any rights to indemnification to which Executive may be entitled under the Company’s
governing documents, the Company shall obtain and maintain an appropriate level of Directors and Officers Liability insurance coverage
for Executive’s benefit on the same terms as applicable to other directors and C-level executives of the Company.

 

15.           Proprietary Information and Assignment Agreement. On the same date this Agreement is executed, Executive will execute
the Proprietary Information and Assignment Agreement attached hereto as Exhibit A (the “Proprietary Information and Assignment
Agreement”).

 

16.           No Conflicting Agreements. Executive represents and warrants that he is not a party to or otherwise bound by any
agreement or restriction that could conflict with, or be violated by,
the performance of his duties to the Company or his obligations under this Agreement. Executive will not use or misappropriate
any intellectual property, trade secrets or confidential information belonging to any third party.

 

17.           Taxes.
All compensation payable to Executive are subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law. Executive hereby acknowledges that the Company does not have a duty to design its compensation policies
in a 

 

    -7 -
 

     

    

 

manner that minimizes Executive’s tax liabilities, and Executive not make any claim against the Company or its board of
directors related to tax liabilities arising from his compensation.

 

18.           Entire Agreement; Assignment; Amendment.

 

(a)           This Agreement, together with the Proprietary Information and Assignment Agreement, constitute the final and entire agreement of
the parties with respect to the matters covered hereby and replace and supersede all prior agreements, discussions, negotiations, representations
or understandings (whether written, oral or implied) relating to Executive’s employment by the Company, including without limitation
the Prior Agreement.

 

(b)         
The rights and obligations of Executive hereunder are personal and may not be assigned. The Company may assign this Agreement,
and its rights and obligations hereunder, to any entity to which the Company transfers substantially all of its assets (or an affiliate
thereof). Notwithstanding any other provision of this Agreement, any such assignment of this Agreement by the Company will not entitle
Executive to severance benefits under Section 9(a) or otherwise, whether or not Executive accepts employment with the assignee.

 

(c)           This Agreement may be amended or modified only by a written instrument signed by a duly authorized officer of the Company and Executive.

 

19.          
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware, without regard to its choice of law provisions.

 

20.           Arbitration.
In the event of any dispute under the provisions of this Agreement or otherwise regarding Executive’s employment or
compensation (other than a dispute in which the primary relief sought is an injunction or other equitable remedy, such as an action
to enforce compliance with the Proprietary Information and Assignment Agreement), the parties shall be required to have the dispute,
controversy or claim settled by arbitration in Philadelphia County, Commonwealth of Pennsylvania, in accordance with the National
Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (“AAA”),
by one arbitrator mutually agreed upon by the parties (or, if no agreement can be reached within 30 days after names of potential
arbitrators have been proposed by the AAA, then by one arbitrator having relevant experience who is chosen by the AAA). Any award or
finding will be confidential. The arbitrator may not award attorneys’ fees to either party unless a statute or contract at
issue specifically authorizes such an award. Any award entered by the arbitrators will be final, binding and non-appealable and
judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This
arbitration provision will be specifically enforceable. Each party will be responsible for its own expenses relating to the 

 

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conduct
of the arbitration (including reasonable attorneys’ fees and expenses) and will share equally the fees of the arbitrator.

 

21.          
Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not the meaning
of this Agreement.

 

22.          
Notices. All notices, demands or other communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered in person, by e-mail or fax, by United States mail, certified or registered with return receipt requested, or
by a nationally recognized overnight courier service, or otherwise actually delivered: (a) if to Executive, at the most recent address
contained in the Company’s personnel files; (b) if to the Company, to the attention of its Legal Department at the address of its
principal executive office; or (c) or at such other address as may have been furnished by such person in writing to the other party. Any
such notice, demand or communication shall be deemed given on the date given, if delivered in person, e-mailed or faxed, on the date received,
if given by registered or certified mail, return receipt requested or by overnight delivery service, or three days after the date mailed,
if otherwise given by first class mail, postage prepaid.

 

23.           Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures
of more than one party, but all of which taken together will constitute one and the same Agreement.

 

[Signature Page Follows]

 

    -9 -
 

     

    

 

This Agreement has been executed
and delivered on the date first above written.

 

		CENTURY
    THERAPEUTICS, INC.
	 	 
		By: 	/s/ Osvaldo Flores, Ph.D.
		Name:	 Osvaldo Flores, Ph.D.
	 	Title:	President and Chief Executive Officer
	 	 
		EXECUTIVE
	 	 
		Luis Borges, Ph.D.
	 	 
		By:	 /s/ Luis Borges, Ph.D.
		Name:	Luis Borges, Ph.D.

 

[Signature Page to Employment Agreement]

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