3.9 Absence of Litigation. Except as set forth on Section 3.9 of the Asterias Disclosure Letter, there is (a) no
Action pending and (b) (1) to the knowledge of Asterias, no inquiry, audit or investigation by any Governmental Authority pending,
(2) no Action threatened in writing against Asterias, or any property or asset of Asterias and (3) neither Asterias nor any property
or asset of Asterias is subject to any continuing Order, settlement agreement or similar written agreement with any Governmental
Authority, or any Order, determination or award of any Governmental Authority, except in each case for Actions initiated by a
Third Party that is not a Governmental Authority that is not individually or in the aggregate material to Asterias.
3.10 Employee Benefit Plans.
Section 3.10(a) of the Asterias Disclosure Letter lists (1) all employee benefit plans (as defined in Section 3(3) of ERISA),
(2) all bonus, stock option, stock purchase, restricted stock, restricted stock unit, equity-based incentive, cash-based incentive,
retention incentive, change in control payment, profit sharing, vacation, paid time off, cafeteria, fringe benefit, deferred compensation,
supplemental termination pay, retiree medical or life insurance, supplemental retirement, severance, Tax gross-up or other compensation
or benefit plans, programs or arrangements and (3) all compensation Contracts containing rights to any compensatory payment, acceleration
of vesting or other benefits upon a change of control of Asterias or the termination of any Worker in connection with a change
in control of Asterias beyond the payments, vesting or other benefits that are strictly required by applicable Law, in each of
(1), (2) or (3) with respect to which Asterias has or could have any liability or that are maintained, contributed to or sponsored
by Asterias, or any Asterias ERISA Affiliate for the benefit of any current or former Worker (or dependent or beneficiary thereof)
(collectively, the “Asterias Plans” and all Asterias Plans, excluding Asterias Plans not subject to U.S. Law,
the “Asterias US Plans”). Asterias has made available to BioTime a true and complete copy of each Asterias
Plan and has made available to BioTime, where applicable, a true and complete copy of (i) each trust or other funding arrangement,
(ii) each most recent summary plan description and summary of material modifications, (iii) all annual reports on IRS Form 5500
(or other material Governmental Authority filing made in respect of any Asterias Plan that is not an Asterias US Plan) filed within
the past three (3) years, (iv) the most recently received IRS or other Governmental Authority determination or opinion letter
for each such Asterias Plan and (v) the most recently prepared actuarial report and financial statement in connection with each
such Asterias Plan.
Except as set forth on Section 3.10(b) of the Asterias Disclosure Letter, none of the Asterias Plans is a multiemployer
plan (within the meaning of Section 3(37) or 4001(a)(3) of ERISA) (a “Multiemployer Plan”), a “multiple
employer plan” (within the meaning of Section 413(c) of the Code) (a “Multiple Employer Plan”), a “multiple
employer welfare arrangement” (within the meaning of Section 3(40) of ERISA), a plan that is subject to Title IV of ERISA
or Section 412 of the Code, or a “funded welfare plan” within the meaning of Section 419 of the Code. In addition,
none of Asterias or any Asterias ERISA Affiliate sponsors, maintains, or contributes to, or has, within the past six (6) years,
sponsored, maintained or contributed to, a Multiemployer Plan or other pension plan subject to Title IV of ERISA or Section 412
of the Code.