6.13 Qualification as a Reorganization. The Merger is intended to qualify as a “reorganization” within the
meaning of Section 368(a) of the Code, and this Agreement is intended to constitute a “plan of reorganization” within
the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3. From and after the date of this Agreement, each Party shall
use its best efforts to cause the Merger to qualify as a reorganization under Section 368(a) of the Code. BioTime, Merger Sub
and Asterias will not take or cause to be taken any action that, either alone or in combination, could reasonably be expected
to cause the Merger to fail to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. BioTime
and its affiliates (including the Surviving Corporation) will use commercially reasonable efforts to continue the historic business
of Asterias (or alternatively, if Asterias has more than one line of business, continue at least one significant line of Asterias’
historic business) or use a significant portion (at least 33-1/3% by value) of Asterias’ historic business assets in a business
within the meaning of Treasury Regulations Section 1.368-1(d). The Parties will take the position for all Tax purposes that the
Merger qualifies as a reorganization within the meaning of Section 368(a) of the Code, unless a contrary position is required
by a taxing authority in connection with a good faith resolution of a Tax contest. Asterias will use reasonable best efforts to
obtain a Tax opinion satisfying the requirements of Item 601 of Regulation S-K under the Securities Act. Officers of each of Asterias
and BioTime will deliver to Dentons LLP, counsel to Asterias, a customary representation letter for purposes of such Tax opinion,
at such time or times as may be reasonably requested by Dentons LLP, including the effective date of the Registration Statement
and the Closing Date.
6.14 Cooperation. Asterias shall furnish BioTime as promptly as practicable following BioTime’s request, such information
regarding Asterias as is customarily required in connection with the Merger including (a) financial statements that have been
prepared in conformity with GAAP, (b) such other financial, business and other information regarding the Asterias as BioTime shall
request from the Asterias, that BioTime may be required to file with the SEC in connection with the approval of this Agreement
and the consummation of the Merger or any of the other Transactions.
6.15 Notification of Certain Matters. Asterias and BioTime shall promptly notify each other of the discovery of any fact
or circumstance that, or the occurrence or non-occurrence of any event the occurrence or non-occurrence of which would reasonably
be expected to result in any of the conditions to the Merger set forth in Article VII not being satisfied or satisfaction of those
conditions being materially delayed in violation of any provision of this Agreement; provided, however, that the delivery of any
notice pursuant to this Section 6.15 shall not (x) cure any breach of, or non-compliance with, any other provision of this
Agreement or (y) limit the remedies available to the party receiving such notice; provided further, that unintentional failure
to give prompt notice pursuant to this clause shall not constitute a failure of a condition to the Merger set forth in Article
VII except to the extent that the underlying fact or circumstance not so notified would standing alone constitute such a failure.
6.16 Employee and Labor Matters.
For a period commencing on the Effective Time, and ending on December 31, 2019, the Surviving Corporation will provide individuals
who are employees of Asterias immediately prior to the Effective Time and continue to be employees of BioTime or one of the BioTime
Subsidiaries (including the Surviving Corporation) immediately following the Effective Time, but only for so long as such individuals
are so employed (each, a “Continuing Employee”), employee benefits (other than equity-based awards) that are
either (A) substantially comparable to the employee benefits (other than equity-based awards) provided by Asterias on the date
of this Agreement or (B) substantially comparable to the employee benefits (other than equity-based awards) provided to similarly-situated
employees of BioTime.