FIFTH AMENDMENT OF SECURITY AGREEMENT
Exhibit
10.3
FIFTH AMENDMENT OF SECURITY
AGREEMENT
This
Fifth Amendment of Security Agreement (“Fifth Amendment”) is made as of April
15, 2009 by BioTime, Inc., as the “Debtor,” in favor and for the benefit of each
“Secured Party,” and amends that certain Third Amended and Restated Security
Agreement, March 31, 2008, as amended by that certain Fourth Amendment of
Security Agreement.
1. “Security
Agreement” means the Third Amended and Restated Security Agreement, March 31,
2008, as amended by the Fourth Amendment of Security Agreement and this Fifth
Amendment.
2. “Credit
Agreement” means that certain Third Amended and Restated Revolving Line of
Credit Agreement, dated March 31, 2008, as amended by the Fourth Amendment of
Revolving Line of Credit Agreement and the Fifth Amendment of Revolving Line of
Credit Agreement.
3. “Secured
Party” means, individually and collectively, each person who has executed the
Credit Agreement as a Lender.
4. “Note”
has the meaning ascribed in the Credit Agreement.
5. Except
as amended or modified by this Fifth Amendment, all provisions of the Security
Agreement in effect prior to the date of this Fifth Amendment remain in
effect.
DEBTOR
BIOTIME,
INC.
By: /s/ Xxxxxx X.
Xxxxxxxx
Chief
Financial Officer
By: /s/ Xxxxxx
Xxxxxx
Secretary
