Item 1.01 Entry into a Material Definitive Agreement.

On March 1, 2022, International Stem Cell Corporation (the "Company") and Dr. Andrey Semechkin agreed to extend (until September 15, 2022) the maturity date of the loan (in the principal amount of $2,900,000) from Dr. Semechkin to the Company that had been reflected in a promissory note dated January 13, 2022 (the "Original Note"), and which would have been due on March 15, 2022. In exchange for the Original Note, the Company issued to Dr. Semechkin an unsecured, non-convertible promissory note in the principal amount of $2,900,000 (the "Note") with the extended maturity date. Dr. Semechkin is the Company's Co-Chairman and Chief Executive Officer.

The outstanding principal amount under the Note accrues interest at a rate of four and a half percent (4.5%) per annum. The Note is due and payable September 15, 2022 but may be pre-paid by the Company without penalty at any time.

The foregoing summary of the Note is qualified in its entirety by reference to the full text of the form of Note filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of the Registrant.

The information disclosed in Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits


Exhibit
Number    Description

10.1        Form of Note issued on March 1, 2022

104*      Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

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