Document:

EX-10.1

 Exhibit 10.1 
 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT (the
“Agreement”), dated as of June 1, 2012, is entered into by and among Fibrocell Science, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and Context Partners Fund, L.P.
(“Context”), Focus Managed Accounts Fund Ltd. (“Focus”), Deerfield Special Situations Fund, L.P. (“Deerfield”), Deerfield Special Situations Fund International, Ltd. (“Deerfield
International”) and Akanthos Arbitrage Master Fund, L.P. (“Akanthos”, and together with Context, Focus, Deerfield and Deerfield International, the “Holders”, and each individually a
“Holder”). 
 W I T N E S S E T H: 

WHEREAS, the Holders are the holders of those certain 12.5% Promissory Notes originally issued by the Company to the Holders on or
about September 3, 2009 in the aggregate original principal amount of $4,624,620.00 and set forth on Schedule 1 attached hereto (as amended, the “Original Notes”, and each individually, a “Original Note”);

 WHEREAS, the Holders are also holders of those certain warrants (“Existing Warrants”) set forth on
Schedule 2 attached hereto entitling them to purchase up to 6,789,163 shares (“Existing Warrant Shares”) of the Company’s common stock, par value $.001 per share (“Common Stock”); 

WHEREAS, the Original Notes are due and payable on June 1, 2012 in the aggregate outstanding balance, including accrued but
unpaid interest thereon, equal to $7,034,848.25 as of such date; 
 WHEREAS, the Company wishes to repay half of each
Holder’s Original Note on the date hereof and exchange the balance of each Holder’s Original Note, pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended (“Securities Act”), for (i) a new 12.5%
Convertible Note (“Note”) with a principal amount equal to such balance, in the form of Exhibit A attached hereto, and (ii) a warrant (“Warrant”) to purchase a number of shares of Common Stock equal to
such balance divided by $0.25, in the form of Exhibit B attached hereto; and 
 WHEREAS, each Holder is willing to
exchange its Original Note(s) for a new Note and Warrant on the terms and conditions set forth below; 
 NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Exchange of Original Notes. 
 a. Balance. The Company acknowledges, confirms and agrees that the aggregate outstanding balance of the Original Notes as of June 1, 2012 is $7,034,848.25, with each Holder’s balance as
set forth on Schedule 1 attached hereto. 
 b. Payment. On June 4, 2012, the Company shall pay to each Holder, by
wire transfer of immediately available funds, 50% of the amount outstanding under such Holder’s Original Note(s), as set forth on Schedule 1 attached hereto (“Cash Payment”). 

  
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 c. Exchange. Contemporaneously herewith, the Company and each Holder shall exchange
the balance of each Holder’s Original Note(s), as set forth on Schedule 1 attached hereto, for (i) a new Note with an original principal amount equal to such balance, and (ii) a Warrant to purchase a number of shares of Common Stock
equal to such balance divided by $0.25, in each case as set forth on Schedule 1 attached hereto. Within three (3) business days following the date hereof, the Company shall issue, execute and deliver to each Holder a Note and Warrant, each
dated as of the date hereof, in the amounts set forth on Schedule 1 attached hereto. At Context’s election, the Notes and Warrants to be issued and delivered to Context may be combined into a single Note and Warrant. Upon each Holder’s
receipt of its new Note and Warrant and the cash payment described under Section 1(b) above, it shall promptly surrender and return the Original Note(s) held by it to the Company. For clarification, the Notes shall be deemed issued as of
execution hereof, and the Holders shall be entitled to convert the Notes immediately following execution hereof notwithstanding that physical delivery of the Notes to the Holders may not have yet been completed. 

2. Exchange Conditions. Contemporaneously with the execution and delivery hereof, the Company shall cause: 

a. its subsidiary, Fibrocell Technologies, a Delaware corporation (the “Guarantor”), to absolutely, unconditionally and
irrevocably guaranty to the Holders the payment and performance of all the Company’s obligations under the Notes and Warrants, which guaranty shall be in the form of Exhibit C attached hereto (“Guaranty”); and

 b. its independent legal counsel to issue and deliver to the Holders a legal opinion (“Legal Opinion”) in
form and substance reasonably acceptable to the Holders concerning the transactions contemplated hereby, including without limitation an opinion that the shares of Common Stock issuable upon conversion of the Notes (“Underlying
Shares”), and the shares of Common Stock issuable upon exercise of the Warrants on a “cashless basis” (“Warrant Shares”), may be sold or transferred pursuant to Rule 144 promulgated under the Securities Act
without restrictions or limitations. 
 The delivery of the Cash Payment, Notes, Warrants, Guaranty and Legal Opinion to the Holders shall be a
condition precedent to the consummation of the transactions contemplated hereby. 
 3. Stockholder Approval. 

a. Stockholder Meeting. On or prior to October 1, 2012, the Company shall effect an increase in the number of authorized
unissued shares of Common Stock, either by increasing the number of authorized shares, effecting a reverse stock split, or otherwise as reasonably determined by the Company, such that after such increase the Company has at least such number of duly
authorized but unissued and unreserved shares (except as may be reserved for the Holders under the Notes and Warrants) equal to 500% of the maximum number of shares of Common Stock into which the Notes and Warrants are convertible and exercisable,
without regard to any limitations on conversion, exercise or beneficial ownership contained therein (the “Share Increase”), and prior to such date the Company shall obtain the affirmative vote of the requisite number of stockholders
of the Company under applicable corporate law, in accordance with the Company’s certificate of incorporation and by-laws and applicable state or federal laws or regulations and the regulations of any market or self-regulatory organization, to
amend the 

  
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Company’s certificate of incorporation to effectuate such Share Increase (“Stockholder Approval”). As soon as practicable following the date hereof, but no later than
July 30, 2012, the Company shall file with the Securities and Exchange Commission (“SEC”) and deliver to its stockholders a notice of meeting and proxy statement or information circular, as required by the SEC, with respect to
a special meeting of stockholders (which may also be at the annual meeting of stockholders) at which such Stockholder Approval shall be sought (“Stockholder Meeting”). Such Stockholder Meeting shall occur within sixty (60) days
following the filing of such proxy statement or information circular. The Board of Directors of the Company shall recommend to the Company’s stockholders that such proposal be approved, which recommendation shall be contained in such proxy
statement or information circular, and the Company shall solicit proxies from its stockholders in connection therewith in the same manner as all other management proposals in such proxy statement (or as typically solicited by management for
management proposals), and all management-appointed proxy holders shall vote their proxies in favor of such Stockholder Approval. The Holders and their counsel shall be entitled upon written request to review such proxy statement or information
circular prior to filing with the SEC, and such proxy statement or information circular shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. If the Company does not obtain such Stockholder Approval at the first such Stockholder Meeting, the Company shall call a Stockholder Meeting every four
months thereafter to seek Stockholder Approval until the date on which Stockholder Approval is obtained. 
 b. Failure to
Call and Hold Stockholder Meeting. If the Company fails to (1) file the proxy statement or information circular by July 31, 2012 or (2) complete the Share Increase by October 1, 2012, then each Holder shall have the right to
compel the Company to redeem such portion of the Notes and Warrants held by such Holder which cannot be converted or exercised due to the failure to have a sufficient number of shares of Common Stock authorized and reserved for issuance upon
conversion and/or exercise of the Notes and Warrants, as may be elected by such Holder. The redemption price under the Notes shall be the Mandatory Default Amount (as defined in the Notes), and the redemption price under the Warrants shall be the
market value thereof determined using the Black Scholes Value, as determined in accordance with the provisions set forth in the Warrants. Such redemption price shall be paid within ten (10) days after the exercise of such redemption right. If
the Company fails to make any cash payments or redemption payments under this subsection in a timely manner, such payments shall bear interest at 24% per annum until paid in full. Without limiting the foregoing, failure to timely complete the
Share Increase shall constitute an Event of Default under the Notes. 
 4. Representations and Warranties. The Company
hereby makes to the Holders the following representations and warranties: 
 a. Authorization; Enforcement. Each of the
Company and the Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement, the Notes, the Warrants and the Guaranty (collectively, “Restructuring
Agreements” or “Transaction Documents”) and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Restructuring Documents by the Company and Guarantor and the consummation by
them of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and Guarantor and no further action is required by the Company and Guarantor, their board of directors or their
stockholders in connection therewith. The Restructuring Documents have been duly executed by the Company and Guarantor and, when delivered in accordance with the terms hereof will constitute the valid and binding obligations of the Company and
Guarantor enforceable against the Company and Guarantor in accordance with their terms. 

  
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 b. No Conflicts. The execution, delivery and performance of the Restructuring
Agreements by the Company and Guarantor, and the consummation by such parties of the transactions contemplated hereby, do not and will not (i) conflict with or violate any provision of such party’s organizational documents,
(ii) conflict with, result in a breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien upon any of the properties or assets of such party
pursuant to, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument to which such party is a party or by which
any property or asset of such party is bound or affected, except to the extent such conflict, breach, default, lien or right would not reasonably be expected to result in a material adverse effect on such party, or (iii) result in a violation
of any constitution, statute, law, rule, regulation, order, judgment, injunction, decree, ruling, charge or other restriction of any court or governmental authority to which such party is subject or by which any material property or asset of such
party is bound or affected, except to the extent such violation would not reasonably be expected to result in a material adverse effect on such party. 
 c. Filings, Consents and Approvals. The Company is not required to obtain any approval, consent, waiver, authorization or order of, give any notice to, or make any filing, qualification or
registration with, any court or other federal, state, local, foreign or other governmental authority or other person or entity in connection with the execution, delivery and performance by the Company of the Restructuring Agreements, which have not
been obtained. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance of and exchange for the Notes and Warrants or any Underlying Shares or Warrant Shares upon the conversion, exercise
or exchange of or otherwise pursuant to any Notes or Warrants, except for the Stockholder Approval to the extent necessary. 

d. Issuance and Reservation of Securities. Except to the extent of the occurrence of any Revoked Shares pursuant to
Section 6 below (which exception shall terminate on October 1, 2012) (i) at least 83% of the Underlying Shares are duly authorized, and (ii) such Underlying Shares (and all Underlying Shares after the earlier of the Share
Increase or October 1, 2012), when issued in accordance with the terms of Notes, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens and legends, eligible to be resold pursuant to Rule 144(b)(1)
promulgated under the Securities Act, and, in connection with any conversion or resale are eligible to be delivered through DTC’s Deposit and Withdrawal at Custodian system. The Company has reserved, and shall at all times hereafter reserve,
from its duly authorized capital stock for issuance upon conversion pursuant to the Notes, at least 83% of such amount of shares of Common Stock as is equal to the amount of Underlying Shares into which each Holder’s and its affiliates’
Note(s) are convertible (without regard to any limitations on ownership or conversion set forth therein), except to the extent of the occurrence of any Revoked Shares pursuant to Section 6 below (which exception shall terminate on
October 1, 2012). Immediately prior to the date hereof and without giving effect to the transactions contemplated by this Agreement, the authorized Common Stock of the Company consists of 250,000,000 shares of Common Stock, of which 96,278,253
shares are issued and outstanding, 83,398,742 shares are reserved for issuance upon exercise of outstanding warrants and options, 13,364,000 shares are reserved for issuance upon conversion of outstanding shares of Series D preferred stock, and
48,000,000 shares are reserved for issuance upon conversion of authorized shares of Series E preferred stock. Without limiting the foregoing, excluding the Waived Shares (as defined in Section 6 below), the Company has reserved for issuance
3,706,485 shares of Common Stock for conversion of Notes held by Context and/or its affiliates, 3,704,393 shares of Common Stock for conversion of Notes held by Deerfield and/or its affiliates, and 1,548,127 shares of Common Stock for conversion of
Notes held by Akanthos and/or its affiliates 

  
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 e. No Additional Consideration. Except as otherwise set forth herein, no
consideration has been offered or paid to any person to amend or consent to a waiver, modification, forbearance, exchange or otherwise of any provision of the Original Notes or to issue the Notes or Warrants. Neither the Company nor any of its
subsidiaries has paid any commission or other remuneration, directly or indirectly, for soliciting the exchange of the Original Notes for Notes and Warrants. 
 f. Private Placement. No registration under the Securities Act is required for the issuance of the Notes, Warrants, any Underlying Shares or any Warrant Shares in accordance with the terms hereof
and thereof. 
 g. Holding Period for Notes and Warrants. Pursuant to Rule 144 promulgated under the Securities Act, the
holding period of the Notes, Warrants and the Underlying Shares shall tack back to September 3, 2009 (the original issue date of the Original Notes), and the Company has not received any consideration from the Holders since such date in
connection with any amendment to the Original Notes. The Company agrees not to take a position contrary to this paragraph. The Company agrees to take all actions, including without limitation causing its legal counsel, in addition to the Legal
Opinion, to issue and deliver to the Holders and the Company’s transfer agent any legal opinions necessary to cause the issuance of the Notes, Warrants and the Underlying Shares without restriction and not containing any restrictive legend
without the need for any action by any Holder; provided that such counsel shall be permitted to rely upon the representations of each Holder set forth in this Agreement and each Holder agrees to promptly notify the Company if any such
representations cease to be true and correct. The Notes are being issued in substitution and exchange for and not in satisfaction of the Original Notes or any portion thereof. The Notes shall not constitute a novation or satisfaction and accord of
any of such portion of the Original Notes. The Company hereby acknowledges and agrees that the Notes shall amend, restate, modify, extend, renew and continue the terms and provisions contained in the Original Notes and shall not extinguish or
release the Company or any of its subsidiaries under any agreements with the Holders or otherwise constitute a novation of its obligations thereunder. The Company acknowledges and agrees that, other than delivery of a conversion notice in the form
set forth as an exhibit to the Notes, nothing further is required for a Holder to obtain unlegended shares immediately saleable pursuant to Rule 144(b)(1)(i) promulgated under the Securities Act issuable upon conversion of the Notes or upon a
cashless exercise of the Warrants. Without limiting any of the terms, conditions or covenants contained in this Agreement or other documents, if at any time it is determined that any Underlying Shares are not freely tradable without restriction or
limitation pursuant to Rule 144, then the Company shall promptly register the resale of all Underlying Shares under the Securities Act by filing a registration statement with the SEC as soon as practicable (but in no event later than 30 days) and
causing such registration statement to be declared effective as soon as practicable (but in no event later than 90 days). 

  
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 h. 144 Status. So long as any Holder owns any Notes, Warrants and/or Underlying
Shares, the Company shall timely file (or timely obtain extensions in respect thereof and file within the applicable grace period) all reports and definitive proxy or information statements required to be filed by the Company under the Securities
Exchange Act of 1934, as amended (“Exchange Act”), and shall not terminate its status as an issuer required to file reports under the Exchange Act (even if the Exchange Act or the rules and regulations promulgated thereunder would
otherwise permit such termination). The Company represents and warrants to each Holder that (i) such Holder is not, as of the date of this representation, and has not been for the last one hundred twenty (120) days, an employee, officer,
director or, to the Company’s knowledge, the direct beneficial owner of more than ten percent (10%) of any class of equity security of the Company, or, to the Company’s knowledge, otherwise been an “affiliate” as that term
is used in Rule 144 promulgated under the Securities Act, (ii) no consideration has been offered or paid by such Holder to amend or consent to a waiver, modification, forbearance, exchange or otherwise of any provision of the Original Notes,
and (iii) such Holder has not, directly or indirectly, controlled, been controlled by or been under common control with the Company. 
 i. Equal Treatment. The Company has not, directly or indirectly, made any agreement or arrangement with any Holder relating to the terms or conditions of the transactions contemplated hereby except
as set forth in the Restructuring Agreements. 
 j. No Undisclosed Events, Liabilities, Developments or Circumstances.
Except for the transactions contemplated by the Transaction Documents, no event, liability, development or circumstance has occurred or exists, or is reasonably expected to occur or exist with respect to the Company, any of its subsidiaries or any
of their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by the Company under applicable securities laws on a
registration statement on Form S-1 filed with the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced, (ii) could have a material adverse effect on any Holder’s investment in
the Company or (iii) could be reasonably expected to have a material adverse effect on the Company. 
 k. Survival.
All of the Company’s warranties and representations contained in this Agreement shall survive the execution, delivery and acceptance of this Agreement by the parties hereto. 

5. Reservation under Warrants. At all times after completion of the Share Increase, the Company shall have duly authorized and
reserved for issuance, free from preemptive rights or any other contingent purchase rights of other persons, a sufficient number of shares of Common Stock for issuance upon exercise in full of the Warrants, without regard to any ownership or
exercise limitations set forth therein. 

  
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 6. Temporary Waiver Under Existing Warrants. Subject to the terms hereof, each Holder
hereby waives until the earlier of the Share Increase or October 1, 2012 the Company’s obligation to reserve such number of authorized but unissued shares of Common Stock for exercise of such Holder’s Existing Warrants as is indicated
beside such Holder’s name on Schedule 2 attached hereto (“Waived Shares”), and such Holder agrees not to transfer such Existing Warrants during such period (to the extent of Waived Shares), it being understood that so long as
such waiver is in effect with respect to a Holder, such Holder may not be able to acquire, and the Company shall not be obligated to deliver, Existing Warrant Shares upon exercise of the Existing Warrants to the extent the Company does not have
available at such time any authorized but unissued shares of Common Stock. The Company shall reserve such Waived Shares of a Holder for conversion under the Note(s) held by such Holder and its affiliates (including without limitation other funds
directly or indirectly managed by the same personnel who manage such Holder). Notwithstanding the foregoing, any Holder may at any time elect to revoke such waiver in whole or in part with respect to its Waived Shares by providing to the Company
written notice of (a) such revocation concerning such number of Waived Shares specified in such notice (“Revoked Shares”), together with (b) a waiver of the Company’s obligation to reserve such number of Revoked
Shares for conversion under such Holder’s or its affiliates’ Note(s), provided that the maximum number of a Holder’s Revoked Shares which may be revoked hereunder shall be reduced by one share of Common Stock for each
Underlying Share received by such Holder upon conversion of such Note(s). 
 7. Representations and Warranties. Each
Holder, severally and not jointly and as to itself only, makes to the Company the following representations and warranties: 

a. Such Holder is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder. 

b. Such Holder represents and warrants that (i) such Holder is not, as of the date of this representation, and has not been for the
last one hundred twenty (120) days, the beneficial owner of more than ten percent (10%) of any class of equity security of the Company, or, otherwise been an “affiliate” as that term is used in Rule 144 promulgated under the
Securities Act, (ii) no consideration has been offered or paid by such Holder to amend or consent to a waiver, modification, forbearance, exchange or otherwise of any provision of the Original Notes, (iii) such Holder has not paid any
commission or other remuneration, directly or indirectly, for soliciting the exchange of the Original Notes for Notes and Warrants, and (iv) such Holder has not, directly or indirectly, controlled, been controlled by or been under common
control with the Company. 
 c. Such Holder and its advisors, if any, have been furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the issuance of the Notes and Warrants which have been requested by such Holder. Such Holder and its advisors, if any, have been afforded the opportunity to ask questions of
the Company. Such Holder understands that its exchange for the Notes and Warrants involves a high degree of risk. Such Holder has sought such accounting, legal and tax advice as it has considered necessary to make an informed decision with respect
to its exchange for and acquisition of the Notes and Warrants. 

  
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 8. Agera Subsidiary. The Company represents and warrants to the Holders that
(i) it beneficially owns less than 58% of the equity of Agera Laboratories, Inc., a Delaware corporation (“Agera”), (ii) the current fair market value of the Company’s share of net assets of Agera does not exceed $1
million in the reasonable, good faith determination of the Company, (iii) there have been no material changes to the assets, liabilities, capital structure, financial position, earnings or prospects of Agera since December 31, 2011, and
(iv) Agera does not own or have any right to use any intellectual property in any way related to LAVIV or fibroblast cells. So long as any Notes are outstanding and the Company owns at least 10% of Agera, the Company shall not transfer,
contribute, sell or license any property or assets of the Company or any of its subsidiaries directly or indirectly to Agera. The Company further agrees that, so long as the aggregate outstanding balance under the Notes exceeds $1 million, it shall
not sell any of its equity interest in Agera nor sell (and shall cause Agera not to sell) all or substantially all of Agera’s assets without the prior written consent of the Holders holding at least 67% in principal amount of the Notes
outstanding at such time. 
 9. Miscellaneous. 
 a. Material Non-Public Information. The Company shall, prior to 8:30AM on the trading day following the date hereof, issue a current report on Form 8-K disclosing the material terms of the
transactions contemplated hereby and attaching this Agreement and all other related agreements hereto, including without limitation the form of Note and Warrant. The Company shall not at any time furnish any material non-public information to any
Holder without such Holder’s prior written consent; provided that such consent shall be deemed to have been given by a Holder with respect to any information contained in the Company’s proxy statement to be filed pursuant to
Section 3(a) above if such Holder exercises its rights pursuant to Section 3(a) to review the Company’s proxy statement. The Company represents and warrants that prior to the date hereof neither the Company nor any person acting on
its behalf has provided any Holder or its counsel with any information that constitutes or might constitute material, non-public information concerning the Company. 
 b. Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would
otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining
provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of
the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

  
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 c. Multiple Holders. 

i. The parties acknowledge and agree that the actions and obligations of each Holder hereunder are several and not joint
with the actions and obligations of any other Holder and that no Holder shall be responsible in any way for the representations, warranties, agreements, acts or omissions, or the performance or non-performance of the obligations, of any other Holder
hereunder. Any and all rights granted to the Holders hereunder, at law or in equity shall be enforceable by each such Holder independently, and it shall not be necessary (but may be permissible) for any other Holder to be joined as an additional
party in any action for such purpose. 
 ii. The parties acknowledge and agree that (i) the Holders are
not are agents, affiliates or partners of each other, (ii) the Holders are not, under any circumstances, agreeing to act jointly, in concert or as a group with respect to the Notes, Original Notes, Warrants, Existing Warrants any Underlying
Shares or any Warrant Shares, (iii) nothing contained in any document, and no action taken by any Holder pursuant thereto, constitutes or shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that the Holders are in any way acting or agreeing to act jointly, in concert or as a group with respect to the Notes, Original Notes, Warrants, any Underlying Shares or any Warrant Shares, any transactions,
or any of their actions or obligations under any documents (including without limitation the decision to acquire, dispose of or vote any securities), and (iv) the Company shall not assert any claim inconsistent with the foregoing. 

iii. The Company acknowledges and agrees, and each Holder represents and agrees, that (i) such Holder has
independently participated in the negotiation hereof with the advice of its own counsel and advisors, (ii) no other Holder has acted or will be acting as such Holder’s agent in connection with its acquisition, disposition or voting of any
securities or monitoring its investment therein, (iii) such Holder’s decision to exchange the Original Notes has been made by such Holder independently of any other Holder and independently of any information, materials, statements or
opinions regarding the Company which may have been made or given by any other Holder, and (iv) no Holder shall have any liability to any other Holder relating to or arising from any such information, materials, statements or opinions. The
Company represents and acknowledges that (A) for reasons of administrative convenience of the Company only and not because it was required or requested to do so by any Holder, (1) each Holder and its counsel may have communicated and may
continue to communicate with the Company through Peter J. Weisman, P.C., which represents only Context independently, and (2) the Company has elected to provide all Holders with the same terms hereunder, and (B) such procedures with
respect to this Agreement shall in no way create a presumption that the Holders are in any way acting jointly, in concert or as a group with respect to this Agreement or the Notes or Warrants or the transactions contemplated hereby. 

iv. Neither the Company nor any of its affiliates shall, directly or indirectly (a) offer or pay or cause to be
paid any consideration (immediate or contingent), whether by way of interest, fee, payment or reduced conversion, exercise or exchange price for redemption, conversion, exercise or exchange of the Notes or Warrants, or otherwise, to any Holder, for
or as an inducement to, or in connection with the solicitation of, any consent, waiver or amendment to or of any terms or provisions of any Restructuring Agreements, unless such consideration is offered and, if accepted within 10 days of such offer,
paid to all Holders, or (b) redeem, in whole or in part, any Notes or Warrants unless such offer of redemption is made pro rata to all Holders on identical terms. For clarification purposes, this provision constitutes a separate right
granted to each Holder by the Company and negotiated separately by each Holder, is not intended for the Company to treat the Holders as a class, and shall not in any way be construed as the Holders acting in concert or as a group with respect to the
purchase, disposition or voting of the Notes, Warrants or Underlying Shares or otherwise. 

  
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 d. Expenses. Upon execution hereof the Company shall pay or reimburse to
Context’s legal counsel a non-refundable, non-accountable sum equal to $30,000 as and for legal expenses in connection with documentation of the transactions contemplated hereby. 

e. Counterparts. This Agreement may be executed in two or more counterparts and by facsimile signature, delivery of PDF images of
executed signature pages by email or otherwise, and each of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. 

f. Governing Law. This Agreement shall be governed by and interpreted in accordance with laws of the State of New York, excluding
its choice of law rules. The parties hereto hereby waive the right to a jury trial in any litigation resulting from or related to this Agreement. The parties hereto consent to exclusive jurisdiction and venue in the federal courts sitting in the
southern district of New York, unless no federal subject matter jurisdiction exists, in which case the parties hereto consent to exclusive jurisdiction and venue in the New York state courts in the borough of Manhattan, New York. Each party waives
all defenses of lack of personal jurisdiction and forum non conveniens. Process may be served on any party hereto in the manner authorized by applicable law or court rule. 
 g. Further Assurances. Each of the Holders and the Company hereby agrees and provides further assurances that it will, in the future, execute and deliver any and all further agreements,
certificates, instruments and documents and do and perform or cause to be done and performed, all acts and things as may be necessary or appropriate to carry out the intent and accomplish the purposes of this Agreement. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Agreement is executed as of the date first set forth above.

 COMPANY: 

FIBROCELL SCIENCE, INC. 
 By: /s/
Declan Daly                                 

Name: Declan Daly 
 Title: Chief Operating
Officer 
 HOLDERS: 

CONTEXT PARTNERS FUND, L.P. 
 By: CONTEXT
CAPITAL MANAGEMENT, LLC, as general partner 
 By: /s/ Michael S.
Rosen                         
 Name: Michael S. Rosen 
 Title: Managing Member 

FOCUS MANAGED ACCOUNTS FUND LTD. 
 By:
CONTEXT CAPITAL MANAGEMENT, LLC, as investment advisor 
 By: /s/ Michael S.
Rosen                     
 Name: Michael S. Rosen 
 Title: Managing Member 

DEERFIELD SPECIAL SITUATIONS FUND, L.P. 

By: /s/ James E.
Flynn                     
 Name: James
E. Flynn 
 Title: General Partner 

DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL, LTD. 
 By: /s/ James E. Flynn                     

Name: James E. Flynn 
 Title: General Partner

 AKANTHOS ARBITRAGE MASTER FUND, L.P. 
 By: /s/ Michael Kao                     

Name: Michael Kao 
 Title: Manager 

  
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 SCHEDULE 1 

Exchange by Holders 
  

																									
	 	  	Original Notes	 	  	Cash Paid	 	  	Orig. Principal	 	  	  
	 
	 	  	Orig. Principal	 	  	Accrued Int.	 	  	Balance Due	 	  	Upon Exchange	 	  	Amount under	 	  	 	 
	 	  	as of 9/3/2009	 	  	as of
6/1/2012	 	  	as of 6/1/2012	 	  	50%	 	  	New Conv. Notes	 	  	Warrants	 
	 Context Partners Fund, L.P.
	  	$	490,080.00	  	  	$	255,416.58	  	  	$	745,496.58	  	  	$	372,748.29	  	  	$	372,748.29	  	  	 	1,490,993	  
	 Context Partners Fund, L.P.
	  	$	205,500.00	  	  	$	107,101.08	  	  	$	312,601.08	  	  	$	156,300.54	  	  	$	156,300.54	  	  	 	625,202	  
	 Context Partners Fund, L.P.
	  	$	644,296.08	  	  	$	335,789.92	  	  	$	980,086.00	  	  	$	490,043.00	  	  	$	490,043.00	  	  	 	1,960,172	  
	 Focus Managed Accounts Fund Ltd.
	  	$	573,403.92	  	  	$	298,842.78	  	  	$	872,246.70	  	  	$	436,123.35	  	  	$	436,123.35	  	  	 	1,744,493	  
	 Deerfield Special Situations Fund, L.P.
	  	$	808,860.60	  	  	$	421,556.52	  	  	$	1,230,417.12	  	  	$	615,208.56	  	  	$	615,208.56	  	  	 	2,460,834	  
	 Deerfield Special Situations Fund International, Ltd.
	  	$	1,103,339.40	  	  	$	575,030.98	  	  	$	1,678,370.38	  	  	$	839,185.19	  	  	$	839,185.19	  	  	 	3,356,741	  
	 Akanthos Arbitrage Master Fund, L.P.
	  	$	799,140.00	  	  	$	416,490.39	  	  	$	1,215,630.39	  	  	$	607,815.20	  	  	$	607,815.20	  	  	 	2,431,261	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	4,624,620.00	  	  	$	2,410,228.25	  	  	$	7,034,848.25	  	  	$	3,517,424.13	  	  	$	3,517,424.13	  	  	 	14,069,697	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Addresses for Notices 

 

					
	 Holder
	  	 Address
	  	 with a copy to:

			
	Context Partners Fund, L.P.	  	c/o Context Advisory, LLC, 2223 Avenida de la Playa, Suite 104, La Jolla CA 92307, Attn: Michael Rosen	  	Peter J. Weisman, P.C., 2 Rector St., 3rd Floor, New York, NY 10006
			
	Focus Managed Accounts Fund Ltd.	  	c/o Context Advisory, LLC, 2223 Avenida de la Playa, Suite 104, La Jolla CA 92307, Attn: Michael Rosen	  	Peter J. Weisman, P.C., 2 Rector St., 3rd Floor, New York, NY 10006
			
	Deerfield Special Situations Fund, L.P.	  	c/o Deerfield Management Company, LP, 780 Third Avenue, 37th Floor, New York, NY 10017, Attn: Jeffrey Kaplan	  	
			
	Deerfield Special Situations Fund International, Ltd.	  	c/o Deerfield Management Company, LP, 780 Third Avenue, 37th Floor, New York, NY 10017, Attn: Jeffrey Kaplan	  	
			
	Akanthos Arbitrage Master Fund, L.P.	  	c/o Akanthos Capital Management LLC, 21700 Oxnard Street, Suite 1730, Woodland Hills, CA 91367, Attn: Michael Kao	  	

  
 12 

 SCHEDULE 2 

Existing Warrants 
  

													
	 Name
	  	Date	  	Warrant Description	  	# of Warrants	 	  	# of Waived Shares	 
	 Context Partners Fund, L.P.
	  	February 9, 2011	  	Series D warrants	  	 	400,000	  	  	 	400,000	  
	 Context Partners Fund, L.P.
	  	August 22, 2011	  	August 2011 financing	  	 	190,908	  	  	 	190,908	  
	 Total
	  		  		  	 	590,908	  	  	 	590,908	  
					
	 Focus Managed Accounts Fund, Ltd.
	  	February 9, 2011	  	Series D warrants	  	 	400,000	  	  	 	400,000	  
	 Focus Managed Accounts Fund, Ltd.
	  	August 22, 2011	  	August 2011 financing	  	 	190,908	  	  	 	190,908	  
	 Total
	  		  		  	 	590,908	  	  	 	590,908	  
					
	 Deerfield Special Situations Fund, L.P.
	  	August 22, 2011	  	August 2011 financing	  	 	497,636	  	  	 	497,636	  
					
	 Deerfield Special Situations Fund International, Ltd.
	  	August 22, 2011	  	August 2011 financing	  	 	775,091	  	  	 	775,091	  
					
	 Akanthos Arbitrage Master Fund, L.P.
	  	July 19, 2010	  	Series B warrants	  	 	1,934,620	  	  	 	556,926	  
	 Akanthos Arbitrage Master Fund, L.P.
	  	February 9, 2011	  	Series D warrants	  	 	2,400,000	  	  	 	690,897	  
	 Total
	  		  		  	 	4,334,620	  	  	 	1,247,823	  

  
 13 

 EXHIBIT A 

Form of Exchange Note 
 (See Attached) 

  
 14 

 EXHIBIT B 

Form of Exchange Warrant 
 (See Attached) 

  
 15 

 EXHIBIT C 

Form of Guaranty 
 (See Attached) 

  
 16EX-10.2

 Exhibit 10.2 
 EXHIBIT C 
 SUBSIDIARY GUARANTY 

SUBSIDIARY GUARANTY, dated as of June 1, 2012 (this “Guaranty”), made by each of the undersigned direct and
indirect Subsidiaries of the Company (as defined below) (together with any other entities that may become a party hereto as provided herein, individually and collectively, the “Guarantors”, and together with the Company, the
“Debtors”), in favor of the Holders (including such Holders’ successors, transferees and assigns, the “Holders”) signatory to the Exchange Agreement (as defined below). 

W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Exchange Agreement (“Exchange Agreement”) dated on or about the date hereof by and between Fibrocell Science, Inc., a Delaware corporation (the
“Company”), and the Holders, the Company has agreed to issue to the Holders, and the Holders have agreed to accept from the Company in exchange for its 12.5% Promissory Notes, the Company’s 12.5% Convertible Notes (the
“Notes”), subject to the terms and conditions set forth therein; 
 WHEREAS, each Guarantor is a direct or
indirect Subsidiary of the Company, and as a condition to the transactions contemplated by the Exchange Agreement, and in order to induce the Holders to enter into and consummate the transactions contemplated by the Exchange Agreement (including
without limitation exchanging for the Notes), the Company has agreed that the Guarantors would guaranty the Company’s obligations under the Notes, Exchange Agreement and other Transaction Documents in accordance with the terms set forth in this
Guaranty, the Notes, the Exchange Agreement and other Transaction Documents; and 
 WHEREAS, each Guarantor will directly
benefit from the extension of credit to the Company represented by the issuance of the Notes; 
 NOW, THEREFORE, in
consideration of the premises and to induce the Holders to enter into the Exchange Agreement and to carry out the transactions contemplated thereby, each Guarantor hereby agrees with the Holders as follows: 

1. Definitions. Unless otherwise defined herein, initially capitalized terms defined in the Exchange Agreement and used herein
shall have the meanings given to them in the Exchange Agreement. The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a
whole and not to any particular provision of this Guaranty, and Section and Schedule references are to this Guaranty unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. The following terms shall have the following meanings: 
 “Guaranty” means
this Subsidiary Guaranty, as the same may be amended, supplemented or otherwise modified from time to time. 

 “Obligations” means, in addition to all other costs and
expenses of collection incurred by Holders in enforcing any of such Obligations and/or this Guaranty, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due, or that are now or
may be hereafter contracted or acquired, or owing, of any Debtor to the Holders, including without limitation all obligations under the Exchange Agreement, the Notes, the Warrants, this Guaranty and any other instruments, agreements or other
documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed
with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided
or recovered directly or indirectly from any of the Holders as a preference, fraudulent transfer or otherwise, as such obligations may be amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of
the foregoing, the term “Obligations” shall include without limitation: (i) principal of, and interest on, the Notes and the loans extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and
liabilities of the Debtors from time to time under or in connection with the Exchange Agreement, the Notes, the Warrants, this Guaranty and any other instruments, agreements or other documents executed and/or delivered in connection herewith or
therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization or similar proceeding involving any Debtor. 
 2. Guaranty. 

(a) Guaranty. 
 (i) The Guarantors hereby, jointly and severally, absolutely, unconditionally and irrevocably, guaranty to the Holders and their respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by the Company when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. The Guarantors’ liability under this Guaranty shall be unlimited, open and continuous for so long as
this Guaranty remains in force. 
 (ii) Anything herein or in any other Transaction Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws, including laws
relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting the rights of creditors generally (after giving effect to the right of contribution set forth in Section 2(b)). 

(iii) Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability
of such Guarantor hereunder without impairing the guaranty contained in this Section 2 or affecting the rights and remedies of the Holders hereunder. 

  
 2 

 (iv) The guaranty contained in this Section 2 shall remain in full
force and effect until all the Obligations and the obligations of each Guarantor under the guaranty contained in this Section 2 shall have been satisfied by payment in full. 

(v) No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or
collected by the Holders from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in
payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the
Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations are paid in full. 

(vi) Notwithstanding anything to the contrary in this Guaranty, with respect to any defaulted non-monetary Obligations
the specific performance of which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the Guarantors shall only be liable for making the Holders whole on a monetary basis for the Company’s
failure to perform such Obligations in accordance with the Transaction Documents. 
 (b) Right of
Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against
any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall
in no respect limit the obligations and liabilities of any Guarantor to the Holders, and each Guarantor shall remain liable to the Holders for the full amount guaranteed by such Guarantor hereunder. 

(c) No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of
funds of any Guarantor by the Holders, no Guarantor shall be entitled to be subrogated to any of the rights of the Holders against the Company or any other Guarantor or any collateral security or guaranty or right of offset held by the Holders for
the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the
Holders by the Company on account of the Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations have not been paid in full, such amount shall be held
by such Guarantor in trust for the Holders, segregated from other funds of such Guarantor, and shall, promptly following receipt by such Guarantor, be turned over to the Holders in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Holders, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Holders may determine. 

  
 3 

 (d) Amendments, Etc. With Respect to the Obligations. Each Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Holders may be
rescinded by the Holders and any of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guaranty therefor or right of offset with respect thereto, may, from
time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Holders, and the Exchange Agreement, the Notes and the other Transaction Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Holders may deem advisable from time to time, and any collateral security, guaranty or right of offset at any time held
by the Holders for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. 

(e) Guaranty Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Obligations and notice of or proof of reliance by the Holders upon the guaranty contained in this Section 2 or acceptance of the guaranty contained in this Section 2; the Obligations, and any of them,
shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guaranty contained in this Section 2; and all dealings between the Company and any of the Guarantors, on
the one hand, and the Holders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guaranty contained in this Section 2. Each Guarantor waives, to the fullest extent permitted by law,
diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor understands and agrees that the guaranty contained in this
Section 2 shall be construed as a continuing, absolute and unconditional guaranty of payment of the Obligations without regard to (a) the validity or enforceability of the Exchange Agreement, the Notes or any other Transaction Document,
any of the Obligations or any other collateral security therefor or guaranty or right of offset with respect thereto at any time or from time to time held by the Holders, (b) any defense, set-off or counterclaim (other than a defense of payment
and performance in full of the Obligations) which may at any time be available to or be asserted by the Company or any other Person against the Holders, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the
Company or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor under the guaranty contained in this Section 2, in bankruptcy or in any
other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Holders may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and
remedies as they may have against the Company, any other Guarantor or any other Person or against any collateral security or guaranty for the Obligations or any right of offset with respect thereto, and any failure by the Holders to make any such
demand, to pursue such other rights or remedies or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security or guaranty or to exercise any such right of offset, or any release
of the Company, any other Guarantor or any other Person or any such collateral security, guaranty or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Holders against any Guarantor. For the purposes hereof, “demand” shall include without limitation the commencement and continuance of any legal proceedings. 

  
 4 

 (f) Reinstatement. The guaranty contained in this Section 2
shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Holders upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor or any substantial
part of its property, or otherwise, all as though such payments had not been made. 
 (g) Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the Holders without set-off or counterclaim in U.S. dollars at the address set forth or referred to in the Exchange Agreement. 

3. Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to the Holders as of
the date hereof: 
 (a) Organization and Qualification. The Guarantor is an entity, duly organized,
validly existing and in good standing under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. The
Guarantor has no subsidiaries other than those identified as such on the Disclosure Schedules to the Exchange Agreement. The Guarantor is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which
the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x) adversely
affect the legality, validity or enforceability of any of this Guaranty in any material respect, (y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor, or (z) adversely
impair in any material respect the Guarantor’s ability to perform fully on a timely basis its obligations under this Guaranty (a “Material Adverse Effect”). 

(b) Authorization; Enforcement. The Guarantor has the requisite power and authority to enter into and to
consummate the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this Guaranty by the Guarantor and the consummation by it of the transactions contemplated hereby have
been duly authorized by all requisite action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes the legal, valid and binding obligation of the Guarantor enforceable against the Guarantor
in accordance with its terms. 

  
 5 

 (c) No Conflicts. The execution, delivery and performance of this
Guaranty by the Guarantor and the consummation by the Guarantor of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its certificate of incorporation or (ii) conflict with, constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Guarantor is
a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Guarantor is subject (including federal and state securities laws
and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the case of each of clauses (ii) and (iii) such conflicts, defaults, terminations, amendments, accelerations, cancellations and
violations as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Guarantor is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except for
violations which, individually or in the aggregate, do not have a Material Adverse Effect. 
 (d) Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other person in
connection with the execution, delivery and performance by the Guarantor of this Guaranty. 
 (e) Exchange
Agreement. The representations and warranties of the Company set forth in the Exchange Agreement as they relate to such Guarantor, each of which is hereby incorporated herein by reference, are true and correct as of each time such
representations are deemed to be made pursuant to the Exchange Agreement, and the Holders shall be entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the
Company’s knowledge shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantor’s knowledge. 
 (f) Company’s Request. This Guaranty is executed at the Company’s request and not at the request of the Holders. 

(g) Obtaining Company Information. The Guarantor has established adequate means of obtaining from the Company on a
continuing basis information regarding the Company’s financial condition. 
 4. Covenants. 

(a) Actions. Each Guarantor covenants and agrees with the Holders that, from and after the date of this Guaranty
until the Obligations shall have been paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event
of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor. 
 (b) Insurance. So long as any Notes remain outstanding, each Guarantor shall have in full force and effect (a) insurance reasonably believed by such Guarantor to be adequate on all assets and
activities, covering property damage and loss of income by fire or other casualty, and (b) insurance reasonably believed to be adequate protection against all liabilities, claims and risks against which it is customary for companies similarly
situated as such Guarantor to insure. 

  
 6 

 (c) Compliance with Laws. So long as any Notes remain outstanding,
each Guarantor will use reasonable efforts to comply with all applicable laws, rules, regulations, orders and decrees of all governmental authorities, except to the extent non-compliance (in one instance or in the aggregate) would not have a
Material Adverse Effect. 
 (d) Corporate Existence; Merger and Consolidation. So long as any Notes
remain outstanding, each Guarantor shall maintain its corporate existence. Each Guarantor shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person, except to the same extent
that the Company is so permitted, and in accordance with the same provisions applicable to the Company, in the Exchange Agreement or the Notes (with the assumption of obligations applying to the assumption of the obligations under this Guaranty).

 (e) Taxes. Each Guarantor shall pay, and shall cause each of its subsidiaries to pay, prior to
delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to such Guarantor or
the Holders. 
 (f) Stay, Extension and Usury Laws. Each Guarantor covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Guaranty; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay
or impede the execution of any right herein granted to the Holders, but shall suffer and permit the execution of every such right as though no such law has been enacted. 

(g) Negative Covenants. So long as any of the Obligations are outstanding, unless Holders holding at least a
majority-in-interest of the aggregate principal amount of the then outstanding Notes shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after the date of this Guaranty: 

i. other than Permitted Indebtedness (as defined in the Notes), enter into, create, incur, assume or suffer to exist any
indebtedness for borrowed money of any kind, including but not limited to, a guaranty, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom; 

ii. other than Permitted Liens (as defined in the Notes), enter into, create, incur, assume or suffer to exist any liens
of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom; 
 iii. amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holders hereunder; 

  
 7 

 iv. repay, repurchase or offer to repay, repurchase or otherwise acquire
more than a de minimis number of shares of its securities or debt obligations; 
 v. repay, repurchase or offer
to repay, repurchase or otherwise acquire any Indebtedness, other than regularly scheduled principal and interest payments as such terms are in effect as of the date hereof (subject to clause (vi) below); 

vi. repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness to any current or former
employees, officers or directors of such Guarantor or Company or such current or former employees’, officers’ or directors’ affiliates, including without limitation any loans from or management fees payable to any of the foregoing;

 vii. pay cash dividends or distributions on any equity securities of such Guarantor; 

viii. enter into any transaction with any Affiliate of such Guarantor, unless such transaction is made on an
arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or 

ix. enter into any agreement with respect to any of the foregoing; 

provided, however, that no Guarantor shall be prohibited from undertaking any of the actions described above that the Company is
permitted to undertake pursuant to the terms of the Exchange Agreement, Notes and any and all other agreements or other documents entered into in connection with the financings contemplated by the Exchange Agreement. 

5. Miscellaneous. 
 (a) Amendments in Writing. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except in writing by Holders holding a majority-in-interest of
the principal amount of Notes then outstanding. 
 (b) Notices. All notices, requests and demands to or
upon the Holders or any Guarantor hereunder shall be effected in the manner provided for in the Exchange Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address
set forth on Schedule 1. 
 (c) No Waiver by Course of Conduct; Cumulative Remedies. The Holders
shall not by any act (except by a written instrument pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default under the Transaction Documents
or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Holders any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder
shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Holders of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
the Holders would otherwise have on any future occasion. The rights and remedies provided herein are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

  
 8 

 (d) Enforcement Expenses; Indemnification. 

(i) Each Guarantor agrees to pay, or reimburse the Holders for, all costs and expenses incurred in collecting against
such Guarantor under the guaranty contained in Section 2 or otherwise enforcing or preserving any rights under this Guaranty and the other Transaction Documents to which such Guarantor is a party, including without limitation the reasonable
fees and disbursements of counsel to the Holders. 
 (ii) Each Guarantor agrees to pay, and to save the Holders
harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated
by this Guaranty. 
 (iii) Each Guarantor agrees to pay, and to save the Holders harmless from, any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Guaranty
to the extent the Company would be required to do so pursuant to the Exchange Agreement. 
 (iv) The agreements
in this Section shall survive repayment of the Obligations and all other amounts payable under the Exchange Agreement, the Notes and the other Transaction Documents. 

(e) Successor and Assigns. This Guaranty shall be binding upon the successors and assigns of each Guarantor and
shall inure to the benefit of the Holders and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Guaranty without the prior written consent of the Holders.

 (f) Set-Off. Each Guarantor hereby irrevocably authorizes the Holders at any time and from time to
time while an Event of Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and
appropriate and apply any and all deposits, credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Holders to or for the credit or the
account of such Guarantor, or any part thereof in such amounts as the Holders may elect, against and on account of the obligations and liabilities of such Guarantor to the Holders hereunder and claims of every nature and description of the Holders
against such Guarantor, in any currency, whether arising hereunder, under the Exchange Agreement, any other Transaction Document or otherwise, as the Holders may elect, whether or not the Holders have made any demand for payment and although such
obligations, liabilities and claims may be contingent or unmatured. The Holders shall notify such Guarantor promptly of any such set-off and the application made by the Holders of the proceeds thereof, provided that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of the Holders under this Section are in addition to other rights and remedies (including without limitation other rights of set-off) which the Holders may have. 

  
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 (g) Counterparts. This Guaranty may be executed by one or more of the
parties to this Guaranty on any number of separate counterparts (including by fax or PDF), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

(h) Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 (i) Section Headings. The Section headings
used in this Guaranty are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

(j) Integration. This Guaranty and the other Transaction Documents represent the agreement of the Guarantors and
the Holders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Holders relative to subject matter hereof and thereof not expressly set forth or referred to herein or
in the other Transaction Documents. 
 (k) Governing Law. This Guaranty shall be governed by, and
construed and interpreted in accordance with, the law of the state of New York without regard to any principles of conflicts of laws. 
 (l) Submission to Jurisdictional; Waiver. Each Guarantor hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action or proceeding relating to this Guaranty and the other Transaction Documents to which it is a party, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, located in New York County, New York, the courts of the United States of America for the Southern District of New York, and appellate
courts from any thereof; 
 (ii) consents that any such action or proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
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 (iii) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to in Schedule 1 below or at such other address of which the Holders shall
have been notified pursuant thereto; 
 (iv) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(v) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 (m)
Acknowledgements. Each Guarantor hereby acknowledges that: 
 (i) it has been advised by counsel in the
negotiation, execution and delivery of this Guaranty and the other Transaction Documents to which it is a party; 
 (ii) the Holders have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guaranty or any of the other Transaction Documents, and the relationship between the
Guarantors, on the one hand, and the Holders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (iii) no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated hereby among the Guarantors and the Holders. 

(n) Release of Guarantors. Subject to Section 2, each Guarantor will be released from all liability hereunder
concurrently with the repayment in full of all amounts owed under the Notes. 
 (o) Waiver of Jury Trial.
EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE HOLDERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND FOR ANY COUNTERCLAIM THEREIN. 

***************** 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed and
delivered as of the date first above written. 
 FIBROCELL TECHNOLOGIES, INC., a Delaware corporation 

By:                        
                     
 Name: 

Title: 

  
 12 

 DISCLOSURE SCHEDULES 

Schedule 1 

Guarantors 
 The following
are the names, notice addresses, jurisdiction of organization and percentage ownership of each Guarantor. 
  

											
	 NAME
	  	 ADDRESS FOR NOTICE
	  	JURISDICTION
OF
INCORPORATION	 	  	PERCENTAGE OWNED
BY COMPANY	 
	 Fibrocell Technologies, Inc.
	  	405 Eagleview Boulevard Exton, Pennsylvania 19341	  	 	Delaware	  	  	 	100	% 

  
 13

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