Document:

EX-10.2

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

SECURED NOTE

Principal Amount: $300,000.00 Issue Date: December      , 2008

FOR VALUE RECEIVED, STEM CELL INNOVATIONS, INC., a Delaware corporation (hereinafter called
“Borrower”), hereby promises to pay to ALPHA CAPITAL ANSTALT, Pradfant 7, 9490 Furstentums, Vaduz,
Lichtenstein, Fax: 011-42-32323196 (the “Holder”), without demand, the principal sum of Three
Hundred Thousand Dollars ($300,000) (“Principal Amount”) or so much thereof as shall be advanced by
Holder to Borrower pursuant to this Note (each such advance a “Loan” and all advances collectively
the “Loans”), with unpaid interest thereon, on December      , 2009 (the “Maturity Date”), if not
paid sooner.

This Note has been entered into pursuant to the terms of a subscription agreement between the
Borrower and the Holder of promissory notes dated of even date herewith (the “Subscription
Agreement”). Unless otherwise separately defined herein, all capitalized terms used in this Note
shall have the same meaning as is set forth in the Subscription Agreement. The following terms
shall apply to this Note:

ARTICLE I

GENERAL PROVISIONS

1.1 Interest.

(a) Rate of Interest. Except as otherwise provided herein, each Loan under this Note
shall bear interest on the outstanding principal amount thereof, for each day from and including
the day the proceeds of each Loan, respectively, are paid to or as directed by the Borrower, but
excluding the date the principal amount thereof shall be paid in full, at a rate equal to fifteen
percent (15%) per annum. The aggregate amount of accrued interest on each Loan under this Note,
net of the Initial Interest Payment to the extent such Initial Interest Payment shall have been
previously paid to Holder, shall be payable on the Maturity Date, as set forth below.

(b) Computation of Interest. Interest in respect of this Note shall be calculated on
the basis of a 360-day year for the actual days elapsed for each Loan, respectively, the aggregate
amount of which shall be the accrued interest due under this Note. Each determination of an
interest rate or fee by the Holder pursuant to any provision of this Note shall be conclusive and
binding on the Borrower in the absence of manifest error.

1.2 Default Interest Rate. The Borrower shall not have any grace period to pay any
monetary amounts due under this Note. After the Maturity Date, accelerated or otherwise, and
during the pendency of an Event of Default (as defined in Article III) a default interest rate of
eighteen percent (18%) per annum shall apply to the amounts owed hereunder.

ARTICLE II

PREPAYMENT AND EXTENSION

2.1. Prepayment. This Note may be paid prior to the Maturity Date, without penalty,
upon three days written notice to Holder. Interest shall accrue through the actual payment date.

2.2. Loan Procedures.

(a) Drawing Notice. Borrower will give notice to Holder of its request that a Loan be
made to it hereunder before 11:00 A.M., New York City time, at least one (1) Business Day prior to
the date that the Loan is requested to be made, by delivering a notice to the Holder in a form
substantially similar to Exhibit A hereto (“Drawing Notice”), such notice to specify: (i) the
principal amount of the Loan in U.S. dollars (which will be a minimum of $50,000); (ii) the account
to which the Loan proceeds are to be paid; and (iii) that no default and/or Event of Default or an
event which with the passage of time or the giving of notice would be an Event of Default has
occurred or is continuing on such date or after giving effect to the making of the Loan requested
to be made on such date. Borrower may not deliver more than four (4) Drawing Notices.

(b) This Note evidences Loans made by Holder to Borrower, from time to time. The unpaid
principal balance of this Note at any time shall be the aggregate principal amount of the Loans
made by Holder to Borrower, less the total amount of principal payments made hereon by Borrower.
The date and amount of each such Loan and each payment on account of principal thereof may be
endorsed by Holder on the grid attached to and made a part of this Note, and when so endorsed shall
represent evidence thereof binding upon Borrower in the absence of manifest error. Any failure by
Holder to so endorse shall in no way mitigate or discharge the obligation of Borrower to repay any
Loans actually made.

ARTICLE III

EVENT OF DEFAULT

The occurrence of any of the following events of default (“Event of Default”) shall, at the
option of the Holder hereof, make all sums of principal and accrued interest then remaining unpaid
hereon and all other amounts payable hereunder immediately due and payable, upon demand, without
presentment or grace period, all of which hereby are expressly waived, except as set forth below:

3.1 Failure to Pay Principal or Interest. The Borrower fails to pay any principal,
interest or other sum due under this Note when due.

3.2 Breach of Covenant. The Borrower breaches any material covenant or other material
term or condition of the Subscription Agreement or this Note in any material respect and such
breach, if subject to cure, continues for a period of ten (10) business days after written notice
to the Borrower from the Holder.

3.3 Breach of Representations and Warranties. Any material representation or warranty
of the Borrower made herein, in any Transaction Document, or in any agreement, statement or
certificate given in writing pursuant hereto or in connection herewith or therewith shall be false
or misleading in any material respect as of the date made and as of the Closing Date.

3.4 Liquidation. Any dissolution, liquidation or winding up of Borrower or any
substantial portion of its business.

3.5 Cessation of Operations. Any cessation of operations by Borrower or Borrower
admits it is otherwise generally unable to pay its debts as such debts become due.

3.6 Maintenance of Assets. The failure by Borrower to maintain any material
intellectual property rights, personal, real property or other assets which are necessary to
conduct its business (whether now or in the future).

3.7 Receiver or Trustee. The Borrower shall make an assignment for the benefit of
creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a
substantial part of its property or business; or such a receiver or trustee shall otherwise be
appointed.

3.8 Judgments. Any money judgment, writ or similar final process shall be entered or
filed against Borrower or any subsidiary of Borrower or any of their property or other assets for
more than $100,000.

3.9 Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or
other proceedings or relief under any bankruptcy law or any law, or the issuance of any notice in
relation to such event, for the relief of debtors shall be instituted by or against the Borrower.

3.10 Delisting. Failure of the Borrower’s Common Stock to be listed for trading or
quotation on a Principal Market for ten (10) or more consecutive days.

3.11 Non-Payment. A default by the Borrower under any one or more obligations in an
aggregate monetary amount in excess of $100,000 after the due date and any applicable cure period.

3.12 Stop Trade. An SEC or judicial stop trade order or Principal Market trading
suspension with respect to the Borrower’s Common Stock that lasts for ten (10) or more consecutive
trading days.

3.13 Chassman Loan. The failure by Margie Chassman to loan to Borrower an amount
equal to not less than $50,000 on or before thirty-five (35) days after the Closing Date with proof
of receipt of such loan funds required to be provided in a written statement executed by the
Company’s Chief Financial Officer.

3.13 Cross Default. A default by the Borrower of a material term, covenant, warranty
or undertaking of any other agreement to which the Borrower and Holder are parties, or the
occurrence of a material event of default under any such other agreement which is not cured after
any required notice and/or cure period which such default has a Material Adverse Effect, except for
late payments to telecommunication providers.

3.14 Other Note Default. The occurrence of any Event of Default under any Other Note.

ARTICLE IV

SECURITY INTEREST

4. Security Interest/Waiver of Automatic Stay. This Note is secured by a security
interest granted to the Holder pursuant to a Security Agreement, as delivered by Borrower to
Holder. The Borrower acknowledges and agrees that should a proceeding under any bankruptcy or
insolvency law be commenced by or against the Borrower, or if any of the Collateral (as defined in
the Security Agreement) should become the subject of any bankruptcy or insolvency proceeding, then
the Holder should be entitled to, among other relief to which the Holder may be entitled under the
Transaction Documents and any other agreement to which the Borrower and Holder are parties
(collectively, “Loan Documents”) and/or applicable law, an order from the court granting immediate
relief from the automatic stay pursuant to 11 U.S.C. Section 362 to permit the Holder to exercise
all of its rights and remedies pursuant to the Loan Documents and/or applicable law. THE BORROWER
EXPRESSLY WAIVES THE BENEFIT OF THE AUTOMATIC STAY IMPOSED BY 11 U.S.C. SECTION 362. FURTHERMORE,
THE BORROWER EXPRESSLY ACKNOWLEDGES AND AGREES THAT NEITHER 11 U.S.C. SECTION 362 NOR ANY OTHER
SECTION OF THE BANKRUPTCY CODE OR OTHER STATUTE OR RULE (INCLUDING, WITHOUT LIMITATION, 11 U.S.C.
SECTION 105) SHALL STAY, INTERDICT, CONDITION, REDUCE OR INHIBIT IN ANY WAY THE ABILITY OF THE
HOLDER TO ENFORCE ANY OF ITS RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS AND/OR APPLICABLE LAW.
The Borrower hereby consents to any motion for relief from stay that may be filed by the Holder in
any bankruptcy or insolvency proceeding initiated by or against the Borrower and, further, agrees
not to file any opposition to any motion for relief from stay filed by the Holder. The Borrower
represents, acknowledges and agrees that this provision is a specific and material aspect of the
Loan Documents, and that the Holder would not agree to the terms of the Loan Documents if this
waiver were not a part of this Note. The Borrower further represents, acknowledges and agrees that
this waiver is knowingly, intelligently and voluntarily made, that neither the Holder nor any
person acting on behalf of the Holder has made any representations to induce this waiver, that the
Borrower has been represented (or has had the opportunity to he represented) in the signing of this
Note and the Loan Documents and in the making of this waiver by independent legal counsel selected
by the Borrower and that the Borrower has discussed this waiver with counsel.

ARTICLE V

MISCELLANEOUS

5.1 Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder
hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All rights and
remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

5.2 Notices. All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless otherwise specified
herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below
or to such other address as such party shall have specified most recently by written notice. Any
notice or other communication required or permitted to be given hereunder shall be deemed effective
(a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if delivered on a
business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second business day following the
date of mailing by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for such communications
shall be: (i) if to the Borrower to: Stem Cell Innovations, Inc., Stem Cell Innovations, Inc.,
11222 Richmond Avenue, Suite 180, Houston, TX 77082, Attn: Larry Gordon, Fax: (281) 679-7910, and
(ii) if to the Holder, to the name, address and telecopy number set forth on the front page of this
Note, with a copy by telecopier only to Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New
York, New York 10176, telecopier number: (212) 697-3575.

5.3 Amendment Provision. The term “Note” and all reference thereto, as used
throughout this instrument, shall mean this instrument as originally executed, or if later amended
or supplemented, then as so amended or supplemented.

5.4 Assignability. This Note shall be binding upon the Borrower and its successors
and assigns, and shall inure to the benefit of the Holder and its successors and assigns. The
Borrower may not assign its obligations under this Note.

5.5 Cost of Collection. If default is made in the payment of this Note, Borrower
shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys’ fees.

5.6 Governing Law. This Note shall be governed by and construed in accordance with
the laws of the State of New York without regard to conflicts of laws principles that would result
in the application of the substantive laws of another jurisdiction. Any action brought by either
party against the other concerning the transactions contemplated by this Agreement must be brought
only in the civil or state courts of New York or in the federal courts located in the State and
county of New York. Both parties and the individual signing this Agreement on behalf of the
Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be
entitled to recover from the other party its reasonable attorney’s fees and costs. In the event
that any provision of this Note is invalid or unenforceable under any applicable statute or rule of
law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity or unenforceability
of any other provision of this Note. Nothing contained herein shall be deemed or operate to
preclude the Holder from bringing suit or taking other legal action against the Borrower in any
other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral
or any other security for such obligations, or to enforce a judgment or other decision in favor of
the Holder. This Note shall be deemed an unconditional obligation of Borrower for the payment of
money and, without limitation to any other remedies of Holder, may be enforced against Borrower by
summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar
rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or
statute, any other document or agreement to which Holder and Borrower are parties or which Borrower
delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or
Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document
or agreement was delivered together herewith or was executed apart from this Note.

5.7 Maximum Payments. Nothing contained herein shall be deemed to establish or
require the payment of a rate of interest or other charges in excess of the maximum rate permitted
by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum rate permitted by applicable law, any payments in excess of such
maximum rate shall be credited against amounts owed by the Borrower to the Holder and thus refunded
to the Borrower.

5.8 Non-Business Days. Whenever any payment or any action to be made shall be due on
a Saturday, Sunday or a public holiday under the laws of the State of New York, such payment may be
due or action shall be required on the next succeeding business day and, for such payment, such
next succeeding day shall be included in the calculation of the amount of accrued interest payable
on such date.

IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by an authorized
officer as of the      day of December, 2008.

STEM CELL INNOVATIONS, INC.

By:

Name:

Title:

WITNESS:

1

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 
	Date

	 	Loan

No.
	 	Amount of

Loan
	 	Amount of

Principal

Paid
	 	Unpaid

Principal

Balance
	 	

Notation

Made By
	 

	 	 
	 	 
	 	 
	 	 
	 	 

2

EXHIBIT A

DRAWING NOTICE

Date:      

ALPHA CAPITAL ANSTALT

Pradfant 7

9490 Furstentums

Vaduz, Lichtenstein

Fax: 011-42-32323196

Attention:

We hereby refer you to the Promissory Note dated December      , 2008 (as amended, modified,
supplemented and/or restated from time to time, the “Note”) in the original principal
amount of $300,000,000, or such lesser amount as shall equal the outstanding principal amount
thereof, issued by Stem Cell Innovations, Inc. (“Borrower”) to Alpha Capital Anstalt
(“Holder”).

We hereby request that Holder make a Loan to Borrower in the following amount pursuant to the
wire transfer instructions set forth below. We hereby confirm that (a) we accept all of the terms
and conditions set forth in the Note, and (b) there is no default and/or Event of Default that has
occurred and is continuing on the date hereof or after giving effect to the making of the Loan
requested to be pursuant hereto.

Amount of Loan: US$

Wire Transfer Instructions:

Very truly yours,

STEM CELL INNOVATIONS, INC.

By:

Name:

Title:

3EX-10.3

MODIFICATION AGREEMENT

This Modification Agreement (“Agreement”) dated as of December      , 2008 is entered into by
and among Stem Cell Innovations Inc., a Delaware corporation (the “Company”), the noteholders
identified on the signature page hereto (each a “Lender” and collectively “Lenders”) and Alpha
Capital Anstalt as “Lender” and as a secured Lender (“Alpha”).

WHEREAS, the Company and the Lenders are parties to a subscription agreement dated February
14, 2006 relating to an aggregate investment of $2,350,000 by Lenders and a subscription agreement
dated November 16, 2006 relating to an aggregate secured investment of $2,000,000 by Alpha
(collectively “Subscription Agreements”) in Notes (“Notes”) convertible into $.01 par value Common
Stock of the Company and Common Stock Purchase Warrants as more fully described on Schedule A
hereto (“Warrants”); and

WHEREAS, the Company acknowledges that an Event of Default has occurred under the Notes by
virtue of, among other things, the maturity of the Notes and Company’s continuing failure to pay
the outstanding indebtedness at maturity (the “Existing Defaults”).  As a result of the occurrence
and continuation of the Existing Defaults, Alpha is entitled to, among other things, to immediately
enforce its rights and remedies against the assets and collateral (the “Collateral”) of the Company
which secure the obligations to Alpha under that certain Security Agreement (the “Security
Agreement”) and Guaranty (“Guaranty”) dated November 16, 2006 and under applicable law; and

WHEREAS, Alpha has agreed to loan to the Company an additional aggregate sum of $300,000 (“New
Funding”) in Notes to be secured pari-passu with the Notes and all sums due under the Notes and the
Transaction Documents (as hereinafter defined) dated November 16, 2006.

NOW THEREFORE, in consideration of the mutual covenants and other agreements contained in this
Agreement, the Company and the Lenders hereby agree as follows:

1. Definitions and Recitals. Capitalized terms employed and not otherwise defined
herein have the meanings attributed to them in the Subscription Agreements, Notes, Warrants,
Security Agreement, Guaranty and related transaction documents (“Transaction Documents”).

2. Ratification and Incorporation of Agreements. Except as expressly modified by
this Agreement, (a) the Company hereby acknowledges, confirms and ratifies all of the terms and
conditions set forth in, and all of its obligations under the Transaction Documents, which
documents are valid, binding and in full force and effect and (b) all of the terms and conditions
set forth in the foregoing Transaction Documents are incorporated herein by this reference as if
set forth in full herein.

3. Acknowledgement of Indebtedness and Senior Secured Liens. The Company
acknowledges and agrees that as of the date hereof, the aggregate principal amount due under the
secured Notes to Alpha comprising the “Obligations” is not less than $2,585,000. The Company
represents and agrees that the Obligations due to Alpha are secured by valid and enforceable first
priority liens and security interests against the Collateral, and that it has no offset, defense,
counterclaim, dispute or disagreement of any kind or nature whatsoever with respect to the
liability or amount of such foregoing Indebtedness or the liens and security interests securing
such Obligations. In addition to the amount set forth above, the Company is and shall be liable to
Alpha for all interest accrued and accruing, fees, costs, liquidated damages, expenses, and costs
of collection (including reasonable attorneys’ fees and expenses and other amounts due under the
Transaction Documents) heretofore or hereafter accrued or incurred in connection with the
indebtedness, including, without limitation, all attorney’s fees and expenses incurred in
connection with the negotiation and preparation of this Agreement and all documents, as provided in
the applicable Transaction Document. The Company hereby acknowledges and agrees that Existing
Defaults have occurred and are continuing, each of which constitutes an Event of Default and
entitles Lenders to accrue interest at the default rate of interest and to exercise their rights
and remedies under the Transaction Documents, applicable law or otherwise. Lenders have not
waived, presently do not intend to waive and may never waive such existing defaults and nothing
contained herein or the transactions contemplated hereby shall be deemed to constitute any such
waiver. The Company hereby acknowledges and agrees that Lenders have the right to declare the
indebtedness to be immediately due and payable under the terms of the Transaction Documents.

4. Forbearance. As consideration for Alpha’s forbearance, the Company agrees to
increase the principal amount of the Notes due and owing to Alpha by an additional 25% as more
fully described on Schedule A hereto.

5. Alpha’s Conversion Price. Section 2.1(b) of the Notes issued only to Alpha is
deleted in its entirety and replaced with the following:

“Subject to adjustment as provided in Section 2.1(c) hereof,
the Conversion Price per share shall be the lessor of (i)
$.01, or (ii) 80% of the average of the lowest three day
closing prices of the common stock for the ten days
preceding a Conversion Date.”

6. Anti-Dilution Waiver. In connection with the reset of the Conversion Price of the
Notes issued to Alpha described in Section 4 above, the undersigned Lenders waive their reset
rights or future anti-dilution rights granted pursuant to Section 12(a) of the Subscription
Agreement – Most Favored Nation, Section 2.1(c)D of the Note and Section 3.4 of the Warrant.

7. Lenders’ Conversion Price Reduction. The Conversion Price of the Convertible
Notes issued to Lenders, Longview Fund L.P. and John V. Winfield, is reduced to $0.03. In
connection therewith, Lenders, Longview Fund L.P. and John V. Winfield, waive any reset or future
anti-dilution grants pursuant to Section 12(a) of the Subscription Agreement – Most Favored
National, Section 2.1(c)D of the Note and Section 3.4 of the Warrant.

8. Share Reservation. The Company agrees to reserve on behalf of Alpha from its
authorized but unissued shares of Common Stock an aggregate of 800,000,000 shares. The Company
agrees to provide to Alpha within one day of execution of this Agreement a Board Resolution
memorializing this reservation.

9. Share Restriction. Lenders hereby agree that for a period of one year commencing
on the Closing Date of the New Funding (“Restriction Period”), Lenders will not convert and/or
sell, transfer or otherwise dispose of any shares of Common Stock or any options, warrants or other
rights to purchase shares of Common Stock or any other security of the Company which Lenders own or
have a right to acquire as of the date hereof, other than in connection with an offer made to all
shareholders of the Company in connection with merger, consolidation or similar transaction
involving the Company. Lenders further agree that the Company is authorized to and the Company
agrees to place “stop orders” on its books to prevent any transfer of shares of Common Stock or
other securities of the Company held by Lenders in violation of this Agreement. The Company agrees
not to allow to occur any transaction inconsistent with this Agreement. Any subsequent issuance to
and/or acquisition by Lenders of Common Stock or options or instruments convertible into Common
Stock will be subject to the provisions of this Agreement. The provisions of this Share
Restriction may be waived only by Alpha. Lenders further agree that the aforementioned Share
Restriction provisions shall not apply to Alpha.

10. Actual Reservation Date. The Actual Reservation Date as defined in the February
14, 2006 Transaction Documents is July 6, 2006.

11. Chassman Loan. Within thirty-five (35) days of the date hereof, Margie Chassman
(“Chassman”) agrees to loan the Company the sum of $50,000. Failure by Chassman to timely loan the
Company said sum will be an Event of Default under the Note and additionally Alpha will be released
from having to advance any additional funds to the Company.

12. Chassman Debt. Additionally, upon reduction of the par value of the Company’s
Common Stock no later than March 31, 2009, Chassman will convert a $1,000,000 of debt owed by the
Company to Chassman into 1,470,588,236 shares of the Company’s Common Stock at a per share price of
$.00068, which shares will be issued to Chassman or her designees.

13. Chassman Assignment   Additionally, upon reduction of the par value of the
Company’s Common Stock no later than March 31, 2009, Chassman will assign 50,000,000 shares of the
Company’s Common Stock to John V. Winfield, one of the Lenders herein.

14. Representations and Warranties by Company. The Company represents and warrants
that all outstanding debts of the Company as of the date of this Agreement are disclosed on
Schedule B hereto.

15. Representations and Warranties. In order to induce the Lenders to enter into
this Agreement and to forbear with respect to the Existing Defaults in the manner provided in this
Agreement, the Company represents and warrants to each of the Lenders as follows:

A. Power and Action. The Company has all requisite corporate power and authority to
enter into this Agreement and to carry out the transactions contemplated by, and perform its
obligations hereunder and thereunder.

B. Authorization and Agreement. The execution and delivery of this Agreement by the
Company and the performance hereunder and thereunder have been duly authorized by all necessary
action. This Agreement has been duly executed and delivered by the Company.

C. Enforceability. This Agreement constitutes the legal, valid and binding
obligations of the Company enforceable against the Company in accordance with its terms.

D. No Violation or Conflict. The execution and delivery by the Company of this
Agreement and the performance by the Company hereunder and thereunder do not and will not (i)
contravene, in any respect, any provision of any law, regulation, decree, ruling, judgment or order
that is applicable to the Company or its properties or other assets, or (ii) result in a breach of
or constitute a default under the charter, bylaws or other organizational documents of the Company
or any material agreement, indenture, lease or instrument binding upon the Company or its
properties or other assets.

E. Governmental Consents. No authorization or approval or other action by, and no
notice to or filing with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by the Company of this Agreement.

F. Effect on Agreements. Except as specifically provided herein, all of the
Transaction Documents remain in full force and effect in accordance with their respective terms,
including without limitation any Security Agreement and Subsidiary Guaranty, each of which remain
in full force and effect.

G. Jury Trial. The Company makes the following waiver knowingly, voluntarily, and
intentionally, and understands that each of the Lenders, in entering into this Agreement, is
relying thereon. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY PRESENT OR FUTURE RIGHT TO A JURY IN
ANY TRIAL OF ANY CASE OR CONTROVERSY IN WHICH THE LENDERS, OR EITHER OF THEM, ARE OR BECOME A PARTY
(WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR AGAINST THE LENDERS, OR EITHER OF THEM, OR IN
WHICH THE LENDERS, OR EITHER OF THEM, IS JOINED AS A PARTY LITIGANT), WHICH CASE OR CONTROVERSY
ARISES OUT OF, OR IS IN RESPECT OF, ANY RELATIONSHIP BETWEEN THE COMPANY OR ANY SUCH PERSON, AND
THE LENDERS, OR EITHER OF THEM.

H. Governing Law: Consent to Jurisdiction and Venue. THIS AGREEMENT AND THE
OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS AND DECISIONS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH
STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS, AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA. COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL
COURTS LOCATED WITHIN THE COUNTY OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN COMPANY AND LENDERS PERTAINING TO THIS AGREEMENT, THE
NOTES OR ANY OF THE OTHER AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT.

I. Waiver of Claims by the Company. The Company hereby acknowledges and agrees that
it has no offsets, defenses, claims, or counterclaims against the Lenders, or either of them, or
any of the Lenders’ respective officers, directors, employees, members, managers, affiliates,
attorneys, representatives, predecessors, successors, or assigns with respect to the Indebtedness,
or otherwise, and that if the Company now has, or ever did have, any such offsets, defenses,
claims, or counterclaims against the Lenders, or either of them, or any of the Lenders’ respective
officers, directors, employees, affiliates, attorneys, representatives, predecessors, successors,
or assigns, whether known or unknown, at law or in equity, from the beginning of the world through
this date and through the time of execution of this Agreement, all of them are hereby expressly
WAIVED, and the Company hereby RELEASES the Lenders and the Lenders’ respective officers,
directors, employees, affiliates, attorneys, representatives, predecessors, successors, and assigns
from any liability therefor.

J. Release. In consideration of the agreements of the Lenders contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company on behalf of itself and its successors, assigns, heirs, executor,
administrator and other legal representatives, hereby, jointly and severally, absolutely,
unconditionally and irrevocably releases, remises and forever discharges each of the Lenders, their
successors and assigns, and their respective present and former shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, members,
managers, agents and other representatives (the Lenders and all such other parties being
hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and
from all demands, actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other
claims, counterclaims, defenses, rights of set off, demands and liabilities whatsoever
(individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown,
suspected or unsuspected, both at law and in equity, which the Company, or any of its officers,
directors, employees, successors, assigns, heirs, executor, administrator or other legal
representatives, as the case may be, may now or hereafter own, hold, have or claim to have against
the Releasees or any of them for, upon, or by reason of any nature, cause or thing whatsoever which
arises at any time on or prior to the day and date of this Agreement, for or on account of, or in
relation to, or in any way in connection with the Transaction Documents as amended and supplemented
through the date hereof, or otherwise. The Company understands, acknowledges and agrees that the
release set forth above may be pleaded as a full and complete defense and may be used as a basis
for an injunction against any action, suit or other proceeding which may be instituted, prosecuted
or attempted in breach of the provisions of such release. The Company agrees that no fact, event,
circumstance, evidence or transaction which could now be asserted or which may hereafter be
discovered shall affect in any manner the final and unconditional nature of the release set forth
above.

K. Covenant Not to Sue. The Company, on behalf of itself and its successors,
shareholders, assigns, heirs, executor, administrator and other legal representatives, hereby
jointly and severally, absolutely, unconditionally and irrevocably, covenants and agrees with each
Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any
Releasee on the basis of any Claim released, remised and discharged by the Company. If the Company
or any party on its behalf violates the foregoing covenant, the Company agrees to pay, in addition
to such other damages as any Releasee may sustain as a result of such violation, all attorneys’
fees and costs incurred by any Releasee as a result of such violation.

16. Conflict of Interest. Grushko & Mittman, P.C. (“G&M”) has represented each of
the Lenders and/or their respective affiliates (each, including such affiliates, collectively, a
“Client”) in other transactions prior to or concurrent with, but unrelated to, this Agreement and
the New Funding. Each of the Clients anticipates that G&M will continue to represent the other
Lender or any of such other Lender’s affiliates with respect to other matters concurrent with and
subsequent to the consummation of this Agreement and the New Funding. All such past, current and
future representations of any Client (other than this Agreement) are referred to as G&M -Client
Representations. Each Lender, for itself and its affiliates, hereby confirms that it has waived,
and continues to waive, any claim that the work performed by G&M in connection with the preparation
of this Agreement and the New Funding (or any matter arising thereunder) represents a conflict of
interest on the part of G&M and confirms that G&M may continue to act for the other Lender or any
of such other Lender’s affiliates with respect to all G&M -Client Representations.

17. Miscellaneous.

A. The Company acknowledges that the “Securities” issuable to Lenders upon conversion of Notes
and exercise of Warrants and that for the purposes of the Lenders’ holding periods under Rule 144
under the Securities Act, the Lenders shall be deemed to have acquired the Securities and on the
date they acquired the original Notes and Warrants. The Company agrees not to take a position
contrary to this paragraph. In connection therewith, the Company shall also obtain and deliver to
each of the Lenders and to Company’s transfer agent for the Securities, a legal opinion from
counsel opining that the Securities may be resold by Lenders under Rule 144 of the Securities Act
without any restrictions or limitations and that any restrictive legends on the certificates
evidencing the Securities may be removed prior to or in connection with the resale by Lenders of
the Securities.

B. The Company undertakes to make a public announcement on Form 8-K describing the terms of
this Agreement not later than the fourth business day after the execution of this Agreement.

C. This Agreement (i) contains the entire understanding of the parties with respect to the
subject matter hereof, (ii) may not be amended except in writing signed by all of the parties
hereto, (iii) shall inure to the benefit of the parties hereto and their respective successors and
assigns, (iv) may be executed in multiple counterparts, each of which shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

D. Any determination that any provision of this Agreement or any application thereof is
invalid, illegal, or unenforceable in any respect in any instance shall not affect the validity,
legality, or enforceability of such provision in any other instance, or the validity, legality, or
enforceability of any other provision of this Agreement. Section headings used herein are for
convenience of reference only, are not part of this Agreement, and are not to be taken into
consideration in interpreting this Agreement.

E. The Company represents and warrants that it (a) has engaged counsel and understands fully
the terms of this Agreement and the consequences of the execution and delivery of this Agreement,
(b) has been afforded an opportunity to have this Agreement reviewed by, and to discuss this
Agreement with such attorneys and other persons as the Company may wish, and (c) has entered into
this Agreement and executed and delivered all documents in connection herewith of its own free will
and accord and without threat, duress or other coercion of any kind by any person. The parties
hereto acknowledge and agree that neither this Agreement nor the other documents executed pursuant
hereto shall be construed more favorably in favor of one than the other based upon which party
drafted the same, it being acknowledged that all parties hereto contributed substantially to the
negotiation and preparation of this Agreement and the other documents executed pursuant hereto or
in connection herewith.

F. In making proof of this Agreement, it shall not be necessary to produce or account for more
than one counterpart thereof signed by each of the parties hereto. Delivery of any executed
counterpart of this Agreement by telefacsimile or electronic communication shall have the same
force and effect as delivery of an original executed counterpart of this Agreement. Any party
delivering an executed counterpart of this Agreement by telefacsimile or electronic communication
also shall deliver an original executed counterpart of this Agreement, but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect
of this Agreement as to such party or any other party.

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18. Each of the undersigned states that he has read the foregoing Agreement and understands
and agrees to it and the terms set forth herein represents the entire agreement between the
parties.

STEM CELL INNOVATIONS INC.

the “Company”

By:      

(authorized officer)

	 	 	 
	ALPHA CAPITAL ANSTALT

	 	LONGVIEW FUND L.P.
	By:      

	 	By:      

     

JOHN V. WINFIELD

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