Document:

EX-10.44

 Exhibit 10.44 
 International Stem Cell Corporation 
 5950 Priestly Drive 

Carlsbad, California 92008 
 Gentlemen:

 The undersigned (the “Investor”) hereby confirms its agreement with International Stem Cell Corporation, a Delaware
corporation (the “Company”) as follows: 
 1. This Subscription Agreement, including the Terms and
Conditions For Purchase of Securities attached hereto as Annex I (collectively, (this “Agreement”) is made as of the date set forth below between the Company and the Investor. 

2. The Company has authorized the sale and issuance to certain investors of up to an aggregate of (i) — authorized but unissued shares (the “Firm Shares”) of common stock, par value $0.001 per share (the “Common Stock”), of the Company, (ii) Series A Warrants (the
“Firm Series A Warrants”) to purchase an aggegate of up to — authorized but unissued shares of Common Stock (the “Firm Series A Warrant Shares”), and (iii) — warrants (the “Series B Warrants”) to purchase an aggregate of up to (A) — authorized but unissued shares of Common Stock (the
“Option Shares”) and (B) Series A Warrants (the “Option Series A Warrants”) to purchase up to — authorized but unissued shares of Common Stock (the
“Option Series A Warrant Shares”). The Firm Shares and the Firm Series A Warrants shall be sold together as units (the “Firm Units”), each Firm Unit consisting of one Firm Share and — of one Firm Series A Warrant to purchase one share of Common Stock. The Firm Units will not be separately issued or certificated and the Firm Shares and the Firm Series A Warrants shall be immediately
separable and transferable upon issuance. The Firm Units and the Series B Warrants are hereinafter referred to as the “Firm Securities.” The form of the Series A Warrant is attached hereto as Exhibit B. The form of the Series
B Warrant is attached hereto as Exhibit C. Each Investor will receive Units and Series B Warrants at a public offering price of $— (the “Purchase Price”) per Unit and related
Series B Warrant. The Option Shares and the Option Series A Warrants issuable upon the exercise of the Series B Warrants are hereinafter referred to as “Option Units”, each Option Unit consisting of one Option Share and — of one Option Series A Warrant to purchase one share of Common Stock. The Option Units will not be separately issued or certificated and the Option Shares and the Option Series A Warrants shall be
immediately separable and transferable upon issuance. The Firm Units and the Option Units are collectively referred to as the “Units.” The Firm Shares and the Option Shares are collectively referred to as the
“Shares.” The Firm Series A Warrants and the Option Series A Warrants are collectively referred to as the “Series A Warrants.” The Firm Series A Warrant Shares and the Option Series A Warrant Shares are collectively
referred to as the “Series A Warrant Shares.” The Series A Warrants and the Series B Warrants are collectively referred to as the “Warrants.” The Units, the Shares, the Warrants and the Series A Warrant Shares are
collectively referred to as the “Securities.” 
 3. The offering and sale of the Securities (the
“Offering”) are being made pursuant to (1) an effective Registration Statement on Form S-1, File No. 333-184493 (the “Registration Statement”) filed by the Company with the Securities and Exchange
Commission (the “Commission”) (including the prospectus contained therein (the “Prospectus”) and (2) if 

 
applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)), that
have been or will be filed with the Commission and delivered to the Investor on or prior to the date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information regarding the Securities, the terms of
the Offering and the Company. 
 4. The Company and the Investor agree that the Investor will purchase from the Company
and the Company will issue and sell to the Investor the Firm Securities set forth below for the aggregate Purchase Price set forth below. The Firm Securities shall be purchased pursuant to the Terms and Conditions for Purchase of Securities attached
hereto as Annex I and incorporated herein by this reference as if fully set forth herein. The Investor acknowledges that the Offering is not being underwritten by the placement agent (the “Placement Agent”) named in
the Prospectus and that there is no minimum offering amount. 
 5. The manner of settlement of the Firm Shares purchased
by the Investor shall be determined by such Investor as follows (check one): 
  

	 	[            ]	A. Delivery by crediting the account of the Investor’s prime broker (as specified by such Investor on Exhibit A annexed hereto) with the Depository Trust Company
(“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) system, whereby Investor’s prime broker shall initiate a DWAC transaction on the Closing Date using its DTC participant identification number, and
released by —, the Company’s transfer agent (the “Transfer Agent”), at the Company’s direction. NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS
AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL: 

  

	 	(I)	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE FIRM SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE TRANSFER AGENT TO
CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE FIRM SHARES, AND 

  

	 	(II)	REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE FIRM SECURITIES BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING ACCOUNT:

 To be separately provided to the Investor 

—OR— 
  

	 	[            ]	 B. Delivery versus payment (“DVP”) through DTC (i.e., on the Closing Date, the Company shall issue Firm Shares registered in the
Investor’s name and address as set forth below and released by the Transfer Agent directly to the account(s) at Roth Capital Partners, LLC (“Roth”) identified by the Investor; upon receipt of such Firm Shares, Roth shall
promptly electronically deliver such Firm Shares to the Investor, and simultaneously therewith payment shall be made by Roth by wire transfer to the Company). NO LATER THAN ONE (1) BUSINESS DAY

	 	
AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL: 

  

	 	(III)	NOTIFY ROTH OF THE ACCOUNT OR ACCOUNTS AT ROTH TO BE CREDITED WITH THE FIRM SHARES BEING PURCHASED BY SUCH INVESTOR, AND 

 

	 	(IV)	CONFIRM THAT THE ACCOUNT OR ACCOUNTS AT ROTH TO BE CREDITED WITH THE FIRM SHARES BEING PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO THE AGGREGATE
PURCHASE PRICE FOR THE FIRM SECURITIES BEING PURCHASED BY THE INVESTOR. 

 IT IS THE INVESTOR’S RESPONSIBILITY TO
(A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE
FIRM SECURITIES OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE FIRM SECURITIES MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER. 

6. The executed Firm Series A Warrants and Series B Warrants shall be delivered to the Investor by mail, registered in such names
and sent to such address as specified by the Investor below. 
 7. The Investor represents that, except as set forth
below, (a) it has had no position, office or other material relationship within the past three years with the Company or persons known to it to be affiliates of the Company, (b) it is not a member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or an Associated Person (as such term is defined under the FINRA’s NASD Membership and Registration Rules Section 1011) as of the Closing, and (c) neither the Investor nor any group of
Investors (as identified in a public filing made with the Commission) of which the Investor is a part in connection with the Offering, acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into or
exercisable for Common Stock) or the voting power of the Company on a post-transaction basis. Exceptions: 
  

 
 (If no
exceptions, write “none.” If left blank, response will be deemed to be “none.”) 
 8. The Investor
represents that it has received (or otherwise had made available to it by the filing by the Company of an electronic version thereof with the Commission) the Prospectus, dated July •, 2013, which is a part of the Company’s Registration
Statement, the documents incorporated by reference therein and any free writing prospectus (collectively, the “Disclosure Package”), prior to or in connection with the receipt of this Agreement. The Investor acknowledges
that, prior to the delivery of this Agreement to the Company, the Investor will receive certain additional information regarding the Offering, including pricing information (the 

 
“Offering Information”). Such information may be provided to the Investor by any means permitted under the Securities Act, including a free writing prospectus and oral
communications. 
 9. No offer by the Investor to buy Firm Securities will be accepted and no part of the Purchase Price
will be delivered to the Company until the Investor has received the Offering Information and the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may be withdrawn or revoked, without obligation or
commitment of any kind, at any time prior to the Company (or Roth on behalf of the Company) sending (orally, in writing or by electronic mail) notice of its acceptance of such offer. An indication of interest will involve no obligation or
commitment of any kind until the Investor has been delivered the Offering Information and this Agreement is accepted and countersigned by or on behalf of the Company. 
 10. The Company acknowledges that the only material, non-public information relating to the Company or its subsidiaries that the Company, its employees or agents has provided to the Investor in
connection with the Offering prior to the date hereof is the existence of the Offering. 

 Number of Firm Units and Series B
Warrants:                                      

 Purchase Price per Firm Unit and related Series B Warrant:
$                                 

Aggregate Purchase Price:
$                         
 Number of Firm Series A Warrant Shares subject to Firm Series A Warrants (Equal to Number of Firm
Shares):                             
 Number of Optional Units subject to Series B Warrants:
                                        

 Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for
that purpose. 
  

			
		 	Dated as of: July —, 2013
		 	 
		 	INVESTOR
		
		 	By:                            
                                         
                                         
           
		 	Print
Name:                                        
                                         
                        
		 	Title:                            
                                         
                                         
        
		 	Address:                            
                                         
                                         
 
		 	 

  

			
	 Agreed and Accepted

this — day of July, 2013:

	
	INTERNATIONAL STEM CELL CORPORATION
		
	By:	 	 
		 	Title:

 ANNEX I 

TERMS AND CONDITIONS FOR PURCHASE OF SECURITIES 
 1. Authorization and Sale of the Securities. Subject to the terms and conditions of this Agreement, the Company has authorized the sale of the Securities. 

2. Agreement to Sell and Purchase the Securities; Placement Agent. 

2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor, and the Investor will purchase
from the Company, upon the terms and conditions set forth herein, the number of Firm Securities set forth on the last page of the Agreement to which these Terms and Conditions for Purchase of Securities are attached as Annex I (the
“Signature Page”) for the aggregate purchase price therefor set forth on the Signature Page. 
 2.2
The Company proposes to enter into substantially this same form of Subscription Agreement with certain other investors (the “Other Investors”) and expects to complete sales of Firm Securities to them. The Investor and the
Other Investors are hereinafter sometimes collectively referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by the Other Investors are hereinafter sometimes collectively referred to as the
“Agreements.” 
 2.3 Investor acknowledges that the Company has agreed to pay Roth Capital Partners, LLC
(the “Placement Agent”) a fee (the “Placement Fee”) and to reimburse the Placement Agent for certain expenses in respect of the sale of the Firm Securities to the Investor. 

2.4 The Company has entered into a Placement Agent Agreement, dated the date hereof, (the “Placement
Agreement”), with the Placement Agent that contains certain representations, warranties, covenants and agreements of the Company that may be relied upon by the Investor, which shall be a third party beneficiary thereof. The
Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information,
except as will be disclosed in the Prospectus and/or in the Company’s Form 8-K to be filed with the Commission in connection with the Offering. The Company understands and confirms that the Investor will rely on the foregoing representations in
effecting transactions in securities of the Company. 
 3. Closings and Delivery of the Securities and Funds. 

3.1 Closing. The completion of the purchase and sale of the Firm Securities (the “Closing”) shall occur at
a place and time (the “Closing Date”) to be specified by the Company and the Placement Agent, and of which the Investors will be notified in advance by the Placement Agent, in accordance with Rule 15c6-l promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). At the Closing, (a) the Company shall cause Securities Transfer Corporation, the Company’s “Transfer Agent”, to deliver to the
Investor the number of Firm Shares included in the Firm Units set forth on the Signature Page registered in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a nominee
designated by the Investor, (b) the Company shall cause to be delivered to the Investor a Firm Series A Warrant for the number of Firm Series A Warrant 

 
Shares included in the Firm Units set forth on the Signature Page, the Company shall cause to be delivered to the Investor a Series B Warrant for the number of Option Units set forth on the
Signature Page and (d) the aggregate purchase price for the Firm Securities being purchased by the Investor will be delivered by or on behalf of the Investor to the Company. 

3.2 Conditions to the Obligations of the Parties. 

3.3(a) Conditions to the Company’s Obligations. The Company’s obligation to issue and sell
the Firm Securities to the Investor shall be subject to: (i) the receipt by the Company of the purchase price for the Firm Securities being purchased hereunder as set forth on the Signature Page and (ii) the accuracy of the
representations and warranties made by the Investor and the fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing Date. 
 3.4(b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase the Firm Securities will be subject to the accuracy of the representations
and warranties made by the Company and the fulfillment of those undertakings of the Company to be fulfilled prior to the Closing Date, including without limitation, those contained in the Placement Agreement, and to the condition that the
Placement Agent shall not have: (a) terminated the Placement Agreement pursuant to the terms thereof or (b) determined that the conditions to the closing in the Placement Agreement have not been satisfied. The Investor’s
obligations are expressly not conditioned on the purchase by any or all of the Other Investors of the Firm Securities that they have agreed to purchase from the Company. The Investor understands and agrees that, in the event that the Placement Agent
in its sole discretion determines that the conditions to closing in the Placement Agreement have not been satisfied or if the Placement Agreement may be terminated for any other reason permitted by such Placement Agreement, then the Placement Agent
may, but shall not be obligated to, terminate such Agreement, which shall have the effect of terminating this Subscription Agreement pursuant to Section 14 below. 
 3.5 Delivery of Funds. 
 (a) DWAC Delivery. If the
Investor elects to settle the Firm Shares purchased by such Investor through DTC’s Deposit/Withdrawal at Custodian (“DWAC”) delivery system, no later than one (1) business day after the execution of this Agreement by the
Investor and the Company, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for the Firm Securities being purchased by the Investor to the following account designated by the Company:

 To be separately provided to the Investor 

(b) Delivery Versus Payment through The Depository Trust Company. If the Investor elects to settle the Firm Shares
purchased by such Investor by delivery versus payment through DTC, no later than one (1) business day after the execution of this Agreement by the Investor and the Company, the Investor shall confirm that the account or accounts
at the Placement Agent to be credited with the Firm Shares being purchased by the Investor have a minimum balance equal to the aggregate purchase price for the Firm Securities being purchased by the Investor. 

 3.6 Delivery of Firm Shares. 

(a) DWAC Delivery. If the Investor elects to settle the Firm Shares purchased by such Investor through DTC’s DWAC delivery
system, no later than one (1) business day after the execution of this Agreement by the Investor and the Company, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the Firm
Shares being purchased by such Investor are maintained, which broker/dealer shall be a DTC participant, to set up a DWAC instructing the Transfer Agent to credit such account or accounts with the Firm Shares. Such DWAC instruction shall indicate the
settlement date for the deposit of the Firm Shares, which date shall be provided to the Investor by the Placement Agent. Upon the closing of the Offering, the Company shall direct the Transfer Agent to credit the Investor’s account or
accounts with the Firm Shares pursuant to the information contained in the DWAC. 
 (b) Delivery Versus Payment through The
Depository Trust Company. If the Investor elects to settle the Firm Shares purchased by such Investor by delivery versus payment through DTC, no later than one (1) business day after the execution of this Agreement by the Investor and
the Company, the Investor shall notify the Placement Agent of the account or accounts at the Placement Agent to be credited with the Firm Shares being purchased by such Investor. On the Closing Date, the Company shall deliver the Firm Shares
to the Investor through DTC directly to the account(s) at the Placement identified by Investor. Upon receipt of such Firm Shares, the Placement Agent shall promptly electronically deliver such Firm Shares to the Investor, and simultaneously
therewith payment shall be made by the Placement Agent by wire transfer to the Company. 
 4. Representations, Warranties and
Covenants of the Investor. 
 The Investor acknowledges, represents and warrants to, and agrees with, the Company and the
Placement Agent that: 
 4.1 The Investor (a) is knowledgeable, sophisticated and experienced in
making, and is qualified to make decisions with respect to, investments in securities presenting an investment decision like that involved in the purchase of the Securities, including investments in securities issued by the Company and
investments in comparable companies, (b) has answered all questions on the Signature Page and the Investor Questionnaire and the answers thereto are true and correct as of the date hereof and will be true and correct as of the
Closing Date and (c) in connection with its decision to purchase the Firm Securities set forth on the Signature Page, has received and is relying only upon the Disclosure Package and the documents incorporated by reference
therein and the Offering Information. 
 4.2 (a) No action has been or will be taken in any
jurisdiction outside the United States by the Company or the Placement Agent that would permit an offering of the Securities, or possession or distribution of offering materials in connection with the issue of the Securities in any
jurisdiction outside the United States where action for that purpose is required, (b) if the Investor is outside the United States, it will comply with all applicable laws and regulations in each foreign jurisdiction in which it
purchases, offers, sells or delivers Securities or has in its possession or distributes any offering material, in all cases at its own expense and (c) the Placement Agent is not authorized to make and has not made any

 
representation, disclosure or use of any information in connection with the issue, placement, purchase and sale of the Securities, except as set forth or incorporated by reference in the
Registration Statement, Prospectus or any free writing prospectus. 
 4.3 (a) The Investor has full right,
power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (b) this
Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law) and except as to the enforceability of any rights to indemnification or contribution that may be violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or
regulation). 
 4.4 The Investor understands that nothing in this Agreement, the Prospectus, the
Disclosure Package, the Offering Information or any other materials presented to the Investor in connection with the purchase and sale of the Units constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Units. The Investor also understands that there is no established public trading market for the
Warrants, and that the Company does not expect such a market to develop. In addition, the Company does not intend to apply for listing of the Warrants on any securities exchange. The Investor understands that without an active market, the liquidity
of the Warrants will be limited. 
 4.5 The Investor will maintain the confidentiality of all information
acquired as a result of the transactions contemplated hereby prior to the public disclosure of that information by the Company in accordance with Section 13 of this Annex. 

4.6 Since the time at which the Placement Agent first contacted such Investor about the Offering, the Investor has
not disclosed any information regarding the Offering to any third parties (other than its legal, accounting and other advisors) and has not engaged in any purchases or sales of the securities of the Company (including, without limitation, any Short
Sales (as defined herein) involving the Company’s securities). The Investor covenants that it will not engage in any purchases or sales of the securities of the Company (including Short Sales) prior to the time that the transactions
contemplated by this Agreement are publicly disclosed. The Investor agrees that it will not use any of the Securities acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so would be in violation of applicable
securities laws. For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all
types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including on a
total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

 5. Survival of Representations, Warranties and Agreements; Third Party Beneficiary.
Notwithstanding any investigation made by any party to this Agreement or by the Placement Agent, all covenants, agreements, representations and warranties made by the Company and the Investor herein will survive the execution of this
Agreement, the delivery to the Investor of the Firm Securities being purchased and the payment therefor. The Placement Agent shall be a third party beneficiary with respect to the representations, warranties and agreements of the Investor in
Section 4 hereof. 
 6. Notices. All notices, requests, consents and other communications hereunder will be
in writing, will be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside
the United States, by International Federal Express or facsimile, and will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally
recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation of receipt and
will be delivered and addressed as follows: 
 (a) if to the Company, to: 

International Stem Cell Corporation 
 5950 Priestly Drive 
 Carlsbad, California 92008 

Attention: Chief Financial Officer 
 Facsimile: (760) 476-0600  
 with a copy (which shall not
constitute notice) to: 
 DLA Piper LLP 
 4365 Executive Drive, Suite 1100 
 San Diego, California 92121 

Attention: Douglas Rein 
 Fax: (858) 638-5043 
 (b) if to the Investor, at its address on the Signature
Page hereto, or at such other address or addresses as may have been furnished to the Company in writing. 
 7. Changes.
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor. 
 8. Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only and will not be deemed to be part of this Agreement. 

9. Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby. 

 10. Governing Law. This Agreement will be governed by, and construed in accordance
with, the internal laws of the State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction. 

11. Counterparts. This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all
of which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. The Company and the Investor acknowledge and agree
that the Company shall deliver its counterpart to the Investor along with the Prospectus (or the filing by the Company of an electronic version thereof with the Commission). 

12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed
counterpart to this Agreement, together with the Prospectus (or the filing by the Company of an electronic version thereof with the Commission), shall constitute written confirmation of the Company’s sale of the Firm Securities to such
Investor. 
 13. Press Release. The Company and the Investor agree that the Company shall (a) prior to the opening
of the financial markets in New York City on July —, 2013 issue a press release announcing the Offering and disclosing all material information regarding the Offering, not previously disclosed,
permitted under existing SEC rules applicable to press releases, and (b) as promptly as practicable on July —, 2013 file a current report on Form 8-K with the Securities and Exchange
Commission. 
 14. Termination. In the event that the Placement Agreement is terminated by the Placement Agent
pursuant to the terms thereof, this Agreement shall terminate without any further action on the part of the parties hereto. 

 EXHIBIT A  

INTERNATIONAL STEM CELL CORPORATION 
 INVESTOR QUESTIONNAIRE 
 Pursuant to Section 3 of Annex I to the
Agreement, please provide us with the following information: 
  

			
	1. The exact name that your Firm Securities are to be registered in. You may use a nominee name if appropriate:	 	 
		
	2. The relationship between the Investor and the registered holder listed in response to item 1 above:	 	 
		
	3. The mailing address of the registered holder listed in response to item 1 above:	 	 
		
	4. The Social Security Number or Tax Identification Number of the registered holder listed in the response to item 1 above:	 	 
		
	5. Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Firm Shares are maintained):	 	 
		
	6. DTC Participant Number:	 	 
		
	7. Name of Account at DTC Participant being credited with the Firm Shares:	 	 
		
	8. Account Number at DTC Participant being credited with the Firm Shares:	 	 

 EXHIBIT B 

FORM OF SERIES A WARRANT 

 EXHIBIT C 

FORM OF SERIES B WARRANTEX-10.1

 Exhibit 10.1 
 AMENDMENT NO. 2 
 Dated as of July 1, 2013 

to 
 CREDIT
AGREEMENT 
 Dated as of April 27, 2012 
 THIS AMENDMENT NO. 2 (this “Amendment”) is made as of July 1, 2013 by and among Watsco, Inc., a Florida corporation (the “Company”), Watsco Canada, Inc., a New
Brunswick corporation (the “Canadian Borrower” and, collectively with the Company, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”), under that certain Credit Agreement dated as of April 27, 2012 by and among the Borrowers, the Canadian Subsidiary Borrowers from time to time party thereto, the Lenders,
the Administrative Agent and JPMorgan Chase Bank, N.A., as Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Credit Agreement. 
 WHEREAS, the Borrowers have
requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement; 

WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth
herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in
Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a)
Section 1.01 of the Credit Agreement is hereby amended to (i) delete the defined term “Mandatory Cost” appearing therein and (ii) insert the following definitions in the appropriate alphabetical order and, where
applicable, replace the corresponding previously existing definitions: 
 “Adjusted LIBO Rate”
means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the
Statutory Reserve Rate. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C.
§ 1 et seq.), as amended from time to time, and any successor statute. 

 “ECP” means an “eligible contract participant” as
defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC. 

“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and
to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the
time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation or (b) in the case of a Specified Swap Obligation subject to a clearing requirement
pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Loan Party is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor
provision thereto), at the time the Guarantee of such Loan Party becomes or would become effective with respect to such related Specified Swap Obligation. If a Specified Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO
Rate”. 
 “Interpolated Rate” means, at any time, the rate per annum determined by the
Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the
LIBOR Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available for the applicable currency) that
exceeds the Impacted Interest Period, in each case, at such time. 
 “JV Pledge Trigger Date”
means any date after the Effective Date on which the Total Leverage Ratio is greater than the Applicable JV Pledge Trigger Ratio for the most recently completed fiscal quarter of the Company as reported in the Compliance Certificate delivered for
such quarter. “Applicable JV Pledge Trigger Ratio” means (i) solely with respect to the fiscal quarters of the Company ending on or about June 30 and September 30 of each calendar year, 2.25 to 1.00 and (ii) 2.00 to
1.00 at all other times. 
 “LIBO Rate” means, with respect to (a) any Eurocurrency
Borrowing denominated in any LIBOR Quoted Currency and for any applicable Interest Period, the London interbank offered rate as administered by the British Bankers Association (or any other Person that takes over the administration of such rate for
such LIBOR Quoted Currency) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any
successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent

  
 2 

 
in its reasonable discretion; in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period; provided that,
if the LIBOR Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to the applicable currency, then the LIBO Rate shall be the Interpolated Rate at such time, subject
to Section 2.14 and (b) any Eurocurrency Borrowing denominated in any Non-Quoted Currency and for any applicable Interest Period, the applicable Local Rate for such Non-Quoted Currency. 

“LIBOR Quoted Currency” means Dollars, euro and Pounds Sterling. 

“LIBOR Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.

 “Local Rate” means, for Borrowings denominated in Canadian Dollars and made to the
Borrowers, the BA Rate. 
 “Maturity Date” means July 1, 2018. 

“Non-Quoted Currency” means Canadian Dollars. 

“Quotation Day” means, with respect to any Eurocurrency Borrowing and any Interest Period, the Business
Day that is generally treated as the rate fixing day by market practice in the applicable interbank market, as determined by the Administrative Agent. 
 “Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within
the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. 
 (b) The
definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended to restate the pricing grid appearing therein in its entirety to read as follows: 

 

									
	 	 	
Total Leverage
 Ratio:
	 	Eurocurrency / BA Equivalent Spread	 	
ABR / Canadian
 Base Rate Spread
	 	 Commitment Fee
 Rate

	 	 	 	 	 
	 Category 1:
	 	< 0.50 to 1.00	 	0.875%	 	0%	 	0.125%
	 	 	 	 	 
	 Category 2:
	 	
3 0.50 to 1.00 but
 < 1.00 to 1.00
	 	1.000%	 	0%	 	0.150%
	 	 	 	 	 
	 Category 3:
	 	
3 1.00 to 1.00 but
 < 1.50 to 1.00
	 	1.250%	 	0.250%	 	0.175%
	 	 	 	 	 
	 Category 4:
	 	
3 1.50 to 1.00 but
 < 2.00 to 1.00
	 	1.500%	 	0.500%	 	0.200%
	 	 	 	 	 
	 Category 5:
	 	
3 2.00 to 1.00 but
 < 2.50 to 1.00
	 	1.750%	 	0.750%	 	0.225%

  
 3 

									
	 	 	 	 	 
	 Category 6:
	 	
3 2.50 to 1.00 but
 < 3.00 to 1.00
	 	2.000%	 	1.000%	 	0.250%
	 	 	 	 	 
	 Category 7:
	 	
3 3.00 to 1.00 but
 < 3.50 to 1.00
	 	2.250%	 	1.250%	 	0.275%
	 	 	 	 	 
	 Category 8:
	 	> 3.50 to 1.00	 	2.500%	 	1.500%	 	0.350%

 (c) The definition of “Obligations” appearing in Section 1.01 of the Credit
Agreement is hereby amended to add the proviso “; provided that the definition of “Obligations” shall not create any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any
Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party” to the end thereof. 
 (d) The definition of “Statutory Reserve Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended to delete the phrase “Financial Services Authority”
appearing therein and to replace such phrase with “Financial Conduct Authority, the Prudential Regulation Authority”. 

(e) Section 2.14 of the Credit Agreement is hereby amended to (i) add the phrase “and binding” immediately
following the phrase “shall be conclusive” appearing in clause (a) thereof, (ii) add the parenthetical “(including, without limitation, by means of an Interpolated Rate)” immediately following the phrase “adequate
and reasonable means” appearing in clause (a) thereof and (iii) add the phrase “or the applicable Agreed Currency” immediately following the phrase “in such Borrowing for such Interest Period” appearing in clause
(b) thereof. 
 (f) Section 2.15 of the Credit Agreement is amended to add the phrase “, liquidity”
immediately following the phrase “insurance charge” appearing in clause (a)(i) thereof. 
 (g) Schedule 2.02 to
the Credit Agreement is deleted in its entirety. 
 2. Amendments to Subsidiary Guaranty. Effective as of the date of
satisfaction of the conditions precedent set forth in Section 3 below, the parties hereto agree that the Subsidiary Guaranty is hereby amended as follows: 
 (a) Section 2 of the Subsidiary Guaranty is amended to add the parenthetical “(provided, however, that the definition of “Guaranteed Obligations” shall not create any
guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor)” immediately following the
phrase “referred to collectively as the ‘Guaranteed Obligations’” appearing therein. 
 (b) The
Subsidiary Guaranty is amended to add the following as a new Section 26 thereto: 
 SECTION 26.
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its
obligations under this Guaranty in respect of Specified Swap Obligations (provided, 

  
 4 

 
however, that each Qualified ECP Guarantor shall only be liable under this Section 26 for the maximum amount of such liability that can be hereby incurred without rendering its obligations
under this Section 26 or otherwise under this Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section 26 shall remain in full force and effect until a discharge of such Qualified ECP Guarantor’s Guaranteed Obligations in accordance with the terms hereof and the other Loan Documents. Each Qualified ECP Guarantor intends that this
Section 26 constitute, and this Section 26 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. As used herein, “Qualified ECP Guarantor” means, in respect of any Specified Swap Obligation, each Guarantor that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant
security interest becomes or would become effective with respect to such Specified Swap Obligation or such other Person as constitutes an ECP and can cause another Person to qualify as an ECP at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 3. Conditions of Effectiveness. The effectiveness of this
Amendment is subject to the conditions precedent that: 
 (a) The Administrative Agent shall have received counterparts of this
Amendment duly executed by the Borrowers, the Subsidiary Guarantors, the Lenders, the Issuing Banks, the Swingline Lender and the Administrative Agent. 
 (b) the Administrative Agent shall have received such instruments and documents as the Administrative Agent shall reasonably request, including written opinions of (i) DLA Piper LLP (US), special
U.S. counsel for the Loan Parties and (ii) Stewart McKelvey Stirling Scales, special Canadian counsel to the Loan Parties, each in form and substance reasonably acceptable to the Administrative Agent. 

(c) The Administrative Agent shall have received, for the account of each Lender party hereto that delivers its executed signature page
to this Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to the amount previously disclosed to the Lenders. 

(d) The Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’
fees and expenses (including, to the extent invoiced, fees and expenses of counsel for the Administrative Agent) in connection with this Amendment. 
 4. Representations and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows: 
 (a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their
terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

  
 5 

 (b) As of the date hereof and after giving effect to the terms of this Amendment,
(i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties of such Borrower set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects
(provided that any representation or warranty qualified by materiality or Material Adverse Effect is true and correct in all respects). 
 5. Reference to and Effect on the Credit Agreement and the Subsidiary Guaranty. 
 (a) Upon the effectiveness hereof, each reference to the Credit Agreement and the Subsidiary Guaranty in the Credit Agreement, the Subsidiary Guaranty or any other Loan Document shall mean and be a
reference to the Credit Agreement and the Subsidiary Guaranty, as the case may be, as amended hereby. 
 (b) Each Loan Document
and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c) Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Subsidiary Guaranty, the Loan Documents or any other documents, instruments and agreements
executed and/or delivered in connection therewith. 
 6. Consent and Reaffirmation. Without in any way establishing a
course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement, the Subsidiary Guaranty and any other Loan Document executed by it and
acknowledges and agrees that the Credit Agreement, the Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified
and confirmed. 
 7. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the
State of New York. 
 8. Headings. Section headings in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose. 
 9. Counterparts. This Amendment may be
executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same
force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	 WATSCO, INC.,
 as
the Company

		
	By:	 	Ana M. Menendez
	Name:	 	/s/ Ana M. Menendez
	Title:	 	CFO and Treasurer

  
  

 

			
	 WATSCO CANADA, INC.,

as the Canadian Borrower

		
	By:	 	Ana M. Menendez
	Name:	 	/s/ Ana M. Menendez
	Title:	 	Vice President and Treasurer

 Signature Page to Amendment No. 2 to 

Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

									
	 WATSCO CANADA, INC.,
 as a Subsidiary Guarantor
	 		 	 WATSCO HOLDINGS, LLC,
 as a Subsidiary Guarantor

					
	By:	 	Ana M. Menendez	 		 	By:	 	Ana M. Menendez
	Name:	 	/s/ Ana M. Menendez	 		 	Name:	 	/s/ Ana M. Menendez
	Title:	 	Vice President and Treasurer	 		 	Title:	 	Vice President and Treasurer
			
	 WATSCO HOLDINGS II, INC.,
 as a Subsidiary Guarantor
	 		 	 WATSCO HOLDINGS III, LLC,
 as a Subsidiary Guarantor

					
	By:	 	Ana M. Menendez	 		 	By:	 	Ana M. Menendez
	Name:	 	/s/ Ana M. Menendez	 		 	Name:	 	/s/ Ana M. Menendez
	Title:	 	Vice President and Treasurer	 		 	Title:	 	Vice President and Treasurer
			
	 EAST COAST METAL DISTRIBUTORS LLC,
 as a Subsidiary Guarantor
	 		 	 BAKER DISTRIBUTING COMPANY LLC,
 as a Subsidiary Guarantor

					
	By:	 	Ana M. Menendez	 		 	By:	 	Ana M. Menendez
	Name:	 	/s/ Ana M. Menendez	 		 	Name:	 	/s/ Ana M. Menendez
	Title:	 	Vice President	 		 	Title:	 	Vice President
			
	 GEMAIRE DISTRIBUTORS LLC,
 as a Subsidiary Guarantor
	 		 	
					
	By:	 	Ana M. Menendez	 		 		 	 
	Name:	 	/s/ Ana M. Menendez	 		 		 	
	Title:	 	Vice President	 		 		 	

  
 Signature Page to Amendment No. 2 to

 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 JPMORGAN CHASE BANK, N.A.,
 individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent

		
	By:	 	John A. Horst
	Name:	 	/s/ John A. Horst
	Title:	 	Credit Executive

  
  
 Signature Page to Amendment No. 2 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

  

			
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By:	 	David Gutierrez
	Name:	 	/s/ David Gutierrez
	Title:	 	Senior Vice President

  

			
	 BANK OF AMERICA, N.A. (CANADA BRANCH),
 as a Lender

		
	By:	 	Medina Sales de Andrade
	Name:	 	/s/ Medina Sales de Andrade
	Title:	 	Vice President

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as a Lender and as an Issuing Bank

		
	By:	 	Benny Gonzalez
	Name:	 	/s/ Benny Gonzalez
	Title:	 	Vice President

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	Kenneth R. Fieler
	Name:	 	/s/ Kenneth R. Fieler
	Title:	 	Vice President

  

			
	 U.S. BANK NATIONAL ASSOCIATION, CANADA
 BRANCH,
 as a Lender

		
	By:	 	Joseph Rauhala
	Name:	 	/s/ Joseph Rauhala
	Title:	 	Principal Officer

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 THE NORTHERN TRUST COMPANY,
 as a Lender

		
	By:	 	Pritha Majumder
	Name:	 	/s/ Pritha Majumder
	Title:	 	Officer

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 BRANCH BANKING & TRUST COMPANY,
 as a Lender

		
	By:	 	Anthony D. Nigro
	Name:	 	/s/ Anthony D. Nigro
	Title:	 	Senior Vice President

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 BANK OF MONTREAL, CHICAGO BRANCH,
 as a Lender

		
	By:	 	Yacouba Kane
	Name:	 	/s/ Yacouba Kane
	Title:	 	Vice President

 
			
	
	 BANK OF MONTREAL, TORONTO BRANCH,
 as a Lender

		
	By:	 	Sean Gallaway
	Name:	 	/s/ Sean Gallaway
	Title:	 	Vice President

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 REGIONS BANK,

as a Lender

		
	By:	 	Tammi Cako Sanchez
	Name:	 	/s/ Tammi Cako Sanchez
	Title:	 	EVP Commercial Banking

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 SABADELL UNITED BANK, N.A.,
 as a Lender

		
	By:	 	Maurici Llado
	Name:	 	/s/ Maurici Llado
	Title:	 	EVP – Corporate & Commercial Banking

  
 Signature Page to Amendment No.
2 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al

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