Item 1.02 Termination of a Material Definitive Agreement

On December 27, 2021, International Stem Cell Corporation (the "Company") entered into a Lease Termination Agreement (the "Termination Agreement") with S Real Estate Holdings LLC ("Landlord") with respect to the Company's lease agreement, as restated on March 1, 2020 (the "Lease Agreement") for the lease of its headquarters located at 5950 Priestly Drive, Carlsbad, CA 92008.

S Real Estate Holdings LLC is owned by Dr. Russell Kern, the Company's Executive Vice President and Chief Scientific Officer and a director and was previously owned by Dr. Andrey Semechkin, the Company's Chief Executive Officer and Co-Chairman of the Board of Directors.

Pursuant to the Termination Agreement Section 1, the Parties have agreed to terminate the Lease Agreement, scheduled to expire on March 1, 2023, effective no later than December 31, 2021 ("Termination Date"). The Termination Agreement also provides for, among other terms, (i) the surrender to the Landlord of the Premises, (ii) no payment by the Company of any termination fee, and (iii) a release of the Company's obligation to pay Base Rent for the month of December 2021.

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