SECURED PROMISSORY NOTE AND SECURITY AGREEMENTSecured Promissory Note and Security Agreement • May 15th, 2009 • Isolagen Inc • Pharmaceutical preparations • New York
FOR VALUE RECEIVED, Isolagen, Inc. (“ILE”), a Delaware Corporation having its principal office at 405 Eagleview Boulevard, Exton, Pennsylvania 19341 (collectively, “Payor”), promises to pay to , having its principal office at (“Noteholder” or “holder”), (1) the principal sum of and no cents ($ .00) (the “Principal Sum”) on the earlier of (x) June 20, 2009 or (y) the date that the Company files for voluntary or involuntary bankruptcy (the “Maturity Date”) plus (2) interest on the unpaid balance of the Principal Sum from the date hereof until paid, at the rate of twenty percent (20%) per annum, computed on the basis of a 360-day year for the actual number of days elapsed, such interest to be payable at the time of any prepayment pursuant to Section 4 hereof and on the Maturity Date. This promissory note (this “Note”) shall mature, and the outstanding principal amount and all accrued and unpaid interest thereon shall be paid, on the Maturity Date. This Note shall be one in a series of Not
