Exhibit 10.10
CONVERTIBLE PROMISSORY NOTE
$1,200,000 PLUS INTEREST DUE & PAYABLE
DOCUMENT B-02152008
THIS NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED THIS NOTE AND THE
SHARES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT OR APPLICABLE EXEMPTION OR SAFE HARBOR PROVISION.
FOR VALUE RECEIVED, on the Effective Date, as defined below, Advanced Cell Technology Inc. as
Obligor (“Borrower,” or “Obligor”), hereby promises to pay to the Lender (“Lender” or “ Holder”), as defined
below, the Principal Sum, as defined below, along with the Interest Rate, as defined below, according to the
terms herein
The “Effective Date” shall be;
February 15, 2008
The “Lender” shall be:
JMJ Financial / Its Principal, or Its Assignees
The “Principal Sum” shall be:
$1,200,000 (one million two hundred thousand) US
Dollars or so much as may be paid towards the balance
of Document
C-02152008; Subject to the following; accrued, unpaid
interest shall be added to the Principal Sum.
The “Consideration” shall be:
$1,000,000 (one million) dollars in the form of the
Secured & Collateralized Promissory Note Document
C-02152008 (including Security & Collateral
Agreement).
The “Interest Rate” shall be:
10% one-time interest charge on the Principal Sum.
No interest or principal payments are required until the
Maturity Date, but both principal and interest may be
included in conversion prior to maturity date.
The “Conversion Price” shall be the following price:
As applied to the Conversion Formula set forth in 22,
the lesser of (a) $0 38 or (b) 80% (eighty percent) of
the average of the 3 (three) lowest trade prices in the
20 trading days previous to the conversion; as applies
to Advanced Cell Technology Inc. voting