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| 1. | Termination.  Executive’s employment with the Company shall terminate effective April 30, 2015 or such other date as may be mutually agreed by the parties, (the “Termination Date”). |

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| 2. | Payments.  Provided that Executive executes and does not revoke this Agreement, the Company agrees to pay Executive a separation amount of  $207,200, an amount equal to eight (8) months of Executive’s current base salary, less all applicable withholdings (the “Separation Payment”).  The Separation Payment does not include any accrued salary.  The Separation Payment will be paid to Executive in accordance with the Company’s standard payroll practices and on the Company’s standard pay dates beginning after the 7th day after the date of execution of this Agreement.   Executive acknowledges and agrees that other than as specifically set forth in this Agreement or the February 2015 Amendment, she is not due any additional compensation, including without limitation, compensation for unpaid salary, bonus, severance, incentive or performance pay or accrued or unused vacation time or vacation pay. |

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| 3. | Accrued Vacation and Personal Time.  With the first payroll payable hereunder after the Termination Date, the Company will pay Executive all accrued and unused vacation pay and for personal days, if any, earned through the Termination Date, subject to all applicable withholdings.  Executive is entitled to this payment regardless of whether or not she signs this Agreement. |

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| 4. | United States Securities Laws.  Executive acknowledges that United States securities laws and the rules and regulations promulgated thereunder prohibit any person with material, non-public information about a company from purchasing, selling, trading, or entering into options, puts, calls or other derivatives in respect of securities of such issuer or from communicating such information to any other person or entity and Executive explicitly agrees to comply with such laws. |

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| 5. | Employee Benefits.  Executive’s participation in any Company-sponsored employee benefit plans will terminate on the Termination Date.  Executive will be eligible to continue her health, dental and vision care coverage pursuant to the provisions of the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) for an 18 month period from the Termination Date.  The Company shall reimburse Executive in full for COBRA premiums through December 31, 2015 and Executive will be required to pay the full monthly premium thereafter.  If Executive secures new employment and becomes eligible for benefits under a new employer’s group health plan, her right to continued participation shall terminate and she must immediately notify the Company of the start date of that insurance, by letter addressed to David Schloss, VP Human Resources, NeoStem, Inc., 420 Lexington Avenue, Suite 350, New York, NY  10170.  Executive will receive information about continuing her health coverage under COBRA in a later mailing, including a form by which he may elect continued coverage.   If Executive applies for unemployment, NeoStem will not oppose it. |

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| 6. | Expenses and  Services.  The Company will reimburse Executive for all expenses incurred by her on or prior to the Termination Date in connection with her duties, provided she submits an expense report and receipts in accordance with the Company’s normal expense reimbursement policy within ten (10) business days following the Termination Date.    At its cost, on behalf of a family member, the Company will store tumor cells, and  subject to its obtaining appropriate regulatory and other approvals and the execution of documentation that the Company determines in its reasonable discretion is necessary or advisable, the Company will seek to grow out the tumor cells, and in the event this is successful, will manufacture at its cost and provide to such individual’s physician a dendritic cell vaccine based on the Company’s DC/TC Technology for use in an expanded access program that the Company shall put in place. |

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|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7. | Cooperation.  Executive agrees to cooperate with and assist  NeoStem, its affiliates and legal counsel and provide information to NeoStem, its affiliates and  legal counsel and assist in transition of her duties as to matters in which Executive was involved prior to the Termination Date, including, without limitation, information needed in connection with any claim or litigation, investigation, administrative proceeding, arbitration or enforcement action by or against the NeoStem or any of its affiliates relating to any matter in which she was involved or about which she had knowledge, and will testify as a witness in connection with such matters if requested by NeoStem or any one of its affiliates.  Executive shall receive reasonable mutually agreed upon compensation for such assistance and cooperation. |

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| 8. | Mutual Releases. |

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| a) | Release by the Executive. In consideration of the payments and benefits to be made under this Agreement and the February 2015 Amendment, with the intention of binding the Executive and the Executive’s heirs, executors, administrators and assigns (the “ Executive Parties ”), the Executive does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries (the “ Company Affiliated Group ”), their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing, (collectively, the “ Company Released Parties ”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against any of the Company Released Parties in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Executive’s service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, and (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices), any and all claims based on the Employee Retirement Income Security Act of 1974 (“ ERISA ”), any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including, without limitation, Title VII of the Civil Rights Act of 1964 (“ Title VII” ), the Americans with Disabilities Act (“ ADA ”), Sections 503 and 504 of the Rehabilitation Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act (“ ADEA ”), the New York State Human Rights Law, the New York City Human Rights Law, the Sarbanes Oxley Act of 2002, the False Claims Act, and any and all claims under any whistleblower laws or whistleblower provisions of other laws; provided, however, that nothing in this Section 1 releases any obligations of the Company Released Parties with respect to the rights of the Executive that are provided under, or preserved by, the Amendment. |

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| b) | Release by Company. |

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| i. | The Company, on its own behalf and on behalf of each of the other members of the Company Affiliated Group, hereby releases the Executive Parties from any and all claims that the Company Released Parties had or may ever have against the Executive Parties from the beginning of time and up to and including the date that Company has executed, and delivered, this Release. |

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| ii. | Notwithstanding the foregoing, the release granted under the preceding paragraph  specifically excludes (i) the violation of any federal, state or local statutory and/or public policy right or entitlement that, by applicable law, is not waivable; (ii) any claim based on willful misconduct by the Executive (with willful misconduct defined in this context to mean misconduct that is known by the Executive not to be in the interest of the Company); (iii) any claim for breach of this Mutual Release or this Agreement by the Executive; (iv) the Company’s right to recoup payments to the Executive, to the extent required under the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act; and (v) any wrongful act or omission occurring after the date that the Company has executed, and delivered, this Mutual Release and Agreement. |

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| iii. | To the extent that this release is not enforceable against any Company Released Party, the Company agrees to promptly indemnify and hold the Executive harmless from any liability, costs or obligations with respect to any claims (including, without limitation, any attorney fees or other charges incurred |

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| c) | The Company and the Executive acknowledge and agree that the releases provided above are not to be construed in any way as an admission of any liability or disagreement whatsoever by any Company Released Party or by the Executive. |

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| d) | The Executive represents and warrants that she is unaware of any facts that could constitute unlawful conduct by the Company that have not already been presented to the Board. |

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| 9. | Confidentiality and Intellectual Property.  The Restrictive Covenant Agreement shall survive the execution of this Agreement and shall remain in full force and effect.  Executive certifies that she has fully complied with all of her obligations under the Restrictive Covenant Agreement as of the Termination Date, including without limitation, her obligation to return to NeoStem all information and documents related to Inventions or Proprietary Information (as those terms are defined in the Restrictive Covenant Agreement).  Executive further certifies that she has returned, or will return within a reasonable period of time after the Termination Date, all NeoStem property, including without limitation, data bases, office, door and file keys, identification cards, credit cards, business cards, computer access codes and instructional manuals, except that Executive may retain her laptop computer and cell phone.  Executive represents and covenants that she will fully comply with her obligations under the Restrictive Covenant Agreement following the Termination Date.  Executive may disclose the terms of the Restrictive Covenant Agreement to others with whom she may enter into a business relationship. |

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| 10. | Non-Disparagement. Executive agrees to not (and shall not encourage or induce others to), in any manner, directly or indirectly, make or publish any statement (orally or in writing) that would libel, slander, disparage, denigrate, ridicule or criticize NeoStem, any of its affiliates or any of  NeoStem’s or an affiliate’s respective employees, officers or directors.  Executive further agrees that without NeoStem’s prior, written consent, she will not:  (i) hold herself out as continuing to be affiliated or associated with  NeoStem or any of its affiliates in any way after the Termination Date except as otherwise provided herein (which prohibition shall not preclude Executive from representing her employment with NeoStem prior to the Termination Date) or as a shareholder; or (ii) make any statements concerning  NeoStem, any of its affiliates or any of  NeoStem’s or an affiliate’s respective employees, officers or directors in the public domain, including without limitation statements in, or intended for use in, publications, print, electronic media, advertising or public presentations. |

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| 11. | No Admission of Liability.  This Agreement does not constitute or imply an admission of liability or wrongdoing by the Company or any of the Releasees. |

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| 12. | Confidentiality.  The terms of this Agreement are confidential.  Executive and NeoStem each agree not to tell anyone about this Agreement and not to disclose any information contained in this Agreement to anyone, other than to their respective lawyers,  advisors or Executive’s immediate family members, except as necessary to administer this Agreement, to enforce the terms of this Agreement, as required by law, including without limitation, NeoStem’s disclosure obligations under the United States or applicable state securities laws and regulations, as permitted by Executive under this Agreement, or to respond to a valid subpoena or other legal process.  If Executive does tell her lawyer, advisor or immediate family members about this Agreement or its contents, she must immediately tell them that they must keep it confidential as well. |

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| 13. | No Reliance.  Executive represents that, in executing this Agreement, she does not rely and has not relied upon any representation or statement not set forth in this Agreement or the February 2015 Amendment that NeoStem or any of its members, agents, representatives, or attorneys may have made with regard to the subject matter, basis or effect of this Agreement.  NeoStem asserts that it has made no representation or statement that is not reflected in this Agreement.  No other promises, agreements or modifications shall be binding unless in writing and signed after the Effective Date. |

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| 14. | Removal of Legends.  The Company agrees that it shall not place a legend restricting transfer on certificates representing shares of Common Stock that you own (i) following any sale of such shares pursuant to an effective registration statement under the Securities Act of 1933, as amended (the " Securities Act "), (ii) following any sale of such shares pursuant to Rule 144 under the Securities Act or (iii) if such shares are eligible for sale by you under Rule 144 without volume limitation. If any option for Common Stock held by you is exercised at a time when the underlying shares may be sold under Rule 144 without volume limitation, then such shares shall be issued free of all restrictive legends. In addition, the Company shall instruct its counsel to issue a legal opinion to the Company's transfer agent to effect the removal of any restrictive legend then appearing on any certificate(s) representing shares of Common Stock that you own (i) following any sale of such shares pursuant to an effective registration statement under the Securities Act, (ii) following any sale of such shares pursuant to Rule 144 or (iii) if such shares are eligible for sale by you under Rule 144 without volume limitation. In such event, the Company will, no later than three business days following the delivery to the Company or the Company's transfer agent of the certificate or certificates representing such shares, deliver or cause to be delivered to you a certificate or certificates that are free from all restrictive or other legends. You shall be entitled to receive reimbursement from the Company for any costs and expenses (including attorney's fees) incurred by you in connection with the enforcement of your rights under this paragraph. Notwithstanding the foregoing, for so long as you are an "affiliate" of the Company and for ninety (90) days thereafter, it is understood and agreed that your certificates shall bear the Company's standard "affiliate legend" in accordance with the Company's policies. |

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| 15. | Covenant to Furnish Information.  The Company agrees to use its reasonable best efforts once you cease to be employed by the Company and for so long as you own shares of Common Stock the sale |

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| 16. | Miscellaneous. |

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| a) | The Company represents and warrants that; (i) it is fully authorized by action of any person whose action is required to enter into this Agreement and the February  2015 Amendment and to perform the Company’s obligations under it; (ii) the execution, delivery and performance of this Agreement and the February 2015 Amendment by the Company does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it is a party or by which it is bound; and (iii) upon the execution and delivery of this Agreement and the February 2015 Amendment by the parties hereto and thereto, the Agreement shall be and the February 2015 Amendment was a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. |

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| b) | In the event of your death or a judicial determination of your incompetence, references herein shall be deemed, where appropriate, to refer to your beneficiary, transferee, estate or other legal representative. |

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| c) | All payments and benefits under this Agreement are intended either to be exempt from, or to comply with, the requirements of Section 409A and the regulations thereunder, and this Agreement shall be interpreted in accordance with such intent. References in this Agreement to the expiration or termination of the Term, a “termination of employment” and similar terms shall mean a “separation from service” within the meaning of Section 409A. Each payment under this Agreement shall constitute a separate payment within the meaning of Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding anything contained in this Amendment to the contrary, if you are a “specified employee” (determined in accordance with Section 409A and Treasury Regulation Section 1.409-3(i)(2)) as of the end of the Term, and if any payment, benefit or entitlement provided for in this Amendment or otherwise both (i) constitutes a “deferral of compensation” within the meaning of Section 409A and (ii) cannot be paid or provided in a manner otherwise provided herein or otherwise without subjecting you to additional tax, interest and/or penalties under Section 409A, then any such payment, benefit or entitlement that is payable during the first 6 months following your separation from service shall be paid or provided to you in a lump sum cash payment on the earlier of (x) your death or (y) 6 months and one day after your separation from service. |

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| 17. | Governing Law and Jurisdiction.  This Agreement shall be construed in accordance with the laws of the State of New York without regard to any state’s conflict of law provisions.  Any dispute arising out |

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| 18. | Severability.  If at any time after the date of the execution of this Agreement, any provision of this Agreement shall be held in any court or agency of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be deemed to be restated to reflect, as nearly as possible, the original intentions of the parties in accordance with applicable law.  The invalidity or unenforceability of any provision of this Agreement, however, shall not affect the validity or enforceability of any other provision of this Agreement. |

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| 19. | Entire Agreement.  This Agreement, the February 2015 Amendment and the Restrictive Covenant Agreement set forth the entire agreement between the parties with respect to the subject matter hereof.  This Agreement, the February 2015 Amendment and the Restrictive Covenant Agreement collectively supersede any and all prior understandings and agreements between the parties.  Neither party shall have any obligation toward the other except as set forth in this Agreement, the February 2015 Amendment and the Restrictive Covenant Agreement and none may be modified except in a writing signed by both parties. |

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| 20. | Enforceability.  Employee is bound by this Agreement.  Anyone who succeeds to her rights and responsibilities, such as his heirs or the executors of his estate, is also bound.  This Agreement is made for NeoStem’s benefit and all who succeed NeoStem’s rights and responsibilities, such as NeoStem’s successors or assigns. |

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| 21. | Headings. The headings contained in this Agreement are for the convenience of reference only and are not intended to define, limit, expand or describe the scope or intent of any provision of this Agreement. |

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| 22. | Warranties.  By signing this Agreement, Executive acknowledges the following: |

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|                     |
|---------------------|
|                     |  |
| CATHERINE M. VACZY  | Neostem |
| /s/ Catherine Vaczy | By: /s/ David Mazzo      David Mazzo, CEO |
|                |   |