Document:

EX-10.4

 Exhibit 10.4 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN 

RESTRICTED SHARE UNIT AGREEMENT 

Reinsurance Group of America, Incorporated, a Missouri corporation (the “Company”), and Donna H. Kinnaird (“Employee”),
hereby agree as follows: 
 SECTION 1 

GRANT OF RESTRICTED SHARE UNITS 

Pursuant to the Reinsurance Group of America, Incorporated Flexible Stock Plan, as amended (the “Plan”), and pursuant to action of
the Committee charged with the Plan’s administration, the Company has granted to Employee, effective December 1, 2015 (the “Date of Grant”), subject to the terms, conditions and limitations stated in this Agreement, the Plan and
the Company’s Executive Compensation Recoupment Policy (as discussed in Section 6(a)), an award of restricted share units with respect to [            ] shares of Common Stock
(“Shares”). The rights awarded to Employee in this Agreement are referred to herein as “Restricted Share Units.” The number of Restricted Share Units granted under this Section 1 are referred to in this Agreement as
the “Target Grant.” 
 SECTION 2 

TERMS OF GRANT 
 (a)
Vesting Date. The vesting date for this award is January 11, 2017 (the “Vesting Date”). 
 (b) Payment. 

(1) Restricted Share Units Payable In Common Stock. Subject to early termination of this Agreement pursuant to Sections 3(b) or 4
below, within thirty (30) days following the Vesting Date, the Company will deliver to Employee one (1) Share of the Company’s Common Stock for each Restricted Share Unit earned under this Agreement; provided, however, that any
fractional Restricted Share Unit shall be paid in cash equal to such fraction of the Fair Market Value of a Share of Common Stock on the date of payment. 

(2) Dividend Equivalents. Restricted Share Units shall not include dividend equivalent payments or dividend credit rights. 

SECTION 3 
 CONDITIONS
AND LIMITATIONS ON RIGHT TO RECEIVE RSU 
 OR COMMON SHARES 

(a) Demotion or Transfer. In the event that Employee is demoted or transferred to a position with the Company or any of its Affiliates
in which Employee is not eligible to participate in the Plan, as determined by the Committee in its sole discretion, this Agreement will terminate and be of no further force or effect and the Restricted Share Units awarded to Employee hereunder
shall be forfeited. 

  
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 (b) Termination of Employment. 

(1) Disability or Death. Notwithstanding the Vesting Date set forth in Section 2(a) above, in the event of
Employee’s Disability or death while serving as an employee and prior to the Vesting Date, the Restricted Share Unit award shall become immediately 100% vested and the Shares shall be delivered pursuant to Section 2(b). For purposes of
this Agreement, “Disability” means disability as defined in any long-term disability plan maintained by the Company or an Affiliate which covers Employee or, in the absence of any such plan, the physical or mental condition of Employee
arising prior to the Vesting Date, which in the opinion of a qualified physician chosen by the Company prevents Employee from continuing employment with the Company and its Affiliates. 

(2) Other Termination. In the event that Employee’s employment with the Company and its Affiliates is terminated
prior to the Vesting Date, whether voluntarily or involuntarily, for any reason other than death or Disability, this Agreement will terminate and be of no further force or effect and the Restricted Share Units awarded to Employee hereunder shall be
forfeited, unless otherwise determined by the Committee in its sole discretion. 
 SECTION 4 

CHANGE OF CONTROL 

Notwithstanding the Vesting Date set forth in Section 2(a), in the event of a Change of Control prior to the Vesting Date, the Restricted
Share Unit award shall become immediately 100% vested and the Shares shall be delivered pursuant to Section 2(b). 
 SECTION 5

 MISCELLANEOUS 

(a) Rights in Shares Prior to Issuance. Prior to issuance of certificates for Shares, neither Employee nor his or her legatees,
personal representatives, or distributes (i) shall be deemed to be a holder of any Shares represented by the Restricted Share Units awarded hereunder or (ii) have any voting rights with respect to any such Shares. 

(b) Non-assignability. The Restricted Share Units shall not be transferable by Employee otherwise than by will or by the laws of
descent and distribution; provided that, Employee may transfer the Restricted Share Units during his or her lifetime to a revocable living trust of which Employee is grantor, or to another form of trust indenture of which Employee is a grantor or a
beneficiary. 
 (c) Recoupment. The awards granted pursuant to this Agreement are subject to the terms and conditions contained in
the Company’s Executive Compensation Recoupment Policy (“Recoupment Policy”), which permits the Company to recoup all or a portion of awards made to certain employees upon the occurrence of any Recoupment Event (as defined in the
Recoupment Policy). 

  
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 (d) Securities Law Requirements. The Company shall not be required to issue Shares
pursuant to this Agreement unless and until (i) such Shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (ii) a registration statement under the Securities Act of 1933 with
respect to such Shares is then effective. 
 (e) Designation of Beneficiaries. Employee may file with the Company a written
designation of a beneficiary or beneficiaries to receive, in the event of Employee’s death, the Shares determined in accordance with Section 3(b) and subject to all of the provisions of this Agreement. An Employee may from time to time
revoke or change any such designation of beneficiary and any designation of beneficiary under the Plan shall be controlling over any other disposition, testamentary or otherwise; provided, however, that if the Committee shall be in doubt as to the
right of any such beneficiary to receive Shares, the Committee may recognize only receipt of such Shares by the personal representative of the estate of Employee, in which case the Company, the Committee and the members thereof shall not be under
any further liability to anyone. 
 (f) Changes in Capital Structure. If there is any change in the Common Stock by reason of any
stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of
shares, the number of Restricted Share Units and the number, kind and class of shares available for Restricted Share Units and the exercise price thereof, as applicable, shall be appropriately adjusted by the Committee. The issuance of shares of
Common Stock for consideration and the issuance of common stock rights shall not be considered a change in the Company’s capital structure. No adjustment provided for in this Section shall require the issuance of any fractional shares. 

(g) Right to Continued Employment. Nothing in this Agreement shall confer on Employee any right to continued employment or interfere
with the right of an employer to terminate Employee’s employment at any time. 
 (h) Tax Withholding. Employee must pay, or make
arrangements acceptable to the Company for the payment of any and all federal, state, and local tax withholding that in the opinion of the Company is required by law. Unless Employee satisfies any such tax withholding obligation by paying the amount
in cash or by check, the Company will withhold Shares having a Fair Market Value on the date of withholding equal to the tax withholding obligation. 

(i) Copy of Plan. By signing this Agreement, Employee acknowledges receipt of a copy of the Plan and any offering circular related to
the Plan. 
 (j) Choice of Law. This Agreement will be governed by the laws of the State of Missouri, excluding any conflicts or
choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to another jurisdiction. 

  
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 (k) Execution. An authorized representative of the Company has signed this Agreement, and
Employee has signed this Agreement to evidence Employee’s acceptance of the award on the terms specified in this Agreement, all as of the Date of Grant. 

(l) Section 409A. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be
construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of
non-compliance with Section 409A of the Code. Notwithstanding anything herein to the contrary, in the event that Employee is determined to be a specified employee within the meaning of Section 409A of the Code, any payment on account of
termination of employment shall be made on the first payroll date which is more than six months following the date of Employee’s termination of employment to the extent required to avoid any adverse tax consequences under Section 409A of
the Code. To the extent necessary for compliance with Code Section 409A, references to termination of employment under this Agreement shall mean a “separation from service” within the meaning of Section 409A of the Code. 

SECTION 6 
 TERMS OF
THE PLAN 
 This award is granted under and is expressly subject to all the terms and provisions of the Plan, which terms are
incorporated herein by reference. Capitalized terms used but not defined in this Agreement shall have the same meanings ascribed to them in the Plan. The Plan authorizes several forms of equity awards, and the Restricted Share Units granted in
accordance with this Agreement shall be deemed Other Stock Based Awards as defined and described in the Plan. 
 Signature page follows.

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this 1st day of
December, 2015. 
  

			
	Reinsurance Group of America, Incorporated
		
	By:	 	  

		 	A. Greig Woodring
		 	Chief Executive Officer
	
	Employee
	
	  

	Name:	 	Donna H. Kinnaird

  
 5Exhibit 10.1

 

EMPLOYMENT TERMINATION AND RELEASE AGREEMENT

This Employment Termination and Release Agreement (the “Agreement”) is entered into as of November 18, 2015 by and between Robert W. Peabody (“Executive”) and BioTime, Inc. (“Company”).

Recitals

A.            Executive has been employed by the Company as Senior Vice President and Chief Financial Officer.

B.            In connection with the Company hiring a new Chief Financial Officer, Executive has been informed of a material reduction in his duties and therefore the termination without cause provision in his exiting employment agreement will be exercised.

C.            Executive will resign his position with the Company in exchange for the benefits provided in his employment contract for termination without cause, contingent upon execution of an acceptable consulting agreement with the Company and execution of this Employment Termination and Release Agreement.

D.            The Company and Executive are entering into a consulting agreement pursuant into which the Company will engage Executive as a consultant but not an employee of the Company.

E.            The parties wish to provide for a resolution of any claim that Executive may have against the Company as condition to the implementation of the consulting agreement between Executive and the Company.

Based on these recitals, the parties agree as follows:

Agreement

1.             Severance Arrangements.

 

(a)            Executive has resigned from the Company and agrees that his employment with by the Company has terminated effective at the close of business on November 18, 2015.  Executive agrees that he has been paid in full for all salary, wages, contractual bonus payments, accrued sick leave, accrued vacation, and other compensation owed by the Company pursuant to his existing employment agreement.  Executive acknowledges and agrees that he is entitled to receive no other payments, benefits, or compensation from Company for services as an employee and officer of the Company other than the severance benefits under Section 5(a)(ii) of his Employment Agreement with the Company. Executive also agrees to promptly resign as a director of those BioTime direct and indirect subsidiaries as BioTime may request.

 

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(b)            Pursuant to his Employment Agreement, fifty percent (50%) of the then unvested shares subject to all outstanding stock options granted by the Company shall vest.  The Company agrees that the unvested stock options granted to Executive by the Company shall continue to vest on a monthly basis during the term of his employment by LifeMap Solutions, Inc. or the term of the Consulting Agreement referenced in Section 2 of this Agreement, and the balance remaining unvested on the anniversary date of this Agreement shall then vest if Executive has completed one full year of employment by LifeMap Solutions or has provided consulting services under the Consulting Agreement through such date.  The Company’s subsidiaries Asterias Biotherapeutics, Inc., OncoCyte Corporation, OrthoCyte Corporation, and ReCyte Therapeutics, Inc. will agree to allow any options that have been granted to Executive to continue to vest notwithstanding the termination of his employment by the Company and such subsidiaries, and the period during which the Executive may exercise the options granted by the Company and such subsidiaries during his lifetime after termination of his employment shall be the applicable expiration date of the applicable option.

2.             Consulting Agreement.  The Company and Executive have entered into the Consulting Agreement attached as Exhibit A, the effectiveness of which is conditioned upon Executive executing this Agreement.

3.             Tax.  Executive shall be responsible for the payment of all income taxes arising from any exercise of his stock options and sale of the common shares.

4.             Release.  Executive, on behalf of himself and his heirs, executors, administrators, and assigns, releases and discharges Company and Company’s former, current or future officers, directors, employees, agents, fiduciaries, shareholders, insurers, and benefit plans from any and all claims, liabilities, causes of action, damages, losses, demands or obligations (“Claims”) of every kind and nature, whether now known or unknown, suspected or unsuspected, which Executive ever had, now has, or hereafter may have by reason of any act, omission, transaction, practice, conduct, or matter of any kind whatsoever, relating to or based upon, in whole or in part, Executive’s employment or termination of employment with the Company.  This release and discharge includes, but is not limited to, all Claims arising under federal, state and local statutory or common law, including, but not limited to, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, Claims for wrongful discharge under any public policy or any policy of the Company, Claims for breach of fiduciary duty, and the laws of contract and tort, and any Claim for attorney’s fees.  Executive promises never to file a lawsuit or assist in or commence any action asserting any Claims released hereunder.

5.             Known or Unknown Claims.  Executive understands and expressly agrees that the provisions of Sections 4 and 5 of this Agreement extend to all Claims of every nature and kind, known or unknown, suspected or unsuspected, past, present, or future, arising from or attributable to any conduct of the Company and its officers, directors, employees, agents, fiduciaries, shareholders, insurers, and benefit plans, whether or not Executive knows or believes he may have any Claims.  Executive hereby WAIVES any and all rights granted to Executive under Section 1542 of the California Civil Code or any analogous state law or federal law or regulations.  Section 1542 of the California Civil Code reads as follows:

 

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A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

6.             No Disparagement.  Executive agrees not to disparage Company or any of its officers, employees, agents or representatives and will not knowingly say or do anything that would have an adverse impact on Company.

7.             Dispute.  Should a dispute arise concerning this Agreement or its performance, such dispute shall be resolved, at the election of the party seeking to enforce the Agreement, either by court action, or by binding arbitration administered by JAMS under its applicable dispute resolution rules.  If arbitration is initiated, the arbitration shall be held in San Francisco or Oakland, California.

8.             Construction.  This Agreement shall be construed and enforced in accordance with the laws of the State of California.

9.             Attorneys’ Fees.  Should any action be brought by any party to this Agreement to enforce any provision of this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief, reasonable attorneys’ fees and costs and expenses of litigation or arbitration.

10.          Integration.  This Agreement constitutes an integration of the entire understanding and agreement of the parties with respect to the matters referred to in this Agreement.  Any representation, warranty, promise or condition, whether written or oral, between the parties with respect to the matters referred to in this Agreement which is not specifically incorporated in this Agreement shall not be binding upon any of the parties hereto and the parties acknowledge that they have not relied, in entering into this Agreement, upon any representations, warranties, promises or conditions not specifically set forth in this Agreement.  No prior or contemporaneous oral or written understanding, covenant, or agreement between the parties, with respect to the matters referred to in this Agreement, shall survive the execution of this Agreement.  This Agreement may be modified only by a written agreement executed by both parties hereto.

11.          Successors and Assigns.  This Agreement shall be binding on, and shall inure to the benefit of, Executive and the Company and their respective heirs, executors, successor and assigns.  The provisions of Sections 4 and 5 shall also inure to the benefit of the Company’s former, current and future officers, directors, employees, agents, fiduciaries, shareholders, insurers, and benefit plans, and their respective heirs, executors, successors, and assigns.

 

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12.          Construction.  The language of this Agreement shall be construed as to its fair meaning and not strictly for or against either party.

13.          Counterparts.  This Agreement may be executed in counterparts and when each party has signed and delivered at least one such counterpart, each counterpart shall be deemed an original and all counterparts taken together shall constitute one and the same Agreement, which shall be binding and effective as to all parties.

14.          Headings.  Headings in this Agreement are for convenience of reference only and are not a part of the substance hereof.

IN WITNESS WHEREOF the parties have entered into this Agreement as of the date first above written.

	
Executive

	 
	/s/Robert W. Peabody	 
	
Robert W. Peabody

	 

Company

	
BioTime, Inc.

	 
	 	 
	
By:

	 /s/Adi Mohanty	 
	 	
Adi Mohanty

	 
	
Title: Co-Chief Executive Officer

	 

 

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EXHIBIT A

CONSULTING AGREEMENT

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