Document:

Form of Stock Appreciation

 Exhibit 10.1 
 Market Leader, Inc. 
 AMENDED AND RESTATED 2004 EQUITY INCENTIVE PLAN

 STOCK APPRECIATION RIGHT GRANT NOTICE 
 Market Leader, Inc. (the “Company”) hereby grants to Participant a Stock Appreciation Right (the “SAR”) with respect to shares of the Company’s Common Stock. The SAR is subject to
all the terms and conditions set forth in this Stock Appreciation Right Grant Notice (this “Grant Notice”) and in the Stock Appreciation Right Agreement and the Company’s Amended and Restated 2004 Equity Incentive Plan (the
“Plan”), which are attached to and incorporated into this Grant Notice in their entirety. 
  

			
	Participant:	  	<First_Name> <Last_Name>
		
	Grant Date:	  	<award_date>
		
	Vesting Commencement Date:	  	<award_date>
		
	Number of Shares Subject to SAR:	  	<shares_awarded>
		
	Grant Price (per Share):	  	<award_price>
		
	SAR Expiration Date:	  	<expire_Date>(subject to earlier termination in accordance with the terms of the Plan and the Stock Appreciation Right Agreement)
		
	Vesting and Exercisability Schedule:	  	[To Insert]

 Additional Terms/Acknowledgement: By clicking “Accept” below, I understand and agree to, this Grant
Notice, the Stock Appreciation Right Agreement, the Plan summary, and the Plan. I further acknowledge that as of the Grant Date, the forgoing documents set forth the entire understanding between me and the Company regarding the SAR and supersede all
prior oral and written agreements on the subject. 

 Market Leader, Inc. 

AMENDED AND RESTATED 2004 EQUITY INCENTIVE PLAN 
 STOCK APPRECIATION RIGHT AGREEMENT 
 Pursuant to your Stock Appreciation
Right Grant Notice (the “Grant Notice”) and this Stock Appreciation Right Agreement (this “Agreement”), Market Leader, Inc. has granted you a Stock Appreciation Right (the “SAR”) under its Amended and Restated 2004
Equity Incentive Plan (the “Plan”) with respect to the number of shares of the Company’s Common Stock indicated in your Grant Notice (the “Shares”) at the grant price indicated in your Grant Notice. Capitalized terms not
explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan. 
 The details of
the SAR are as follows: 
 1. Vesting and Exercisability. Subject to the limitations contained herein, the SAR will vest
and become exercisable as provided in your Grant Notice, provided that vesting will cease upon your Termination of Service and the unvested portion of the SAR will terminate. 
 2. Securities Law Compliance. Notwithstanding any other provision of this Agreement, you may not exercise the SAR unless the Shares issuable upon exercise are registered under the Securities Act
or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of the SAR must also comply with other applicable laws
and regulations governing the SAR, and you may not exercise the SAR if the Company determines that such exercise would not be in material compliance with such laws and regulations. 

3. Exercise of SAR. You may exercise the SAR by giving written notice to the Company, in form and substance satisfactory to the
Company, which will state your election to exercise the SAR and the number of Shares for which you are exercising the SAR. Subject to Section 6 of this Agreement, following receipt of notice of exercise from you, the Company will make payment
to you in one or a combination of the following methods, as determined in the Committee’s sole discretion: (a) a cash payment equal to the excess, if any, of the then Fair Market Value of one share of Common Stock over the Grant Price (per
Share) of the SAR, multiplied by the number of Shares for which the SAR is exercised or (b) issuance of that number of shares of Common Stock determined by dividing (x) the excess, if any, of the then Fair Market Value of one share of
Common Stock over the Grant Price (per Share) of the SAR, multiplied by the number of Shares for which the SAR is exercised by (y) the then Fair Market Value of one share of Common Stock (any fractional shares resulting from this calculation
will be paid in cash). 
 4. Treatment Upon Termination of Employment or Service Relationship. The unvested portion of
the SAR will terminate automatically and without further notice immediately upon your Termination of Service. You may exercise the vested portion of the SAR as follows: 
 (a) General Rule. You must exercise the vested portion of the SAR on or before the earlier of (i) three months after your Termination of Service and (ii) the SAR Expiration Date;

 (b) Retirement or Disability. If your employment or service relationship terminates due to Retirement or Disability,
you must exercise the vested portion of the SAR on or before the earlier of (i) one year after your Termination of Service and (ii) the SAR Expiration Date; 
 (c) Death. If your employment or service relationship terminates due to your death, the vested portion of the SAR must be exercised on or before the earlier of (i) one year after your
Termination of Service and (ii) the SAR Expiration Date. If you die after your Termination of Service but while the SAR is still exercisable, the vested portion of the SAR may be exercised until the earlier of (x) one year after the date
of death and (y) the SAR Expiration Date; and 
 (d) Cause. The vested portion of the SAR will automatically expire
at the time the Company first notifies you of your Termination of Service for Cause, unless the Committee determines otherwise. If your employment or service relationship is suspended pending an investigation of whether you will be terminated for
Cause, all your rights under the SAR likewise will be suspended during the period of investigation. If any facts that would constitute termination for Cause are discovered after your Termination of Service, any SAR you then hold may be immediately
terminated by the Committee. 

 It is your responsibility to be aware of the date the SAR terminates. 

5. Limited Transferability. During your lifetime only you can exercise the SAR. The SAR is not transferable except by will or by
the applicable laws of descent and distribution. The Plan provides for exercise of the SAR by a beneficiary designated on a Company-approved form or the personal representative of your estate. Notwithstanding the foregoing, the Committee, in its
sole discretion, may permit you to assign or transfer the SAR, subject to such terms and conditions as specified by the Committee. 
 6. Withholding Taxes. As a condition to the exercise of any portion of the SAR, you must make such arrangements as the Company may require for the satisfaction of any federal, state, local or
foreign withholding tax obligations that may arise in connection with such exercise. 
 7. SAR Not an Employment or Service
Contract. Nothing in the Plan or any Award granted under the Plan will be deemed to constitute an employment contract or confer or be deemed to confer any right for you to continue in the employ of, or to continue any other relationship with,
the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate your employment or other relationship at any time, with or without Cause. 

8. No Right to Damages. You will have no right to bring a claim or to receive damages if you are required to exercise the vested
portion of the SAR within three months (one year in the case of Retirement, Disability or death) of your Termination of Service or if any portion of the SAR is cancelled or expires unexercised. The loss of existing or potential profit in Awards will
not constitute an element of damages in the event of your Termination of Service for any reason even if the termination is in violation of an obligation of the Company or a Related Company to you. 

9. Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and be binding upon you
and your heirs, executors, administrators, successors and assigns. 
 10. Section 409A Compliance. Notwithstanding
any provision in the Plan or this Agreement to the contrary, the Committee may, at any time and without your consent, modify the terms of the SAR as it determines appropriate to avoid the imposition of interest or penalties under Section 409A
of the Code; provided, however, that the Committee makes no representations that the SAR shall be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to the SAR.

 [For CEO Grant Only: 11. Accelerated Vesting. Notwithstanding anything set forth above or in the Plan: 

(a) Termination of Employment. In the event you terminate your employment for “Good Reason” (as defined in your
Employment Agreement), or the Company terminates your employment other than for “Cause” (as defined in your Employment Agreement), the unvested portion of the SAR that would have been exercisable as of the fourth quarterly vesting
following termination will automatically become vested and exercisable immediately prior to termination. 
 (b) Corporate
Transaction. Upon a Company Transaction that is not a Related Party Transaction (as defined in the Plan), 50% of the unvested portion of the SAR will automatically become vested and exercisable and the remaining unvested portion of the SAR will
vest in equal quarterly increments over the shorter of (i) two years immediately following such Company Transaction, or (ii) the amount of time remaining under the SAR’s original vesting schedule. This provision is in addition to, and
not in lieu of, any other rights provided in the Plan concerning the effect of a Company Transaction on outstanding SARs.]Employment Offer Letter

 Exhibit 10.1 
 

 
 June 9th, 2011 
 Kurt
May 
 13313 Landfair Road 
 San Diego,
CA 92130 
 Dear Kurt: 
 The following
sets forth the terms of your proposed employment with International Stem Cell Corporation (“the Company” or “ISCO”). ISCO hereby offers you employment on the terms and conditions set forth below. 

 

	1.	Position. Your title will be Senior Vice President of ISCO and you will report directly to the Chief Executive Officer. Your duties and responsibilities will
include external relations with state authorities, scientific and other organizations, development of corporate governance, public relations, development of scientific and business partnerships, international projects as assigned by the CEO, mergers
and acquisitions, as well as external relations supporting ISCO Stem Cell Bank. Responsibilities may be added, removed or otherwise modified, as the Company deems necessary. 

 

	2.	Salary. You will receive an annual base salary of $225,000. Your status will be salaried exempt. If you decide to join us, you will receive semi-monthly payments
of salary, in accordance with the Company’s normal payroll procedures. 

  

	3.	Bonus. You will be eligible for an annual bonus of up to $75,000 based on achievement of mutually agreed-upon milestones, assessed at the end of each evaluation
period. You will be eligible for a prorated bonus in 2011. All bonus payments are made at the discretion of the Company. 

  

	4.	Stock Options. In connection with the commencement of your employment, the Company will recommend that the Board of Directors grant you an option to purchase
300,000 shares of the Company’s Common Stock. Additionally, within the first twelve months of your employment, the Company will recommend that the Board of Directors grant you an option to purchase 200,000 shares of the Company’s
Common Stock. Exercise price for both grants will be equal to fair market value on the dates of the grants. These option shares will vest over a four year period at 2% a month. All shares shall contain the standard provisions of the Company’s
stock option plan. 

  

	5.	Compensation Approval. The above mentioned Salary, Bonus and Stock Options plans are subject to approval by the Company’s Compensation Committee. The
proposed compensation terms will be presented to the Committee immediately upon your acceptance of this Employment Offer letter. 

  

	6.	Withholding Taxes. All forms of compensation referred to in this letter are subject to reduction to reflect applicable withholding and payroll taxes.

  

	7.	Employee Benefits. You will be eligible to receive employee benefits. The details of employee benefits will be explained in greater detail in a subsequent
documentation and Employee Handbook. You should note that the Company may modify job titles, salaries, and benefits from time to time as it deems necessary. 

 

							
		 	 	  		 	 

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	8.	Start Date. Upon satisfactory completion of background check, your employment will begin on July 18, 2011. 

 

	9.	At Will Employment. Employment with International Stem Cell Corporation is at the mutual consent of the employee and the Company. Accordingly, while the Company
has every hope that employment relationships will be mutually beneficial and rewarding; employees and the Company retain the right to terminate the employment relationship at will, at any time, with or without cause. Please note that no individual
has the authority to make any contrary agreement or representation. Accordingly, this constitutes a final and fully binding integrated agreement with respect to the at-will nature of the employment relationship. 

 

	10.	Required Documents. You agree to abide by the Company’s policies and procedures, including those set forth in the Company’s Employee Handbook. You will
be required to read the Employment Handbook and sign the Acknowledgement of Receipt of Employment Handbook. You will be required to sign the necessary tax forms and to provide proof of your identity and authorization to work in the United States as
required by Federal immigration laws. You will also be required to sign the Employee Proprietary Information Agreement. 

  

	11.	Covenant Not to Compete. You acknowledge that by virtue of your employment pursuant to this Agreement, you will have access to valuable trade secrets and other
confidential business and proprietary information of the Company. Except with the prior written consent of the CEO, you will not, during your employment by the Company, engage in competition with the Company and/or any of its Affiliates, either
directly or indirectly in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, stockholder, owner, co-owner, consultant, or otherwise, in any phase of the business of researching,
developing, manufacturing, or marketing of products or services which are in the same field of use or which otherwise compete with the products or services or proposed products or services of the Company and/or any of its Affiliates.

  

	12.	Non-Solicitation. You shall not, either directly, or through others: (1) hire or participate in the hiring of any individual who is at that time, or who was
during the one (1) year immediately prior thereto, an employee, consultant or independent contractor of the Company or any Affiliate; (2) solicit or attempt to solicit any individual who is at that time, or who was during the one
(1) year immediately prior thereto, an employee, consultant or independent contractor of the Company or any Affiliate to terminate his or her relationship with the Company or any Affiliate in order to become an employee, consultant or
independent contractor to or for any person or business entity; or (3) solicit or attempt to solicit the business of any client, customer, supplier, service provider, vendor, or distributor of the Company or any Affiliate that is at that time,
or that was during the one (1) year immediately prior thereto, doing business with the Company or any Affiliate for the purpose of engaging in competition with the Company or any of its Affiliates. 

 

	13.	Disclosure. We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may
affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which
the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. Similarly, you agree not to bring any third party confidential
information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such information. 

  

							
		 	 	  		 	 

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	14.	Dispute Resolution. In the event of any dispute or claim relating to or arising out of the employment relationship between you and the Company, you and the
Company agree that all such disputes shall be fully and finally resolved by binding arbitration, paid for by the Company, before JAMS under its then-existing rules for the resolution of employment disputes. The exclusive venue for the arbitration
shall be San Diego, California. Any arbitration award may be entered in any court having competent jurisdiction. The prevailing party in any arbitration shall be entitled to an award of his or its reasonable attorney’s fees and expert witness
costs in addition to any other relief awarded by the trier of fact. 

  

	15.	Severability If any provision of this letter agreement shall be invalid or unenforceable, in whole or in part, the provision shall be deemed to be modified or
restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this letter agreement, as the case may require, and this letter agreement shall be construed and enforced to the maximum
extent permitted by law as if such provision had been originally incorporated in this letter agreement as so modified or restricted, or as if the provision had not been originally incorporated in this letter agreement, as the case may be.

  

	16.	Headings. Section headings in this letter agreement are for convenience only and shall be given no effect in the construction or interpretation of this letter
agreement. 

 This letter, along with any agreements relating to proprietary rights between you and the Company, sets forth the
terms of your employment with the Company and supersedes any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral.
This letter may not be modified or amended except by a written agreement signed by the Company and you. 
 We look forward to you joining our
effort and hope the opportunity will be mutually rewarding. To confirm that you agree to the terms stated in this letter, please sign, date and return the enclosed copy of this letter. 
 Congratulations! 
 Sincerely, 
 International Stem Cell Corporation 
  

			
	 By:
	 	 /s/ Andrey Semechkin

	
	 Andrey Semechkin, CEO

  
  

 
 This will
acknowledge my acceptance of this offer of employment. 
  

							
	 /s/ Kurt May
	 		 	    Date:	 	 6/16/11

	(Signature)	 		 		 	

							
				
	 Kurt May
	 		 	SS#	 	  

	(Print Name)	 		 		 	

  

							
		 	 	  		 	 

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