Document:

EXHIBIT 10.2 

GERON
CORPORATION
1996 EMPLOYEE STOCK
PURCHASE PLAN

(As Amended January 2009, effective
as of May 29, 2009)

     The
following constitute the provisions of the 1996 Employee Stock Purchase Plan, as
amended, of Geron Corporation. 

     1. Purpose. The purpose of the Plan is to
provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company.
It is the intention of the Company to have the Plan qualify as an “Employee
Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan shall, accordingly, be construed so as to
extend and limit participation in a manner consistent with the requirements of
that section of the Code. 

     2. Definitions. 

          (a)
“Board”
shall mean the Board of Directors of the Company.

          (b)
“Code”
shall mean the Internal Revenue Code of 1986, as amended.

          (c)
“Common Stock” shall mean the Common Stock of the Company.

          (d)
“Company”
shall mean Geron Corporation, a Delaware corporation. 

          (e) “Compensation” shall mean all regular
straight time gross earnings, overtime and shift premium and shall not include
payments for incentive compensation, incentive payments, bonuses, commissions
and other compensation. 

          (f) “Continuous Status as an
Employee” shall mean the absence of any
interruption or termination of service as an Employee. Continuous Status as an
Employee shall not be considered interrupted in the case of a leave of absence
agreed to in writing by the Company, provided that such leave is for a period of
not more than 90 days or reemployment upon the expiration of such leave is
guaranteed by contract or statute. 

          (g) “Contributions” shall mean all amounts
credited to the account of a participant pursuant to the Plan. 

          (h) “Designated
Subsidiaries” shall mean the Subsidiaries
which have been designated by the Board from time to time in its sole discretion
as eligible to participate in the Plan. 

          (i) “Employee” shall mean any person,
including an Officer, who is customarily employed for at least twenty (20) hours
per week and more than five (5) months in a calendar year by the Company or one
of its Designated Subsidiaries. 

          (j)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

          (k)
“Purchase Date” shall mean the last day of each Purchase Period of the Plan.

          (l)
“Offering Date” shall mean the first business day of each Offering Period of the Plan.

          (m) “Offering
Period” shall mean a period of twelve (12)
months commencing on January 1 and July 1 of each year, except for the first
Offering Period as set forth in Section 4(a). 

          (n) “Officer” shall mean a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder. 

          (o)
“Plan”
shall mean this Employee Stock Purchase Plan. 

          (p) “Purchase
Period” shall mean a period of six (6) months
within an Offering Period, except for the first Purchase Period as set forth in
Section 4(b). 

          (q) “Subsidiary” shall mean a corporation,
domestic or foreign, of which not less than 50% of the voting shares are held by
the Company or a Subsidiary, whether or not such corporation now exists or is
hereafter organized or acquired by the Company or a Subsidiary. 

     3. Eligibility. 

          (a) Any person who is an Employee as of the Offering Date of a
given Offering Period shall be eligible to participate in such Offering Period
under the Plan, subject to the requirements of Section 5(a) and the limitations
imposed by Section 423(b) of the Code. 

          (b) Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) if,
immediately after the grant, such Employee (or any other person whose stock
would be attributed to such Employee pursuant to Section 424(d) of the Code)
would own stock and/or hold outstanding options to purchase stock possessing
five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company or of any subsidiary of the Company, or (ii) if
such option would permit his or her rights to purchase stock under all employee
stock purchase plans (described in Section 423 of the Code) of the Company and
its Subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars
($25,000) of fair market value of such stock (determined at the time such option
is granted) for each calendar year in which such option is outstanding at any
time. 

     4. Offering Periods and Purchase Periods. 

          (a) Offering
Periods. The Plan shall be implemented by a
series of Offering Periods of twelve (12) months duration, with new Offering
Periods commencing on or about January 1 and July 1 of each year (or at such
other time or times as may be determined by the Board of Directors). The first
Offering Period shall commence on the beginning of the effective date of the
Registration Statement on Form S-1 for the initial public offering of the
Company’s Common Stock (the “IPO Date”) and continue until June 30, 1997. The
Plan shall continue until terminated in accordance with Section 19 hereof. The
Board of Directors of the Company shall have the power to change the duration
and/or the frequency of Offering Periods with respect to future offerings
without shareholder approval if such change is announced at least fifteen (15)
days prior to the scheduled beginning of the first Offering Period to be
affected. Eligible employees may not participate in more than one Offering
Period at a time. 

          (b) Purchase
Periods. Each Offering Period shall consist
of two (2) consecutive purchase periods of six (6) months duration. The last day
of each Purchase Period shall be the “Purchase Date” for such Purchase Period. A
Purchase Period commencing on January 1 shall end on the next June 30. A
Purchase Period commencing on July 1 shall end on the next December 31. The
first Purchase Period shall commence on the IPO Date and shall end on December
31, 1996. The Board of Directors of the Company shall have the power to change
the duration and/or frequency of Purchase Periods with respect to future
purchases without shareholder approval if such change is announced at least
fifteen (15) days prior to the scheduled beginning of the first Purchase Period
to be affected. 

     5. Participation. 

          (a) An eligible Employee may become a participant in the Plan
by completing a subscription agreement on the form provided by the Company and
filing it with the Company’s payroll office prior to the applicable Offering
Date, unless a later time for filing the subscription agreement is set by the
Board for all eligible Employees with respect to a given offering. The
subscription agreement shall set forth the percentage of the participant’s
Compensation (which shall be not less than 1% and not more than 10%) to be paid
as Contributions pursuant to the Plan. 

          (b) Payroll deductions shall commence on the first payroll
following the Offering Date and shall end on the last payroll paid on or prior
to the last Purchase Period of the Offering Period to which the subscription
agreement is applicable, unless sooner terminated by the participant as provided
in Section 10. 

     6. Method of Payment of Contributions.

          (a) The participant shall elect to have payroll deductions
made on each payday during the Offering Period in an amount not less than one
percent (1%) and not more than ten percent (10%) of such participant’s
Compensation on each such payday. All payroll deductions made by a participant
shall be credited to his or her account under the Plan. A participant may not
make any additional payments into such account. 

          (b) A participant may discontinue his or her participation in
the Plan as provided in Section 10, or, on one occasion only during the Offering
Period, may decrease the rate of his or her Contributions during the Offering
Period by completing and filing with the Company a new subscription agreement.
The change in rate shall be effective as of the beginning of the next calendar
month following the date of filing of the new subscription agreement, if the
agreement is filed at least ten (10) business days prior to such date and, if
not, as of the beginning of the next succeeding calendar month. 

          (c) Notwithstanding the foregoing, to the extent necessary to
comply with Section 423(b)(8) of the Code and Section 3(b) herein, a
participant’s payroll deductions may be decreased to 0% at such time during any
Offering Period which is scheduled to end during the current calendar year that
the aggregate of all payroll deductions accumulated with respect to such
Offering Period and any other Offering Period ending within the same calendar
year equal $21,250. Payroll deductions shall re-commence at the rate provided in
such participant’s subscription Agreement at the beginning of the first Offering
Period which is scheduled to end in the following calendar year, unless
terminated by the participant as provided in Section 10. 

     7. Grant of Option. 

          (a) On the Offering Date of each Offering Period, each
eligible Employee participating in such Offering Period shall be granted an
option to purchase on each Purchase Date a number of shares of the Company’s
Common Stock determined by dividing such Employee’s Contributions accumulated
prior to such Purchase Date and retained in the participant’s account as of the
Purchase Date by the lower of (i) eighty-five percent (85%) of the fair market
value of a share of the Company’s Common Stock on the Offering Date, or (ii)
eighty-five percent (85%) of the fair market value of a share of the Company’s
Common Stock on the Purchase Date; provided however, that the maximum number of
shares an Employee may purchase during each Offering Period shall be determined
at the Offering Date by dividing $25,000 by the fair market value of a share of
the Company’s Common Stock on the Offering Date, and provided further that such
purchase shall be subject to the limitations set forth in Sections 3(b) and 13.
The fair market value of a share of the Company’s Common Stock shall be
determined as provided in Section 7(b). 

          (b) The option price per share of the shares offered in a
given Offering Period shall be the lower of: (i) 85% of the fair market value of
a share of the Common Stock of the Company on the Offering Date; or (ii) 85% of
the fair market value of a share of the Common Stock of the Company on the
Purchase Date. The fair market value of the Company’s Common Stock on a given
date shall be determined by the Board in its discretion based on the closing
price of the Common Stock for such date (or, in the event that the Common Stock
is not traded on such date, on the immediately preceding trading date), as
reported by the National Association of Securities Dealers Automated Quotation
(Nasdaq) National Market or, if such price is not
reported, the mean of the bid and asked prices per share of the Common Stock as
reported by Nasdaq or, in the event the Common Stock is listed on a stock
exchange, the fair market value per share shall be the closing price on such
exchange on such date (or, in the event that the Common Stock is not traded on
such date, on the immediately preceding trading date), as reported in The Wall
Street Journal. For purposes of the Offering Date under the first Offering
Period under the Plan, the fair market value of a share of the Common Stock of
the Company shall be the Price to Public as set forth in the final prospectus
filed with the Securities and Exchange Commission pursuant to Rule 424 under the
Securities Act of 1933, as amended. 

     8.
Exercise of Option. Unless a participant withdraws from the Plan as provided in paragraph
10, his or her option for the purchase of shares will be exercised automatically
on each Purchase Date of an Offering Period, and the maximum number of full
shares subject to the option will be purchased at the applicable option price
with the accumulated Contributions in his or her account. The shares purchased
upon exercise of an option hereunder shall be deemed to be transferred to the
participant on the Purchase Date. During his or her lifetime, a participant’s
option to purchase shares hereunder is exercisable only by him or her.

     9.
Delivery.
As promptly as practicable after each Purchase Date of each Offering Period, the
Company shall arrange the delivery to each participant, as appropriate, of a
certificate representing the shares purchased upon exercise of his or her option
or the deposit of such number of shares with the broker selected by the Company
for administration of Plan stock purchases, as determined by the Company. Any
cash remaining to the credit of a participant’s account under the Plan after a
purchase by him or her of shares at the termination of each Purchase Period, or
which is insufficient to purchase a full share of Common Stock of the Company,
shall be carried over to the next Purchase Period if the Employee continues to
participate in the Plan, or if the Employee does not continue to participate,
shall be returned to said participant. 

     The
shares delivered to each participant in the Plan shall be registered and
precluded from trading in an open market transaction for one year from the date
of purchase, and certificates evidencing such shares shall bear a restrictive
legend reflecting such restriction. 

     10. Voluntary Withdrawal; Termination of Employment. 

          (a) A participant may withdraw all but not less than all the
Contributions credited to his or her account under the Plan at any time prior to
each Purchase Date by giving written notice to the Company. All of the
participant’s Contribution credited to his or her account will be paid to him or
her promptly after receipt of his or her notice of withdrawal and his or her
option for the current period will be automatically terminated, and no further
Contributions for the purchase of shares will be made during the Offering
Period. 

          (b) Upon termination of the participant’s Continuous Status as
an Employee prior to the Purchase Date of an Offering Period for any reason,
including retirement or death, the Contributions credited to his or her account
will be returned to him or her or, in the case of his or her death, to the
person or persons entitled thereto under Section 4, and his or her option will
be automatically terminated. 

          (c) In the event an Employee fails to remain in Continuous
Status as an Employee of the Company for at least twenty (20) hours per week
during the Offering Period in which the employee is a participant, he or she
will be deemed to have elected to withdraw from the Plan and the Contributions
credited to his or her account will be returned to him or her and his or her
option terminated. 

          (d) A participant’s withdrawal from an offering will not have
any effect upon his or her eligibility to participate in a succeeding offering
or in any similar plan which may hereafter be adopted by the Company.

     11.
Automatic Withdrawal. If the fair market value of the shares on the first Purchase
Date of an Offering Period is less than the fair market value of the shares on
the Offering Date for such Offering Period, then
every participant shall automatically (i) be withdrawn from such Offering Period
at the close of such Purchase Date and after the acquisition of shares for such
Purchase Period, and (ii) be enrolled in the Offering Period commencing on the
first business day subsequent to such Purchase Period. 

     12. Interest. No interest shall accrue on
the Contributions of a participant in the Plan. 

     13. Stock. 

          (a) The maximum number of shares of the Company’s Common Stock
which shall be made available for sale under the Plan shall be 1,200,000 shares
(on a post-split basis), subject to adjustment upon changes in capitalization of
the Company as provided in Section 18. If the total number of shares which would
otherwise be subject to options granted pursuant to Section 7(a) on the Offering
Date of an Offering Period exceeds the number of shares then available under the
Plan (after deduction of all shares for which options have been exercised or are
then outstanding), the Company shall make a pro rata allocation of the shares
remaining available for option grant in as uniform a manner as shall be
practicable and as it shall determine to be equitable. In such event, the
Company shall give written notice of such reduction of the number of shares
subject to the option to each Employee affected thereby and shall similarly
reduce the rate of Contributions, if necessary. 

          (b) The participant will have no interest or voting right in
shares covered by his or her option until such option has been exercised.

          (c) Shares to be delivered to a participant under the Plan
will be registered in the name of the participant or in the name of the
participant and his or her spouse. 

     14.
Administration. The Board, or a committee named by the Board, shall supervise and
administer the Plan and shall have full power to adopt, amend and rescind any
rules deemed desirable and appropriate for the administration of the Plan and
not inconsistent with the Plan, to construe and interpret the Plan, and to make
all other determinations necessary or advisable for the administration of the
Plan. The composition of the committee shall be in accordance with the
requirements to obtain or retain any available exemption from the operation of
Section 16(b) of the Exchange Act pursuant to Rule 16b-3 promulgated thereunder.

     15. Designation of Beneficiary.

          (a) A participant may file a written designation of a
beneficiary who is to receive any shares and cash, if any, from the
participant’s account under the Plan in the event of such participant’s death
subsequent to the end of a Purchase Period but prior to delivery to him or her
of such shares and cash. In addition, a participant may file a written
designation of a beneficiary who is to receive any cash from the participant’s
account under the Plan in the event of such participant’s death prior to the
Purchase Date of an Offering Period. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for
such designation to be effective. 

          (b) Such designation of beneficiary may be changed by the
participant (and his or her spouse, if any) at any time by written notice. In
the event of the death of a participant and in the absence of a beneficiary
validly designated under the Plan who is living at the time of such
participant’s death, the Company shall deliver such shares and/or cash to the
executor or administrator of the estate of the participant, or if no such
executor or administrator has been appointed (to the knowledge of the Company),
the Company, in its discretion, may deliver such shares and/or cash to the
spouse or to any one or more dependents or relatives of the participant, or if
no spouse, dependent or relative is known to the Company, then to such other
person as the Company may designate. 

     16.
Transferability. Neither Contributions credited to a participant’s account nor any
rights with regard to the exercise of an option or to receive shares under the
Plan may be assigned, transferred, pledged or otherwise disposed of in any way
(other than by will, the laws of descent and distribution, or as provided in
Section 15 by the participant. Any such attempt at assignment, transfer, pledge
or other disposition shall be without effect,
except that the Company may treat such act as an election to withdraw funds in
accordance with Section 10. 

     17.
Use of Funds. All Contributions received or held by the Company under the Plan may be
used by the Company for any corporate purpose, and the Company shall not be
obligated to segregate such Contributions. 

     18.
Reports.
Individual accounts will be maintained for each participant in the Plan.
Statements of account will be given to participating Employees promptly
following the Purchase Date, which statements will set forth the amounts of
Contributions, the per share purchase price, the number of shares purchased and
the remaining cash balance, if any. 

     19. Adjustments Upon Changes in Capitalization; Corporate
Transactions. 

          (a) Adjustment. Subject to any required
action by the shareholders of the Company, the number of shares of Common Stock
covered by each option under the Plan which has not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
the Plan but have not yet been placed under option (collectively, the
“Reserves”), as well as the price per share of Common Stock covered by each
option under the Plan which has not yet been exercised, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common
Stock resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of shares of Common Stock effected without receipt of
consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration”. Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issue by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of shares of Common Stock subject to an option. 

          (b) Corporate
Transactions. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period will terminate
immediately prior to the consummation of such proposed action, unless otherwise
provided by the Board. In the event of a proposed sale of all or substantially
all of the assets of the Company, or the merger of the Company with or into
another corporation, each option under the Plan shall be assumed or an
equivalent option shall be substituted by such successor corporation or a parent
or subsidiary of such successor corporation, unless the Board determines, in the
exercise of its sole discretion and in lieu of such assumption or substitution,
to shorten the Offering Period then in progress by setting a new Purchase Date
(the “New Purchase Date”). If the Board shortens the Offering Period then in
progress in lieu of assumption or substitution in the event of a merger or sale
of assets, the Board shall notify each participant in writing, at least ten (10)
days prior to the New Purchase Date, that the Purchase Date for his or her
option has been changed to the New Purchase Date and that his or her option will
be exercised automatically on the New Purchase Date, unless prior to such date
he or she has withdrawn from the Offering Period as provided in Section 10. For
purposes of this paragraph, an option granted under the Plan shall be deemed to
be assumed if, following the sale of assets or merger, the option confers the
right to purchase, for each share of option stock subject to the option
immediately prior to the sale of assets or merger, the consideration (whether
stock, cash or other securities or property) received in the sale of assets or
merger by holders of Common Stock for each share of Common Stock held on the
effective date of the transaction (and if such holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding shares of Common Stock); provided, however, that if such
consideration received in the sale of assets or merger was not solely common
stock of the successor corporation or its parent (as defined in Section 424(e)
of the Code), the Board may, with the consent of the successor corporation and
the participant, provide for the consideration to be received upon exercise of
the option to be solely common stock of the successor corporation or its parent
equal in fair market value to the per share consideration received by holders of
Common Stock and the sale of assets or merger.

               The Board may, if it so determines in the exercise of its sole
discretion, also make provision for adjusting the Reserves, as well as the price
per share of Common Stock covered by each outstanding option, in the event that
the Company effects one or more reorganizations, recapitalizations, rights
offerings or other increases or reductions of shares of its outstanding Common
Stock, and in the event of the Company being consolidated with or merged into
any other corporation. 

     20. Amendment or Termination. 

          (a) The Board of Directors of the Company may at any time
terminate or amend the Plan. Except as provided in Section 19, no such
termination may affect options previously granted, nor may an amendment make any
change in any option theretofore granted which adversely affects the rights of
any participant. In addition, to the extent necessary to comply with Rule 16b-3
under the Exchange Act, or under Section 423 of the Code (or any successor rule
or provision or any applicable law or regulation), the Company shall obtain
shareholder approval in such a manner and to such a degree as so required.

          (b) Without shareholder consent and without regard to whether
any participant rights may be considered to have been adversely affected, the
Board (or its committee) shall be entitled to change the Offering Periods and
Purchase Periods, limit the frequency and/or number of changes in the amount
withheld during an Offering Period, establish the exchange ratio applicable to
amounts withheld in a currency other than U.S. dollars, permit payroll
withholding in excess of the amount designated by a participant in order to
adjust for delays or mistakes in the Company’s processing of properly completed
withholding elections, establish reasonable waiting and adjustment periods
and/or accounting and crediting procedures to ensure that amounts applied toward
the purchase of Common Stock for each participant properly correspond with
amounts withheld from the participant’s Compensation, and establish such other
limitations or procedures as the Board (or its committee) determines in its sole
discretion advisable which are consistent with the Plan. 

     21.
Notices.
All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received
in the form specified by the Company at the location, or by the person,
designated by the Company for the receipt thereof. 

     22.
Conditions Upon Issuance of
Shares. Shares shall not be issued with
respect to an option unless the exercise of such option and the issuance and
delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which
the shares may then be listed, and shall be further subject to the approval of
counsel for the Company with respect to such compliance. 

               As a condition to the exercise of an option, the Company may
require the person exercising such option to represent and warrant at the time
of any such exercise that the shares are being purchased only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned applicable provisions of law. 

     23.
Term of Plan; Effective Date. The Plan shall become effective upon the earlier to occur of
its adoption by the Board of Directors or its approval by the shareholders of
the Company. It shall continue in effect for a term of twenty (20) years unless
sooner terminated under Section 20. 

     24.
Additional Restrictions of Rule
16b-3. The terms and conditions of options
granted hereunder to, and the purchase of shares by, persons subject to Section
16 of the Exchange Act shall comply with the applicable provisions of Rule
16b-3. This Plan shall be deemed to contain, and such options shall contain, and
the shares issued upon exercise thereof shall be subject to, such additional
conditions and restrictions as may be required by Rule 16b-3 to qualify for the
maximum exemption from Section 16 of the Exchange Act with respect to Plan
transactions.EXHIBIT 10.3 

[Geron Letterhead]

Revised Final Offer of
Employment

April 8, 2009 

Stephen M. Kelsey, M.D.
2327 Greer Road
Palo Alto, CA 94303

Dear Steve: 

On behalf of Geron Corporation
("Geron"), I am pleased to extend you a final offer of employment as Executive
Vice President, Chief Medical Officer, Oncology. This is a corporate officer,
regular full-time exempt position, reporting directly to me. You will have
direct responsibility for managing the clinical development of our oncology
portfolio, the basic research programs in oncology and day-to-day operations of
the Oncology Business Unit at Geron. Your initial direct reports will be Melissa
Behrs, Senior Vice President Therapeutic Development, Oncology; Fabio Benedetti,
Senior Vice President Clinical Development, Oncology; Soo-Peang Khor, Vice
President Research, Oncology, and Catherine Howard, Director Clinical
Operations. As you know we are recruiting for a new Head of Clinical Operations
who would report to you, at which time Catherine would report to that new
individual. You will be a member of the Geron Operating Committee - the
strategy-setting body of the Company. 

Your annual salary will be $400,000
which will be paid on a semi-monthly basis. In addition, you will be granted
options to purchase two hundred thousand (200,000) shares of Geron common stock
at an exercise price equal to the fair market value of such shares at the date
the options are granted. According to our 2002 Equity Incentive Plan, the
options will be granted on the third Wednesday of the month following your start
date. The vesting schedule is as follows: 12.5% of the options will vest after
your first six months of employment, with the remainder vesting monthly over the
following 42 months. You will be asked to sign a Stock Option Agreement, and the
terms of your options will be governed in all respects by the terms of the Stock
Option Agreement and Equity Incentive Plan.

Should you agree to a start date on or
prior to May 1, 2009, you will be granted 40,000 shares of Geron common stock,
25% vesting after one year of employment, the remainder after your second year.

As a regular full-time employee you are
eligible to participate in the company’s medical, dental, vision, life
insurance, and long-term disability insurance programs. You may also sign up to
participate in our 401(k) Retirement Savings Plan and our Employee Stock
Purchase Plan.

You will also be eligible to
participate in the company’s incentive bonus program. This is a variable and
discretionary program, generally considered at the end of each year. It is tied
to the achievement of certain performance goals established for the Company and
each individual. The total bonus pool generated for distribution, if any, is
determined at the discretion of the Geron Board of Directors and then
distributed based on individual and company performance. Your maximum potential
bonus is 45% of your base salary. We will agree not to prorate your bonus award
based on your 2009 tenure at Geron. 

As a condition of employment, you must
agree to the terms of and sign the enclosed Proprietary Information and
Inventions Agreement. Please sign page 4 and Exhibit A of the Agreement and
return it with this letter. You will also be obligated to comply with all
company policies and procedures. We will arrange a new-employee orientation for
you shortly after your arrival. 

In accordance with Federal Law, all new
employees are required to present evidence of their eligibility to be employed
in the United States. Accordingly, we request that you provide us with a copy of
an appropriate document for this purpose within 72 hours of your employment
date. This may be a birth certificate, a passport, a visa or driver’s license
and social security card.

Your employment is “at will”. You or
the Company may terminate employment at any time with or without cause, with or
without notice. This letter, when signed by you, will constitute the complete
agreement between Geron and you with respect to the duration of your employment
and the initial terms of the position, and supersedes all prior negotiations and
agreements pertaining to the position, whether written or oral. No special or
implied conditions or terms of employment and no amendment to the at-will nature
of your employment will be binding unless made in writing and signed by the CEO
of the Company and you. 

If this arrangement is acceptable to
you, please indicate your acceptance by returning a signed copy of this offer
letter and the Proprietary Information and Inventions Agreement to Human
Resources. This final offer of employment will expire on April 15, 2009 unless
accepted prior to that date. 

Sincerely, 

/s/ Thomas Okarma 

Thomas Okarma, Ph.D.,
M.D.
President, CEO 

Enclosures 

AGREED AND ACCEPTED: 

	/s/ Stephen Kelsey  	 	10th April 2009 	 
	Stephen Kelsey,
      M.D.  	 	Date

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