Document:

EXHIBIT 10.27

EMPLOYMENT AGREEMENT

     This Employment Agreement
(“Agreement”) is made effective as of the 1st day of January 2012 (the
“Effective Date or Commencement
Date”), by and between Graham Cooper
(“Executive”) and Geron Corporation, a
Delaware corporation (the “Company”). 

     Whereas,
the Company desires to employ Executive
to provide personal services to the Company, and wishes to provide Executive
with certain compensation and benefits in return for Executive’s services; and

     Whereas,
Executive wishes to be employed by the
Company and provide personal services to the Company in return for certain
compensation and benefits; 

     Now, Therefore,
in consideration of the mutual promises
and covenants contained herein, it is hereby agreed by and between the parties
hereto as follows: 

ARTICLE
I
DEFINITIONS

     For purposes of the Agreement, the
following terms are defined as follows:

     1.1 “Board” means the Board of Directors of the Company.

     1.2 “Cause” means any of the following: 

          (a) any willful
act or omission by Executive constituting dishonesty, fraud or other malfeasance
against the Company;

          (b) Executive’s
conviction of a felony under the laws of the United States or any state thereof
or any other jurisdiction in which the Company conducts business;

          (c) Executive’s
debarment by the U.S. Food and Drug Administration from working in or providing
services to any pharmaceutical or biotechnology company under the Generic Drug
Enforcement Act of 1992, or other ineligibility under any law or regulation to
perform Executive’s duties to the Company; or

          (d) Executive’s
breach of any of the material policies of the Company.

     1.3 “Change in Control” shall have the meaning set forth in the Plan.

     1.4 “Code” means the Internal Revenue Code of 1986, as amended.

     1.5 “Company” means Geron Corporation or its successors in interest. 

     1.6 “Comparable Employment” means employment on terms which provide (a) the same or
greater rate of base pay or salary as in effect immediately prior to Executive’s
termination, (b) the same, equivalent or higher job title and level of
responsibility as Executive had prior to Executive’s termination, (c) equivalent
or higher bonus opportunity as the bonus opportunity for the year preceding the
year in which the termination occurs, and d) a principal work location that is
both (i) no more than forty-five (45) miles from Executive’s principal work
location immediately prior to Executive’s termination and (ii) no more than
thirty (30) miles farther from Executive’s principal weekday residence than was
Executive’s principal work location immediately prior to the termination.

     1.7 “Covered Termination” means an Involuntary Termination Without Cause that occurs
at any time, provided that such termination constitutes a “separation from service”
within the meaning of Section 409A of the Code and the regulations promulgated
thereunder, including Treasury Regulation Section 1.409A-1(h) (a
“Separation from Service”). 

     1.8 “Involuntary Termination Without
Cause” means Executive’s dismissal or
discharge other than (i) for Cause, or (ii) after an involuntary or voluntary
filing of a petition under chapter 7 or 11 of 11 USC Section 101 et. seq., an
assignment for the benefit of creditors, a liquidation of the company’s assets
in formal proceeding or otherwise or any other event of insolvency by the
Company, in any case, without an offer of Comparable Employment by the Company
or a successor, acquirer, or affiliate of the Company. For purposes of this
Agreement, the termination of Executive’s employment due to Executive’s death or
disability will not constitute a termination for Cause. 

     1.9 “Plan” means the Company’s 2011 Equity Incentive Award Plan, as amended.

ARTICLE II
EMPLOYMENT BY THE COMPANY 

     2.1 Position and Duties.
Subject to the terms set forth herein,
the Company agrees to continue to employ Executive in the position of Executive
Vice President, Finance and Business Development and Chief Financial Officer,
such employment to commence on the Commencement Date. Due to the holiday season,
the Board may not be available to elect Executive to his position by unanimous
written consent until after January 1, 2012; however, Executive’s employment
shall commence on January 1, 2012 irrespective of such delayed appointment, if
any. During the Executive’s employment, Executive will report to the Chief
Executive Officer. Executive shall serve in an employee capacity and shall
perform such duties as are assigned to Executive by the Chief Executive Officer
and, except as otherwise instructed by the Chief Executive Officer, such other
duties as are customarily associated with the position of Chief Financial
Officer. During Executive’s employment with the Company, Executive will devote
Executive’s best efforts and substantially all of Executive’s business time and
attention (except for vacation periods as set forth herein and reasonable
periods of illness or other incapacities permitted by the Company’s general
employment policies or as otherwise set forth in this Agreement) to the business
of the Company.

     2.2 Employment at Will.
Both the Company and Executive
acknowledge and agree that Executive’s employment with the Company is “at-will”
and not for any specified period of time, and may be terminated at any time by
Executive or the Company, with or without Cause, and with or without prior
notice; provided, however, that if Executive’s employment with the Company is
terminated under circumstances that constitute a Covered Termination, Executive
will be eligible to receive certain severance payments and benefits as set forth
in Article IV below.

2

     2.3 Employment
Policies. The employment relationship
between the parties shall also be governed by the general employment policies
and practices of the Company, including but not limited to those policies
relating to protection of confidential information and assignment of inventions.
In the event of a conflict between the terms of this Agreement and the Company’s
general employment policies or practices, this Agreement shall
control.

ARTICLE III
COMPENSATION

     3.1 Base
Salary. Executive shall receive for
services to be rendered hereunder an annual base salary of $375,000 payable on
the regular payroll dates of the Company, subject to increase in the sole
discretion of the Board (the “Base
Salary”). 

     3.2 Bonus. Executive shall be eligible to earn, for each fiscal year of
the Company ending during Executive’s employment with the Company, an annual
discretionary cash bonus (an “Annual
Bonus”) targeted at forty-five percent (45%)
of Executive’s Base Salary.

     3.3 Stock
Option. In accordance with the Company’s
stock option granting practices, on the third Wednesday in the month of the
Commencement Date (the “Grant
Date”), the Compensation Committee of the
Board shall grant Executive an option to purchase five hundred thousand
(500,000) shares of Company common stock (the “Option”) having an exercise price
equal to the closing trading price of a share of Company common stock on the
Grant Date. The Option shall vest with respect to 1/8th of the shares initially
subject thereto on the six-month anniversary of the Commencement Date and with
respect to 1/48th of the shares initially subject thereto on each
monthly anniversary of the Commencement Date thereafter, subject to Executive’s
continued service to the Company through the applicable vesting date, provided,
that upon occurrence of a Change of Control, subject to Executive’s continued
service to the Company through the date of such Change of Control, the Option
shall vest and become exercisable with respect to one hundred percent (100%) of
the unvested shares subject thereto. The Option shall be exercisable in full on
the Grant Date, subject to Executive entering into a restricted stock purchase
agreement with respect to any unvested shares. Executive shall be permitted to
exercise any or all of the Option, whether or not vested, subject to the
Company’s right of repurchase. The Option otherwise shall be subject to and
governed in all respects by the terms of the Plan and the option agreement to be
entered into between the Company and Executive. 

     3.4 Standard Company Benefits;
Vacation. Executive shall be entitled to
all rights and benefits for which Executive is eligible under the terms and
conditions of the Company’s benefit and compensation plans, practices, policies
and programs, as in effect from time to time, that are provided by the Company
to its senior executives generally. Executive will be eligible for four weeks of
vacation per year. 

3

ARTICLE IV
SEVERANCE BENEFITS AND RELEASE 

     4.1 Severance
Benefits. If Executive’s employment
terminates due to a Covered Termination after the date of execution of this
Agreement, Executive shall receive: 

          (i) Payment of
Accrued Obligations Upon Termination of Employment. Upon a termination of Executive’s employment for any reason at any time
following the Commencement Date, the Company shall pay to Executive in a single
lump-sum cash payment as soon as administratively practicable following the date
of termination, the aggregate amount of Executive’s (A) earned but unpaid Base
Salary, and (B) accrued but unpaid vacation pay. In addition, Executive shall be
promptly paid for incurred but unreimbursed business expenses upon his
submission of such expenses in accordance with the Company’s expense
reimbursement policies. The amounts set forth in this Section 4.1(i) are
collectively referred to as the “Accrued
Obligations”.

          (ii) Severance
Upon a Covered Termination. If Executive’s
employment terminates due to a Covered Termination at any time after the
Commencement Date, then, in addition to the Accrued Obligations:

               (a) Executive
shall be paid target Annual Bonus for the fiscal year in which the termination
occurs, prorated for the length of service provided during the calendar year
through the termination date, payable in a single lump-sum payment within thirty
(30) days following the date of termination;

               (b) Executive
shall be paid an aggregate amount equal to twelve (12) months of Executive’s
Base Salary in effect on the date of termination, payable to Executive in a
single lump-sum amount on the sixtieth (60th) day following the date
of termination; 

               (c) Executive and
Executive’s covered dependents will be eligible to continue their health care
benefit coverage as permitted by COBRA (Internal Revenue Code Section 4980B) at
the Company’s expense for the lesser of (i) twelve (12) months following the
Covered Termination, or (ii) until the Executive and/or Executive’s covered
dependents are no longer eligible for COBRA (for clarification and as an
example, in the event Executive is covered by another health plan, etc.).
Thereafter, Executive and Executive’s covered dependents shall be entitled to
maintain coverage for Executive and Executive’s eligible dependents at
Executive’s own expense for the balance of the period that Executive is entitled
to coverage under COBRA; and

               (d) the Option,
along with any subsequent options or other exercisable equity interest in the
Company held by Executive shall remain outstanding and exercisable through the
earlier of (i) the second (2nd) anniversary of the date of
termination or (ii) the original expiration date of the option or other equity
interest. 

Notwithstanding the foregoing, the
amounts payable under this Article IV, other than the Annual Bonus and the
extended exercisability set forth in Section 4.1(d), shall be reduced by the
amount of severance or other cash compensation, if any, payable under the
Company’s Change of Control Severance Plan attached hereto as Exhibit C. For the
avoidance of doubt, all amounts payable under this Agreement shall be subject to
applicable federal, state, local or foreign tax withholding
requirements.

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     4.2 Parachute
Payments. If any payment or benefit
Executive would receive in connection with a Change in Control from the Company
or otherwise (“Payment”) would (i) constitute a “parachute payment” within the
meaning of Section 280G of the Code, and (ii) but for this sentence, be subject
to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be
either (x) the largest portion of the Payment that would result in no portion of
the Payment being subject to the Excise Tax or (y) the largest portion, up to
and including the total, of the Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes,
and the Excise Tax (all computed at the highest applicable marginal rate),
results in Executive’s receipt, on an after-tax basis, of the greater amount of
the Payment notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting
“parachute payments” is necessary so that the Payment equals the Reduced Amount,
reduction shall occur in the following order unless Executive elects in writing
a different order (provided, however, that such election shall be subject to
Company approval): reduction of cash payments; cancellation of accelerated
vesting of stock awards; reduction of employee benefits. In the event that
acceleration of vesting of stock award compensation is to be reduced, such
acceleration of vesting shall be cancelled in the reverse order of the date of
grant of Executive’s stock awards unless Executive elects in writing a different
order for cancellation. 

The Company for general audit purposes  shall engage a nationally
recognized public accounting firm (the “Accounting Firm”)
to  perform the foregoing calculations. The Company shall bear all expenses with  respect to the determinations by such
accounting firm required to be made  hereunder. The Accounting Firm engaged to make the determinations hereunder  shall
provide its calculations, together with detailed supporting documentation,  to the Company and Executive within fifteen (15)
calendar days after the date on  which Executive’s right to a Payment is triggered (if requested at that time by  the
Company or Executive) or such other time as requested by the Company or  Executive. If the Accounting Firm determines that no
Excise Tax is payable with  respect to a Payment, either before or after the application of the Reduced  Amount, it shall
furnish the Company and Executive with an opinion reasonably  acceptable to Executive that no Excise Tax will be imposed with
respect to such  Payment. Any good faith determinations of the accounting firm made hereunder  shall be final, binding and
conclusive upon the Company and Executive.  

     4.3 Release. Notwithstanding the foregoing, Executive’s right to receive
the amounts provided for in Sections 4.1(ii) and 4.2, and the Change of Control
acceleration referenced in Section 3.3 above shall be subject to and conditioned
upon Executive’s execution and non-revocation of a release of claims in
substantially the form attached hereto as Exhibit A (the “Release”) (as such form may
be modified to take into account changes in the law) within fifty (50) days
following the termination date. Such Release shall specifically relate to all of
Executive’s rights and claims in existence at the time of such execution and
shall confirm Executive’s obligations under the Proprietary Information
Agreement (as defined below). It is understood that Executive has a certain
period to consider whether to execute such Release, as set forth in the Release,
and Executive may revoke such Release within seven (7) business days after
execution. In the event Executive does not execute such Release within the
applicable period, or if Executive revokes such Release within the subsequent
seven (7) business day period, none of the aforesaid benefits set forth in
Sections 4.1(ii), 4.2 and the Change of Control acceleration referenced in
Section 3.3 shall be payable to Executive under this Agreement and this
Agreement shall be null and void.

5

     4.4 Section 409A.
Notwithstanding any provision to the
contrary in this Agreement, if Executive is deemed by the Company at the time of
the Separation from Service to be a “specified employee” for purposes of Section
409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion
of the benefits to which Executive is entitled under this Agreement is required
in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of
the Code, such portion of Executive’s benefits shall not be provided to
Executive prior to the earlier of (a) the expiration of the six-month period
measured from the date of Executive’s Separation from Service or (b) the date of
Executive’s death. Upon the first business day following the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant
to this Section 4.4 shall be paid in a lump sum to Executive (or Executive’s
estate or beneficiaries), and any remaining payments due under the Agreement
shall be paid as otherwise provided herein. For purposes of Section 409A of the
Code, Executive’s right to receive the payments of compensation pursuant to the
Agreement shall be treated as a right to receive a series of separate payments
and accordingly, each payment shall at all times be considered a separate and
distinct payment. 

     4.5 Mitigation.
Executive shall not be required to
mitigate damages or the amount of any payment provided under this Agreement by
seeking other employment or otherwise, nor shall the amount of any payment
provided for under this Agreement be reduced by any compensation earned by
Executive as a result of employment by another employer or by any retirement
benefits received by Executive after the date of the Covered Termination, or
otherwise. 

ARTICLE V
PROPRIETARY INFORMATION OBLIGATIONS 

     5.1 Agreement. Executive agrees to
abide by the Proprietary Information and Inventions Agreement attached hereto as
Exhibit B
(the “Proprietary Information
Agreement”). 

     5.2 Remedies.
Executive’s duties under the Proprietary
Information and Inventions Agreement shall survive termination of Executive’s
employment with the Company and the termination of this Agreement. Executive
acknowledges that a remedy at law for any breach or threatened breach by
Executive of the provisions of the Proprietary Information and Inventions
Agreement would be inadequate, and Executive therefore agrees that the Company
shall be entitled to injunctive relief in case of any such breach or threatened
breach. 

6

ARTICLE VI
OUTSIDE ACTIVITIES

     6.1 No Other Employment.
Except with the prior written consent of
the Board, Executive shall not during the term of Executive’s employment with
the Company, undertake or engage in any other employment, occupation or business
enterprise. Notwithstanding the foregoing, during the term of Executive’s
employment with the Company, Executive may (a) undertake or engage in any other
employment, occupation or business enterprise in which Executive is a passive
investor, and/or (b) engage in civic and not-for-profit activities, in each
case, so long as such activities do not materially interfere with the
performance of Executive’s duties hereunder. 

     6.2 No Conflicting Business
Interests. During the term of
Executive’s employment by the Company, except on behalf of the Company,
Executive shall not directly or indirectly, whether as an officer, director,
stockholder, partner, proprietor, associate, representative, consultant, or in
any capacity whatsoever engage in, become financially interested in, be employed
by or have any business connection with any other person, corporation, firm,
partnership or other entity whatsoever which were known by Executive to compete
directly with the Company, throughout the world, in any line of business engaged
in (or planned to be engaged in) by the Company; provided, however, that anything above
to the contrary notwithstanding, Executive may own, as a passive investor,
securities of any competitor corporation, so long as Executive’s direct holdings
in any one such corporation shall not in the aggregate constitute more than 1%
of the voting stock of such corporation.

ARTICLE VII
NONINTERFERENCE

     While employed by the Company, and
for one (1) year immediately following the date on which Executive terminates
employment or otherwise ceases providing services to the Company, Executive
agrees not to interfere with the business of the Company by soliciting or
attempting to solicit any employee of the Company to terminate such employee’s
employment in order to become an employee, consultant or independent contractor
to or for any competitor of the Company. Executive’s duties under this Article
VII shall survive termination of Executive’s employment with the Company and the
termination of this Agreement. 

ARTICLE VIII
GENERAL PROVISIONS

     8.1 Notices. Any notices provided hereunder must be in writing and shall be
deemed effective upon the earlier of personal delivery (including personal
delivery by telex) or the third day after mailing by first class mail, to the
Company at its primary office location and to Executive at Executive’s address
as listed on the Company payroll. 

7

     8.2 Section 409A.
To the extend applicable, this Agreement
shall be interpreted in accordance with Section 409A of the Code and Department
of Treasury regulations and other interpretative guidance issued thereunder,
including without limitation any such regulations or other such guidance that
may be issued after the Commencement Date (“Section 409A”). Notwithstanding any provision of this
Agreement to the contrary, in the event that following the Commencement Date,
the Company determines in good faith that any compensation or benefits payable
under this Agreement may not be either exempt from or compliant with Section
409A, the Company may adopt such amendments to this Agreement or adopt other
policies or procedures (including amendments, policies and procedures with
retroactive effect), or take any other commercially reasonable actions necessary
or appropriate to preserve the intended tax treatment of the compensation and
benefits payable hereunder, including without limitation actions intended to (i)
exempt the compensation and benefits payable under this Agreement from Section
409A, and/or (ii) comply with the requirements of Section 409A, provided, that
this Section 8.2 does not, and shall not be construed so as to, create any
obligation on the part of the Company to adopt any such amendments, policies or
procedures or to take any other such actions or to create any liability on the
part of the Company for any failure to do so. 

     8.3 Severability. Whenever possible,
each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement
is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction,
but this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provisions had never been contained
herein. 

     8.4 Waiver. If either party should waive any breach of any provisions of
this Agreement, they shall not thereby be deemed to have waived any preceding or
succeeding breach of the same or any other provision of this Agreement.

     8.5 Complete
Agreement. This Agreement and its
Exhibit A and Exhibit B constitute the entire agreement between Executive and
the Company and are the complete, final, and exclusive embodiment of their
agreement with regard to this subject matter (except for the Plan, any successor
thereto or the Company’s Change of Control Severance Plan). This Agreement
supersedes any prior agreement between Executive and the Company or any
predecessor employer in its entirety. Executive and the Company acknowledge and
agree that this Agreement is entered into without reliance on any promise or
representation other than those expressly contained herein or therein and cannot
be modified or amended except in a writing signed by a duly-authorized officer
of the Company. 

     8.6 Counterparts. This Agreement may
be executed in separate counterparts, any one of which need not contain
signatures of more than one party, but all of which taken together will
constitute one and the same Agreement. 

     8.7 Headings.
The headings of the sections hereof are
inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof. 

     8.8 Successors and
Assigns. This Agreement is intended to
bind and inure to the benefit of and be enforceable by Executive and the
Company, and their respective successors, assigns, heirs, executors and
administrators, except that Executive may not assign any of Executive’s duties
hereunder and Executive may not assign any of Executive’s rights hereunder,
without the written consent of the Company, which shall not be withheld
unreasonably. 

8

     8.9 Arbitration. In the event of any
contractual, statutory or tort dispute or claim relating to or arising out of
Executive’s employment relationship with the Company (including but not limited
to any claims of wrongful termination or age, sex, race, or other
discrimination, but not including workers’ compensation claims), Executive and
the Company agree that all such disputes will be finally resolved by binding
arbitration conducted by a single neutral arbitrator associated with the
American Arbitration Association in Menlo Park, California. Executive and the
Company hereby waive their respective rights to have any such disputes or claims
tried to a judge or jury. However, the Company agrees that this arbitration
provision will not apply to any claim, by either Executive or the Company, for
injunctive relief. The administrative costs of any arbitration proceeding
between Executive and the Company and the fees and costs of the arbitrator shall
be borne by the Company. 

     8.10 Attorneys’
Fees. If either party hereto brings any
action to enforce rights hereunder, each party in any such action shall be
responsible for its own attorneys’ fees and costs incurred in connection with
such action. 

     8.11 Acknowledgement. Executive
acknowledges that Executive (a) has had the opportunity to discuss this matter
with and obtain advice from independent counsel of Executive’s own choice and
has been advised to do so by the Company, (b) has carefully read and fully
understands all the provisions of this Agreement, and (c) is knowingly and
voluntarily entering into this Agreement. Executive represents that Executive
(i) is familiar with the restrictive covenants set forth in the Proprietary
Information Agreement and (ii) is fully aware of his/her obligations thereunder.

     8.12 Choice of
Law. All questions concerning the
construction, validity and interpretation of this Agreement will be governed by
the law of the State of California. 

     In Witness Whereof,
the parties have executed this Agreement
on the respective dates set forth below: 

	
      GERON
      CORPORATION

	 
		
	By:	/s/ John A. Scarlett
	 	John A.
      Scarlett, MD
	 	Chief Executive
      Officer
	 	 
	
	Date: 	December 21,
2011

Accepted and agreed this 21st day of
December, 2011, 

	/s/ Graham Cooper
	Graham
      Cooper

9

EXHIBIT A

GENERAL RELEASE 

10

EXHIBIT B 

PROPRIETARY INFORMATION AND INVENTIONS
AGREEMENT 

11

EXHIBIT C 

AMENDED AND RESTATED SEVERANCE PLAN

12EXHIBIT 10.29

TRANSITION AND SEPARATION
AGREEMENT

     This
Transition and Separation Agreement (the “Agreement”) is made effective as of
the eighth (8th) day following the date Executive signs this
Agreement (the “Effective Date”) by and between David L. Greenwood
(“Executive”) and Geron Corporation (the “Company”), with reference to the
following facts:

          A.
Executive’s employment with the Company will end effective upon the Termination
Date (as defined below).

          B.
Executive and the Company want to end their relationship amicably and also to
establish the obligations of the parties including, without limitation, all
amounts due and owing to the Executive.

     NOW, THEREFORE, in consideration of
the mutual covenants and agreements hereinafter set forth, the parties agree as
follows:

          1. Employment Separation Date;
Board Resignation.

               (a) Executive acknowledges and
agrees that his status as an officer and employee of the Company will end
effective as of December 31, 2011 (the “Termination Date”). Executive also hereby resigns
his membership and all positions that he holds on the Company’s Board of
Directors. 

               (b) Executive will continue to
serve, at the discretion of the Company, on the following Boards of Directors of
the Company’s partners and affiliates (each, a “P & A Board”): Clone International Pty.
Ltd., ViaGen, Inc. and Geron Bio-Med Ltd. Executive’s service on each P & A Board shall be as a Company
Consultant pursuant to the Transition Consulting Services described in Section 2
of this Agreement and shall qualify Executive as a “Service Provider” and/or
“Eligible Individual” under all of the Company’s equity Plans and Executive’s
related equity agreements. The operative indemnification agreement
(“Indemnification Agreement”) between Executive and the Company, attached as
Exhibit C, shall remain in full force and effect and cover Executive during
Executive’s service on the P & A Board(s).

          2. Transition Consulting
Services.

               (a) Consulting
Period. During the period of time (the
“Consulting Period”)
commencing on the Termination Date and ending on the Consulting Period End Date
(as defined below), Executive shall be available to provide services to the
Company, on a non-exclusive basis, as a consultant and shall provide such
transition services as necessary in Executive’s areas of expertise and work
experience and responsibility as may be requested by the Chief Executive Officer
or Chief Financial Officer of the Company (collectively, the “Transition Services”).
During the Consulting Period, Executive may become an employee or consultant of
any other Company, provided, that he remains in compliance with that certain Proprietary
Information and Inventions Agreement entered into between Executive and the
Company as of July 28, 1995 (the “Confidentiality Agreement”), and
further provided that he does not violate his fiduciary obligations to any P
& A Boards on which he continues to serve. For the purposes of this Section
2(a), “Consulting Period End Date” shall mean March 31, 2012 or such earlier date as determined
by the Company in the event the Transition Services are not performed to the
reasonable satisfaction of the Company, provided, that the Consulting Period
End Date may be extended through June 30, 2012 upon the mutual agreement of the
Company and Executive in substantially the form attached hereto as
Exhibit A
and the term “Consulting Period End
Date” shall refer to such extended date, and
further provided that the “Consulting Period End Date” shall be further extended
in the event Executive continues to serve as the Company’s representative on one
or more P & A Boards.

1

               (b) Consulting Fees. In exchange for the
performance of the Transition Services, the Company shall pay to Executive
consulting fees as an independent contractor in the amount of four hundred
dollars ($400) per hour (the “Consulting
Fees”), provided, that, except to the extent
required to meet Executive’s fiduciary obligations to the P & A Boards (and
their companies) in no event shall Executive perform services for more than two
(2) days in any week without the prior written approval of the Chief Executive
Officer or Chief Financial Officer of the Company. The Consulting Fees will be
paid to Executive in accordance with the Company’s standard payment procedures
for consultants and independent contractors.

               (c) Benefits. As an independent contractor, Executive understands and
agrees that, while performing any services for the Company after the Termination
Date, Executive shall not be eligible to participate in or accrue benefits under
any Company benefit plan to the extent Executive’s eligibility for the plans or
benefits is based on Executive being a current employee of the Company. To the
extent that Executive were deemed eligible to participate, as a current
employee, in any Company benefit plan, he hereby waives his participation.
Nothing in this Section 2(c) shall in any way affect Executive’s right to
participate in the Company’s Aetna Open Access Managed Choice (Open Access
Gatekeeper PPO Medical Plan) (“Aetna
Plan”) pursuant to the terms of the Aetna
Plan and/or Section 4(c) of this Agreement.

               (d) Stock
Options. During the Consulting Period,
Executive’s options to purchase shares of Company common stock shall continue to
vest and become exercisable in accordance with their original vesting schedules.
The attached Exhibit B details Executive’s vested and unvested shares subject to
Executive’s options. Upon the completion of the Consulting Period, Executive’s
options shall cease vesting and any unvested shares subject to options as of
such date shall automatically terminate for no consideration, provided, that Executive’s
outstanding options
for vested shares shall remain exercisable until the earlier of (i) the second
(2nd) anniversary of the Termination Date or (ii) the original 10
year expiration date of the applicable option. If, by the date that is
twenty-four (24) months following the Termination Date, Executive has not
exercised the outstanding options to purchase vested shares in accordance with the
procedures set forth in Executive’s option agreements, such options shall
terminate and be of no further effect. Notwithstanding the immediately preceding
sentence, in the event Executive is in possession of material non-public
information about the Company or the Company has prohibited Executive from
selling Company stock on or within 30 days of the second (2nd)
anniversary of the Termination Date, then each of Executive’s outstanding
options for vested shares shall remain exercisable until the earlier of (i) the
date that is 30 days after the Executive is no longer in possession of material
non-public information about the Company and/or the date that is 30 days after
the Company removes its prohibition regarding the Executive’s ability to sell
Company stock, or (ii) the original 10 year expiration date of the applicable
option. In the event Executive ceases to provide the Transition Services,
Executive’s options for unvested shares shall be forfeited as of the date of
such cessation of services. After April 12, 2012, Executive’s outstanding
incentive stock options (ISOs) (vested and unvested) will convert to
nonstatutory stock options (NSOs) in accordance with IRS rules. This conversion
does not affect the exercisability or vesting schedule of such options.
Executive acknowledges that upon the execution of this Agreement, each
unexercised “incentive stock option” within the meaning of the Internal Revenue
Code of 1986, as amended (the “Code”), shall be deemed modified for the purposes of Section 424
of the Code, and, to the extent the exercise price thereof is less than the fair
market value of a share of Company common stock on the date this Agreement is
executed, such option shall no longer qualify as an incentive stock option, but
instead shall constitute a nonstatutory stock option. This conversion does not
affect the exercisability or vesting schedule of such options. Executive further
acknowledges and agrees that all outstanding vested options that have not been
exercised as of the three-month anniversary of the Termination Date shall no
longer qualify as incentive stock options, but instead shall constitute
nonstatutory stock options. This conversion does not affect the exercisability or vesting
schedule of such options.

2

               (e) Restricted Stock. The Company and
Executive acknowledge and agree that, as of the Termination Date, Executive
holds 598,750 unvested shares of Company common stock subject to a risk of
forfeiture (collectively, the “Restricted
Stock Awards”), of which 300,000 shares are
subject to vesting upon the attainment of certain performance goals
(collectively, the “Performance-Based
Restricted Stock Awards”) and 298,750 shares
are subject to vesting based solely upon Executive’s continued service to the
Company (collectively, the “Time-Based
Restricted Stock Awards”). Notwithstanding
anything in the agreements evidencing the Restricted Stock Awards to the
contrary, no Restricted Stock Award shall be forfeited or cease vesting upon the
Termination Date. Instead, (i) each Time-Based Restricted Stock Award shall
remain unvested and subject to a risk of forfeiture through the end of the
Consulting Period and shall vest in accordance with the terms of the Restricted
Stock Award agreement associated with the applicable Time-Based Restricted Stock
Award, and (ii) through the end of the Consulting Period each Performance-Based
Restricted Stock Award shall remain unvested and subject to a risk of forfeiture
and will vest in accordance with the terms of the Restricted Stock Award
agreement associated with each Performance-Based Restricted Stock Award. In the
event Executive ceases to provide the Transition Services, all unvested shares
subject to the Time-Based Restricted Stock Awards shall be forfeited as of the
date of such cessation of services. Each Performance-Based Restricted Stock
Award shall vest, and the risk of forfeiture thereon lapse, upon the attainment
of the applicable performance goal(s) in accordance with the terms of such
Performance-Based Restricted Stock Award agreement. Notwithstanding the
foregoing, Executive acknowledges that because of the cessation of the Company’s
hESC programs in November 2011, those Performance-Based Restricted Stock Awards
that vest based upon the successful partnering of one (or more) hESC programs
shall only vest upon a change in control of the Company on or prior to July 9,
2013. In the event the remaining applicable performance goals are not attained
on or prior to the end of the Consulting Period, all unvested shares subject to
Performance-Based Restricted Stock Awards shall be automatically forfeited. The
agreements evidencing the Restricted Stock Awards shall be deemed amended to the
extent necessary to provide for the treatment contemplated by this Section
2(e).

               (f) Independent Contractor
Status. Executive and the Company acknowledge
and agree that, during the Consulting Period, Executive shall be an independent
contractor. During the Consulting Period and thereafter, Executive shall not be
an agent or employee of the Company and shall not be authorized to act on behalf
of the Company, provided that Executive shall act as the Company’s
representative on the P & A Boards. The Company will not make deductions for
taxes from any Consulting Fees paid hereunder. Personal income and
self-employment taxes for Consulting Fees paid to Executive hereunder shall be
the sole responsibility of Executive. Executive agrees to indemnify and hold the
Company and the other entities released herein harmless for any tax claims or
penalties resulting from any failure by Executive to make required personal
income and self-employment tax payments with respect to the Consulting
Fees.

3

               (g) Protection of Information. Executive
agrees that, during the Consulting Period and thereafter, Executive will not,
except for the purposes of performing the Transition Services, including without
limitation, serving as the Company’s representative on the P & A Boards,
seek to obtain any confidential or proprietary information or materials of the
Company. 

          3. Final
Paycheck. As soon as administratively
practicable on or after the Termination Date, the
Company will pay Executive all accrued but unpaid base salary, earned bonus and
all accrued and unused vacation earned through the Termination Date, subject to
standard payroll deductions and withholdings. Executive is entitled to these
payments regardless of whether Executive executes this Agreement. 

          4. Separation Payments and
Benefits. Without admission of any liability,
fact or claim, the Company hereby agrees, subject to Executive signing and
delivering to the Company this Agreement on or within thirty-one (31) days after
the Termination Date, this Agreement becoming no longer subject to revocation as
provided in Section 6(c)(iii) and Executive’s performance of his continuing
obligations pursuant to this Agreement and the Confidentiality Agreement, to
provide Executive the benefits set forth below. Specifically, the Company and
Executive agree as follows:

               (a) Cash
Severance. Executive shall receive a lump sum
cash payment in an amount equal to (i) $750,000, less applicable withholding
taxes, which constitutes 150% of Executive’s base salary as in effect as of
immediately prior to the Termination Date plus (ii) $235,800, less applicable
withholding taxes, which constitutes Executive’s annual discretionary bonus for
2011 assuming achievement of corporate performance goals at seventy-five percent
(75%) of target and achievement of individual performance goals at one hundred
percent (100%) of target. Such payment shall be made on or within sixty (60)
days following the Termination Date.

               (b) No Access to
Benefits. Executive shall not be entitled to
participate in any discretionary bonus, 401(k) plan match or equity incentive
pool after the Termination Date.

               (c) Continued Healthcare.
Executive and Executive’s Covered Dependants
shall be enrolled in the Company’s Aetna Open Access Managed Choice (Open Access
Gatekeeper Medical Plan) for the twenty-four (24) month period commencing on the
Termination Date, providing that Executive and Executive’s Covered Dependants
will promptly leave the Plan in the event a future employer of Executive or
Executive’s Covered Dependents provides Executive and Executive’s Covered
Dependants substantially similar medical coverage without any preexisting
condition requirement. For the twelve (12) month period commencing on the
Termination Date, the Company shall reimburse Executive for all Aetna Plan
premiums, as well as all premiums for dental and vision coverage under the
Company’s plans or COBRA, as applicable, for Executive and Executive’s Covered
Dependants, providing that no other third party has reimbursed Executive for the
premium payments. For purposes of this Agreement, “Executive’s Covered
Dependants” shall be Executive’s spouse and all of Executive’s dependants
covered by the Company’s health/medical care plan immediately prior to the
Termination Date. Executive and Executive’s Covered Dependants shall have the
right to continue enrollment in the Aetna Plan after the expiration of the
twenty-four (24) month period pursuant to the terms of the Plan. To the extent
permitted by applicable law and the terms of the Company’s group health plans,
the earlier of the date that such health care benefit coverage ceases to be
available shall be deemed to be the date of the “qualifying event” for Executive
and Executive’s Covered Dependents for the purposes of electing continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”).
Executive acknowledges that he shall be solely responsible for Executive’s
election of Aetna Plan coverage and his timely payment of
premiums.

4

               (d) SEC Reporting. Executive acknowledges
that to the extent required by the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), he will have continuing obligations under Section 16(a)
and 16(b) of the Exchange Act to report his transactions in Company common stock
for (6) six months following the Termination Date. Executive hereby agrees not
to undertake, directly or indirectly, any reportable transactions which include,
but are not limited to, buying, selling or otherwise disposing of any common
stock of the Company held by Executive until the earlier of (i) the end of such
six (6) month period or (ii) a Change of Control (as defined in the Amended and
Restated Geron Corporation Severance Plan).

               (e) Other
Benefits. Executive shall retain Executive’s
current BlackBerry device, one (1) personal computer and printer after the
Termination Date; provided, that Executive provides on or before January 31, 2012, the
BlackBerry device and personal computer to the Company for the removal of all
files. The computer and BlackBerry shall be returned to the Executive with the
operating systems intact. The Company and Executive agree that the computer,
printer and BlackBerry device have an aggregate value of $500.00. Except as
necessary to perform the Transition Services, Executive hereby agrees to return
all Proprietary Information (as defined in the Confidentiality Agreement) to the
Company and shall certify to the Company within thirty (30) days of the
Effective Date that all Proprietary Information has been returned to the Company
or destroyed. 

               (f) Taxes. Executive understands and agrees that all payments under
Section 4 of this Agreement will be subject to appropriate tax withholding and
other deductions. To the extent the Executive is legally required to pay the
employee portion of employment or income taxes for the benefits provided to him
under Section 4 of this Agreement beyond those required to be and properly
withheld by the Company, Executive agrees to pay the employee portion of
employment and income taxes himself and to indemnify and hold the Company and
the other entities released herein harmless for any tax claims or penalties, and
associated attorneys’ fees and costs, resulting from any failure by him to make
required employee portion of employment and income tax payments.

               (g) Reimbursements. To the extent that any
reimbursements payable pursuant to this Agreement are subject to the provisions
of Section 409A of the Code, such reimbursements shall be paid to Executive no
later than December 31st of the year following the year in which the
expense was incurred, the amount of expenses reimbursed in one year shall not
affect the amount eligible for reimbursement in any subsequent year, and
Executive’s right to reimbursement under this Agreement will not be subject to
liquidation or exchange for another benefit.

5

               (h) Sole Separation Benefit. Executive
agrees that the payments and benefits provided by this Section 4 are not
required under the Company’s normal policies and procedures and are provided as
a severance solely in connection with this Agreement and/or Executive’s
pre-existing employment agreement. Executive acknowledges and agrees that the
payments referenced in this Section 4 constitute adequate and valuable
consideration, in and of themselves, for the promises contained in this
Agreement. 

          5. Full
Payment. Executive acknowledges that the
payment and arrangements herein shall constitute full and complete satisfaction
of any and all amounts properly due and owing to Executive as a result of his
employment with the Company and the termination thereof.

          6. Executive’s Release of the
Company. Except as specifically set forth in
this Agreement, Executive understands that by agreeing to the release provided
by this Section 6, Executive is agreeing not to sue, or otherwise file any claim
against, the Company or any of its employees or other agents for any reason
whatsoever based on anything that has occurred as of the date Executive signs
this Agreement. 

               (a) On behalf of Executive and
Executive’s heirs and assigns, Executive hereby releases and forever discharges
the “Releasees” hereunder, consisting of the Company, and each of its owners,
affiliates, divisions, predecessors, successors, assigns, agents, directors,
officers, partners, employees, and insurers, and all persons acting by, through,
under or in concert with them, or any of them, of and from any and all manner of
action or actions, cause or causes of action, in law or in equity, suits, debts,
liens, contracts, agreements, promises, liability, claims, demands, damages,
loss, cost or expense, of any nature whatsoever, known or unknown, fixed or
contingent (hereinafter called “Claims”), which Executive now has or
may hereafter have against the Releasees, or any of them, by reason of any
matter, cause, or thing whatsoever from the beginning of time to the date
hereof, including, without limiting the generality of the foregoing, any Claims
arising out of, based upon, or relating to Executive’s hire, employment,
remuneration or resignation by the Releasees, or any of them, including without
limitation any and all Claims arising under federal, state, or local laws
relating to employment, claims of any kind that may be brought in any court or
administrative agency, any claims arising under the Age Discrimination in
Employment Act (“ADEA”), as amended, 29 U.S.C. § 621, et seq.; the Title VII of the Civil
Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. §
2000 et seq.; the Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act
of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C. §
2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. §
12101 et seq.; the False Claims Act , 31 U.S.C. § 3729 et seq.; the Employee Retirement
Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and
Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq. the Fair Labor
Standards Act, 29 U.S.C. § 215 et
seq., the Sarbanes-Oxley Act of 2002; the
California Fair Employment and Housing Act; the California Family Rights Act;
the California Labor Code; California Business & Professions Code Section
17200, ordinance or statute regarding employment; Claims any other local, state
or federal law governing employment; Claims for breach of contract; Claims
arising in tort, including, without limitation, Claims of wrongful dismissal or
discharge, discrimination, harassment, retaliation, fraud, misrepresentation,
defamation, libel, infliction of emotional distress, violation of public policy,
and/or breach of the implied covenant of good faith and fair dealing; and Claims
for damages or other remedies of any sort, including, without limitation,
compensatory damages, punitive damages, injunctive relief and attorney’s
fees.

6

               (b) Notwithstanding the foregoing, Executive does not release the following
claims: 

               (i) Claims for unemployment compensation or any state, federal or Company
disability or life insurance benefits pursuant to the terms of applicable state
or federal law or Company plan;

               (ii) Claims for workers’
compensation insurance benefits under the terms of any worker’s compensation
insurance policy or fund of the Company;

               (iii) Claims to continued participation in the Company’s Aetna Plan or the
Company’s group benefit plans pursuant to the terms and conditions of
COBRA;

               (iv) Claims to any benefit entitlements vested as the date of Executive’s
employment termination, including without limitation, Executive’s 401K plan
balances, pursuant to written terms of any Company employee benefit
plan;

               (v) Claims for indemnification, defense and/or the right to be held harmless
under California Labor Code Section 2802, the Company’s Certificate of
Incorporation, the Company’s Bylaws, the Delaware General Corporation Law or
other applicable law, any applicable contract, the Indemnification Agreement (or
any other written indemnification agreement that was in effect on the
Termination Date), and/or under the terms of any policy of insurance purchased
by the Company or that in any way covers the Executive.

               (vi) Executive’s right to bring to the attention of the Equal Employment
Opportunity Commission claims of discrimination; provided, however, that Executive does release
Executive’s right to secure any damages for alleged discriminatory
treatment;

               (vii) Any rights in and to Executive’s Company equity, including without
limitation, Executive’s right to exercise Executive’s Company stock options, and
receive delivery of, hold, sell and/or vest in Executive’s Company stock and/or
restricted stock; and

               (viii) Any rights arising out of this Agreement. 

               (c) In accordance with the Older Workers Benefit Protection Act of 1990,
Executive has been advised of the following: 

               (i) Executive has the right to
consult with an attorney before signing this Agreement; 

               (ii) Executive has been given at
least twenty-one (21) days to consider this Agreement; 

7

               (iii) Executive has seven (7) days after signing this Agreement to revoke it.
If Executive wishes to revoke this Agreement, Executive must deliver notice of
Executive’s revocation in writing, no later than 5:00 p.m. on the seventh
(7th) day following Executive’s execution of this Agreement to Human
Resources, Geron Corporation, 230 Constitution Drive, Menlo Park, California
94025, fax: (650) 473-8668. 

          7. Company’s Release of the Executive.
The Company voluntarily releases and discharges the Executive and his heirs,
successors, administrators, representatives and assigns from all Claims which it
may have against the Executive as the result of his employment or the
discontinuance of his employment and that are based upon facts known, or which
in the exercise of reasonable diligence should have been known, to the Company’s
Board of Directors. Notwithstanding the
foregoing, nothing herein shall release or discharge any Claim by the Company
against the Executive, or the right of the Company to bring any action, legal or
otherwise, against the Executive as a result of any failure by him to perform
his obligations under this Agreement or the Confidentiality Agreement, or as a
result of any acts for which the Executive cannot, as a matter of law, be
indemnified by the Company. 

          8. Waiver of Unknown
Claims. EXECUTIVE AND THE COMPANY
ACKNOWLEDGE THAT THEY HAVE BEEN ADVISED OF AND
ARE FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH
PROVIDES AS FOLLOWS:

“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.” 

          BEING AWARE OF SAID CODE SECTION, THE COMPANY AND EXECUTIVE HEREBY EXPRESSLY WAIVE ANY RIGHTS THEY OR EITHER OF
THEM MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW
PRINCIPLES OF SIMILAR EFFECT, TO THE EXTENT OF THEIR RESPECTIVE RELEASES.

          9. Non-Disparagement,
Transition, Transfer of Company Property and Limitations on Service. Executive further agrees that:

               (a) Non-Disparagement. Executive agrees
that he shall not disparage, criticize or defame the Company, its affiliates and
their respective affiliates, directors, officers, agents, partners, shareholders
or employees, either publicly or privately. The Company agrees that it shall
not, and it shall instruct its officers and members of its Board of Directors to
not, disparage, criticize or defame Executive, either publicly or privately.
Nothing in this Section 9(a) shall have application to any evidence or testimony
required by any court, arbitrator or government agency. 

               (b) Transition. Each of the Company and the Executive shall use their
respective reasonable efforts to cooperate with each other in good faith to
facilitate a smooth transition of Executive’s duties to other executive(s) of
the Company. 

               (c) Transfer of Company
Property. Except as otherwise contemplated in
Section 4(e) hereof and except as required to perform the Transition Services,
on or before the Effective Date, Executive shall turn over to the Company all
files, memoranda, records, and other documents, and any other physical or
personal property which are the property of the Company and which he had in his
possession, custody or control at the time he signed this Agreement.

8

               (d) Limit on Post-Termination Service.
Notwithstanding anything in this Agreement to the contrary, the aggregate level
of bona-fide services to be performed under Sections 2 and 16 of this Agreement,
together with any other services to be performed by Executive for the Company
following the Termination Date, shall in no event exceed twenty percent (20%) of
the average level of bona-fide services performed by Executive for the Company
during the thirty-six (36)-month period preceding the Termination Date (“20%
Threshold”). In the event that Executive’s fiduciary obligations to the P&A
Boards (and their companies) appears that they will cause Executive to provide
services to the Company that exceed the 20% Threshold, then Executive shall
resign from that number of P&A Boards sufficient to allow Executive to
provide services to the Company at or below the 20% Threshold. 

          10. Executive and Company
Representations. Executive warrants and
represents that (a) he has not filed or authorized the filing of any complaints,
charges or lawsuits against the Company or any affiliate of the Company with any
governmental agency or court, and that if, unbeknownst to Executive, such a
complaint, charge or lawsuit has been filed on his behalf, he will immediately
cause it to be withdrawn and dismissed, (b) he has reported all hours worked as
of the date of this Agreement and has been paid all compensation, wages,
bonuses, commissions, and/or benefits to which he may be entitled and no other
compensation, wages, bonuses, commissions and/or benefits are due to him, except
as provided in this Agreement, (c) he has no known workplace injuries or
occupational diseases and has been provided and/or has not been denied any leave
requested under the Family and Medical Leave Act or any similar state law, (d)
the execution, delivery and performance of this Agreement by the Executive does
not and will not conflict with, breach, violate or cause a default under any
agreement, contract or instrument to which the Executive is a party or any
judgment, order or decree to which the Executive is subject, and (e) upon the
execution and delivery of this Agreement by the Company and the Executive, this
Agreement will be a valid and binding obligation of the Executive, enforceable
in accordance with its terms. The Company warrants and represents that (a) it
has not filed or authorized the filing of any complaints, charges or lawsuits
against the Executive or any affiliate of the Executive with any governmental
agency or court, and that if, unbeknownst to Company, such a complaint, charge
or lawsuit has been filed on its behalf, it will immediately cause it to be
withdrawn and dismissed and (b) upon the execution and delivery of this
Agreement by the Company and the Executive, this Agreement will be a valid and
binding obligation of the Company, enforceable in accordance with its terms.

          11. Legal Fees. The Company shall pay the reasonable attorneys’ fees and
related expenses and disbursements incurred by Executive in connection with
Executive’s separation of employment with the Company and the negotiation and
preparation of this Agreement, in an aggregate amount not to exceed $5,000.

          12. No
Assignment. Executive warrants and represents
that no portion of any of the matters released herein, and no portion of any
recovery or settlement to which Executive might be entitled, has been assigned
or transferred to any other person, firm or corporation not a party to this
Agreement, in any manner, including by way of subrogation. If any claim, action,
demand or suit should be made or instituted against the Company or any affiliate
of the Company because of any actual assignment, subrogation or transfer by
Executive, Executive agrees to indemnify and hold harmless the Company or any
affiliate of the Company against such claim, action, suit or demand, including
necessary expenses of investigation, attorneys’ fees and costs. The Company
warrants and represents that no portion of any of the matters released herein,
and no portion of any recovery or settlement to which the Company might be
entitled, has been assigned or transferred to any other person, firm or
corporation not a party to this Agreement, in any manner, including by way of
subrogation. If any claim, action, demand or suit should be made or instituted
against the Executive or any affiliate of the Executive because of any actual
assignment, subrogation or transfer by the Company, the Company agrees to
indemnify and hold harmless the Executive or any affiliate of the Executive
against such claim, action, suit or demand, including necessary expenses of
investigation, attorneys’ fees and costs.

9

          13. Governing Law. This Agreement shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of California or, where applicable, United
States federal law, in each case, without regard to any conflicts of laws
provisions or those laws of any state other than California. 

          14. Miscellaneous. This Agreement,
together with the Confidentiality Agreement, the Indemnification Agreement and
Executive’s equity agreements with the Company, are the entire agreement between
the parties with regard to the subject matter hereof and shall supersede in its
entirety that certain Employment Agreement between the Company and Executive
dated as of February 8, 2011, as amended (the “Employment Agreement”). The Company
and Executive acknowledge that the termination of the Executive’s employment
with the Company is intended to constitute an involuntary separation from
service for the purposes of Section 409A of the Code, and the related Department
of Treasury regulations. The Company will not contest Executive’s application,
if any, for unemployment insurance benefits; provided, however, that the Company
shall respond truthfully to any questions posed to it by the California
Employment Development Department with respect to any application by Executive
for unemployment insurance benefits. Executive acknowledges that there are no
other agreements, written, oral or implied, and that he may not rely on any
prior negotiations, discussions, representations or agreements. This Agreement
may be modified only in writing, and such writing must be signed by both parties
and recited that it is intended to modify this Agreement. This Agreement may be
executed by facsimile or electronic signature and in separate counterparts, each
of which is deemed to be an original and all of which taken together constitute
one and the same agreement. Executive shall have no duty to mitigate any breach
of Sections 2, 3 and 4 of this Agreement by the Company.

          15. Indemnification. Notwithstanding any
other term in this Agreement, nothing in this Agreement shall in any way limit,
release, or terminate the Company’s continuing obligation to indemnify, defend
and/or hold harmless Executive under his Indemnification Agreement with the
Company (or any other written indemnification agreement that was in effect on
the Termination Date), or the Company’s Certificate of Incorporation, the
Company’s Bylaws, Delaware General Corporation Law or other applicable, contract
or legal requirement. The Company shall maintain directors’ and officers’
liability insurance coverage for the continuing protection of the Executive, of
such types and in such amounts as shall be appropriate for the size of the
Company and its business risks, as determined by the Company’s Board of
Directors in good faith, in its sole discretion.

(Signature page(s) follow) 

10 

     IN WITNESS
WHEREOF, the undersigned have caused this Transition and Separation Agreement to
be duly executed and delivered as of the date indicated next to their respective
signatures below. 

	DATED: January 30, 2012		
		/s/ David Greenwood	 
		David L. Greenwood
	  
	   
		GERON CORPORATION
	DATED: January 31, 2012		
	   
		By:  	/s/
      John A. Scarlett	 
			John A.Scarlett,
    MD
			Chief Executive
      Officer

S-1 

EXHIBIT A 

EXTENSION OF CONSULTING PERIOD END
DATE 

[_________], 2012 

David L. Greenwood
[Home
Address]

Re: Extension of Consulting Period End Date under Transition and Separation
Agreement 

Dear David: 

     In
accordance with the Transition Separation Agreement entered into by and between
you and Geron Corporation, a Delaware corporation (the “Company”), effective as of
January [__], 2012 (the “Separation
Agreement”), the Company wishes to extend
your Consulting Period (as defined in the Separation Agreement) until June 30,
2012. Upon your signature to this letter, for all purposes of the Separation
Agreement, the term “Consulting Period End
Date” shall mean June 30, 2012 or such
earlier date as determined by the Company in the event the Transition Duties (as
defined in the Separation Agreement) are not performed to the reasonable
satisfaction of the Company.

     Upon your signature to this letter,
the Separation Agreement will be deemed amended to the extent necessary to
reflect the terms set forth herein. Otherwise, the Separation Agreement will
remain in full force and effect.

     To indicate your acceptance of this
letter, please sign and date this letter in the space provided below and return
it to the Company by [___________], 2012.

Very truly yours,

GERON CORPORATION

	 
	Name:
	Title:

 

	ACCEPTED AND
      AGREED:		
	 
		
	  	 		 
	David L. Greenwood	     	          Date

A-1

EXHIBIT B 

GRANT STATUS AS OF TERMINATION
DATE

 

 

 

 

 

 

 

 

 

 

EXHIBIT C 

INDEMNIFICATION
AGREEMENT

 

 

 

 

 

 

 

 

 

 

C-1

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