Document:

EXHBIT 4.1

                         COMMON STOCK PURCHASE AGREEMENT

         THIS COMMON STOCK PURCHASE AGREEMENT ("Agreement") is made and entered
into as of April 22, 2005 (the "Effective Date"), by and between GERON
CORPORATION, a Delaware corporation having its principal place of business at
230 Constitution Drive, Menlo Park, California 94025 (the "Company"), and the
investors listed on Exhibit A hereto, each of which is referred to as an
"Investor" and all of which are collectively referred to herein as the
"Investors".

A.                The Company desires to sell and the Investors desire to
                  purchase shares of the Company's common stock, par value
                  $0.001 per share (the "Common Stock").

B.                In connection with entering into this Agreement, the Company
                  shall issue to the Investors certain Stock Purchase Warrants
                  (each, a "Warrant" and collectively, the "Warrants") pursuant
                  to which the Investors may purchase up to an aggregate of
                  370,370 additional shares of Common Stock at a price per share
                  of $7.95 per share (as adjusted for any stock dividends paid
                  in common stock, and any combinations, stock splits,
                  recapitalizations and the like each with respect to the Common
                  Stock). The shares of Common Stock issuable upon exercise of
                  the Warrants are collectively referred to herein as the
                  "Warrant Shares."

C.                The issuance of the Shares (as defined below), Warrants and
                  Warrant Shares to the Investors have been registered on the
                  Company's Registration Statement on Form S-3, Registration No.
                  333-115195, which was declared effective by the Securities and
                  Exchange Commission (the "SEC") on June 30, 2004 (the
                  "Registration Statement").

THE PARTIES AGREE AS FOLLOWS:

1. PURCHASE AND SALE OF COMMON STOCK AND WARRANTS.

     1.1  Subject to the terms and conditions of this Agreement, each Investor
          agrees, severally but not jointly, to purchase at the Closing, and the
          Company agrees to sell and issue to each Investor at the Closing, that
          number of shares of Common Stock equal to (x) the Aggregate Purchase
          Price (as defined below) divided by the Purchase Price (as defined
          below), multiplied by (y) the percentage set forth opposite each
          Investor's name on Exhibit A hereto. The shares of Common Stock to be
          sold pursuant to this Agreement are collectively referred to herein as
          the "Shares," and the Shares, the Warrants and the Warrant Shares are
          collectively referred to herein as the "Securities". The Investors
          shall purchase the Shares for a per share purchase price equal to
          $5.40 (as adjusted for any stock dividends paid in common stock, and
          any combinations, stock splits, recapitalizations and the like each
          with respect to the Common Stock) (the "Purchase Price"). The
          "Aggregate Purchase Price" shall be $4,000,001.40.

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     1.2  At the Closing, the Company shall issue a Warrant to each Investor.
          Each Warrant shall be exercisable for that number of shares of Common
          Stock equal to (x) the Aggregate Purchase Price divided by the
          Purchase Price, multiplied by (y) fifty percent (50%), multiplied by
          (z) the percentage set forth opposite each Investor's name on Exhibit
          A hereto. Each Warrant shall be in substantially the form attached
          hereto as Exhibit B.

2. CLOSING; DELIVERY OF COMMON STOCK AND WARRANTS.

     2.1  The consummation of the transaction contemplated by this Agreement
          (the "Closing") shall be held at such time and place as is mutually
          agreed upon between the parties, but in any event no later than the
          close of business on April 26, 2005 (the "Closing Date"). At the
          Closing, the Company shall deliver to each Investor (i) a certificate
          or certificates representing that number of Shares purchased hereunder
          and (ii) a Warrant in substantially the form attached hereto as
          Exhibit B representing that number of Warrant Shares purchased
          hereunder, against payment of the purchase price therefore by wire
          transfer of immediately available funds to an account designated by
          the Company.

     2.2  The Company's obligations to issue and deliver the stock
          certificate(s) representing the Shares to the Investors at the Closing
          shall be subject to the following conditions, which may be waived by
          the Company:

         2.2.1 the covenants and obligations that the Investors are required to
               perform or to comply with pursuant to this Agreement, at or prior
               to the Closing, must have been duly performed and complied with
               in all material respects;

         2.2.2 the representations and warranties made by the Investors herein
               shall be true and correct in all material respects as of the
               Closing Date; and

         2.2.3 each Investor shall have entered into a Lock-up Agreement with
               the Company, in the form attached hereto as Exhibit C, (each, a
               "Lock-up Agreement").

     2.3  Each Investor's obligation to accept delivery of the stock
          certificate(s) representing the Shares at the Closing shall be subject
          to the following conditions, any one or more of which may be waived by
          the Investors:

         2.3.1 the covenants and obligations that the Company is required to
               perform or to comply with pursuant to this Agreement, at or prior
               to the Closing, must have been duly performed and complied with
               in all material respects;

         2.3.2 the representation and warranties made by the Company herein
               shall be true and correct in all material respects as of any
               Closing Date.

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3.       INDEMNIFICATION.

     3.1  The Company agrees to indemnify and hold harmless each Investor (and
          each person, if any, who controls each Investor within the meaning of
          Section 15 of the Act, and each officer and director of each Investor)
          against any and all losses, claims, damages or liabilities (or actions
          or proceedings in respect thereof), joint or several, directly or
          indirectly based upon or arising out of (i) any untrue statement or
          alleged untrue statement of any material fact contained in the
          Registration Statement or supplement thereto used in connection with
          the offering of the Securities, or (ii) any omission or alleged
          omission to state a material fact required to be stated therein or
          necessary to make the statements therein not misleading; and the
          Company will reimburse each such indemnified party for any legal or
          any other expenses reasonably incurred by them in connection with
          investigating, preparing, pursuing or defending any such loss, claim,
          damage, liability, action or proceeding, except insofar as any such
          loss, claim, damage, liability, action, proceeding or expense arises
          out of or is based upon an untrue statement or alleged untrue
          statement or omission or alleged omission made in the Registration
          Statement or supplement in reliance upon and in conformity with
          written information furnished to the Company by each Investor or such
          other person expressly for use in the preparation thereof, or any
          misstatement or omission in any prospectus that is corrected in any
          subsequent prospectus that was delivered to each Investor prior to the
          pertinent sale or sales by each Investor. Such indemnity shall remain
          in full force and effect, regardless of any investigation made by such
          indemnified party and shall survive the transfer of the Securities by
          each Investor.

     3.2  Each Investor agrees to indemnify and hold harmless the Company (and
          each person, if any, who controls the Company within the meaning of
          Section 15 of the Act, each officer of the Company who signs the
          Registration Statement and each director of the Company) from and
          against losses, claims, damages or liabilities (or actions or
          proceedings in respect thereof), joint or several, directly or
          indirectly based upon or arising out of: any untrue statement of a
          material fact contained in the Registration Statement or any omission
          of a material fact required to be stated in the Registration Statement
          or necessary in order to make the statements in the Registration
          Statement not misleading if such untrue statement or omission was made
          in reliance upon and in conformity with written information furnished
          to the Company by on behalf of the Investors specifically for use in
          preparation of the Registration Statement; provided, however, that the
          Investors shall not be liable in any such case for (A) any untrue
          statement or omission in the Registration Statement, prospectus, or
          other such document which statement is corrected by the Investors and
          delivered to the Company prior to the sale from which such loss
          occurred, (B) any untrue statement or omission in any prospectus which
          is corrected by the Investors in any subsequent prospectus, or
          supplement or amendment thereto, and delivered to the Company prior to
          the sale or sales from which a loss or liability arose, or (C) any
          failure by the Company to fulfill any of its obligations under Section
          3.1 hereof.

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     3.3  Promptly after receipt by any indemnified person of a notice of a
          claim or the beginning of any action in respect of which indemnity is
          to be sought against an indemnifying person pursuant to this Section
          3, such indemnified person shall notify the indemnifying person in
          writing of such claim or of the commencement of such action, but the
          omission to so notify the indemnifying party will not relieve it from
          any liability which it may have to any indemnified party under this
          Section 3 (except to the extent that such omission materially and
          adversely affects the indemnifying party's ability to define such
          action) or from any liability otherwise than under this Section 3.
          Subject to the provisions hereinafter stated, in case any such action
          shall be brought against an indemnified person, the indemnifying
          person shall be entitled to participate therein, and, to the extent
          that it shall elect by written notice delivered to the indemnified
          party promptly after receiving the aforesaid notice from such
          indemnified party, shall be entitled to assume the defense thereof,
          with counsel reasonably satisfactory to such indemnified person. After
          notice from the indemnifying person to such indemnified person of its
          election to assume the defense thereof, such indemnifying person shall
          not be liable to such indemnified person for any legal expense
          subsequently incurred by such indemnified person in connection with
          the defense thereof, provided, however, that if there exists or shall
          exist a conflict of interest that would make inappropriate, in the
          reasonable opinion of counsel to the indemnified person, for the same
          counsel to represent both the indemnified person and such indemnifying
          person or any affiliate or associate thereof, the indemnified person
          shall be entitled to retain its own counsel at the expense of such
          indemnifying person; provided, however, that no indemnifying person
          shall be responsible for the fees and expenses of more than one
          separate counsel (together with appropriate local counsel) for all
          indemnified parties. In no event shall any indemnifying person be
          liable in respect to any amounts paid in settlement of any action
          unless the indemnifying person shall have approved the terms of such
          settlement. No indemnifying person shall, without the prior written
          consent of the indemnified person, effect any settlement of any
          pending or threatened proceeding in respect of which any indemnified
          person is or could have been a party and indemnification could have
          been sought hereunder by such indemnified person, unless such
          settlement includes an unconditional release of such indemnified
          person from all liability on claims that are the subject matter of
          such proceeding.

     3.4  The provisions of this Section 3 shall survive the termination of this
          Agreement.

4. REPRESENTATIONS AND ACKNOWLEDGEMENT OF THE COMPANY.

         The Company hereby represents, warrants and covenants to the Investors
as follow:

     4.1  Organization, Good Standing and Qualification. The Company is a
          corporation duly organized, validly existing and in good standing
          under the laws of the State of Delaware and has all requisite
          corporate power and authority to carry on its business as now
          conducted and as presently proposed to be conducted. The Company is
          duly qualified to transact business and is in good standing as a
          foreign corporation in each jurisdiction in which the failure to so
          qualify would have a material adverse effect on its business or
          properties.

                                       4

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     4.2  Authorization. All corporate action on the party of Company, its
          officers, directors and stockholders necessary for the authorization,
          execution and delivery of this Agreement and the Warrants, the
          performance of all obligations of Company hereunder and the
          authorization, issuance and delivery of the Shares and Warrants has
          been taken or will be taken prior to the Closing.

     4.3  Valid Issuance of Securities. The Shares and Warrant Shares, when
          issued, sold and delivered in accordance with the terms hereof for the
          consideration expressed herein, will be duly and validly authorized
          and issued, fully paid and nonassessable and free of restrictions on
          transfer other than restrictions on transfer under this Agreement and
          applicable state and federal securities laws.

     4.4  Legal Proceedings and Orders. There is no action, suit, proceeding or
          investigation pending or threatened against the Company that questions
          the validity of this Agreement or the right of the Company to enter
          into this Agreement or to consummate this transactions contemplated
          hereby, nor is the Company aware of any basis for any of the forgoing.
          The Company is neither a party nor subject to the provisions of any
          order, writ, injunction, judgment or decree of any court or government
          agency or instrumentality that would affect the ability of the Company
          to enter into this Agreement or to consummate the transactions
          contemplated hereby.

     4.5  Registration Statement. The Registration Statement is effective on the
          date hereof and the Company has not received notice that the
          Commission has issued or intends to issue a stop order with respect to
          the Registration Statement or that the SEC otherwise has suspended or
          withdrawn the effectiveness of the Registration Statement, either
          temporarily or permanently. The Company currently meets the
          "registrant eligibility" requirements set forth in the general
          instructions to Form S-3 applicable to both "primary" and "resale"
          registrations on Form S-3.

     4.6  Consents. Except for filings under federal and applicable state
          securities laws and except for Permits (as defined below), the absence
          of which either individually or in the aggregate would not have a
          material adverse effect on the Company, all permits, consents,
          approvals, orders, authorizations of, or declarations to
          (collectively, "Permits") or filings with any federal, state, local or
          foreign court, governmental or regulatory authority, or other person
          (including third party consents) required on the part of the Company
          in connection with the execution, delivery or performance of this
          Agreement and the consummation of the transactions contemplated herein
          have been obtained or will be obtained prior to the Closing Date, and
          will be effective as of the Closing Date.

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5. REPRESENTATIONS AND ACKNOWLEDGMENTS OF THE INVESTORS.

    EACH INVESTOR hereby represents, warrants, acknowledges and agrees that:

     5.1  Governmental Review. Each Investor understands that no United States
          federal or state agency or any other government or governmental agency
          has passed upon or made any recommendation or endorsement of the
          Securities.

     5.2  Authorization; Enforcement. Each Investor has full right, power,
          authority and capacity to enter into this Agreement and to consummate
          the transactions contemplated hereby and has taken all necessary
          action to authorize the execution, delivery and performance of this
          Agreement. Upon execution and delivery, this Agreement will constitute
          a valid and binding obligation of the Investor enforceable against the
          Investor in accordance with its terms, except as such enforceability
          may be limited by applicable bankruptcy, insolvency, reorganization,
          moratorium, fraudulent transfer, liquidation or similar laws relating
          to, or affecting generally, the enforcement of creditor's rights and
          remedies or by other equitable principles of general application from
          time to time in effect.

     5.3  Lock-Up Agreement. Each Investor has the full right, power, authority
          and capacity to enter into the Lock-up Agreement. Upon execution and
          delivery, the Lock-up Agreement constitutes a valid and binding
          obligation of the Investor enforceable against the Investor in
          accordance with its terms, except as such enforceability may be
          limited by applicable bankruptcy, insolvency, reorganization,
          moratorium, fraudulent transfer, liquidation or similar laws relating
          to, or affecting generally, the enforcement of creditor's rights and
          remedies or by other equitable principles of general application from
          time to time in effect.

     5.4  Residency. Each Investor is a resident of the jurisdiction set forth
          immediately below such Investor's name on the signature pages hereto.

     5.5  No Short Position. Each Investor represents and warrants that, as of
          the date of this Agreement, it does not have a Short Position. Each
          Investor further covenants and agrees that during the period as of the
          date hereof and ending two years thereafter, it will not have a Short
          Position. A "Short Position" shall mean a position resulting from a
          "short sale" as such transaction is described in Rule 200 of
          Regulation SHO promulgated under the Securities Exchange Act of 1934,
          as amended.

6.       LEGENDS. Each Investor acknowledges that, to the extent applicable,
         each certificate evidencing the Securities shall be endorsed with a
         legend that states that the Securities are subject to the Lock-up
         Agreement.

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7.       TAX ADVICE. Each Investor acknowledges that such Investor has not
         relied and will not rely upon the Company or the Company's counsel with
         respect to any tax consequences related to the ownership, purchase, or
         disposition of the Securities. Each Investor assumes full
         responsibility for all such consequences and for the preparation and
         filing of all tax returns and elections which may or must be filed in
         connection with the Securities.

8.       LEGAL ADVICE. Each Investor has independently consulted with the
         respective counsel of each and after such consultation has deemed this
         investment to be advisable and this Agreement to be reasonable and
         proper.

9.       NOTICES. Any notice or other communication required or permitted
         hereunder shall be in writing and shall be deemed to have been duly
         given on the date of delivery if delivered personally or by facsimile,
         or one day, not including Saturdays, Sundays, or national holidays,
         after sending if sent by national overnight delivery service, or five
         days, not including Saturdays, Sundays, or national holidays, after
         mailing if mailed by first class United States mail, certified or
         registered with return receipt requested, postage prepaid, and
         addressed as follows:

                  To the Company at:     Geron Corporation
                                         230 Constitution Drive
                                         Menlo Park, California  94025
                                         Attention: Chief Financial Officer
                                         Telephone:        (650) 473-7700
                                         Facsimile:        (650) 473-7750

                  To the Investors at:   The addresses set forth on Exhibit A.

10.      BINDING EFFECT. This Agreement shall be binding upon the heirs, legal
         representatives and successors of the Company and each Investor;
         provided, however, that each Investor may not assign any rights or
         obligations under this Agreement.

11.      GOVERNING LAW. This Agreement shall be governed by and construed in
         accordance with the laws of the State of California.

12.      INVALID PROVISIONS. In the event that any provision of this Agreement
         is found to be invalid or otherwise unenforceable by a court or other
         tribunal of competent jurisdiction, such invalidity or unenforceability
         shall not be construed as rendering any other provision contained
         herein invalid or unenforceable, and all such other provisions shall be
         given full force and effect to the same extent as though the invalid
         and unenforceable provision was not contained herein.

13.      COUNTERPARTS. This Agreement may be executed in any number of identical
         counterparts, each of which shall be deemed an original, but all of
         which together shall constitute one and the same instrument.

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14.      AMENDMENTS. This Agreement or any provision hereof may be changed,
         waived, or terminated only by a statement in writing signed by the
         party against whom such change, waiver or termination is sought to be
         enforced.

15.      FUTURE COOPERATION. Each of the parties hereto agrees to cooperate at
         all times from and after the date hereof with respect to all of the
         matters described herein, and to execute such further assignments,
         releases, assumptions, amendments of the Agreement, notifications and
         other documents as may be reasonably requested for the purpose of
         giving effect to, or evidencing or giving notice of, the transactions
         contemplated by this Agreement.

16.      ENTIRE AGREEMENT. This Agreement, including the Warrant attached
         hereto, constitute the entire agreement of the parties pertaining to
         the Securities and supersede all prior and contemporaneous agreements,
         representations, and understandings of the parties with respect
         thereto.

                            (Signature Pages Follow)

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         IN WITNESS WHEREOF, the parties hereto have executed this Common Stock
Purchase Agreement as of the date first above written.

                      Geron Corporation

                      /s/ David L. Greenwood
                      ---------------------------
                      By:      David L. Greenwood
                      Title:   Chief Financial Officer

                      Investors:

                      Island Investments (Securities) Limited,
                      (a BVI registered company)

                      /s/ R. Bischof
                       -------------------------------------------
                      By:      R. Bischof
                      Title:   Director

                      Search Investment Office Limited
                      (Incorporated in the British Virgin Islands)

                      For and on behalf of Search Investment Office Limited
                      /s/ Authorized Signer
                      ---------------------
                      By:
                      Title:

                      Luen Po (BVI) Company Limited

                      For and on behalf of Luen Po (BVI) Company Limited
                      /s/ Authorized Signer
                      ---------------------
                      By:
                      Title:

                      Golden Step Limited

                      /s/ William K. Fung
                      -------------------------
                      By:      WILLIAM K. FUNG
                      Title:   Director

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                      Best Manage Holdings, Ltd.

                      /s/ Margaret Wong
                      --------------------------
                      By:      MARGARET WONG
                      Title:   DIRECTOR

                      William E. Connor II, Trustee of the William E.
                      Connor II Living Trust

                      /s/ John Shadek
                      -------------------------
                      By:      Mr. John Shadek
                      Title:   Attorney-in-fact

                      Hillsearch Corporation

                      /s/ Harry A. Cockrell
                      ---------------------
                      By:      HARRY A. COCKRELL
                      Title:

                      Louis M. Bowen

                      /s/ Louis Bowen
                      ---------------

                      Nancy Bowen

                      /s/ Nancy Bowen
                      ---------------

                      Raymond K.F. Ch'ien

                      /s/ Raymond K.F. Chien
                      ----------------------

                                       2

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                      Grandland Ventures Ltd.

                      /s/ Kenneth Wang
                      ----------------
                      By:    Kenneth Wang
                      Title: CEO

                      Eve M. Patton

                      /s/ Eve M. Patton
                      -----------------

                                       3EXHIBIT 4.2

Warrant No.:  ______                               Number of Shares:  __________

Date of Issuance:  April 22, 2005

                                GERON CORPORATION

                         COMMON STOCK WARRANT AGREEMENT

Geron Corporation (the "Company"), for value received, hereby certifies that
__________________________________ or their registered assignee (in accordance
with Section 3 below) (the "Registered Holder"), is entitled, subject to the
terms set forth below, to purchase from the Company, at any time after the date
hereof and on or before the Expiration Date (as defined in Section 5 below), up
to _________________________ (__________) shares of Common Stock of the Company,
as adjusted from time to time pursuant to the terms of this Common Stock Warrant
Agreement ("Warrant"), at a purchase price of $7.95 per share. The shares
purchasable upon exercise of this Warrant are hereinafter referred to as the
"Warrant Stock." The exercise price per share of Warrant Stock is hereinafter
referred to as the "Purchase Price." This Warrant is one of a series of warrants
issued pursuant to that certain Common Stock Purchase Agreement dated as of the
date hereof, by and among the Company and the Investors listed on the execution
pages thereof (the "Purchase Agreement").

     1.    EXERCISE.

         (a) MANNER OF EXERCISE. This Warrant may be exercised by the Registered
Holder, in whole or in part, by surrendering this Warrant, with the purchase
form appended hereto as Exhibit A duly executed by such Registered Holder or by
such Registered Holder's duly authorized attorney-in-fact, at the principal
office of the Company, or at such other office or agency as the Company may
designate, accompanied by payment in full by cash, check or wire transfer of the
Purchase Price payable in respect of the number of shares of Warrant Stock
purchased upon such exercise.

         (b) EFFECTIVE TIME OF EXERCISE. The exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
day on which this Warrant shall have been surrendered to the Company, with
payment of the applicable Purchase Price, as provided in Section 1(a) above. At
such time, the person or persons in whose name or names any certificates for
Warrant Stock shall be issuable upon such exercise as provided in Section 1(c)
below shall be deemed to have become the holder or holders of record of the
Warrant Stock represented by such certificates.

<PAGE>

         (c) DELIVERY TO REGISTERED HOLDER. As soon as practicable after the
exercise of this Warrant, and in any event within ten (10) business days
thereafter, the Company, at its expense, will cause to be issued in the name of,
and delivered to, the Registered Holder, or as such Registered Holder (upon
payment by such Registered Holder of any applicable transfer taxes) may direct,
a certificate or certificates for the number of shares of Warrant Stock to which
such Registered Holder shall be entitled. If the Registered Holder exercises in
part and only purchases a portion of the shares covered by this Warrant, the
Company shall execute and deliver a new Warrant of like tenor for the balance of
the shares of Common Stock of the Company covered by this Warrant.

     2.    CERTAIN ADJUSTMENTS.

         (a) SALES, MERGERS AND CONSOLIDATIONS. If at any time there shall be a
sale, merger or consolidation of the Company with another corporation or a
transfer or sale of all or substantially all of the capital stock or assets of
the Company, then, as a part of such merger or consolidation, lawful provision
shall be made so that the Registered Holder shall thereafter be entitled to
receive upon exercise of this Warrant during the period specified in this
Warrant and upon payment of the Purchase Price, the number of shares of stock or
other securities or property of the Company or the successor corporation
resulting from such merger or consolidation, to which a holder of the Common
Stock deliverable upon exercise of this Warrant would have been entitled under
the provisions of the agreement in such merger or consolidation if this Warrant
had been exercised immediately before that merger or consolidation. In any such
case, appropriate adjustment (as reasonably determined in good faith by the
Company's Board of Directors) shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the Registered
Holder after the merger or consolidation to the end that the provisions of this
Warrant (including adjustment of the Purchase Price then in effect and the
number of shares of Warrant Stock) shall be applicable after that event, as near
as reasonably may be, in relation to any shares or other property deliverable
after that event upon exercise of this Warrant.

         (b) SPLITS, SUBDIVISIONS AND DIVIDENDS. In the event the Company should
at any time or from time to time fix a record date for the effectuation of a
split or subdivision of the outstanding shares of Common Stock or the
determination of the holders of Common Stock entitled to receive a dividend or
other distribution payable in additional shares of Common Stock or other
securities or rights convertible into, or entitling the holder thereof to
receive directly or indirectly, additional shares of Common Stock (hereinafter
referred to as the "Common Stock Equivalents") without payment of any
consideration by such holder for the additional shares of Common Stock or Common
Stock Equivalents (including the additional shares of Common Stock issuable upon
conversion or exercise thereof), then, as of such record date (or the date of
such distribution, split or subdivision if no record date is fixed), the per
share Purchase Price shall be appropriately decreased and the number of shares
of Warrant Stock shall be appropriately increased in proportion to such increase
(or potential increase) of outstanding shares.

<PAGE>

         (c) COMBINATION OF SHARES. If the number of shares of Common Stock
outstanding at any time after the date hereof is decreased by a combination of
the outstanding shares of Common Stock, the per share Purchase Price shall be
appropriately increased and the number of shares of Warrant Stock shall be
appropriately decreased in proportion to such decrease in outstanding shares.

         (d) ADJUSTMENT CERTIFICATE. When any adjustment is required to be made
in the securities issuable upon exercise of this Warrant, the Company shall mail
to the Registered Holder a certificate setting forth a statement of the facts
requiring such adjustment. Such certificate shall also set forth the kind and
amount of stock or other securities or property into which this Warrant shall be
exercisable following the occurrence of any of the events specified in this
Section 2.

     3.    TRANSFER RESTRICTIONS; REPRESENTATIONS.

         (a) The Registered Holder has entered into a Lock-up Agreement with the
Company dated as of the date hereof, in such form as attached to the Purchase
Agreement (the "Lock-up Agreement"). The Registered Holder has full right,
power, authority and capacity to enter into the Lock-up Agreement. The Lock-up
Agreement constitutes a valid and binding obligation of the Registered Holder
and enforceable against the Registered Holder in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer, liquidation or
similar laws relating to, or affecting generally, the enforcement of creditor's
rights and remedies or by other equitable principles of general application from
time to time in effect.

         (b) This Warrant and the Warrant Shares shall be subject to the Lock-up
Agreement. The Registered Holder acknowledges that, to the extent applicable,
each certificate evidencing the Warrant Shares shall be endorsed with a legend
that states that the Warrants Shares are subject to the Lock-up Agreement.

         (c) Subject to the provisions of Section 3(a) and 3(b) hereof, this
Warrant and all rights hereunder are transferable in whole or in part upon
surrender of the Warrant with a properly executed assignment (in the form of
Exhibit B hereto) at the principal office of the Company.

         (d) The Company will maintain a register containing the names and
addresses of the Registered Holder(s) of this Warrant. Any Registered Holder may
change such Registered Holder's address as shown on the warrant register by
written notice to the Company requesting such change.

         (e) The Company hereby represents and warrants to the Registered Holder
as follows:

              (i) The Company is a corporation validly existing and in good
standing under the laws of the State of Delaware.

<PAGE>

              (ii) The Company has requisite corporate right, power and
authority (including the due authorization by all necessary corporate action) to
enter into this Warrant and to perform its obligations hereunder without the
need for the consent of any other person; and this Warrant has been duly
authorized, executed and delivered and constitutes legal, valid and binding
obligations of the Company enforceable against it in accordance with the terms
hereof. The execution, delivery and performance of this Warrant by the Company
do not contravene or violate any laws, rules or regulations applicable to it.

              (iii) The Company has taken such corporate action as is necessary
or appropriate to enable it to perform its obligations hereunder, including, but
not limited to, the issuance, sale and delivery of the Warrant.

              (iv) The Warrant Stock, when issued and paid for in compliance
with the provisions of this Warrant, will be validly issued, fully paid and
non-assessable.

     4. NO IMPAIRMENT. The Company will not, by amendment of its charter or
through reorganization, consolidation, merger, dissolution, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to fulfill its obligations hereunder.

     5. TERMINATION. This Warrant (and the right to purchase securities upon
exercise hereof) shall terminate upon the fifth anniversary of the Date of
Issuance (the "Expiration Date").

     6. NOTICES OF CERTAIN TRANSACTIONS. In the event that:

         (a) the Company shall take a record of the holders of its Common Stock
(or other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or any right to subscribe for, purchase or otherwise
acquire any shares of stock of any class or any other securities or property, or
to receive any other right; or

         (b) the Company shall effect any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which
the Company is the surviving entity), or any transfer of all or substantially
all of the assets of the Company, or

         (c) the Company voluntarily or involuntarily dissolves, liquidates or
winds-up its business or affairs, then, and in each such case, the Company will
mail or cause to be mailed to the Registered Holder of this Warrant a notice
specifying, as the case may be, (i) the date on which a record is to be taken
for the purpose of such dividend, distribution or right, and stating the amount
and character of such dividend, distribution or right, and (ii) the effective
date on which such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up is expected to take place, and
the record date for determining shareholders entitled to vote thereon. Such
notice shall be mailed at least ten (10) calendar days prior to the record date
or effective date for the event specified in such notice.

<PAGE>

     7. RESERVATION OF STOCK. The Company shall at all times reserve and keep
available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock or other stock or securities, as from time
to time shall be issuable upon the exercise of this Warrant.

     8. EXCHANGE OF WARRANTS. Upon the surrender by the Registered Holder of any
Warrant, properly endorsed, to the Company at the principal office of the
Company, the Company will, subject to the provisions of Section 3(c) hereof,
issue and deliver, at the Company's expense, a new warrant in a form
substantially similar to this Warrant, in the name of such Registered Holder or
as such Registered Holder (upon payment by such Registered Holder of any
applicable transfer taxes) may direct, calling in the aggregate on the face
thereof for the number of shares of Common Stock called for on the face of the
Warrant so surrendered.

     9. REPLACEMENT OF WARRANTS. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, upon delivery of an
indemnity agreement, with surety if reasonably required, in an amount reasonably
satisfactory to the Company, or, in the case of mutilation, upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
warrant in a form substantially similar to this Warrant.

     10. MAILING OF NOTICES. Any notice required or permitted by this Warrant
shall be in writing and shall be deemed sufficient upon receipt, when delivered
personally or by a nationally-recognized delivery service (such as Federal
Express or UPS) or confirmed facsimile, or forty-eight (48) hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid,
if such notice is addressed to the party to be notified at such party's address
or facsimile number as set forth on the books of the Company or as subsequently
modified by written notice.

     11. NO RIGHTS AS STOCKHOLDER. Until the exercise of this Warrant, the
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company (including without limitation the
right to notification of stockholder meetings or the right to receive any notice
or other communication concerning the business or affairs of the Company).

     12. NO FRACTIONAL SHARES. No fractional shares of Common Stock will be
issued in connection with any exercise hereunder.

<PAGE>

     13. AMENDMENT OR WAIVER. Any term of this Warrant may be amended or waived
only by an instrument in writing signed by the Company and the Registered
Holder.

     14. HEADINGS. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

     15. SUCCESSORS AND ASSIGNS. The terms and provisions of this Warrant shall
inure to the benefit of, and be binding upon, the Company and the Registered
Holder and their respective permitted successors and assigns (in the case of the
Registered Holder, in accordance with Section 3(c) hereof).

     16. GOVERNING LAW. This Warrant shall be governed, construed and
interpreted in accordance with the laws of the State of California, without
giving effect to principles of conflicts of law thereof.

                                 GERON CORPORATION

                                 By:
                                    -----------------------------------------

                                 Name: David L. Greenwood
                                 Title: Chief Financial Officer
                                 Address: Geron Corporation
                                 230 Constitution Drive
                                 Menlo Park, CA 94025

                                 Dated:  April 22, 2005

<PAGE>

                                    EXHIBIT A

                                  PURCHASE FORM

To:      GERON CORPORATION

Date:    ___________________

         The undersigned, pursuant to the provisions set forth in the attached
Warrant, hereby irrevocably elects to purchase shares of the Common Stock
covered by such Warrant and herewith makes payment of $___________, representing
the full purchase price for such shares at the price per share provided for in
such Warrant or any adjustment certificate delivered pursuant to section 2(d) of
the Warrant.

The undersigned hereby affirms and acknowledges the investment representations
and warranties made in the Warrant are true and correct as of the date hereof,
and accepts such shares subject to the restrictions set forth in the Warrant,
copies of which are available from the Secretary of the Company.

Signature:  _______________________________________

Name:

Title:

Address:

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED, ___________________________ hereby sells, assigns and
transfers all of the rights of the undersigned under the attached Warrant with
respect to the number of shares of Common Stock covered thereby set forth below,
unto:

NAME OF ASSIGNEE           ADDRESS                   No. OF SHARES

Signature:  _______________________________________

Witness:  ________________________________________

Dated:  _____________________

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