Document:

EX-10.29

 Exhibit 10.29 
  

 
 November 13, 2013 

Mr. Gregory Schiffman 
 XXXXXXXXX 

XXXXXXXXX 
 Dear Greg, 

On behalf of StemCells, Inc., I am pleased to offer you the position of Chief Financial Officer and Executive Vice President of Finance on the following terms
and conditions: 
  

	(1)	Job Responsibilities. Unless otherwise agreed in writing, your first day of employment will be January 1, 2014. You will report directly to me and work at our offices located at 7707 Gateway Blvd in Newark,
California. Initially your duties and responsibilities will include, but will not be limited to: (1) management of the Company’s Finance Department, (2) financial reporting and controls, (3) economic strategy and forecasting,
(4) investor relations, (5) corporate communications, (6) budgeting and financial analysis, and (7) information technology oversight. 

  

	(2)	Salary. Beginning on your first day of employment, your base salary will be at the rate of $450,000 per year, paid bi-weekly, every other Friday. In addition, you will be eligible for a bonus of up to 50% of your
annual base salary (calculated as of January 1 of the year for which bonuses are awarded). Funding of the bonus program is at the discretion of the Company’s Board of Directors and is based upon their evaluation of the Company’s
performance versus previously determined goals for the year. You will be eligible for inclusion in the Bonus Plan for the 2014 fiscal year, based upon your performance consistent with Company practices. 

 

	(3)	Restricted Stock Units. You will be granted three hundred fifty thousand (350,000) Restricted Stock Units (“RSUs”), pursuant to the Company’s 2012 Commencement Incentive Plan (the “2012
Plan”). This RSU grant will vest over four years, with 1/4 vesting on each of the first four anniversaries of your employment. Upon hire, you will receive an “Equity Award Agreement” under the 2012 Plan to confirm the terms and
conditions of these grants, including the fact that grants under the 2012 Plan are subject in their entirety to the provisions of the 2006 Equity Plan such as continued employment to receive vested shares. A copy of the Prospectus for the 2006
Equity Plan will be provided to you when your employment begins. All grants under the “2012 Plan” are subject to shareholder notification through a press release. 

  
  
 

 

 Mr. Gregory Schiffman 

November 13, 2013 
  Page
 2
 
  
  

	(4)	Benefits. As an employee of StemCells, you will be eligible to participate in a comprehensive benefits program which currently includes: medical, dental and vision benefits for you and your dependents; term life
insurance equivalent to two times your annual base salary up to $800,000; short and long-term disability insurance; and a 401(k) savings plan and employer match, which is currently made in Company stock. You will be eligible to participate in these
plans on the first of the month following your start date, except that you may elect to participate in the 401(k) plan immediately. Details of these benefit plans will be provided to you upon your employment. Your paid time off (PTO) as a full-time
employee will be 25 days (200 hours) per year, accrued at a rate of 7.69 hours per pay period, up to the maximum accrual permitted by Company policy. In addition, the Company currently offers eight paid holidays per year. 

 

	(5)	Temporary Housing Allowance. Commencing on your first day of employment, the Company will provide you with a temporary housing allowance, for a period not to exceed sixty (60) days without my prior written
authorization, equal to your reasonable housing expenses here in the San Francisco Bay Area. You may submit receipts or other evidence of these expenses as they come due for reimbursement. This allowance will be subject to applicable withholding
taxes. 

  

	(6)	Employment Documentation; Fitness to Work. As a condition of employment with StemCells, you will be required to: (1) sign and return both a copy of this letter and a copy of the enclosed Employment
Agreement, which prohibits among other things the unauthorized use or disclosure of Company proprietary information and requires the assignment of intellectual property (IP) rights to any invention made by you as part of your work at StemCells; and
(2) on or before the first day of your employment, provide documents from the enclosed List of Acceptable Documents which prove your identity and right to work in the United States. You will also be expected to (i) abide by Company rules
and regulations, (ii) sign and comply with the Company’s Code of Ethics and Conduct, Harassment Policy and Publication Policy, and (iii) acknowledge in writing that you will read and comply with the Company’s Employee Handbook.
You also must sign and return at least one week before your first day of employment the enclosed employment application and release authorization for a background check. This offer is contingent on satisfactory completion of reference checking by
the Company. 

 You have an option to receive the Hepatitis B vaccine which is paid for by the Company. A form to elect or
decline the vaccine is enclosed. Please fill out the form, sign and return it to Human Resources. 
  

	(7)	 Confidentiality. As a Company employee, you will be expected not to use or disclose any confidential information, including trade secrets, of
any former or current employer or any other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to
your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring onto Company premises any unpublished documents or property
belonging to any former or current employer or 

 Mr. Gregory Schiffman 

November 13, 2013 
  Page
 3
 
  
 other person to whom
you have an obligation of confidentiality. During our discussions about your proposed job duties, you assured us that you would be able to perform your responsibilities within the guidelines just described. 

 

	(8)	At-Will Employment; Termination and Termination Benefits. As set forth in your Employment Agreement, your employment with StemCells will be on an at-will basis and for an unspecified duration, which means that
neither this Letter Agreement nor any policy or procedure of StemCells (including the stock vesting and other payments made to you by the Company over time based on your continued employment with the Company), nor any verbal representation, shall
confer any right to continuing employment. Either you or StemCells may terminate your employment relationship at any time with or without cause. In addition, the Company expressly reserves the right to modify your compensation and benefits from time
to time as it deems necessary or advisable. In the event of termination of your employment, you will not be entitled to any severance pay or other benefits, damages or compensation of any kind, except as provided in this Letter Agreement.

 If your employment with StemCells is involuntarily terminated without cause at any time, you will be provided with salary
continuation and benefits continuation under COBRA from the date of termination until the date twelve (12) months after the effective date of termination equal to the salary which you were receiving at the time of such termination; payments
shall be paid in accordance with the Company’s standard payroll practices upon the Company’s receipt of a signed general release of any claims, whether known or unknown, against the Company and its agents. 

In the event of a Company change of control and either (i) your employment is involuntarily terminated, or (ii) you voluntarily
terminate your employment because your job responsibilities have been materially and adversely impacted as a result of the change of control, you will be provided with salary continuation and benefits continuation under COBRA from the date of
termination until the date twelve (12) months after the effective date of termination equal to the salary which you were receiving at the time of such termination; payments shall be paid in accordance with the Company’s standard payroll
practices upon the Company’s receipt of a signed general release of any claims, whether known or unknown, against the Company and its agents. 

If your employment is terminated for cause or you choose to resign without good cause, you will not be entitled to any severance payments or
other benefits. 
 This letter, which includes your Employment Agreement, supersedes all prior discussions, agreements and writings with regard to your
employment and any related matters. The terms of this conditional offer can only be amended in a written document signed by you and an officer of the Company. Also, final terms of your employment must be approved by the Company’s Compensation
Committee. 

 Mr. Gregory Schiffman 

November 13, 2013 
  Page
 4
 
  
 Please indicate your acceptance of
the terms and conditions of this conditional employment offer by signing this letter and the enclosed Employment Agreement and returning them both to me. 

On behalf of the entire Company, I am delighted at the prospect of your joining us as Chief Financial Officer and EVP of Finance, as we work together to
deliver the promise of this exciting technology to physicians and patients, while at the same time creating value for our employees and shareholders alike. We truly believe that you will greatly contribute to the success of StemCells, and we all
look forward to working with you. 
 Sincerely, 
  

	
	/s/ Martin McGlynn
	
	Martin McGlynn
	President and CEO

  

	Enclosures:	Employment Agreement 

	  	List of Acceptable Documents 

	  	Form to elect or decline Hepatitis B vaccine 

	  	Code of Ethics and Conduct 

	  	Release Authorization 

	  	Employment Application 

 I accept the foregoing conditional offer of employment on the terms and conditions
outlined above. 
  

									
		 	 /s/ Greg Schiffman
	 		 		 	11-13-13                    
		 	Mr. Gregory Schiffman	 		 		 	DateEX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT 

This Amendment (the “Amendment”) to the Employment Agreement, by and between Motorola Solutions, Inc. (f/k/a/
Motorola, Inc.) (“Motorola” or the “Company”) and Gregory Q. Brown (the “Executive”) dated August 27, 2008, as amended on December 15, 2008 and
May 28, 2010 (the “Employment Agreement”), is effective as of March 10, 2014. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Employment Agreement. 

1. The name Motorola, Inc. was changed to Motorola Solutions, Inc. on January 4, 2011. All references in the Employment Agreement to
“Motorola” or “Motorola, Inc.” shall be deemed to be references to Motorola Solutions, Inc. 

2. Section 3(b)(ii)(A) of the Employment Agreement is hereby amended by replacing the reference to “220%” with
“150%”. 
 3. Section 8 of the Employment Agreement (titled “Certain Additional Payments by the Company” and
relating solely to a gross-up tax payment for golden parachute taxes) is hereby amended and restated in its entirety as set forth below: 

8. Limitation on Payments Under Certain Circumstances. 

(a) In the event of a Change of Control as defined in Section 5(f) of this Agreement, and KPMG LLP, or such other
nationally recognized accounting firm as may be selected by the Company, that is reasonably acceptable to the Executive, prior to a Change of Control (the “Accounting Firm”) shall determine that receipt of all Payments would subject
the Executive to the Excise Tax, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount. The Agreement Payments shall be so reduced only if the Accounting Firm determines that the Executive would have a greater Net After-Tax Amount of aggregate Payments if the Agreement Payments were so reduced.
If the Accounting Firm determines that the Executive would not have a greater Net After-Tax Amount of aggregate Payments if the Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled
hereunder. 
 (b) If the Accounting Firm determines that the aggregate Agreement Payments should be reduced so that the
Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm
under this Section 8 shall be binding upon the Company and the Executive and shall be made as soon as reasonably practicable and in no event later than 5 days following the Date of Termination. For purposes of reducing the Agreement Payments so
that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be
made by reducing the payments and benefits under the following sections of this Agreement in the following order: (i) any severance payment that is based on a multiple of Annual Base Salary and/or Target Bonus; (ii) any amount of a
pro-rata Annual Bonus based on actual performance that is treated as a Payment; (iii) amounts of any medical premiums paid on behalf of the Executive; 

 
(iv) the acceleration of vesting of stock options with an exercise price that exceeds the then fair market value (as reported then or most recently beforehand for the New York Stock
Exchange-Composite Transactions in the Wall Street Journal at www.online.wsj.com) of the Common Stock subject to the award, provided that such stock options are not permitted to be valued under Treasury Regulation Section 1.280G-1
Q/A – 24(c); (v) any equity awards accelerated or otherwise valued at full value, provided that such equity awards are not permitted to be valued under Treasury Regulation Section 1.280G-1 Q/A – 24(c); (vi) the acceleration
of vesting of stock options with an exercise price that exceeds the then fair market value (as reported then or most recently beforehand for the New York Stock Exchange-Composite Transactions in the Wall Street Journal
at www.online.wsj.com) of the Common Stock subject to the award and other equity awards, provided that such stock options and other equity awards are permitted to be valued under Treasury Regulation Section 1.280G-1 Q/A –
24(c); and (vii) the acceleration of vesting of all other stock options and equity awards; provided that with each category the reduction shall be done on a basis resulting in the highest amount retained by the Executive; and provided, further,
that to the extent permitted by Section 409A of the Code and Sections 280G and 4999 of the Code, if a different reduction procedure would be permitted without violating Section 409A of the Code or losing the benefit of the reduction under
Sections 280G and 4999 of the Code, the Executive may designate a different order of reduction, with such designation being made by the Executive in a written notice sent to the Company not later than twenty (20) days after the later of the
Executive’s Date of Termination and the date that the Executive receives the above determination from the Accountants. All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

(c) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or distributed
(“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed (“Section 8
Underpayment”), in each case, consistent with the calculation of the Safe Harbor Amount hereunder. In the event that, based upon a final and non-appealable tax deficiency (or denial of tax refund) by the Internal Revenue Service assessed
against either the Company or the Executive, an Overpayment has been made, the Executive shall pay promptly (and in no event later than 60 days following the date on which the Overpayment is so determined) any such Overpayment to the Company
together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such
payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or
substantial authority, determines that a Section 8 Underpayment has occurred, any such Section 8 Underpayment shall be paid promptly (and in no event later than 60 days following the date on which notice of the Section 8 Underpayment
determination is given to the Executive) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code. 

 (d) Definitions. The following terms shall have the following
meanings for purposes of this Section 8. 
 (i) “Excise Tax” shall mean the excise tax imposed by
Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 (ii)
“Net After-Tax Amount” of a Payment shall mean the Parachute Value of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and applicable state and local law, determined
by applying the highest marginal rates that may be applicable to an individual’s taxable income under such applicable law for the taxable year in which the Payment is made. 

(iii) “Parachute Value” of a Payment shall mean the present value as of the date of the Change of Control for
purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2). 

(iv) “Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of
Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise. 

(v) “Safe Harbor Amount” means the maximum Parachute Value of all Payments that the Executive can receive
without any Payments being subject to the Excise Tax. 
 4. Except as expressly amended by this Amendment, all terms and conditions of the
Employment Agreement remain in full force and effect and are unmodified hereby, and, without limiting the foregoing provisions of this Amendment, all references to “this Agreement” in the Employment Agreement shall also refer to this
Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

 IN WITNESS WHEREOF, the parties have executed or caused this Amendment to be executed as
of the day and year first above written. 
  

			
	GREGORY Q. BROWN
	
	 /s/ Gregory Q. Brown

	
	MOTOROLA SOLUTIONS, INC.
	
	 /s/ Kenneth C. Dahlberg

	Name:	 	Kenneth C. Dahlberg
	Title:	 	Chairman, Compensation
		 	and Leadership Committee

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