Document:

Employment Agreement (Dr. Manish Singh)

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made as of the 10th day of May, 2011, by and between ImmunoCellular Therapeutics, Ltd., a Delaware corporation (the “Corporation”), and Dr. Manish Singh (hereinafter called
“Executive”). 
 W I T N E S S E T H: 

WHEREAS, the Corporation previously employed Executive as its President and Chief Executive Officer under an Employment Agreement dated
as of February 18, 2010 (the “Prior Agreement”); 
 WHEREAS, the term of the Prior Agreement expired on
February 17, 2011; and 
 WHEREAS, the Corporation desires to continue to employ Executive as its President and Chief
Executive Officer under a new employment pursuant to the terms of this Agreement, and Executive is willing to accept such employment on the terms and subject to the conditions hereinafter set forth; 

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

1. Employment by Corporation. The Corporation hereby agrees to employ Executive to continue to perform the duties on behalf of the
Corporation as the Corporation’s full-time President and Chief Executive Officer of the Corporation. As President and Chief Executive Officer, Executive will report to the Corporation’s Executive or Non-Executive Chairman of the Board, and
shall have such duties consistent with that of a President and Chief Executive Officer that may from time to time be designated or assigned to Executive pursuant to the directives of the Corporation’s Board of Directors (the
“Board”), including without limitation the overseeing and implementation of the Corporation’s business plan as adopted by the Board. Executive will perform his duties under this Agreement at the Corporation’s corporate
headquarters in the metropolitan Los Angeles area, with such office currently located in the Woodland Hills, California area, or at such other location as shall be mutually agreed upon by the Corporation and Executive; and he will do such traveling
as may be required of him in the performance of his duties as the President and Chief Executive Officer. The Corporation will use its commercially reasonable efforts to have Executive serve as a member of the Board during the term of this Agreement.

 2. Executive’s Acceptance of Employment. Executive hereby accepts such employment and agrees that throughout the
period of his employment hereunder he will devote his full time, attention, knowledge and skills, faithfully, diligently and to the best of his ability, in furtherance of the business of the Corporation, and he will perform the duties assigned to
him pursuant to Section 1 hereof, subject, at all times, to the direction and control of the Board. 

 Executive shall at all times be subject to, observe and carry out such reasonable rules,
regulations, policies, directions and restrictions as the Corporation shall from time to time establish. During the period of his employment by the Corporation, Executive agrees to be bound by the Corporation’s Code of Ethics and any amendments
adopted thereto, copies of which Executive hereby acknowledges he has received and read, and Executive agrees that he shall not, without the prior written approval of the Board, directly or indirectly, accept employment or compensation from or
perform services of any nature for, any business enterprise other than the Corporation, other than as explicitly set forth herein. 
 3. Term. Executive shall be employed under this Agreement for a term commencing on February 18, 2011 (the “Commencement Date”), and ending on the termination date as provided
in this Section 3 or as provided in Section 8 hereof. The term of this Agreement shall automatically renew on the one-year anniversary date of the Commencement Date of each year hereafter for successive one-year terms unless either party
delivers written notice of the termination of this Agreement to the other party not more than 30 days before the expiration of the applicable one-year period. 
 4. Compensation/Benefits. 
 4.1 The Corporation will pay to Executive as
compensation for his services hereunder an initial base salary of $315,000 per annum, payable in equal biweekly installments. Provided that Executive continues to serve as the Corporation’s President and Chief Executive Officer for the first
one year of the term of this Agreement, the Corporation shall pay Executive a cash bonus of up to $100,000 upon attainment within that one-year period of the corporate goals set forth in the 2011 ImmunoCellular Corporate Objectives (the
“Corporate Goals”), which are subject to revision and finalization by the Board within 90 days from the Commencement Date. The portion of the $100,000 maximum bonus that shall be earned by Executive shall be determined in the sole
discretion of the Board and shall be based upon both (i) the Board’s performance evaluation of Executive and (ii) with reference to the formula set forth in the Corporate Goals and with the determination of whether specified goals
have been obtained to be made solely by the Board in its good faith; provided that the bonus amount awarded by the Board may be greater or lesser than the amount indicated by the goals formula. The Board shall annually review Executive’s
performance and base salary to determine whether an increase in the amount thereof is warranted. Executive acknowledges that he has been paid by the Corporation all amounts owing under the Prior Agreement. The parties agree that the 90,000 option
shares described in Section 5.2(v) of the Prior Agreement shall vest 50% six months after the Commencement Date and 50% one year after the Commencement Date. 
 4.2 The Corporation shall grant the Executive on the later of the date of the Board’s approval of this Agreement or the execution of this Agreement by the parties under the Corporation’s 2006
Equity Incentive Plan (the “Plan”), a stock option (the “Option”) to purchase 270,000 shares of the Corporation’s common stock (“Common Stock”) having an exercise price per share equal to the
closing market price on the date of grant and having a term of seven years from the date of grant. The Option shall be an incentive stock option to the maximum extent that is legally permitted. The Option shall vest (i) as to 120,000 shares in
three annual installments of 20,000 shares for the first annual installment and 50,000 shares each for the second and third annual installments, with the first vesting date to be February 17, 2012; (ii) as to 50,000 shares upon the
Corporation attaining a market 

  
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capitalization (defined for purposes of this Agreement as the number of shares of the Corporation’s common stock then outstanding times the average closing price of such common stock for ten
consecutive trading days) of at least $100 million; (iii) as to 50,000 shares upon the Corporation attaining a market capitalization of at least $150 million; and (iv) as to 50,000 shares upon the Corporation attaining a market
capitalization of at least $200 million. 
 The Option will be exercisable within the seven year term of the option during the
period that Executive provides services to the Corporation and for (i) 90 days after termination by Executive if such termination is without Good Reason (as defined in Section 8.3) and (ii) twelve months after termination by either
party for any other reason except termination for cause by the Corporation, provided that such exercise is effected within the seven-year term of the Option. In the event of a Corporate Transaction (as such term is defined in the Plan), vesting of
the Option (and any other options granted to Executive) shall be governed by the provisions contained in the Corporation’s standard stock option agreement under the Plan for the Corporation’s officers and directors, except that any then
outstanding but unvested portion of the Option will fully vest if the Corporation is not the surviving entity in the Corporate Transaction unless the surviving entity offers Executive an executive position at a compensation level at least equal to
Executive’s then compensation level under this Agreement. The Option will have such other terms and conditions as are included in the Corporation’s standard stock option agreement under the Plan. If the term of this Agreement continues
beyond February 17, 2012, the Board shall review the aggregate number of stock options granted to the Executive promptly following such date (and thereafter not less frequently than annually) in order to determine whether an increase in the
number thereof is warranted. 
 5. Business Expenses. The Corporation will promptly reimburse Executive for all business
expenses incurred by Executive in connection with the business of the Corporation in accordance with the Corporation’s policy regarding the nature and amount of expenses and the maintenance and submission of receipts and records necessary for
the Corporation to document them as proper business expenses. 
 6. Vacation. In addition to holidays observed by the
Corporation, Executive shall be entitled to paid vacation of three weeks per year or such greater amount of vacation as is approved by the Chairman of the Board. Any such vacations are to be taken at times mutually agreeable to Executive and the
Chairman of the Board. Executive shall not be entitled to accrue more than six weeks of accrued vacation time at any given time. In the event that Executive has accrued the maximum of six weeks accrued and unused vacation time, Executive shall cease
accruing further vacation time until such time as Executive’s accrued and unused vacation time is less than such maximum amount. 
 7. Benefits. Executive shall be entitled to all rights and benefits for which he shall be eligible under any benefit or other plans (including, without limitation, dental, medical, medical
reimbursement and hospital plans, pension plans, employee stock purchase plans, profit sharing plans, bonus plans and other so-called “fringe” benefits) as the Corporation shall make available to its executive officers from time to time.

  
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 8. Termination. 

8.1 In addition to all other rights and remedies which the parties may have under applicable law, the Corporation may terminate this
Agreement and the services of Executive, effective upon the occurrence of any of the following events, any of which shall constitute a termination for “cause” under this Agreement: (i) a failure by Executive to perform any of his
material obligations under this Agreement or to execute and perform in a timely and cooperative manner any directions of the Board; (ii) the death of Executive or his disability resulting in his inability to perform his reasonable duties
assigned hereunder for a period of three consecutive months; (iii) Executive’s theft, dishonesty, or falsification of any Corporation documents or records; (iv) Executive’s improper use or disclosure of the Corporation’s
confidential or proprietary information; or (v) Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs Executive’s ability to perform his or her duties hereunder or which in the
Board’s judgment may materially damage the business or reputation of the Corporation; provided, however, that prior to termination for cause arising under clause (i), Executive shall have a period of ten days after written notice from
Corporation to cure the event or grounds constituting such cause. Any notice of termination provided by Corporation to Executive under this Section 8 shall identify the events or conduct constituting the grounds for termination with sufficient
specificity so as to enable Executive to take steps to cure the same if such default is a failure by Executive to perform any of his material obligations under this Agreement. In the event Corporation terminates Executive for cause,
(i) Executive shall be entitled as of the termination date to no further base salary other than such portion of Executive’s base salary as shall have accrued but remain unpaid as of the termination date, which shall be due immediately upon
termination, (ii) Executive shall be entitled to receive payment of any earned but unpaid bonus, as well as any expense reimbursement amounts owed by the Corporation to the Executive through the date of termination and (iii) any then
unexercised but outstanding stock options granted to Executive shall be cancelled. The Corporation shall have no further obligations to Executive under this Agreement. 
 8.2 The Corporation may terminate Executive without cause upon 60 days written notice delivered to Executive. In the event the Corporation terminates Executive’s employment without cause, all of the
following will apply: (i) immediately upon termination, the Corporation will pay to Executive any base salary as shall have accrued but remain unpaid as of the termination date, any earned but unpaid bonus and any expense reimbursement amounts
owed by the Corporation to the Executive through the date of termination; (ii) immediately upon termination, the Corporation will pay to Executive severance compensation in a lump sum cash payment equal to Executive’s then effective base
salary for a period of six (6) months; (iii) any stock options granted to Executive, to the extent vested, will be retained by the Executive and will be exercisable as set forth in Section 4.2 hereof, the Plan and related stock option
agreement (which shall reflect the terms set forth in Section 4.2 hereof); and (iv) the vesting of an additional number of shares subject to those options granted to Executive that vest solely based upon the passage of time equal to 50% of
all such shares subject to such time vesting based options that have not already vested shall immediately accelerate and become fully vested and exercisable by Executive and will continue to be exercisable as provided in Section 4.2 hereof, the
Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). 

  
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 8.3 Executive may terminate Executive’s employment at will (without “Good
Reason” as defined below) by giving 60 days’ prior written notice to Corporation. Executive shall be entitled to (i) all base salary up to and through the 60-day period after Executive’s notice of termination is given to
Corporation, any earned but unpaid bonus and any expense reimbursement amounts owed by the Corporation to the Executive through the date of termination and (ii) any stock options, to the extent vested, may be retained by Executive and will be
exercisable as set forth in Section 4.2 hereof, the Plan and applicable stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). Executive has the right to terminate Executive’s employment for “Good
Reason” due to, and not less than 30 days following, the occurrence of any of the following: (i) Corporation’s requirement that Executive’s principal place of work relocate more than 50 miles from its location as of the
Commencement Date without the written consent of Executive to such relocation, (ii) a material adverse change in Executive’s duties and responsibilities; (iii) any failure by Corporation to pay, or any material reduction by
Corporation of, the base salary or any failure by Corporation to pay any incentive compensation to which Executive is entitled pursuant to Section 4 hereof; or (iv) Corporation creates a work environment designed to constructively
terminate Executive or to unlawfully harass or retaliate against Executive. In the event that Executive terminates his employment for Good Reason, all of the following will apply: (A) within five days after the termination date, Corporation
will pay to Executive any base salary as shall have accrued but remain unpaid as of the termination date, any earned but unpaid bonus and any expense reimbursement amounts owed by the Corporation to the Executive through the date of termination;
(B) within five days after the termination date, Corporation will pay to Executive severance compensation in a lump sum cash payment equal to Executive’s base salary then in effect equal to six (6) months (or an amount equal to one
year of the Executive’s then base salary if the Good Reason Termination is in connection with a Corporate Transaction in which the Corporation is not the surviving entity and the surviving entity fails to offer Executive an executive position
at a compensation level at least equal to the Executive’s then compensation level under this Agreement); (C) any stock options granted to Executive, to the extent vested, will be retained by the Executive and will be exercisable as set
forth in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof); and (D) the vesting of an additional number of shares subject to all options granted to
Executive that vest solely based upon the passage of time equal to 50% of all such shares (or 100% of all such time vesting based option shares as well as all then outstanding unvested milestone based option shares shall vest if the Good Reason
termination is in connection with a Corporate Transaction in which the Corporation is not the surviving entity and the surviving entity fails to offer Executive an executive position at a compensation level at least equal to Executive’s then
compensation level under this Agreement) subject to such time vesting based options that have not already vested shall immediately accelerate and become fully vested and exercisable by Executive and will continue to be exercisable as provided in
Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). 
 9. Indemnity. Executive warrants and represents that he has full power and authority to enter into and perform this Agreement and that his performance of this Agreement will not violate the
provisions of any other agreement to which he is a party. The Corporation agrees to indemnify and hold Executive harmless from and against any and all claims, demands, causes of action, losses, damages, liability, costs and expenses, including

  
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attorneys fees arising out of his services hereunder, other than those arising from or attributable to or resulting from his gross negligence or willful misconduct. The Corporation will name
Executive as an officer on any policy of directors and officers liability insurance it secures throughout the term of this Agreement. 
 10. Non-Competition. In consideration of the Corporation’s entering into this Agreement: 
 10.1 Executive agrees that during the term of this Agreement and for a period of six months following the termination of this Agreement for any reason (and provided that during the post-termination period
Executive has been paid any severance compensation to which he is entitled under the terms of this Agreement), he will not directly or indirectly own, manage, operate, join, control, participate in, perform any services for, invest in, or otherwise
be connected with, in any manner, whether as an officer, director, employee, consultant, partner, investor or otherwise, any business entity which is engaged in any business in which the Corporation is currently engaged or is engaged during the term
of this Agreement (with the prohibited field of business activities to be limited after the termination date of this Agreement to the research, development, manufacturing or marketing of dendritic cell or other cancer vaccines or monoclonal
antibodies for the diagnosis or treatment of cancer) without the written approval from the Board. Nothing herein contained shall be deemed to prohibit (i) Executive from maintaining any investments in, and the holding of any securities of, any
company to the extent such investments were made or such securities held by Executive prior to the Commencement Date or (ii) investing his funds in securities of a company if the securities of such company are listed for trading on a national
securities exchange or traded in the over the counter market and Executive’s holdings therein represent less than 5% of the total number of shares or principal amount of other securities of such company outstanding. 

10.2 Executive agrees that Executive will not, during the term hereof or prior to the expiration of one year following the termination of
the Executive’s employment for any reason, without the written consent of the Corporation, directly or indirectly, by action alone or in concert with others, solicit for employment or engagement, or advise or recommend to any other person or
entity that such person or entity solicit for employment or engagement, any person or entity employed or engaged by the Corporation. 
 11. Confidentiality Agreement. 
 11.1 As used herein, the term
“Confidential Information” shall mean the any and all information of the Corporation, including, but not limited to, all data, compilations, programs, devices, strategies, or methods concerning or related to (i) the Corporation’s
finances, financial condition, results of operations, employee relations, amounts of compensation paid to officers and employees and any other data or information relating to the internal affairs of the Corporation and its operations; (ii) the
terms and conditions (including prices) of sales and offers of sales of the Corporation’s products and services; (iii) the terms, conditions and current status of the Corporation’s agreements and relationship with any customer or
supplier; (iv) the customer and supplier lists and the identities and business preferences of the Corporation’s actual and prospective customers and suppliers or any 

  
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employee or agent thereof with whom the Corporation communicates; (v) the trade secrets, manufacturing and operating techniques, price data, costs, methods, systems, plans, procedures,
formulas, processes, hardware, software, machines, inventions, designs, drawings, artwork, blueprints, specifications, tools, skills, ideas, and strategic plans possessed, developed, accumulated or acquired by the Corporation; (vi) any
communications between the Corporation, its officers, directors, shareholders, or employees, and any attorney retained by the Corporation for any purpose, or any person retained or employed by such attorney for the purpose of assisting such attorney
in his or her representation of the Corporation; (vii) any other non-public information and knowledge with respect to the Corporation’s products, whether developed or in any stage of development by the Corporation; (viii) the
abilities and specialized training or experience of others who as employees or consultants of the Corporation during the Executive’s employment have engaged in the design or development of any such products; and (ix) any other matter or
thing, whether or not recorded on any medium, (a) by which the Corporation derives actual or potential economic value from such matter or thing being not generally known to other persons or entities who might obtain economic value from its
disclosure or use, or (b) which gives the Corporation an opportunity to obtain an advantage over its competitors who do not know or use the same. 
 11.2 Executive acknowledges and agrees that the Corporation is engaged in a highly competitive business and has expended, or will expend, significant sums of money and has invested, or will invest, a
substantial amount of time to develop and maintain the secrecy of the Confidential Information. The Corporation has thus obtained, or will obtain, a valuable economic asset which has enabled, or will enable, it to develop an extensive reputation and
to establish long-term business relationships with its suppliers and customers. If such Confidential Information were disclosed to another person or entity or used for the benefit of anyone other than the Corporation, the Corporation would suffer
irreparable harm, loss and damage. Accordingly, Executive acknowledges and agrees that, unless the Confidential Information was (a) in the public domain or becomes publicly known through legitimate origins not involving an act or omission by
Executive, (b) was in Executive’s possession free of any obligation of confidence at or subsequent to the time such Confidential Information was communicated to Executive; (c) was developed by Executive prior to the date of this
Agreement or after the expiration of the term of this Agreement independently of and without reference to any Confidential Information; (c) was known to Executive at the time of disclosure; or (v) was approved for release by written
authorization of the Corporation, then: 
 (i) the Confidential Information is, and at all times hereafter shall remain, the
sole property of the Corporation; 
 (ii) Executive shall use his best efforts and the utmost diligence to guard and protect
the Confidential Information from disclosure to any competitor, customer or supplier of the Corporation or any other person, firm, corporation or other entity; and 
 (iii) unless the Corporation gives Executive prior express written permission, during his employment and thereafter, Executive shall not use for his own benefit, or divulge to any competitor or customer
or any other person, firm, corporation, or other entity, any of the Confidential Information which Executive may obtain, learn about, develop or be entrusted with as a result of Executive’s employment by the Corporation. 

  
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 11.3 Executive also acknowledges and agrees that all documentary and tangible Confidential
Information including, without limitation, such Confidential Information as Executive has committed to memory, is supplied or made available by the Corporation to the Executive solely to assist him in performing his services under this Agreement.
Executive further agrees that after his employment with the Corporation is terminated for any reason: 
 (i) Executive shall
not remove from the property of the Corporation and shall immediately return to the Corporation, all documentary or tangible Confidential Information in his possession, custody, or control and not make or keep any copies, notes, abstracts, summaries
or other record of any type of Confidential Information; and 
 (ii) Executive shall immediately return to the Corporation any
and all other property of the Corporation in his possession, custody or control, including, without limitation, any and all keys, security cards, passes, credit cards and marketing literature. 

12. Invention Disclosure. Executive agrees to disclose to the Corporation promptly and fully all ideas, inventions, discoveries,
developments or improvements (“Inventions”) that may be made, conceived, created or developed by him (whether such Inventions are developed solely by him or jointly with others) during his employment by the Corporation which either
(i) in any way is connected with or related to the actual or contemplated business, work, research or undertakings of the Corporation or (ii) results from or is suggested by any task, project or work that he may do for, in connection with,
or on behalf of the Corporation. Notwithstanding the foregoing, this Section 12 shall not apply to any Inventions that meet all of the following requirements: (a) do not relate, at the time of conception, reduction to practice, creation,
derivation, development or making of such Invention to the Corporation’s business or actual or demonstrably anticipated research, development or business; and (b) were developed entirely on Executive’s own time; and (c) were
developed without use of any of the Corporation’s equipment, supplies, facilities or trade secret information; and (d) did not result from any work Executive performed for the Corporation. Executive agrees that such Inventions shall become
the sole and exclusive property of the Corporation and Executive hereby assigns to the Corporation all of his rights to any such Inventions. With respect to Inventions, Executive shall during the period of his employment hereunder and at any time
and from time to time hereafter (a) execute all documents requested by the Corporation for vesting in the Corporation the entire right, title and interest in and to the same, (b) execute all documents requested by the Corporation for
filing and prosecuting such applications for patents, trademarks and/or copyrights as the Corporation, in its sole discretion, may desire to prosecute, and (c) give the Corporation all assistance it reasonably requires, including the giving of
testimony in any suit, action or proceeding, in order to obtain, maintain and protect the Corporation’s right therein and thereto. If any such assistance is required following the termination of Executive’s employment with the Corporation,
the Corporation shall reimburse Executive for his lost wages or salary and the reasonable expenses incurred by him in rendering such assistance. 

  
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 13. Remedies. Executive acknowledges and agrees that the business of the Corporation
is highly competitive and that the provisions of Sections 10, 11 and 12 are reasonable and necessary for the protection of the Corporation and that any violation of such covenants would cause immediate, immeasurable and irreparable harm, loss and
damage to the Corporation not adequately compensable by a monetary award. Accordingly, the Executive agrees, without limiting any of the other remedies available to the Corporation, that any violation of said covenants, or any one of them, may be
enjoined or restrained by any court of competent jurisdiction, and that any temporary restraining order or emergency, preliminary or final injunctions may be issued by any court of competent jurisdiction, without notice and without bond. 

14. Attorneys’ Fees and Costs. In any action between the parties based on this Agreement, the prevailing party shall be
entitled to recovery of reasonable attorneys’ fees and out-of-pocket costs incurred by such party in the action. 
 15.
Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the matters set forth herein and no amendment or modification hereof shall be valid or binding unless made in writing and signed by both
parties hereto. 
 16. Notices. Any notice, required, permitted or desired to be given pursuant to any of the provisions
of this Agreement shall be deemed to have been sufficiently given or served for all purposes if delivered in person or sent by certified mail, return receipt requested, postage and fees prepaid as follows: 

if to the Corporation, at: 
 ImmunoCellular Therapeutics, Ltd. 
 21900 Burbank Boulevard,
3rd Floor 

Woodland Hills, CA 91367 
 Attention: Chairman of the Board 
 with a copy to: 

TroyGould PC 

1801 Century Park East, Suite 1600 
 Los Angeles, California 90067 
 Attention: Sanford J. Hillsberg 

and, if to Executive: 
 Dr. Manish Singh 
 23526 Dolorosa Street 

Woodland Hills, California 91367 
 Either of the parties hereto may at any time and from time to time change the address to which notice shall be sent hereunder by notice to the other party given as provided herein. The date of the giving
of any notice hereunder shall be the date delivered or if sent by mail, shall be the date of the posting of the mail. 

  
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 17. Non Assignability. Neither this Agreement nor the right to receive any payments
hereunder may be assigned by Executive. This Agreement shall be binding upon Executive and inure to the benefit of his heirs, executors and administrators and be binding upon the Corporation and inure to the benefit of its successors and assigns.

 18. Choice of Law And Forum. This Agreement shall be governed, interpreted and construed under the laws of the State
of California without regard to its conflict of law principles. In the event of any dispute under this Agreement, such dispute shall be resolved by binding arbitration with JAMS/ENDISPUTE in Los Angeles, California. The arbitrator shall be a retired
judge with at least five years of experience on the bench. This provision shall not be interpreted so as to require arbitration of claims that the state and/or Federal courts of California have ruled may not be the subjects of compelled arbitration
in employment matters, nor shall it be interpreted so as to restrict any remedy, right of appeal or discovery device available to either party in a manner that violates the rulings of the state and/or Federal courts of California with respect to
employment-related arbitration. This provision shall not be interpreted so as to preclude the making of reports to governmental offices, or to preclude either party from seeking injunctive or provisional relief in a court of appropriate jurisdiction
under such circumstances as may merit such relief. 
 19. Waiver. No course of dealing nor any delay on the part of any
party in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of this Agreement shall be deemed a continuing waiver or a waiver of any other breach or default. 

20. Severability. If any provision of this Agreement, including any paragraph, sentence, clause or part thereof, shall be deemed
contrary to law or invalid or unenforceable in any respect by a court of competent jurisdiction, the remaining provisions of such paragraph, sentence, clause or part thereof shall not be affected, but shall, subject to the discretion of such court,
remain in full force and effect and any invalid and unenforceable provisions shall be deemed, without further action on the part of the parties hereto, modified, amended and limited to the extent necessary to render the same valid and enforceable.

 21. Section 409A. If Executive becomes eligible for payments under this Agreement on account of his
“separation from service,” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Executive is a “specified employee” within the meaning of Section 409A of
the Code, as determined by Corporation, any portion of the payments that either do not qualify under the “short-term deferral rule” or exceed two times the lesser of (A) Executive’s “annualized compensation” for the
calendar year preceding Executive’s separation from service (in each case, as those terms are defined under Section 409A of the Code), or (B) the maximum amount that may be taken into account under Section 401(a)(17) of the Code
for the year in which Executive’s separation from service occurs, and which are not otherwise exempt from Section 409A of the Code, shall be accrued, without interest, and its payment delayed until the first day of the seventh month
following Executive’s separation from service, or if earlier, Executive’s death, at which point 

  
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the accrued amount will be paid in a single, lump sum cash payment. Furthermore, Corporation shall not be required to make, and Executive shall not be required to receive, any severance or other
payment or benefit under this Agreement at such time as the making of such payment or the provision of such benefit or the receipt thereof shall result in a tax to Executive arising under Section 409A of the Code. The preceding provisions,
however, shall not be construed as a guarantee by the Corporation of any particular tax effect to Executive under this Agreement. The parties agree that for purposes of Section 409A of the Code, the severance amounts payable under this
Agreement shall be treated as a right to a series of separate payments. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code. This Agreement shall be administered, interpreted and construed in a
manner consistent with Section 409A of the Code. The Corporation and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the provisions
of Section 409A of the Code. 
 22. Survival at Termination. The termination of Executive’s employment
hereunder by expiration of the term of this Agreement or otherwise shall not affect his obligations to the Corporation hereunder which by the nature thereof are intended to survive any such termination including, without limitation, Executive’s
obligations under Sections 10, 11, 12, 13 and 21 hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above set forth. 
  

							
	IMMUNOCELLULAR THERAPEUTICS, LTD.	  	 	  	EXECUTIVE:
				
	By:	  	 /s/ David Fractor
	  		  	 /s/ Manish Singh

		  	David Fractor	  		  	Dr. Manish Singh
	Its:	  	Chief Financial Officer	  		  	

  
 11Agreement (Dr. John Yu)

 Exhibit 10.4 
 AGREEMENT 
 This agreement (this “Agreement”) is made as of
May 13th, 2011 by and between ImmunoCellular Therapeutics, Ltd., a Delaware company (“Company”), and Dr. John Yu, an individual (“Dr. Yu”). 

WHEREAS, Dr. Yu has been serving as the Company’s Chief Scientific Officer under an Agreement whose term expired on
February 28, 2011 (the “Prior Agreement”); and 
 WHEREAS, the Company and Dr. Yu desire to enter
into an agreement under which Dr. Yu shall continue to serve as the Company’s Chief Scientific Officer on the terms set forth in this Agreement, with the term of this Agreement to commence on the Effective Date. 

NOW, THEREFORE, upon the above premises, and in consideration of the mutual covenants and agreements hereinafter contained, the Company
and Dr. Yu hereto agree as follows. 
 1. Engagement. The Company shall employ Dr. Yu, and Dr. Yu shall
serve, as the Company’s Chief Scientific Officer. The Company acknowledges that Dr. Yu is a full-time employee of Cedars-Sinai Medical Center (“CSMC”) and that Dr. Yu has pre-existing obligations to CSMC and will
continue to be subject to the policies and procedures of CSMC. Pursuant to the Full Time Faculty Consulting Guidelines of CSMC, Dr. Yu has received the consent of CSMC to participate in the activities of the Company. A copy of the Consent
Memorandum has been provided to the Company. Company and Dr. Yu agree that each will comply with the Consent Memorandum and, in the event of a conflict between this Agreement and the Consent Memorandum, the terms and conditions of the Consent
Memorandum shall control. 
 2. Services. Dr. Yu agrees to provide to the Company services in the capacity of the
Company’s Chief Scientific Officer (the “Services”). Dr. Yu will report directly and be responsible to the Company’s Board of Directors (the “Board”). The Services will be those customarily performed
by a Chief Scientific Officer for a company such as the Company; provided, however that Dr. Yu shall provide the Services on a part-time basis. Dr. Yu will perform the Services primarily at the Company’s principal executive offices,
which shall be in the Los Angeles, California area. Dr. Yu shall perform all duties assigned to him by the Company faithfully, diligently and to the best of his ability. Such duties will include, but are not limited to, directing technology
development and evaluation research, giving public presentations on behalf of the Company, and meeting with investors and potential alliance partners. Due to the Company’s needs for Dr. Yu’s services and Dr. Yu’s
pre-existing full-time commitment to CSMC, Dr. Yu will not serve as an employee, consultant, officer or director of any other company or organization without first notifying the Company and obtaining the written consent of the Board, which will
not be unreasonably withheld. 
 3. Term. Dr. Yu shall be employed under this Agreement for a term commencing on
March 1, 2011 (the “Commencement Date”), and ending on the termination date as provided in this Section 3 or as provided in Section 11 hereof. The term of this Agreement shall automatically renew on the one-year
anniversary date of the Commencement Date of each year 

 
hereafter for successive one-year terms unless either party delivers written notice of the termination of this Agreement to the other party not more than 30 days before the expiration of the
applicable one-year period. 
 4. Compensation. 
 4.1 The Company will pay to Dr. Yu as compensation for his services hereunder an initial base salary of $70,000 per annum, payable in equal biweekly installments. The Board shall annually review
Dr. Yu’s performance and base salary to determine whether an increase in the amount thereof is warranted. The Company shall also promptly pay Dr. Yu a bonus of $15,000 each (a maximum total of $30,000) upon and provided that the
Company achieves each of the following milestones within one year from the Commencement Date: (i) enrollment of 75 patients in the Phase II trial of ICT-107 and (ii) filing of an IND for either a new indication for ICT-107 or for another
product candidate of the Company. Dr. Yu acknowledges that he has been paid by the Company all amounts owing under the Prior Agreement. 
 4.2 The Company shall grant Dr. Yu on the later of the date of the Board’s approval of this Agreement or the execution of this Agreement by the parties under the Company’s 2006 Equity
Incentive Plan (the “Plan”), a stock option (the “Option”) to purchase 50,000 shares of the Company’s common stock (“Common Stock”) having an exercise price per share equal to the closing
market price on the date of grant and having a term of seven years from the date of grant. The Option shall vest in three equal annual installments, with the first vesting date to be February 28, 2012. 

The Option will be exercisable within the seven year term of the option during the period that Dr. Yu provides services to the
Company and for: (i) 90 days after termination by Dr. Yu if such termination is without Good Reason (as defined in Section 11.3) and (ii) twelve months after termination by either party for any other reason except termination for
cause by the Company, provided that such exercise is effected within the seven-year term of the Option. In the event of a Corporate Transaction (as such term is defined in the Plan), vesting of the Option (and any other options granted to
Dr. Yu) shall be governed by the provisions contained in the Company’s standard stock option agreement under the Plan for the Company’s officers and directors, except that any then outstanding but unvested portion of the Option will
fully vest if the Company is not the surviving entity in the Corporate Transaction unless the surviving entity offers Dr. Yu an executive position at a compensation level at least equal to Dr. Yu’s then compensation level under this
Agreement. The Option will have such other terms and conditions as are included in the Company’s standard stock option agreement under the Plan. If the term of this Agreement continues beyond February 28, 2012, the Board shall review the
aggregate number of stock options granted to Dr. Yu promptly following such date (and thereafter not less frequently than annually) in order to determine whether an increase in the number thereof is warranted. 

5. Expenses. The Company shall reimburse Dr. Yu for necessary and reasonable out-of-pocket business expenses incurred by
Dr. Yu in the performance of this Agreement in accordance with the reimbursement policies of the Company in effect from time to time. 

  
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 6. No Benefits. Dr. Yu acknowledges and agrees that he will not be eligible for
any Company employee benefits and, to the extent he otherwise would be eligible for any Company employee benefits but for the express terms of this Agreement, Dr. Yu hereby expressly declines to participate in such Company employee benefits.

 7. Withholding; Indemnification. Dr. Yu shall have full responsibility for applicable withholding taxes for all
compensation paid to him under this Agreement. Dr. Yu agrees to indemnify, defend and hold the Company harmless from any liability for, or assessment of, any claims or penalties with respect to such withholding taxes, labor or employment
requirements, including any liability for, or assessment of, withholding taxes imposed on the Company by the relevant taxing authorities with respect to any compensation paid to Dr. Yu. 

8. Proprietary Rights. All inventions, improvements, discoveries, copyrightable or patentable works, intellectual property,
whether or not patentable or copyrightable, and all other work performed and all materials developed or prepared by Dr. Yu, in connection with the Services provided to the Company in connection with the Company’s technology, whether
developed or prepared solely or jointly by Dr. Yu with others, are the property of the Company and, as between Dr. Yu and the Company, all rights, title and interest therein shall vest in the Company and shall be deemed to be works made
for hire and made in the course of the services described above. To the extent that title to any such works may not, by operation of law, vest in the Company or such works may not be considered works made for hire, all rights, title and interest
therein are hereby irrevocably assigned to the Company. All such materials shall belong exclusively to the Company, and the Company shall have the right to obtain and to hold in its own name, copyrights, trademarks, patents, other registrations, or
such other protection as may be appropriate to the subject matter, and any extensions and renewals thereof. Dr. Yu agrees to give the Company and any person designated by the Company such reasonable assistance, at the Company’s expense, as
is required to perfect the rights defined in this Section. Dr. Yu agrees to return to the Company all materials developed or prepared for the Company by Dr. Yu upon the termination of this Agreement, along with all materials and other
property of the Company in Dr. Yu’s possession at the time of termination of this Agreement. 
 9. Confidential
Information. 
 9.1 Confidentiality Obligations. “Confidential Information” means, collectively:
(a) business or technical information of the Company, including but not limited to information relating to the Company’s product plans, designs, costs, product prices and names, finances, marketing plans, business opportunities, personnel,
research, development or know-how; (b) any information designated by the Company as “confidential” or “proprietary” or which, under the circumstances taken as a whole, would reasonably be deemed to be confidential; and
(c) the terms and conditions of this Agreement. Dr. Yu hereby agrees that, except with respect to any required disclosure to CSMC (which he shall disclose in writing to the Company, including a description of the Confidential Information
required to be disclosed, before making such disclosure to CSMC, unless such disclosure relates to a patient safety issue (in which case he shall promptly advise the Company in writing after making such safety issue disclosure to CSMC)), he
(x) will not disclose to any third party or use any Confidential Information disclosed to him by the Company except as expressly permitted in this Agreement; (y) will not disclose to the Company any Confidential Information of any third
party disclosed to him by such third party without the prior written consent of such third party; and (z) will take all reasonable measures to maintain the confidentiality of all Confidential Information of the Company in his possession or
control. 

  
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 9.2 Exclusions. “Confidential Information” will not include information
that is: (i) already lawfully known by the receiving party prior to this Agreement without restriction, (ii) in the public domain due to no fault of the receiving party, (iii) rightfully obtained by the receiving party without similar
restriction from such party, (iv) independently developed by the receiving party without reference to the other party’s confidential information, or (v) provided by the disclosing party to another party without similar restriction.

 10. Indemnity. Dr. Yu agrees to indemnify and hold the Company harmless from and against any and all claims,
demands, causes of action, losses, damages, liabilities, costs, and expenses, including attorneys’ fees, arising from a breach of any of his representations and warranties herein or attributable to or resulting from his gross negligence or
willful misconduct in rendering the Services. The Company agrees to indemnify and hold Dr. Yu harmless from and against any and all claims, demands, causes of action, losses, damages, liability, costs and expenses, including attorneys fees
arising out of his services hereunder, other than those arising from Dr. Yu’s breach of any of his representations and warranties hereunder or Dr. Yu’s gross negligence or willful misconduct. 

11. Termination. 
 11.1 In addition to all other rights and remedies which the parties may have under applicable law, the Company may terminate this Agreement and the services of Dr. Yu, effective upon the occurrence
of any of the following events, any of which shall constitute a termination for “cause” under this Agreement: (i) a failure by Dr. Yu to perform any of his material obligations under this Agreement or to execute and perform in a
timely and cooperative manner any directions of the Board; (ii) the death of Dr. Yu or his disability resulting in his inability to perform his reasonable duties assigned hereunder for a period of three consecutive months;
(iii) Dr. Yu’s theft, dishonesty, or falsification of any Company documents or records; (iv) Dr. Yu’s improper use or disclosure of the Company’s confidential or proprietary information; or
(v) Dr. Yu’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs Dr. Yu’s ability to perform his duties hereunder or which in the Board’s judgment may materially damage the
business or reputation of the Company; provided, however, that prior to termination for cause arising under clause (i), Dr. Yu shall have a period of ten days after written notice from Company to cure the event or grounds constituting such
cause. Any notice of termination provided by Company to Dr. Yu under this Section 11 shall identify the events or conduct constituting the grounds for termination with sufficient specificity so as to enable Dr. Yu to take steps to
cure the same if such default is a failure by Dr. Yu to perform any of his material obligations under this Agreement. In the event Company terminates Dr. Yu for cause, (i) Dr. Yu shall be entitled as of the termination date to no
further base salary other than such portion of Dr. Yu’s base salary as shall have accrued but remain unpaid as of the termination date, which shall be due immediately upon termination, (ii) Dr. Yu shall be entitled to receive
payment of any expense reimbursement amounts owed by the Company to the Dr. Yu through the date of termination and (iii) any then unexercised but outstanding stock options granted to Dr. Yu shall be cancelled. The Company shall have
no further obligations to Dr. Yu under this Agreement. 

  
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 11.2 At any time after twelve months from the Commencement Date, the Company may terminate
Dr. Yu without cause upon 60 days written notice delivered to Dr. Yu. In the event the Company terminates Dr. Yu’s employment without cause, all of the following will apply: (i) immediately upon termination, the Company will
pay to Dr. Yu any base salary as shall have accrued but remain unpaid as of the termination date, any earned but unpaid bonus and any expense reimbursement amounts owed by the Company to the Dr. Yu through the date of termination; and
(ii) any stock options granted to Dr. Yu, to the extent vested, will be retained by the Dr. Yu and will be exercisable as set forth in Section 4.2 hereof, the Plan and related stock option agreement (which shall reflect the terms
set forth in Section 4.2 hereof). 
 11.3 Dr. Yu may terminate Dr. Yu’s employment at will (without
“Good Reason” as defined below) by giving 60 days’ prior written notice to Company. Dr. Yu shall be entitled to (i) all base salary up to and through the 60-day period after Dr. Yu’s notice of termination is given
to Company, any earned but unpaid bonus and any expense reimbursement amounts owed by the Company to the Dr. Yu through the date of termination and (ii) any stock options, to the extent vested, may be retained by Dr. Yu and will be
exercisable as set forth in Section 4.2 hereof, the Plan and applicable stock option agreement (which shall reflect the terms set forth in Section 4.2 hereof). Dr. Yu has the right to terminate Dr. Yu’s employment for
“Good Reason” due to, and not less than 30 days following, the occurrence of any of the following: (i) a material adverse change in Dr. Yu’s duties and responsibilities as set forth in this Agreement; (ii) any
failure by Company to pay, or any material reduction by Company of, the base salary or any failure by Company to pay any other compensation to which Dr. Yu is entitled pursuant to Section 4 hereof; or (iii) Company creates a work
environment designed to constructively terminate Dr. Yu or to unlawfully harass or retaliate against Dr. Yu. In the event that Dr. Yu terminates his employment for Good Reason, all of the following will apply: (A) within five
days after the termination date, Company will pay to Dr. Yu any base salary as shall have accrued but remain unpaid as of the termination date, any earned but unpaid bonus and any expense reimbursement amounts owed by the Company to the
Dr. Yu through the date of termination; and (B) any stock options granted to Dr. Yu, to the extent vested, will be retained by the Dr. Yu and will be exercisable as set forth in Section 4.2 hereof, the Plan and related stock
option agreement (which shall reflect the terms set forth in Section 4.2 hereof). 
 12. Non-Competition.

 12.1 In consideration of the Company’s entering into this Agreement: Dr. Yu agrees that during the term of this
Agreement and for a period of six months following the termination of this Agreement for any reason, he will not directly or indirectly own, manage, operate, join, control, participate in, perform any services for, invest in, or otherwise be
connected with, in any manner, whether as an officer, director, employee, consultant, partner, investor or otherwise, any business entity which is engaged in any business in which the Company is currently engaged or is engaged during the term of
this Agreement (with the prohibited field of business activities to be limited after the termination date of this Agreement to the research, development, manufacturing or marketing of dendritic cell or other cancer vaccines or monoclonal antibodies
for the diagnosis or treatment of cancer) without the written approval from the Board. Nothing herein contained shall be deemed to prohibit (i) Dr. Yu from maintaining any investments in, and the holding of any securities of, any company to the
extent such investments were made or such securities held by Dr. Yu prior to the Commencement Date or (ii) investing his funds in securities of a company if the securities of such company are listed

  
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for trading on a national securities exchange or traded in the over the counter market and Dr. Yu’s holdings therein represent less than 5% of the total number of shares or principal
amount of other securities of such company outstanding. 
 12.2 Dr. Yu agrees that he will not, during the term hereof or
prior to the expiration of one year following the termination of his employment for any reason, without the written consent of the Company, directly or indirectly, by action alone or in concert with others, solicit for employment or engagement, or
advise or recommend to any other person or entity that such person or entity solicit for employment or engagement, any person or entity employed or engaged by the Company. 
 13. General Terms. 
 13.1 Assignment. This Agreement is personal to
Dr. Yu. He may not sell, transfer, sublicense, subcontract, hypothecate or assign his rights and duties under this Agreement without the prior written consent of the Company. The Company may freely assign its rights and obligations under this
Agreement. 
 13.2 Notices. Any notices or communications under this Agreement shall be in writing and shall be
hand-delivered or sent by certified mail (return receipt requested), or telecopied, or overnight couriered to the party receiving such communication at the address specified below: 

 

			
	If to the Company:	  	 Dr. Manish Singh, President

ImmunoCellular Therapeutics, Ltd.
 21900 Burbank
Boulevard, 3rd Floor

Burbank, California 91367

		
	If to Dr. Yu:	  	 Dr. John Yu
 Suite
800E
 8631 West Third Street
 Los
Angeles, CA 90048

 or such other address or addressee as either party may in the future specify to the other party. 

13.3 California Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California,
excluding its conflicts of laws provisions. 
 13.4 Dispute Resolution. Any dispute arising out of or relating to this
Agreement shall be decided by binding arbitration by JAMS and shall be held in Los Angeles, California. The ruling of the arbitrator shall be final and may be enforced by any party to such arbitration in any court of competent jurisdiction located
in Los Angeles, California. 
 13.5 Amendment. No modification, amendment, supplement to or waiver of the provisions of
this Agreement shall be binding upon the parties hereto unless made in writing and duly signed by both parties. 
 13.6
Waiver. A failure of either party to exercise any right provided for herein shall not be deemed to be a waiver of any right hereunder. 

  
 - 6 -

 13.7 Entire Agreement. This Agreement sets forth the entire understanding of the
parties as to the subject matter therein and may not be modified except in writing executed by both parties. 
 13.8
Severability. In the event any one or more of the provisions of this Agreement is invalid or otherwise unenforceable, the enforceability of the remaining provisions shall be unimpaired. 

13.9 Survival. The following Sections shall survive the termination of this Agreement: 7 (Withholding; Indemnity), 8 (Proprietary
Rights), 9 (Confidentiality), 10 (Indemnity) and 12 (Non-Competition). 
 13.10 Attorneys Fees. If an arbitration or
other legal proceeding is brought to enforce or interpret the provisions of this Agreement or as to the rights or obligations of any party to this Agreement, the prevailing party in such action shall be entitled to recover its reasonable
attorneys’ fees and costs. 
 13.11 Disclosure. The terms of this Agreement may be publicly disclosed by the Company
to the extent the Company’s counsel determines that such disclosure is required by law. The Company shall provide Dr. Yu with a copy of any such disclosure for his review at least three days prior to making such disclosure. 

13.12 Remedies. Dr. Yu acknowledges and agrees that the business of the Company is highly competitive and that the provisions
of Sections 8, 9 and 12 are reasonable and necessary for the protection of the Company and that any violation of such covenants would cause immediate, immeasurable and irreparable harm, loss and damage to the Company not adequately compensable by a
monetary award. Accordingly, Dr. Yu agrees, without limiting any of the other remedies available to the Company, that any violation of said covenants, or any one of them, may be enjoined or restrained by any court of competent jurisdiction, and
that any temporary restraining order or emergency, preliminary or final injunctions may be issued by any court of competent jurisdiction, without notice and without bond. 
 IN WITNESS WHEREOF, the parties hereto, each acting under due and proper authority, have executed this Agreement as of the date set forth above. 

 

											
	 	 	 	 	IMMUNOCELLULAR THERAPEUTICS, LTD.
				
	 /s/ John Yu
	 		 	By:	 	 /s/ Manish Singh

	Dr. John Yu	 		 		 	Name:	 	Dr. Manish Singh
		 		 		 	Title:	 	 President and Chief Executive

Officer

					
	Date:	 	 5/13/2011
	 		 	Date:	 	 5/13/11

  
 - 7 -

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