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Exhibit 10.2    
    

 
 

SANGAMO BIOSCIENCES, INC.
  
  2000 EMPLOYEE STOCK PURCHASE PLAN    
    

I.    Purpose of the Plan  

        This Employee Stock Purchase Plan is intended to promote the interests of Sangamo BioSciences, Inc., a Delaware corporation, by providing eligible
employees with the opportunity to acquire a proprietary interest in the Corporation through participation in a payroll deduction-based employee stock purchase plan designed to qualify under
Section 423 of the Code. Capitalized terms herein shall have the meanings assigned to such terms in the attached Appendix. 

II.    Administration of the Plan  

        The Plan Administrator shall have full authority to interpret and construe any provision of the Plan and to adopt such rules and regulations for administering the
Plan as it may deem necessary in order to comply with the requirements of Code Section 423. Decisions of the Plan Administrator shall be final and binding on all parties having an interest in
the Plan. 

III.    Stock Subject to Plan  

        A.    The
stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common Stock purchased on the open market.
The number of shares of Common Stock initially reserved for issuance over the term of the Plan shall be limited to 400,000 shares. 

        B.    The
number of shares of Common Stock available for issuance under the Plan shall automatically increase on the first trading day of the second fiscal quarter of each
fiscal year of the Corporation during the term of the Plan, beginning with fiscal year 2001, by an amount equal to one percent (1%) of the total number of shares of Common Stock outstanding on the
last trading day in the immediately preceding first fiscal quarter, but in no event shall any such annual increase exceed 600,000 shares. 

        C.    Should
any change be made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change
affecting the outstanding Common Stock as a class without the Corporation's receipt of consideration, appropriate adjustments shall be made to (i) the maximum number and class of securities
issuable under the Plan, (ii) the maximum number and class of securities purchasable per Participant on any one Purchase Date, (iii) the maximum number and class of securities
purchasable in total by all Participants on any one Purchase Date, (iv) the maximum number and/or class of securities by which the share reserve is to increase automatically each fiscal year
pursuant to the provisions of Section III.B of this Article One and (v) the number and class of securities and the price per share in effect under each outstanding purchase right in
order to prevent the dilution or enlargement of benefits thereunder. 

IV.    Offering Periods  

        A.    Shares
of Common Stock shall be offered for purchase under the Plan through a series of overlapping offering periods until such time as (i) the maximum number of
shares of Common Stock available for issuance under the Plan shall have been purchased or (ii) the Plan shall have been sooner terminated. 

        B.    Each
offering period shall be of such duration (not to exceed twenty-four (24) months) as determined by the Plan Administrator prior to the start date
of such offering period. Offering periods shall commence at semi-annual intervals on the first business day of May and November each year over the term of the Plan. Accordingly, two
(2) separate offering periods shall commence in each calendar 

 

year
the Plan remains in existence. However, the initial offering period shall commence at the Effective Time and terminate on the last business day in April 2002. 

        C.    Each
offering period shall consist of a series of one or more successive Purchase Intervals. Purchase Intervals shall run from the first business day in May to the last
business day in October each year and from the first business day in November each year to the last business day in April in the following year. However, the first Purchase Interval in effect under
the initial offering period shall commence at the Effective Time and terminate on the last business day in October 2000. 

        D.    Should
the Fair Market Value per share of Common Stock on any Purchase Date within a particular offering period be less than the Fair Market Value per share of Common
Stock on the start date of that offering period, then that offering period shall automatically terminate immediately after the purchase of shares of Common Stock on such Purchase Date, and a new
offering period shall commence on the next business day following such Purchase Date. The new offering period shall have a duration of twenty (24) months, unless a shorter duration is
established by the Plan Administrator within five (5) business days following the start date of that offering period. All individuals participating in the terminated offering period shall
automatically be transferred to the new offering period. 

V.    Eligibility  

        A.    Each
individual who is an Eligible Employee on the start date of any offering period under the Plan may enter that offering period on such start date. However, an
Eligible Employees may participate in only one offering period at a time. 

        B.    To
participate in the Plan for a particular offering period, the Eligible Employee must complete the enrollment forms prescribed by the Plan Administrator (including a
stock purchase agreement and a payroll deduction authorization) and file such forms with the Plan Administrator (or its designate) on or before the start date of that offering period. 

VI.    Payroll Deductions  

        A.    The
payroll deduction authorized by the Participant for purposes of acquiring shares of Common Stock during an offering period may be any multiple of one percent (1%) of
the Cash Earnings paid to the Participant during each Purchase Interval within that offering period, up to a maximum of fifteen percent (15%). The deduction rate so authorized shall continue in effect
throughout the offering period, except to the extent such rate is changed in accordance with the following guidelines: 

        (i)    The
Participant may, at any time during the offering period, reduce his or her rate of payroll deduction to become effective as soon as possible after filing the
appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such reduction per Purchase Interval. 

        (ii)   The
Participant may, prior to the commencement of any new Purchase Interval within the offering period, increase the rate of his or her payroll deduction by filing the
appropriate form with the Plan Administrator. The new rate (which may not exceed the fifteen percent (15%) maximum) shall become effective on the start date of the first Purchase Interval following
the filing of such form. 

        B.    Payroll
deductions shall begin on the first pay day administratively feasible following the start of the offering period in which the Participant is enrolled and shall
(unless sooner terminated by the Participant) continue through the pay day ending with or immediately prior to the last day of that offering period. The amounts so collected shall be credited to the
Participant's book account under the Plan, but no interest shall be paid on the balance from time to time outstanding in such account. The 

2

 

amounts
collected from the Participant shall not be required to be held in any segregated account or trust fund and may be commingled with the general assets of the Corporation and used for general
corporate purposes. 

        C.    Payroll
deductions shall automatically cease upon the termination of the Participant's purchase right in accordance with the provisions of the Plan. 

        D.    The
Participant's acquisition of Common Stock under the Plan on any Purchase Date shall neither limit nor require the Participant's acquisition of Common Stock on any
subsequent Purchase Date, whether within the same or a different offering period. 

VII.    Purchase Rights  

        A.    Grant of Purchase Rights.    A Participant shall be granted a separate purchase right for each offering period
in which he or she participates. The purchase right shall be granted on the start date of the offering period and shall provide the Participant with the right to purchase shares of Common Stock, in a
series of successive installments during that offering period, upon the terms set forth below. The Participant shall execute a stock purchase agreement embodying such terms and such other provisions
(not inconsistent with the Plan) as the Plan Administrator may deem advisable. Under no circumstances shall purchase rights be granted under the Plan to any Eligible Employee if such individual would,
immediately after the grant, own (within the meaning of Code Section 424(d)) or hold outstanding options or other rights to purchase, stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Corporation or any Corporate Affiliate. 

        B.    Exercise of the Purchase Right.    Each purchase right shall be automatically exercised in installments on each
successive Purchase Date within the offering period, and shares of Common Stock shall accordingly be purchased on behalf of each Participant on each such Purchase Date. The purchase shall be effected
by applying the Participant's payroll deductions for the Purchase Interval ending on such Purchase Date to the purchase of whole shares of Common Stock at the purchase price in effect for the
Participant for that Purchase Date. 

        C.    Purchase Price.    The purchase price per share at which Common Stock will be purchased on the Participant's
behalf on each Purchase Date within the particular offering period in which he or she is enrolled shall be equal to eighty-five percent (85%) of the lower of (i) the Fair Market
Value per share of Common Stock on the start date of that offering period or (ii) the Fair Market Value per share of Common Stock on that Purchase Date. 

        D.    Number of Purchasable Shares.    The number of shares of Common Stock purchasable by a Participant on each
Purchase Date during the particular offering period in which he or she is enrolled shall be the number of whole shares obtained by dividing the amount collected from the Participant through payroll
deductions during the Purchase Interval ending with that Purchase Date by the purchase price in effect for the Participant for that Purchase Date. However, the maximum number of shares of Common Stock
purchasable per Participant on any one Purchase Date shall not exceed 2,000 shares, subject to periodic adjustments in the event of certain changes in the Corporation's capitalization. In addition,
the maximum number of shares of Common Stock purchasable in total by all Participants in the Plan on any one Purchase Date shall not exceed 200,000 shares, subject to periodic adjustments in the event
of certain changes in the Corporation's capitalization. However, the Plan Administrator shall have the discretionary authority, exercisable prior to the start of any offering period under the Plan, to
increase or decrease the limitations to be in effect for the number of shares purchasable per Participant and in total by all Participants in that particular offering period on each Purchase Date
which occurs during that offering period. 

3

 

        E.    Excess Payroll Deductions.    Any payroll deductions not applied to the purchase of shares of Common Stock on
any Purchase Date because they are not sufficient to purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next Purchase Date. However, any payroll deductions
not applied to the purchase of Common Stock by reason of the limitation on the maximum number of shares purchasable per Participant or in total by all Participants on the Purchase Date shall be
promptly refunded. 

        F.     Termination of Purchase Right.    The following provisions shall govern the termination of outstanding purchase
rights: 

        (i)    A
Participant may, at any time prior to the next scheduled Purchase Date in the offering period in which he or she is participating, terminate his or her outstanding
purchase right by filing the appropriate form with the Plan Administrator (or its designate), and no further payroll deductions shall be collected from the Participant with respect to the terminated
purchase right. Any payroll deductions collected during the Purchase Interval in which such termination occurs shall, at the Participant's election, be immediately refunded or held for the purchase of
shares on the next Purchase Date. If no such election is made at the time such purchase right is terminated, then the payroll deductions collected with respect to the terminated right shall be
refunded as soon as possible. 

        (ii)   The
termination of such purchase right shall be irrevocable, and the Participant may not subsequently rejoin the offering period for which the terminated purchase right
was granted. In order to resume participation in any subsequent offering period, such individual must re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms)
on or before the start date of that offering period. 

        (iii)  Should
the Participant cease to remain an Eligible Employee for any reason (including death, disability or change in status) while his or her purchase right remains
outstanding, then that purchase right shall immediately terminate, and all of the Participant's payroll deductions for the Purchase Interval in which the purchase right so terminates shall be
immediately refunded. However, should the Participant cease to remain in active service by reason of an approved unpaid leave of absence, then the Participant shall have the right, exercisable up
until the last business day of the Purchase Interval in which such leave commences, to (A) withdraw all the payroll deductions collected to date on his or her behalf for that Purchase Interval
or (B) have such funds held for the purchase of shares on his or her behalf on the next scheduled Purchase Date. In no event, however, shall any further payroll deductions be collected on the
Participant's behalf during such leave. Upon the Participant's return to active service (x) within ninety (90) days following the commencement of such leave or (y) prior to the
expiration of any longer period for which such Participant's right to reemployment with the Corporation is guaranteed by statute or contract, his or her payroll deductions under the Plan shall
automatically resume at the rate in effect at the time the leave began, unless the Participant withdraws from the Plan prior to his or her return. An individual who returns to active employment
following a leave of absence that exceeds in duration the applicable (x) or (y) time period will be treated as a new Employee for purposes of subsequent participation in the Plan and
must accordingly re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the start date of any subsequent offering period in which he or she
wishes to participate. 

        G.    Change in Control.    Each outstanding purchase right shall automatically be exercised, immediately prior to the
effective date of any Change in Control, by applying the payroll deductions of each Participant for the Purchase Interval in which such Change in Control occurs to the purchase of whole shares of
Common Stock at a purchase price per share equal to eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the offering
period in which such Participant is enrolled at the time of such Change in Control or (ii) the Fair Market 

4

 

Value
per share of Common Stock immediately prior to the effective date of such Change in Control. However, the applicable limitation on the number of shares of Common Stock purchasable per
Participant shall continue to apply to any such purchase, but not the limitation applicable to the maximum number of shares of Common Stock purchasable in total by all Participants in the Plan on any
one Purchase Date. 

        The
Corporation shall use its best efforts to provide at least ten (10) days' prior written notice of the occurrence of any Change in Control, and Participants shall, following
the receipt of such notice, have the right to terminate their outstanding purchase rights prior to the effective date of the Change in Control. 

        H.    Proration of Purchase Rights.    Should the total number of shares of Common Stock to be purchased pursuant to
outstanding purchase rights on any particular date exceed the number of shares then available for issuance under the Plan, the Plan Administrator shall make a pro-rata allocation of the
available shares on a uniform and nondiscriminatory basis, and the payroll deductions of each Participant, to the extent in excess of the aggregate purchase price payable for the Common Stock
pro-rated to such individual, shall be refunded. 

        I.     Assignability.    The purchase right shall be exercisable only by the Participant and shall not be assignable or
transferable by the Participant. 

        J.     Stockholder Rights.    A Participant shall have no stockholder rights with respect to the shares subject to his
or her outstanding purchase right until the shares are purchased on the Participant's behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the
purchased shares. 

VIII.    Accrual Limitations  

        A.    No
Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and to the extent such accrual,
when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right granted under this Plan and (ii) similar rights accrued under other employee stock
purchase plans (within the meaning of Code Section 423) of the Corporation or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five
Thousand Dollars ($25,000.00) worth of stock of the Corporation or any Corporate Affiliate (determined on the basis of the Fair Market Value per share on the date or dates such rights are granted) for
each calendar year such rights are at any time outstanding. 

        B.    For
purposes of applying such accrual limitations to the purchase rights granted under the Plan, the following provisions shall be in effect: (i) The right to
acquire Common Stock under each outstanding purchase right shall accrue in a series of installments on each successive Purchase Date during the offering period on which such right remains outstanding.
(ii) No right to acquire Common Stock under any outstanding purchase right shall accrue to the extent the Participant has already accrued in the same calendar year the right to acquire Common
Stock under one or more other purchase rights at a rate equal to Twenty-Five Thousand Dollars ($25,000.00) worth of Common Stock (determined on the basis of the Fair Market Value per share
on the date or dates of grant) for each calendar year such rights were at any time outstanding. 

        C.    If
by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular Purchase Interval, then the payroll deductions that the
Participant made during that Purchase Interval with respect to such purchase right shall be promptly refunded. 

        D.    In
the event there is any conflict between the provisions of this Article and one or more provisions of the Plan or any instrument issued thereunder, the provisions of
this Article shall be controlling. 

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IX.    Effective Date and Term of the Plan  

        A.    The
Plan was adopted by the Board on February 8, 2000, and shall become effective at the Effective Time, provided no purchase rights granted under the Plan shall
be exercised, and no shares of Common Stock shall be issued hereunder, until (i) the Plan shall have been approved by the stockholders of the Corporation and (ii) the Corporation shall
have complied with all applicable requirements of the 1933 Act (including the registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement
filed with the Securities and Exchange Commission), all applicable listing requirements of any stock exchange (or the Nasdaq National Market, if applicable) on which the Common Stock is listed for
trading and all other applicable requirements established by law or regulation. In the event such stockholder approval is not obtained, or such compliance is not effected, within twelve
(12) months after the date on which the Plan is adopted by the Board, the Plan shall terminate and have no further force or effect, and all sums collected from Participants during the initial
offering period hereunder shall be refunded. 

        B.    Unless
sooner terminated by the Board, the Plan shall terminate upon the earliest of (i) the last business day in April 2010, (ii) the date on which
all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (iii) the date on which all purchase rights are exercised in
connection with a Change in Control. No further purchase rights shall be granted or exercised, and no further payroll deductions shall be collected, under the Plan following such termination. 

X.    Amendment of the Plan  

        A.    The
Board may alter, amend, suspend or terminate the Plan at any time to become effective immediately following the close of any Purchase Interval. However, the Plan may
be amended or terminated immediately upon Board action, if and to the extent necessary to assure that the Corporation will not recognize, for financial reporting purposes, any compensation expense in
connection with the shares of Common Stock offered for purchase under the Plan, should the financial accounting rules applicable to the Plan at the Effective Time be subsequently revised so as to
require the Corporation to recognize compensation expense in the absence of such amendment or termination. 

        B.    In
no event may the Board effect any of the following amendments or revisions to the Plan without the approval of the Corporation's stockholders: (i) increase the
number of shares of Common Stock issuable under the Plan, except for permissible adjustments in the event of certain changes in the Corporation's capitalization, (ii) alter the purchase price
formula so as to reduce the purchase price payable for the shares of Common Stock purchasable under the Plan or (iii) modify the eligibility requirements for participation in the Plan. 

XI.    General Provisions  

        A.    All
costs and expenses incurred in the administration of the Plan shall be paid by the Corporation; however, each Plan Participant shall bear all costs and expenses
incurred by such individual in the sale or other disposition of any shares purchased under the Plan. 

        B.    Nothing
in the Plan shall confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Corporate Affiliate employing such person) or of the Participant, which rights are hereby expressly
reserved by each, to terminate such person's employment at any time for any reason, with or without cause. 

        C.    The
provisions of the Plan shall be governed by the laws of the State of California without resort to that State's conflict-of-laws rules. 

6

 
 

SCHEDULE A    
    

        CORPORATIONS PARTICIPATING IN EMPLOYEE STOCK PURCHASE PLAN AS OF THE

EFFECTIVE TIME

Sangamo BioSciences, Inc.

 
 
 

APPENDIX    
    

        The following definitions shall be in effect under the Plan: 

        A.    Board shall mean the Corporation's Board of Directors. 

        B.    Cash Earnings shall mean (i) the regular base salary paid to a Participant by one or more Participating Companies
during such individual's period of participation in one or more offering periods under the Plan plus (ii) all overtime payments, bonuses, commissions, profit-sharing distributions and other
incentive-type payments received during such period. Such Cash Earnings shall be calculated before deduction of (A) any income or employment tax withholdings or (B) any
contributions made by the Participant to any Code Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established by the Corporation or
any Corporate Affiliate. However, Cash Earnings shall NOT include any contributions made by the Corporation or any Corporate Affiliate on the Participant's behalf to any employee benefit or welfare
plan now or hereafter established (other than Code Section 401(k) or Code Section 125 contributions deducted from such Cash Earnings). 

        C.    Change in Control shall mean a change in ownership of the Corporation pursuant to any of the following transactions:
(i) a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation's outstanding securities are transferred to a
person or persons different from the persons holding those securities immediately prior to such transaction, or (ii) the sale, transfer or other disposition of all or substantially all of the
assets of the Corporation in complete liquidation or dissolution of the Corporation, or (iii) the acquisition, directly or indirectly, by a person or related group of persons (other than the
Corporation or a person that directly or indirectly controls, is controlled by or is under common control with the Corporation) of beneficial ownership (within the meaning of
Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation's outstanding securities pursuant to a
tender or exchange offer made directly to the Corporation's stockholders. 

        D.    Code shall mean the Internal Revenue Code of 1986, as amended. 

        E.    Common Stock shall mean the Corporation's common stock. 

        F.     Corporate Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in accordance with
Code Section 424), whether now existing or subsequently established. 

        G.    Corporation shall mean Sangamo BioSciences, Inc., a Delaware corporation, and any corporate successor to all or
substantially all of the assets or voting stock of Sangamo BioSciences, Inc. that shall by appropriate action adopt the Plan. 

        H.    Effective Time shall mean the time at which the Underwriting Agreement is executed and the Common Stock priced for the
initial public offering of such Common Stock. Any Corporate Affiliate that becomes a Participating Corporation after such Effective Time shall designate a subsequent Effective Time with respect to its
employee-Participants. 

        I.     Eligible Employee shall mean any person who is employed by a Participating Corporation on a basis under which he or she is
regularly expected to render more than twenty (20) hours of service per week for more than five (5) months per calendar year for earnings considered wages under Code Section 3401
(a). 

        J.     Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following
provisions: 

        (i)    If
the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market Value shall be the closing selling price per share of Common Stock on the
date in question, as such price is reported by the National Association of Securities Dealers on the Nasdaq 

A-1

 

National
Market and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling
price on the last preceding date for which such quotation exists. 

        (ii)   If
the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in
question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such
exchange and published in The Wall Street Journal. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on
the last preceding date for which such quotation exists. 

        (iii)  For
purposes of the initial offering period that begins at the Effective Time, the Fair Market Value shall be deemed to be equal to the price per share at which the
Common Stock is sold in the initial public offering pursuant to the Underwriting Agreement. 

        K.    1933 Act shall mean the Securities Act of 1933, as amended. 

        L.    Participant shall mean any Eligible Employee of a Participating Corporation who is actively participating in the Plan. 

        M.   Participating Corporation shall mean the Corporation and such Corporate Affiliate or Affiliates as may be authorized from
time to time by the Board to extend the benefits of the Plan to their Eligible Employees. The Participating Corporations in the Plan are listed in attached Schedule A. 

        N.    Plan shall mean the Corporation's 2000 Employee Stock Purchase Plan, as set forth in this document. 

        O.    Plan Administrator shall mean the committee of two (2) or more Board members appointed by the Board to administer
the Plan. 

        P.     Purchase Date shall mean the last business day of each Purchase Interval. The initial Purchase Date shall be
October 31, 2000. 

        Q.    Purchase Interval shall mean each successive six (6)-month period within a particular offering period at the end of which
there shall be purchased shares of Common Stock on behalf of each Participant. 

        R.    Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange. 

        S.     Underwriting Agreement shall mean the agreement between the Corporation and the underwriter or underwriters managing the
initial public offering of the Common Stock. 

A-2

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Exhibit 10.2

SANGAMO BIOSCIENCES, INC. 2000 EMPLOYEE STOCK PURCHASE PLAN

SCHEDULE A

APPENDIXQuickLinks
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Exhibit 10.22    
    

        [SANGAMO BIOSCIENCES, INC. LETTERHEAD]  

June 20, 2003 

CONFIDENTIAL  

Dr. Carl O. Pabo

[ADDRESS]

[CITY, STATE ZIP] 

Re:    Separation Agreement and Release

Dear
Dr. Pabo: 

        This
document, upon your signature, will constitute the agreement between you and Sangamo BioSciences, Inc. ("Sangamo"), on the terms of your separation from employment (the
"Separation Agreement"). It is understood that both you and Sangamo want to preclude any dispute arising out of your employment, your separation, or any other matter involving you and Sangamo and also
wish to preserve the good will that exists between you and Sangamo. 

 Termination of Employment  

        1.    Termination Date.    Your full time employment with Sangamo will terminate effective June 30, 2003
("Termination Date"). This will be deemed the date of termination for purposes of your employment agreement with Sangamo dated September 12, 2001 and signed by you on October 1, 2001
("Employment Agreement"). 

        2.    Scientific Advisory Board.    In consideration of the terms of this agreement, including the continued vesting
of your Sangamo stock options, upon termination of your employment, you will become Chairman of Sangamo's Scientific Advisory Board ("SAB") and serve as a consultant to the Company, the time to be
required for such duties to be 50 days in the first year and 30 days in the second year following the Termination Date, and up to 15 days in the period between July 1, 2005
and December 31, 2005, and you agree to continue your service on the SAB and as a consultant to the Company until Sangamo advises you in writing that your service is no longer required but not
beyond December 31, 2005, except on our mutual agreement. During the period of your service on the SAB, you will not compete with Sangamo by being employed by, or consulting for, or having an
economic interest in (excluding ownership of less than 1% of the outstanding stock of any publicly held company) any company, firm or organization (excluding academic institutions,
non-profit institutions, or government agencies) engaged in developing, producing or selling nucleic acid binding proteins, gene regulation or gene correction technologies or functional
alternatives therefor ("Prohibited Activities"); provided, however, in the event you become employed by, or consult with, a company engaged in any of the Prohibited Activities that has annual revenues
in excess of $500 million the restriction on employment shall only apply to a division or group as described in the company's organization table that engages in the Prohibited Activities. If
you have made significant scientific or conceptual contributions, you will be eligible for authorship on papers published by Sangamo or for inventorship on patents submitted by Sangamo. 

 What You Will Receive  

        3.    Payment.    In accordance with your Employment Agreement, Sangamo agrees to make severance payments to you for
the twelve-month period commencing with the Termination Date of this Separation Agreement. The total amount of such payments shall be equivalent to one year's base salary. Sangamo will make the
severance payments to you calculated at a salary rate of $24,583.33 per month ($295,000 per year), less all applicable withholdings and deductions. Such payments will be made in accordance with
Sangamo's normal payroll practices and schedule, and 

 

will
commence with the first regularly scheduled payroll after the Termination Date. All consulting or SAB participation after the second year of this agreement, and any consulting or SAB
participation during the first two years of this agreement that (by mutual agreement) is in excess of the 50 and 30 day limits shall be reimbursed at $1,000 per day. 

        4.    Benefits.    Your participation in medical, dental and vision plans (for yourself and for your daughter) will be
continued for the twelve-month period commencing with the Termination Date, as if you were employed through that date by the Company paying the cost of your COBRA benefits. After this period you will,
if you wish, be able to extend such coverage up to the maximum allowed for COBRA by paying for the COBRA benefits yourself. 

        5.    Stock Options.    You will retain the options you have and will continue to vest in Sangamo stock options in
accordance with the terms of your Stock Option Agreement and Sangamo's 2000 Stock Incentive Plan so long as you remain a member of the SAB. 

        6.    Loan Forgiveness.    The remainder of the loan made to you by Sangamo on May 10, 2002 (with an original
principal of $250,000) and the remainder of the accrued interest will be forgiven in its entirety on the Termination Date, provided you have complied with your Employment Agreement prior thereto.
Sangamo agrees that, as of the date of this Separation Agreement and Release, you have fully complied with all terms, conditions, requirements and obligations of your Employment Agreement. Within five
business days of this loan forgiveness you will deliver your personal check to Sangamo to cover withholding and related taxes (as calculated by Sangamo) related to this loan forgiveness and to any
remaining portion of the original loan forgiveness that has not already been covered by withholding from your salary. 

 What You Are Agreeing to Release  

        7.    General Release.    In consideration for the foregoing benefits, payments and other consideration, you agree to
unconditionally and forever release and discharge Sangamo and all of its related entities, officers, directors, agents and employees, and each of them, of and from any and all debts, claims,
liabilities, demands and causes of action of every kind, nature and description, whether known or unknown, including, but not limited to, any claim for salary, stock options, severance, benefits, and
any other form of compensation; claims for breach of contract, breach of the covenant of good faith and fair dealing, termination in violation of public policy or wrongful termination; negligence;
intentional torts; fraud and misrepresentation; any claim for breach of fiduciary duty, whether as a shareholder or in any other capacity; and any claims under federal, state or local law, including,
but not limited to, the Fair Employment and Housing Act, the California Labor Code, the Family Medical Leave Act, the
California Family Rights Act, the Age Discrimination in Employment Act ("ADEA"), the Americans with Disabilities Act, and Title VII of the Civil Rights Act of 1964, and any waivable clams under any
workers' compensation statute, which you have or may have or could assert against Sangamo as of the Effective Date of this Separation Agreement, including, but not limited to, any claims arising out
of or connected with your employment, the termination of your employment, or your investment in Sangamo or ownership of Sangamo stock. 

        8.    Waiver of Claims.    It is further understood and agreed that as a condition of this Agreement, you expressly
waive and relinquish any and all claims, rights or benefits that you may have under California Civil Code 1542, which provides as follows: 

"A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release which if known by him must have materially affected
his settlement with the debtor." 

2

 

 Other Agreements  

        9.    Non-Disparagement.    You agree that you will not make any disparaging statements or comments,
either as fact or as opinion, about Sangamo, including, but not limited to, its employees, officers, directors, shareholders, vendors, products or services, business, technologies, market position,
financial statements, financial condition, performance and other similar information. Notwithstanding the foregoing, you may express your opinions at meetings of the SAB and to executive officers and
members of the board of directors of the Company and to others designated by the CEO of the Company, and in any way judicial or regulatory proceeding requiring your participation. Sangamo will require
its executive officers and directors not to make any disparaging statements or comments, either as fact or opinion, about your service as an officer of, or consultant to, Sangamo. 

        10.    Proprietary and Confidential Information.    You also agree to preserve as confidential and not to use or
disclose any Sangamo trade secrets, confidential knowledge, data or other proprietary information relating to technology customers, products, business plans, financial or organizational information or
other subject matter pertaining to any business of Sangamo or any of its clients, customers, or licensees ("Confidential Information") from this day forward provided, however, that Confidential
Information shall not include a) information which is or becomes generally known or available to others in the field to which the information relates other than by breach of this Separation
Agreement and Release and
b) information which judicial or government actions require you to disclose. The Proprietary Information Agreement you signed on October 1, 2001 will continue to remain in full force and
effect. A copy of that agreement is attached. 

        11.    Confidentiality.    You agree that the terms of this Separation Agreement are confidential. It is therefore
agreed that, unless compelled by law, you will not reveal, discuss, publish or in any way communicate any of the terms, amount or fact of this Separation Agreement to any person or entity, except to
any of your attorneys, tax consultants, professional representatives, fiancée or spouse, and any other person with a business need to know information concerning this Separation
Agreement, including prospective employers, clients, collaborators (academic, non-profit, or government) or business partners. 

        12.    Waiver, Amendment and Modification of Agreement.    No waiver, amendment or modification of any of the terms of
this Separation Agreement shall be effective unless in writing and signed by all parties. No waiver of any term, condition or default of any term of this Separation Agreement shall be construed as a
waiver of any other term, condition or default. 

        13.    California Law Applies.    This Separation Agreement, in all respects, shall be interpreted, enforced, governed
by and construed in accordance with the laws of the State of California applicable to contracts made and to be performed entirely within such state, without regard to the
choice-of-law or conflict-of-laws principles of any jurisdiction. 

        14.    Breach.    You and Sangamo agree that, in the event of any breach of this Separation Agreement, the
non-breaching party shall be entitled to pursue all available legal and equitable remedies, including injunctive relief, and shall have the right to recover reasonable attorneys' fees and
costs, unless otherwise provided by law. 

        15.    Severability.    In the event that any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Separation Agreement shall continue in full force and effect without said provision. 

        16.    Headings Are Not Controlling.    The headings used in this Separation Agreement are for the purpose of
organization only and are not intended to inform, alter or control the terms of this Agreement. 

3

 

        17.    Facsimile Signature.    Facsimile signatures on this Separation Agreement shall be treated as original
signatures. 

        18.    Complete and Voluntary Agreement.    This Separation Agreement, and any other agreement referenced herein, sets
forth the entire agreement between you and Sangamo relating to the subject matter hereof. You warrant that you have read and fully understood this Separation Agreement; that you have had the
opportunity to consult with legal counsel of your own choosing and to have the terms of the Separation Agreement fully explained to you; that you are not executing this Separation Agreement in
reliance on any promises, representations or inducements other than those contained herein; and that you are executing this Separation Agreement knowingly and voluntarily, free of any duress and
coercion. 

 Effective Date of the Separation Agreement  

        19.    Timeline for Considering, Signing and Revoking the Separation Agreement.    You understand and agree that you
have been provided a period of twenty-one (21) days within which to consider whether you will execute this Separation Agreement. The offer of this Separation Agreement shall expire
on the twenty-second (22nd) day after you have received it. If this day is a Saturday, Sunday or holiday recognized by the U.S. Postal Service, the expiration date is extended to the next business
day. 

        An
executed Separation Agreement must be delivered or mailed to Edward Lanphier, at Sangamo BioSciences, Inc. on or before the twenty-first (21st) day after receiving this
Separation Agreement. Unless you personally deliver the signed Agreement on or before this date, it must be sent by a traceable overnight delivery service or traceable overnight express mail and
postmarked on or before this date (the end of the twenty-first (21st) day after receiving this Separation Agreement). 

        You
have a limited period of seven (7) calendar days after signing to revoke your acceptance of this Separation Agreement. You must deliver or mail written notification of
revocation to Edward Lanphier at Sangamo BioSciences, Inc. Unless you personally deliver the signed revocation within this seven (7) calendar day period, it must be sent by a traceable
overnight delivery service or traceable overnight express mail and postmarked on or before the end of the seven (7) calendar day period after signing this Separation Agreement. This deadline
will be extended to the next business day should it fall on a Saturday, Sunday or holiday recognized by the U.S. Postal Service. 

        Because
of the revocation period, you understand that the payment requirements of this Separation Agreement shall not become effective or enforceable until the eighth (8th) calendar day
after the date you sign this Separation Agreement (the "Effective Date"). 

        Please
confirm your agreement to these terms by signing the Separation Agreement below and returning the signed copy to me. 

Very
truly yours, 

Edward
Lanphier

President & CEO

Sangamo BioSciences, Inc.

 

By signing this letter, I acknowledge that I have had twenty-one (21) days to review this Separation Agreement carefully, and to consult with attorneys or
advisors of my choice. I understand the terms of this Separation Agreement and the significance of the waivers that I have made, and I am signing this Separation Agreement voluntarily and without
coercion.

	
 Dr. Carl Pabo	 	
 Date

4

QuickLinks

Exhibit 10.22

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