Document:

EXHIBIT 10.30 

[Geron Letterhead] 

Original Notice Date: November 14,
2011
Revised: December 7, 2011 

Jane Lebkowski
[Home Address]

Re: SEPARATION AGREEMENT AND GENERAL RELEASE 

Dear Jane: 

This letter sets forth the terms of our
agreement with respect to the termination of your employment with Geron
Corporation (“Geron”). 

1. Intent. The intent of this Separation Agreement and General Release
(hereinafter “Agreement”) is to mutually, amicably and finally resolve, and
settle any and all issues and claims concerning your employment with Geron, all
actions and conduct occurring during your employment with Geron and the
termination thereof. 

2. Parties. The parties to this Agreement are you, Jane Lebkowski, on
behalf of yourself and your heirs, representatives, attorneys, successors and
assigns, and Geron, on behalf of itself, its current and former officers,
owners, shareholders, directors, managers, agents, representatives, servants,
employees, attorneys, as well as its successors, predecessors and assigns.

3. Termination of
Employment. We have agreed that your
employment with Geron will formally end on December 31, 2011 (the “Separation
Date”). On the Separation Date, you will be paid for all accrued wages and
accrued, unused vacation. On the earlier of the Separation Date, or the date on
which 2011 bonuses are paid to employees, and contingent upon your satisfactory
performance, you will receive a 2011 bonus of $107,200. Long and Short Term
Disability, Life Insurance and AD&D shall cease on the Separation Date. Any
elections for medical, dental and vision coverage will continue until December
31, 2011. You will not be expected to perform any job responsibilities, and will
not be required to come to work, after the Separation Date. In lieu of advance
notice under the Worker Adjustment and Retraining Notification (“WARN”) Act and
the California Reductions, Terminations and Mass Layoffs (“RTML”) law:

	      	(a)	      	You will continue to receive
      salary through January 13, 2012, as referenced in the Employee Notice of
      Layoff letter.
		 
		(b)		In the event that you elect to
      receive continued Medical, Dental and/or Vision benefits under the
      Consolidated Budget Reconciliation Act of 1983, as amended (“COBRA”), and
      remain eligible for such benefits, the Company shall pay healthcare
      premiums for coverage through January 31,
2012.

 

Jane Lebkowski
December 7,
2011
Page 2 

	      	(c)	      	As of the Separation Date, you
      will be vested in all equity awards issued to you, all equity awards
      issued to you shall be accelerated, such that you will be vested in, or
      the Company right of repurchase shall have expired, in that number of
      shares in which you would have vested, or the Company’s option to
      repurchase would have expired, had you remained employed through January
      13, 2012.

You shall receive all payments and
benefits detailed in this Section 3 without regard to whether you sign this
Agreement. 

4. Proprietary Information and
Inventions Agreement. You acknowledge and
agree to comply with your obligations under the Proprietary Information and
Inventions Agreement that you executed on March 15, 1998. Specifically, you
agree that all computer equipment, both hardware and software programs, as well
as all records, papers, notes and other documents, and all copies thereof
relating to Geron, its business, and its customers that are or have been
obtained by you during your employment with Geron are Geron’s property, and will
be returned by you to Geron, on your last date of employment. You also
acknowledge and agree to comply with your continuing obligations regarding the
disclosure of Confidential Information (as defined in the agreement you signed)
after your employment with Geron. 

5. Consideration. In consideration for this Agreement and the undertakings
described herein, including the General Release of Claims described in paragraph
6 below, and in full settlement for all claims to which you may or may not be
entitled, Geron agrees:

	      	a)	      	to pay you 110% of annual base
      salary, less applicable state and federal withholding taxes,
  and
		 
	 	b)	 	to pay your COBRA premium for
      Medical, Dental and/or Vision coverage through the earlier of 12 months
      following the Separation Date or the date upon which you are no longer
      eligible for COBRA,*
		 
	 	c)	 	to extend the period during which
      you may exercise vested options through December 31,
  2013;

____________________
* The payment of COBRA premiums by
Geron does not expand or extend the maximum period of COBRA coverage to which
you would otherwise be entitled.

Jane Lebkowski
December 7,
2011
Page 3 

	      	d)	      	to provide outplacement services through Right
      Management, provided you activate such services within one month of your
      Separation Date; and
		 
	 	e)	 	not to contest any claim you file for unemployment
      insurance through EDD.

You acknowledge that the consideration
set forth in this paragraph is in addition to any benefits to which you are
otherwise entitled. 

6. General Release of
Claims. In consideration for the promises and
undertakings contained in this Agreement, you hereby waive, release and
discharge, and agree that you will not institute, prosecute or pursue any and
all complaints, claims, charges, claim for relief, demands, suits, actions and
causes of action, whether in law or in equity, which you assert or could assert
against Geron, its current and former officers, owners, shareholders, directors,
managers, agents, representatives, servants, employees, attorneys, as well as
its successors, predecessors and assigns at common law or under any statute,
rule, regulations, order, or law, whether federal, state or local, on any ground
whatsoever, known or unknown, including but not limited to, any and all actions
for breach of contract, express or implied, breach of the covenant of good faith
and fair dealing, express or implied, wrongful termination in violation of
public policy, all other claims for wrongful termination and constructive
discharge, and all other tort claims including, but not limited to, intentional
or negligent infliction of emotional distress, invasion of privacy, negligence,
negligent investigation, negligent hiring or retention, assault and battery,
defamation, intentional or negligent misrepresentation, fraud, and any and all
claims arising under any state or federal statute, including but not limited to,
the California Fair Employment and Housing Act, Title VII of the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Fair Labor Standards Act, the
Employee Retirement and Income Security Act, the Americans with Disabilities
Act, the Federal Rehabilitation Act of 1973, 42 U.S.C. Section 1981, the Family
and Medical Leave Act, the California Family Rights Act, the California Labor
Code and Civil Code, the California Constitution, and any and all other laws and
regulations relating to employment termination, employment discrimination,
harassment or retaliation, claims for wages, hours, benefits, compensation, and
any and all claims for attorneys fees and costs, but this release does not
include claims for workers’ compensation; unemployment insurance benefits;
claims for indemnification under California Labor Code Section 2802; your
ability to participate in certain Company benefits under the auspices of COBRA;
your rights under this Agreement; your right to bring to the attention of the
Equal Employment Opportunity Commission and the California Department of Fair
Employment and Housing claims of discrimination, provided, however, that you do release your
right to secure any damages for alleged discriminatory treatment; and any other
claims that cannot be released as a matter of law . 

Jane Lebkowski
December 7,
2011
Page 4 

7. Waiver of Rights Under Civil Code
§ 1542. As further consideration and
inducement for this Agreement, you hereby waive and release any and all rights
under Section 1542 of the California Civil Code you have or may have with
respect to Geron. California Civil Code Section 1542 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. 

You understand that Section 1542 gives
you the right not to release existing claims, of which you are not now aware,
unless you voluntarily choose to waive this right. Having been so apprised, you
nevertheless hereby voluntarily elect to, and do, waive the rights described in
Section 1542, and elect to assume all risks for claims that exist in your favor,
known or unknown, which arise from the subject of this Agreement. 

8. Confidentiality of
Agreement. You agree that the existence,
terms and conditions of this Agreement, including any and all references to any
alleged underlying claims, are strictly confidential. You shall not disclose,
discuss or reveal the existence or terms of the Agreement to any persons,
entities or organizations except to your spouse, attorney, or financial advisor,
or as required by court order. 

9. Waiting Period. In accordance with the Older Workers Benefit Protection Act
of 1990, you should be aware of the following: 

	      	i.	      	You have the right to consult with an attorney before
      signing this agreement;
	 	
	 	ii.	 	You have forty-five (45) days, from the original date of
      this agreement (through December 29, 2011), to consider this
      agreement;
	 	
	 	iii.	 	You have seven (7) days after signing this agreement to
      revoke this agreement, and this agreement will not be effective, and you
      will not receive any of the separation benefits, until that revocation
      period has expired; and
	 	
	 	iv.	 	The job titles and ages of all individuals eligible or
      selected for the separation package and the ages of all individuals in the
      same job classification or organizational unit who are not eligible for
      the separation package are listed on the form attached as Appendix
      A.

If you wish to revoke your acceptance
of this Agreement, you must deliver written notice stating your intent to revoke
to Human Resources, Geron Corporation, 230 Constitution Drive, Menlo Park, CA
94025, or via fax at (650) 473-8668, on or before 5:00 p.m. on the seventh
(7th) day after the date on which you sign this Agreement.

Jane Lebkowski
December 7,
2011
Page 5 

10. Knowing and Voluntary
Agreement. You expressly acknowledge that you
have read and fully understand this Agreement; that you understand that by
signing this Agreement you are giving up any legal claims you have against
Geron; that you have been advised of your right to consult with legal counsel of
your own choosing and to have the terms of this Agreement fully explained to
you; that you are not executing this Agreement in reliance on any promises,
representations or inducements other than those contained in this Agreement; and
that you are executing this Agreement knowingly, voluntarily and free of any
duress or coercion, in exchange for the benefits described in paragraph 5 above.

11. Effective Date. This Agreement shall become effective on the eighth
(8th) day following the date it is signed by you as indicated on the
date line opposite your signature below. In order to accept this Agreement, you
must sign and return it to Human Resources within forty-five (45) days of your
receipt of it, or on the Separation Date, whichever is later. 

Very truly yours, 

GERON CORPORATION 

	By: 	/s/ John A.
  Scarlett
	 	John A. Scarlett, M.D.
	 	Chief Executive Officer
	 
	Dated:  	December 8,
  2011

Agreed and accepted: 

	/s/ Jane Lebkowski	      	December 29, 2011
	Jane Lebkowski		DateEXHIBIT 10.31

CONSULTING AGREEMENT 

     This
Consulting Agreement (the “Agreement”), made effective as of January 14, 2012
(the “Effective Date”), sets forth the terms and conditions mutually agreed
between Geron Corporation (“Geron”), a Delaware corporation having its principal
place of business at 230 Constitution Drive, Menlo Park, California 94025; and
Jane S. Lebkowski, Ph.D., having a home address at [HOME ADDRESS] (“Lebkowski”
or “you”) with respect to Services (as defined below) to be provided by you to
Geron. This Agreement supersedes all other understandings, oral or written,
between Geron and you with regard to services provided by you to Geron after the
Effective Date. 

1. Services.

    
a) Scope. You will provide advice and consultation with respect to Geron’s
research, preclinical and clinical activities, technical or scientific matters,
programs, strategies, business and financial opportunities and plans, products
and product candidates, and any other matters reasonably requested by Geron (the
“Services”). 

All Services you provide to Geron after
the Effective Date will be deemed to be provided pursuant to this
Agreement.

    
b) Time and Place. You will provide Services as needed upon request by Geron or
its representatives. The Services may include consultations in meetings, by
telephone, e-mail, or letter, and literature research, analysis or computation
as requested by Geron or its representatives. Unless otherwise terminated as
provided below or extended by mutual agreement in writing, the term of this
Agreement shall extend through March 31, 2012, with the option to extend the
term by written notice to you through June 30, 2012, if requested by Geron (the
“Term”).

    
c) Nature of Services. In rendering Services to Geron, you will act as an
independent contractor and not as an employee of Geron.

2.
Compensation. 

    
a) Fees. As compensation for the Services, Geron will pay you at the rate of
four hundred ($400.00) USD per hour for Services provided by you to Geron.

    
b) Expenses. Geron will reimburse you for reasonable expenses incurred in providing
the Services, provided that you obtain the prior written approval of Geron for
any such expenses. Geron will not reimburse you for travel time or costs unless
approved in writing in advance.

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c) Equity.
Stock options and restricted stock awards
granted to you during the period of your full-time employment at Geron will
continue to vest for the duration of the period in which you are a
Service Provider (as defined by Geron’s 2002 Equity Incentive Plan (as amended
and restated) (the “2002 Plan)), or a Consultant (as defined by Geron’s 2011
Incentive Award Plan (the “2011 Plan”)) to Geron. Copies of the 2002 Plan and
the 2011 Plan are provided to you herewith. When you cease to be a Service
Provider under the 2002 Plan or a Consultant under the 2011 Plan, as applicable,
(1) you will be given a summary of such stock options and restricted stock
awards, and (2) any unvested stock options and unvested restricted stock awards
will automatically cease to vest, and will be canceled and returned to Geron.
You will have until December 31, 2013 (the “Exercise Period”) to exercise any
vested outstanding stock options. If you wish to exercise vested stock options
during the Exercise Period when Geron is in a blackout period, you should
contact Geron’s Accounting Department to determine how the exercise of vested
stock options may be handled during a black-out period. After April 12, 2012,
your outstanding incentive stock options (ISOs) (vested and unvested) will
convert to nonstatutory stock options (NSOs) in accordance with IRS rules. This
conversion does not affect the exercisability or vesting schedule of such
options. 

     d)
Documentation. You will submit to Geron invoices for your fees and expenses in the
form of Exhibit A within fifteen (15) days after the end of the month in which the
invoiced expense is incurred. You will also submit any further documentation
reasonably requested by Geron. Geron will pay the fees and expenses within
thirty (30) days after receipt of the invoice and any such further documentation
which may be requested by Geron. 

3. Ownership of
Developments Arising from Services. 

    
a. “Developments” include, without limitation, ideas, concepts,
discoveries, inventions, developments, know-how, patent rights, trade secrets,
techniques, writings, data, and other rights (whether or not protectible under
applicable patent, trademark, copyright, trade secret, or other intellectual
property laws) that are conceived, developed, made, or reduced to practice by
you in the course of performing Services under this Agreement. 

    
b. You hereby acknowledge and agree that Geron shall be the sole and
exclusive owner of all Developments made in the course of performing Services
under this Agreement. 

    
c. You shall promptly and fully disclose to Geron in writing any
Developments made during the term of this Agreement.

    
d. You hereby irrevocably assign, transfer and convey to Geron or its
designee(s) all rights, title, and interests worldwide in and to all
Developments and all applicable intellectual property rights related to any
Development, including, without limitation, copyrights, trademarks, trade
secrets, patents, moral rights, contract, and licensing rights. This includes
all U.S. and foreign patents, re-examinations, reissues, renewals, extensions
and term restorations, and foreign counterparts thereof, and all pending
applications, inventors’ certificates, and all rights under the International
Convention for the Protection of Industrial Property. Any copyrightable material
produced by you under this Agreement shall be considered work made for
hire.

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     e. You hereby
covenant that upon request of Geron, its successors, or its legal
representatives, whether during or after the term of this Agreement, you will
sign and have delivered all documents needed to complete conveyance or protect
Geron’s rights in the Developments.

4.
Confidentiality.

    
a. You will treat as confidential all non-public information disclosed to
you by Geron or its representatives, or generated in the course of providing
Services under this Agreement (“Proprietary Information”).

    
b. You will not use or disclose to any party other than Geron or its
representatives any Proprietary Information without the prior written consent of
Geron, except as may be necessary in the course of performing Services. However,
you will not have any obligation of confidence and non-use with respect to
Proprietary Information which you can document to have been:

	            	(i)	      	rightfully in the public domain
      as of the Effective Date or which comes into the public domain through no
      wrongful act or omission by you; or
		 
	 	(ii)	 	developed independently by you
      without any use of any Proprietary Information or Geron facilities, and
      without the participation of any Geron personnel; or
		 
	 	(iii)	 	rightfully disclosed to you
      without restriction by a third party under no obligation of
      confidentiality to Geron; or
		 
	 	(iv)	 	independently developed by you
      without the use of Proprietary Information provided by the Disclosing
      Party.

    
c. Confidentiality obligations under this Agreement shall not apply to
Proprietary Information that is required by law to be disclosed; provided,
however, that you provide prompt written notice of such required disclosure to
Geron, make a reasonable effort to obtain a protective or other order
maintaining the confidentiality of the Proprietary Information, and take
reasonable steps to enable the Geron to seek a protective order or otherwise
prevent disclosure of such information. 

    
d. Promptly, and in any event within ten (10) business days after expiration
or termination of this Agreement, or receipt of a written request by Geron, you
will return to Geron any Proprietary Information (including all documents and
electronic media containing the same and any and all copies thereof) received
from Geron. 

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5. Other Activities and
Obligations. 

    
a) No Conflicts. You represent and warrant that: 

	            	(i)	      	Your rendering of Services and
      performance of this Agreement does not conflict with and will not violate
      any obligations you have to any other person or entity; and
		 
	 	(ii)	 	You will not use the proprietary
      information of any other person or entity in the course of rendering
      Services to Geron or disclose any such information to
  Geron.

     b)
Non-Solicitation. During the Term of this Agreement and for one (1) year thereafter, you
will not, without Geron’s prior written consent solicit any employees of Geron
to work for an employer that competes with Geron.

    
c) Competitive
Activities. You have informed Geron that you
may wish to provide consulting or business services to other individuals or
entities during the Term of this Agreement. You will notify Geron in writing of
any proposed consulting relationships, director positions, board memberships,
employment relationship, or advisory relationships which you desire to enter
during the Term, in order to seek Geron’s consent thereto. If Geron does not
consent, Geron will be entitled to terminate this Agreement effective
immediately upon written notice to you. If Geron does consent, you will be
responsible for ensuring that the terms and conditions of any business
relationship entered by you do not conflict with the terms and conditions of
this Agreement, including, without limitation, terms and conditions governing
Developments, conflicts, and Proprietary Information.

6. Indemnification. Geron will defend, indemnify and
hold you harmless from any claim, including, without limitation, any lawsuits,
liabilities, losses, costs, and expenses suffered or incurred as a result of any
suit or proceeding brought against you, to the extent such claim arises from
Geron’s gross negligence or willful misconduct. You will promptly notify Geron
of any claim you believe is subject to this paragraph. Geron will have the right
to defend against, settle or compromise such claim, and you will cooperate with
Geron in any such defense, settlement or compromise. You will not enter into any
settlement agreement or other voluntary resolution of any such claim without
first obtaining the written consent of Geron. Geron will not settle or consent
to an adverse judgment with respect to a claim that adversely affects your
rights or interests, without your prior written consent, which consent shall not
be unreasonably withheld. Under no circumstances shall either party be liable to
the other party for loss of use or profits, or any other collateral, special,
indirect or consequential damages, losses, or expenses in connection with this
Agreement. 

7.
Miscellaneous. 

    
a) Documents and
Property. You will be provided with such
access to Geron’s facilities, e-mail and voicemail as Geron customarily provides
to its consultants and deems appropriate for the performance of Services
hereunder. Such access shall be at Geron’s sole discretion and may be terminated
by Geron at any time. All documents, records, and other physical property
furnished to you by Geron, in the possession of you as a result of your prior
employment relationship with Geron, or produced by you in connection with the
Services shall be and remain the sole property of Geron. You will return to
Geron all such materials and property, as well as any Proprietary Information,
in accordance with the terms of this Agreement, as and when requested by Geron.

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     b)
Termination. Either Geron or you may terminate this Agreement at any time, with or
without cause, upon thirty (30) days prior written notice. In the event of
termination you will be compensated for Services actually rendered but not yet
paid for by Geron, upon submission and approval of an invoice. Sections 3, 4,
5(b), 6 and 7(d) of this Agreement will survive any expiration or termination of
this Agreement. 

    
c) Injunctive Relief. You agree and acknowledge that a breach of any of the
covenants contained herein will result in irreparable and continuing damage to
Geron for which there will be no adequate remedy at law and that, in the event
of such breach, Geron, in addition to any other remedies it may have, will be
entitled to a restraining order, injunction, or other similar remedy in order to
specifically enforce the provisions of this Agreement.

    
d) No Assignment; Governing Law;
Binding Effect; Amendments. You will not
assign your rights or delegate your responsibilities under this Agreement
without the prior written consent of Geron. This Agreement will be governed by
California law. This Agreement may be amended only in writing by the parties
hereto. 

AGREED AND ACCEPTED: 

	Geron Corporation		Consultant
	 
	/s/ John A.
      Scarlett	 	/s/ Jane
      Lebkowski
	John A. Scarlett, M.D.	 	Jane S. Lebkowski, Ph.D.
	Chief Executive Officer		
	 
	Date: 12/19/11		Date: Dec 29, 2011

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EXHIBIT A – INVOICE 

6

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