Document:

EX-10.2

 Exhibit 10.2 

VOTING AGREEMENT 

THIS VOTING AGREEMENT (this “Agreement”) dated August 15, 2016, is entered into among Microbot Medical
Ltd., a company organized under the laws of the State of Israel (“Company”), and each of the stockholders listed on Schedule I to this Agreement (each a “Stockholder” and collectively, the
“Stockholders”). 
 W I T N E S S E T H: 

WHEREAS, StemCells, Inc., a Delaware corporation (“Parent”), C&RD Israel Ltd., an Israeli corporation and
wholly-owned subsidiary of Parent (“Merger Sub”), and the Company have entered into an Agreement and Plan of Merger and Reorganization, dated as of August 15, 2016 (as it may be amended or supplemented from time to time, the
“Merger Agreement”), pursuant to which and upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into the Company, and the Company will be the surviving entity (the
“Merger”); 
 WHEREAS, as of the date hereof, each Stockholder is the record and beneficial owner of the
number of shares (the “Shares”) of Parent Common Stock, set forth opposite such Stockholder’s name on Schedule I attached hereto (such Shares, together with any other shares of capital stock of Parent acquired by such
Stockholder after the date hereof and during the term of this Agreement (including through the exercise of any stock options, warrants or any other convertible or exchangeable securities or similar instruments), being collectively referred to herein
as such Stockholder’s “Subject Shares”); 
 WHEREAS, as a condition to the consummation of the Merger,
and in order to induce the Company to enter into the Merger Agreement and consummate the Merger, the Company has required that each Stockholder agree, and each Stockholder is willing to agree, to the matters set forth herein; 

NOW, THEREFORE, in contemplation of the foregoing and in consideration of the mutual agreements, covenants, representations and
warranties contained herein and intending to be legally bound hereby, the Company, on the one hand, and each Stockholder, severally and not jointly, on the other hand, agree as follows: 

Section 1. Defined Terms. Capitalized terms used but not defined herein have the meanings set forth in the Merger Agreement. 

Section 2. Voting of Shares. 

(a) Voting. Until this Agreement or the Merger Agreement is terminated in accordance with its terms, Stockholder hereby agrees to
vote (or cause to be voted) all of Stockholder’s Subject Shares, at every annual, special or other meeting of the stockholders of Parent, and at any adjournment or adjournments thereof, or pursuant to any consent in lieu of a meeting or
otherwise: 
 (i) in favor of the approval of the Parent Charter Amendment, the Reverse Stock Split and the issuance of shares of Parent
Common Stock pursuant to the Merger Agreement, and any actions required in furtherance thereof; 

 (ii) against any action or agreement that would result in a breach in any material respect of
any covenant, representation or warranty or any other obligation of Parent under the Merger Agreement; and 
 (iii) against (A) any
Acquisition Proposal involving Parent or any of its subsidiaries, or (B) any action that is intended, or would reasonably be expected, to impede, interfere with, prevent, delay, postpone or adversely affect the Merger or the transactions
contemplated by the Merger Agreement. 
 Prior to the termination of this Agreement, Stockholder shall not enter into any agreement, understanding or
arrangement (whether written or oral) with any Person to vote or give instructions in any manner inconsistent with clauses “(i)”, “(ii)” or “(iii)” of this Section 2(a). 

(b) Grant of Irrevocable Proxy.

(i) Contemporaneously with the execution of this Agreement: (i) Stockholder shall deliver to the Company a proxy in the form attached
hereto as Exhibit A, which shall be irrevocable to the fullest extent permitted by law with respect to the securities referred to therein (the “Proxy”); and (ii) if applicable, Stockholder shall cause to be
delivered to the Company an additional proxy (in the form attached hereto as Exhibit A) executed on behalf of the record owner of any outstanding Subject Shares that are owned beneficially (within the meaning of Rule 13d-3 under the Exchange
Act) but not of record by Stockholder. 
 (ii) Stockholder shall not enter into any tender, voting or other agreement, understanding or
arrangement, or grant a proxy or power of attorney with respect to Stockholder’s Subject Shares that is inconsistent with this Agreement or otherwise take any other action with respect to Stockholder’s Subject Shares that would in any way
restrict, limit or interfere with the performance of the Stockholder’s obligations hereunder or the transactions contemplated hereby or under any proxy delivered to the Company by Stockholder or on Stockholder’s behalf. 

Section 3. Fiduciary Responsibilities. Stockholder does not make (or shall not be deemed to have made) any agreement or
understanding herein in such person’s capacity as a director or officer of Parent. Without limiting the generality of the foregoing, Stockholder signs solely in his, her or its capacity as the record and beneficial owner of Stockholder’s
Subject Shares and nothing herein shall limit or affect any actions taken by Stockholder (or an affiliate or designee of Stockholder) in his or her capacity as an officer or director of Parent in exercising his or her or Parent’s or
Parent’s board of directors’ rights in connection with the Merger Agreement or otherwise and such actions shall not be deemed to be a breach of this Agreement. 

 Section 4. Representations and Warranties of Stockholder. Stockholder represents and
warrants to the Company as follows: 
 (a) Binding Agreement. Stockholder has the capacity to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. Stockholder has duly and validly executed and delivered this Agreement and, assuming the due authorization, execution and delivery of this Agreement by the Company, this Agreement
constitutes a legal, valid and binding obligation of Stockholder, enforceable against Stockholder in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
affecting creditors’ rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). 

(b) No Conflict. Neither the execution and delivery of this Agreement by Stockholder, nor the performance by Stockholder of its
obligations hereunder will (i) require any consent, approval, authorization or permit of, registration, declaration or filing (except for such filings as may be required under the federal securities laws or as would not prevent, delay or
otherwise impair Stockholder’s ability to perform its obligations hereunder) with, or notification to, any Government Authority, (ii) if Stockholder is an entity, result in a violation of, or default under, or conflict with any provision
of its certificate of incorporation, bylaws, partnership agreement, limited liability company agreement or similar organizational documents, (iii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or
both) a default (or give rise to any right of termination, cancellation, or acceleration) under any contract, trust, agreement, instrument, commitment, arrangement or understanding applicable to Stockholder or Stockholder’s Subject Shares, or
result in the creation of a security interest, lien, charge, encumbrance, equity or claim with respect to any of Stockholder’s Subject Shares, except, in the case of clause (iii), as would not prevent, delay or otherwise impair
Stockholder’s ability to perform its obligations hereunder, (iv) require any consent, authorization or approval of any Person other than a Government Authority, except, in the case of clause (iv), as would not prevent, delay or
otherwise impair Stockholder’s ability to perform its obligations hereunder or (v) violate or conflict with any order, writ, injunction, decree, rule, regulation or law applicable to Stockholder or Stockholder’s Subject Shares. If
Stockholder is a married individual and Stockholder’s Subject Shares constitute community property or otherwise need spousal approval in order for this Agreement to be a legal, valid and binding obligation of Stockholder, this Agreement has
been duly authorized, executed and delivered by, and constitutes a legal, valid and binding obligation of, Stockholder’s spouse, enforceable against such spouse in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). 

(c) Ownership of Shares. Stockholder is the record and beneficial owner of the Shares and options, warrants and any additional
rights to acquire Shares set forth opposite Stockholder’s name on Schedule I attached hereto free and clear of any security interests, liens, charges, encumbrances, equities, claims, options or limitations of whatever nature and free of
any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such Shares), except for any such encumbrances arising hereunder. Other than as set forth on Schedule I, as of the date of this
Agreement, Stockholder does not own (beneficially or otherwise) any shares of Parent Common Stock or any options, warrants, notes or other rights to acquire shares of Parent Common Stock. No Person has any right to acquire from Stockholder any of
the securities set forth on Schedule I and Stockholder has no obligation to sell or dispose 

 
of any such securities. Except for the rights granted to the Company under this Agreement, Stockholder holds exclusive power to vote the Shares set forth opposite Stockholder’s name on
Schedule I attached hereto.
 (d) Broker Fees. No broker, investment banker, financial advisor or other person is entitled to
any broker’s, finder’s, financial advisor’s or other similar fee or commission based upon arrangements made by or on behalf of Stockholder in connection with its entering into this Agreement. 

(e) Accuracy of Representations. The representations and warranties contained in this Agreement are accurate in all respects as of
the date hereof and will be accurate in all respects at all times prior to the termination of this Agreement as if made on and as of any such time or date. 

Section 5. Transfer and Other Restrictions. Until this Agreement is terminated in accordance with its terms: 

(a) Certain Prohibited Transfers. Stockholder agrees not to (directly or indirectly): 

(i) (A) sell, transfer, pledge, encumber, assign, make any short sale of, or enter into any hedging or similar transaction having the same
economic effect as a sale, or otherwise dispose of Stockholder’s Subject Shares or any interest contained therein, or (B) enter into any contract, option or other arrangement or understanding with respect to any matter referred to in
clause “(A)” relating to the Stockholder’s Subject Shares or any interest contained therein (each of the matters in clauses “(A)” and “(B”) collectively referred to herein as a
“Transfer”); 
 (ii) grant any proxies or powers of attorney or enter into a voting agreement or
other arrangement with respect to Stockholder’s Subject Shares, other than this Agreement; 
 (iii) enter into, or deposit
Stockholder’s Subject Shares into, a voting trust or take any other action which would, or could reasonably be expected to, result in a diminution of the voting power represented by any of Stockholder’s Subject Shares; or 

(iv) commit or agree to take any of the foregoing actions. 

(b) Permitted Transfers. Section 5(a) hereof shall not prohibit a Transfer of Subject Shares by Stockholder (any such Transfer, a
“Permitted Transfer”): (i) if Stockholder is an individual: (A) to any member of Stockholder’s immediate family; or to a trust or other estate planning vehicle for the benefit of Stockholder or any member of
Stockholder’s immediate family; or (B) upon the death of Stockholder to Stockholder’s heirs; (ii) if Stockholder is a partnership or limited liability company, to one or more partners or members of Stockholder or to an affiliated
corporation, trust or other business entity under common control with Stockholder; or (iii) to another holder of the capital stock of Parent that has signed a voting agreement in substantially the form hereof; provided however, that a Transfer
referred to on this Section 5(b) shall be permitted only if, as a precondition to such Transfer, the transferee agrees in writing, reasonably satisfactory in form and substance to the Company, to be bound by all of the terms of this Agreement
and provides a Proxy as required by Section 2(b) hereof. 

 (c) Efforts. Stockholder agrees not to take any action which would make any
representation or warranty of Stockholder herein untrue or incorrect in any material respect as of any time prior to the termination hereof or take any action that would have the effect of preventing or disabling it from performing its obligations
under this Agreement. Subject to Section 3 hereof, until this Agreement is terminated in accordance with its terms, Stockholder shall use its reasonable best efforts to take, or cause to be taken, all actions reasonably necessary or desirable to
vote (or cause to be voted) all of Stockholder’s Subject Shares in accordance with Section 2(a) of this Agreement (including executing and delivering additional documents as the Company may request, at the cost and expense of the Company).

 (d) Additional Shares. In the event (i) of any stock dividend, stock split, recapitalization, reclassification,
combination or exchange of shares of capital stock of Parent on, of or affecting Stockholder’s Subject Shares or (ii) Stockholder becomes the beneficial owner of any additional shares of Parent Common Stock or other securities entitling
the holder thereof to vote or give consent with respect to the matters set forth in Section 2(a) hereof, then the terms of this Agreement shall apply to the shares of capital stock or other securities of Parent held by Stockholder immediately
following the effectiveness of the events described in clause (i) or Stockholder becoming the beneficial owner thereof, as described in clause (ii), as though they were Stockholder’s Subject Shares hereunder. Stockholder hereby
agrees, until this Agreement is terminated in accordance with its terms, to notify the Company of the number of any new shares of Parent Common Stock acquired by Stockholder, if any, after the date hereof. 

Section 6. No Solicitation. Until this Agreement is terminated in accordance with its terms, Stockholder shall not, nor shall
Stockholder permit any investment banker, attorney or other advisor or representative of the Stockholder to, directly or indirectly through another Person, take any action that Parent is prohibited from taking or authorizing to be taken pursuant to
Section 5.4 of the Merger Agreement; provided, however, that any action which is permitted by the Merger Agreement to be taken by Stockholder (or an affiliate or designee of Stockholder) in his or her capacity as a director or
officer of Parent or which is permitted by Section 3 hereof shall not be prohibited by the foregoing so long as such action is taken by Stockholder (or such affiliate or designee) in his or her actual capacity as a director or officer of
Parent. 
 Section 7. Specific Enforcement; Jurisdiction. Stockholder agrees that irreparable damage would occur in the event
that any of the provisions of this Agreement or the Proxy were not performed in accordance with the terms hereof or were otherwise breached and that the Company shall be entitled to specific performance of the terms hereof in addition to any other
remedy which may be available at law or in equity. It is accordingly agreed that the Company will be entitled to an injunction or injunctions to prevent breaches of this Agreement or the Proxy and to enforce specifically the terms and provisions of
this Agreement or the Proxy in any state or federal court located in the State of Delaware or in the Court of Chancery of the State of Delaware, the foregoing being in addition to any other remedy to which they are entitled at law or in
equity. In addition, each of Stockholder and the Company hereto (a) consents to submit itself to the personal jurisdiction of any state or federal court located in the State of 

 
Delaware or in the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement or the Proxy,
(b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (c) agrees that it will not bring any action relating to this Agreement or the Proxy or any of
the transactions contemplated by this Agreement in any court other than a state or federal court located in the State of Delaware or the Court of Chancery of the State of Delaware. 

Section 8. Termination. This Agreement shall terminate and cease to have any force or effect on the earliest of (a) the
termination of the Merger Agreement in accordance with its terms, (b) the written agreement of the Company and Stockholder to terminate this Agreement, (c) the consummation of the Merger, and (d) the amendment, modification or waiver
of the Merger Agreement to alter the Merger Consideration in a manner adverse to Stockholder unless such amendment, modification or waiver has been consented to by Stockholder in writing prior to or simultaneously with such amendment, modification
or waiver; provided, however, that (i) Sections 8 through 19 shall survive any termination of this Agreement and (ii) termination of this Agreement shall not relieve any party from liability for any breach of its
obligations hereunder committed prior to such termination. 
 Section 9. Notices. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight carrier or by facsimile (upon confirmation of receipt) to the parties at the following
addresses or at such other as shall be specified by the parties by like notice: (a) if to Parent, to the appropriate address set forth in Section 9.4 of the Merger Agreement (with a copy to Ropes & Gray LLP); (b) if to the
Company, to the appropriate address set forth in Section 9.4 of the Merger Agreement (with a copy to each of Ruskin Moscou Faltischek, P.C. and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.), and (c) if to Stockholder, to the
appropriate address set forth on Schedule I hereto. 
 Section 10. Stockholder Information. Stockholder agrees to permit Parent
to publish and disclose in the Proxy Statement and any other public disclosure that the Company and Parent mutually determine to be necessary and desirable in connection with the Merger and any of the other transactions contemplated by the Merger
Agreement the identity of Stockholder and the ownership of securities of Parent or the Company and the nature of Stockholder’s commitments, arrangements and understandings under this Agreement and the Proxy. Parent shall provide drafts of such
disclosures to be made in the Proxy Statement and such other public disclosures to Stockholder reasonably in advance of such disclosures and shall consider in good faith any comments provided by Stockholder in a timely manner. 

Section 11. Certain Events. Stockholder agrees that this Agreement and the obligations hereunder shall attach to
Stockholder’s Subject Shares and shall be binding upon any person or entity to which legal or beneficial ownership of Stockholder’s Subject Shares shall pass, whether by operation of law or otherwise, including Stockholder’s heirs,
guardians, administrators or successors. 
 Section 12. Entire Agreement. This Agreement (including the documents and
instruments referred to herein) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. 

 Section 13. Amendment. This Agreement may not be modified, amended, altered or
supplemented except upon the execution and delivery of a written agreement executed by the Company and Stockholder. 
 Section 14.
Successors and Assigns. Neither this Agreement nor any rights or obligations hereunder shall be assigned (by operation of law or otherwise) or delegated to any Person without the prior written consent of the other parties hereto and any
attempted assignment or delegation thereof shall be void ab initio. This Agreement will be binding upon, inure to the benefit of and be enforceable by each party and such party’s heirs, beneficiaries, executors, successors,
representatives and permitted assigns. Nothing in this Agreement is intended to confer on any Person (other than the parties hereto and their successors and permitted assigns) any rights or remedies of any nature. 

Section 15. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, and delivered by means of facsimile transmission, electronic delivery or otherwise, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement and shall be sufficient to bind the parties hereto to the terms and conditions of this Agreement. 
 Section 16. GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

Section 17. Waiver. Subject to the remainder of this Section 17, at any time prior to the termination of this Agreement, any
party hereto may: (i) extend the time for performance of any of the obligations or other acts of the other parties to this Agreement; (ii) waive any inaccuracy in or breach of any representation, warranty, covenant or obligation of the
other party to this Agreement or in any document (including the Proxy) delivered pursuant to this Agreement; and (iii) waive compliance with any covenant, obligation or condition for the benefit of such party contained in this Agreement. No
failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or
remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. No party shall be deemed to have waived any power, right, privilege or remedy available to such party arising out of this Agreement,
unless such waiver is expressly set forth in a written instrument duly executed and delivered by the party waiving such power, right, privilege or remedy; and any such waiver shall not be applicable or have any effect except in the specific instance
in which it is given. 
 Section 18. Severability. If any provision of this Agreement shall be held to be illegal, invalid or
unenforceable under any applicable law, then such contravention or invalidity shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the 

 
extent necessary to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable, then this Agreement shall be construed as if not containing
the provision held to be invalid, and the rights and obligations of the parties shall be construed and enforced accordingly. 
 Section 19.
Several Obligations. Notwithstanding anything to the contrary in this Agreement, the obligations of each Stockholder who is a signatory to this Agreement are several and not joint. In no event shall any Stockholder who is a signatory to
this Agreement have any liability or obligation with respect to the acts or omissions of any other Stockholder who is also a signatory to this Agreement. 

Section 20. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 [The remainder of this page is intentionally blank.] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed,
individually or by its respective officer thereunto duly authorized, as of the date first written above. 
  

					
	 MICROBOT MEDICAL LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

					
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Gregory Schiffman
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Kenneth Stratton
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Eric Bjerkholt
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	R. Scott Greer
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Ricardo B. Levy
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	John J. Schwartz

  
 [Signature Page to
the Voting Agreement] 

					
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Alan Trounson
	
	STOCKHOLDER:
		
	By:	 	  

		 	Name:	 	Irving L. Weissman

 SCHEDULE I TO 

VOTING AGREEMENT 
  

							
	 Name
	  	 Address
	  	 Shares of Parent

Common Stock
	  	 Options to Purchase

Parent Common Stock

		  		  		  	
		  		  		  	
		  		  		  	

 EXHIBIT A 

FORM OF IRREVOCABLE PROXY 

 IRREVOCABLE PROXY 

Each undersigned stockholder (each a “Stockholder”) of StemCells, Inc., a Delaware corporation
(“Parent”), severally and not jointly, hereby irrevocably (to the fullest extent permitted by law) appoints and constitutes Microbot Medical Ltd., a company organized under the laws of the State of Israel (the
“Company”) and Harel Gadot, solely in his capacity as an executive officer of the Company, and each of them, the attorneys and proxies of the Stockholder, with full power of substitution and resubstitution, to the full extent
of Stockholder’s rights with respect to the outstanding shares of capital stock of Parent owned of record by the Stockholder as of the date of this proxy, which shares are specified on the final page of this proxy. (The shares of the capital
stock of Parent referred to in the immediately preceding sentence are referred to as the “Shares.”) Upon the execution of this proxy, all prior proxies given by Stockholder with respect to any of the Shares are hereby
revoked, and Stockholder agrees that no subsequent proxies inconsistent with this Proxy will be given with respect to any of the Shares. 

This proxy is irrevocable, is coupled with an interest and is granted in connection with, and as security for, the Voting Agreement, dated as
of the date hereof, between the Company and Stockholder (the “Voting Agreement”), and is granted in consideration of and as an inducement to the Company entering into the Agreement and Plan of Merger and Reorganization, dated
as of the date hereof, among Parent, C&RD Israel Ltd., an Israeli corporation and wholly-owned subsidiary of Parent (“Merger Sub”) and the Company (the “Merger Agreement”), whereby Merger Sub will
be merged with and into the Company (the “Merger”). This proxy will terminate on the termination of the Voting Agreement in accordance with its terms.

Prior to the termination of the Voting Agreement or the Merger Agreement, the attorneys and proxies named above will be empowered, and may
exercise this proxy, to vote any Shares owned by Stockholder, at any meeting of the stockholders of Parent, however called, or at any adjournment or postponement thereof and on every action or approval by written consent of the stockholders of
Parent: 
 (i) in favor of the approval of the Parent Charter Amendment, the Reverse Stock Split and the issuance of shares of Parent
Common Stock pursuant to the Merger Agreement, and any actions required in furtherance thereof; 
 (ii) against any action or agreement
that would result in a breach in any material respect of any covenant, representation or warranty or any other obligation of Parent under the Merger Agreement; and 

(iii) against (a) any Acquisition Proposal (as defined in the Merger Agreement) involving Parent or any of its subsidiaries, or
(b) any action that is intended, or would reasonably be expected, to impede, interfere with, prevent, delay, postpone or adversely affect the Merger or the transactions contemplated by the Merger Agreement.

Stockholder may vote the Shares on all other matters not referred to in this proxy, and the attorneys and proxies named above may not exercise
this proxy with respect to such other matters. 

 This proxy shall be binding upon the heirs, estate, executors, personal representatives,
successors and assigns of the Stockholder (including any transferee of any of the Shares). 
 Any term or provision of this proxy that is
invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this proxy or the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction. Upon such determination that any term or provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this proxy so as to effect the original intent
of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

[Signature page follows] 

							
	Dated: August [●], 2016	 		 		 	STOCKHOLDER
				
		 		 		 	  

		 		 		 	Signature
				
		 		 		 	  

		 		 		 	Printed Name
				
		 		 		 	Number of shares of capital stock of Parent owned of record as of the date of this proxy:
				
		 		 		 	  

				
		 		 		 	Number of options to purchase capital stock of Parent owned of record as of the date of this proxy:EX-10.3

 Exhibit 10.3 
  

			
	 $2,000,000.00
	  	August     , 2016            

 5.0% Secured Note 

STEMCELLS, INC. 
 StemCells,
Inc., a Delaware corporation (together with its permitted successors and assigns, the “Issuer”), for value received, hereby promises to pay to Alpha Capital Anstalt, or its assigns, including pursuant to Section 1.3 (the
“Holder”), subject to Sections 1.3, 1.4 and 1.5, the principal sum of $2,000,000.00 on the earlier of (i) 30 days following the consummation of the Merger (as defined in Section 1.3) and (ii) December 31, 2016 (the
“Maturity Date”), and to pay any interest on the principal amount owing hereunder as provided in Section 1.1 hereof. 
 1.1
Interest. The Issuer will pay interest on any remaining principal amount owing under this Note at a rate per annum equal to 5.0%, payable monthly in arrears on the first day of each calendar month, commencing on January 1, 2017 until the
principal amount is repaid in full. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue daily commencing on the original issue date until payment in full of the outstanding
principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. 

1.2 Payments. (a) The Issuer will pay principal of and interest on the Note by wire transfer of immediately available funds to the
bank account designated by the Holder in writing and delivered to the Issuer at least 2 Business Days prior to the applicable payment date. Such payment will be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. The registered Holder of a Note may be treated as its owner for all purposes. 

(b) Whenever any payment hereunder will be stated to be due on a day other than a Business Day, such payment will be made on the next
succeeding Business Day, and such extension of time will in such case be included in the computation of payment of interest. “Business Day” means any day other than a Saturday, Sunday or a day on which banks located in New
York, New York are closed. 
 1.3 Assumption of this Note. Substantially concurrent with the consummation of the merger (the
“Merger”) pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of the date hereof, by and between the Issuer and Microbot Medical Ltd., a company organized under the laws of the State of Israel, as
amended, supplemented or otherwise modified (the “Merger Agreement”), the Surviving Corporation (as defined in the Merger Agreement) will assume the entire principal amount of this Note, together with accrued interest, if any. 

1.4 Optional Prepayment of this Note. The Issuer may, at its option, prepay all or any part of the principal amount of this Note,
without premium or penalty. All payments hereunder will be applied first, to the repayment of accrued interest, if any, until all then-outstanding accrued but unpaid interest has been paid, second, to the payment of principal and third, to the
payment of any other sums that may be due hereunder. 

 2. Events of Default. 

(a) Any of the following events constitutes an “Event of Default”: 

(i) any default in the payment of the principal of, or the interest on, this Note, as and when the same shall become due and
payable; 
 (ii) the Issuer defaults in the due observance or performance of any term, covenant or agreement of the Issuer
contained in this Note (other than as set forth in Section 2(a)(i) above) or the Security Agreement (as defined below); 

(iii) any representation or warranty made by the Issuer in this Note will be false or misleading in any material respect when
so made; 
 (iv) the Issuer pursuant to or within the meaning of Title 11 of the United States Code or any similar federal or
state or foreign law for the relief of debtors (each, a “Bankruptcy Law”) (1) commences a voluntary case in bankruptcy or any other action or proceeding for any other similar relief under any Bankruptcy Law, (2) consents
by answer or otherwise to the commencement against it of an involuntary case of bankruptcy, or (3) seeks or consents to the appointment of a receiver, trustee, assignee, liquidator, custodian or similar official (collectively, a
“Custodian”) of it or for all or substantially all of its assets; 
 (v) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (1) is for relief against the Issuer in an involuntary case of bankruptcy against the Issuer, (2) appoints a Custodian of the Issuer for all or substantially all of its assets, or
(3) orders the liquidation of the Issuer, and the order remains unstayed and in effect for 30 days, or any dismissal, stay rescission or termination thereof ceases to remain in effect; 

(vi) any involuntary proceeding under any Bankruptcy Law or any involuntary proceeding seeking the appointment of a Custodian
for the Issuer or a substantial part of its property will remain unstayed and undismissed for a period of 45 days; or 

(vii) following the consummation of the Merger, Issuer or any subsidiary makes a general assignment for the benefit of
creditors; or Issuer or any subsidiary shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or Issuer or any subsidiary shall call a meeting of its creditors with a view to
arranging a composition, adjustment or restructuring of its debts; or Issuer or any subsidiary shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other
action is taken by Issuer or any subsidiary for the purpose of effecting any of the foregoing; 
 (viii) following the
consummation of the Merger, Issuer or any subsidiary shall default in any of its respective obligations under any other note or any mortgage, credit 

  
 -2- 

 
agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced any indebtedness for
borrowed money or money due under any long term leasing or factoring arrangement of Issuer or any subsidiary, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable; 
 (ix) other than the Merger,
the Issuer shall (a) be a party to any Change of Control Transaction (as defined below), (b) agree to sell or dispose of all or in excess of 33% of its assets in one or more transactions (other than sales of the Company’s equipment and whether
or not such sale would constitute a Change of Control Transaction), (c) redeem or repurchase more than a de minimis number of shares of Common Stock or other equity securities of Issuer, or (d) make any distribution or declare or pay any dividends
(in cash or other property, other than common stock) on, or purchase, acquire, redeem, or retire any of Issuer’s capital stock, of any class, whether now or hereafter outstanding. “Change of Control Transaction” means, other than the
Merger, the occurrence of any of: (i) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as amended) of effective
control (whether through legal or beneficial ownership of capital stock of Issuer, by contract or otherwise) of in excess of 33% of the voting securities of Issuer, (ii) a replacement at one time or over time of more than one-half of the members of
Issuer’s board of directors which is not approved by a majority of those individuals who are members of the board of directors on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose
nomination to the board of directors was approved by a majority of the members of the board of directors who are members on the date hereof), (iii) the merger of Issuer with or into another entity that is not wholly-owned by Issuer, consolidation or
sale of 33%% or more of the assets of Issuer in one or a series of related transactions, or (iv) the execution by Issuer of an agreement to which Issuer is a party or by which it is bound, providing for any of the events set forth above in (i), (ii)
or (iii); 
 (x) the Merger is not consummated on or before the Outside Date (as defined in the Merger Agreement); or 

(xi) the Issuer makes a general assignment for the benefit of the creditors or the Issuer dissolves, terminates its existence
or ceases its business operations other than in accordance with filing under any Bankruptcy Law. 
 (b) If any Event of Default will occur
and be continuing, the Holder will have the right, by notice to the Issuer, to declare the entire principal amount then outstanding on this Note and accrued interest thereon immediately due and payable, whereupon all such amounts will become
immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, all of which are hereby expressly waived by the Issuer. 

(c) If an Event of Default will have occurred and be continuing, the Holder is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and 

  
 -3- 

 
apply any and all indebtedness, if any, at any time owing by the Holder to or for the credit or the account of the Issuer against any and all of the obligations of the Issuer now or hereafter
existing under this Note, whether or not the Holder will have made any demand under this Note and although such obligations may be unmatured. By acceptance of this Note, the Holder agrees to promptly notify the Issuer after any such setoff and
application, provided that the failure to give such notice will not affect the validity of such setoff and application. The rights of the Holder under this Section 2(c) are in addition to other rights and remedies (including,
without limitation, other rights of setoff) which the Holder may have. 
 (d) No right or remedy herein conferred upon or reserved to the
Holder is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

3. No Waiver by Holder. No delay or omission of the Holder to exercise any right or power accruing upon any Event of Default
occurring and continuing will impair any such right or power or will be construed to be a waiver of any such Event of Default or an acquiescence therein; and every power and remedy given by this Note or by law may be exercised from time to time, and
as often as will be deemed expedient, by the Holder. 
 4. Representations, Warranties and Covenants. 

4.1 The Issuer hereby represents and warrants to the Holder that this Note has been duly executed and delivered by the Issuer and is the
legal, valid and binding obligation of the Issuer enforceable against the Issuer, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditor’s
rights generally and by general principles of equity. No consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any governmental authority, bureau or agency is required in connection
with the execution, delivery or performance by the Issuer, or the validity or enforceability of this Note other than (i) filings necessary to perfect the Liens on the Collateral (under and as defined in the Security Agreement) and (ii) such as have
been met or obtained. The execution, delivery and performance of this Note and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto will not violate in any material respect any
provision of any existing law or regulation or any order or decree of any court, regulatory body or administrative agency or the certificate of incorporation or by-laws of the Issuer or any mortgage, indenture, contract or other agreement to which
the Issuer is a party or by which the Issuer or any property or assets of the Issuer may be bound. 
 4.2 Negative Covenants. As long
as any portion of this Note remains outstanding, unless the Holder shall have otherwise given prior written consent, the Issuer shall not, and shall not permit any of its subsidiaries to, directly or indirectly: 

(a) Other than owing to Alpha Capital Anstalt or any other Holder, in each case under this Note or any subsequent promissory
note issued pursuant to Section 11 of the 

  
 -4- 

 
Security Agreement, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect
to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom; 

(b) Other than in favor of the Agent, enter into, create, incur, assume or suffer to exist any liens of any kind, on or with
respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom, other than (each, a “Permitted Lien”): (i) tax, landlords’, warehousemen’s,
carriers’, mechanics’, materialmen’s or like liens for obligations not yet due or payable or being contested in good faith by appropriate proceedings; (ii) liens imposed by law that have otherwise arisen in the ordinary course of
business; (iii) judgment liens arising solely as a result of the existence of judgments, orders, or awards for the payment of money in an amount not to exceed $100,000 in the aggregate (except to the extent fully covered (other than to the extent of
customary deductibles) by insurance pursuant to which the insurer has not denied coverage), for which liens either (a) there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which (1) the
same is not discharged, satisfied, vacated, or bonded pending appeal, or (2) a stay of enforcement thereof is not in effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award; (iv) the interests of lessors under
operating leases and non-exclusive licensors under license agreements; (v) liens arising from precautionary Uniform Commercial Code filings regarding “true” operating leases; (vi) liens in favor of customs and revenues authorities imposed
by applicable law arising in the ordinary course of business in connection with the importation of goods and securing obligations that are being contested in good faith by appropriate proceedings; (vii) liens created pursuant to the Security
Agreement; (viii) liens arising in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security laws or regulations or employment laws or to secure other public, statutory or
regulatory obligations; (ix) Liens in respect of letters of credit, bank guarantees or similar instruments in the ordinary course of business; (x) banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other
funds maintained with depository institutions and payment processors; (xi) statutory liens of landlords and lessors in respect of rent; and (xii) liens that are replacements of Permitted Liens; 

(c) amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that
materially and adversely affects any rights of the Holder; 
 (d) repay, repurchase or offer to repay, repurchase or
otherwise acquire more than a de minimis number of shares of its Common Stock or Common Stock Equivalents; 
 (e) repay,
repurchase or offer to repay, repurchase or otherwise acquire any indebtedness, other than this Note; 
 (f) pay cash
dividends or distributions on any equity securities of the Company; 

  
 -5- 

 (g) enter into any transaction with any affiliate of the Company, unless such
transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or 

(h) enter into any agreement (other than any agreement relating to the Merger) with respect to any of the foregoing. 

5. Use of Proceeds. The Issuer will use the proceeds of this Note for the purpose of the payment of transaction costs, including
those of its accountants and legal counsel, incurred in connection with the potential Merger transaction, as well as up to $800,000 in settlement of the BMR-Pacific Research Center LP pending litigation. 

6. Grant of Security Interest. As security for the payment in full of principal and interest and performance under this Note and of all
other liabilities and obligations of the Issuer to the Holder hereunder, Issuer has granted Holder a security interest in certain assets of the Issuer pursuant to that certain Security Agreement of even date herewith between the Issuer, the Holder
and the other parties thereto (the “Security Agreement”). 
 7. Notices. All notices, requests and other
communications required or permitted under this Note will be in writing and will be personally delivered or sent by a recognized overnight delivery service, or certified mail, postage prepaid, return receipt requested to the Issuer or the Holder, as
the case may be, at its address set forth below or at such other address as may be supplied in writing: 
  

					
	If to the Issuer:	  	StemCells, Inc.	  	
		  	39899 Balentine Drive, Suite 200	  	
		  	Newark, CA 94560	  	
		  	Attention: General Counsel	  	
			
	If to the Holder:	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	Attention:	  	

 8. Modification and Waiver of this Note. None of the provisions of this Note may be waived,
amended, supplemented or otherwise modified without the written consent of the Issuer and the Holder. 
 9. Successors and Assigns;
Transfer. This Note will be binding upon the successors and assigns of the Issuer and will inure to the benefit of the Holder and its successors and assigns; provided, however, that, other than in connection with the Merger,
the Issuer will not assign, delegate or otherwise transfer any of its rights or obligations under this Note without the prior written consent of the Holder. 

10. Severability. Any provision of this Note that is prohibited or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such prohibition or 

  
 -6- 

 
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision
in any other jurisdiction. 
 11. Collection Expenses. If Holder shall commence an action or proceeding to enforce this Secured Note,
then Issuer shall reimburse Holder for its costs of collection and reasonable attorneys fees incurred with the investigation, preparation and prosecution of such action or proceeding. 

12. Waiver of Presentment, Etc. Except as expressly set forth in this Note, the Issuer, and the Holder and all endorsers of this
Note by acceptance or endorsement of this Note, hereby waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically
provided herein, and assent to extensions of the time of payment, or forbearance or other indulgence without notice.
 13. Governing
Law. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

14. Submission to Jurisdiction; Waiver of Jury Trial. The Issuer and Holder each hereby submit to the exclusive jurisdiction of
any state or federal court of competent jurisdiction in the state, county and city of New York for purposes of all legal proceedings arising out of or relating to this Note. Each of the Issuer and Holder irrevocably waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient
forum. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE ISSUER AND HOLDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 

15. Agent. Each Holder by acceptance of this Note, hereby appoints, or ratifies the appointment of, Alpha Capital Anstalt to act
as its agent (“Agent”) for purposes of exercising any and all rights and remedies of the Holder under the Security Agreement and to take all actions that the Holder may or could take thereunder. Unless any provision of the Security
Agreement specifically requires all Creditors (as defined therein) to take a specific action or exercise a specific remedy, the Holder agrees that Agent shall exercise any and all rights and remedies of the Creditors under the Security Agreement and
take all actions that the Creditors may or could take thereunder. 
 [SIGNATURE PAGE TO FOLLOW] 

  
 -7- 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed as of the date of
issuance set forth above. 
  

			
	StemCells, Inc.
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Acknowledged and agreed:
	
	  

			
		 	By:	 	  

		 	Authorized Person

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